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Walmart's star e-commerce exec Marc Lore is leaving the retail giant to build a 'city of the future' modeled on a 'reformed version of capitalism'

1 month ago   |   By Business Insider

Marc Lore
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Marc Lore, the head of Walmart eCommerce US, will leave the company at the end of January, Recode reported.
Lore will spend the next few decades building a city based on a "reformed version of capitalism," he said. The executive also plans to write a book and start a TV show.
Walmart's e-commerce boomed under Lore's leadership. Lore originally joined the company when he sold his startup, Jet.com, to Walmart for $3 billion in cash in 2016.
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China COVID-19 cases surge to over 10-month high; travel discouraged

China COVID-19 cases surge to over 10-month high; travel discouraged

1 month ago   |   By China Travel & Tourism News

China reported the highest number of daily COVID-19 cases in more than 10 months, official data showed on Friday, due to a severe outbreak in the northeast that has put more than 28 million people under lockdown. A total of 144 new COVID-19 cases were reported on Jan. 14, the National Health Commission said in a statement, up from 138 cases a day earlier and marking the highest daily increase since 202 cases reported on March 1. Total case numbers remains well below what China saw at the height of the outbreak in early 2020, but concerns about a new country-wide wave are growing with a...
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Dow drops 200 points as traders mull Biden's stimulus plan and soft retail-sales data

1 month ago   |   By Business Insider

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US stocks sank on Friday as investors digested President-elect Joe Biden's stimulus plan and a December slump in retail sales. Biden rolled out a $1.9 trillion relief proposal on Thursday that includes $1,400 direct payments, state and local government aid, and expanded unemployment benefits. While Democrats' soft Senate majority increases the odds of a deal being passed, Republican opposition could strip the bill of some elements or push for higher taxes to offset its cost. Retail sales shrank 0.7% in December as COVID-19 lockdowns cut into holiday-season spending, according...
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US retail sales sank again in December as surging COVID-19 cases slammed holiday spending

1 month ago   |   By Business Insider

Irene Jiang / Business Insider
US retail sales declined 0.7% in December, landing below the consensus economist forecast for unchanged spending.
The reading marks a third straight month of contraction following November's 1.4% drop and a mild decline in October.
The data suggests strong online sales through the holiday season failed to offset COVID-19 lockdowns and surging case counts.
Still, the $900 billion stimulus plan signed by President Trump late last month and a new $1.9 trillion plan pushed by President-elect Joe Biden could boost retail spending throughout 2021.
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