China wants to counter the United States by boosting its technological capabilities and becoming more self sufficient. That’s easier said than done. Beijing outlined its goal for more economic independence this week as the Chinese Communist Party’s Central Committee put together its latest Five-Year Plan. The 14th iteration of the vast policy framework will cover…… MORE
Starbucks expects its sales to grow next year, the company said Thursday. In the United States and the Americas, it expects same-store sales to jump between 17% and 22% next year. Internationally, the company is expecting a 25% to 30% spike. The numbers would be a sharp turnaround. Globally, sales at Starbucks stores open for…… MORE
Walmart is removing firearms and ammunition off the sales floor in some of its US stores in response to protests in Philadelphia following the police shooting of Walter Wallace Jr. “We have seen some isolated civil unrest and as we have done on several occasions over the last few years, we have moved our firearms…… MORE
Amazon’s sales and profit soared in the latest quarter as shoppers turned to the online giant to deliver goods to their homes in the pandemic. Amazon said Thursday that during the three months ending September 30 its sales grew 37% compared to the same period last year, to $96.1 billion, and profit increased 197% to…… MORE
Netflix’s prices are going up. The streaming media company is raising the prices on its standard and premium plans for US customers. Its standard plan is now $14 a month, up $1 a month from last year. Its premium subscription will go up $2 to $18 a month. Its basic plan remains unchanged at $9…… MORE
Beyoncé’s second Ivy Park x Adidas apparel collection is dropping online Thursday, a day ahead of its release in stores. The athleisure line, dubbed “The Drip 2 Collection,” comes nine months after the first installment of Beyoncé’s Ivy Park x Adidas gear, which sold out almost instantly when it dropped at the start of the…… MORE
Glenn Greenwald is resigning from The Intercept, the news site he co-founded in 2013 not long after his most prominent work, the publication of articles based on leaks from former National Security Agency contractor Edward Snowden. In a lengthy letter of resignation published Thursday, Greenwald alleged his editors “censored” an article he wrote this week…… MORE
After a string of dismal earnings and missed expectations last year, Tupperware (TUP) is reporting soaring profits fueled largely by demand from newly minted pandemic chefs. The company announced on Wednesday that it made $477.2 million in sales in the third quarter of 2020 — up 14% versus last year. Profits for the quarter jumped…… MORE
Warren Buffett has been surprisingly quiet about the presidential election. The Oracle of Omaha hasn’t publicly backed Joe Biden, but Buffett hosted a fundraiser for Biden’s former boss, Barack Obama, in 2011, and he fully backed Hillary Clinton in her 2016 campaign against Donald Trump. The 90-year-old investing legend, who is worth about $75 billion…… MORE
The pandemic crashed the American economy into a $2 trillion hole. A sizzling summer rebound got the economy about two-thirds of the way back. Now comes the hard part. There’s much to celebrate about Thursday’s GDP report, which showed the US economy grew at a record annualized rate of 33.1% during the third quarter. It’s…… MORE
