Luxury conglomerate LVMH has expanded its hospitality business by beating numerous other bidders to acquire the high-end hotel owner and operator Belmond Ltd. Craig Karmin reports in MarketWatch: The deal is the latest sign that luxury travel is booming after an extended downturn, when many leisure travelers and businesses shunned paying up for high-end accommodations. The hospitality company has full or partial stakes in virtually all of its 36 hotels, making it one of the last hotel operators to own most of the properties its manages. The hotels include Cipriani in Venice, the Grand … [Read more...]
The End of Made in China?
Corporations are being forced to rethink their global supply chains, which for decades have relied on China as a foundation. With tariffs on China from the United States taking a bite, some manufacturers are looking for places to move production. Bloomberg's Cindy Wang reports: Giant Manufacturing Co. saw the writing on the wall early on. The world’s biggest bicycle maker started moving production of U.S.-bound orders out of its China facilities to its home base in Taiwan as soon as it heard Donald Trump threaten tariff action in September. “When Trump announced the plan of 25% tariffs, we … [Read more...]
Volkswagen is About to Get its Own Gigafactory
When Tesla began building its gigafactory, the company's fans in the analyst world fawned over it. Now though, it is becoming clear that not only Tesla can have a gigafactory. The much longer established Volkswagen is preparing to build its own gigafactory in Germany. Electrek's Phil Dzikiy reports: Northvolt, a battery startup founded by two former Tesla executives, announced a $1 billion equity capital raise for its battery gigafactory in Sweden, in addition to a planned 50/50 joint venture with Volkswagen on another gigafactory in Germany. The funding, led … [Read more...]
Apple Back Up
In the face of tariffs on China, Apple apparently has a backup plan for its production of iPhones for the U.S. market. Bloomberg's Debby Wu reports that an executive from Apple contractor Hon Hai Precision Industry (aka Foxconn) has explained that the company is ready to support American iPhone demand from other countries. Wu writes: China is a crucial cog in Apple’s business, the origin of most of its iPhones and iPads as well as its largest international market. But President Donald Trump has threatened Beijing with new tariffs on about $300 billion worth of Chinese goods, an act that would … [Read more...]
Amazon Sub-Prime?
Amazon is offering a new credit card called Amazon Credit Builder to customers with credit scores that might not be good enough to get a card anywhere else. CNBC's Kate Rooney reports: Amazon is finding a way to get its rewards credit card in the hands of more people. The e-commerce giant partnered with publicly traded bank Synchrony Financial to launch “Amazon Credit Builder” — a program that lends to shoppers with no credit history or bad credit, who would otherwise be exempt from Amazon’s loyalty cards. “There’s always going to be people that we can’t give credit to — this is a large … [Read more...]
ECB Preparing to Copycat Potential Fed Rate Cut?
If the Fed cuts rates, is the ECB prepared to join it? The bank signaled that could be the case. Tom Fairless and Brian Blackstone report for The Wall Street Journal: The European Central Bank left interest rates unchanged but several officials raised the prospect of rate reductions, amplifying a global trend toward easier monetary policy to combat weaker growth. In a nod to the recent erosion in the global economic outlook, the ECB extended the time frame before any rate increase to the middle of 2020 from the end of this year. In a statement on Thursday, the ECB said it would hold its … [Read more...]
Did Powell Just Signal a Cut?
Today, Fed Chairman Jerome Powell said the bank will “act as appropriate” in response to risks from the current trade war. Does that include a rate cut? The bond markets have already priced one (or more) in, but only time will tell. Reuters' Howard Schneider and Ann Saphir report: U.S. Federal Reserve Chairman Jerome Powell said on Tuesday the central bank will “act as appropriate” in response to risks posed by a trade war, remarks that may open the door to the possibility of a rate cut. “We do not know how or when these issues will be resolved,” Powell said. “We are closely monitoring the … [Read more...]
No More MetroCards? Use Your Device Instead
The New York MTA will soon be testing some new payment options for the city's subway. Rather than swiping the notoriously finicky MetroCards, riders will be able to use devices enabled with Apple Pay, Google Pay, Samsung Pay or Fitbit Pay to purchase tickets. WIRED's Aarian Marshall writes: As any New Yorker knows, the proper way to swipe a MetroCard to get into the subway system—the timing, the speed, the downward pressure—is tricky, but possible to master. The successful MetroCard swipe separates the tourist from the hardened commuter, the New Yorkers of taxicabs and Ubers from the New … [Read more...]
Can Brick and Mortar Stores Ever Catch Up Online?
In response to Amazon's complete revolution of the retail industry, many companies with traditionally brick and mortar operations are racing to catch up online. Many are acquiring smaller online startups in an effort to to just that, but is it enough? Tige Savage reports at Revolution: Many top retail and consumer products companies are now facing the moment when their leadership is at peril as consumer behaviors permanently shift away from store-based buying and faceless packaged goods to online-oriented consumption and authentic brands. The megadeals everyone was talking about in 2016 … [Read more...]
Happy Memorial Day!
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