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Amazon expands Whole Foods discount for Prime; Alibaba, Cainiao to invest in ZTO

TOP NEWS

* Amazon.com Inc. expanded its Prime savings program to 121 Whole Foods Market Inc. locations across 12 states and to all Whole Foods Market 365 stores in the U.S. Prime members will get an additional 10% discount on items already on sale and will also receive weekly discounts on other products. Customers also can access these benefits if they have their groceries delivered from a Whole Foods Market outlet via the platform Prime Now.

* Alibaba Group Holding Ltd. and its logistics unit Cainiao Network Technology Co. Ltd. will buy a 10% stake in Chinese express delivery service provider ZTO Express (Cayman) Inc. for $1.38 billion. The companies plan to collaborate on first-and-last-mile delivery services, warehouse management, cross-border logistics and related technology-focused services.

MULTILINE RETAIL

* ESL Investments Inc., the hedge fund of Sears Holdings Corp. CEO and Chairman Edward Lampert, has received "numerous inbound inquiries from potential partners" in connection with its proposal to acquire certain assets of the U.S. department store chain and its Kenmore appliance brand. In a letter filed with the SEC, Lampert said they are seeking permission from Sears' special board committee to engage with these potential partners, so they can put forward a definitive proposal that will be most beneficial to Sears.

E-COMMERCE

* Alibaba Group Holding Ltd.'s e-commerce platform Tmall and Swiss sporting goods retailer Intersport GmbH launched a co-branded store in Beijing. The 1,300 square-meter store is built with interactive features that combine online and offline shopping experience.

* Online grocery retailer Ocado Group PLC is expected to join the FTSE 100 for the first time following the index's quarterly stock market reshuffle, The Guardian reported. Ocado's growth was driven by the deals it made with supermarket chains to use its delivery technology. Meanwhile, Marks & Spencer Group PLC may be relegated from the FTSE 100 index in late 2018 if the struggling department store operator fails to make a strong turnaround, a Hargreaves Lansdown analyst reportedly said.

FOOD AND STAPLES RETAILING

* Nestlé SA will reorganize its business in sub-Saharan Africa and shut down its regional head office by the end of July to ensure a "healthy growth." Starting Aug. 1, the central-west Africa region will become a key market for Nestlé. It also will expand its southern African region to include the Horn of Africa and the southern, eastern and island clusters of equatorial Africa region. The office closure will not impact the consumers, customers, trade and wholesale partners and suppliers of its operations across the region.

HYPERMARKETS AND SUPERCENTERS

* Carrefour SA will end its official sponsorship of the French Football Federation and of the Tour de France beginning 2019 as the French supermarket chain plans to sponsor more events linked to food and retail, Reuters reported, citing a company spokesman.

SPECIALTY RETAIL

* Steinhoff Africa Retail Ltd., a Johannesburg-listed retail subsidiary of Steinhoff International Holdings NV, canceled its half-year dividend payout, describing the period as "very challenging." STAR set aside 500 million South African rand in order to address third-party debt and other associated loans. For the six months ended March 31, the retailer posted a 12.2% comparable increase in headline EPS to 52.6 South African cents from 46.9 cents in the year-ago period. CEO Leon Lourens also told Bloomberg News that STAR will revert to its former name, Pepkor Holdings Ltd., in a move to distance itself from its embattled parent.

* South Korea's LG Electronics Inc. plans to invest 53.6 billion won to acquire a 20% stake in local robot manufacturer Robostar Co., Yonhap News Agency reported. The electronics giant said it plans to acquire 1.95 million shares around mid-July, the report added, citing a company release.

HOTELS, CASINOS AND GAMING

* Casino operator Yonkers Racing Corp. agreed to sell the real estate and operations of its Empire City Casino in Yonkers, N.Y., to MGM Resorts International for about $850 million, which includes an expected approximately $245 million of the casino's outstanding debt when the deal closes. Empire City Casino sits on 97 acres and offers more than 5,200 slots and electronic table games, dining outlets, and horse racing.

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The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, Hang Seng lost 1.40% to 30,056.79, while the Nikkei 225 fell 1.52% to 22,018.52.

In Europe, around midday, the FTSE 100 rose 0.26% to 7,652.56, and the Euronext 100 gained 0.07% to 1,053.60.

On the macro front

Reports due out today are the MBA mortgage applications, ADP employment, retail inventories, wholesale inventories, international trade in goods, Redbook Index and Beige Book on current economic conditions.

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