Tipsheet: Joly Q&A | Holiday +5.1% | India Tightens E-com Rules
India tightens e-commerce rules, likely to hit Amazon and Walmart at Reuters. “India will ban e-commerce companies…from selling products from companies in which they have an equity interest…the government also said that the companies will be prevented from entering into exclusive agreements with sellers.” Read more
U.S. Commerce Department won’t publish economic data during shutdown: WSJ via Reuters. “The Commerce Department releases key figures on gross domestic product, inflation, personal income and spending, trade and new home sales…” Read more
Early holiday shopping numbers are on track to break season records by Rachel Siegel at Washington Post. “On Wednesday, MasterCard SpendingPulse — which tracks retail spending trends — said holiday sales had seen the strongest growth in the past six years, surging 5.1 percent to more than $850 billion.” Tiered subs.
Walmart Santa arrested after bodies of teen children found buried in backyard via San Diego Tribune. Read more
USDA program overwhelms Quad City-area food banks with milk via USA Today. “The spike in donations comes from a U.S. Department of Agriculture program to help dairy farmers caught in the middle of President Donald Trump’s trade disputes with Mexico, China and Canada.” Read more
How contractors with ‘ghost’ workers give big companies a buffer against immigration officials at LA Times. Tiered subs.
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JD.com Tries to ‘Change the Narrative’ With Business Restructuring by Shan Li at Wall Street Journal. “The revamp was unveiled within the company on Friday night, shortly before authorities in Minneapolis declined to press charges against Chief Executive Liu Qiangdong, who was arrested in August on suspicion of rape.” WSJ subs.
Gap set to shut its Fifth Avenue store next month at CNBC. “The portion of upper Fifth Avenue between 49th and 59th streets in midtown — where the Gap store sits — saw rents drop 24 percent this fall, REBNY said, putting the average asking rent at $2,973 per square foot.” Read more
Online cosmetics retailer Julep lays off 102 employees by Taylor Soper at GeekWire. Read more
New York set to boost minimum wage to $15 for city workers at Fox Business. “Workers in New York City will earn at least $15 per hour at fast-food chains and businesses with at least 11 employees, up from a previous minimum wage standard of $13. Pay will rise to $12 for workers in New York’s Long Island suburbs, while wages for employees in other state locales will rise 70 cents to $11.10 per hour.” Read more
San Diego sees surge in salmonella cases by Paul Sisson at San Diego Union-Tribune. “Seven of them reported consuming Mexican cheeses purchased in Tijuana,” McDonald said last week…“We’ve seen people bring tens of pounds back, suitcases full,” said Dr. Steve Waterman of the CDC.” Read more
Walmart heirs’ money influences black charter schools debate by Sally Ho at Fox Business. Read more
Best Buy CEO Hubert Joly in CNN Q&A “Our assortment is not going to be driven by, ‘We like these people. We don’t like these people.’ I have a bunch of Amazon products in my house. I have a ton of respect for Amazon. They are an amazing company.” Read more
Amazon announces a record-breaking holiday by Sarah Perez at TechCrunch. “Amazon says it added “tens of millions” of people who signed up for Prime memberships, both paid and on a trial basis.” Read more | Press release
Speedway CEO says more growth expected at Springfield News-Sun. “There are a bunch of chains out there that present good, quality opportunities for us,” Kenney said. “We’re going to be very disciplined in how we look at acquiring stores because they’ve got to be good quality and fit with our strategy.” Read more
Foxconn to begin assembling top-end Apple iPhones in India in 2019 at Reuters. Read more
Store customers surround, pull guns on men trying to steal tools via NY Post. “The men walked out of the store and got into a Honda Civic, only to be surrounded by about six customers with guns raised. Court documents say the driver pulled forward, causing one man confronting him to land on the hood.” Read more
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