Year: 2023
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Foot Locker to step into India, inks deals with Metro Brands, Nykaa
By Hritam Mukherjee BENGALURU (Reuters) -Foot Locker will enter the Indian market in 2024 in partnership with local peer Metro Brands and cosmetics-to-fashion retailer Nykaa, the U.S.-based athleisure chain said on Wednesday, giving it a much wider global footprint. Metro Brands, which has over 700 stores across India, will exclusively own and operate Foot Locker…
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Walmart shifts to India, cuts China imports
By Richa Naidu and Siddharth Cavale LONDON/NEW YORK (Reuters) – Walmart is importing more goods to the United States from India and reducing its reliance upon China as it looks to cut costs and diversify its supply chain, data seen by Reuters shows. The world’s largest retailer shipped one quarter of its U.S. imports from…
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USDA opens applications for $300 million to help exporters break into new markets
By Andrea Shalal WASHINGTON (Reuters) – The U.S. Department of Agriculture on Wednesday said it would start accepting applications for an initial $300 million in funding to help U.S. agricultural exporters break into new markets outside China, Canada, Mexico and the European Union. Agriculture Secretary Tom Vilsack will make the announcement during a meeting of…
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Global firms rush to buy Alipay’s stake in India’s Zomato
(Reuters) – Global money managers and banks ranging from Vanguard to Goldman Sachs as well as the Singapore government rushed to grab a slice of Zomato after Chinese payments group Alipay offloaded its entire 3.44% stake in the Indian food delivery platform. Earlier on Wednesday, Alipay launched a $400 million stake sale in Zomato through…
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Foot Locker’s forecasts get a boost as big discounts bump holiday sales
By Juveria Tabassum (Reuters) -Foot Locker’s steep discounts powered a solid start to the retailer’s holiday season sales and prompted it to tighten its annual profit and sales expectations, sending its shares surging as much 22% on Wednesday. More than 200 million shoppers made purchases both in-store and online during the Thanksgiving weekend, the National…
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State Street adds option to fully back corporate boards
By Ross Kerber BOSTON (Reuters) – State Street’s asset-management arm will give retail investors an option to fully back corporate boards as it brings online features to allow fund shareholders to control their proxy voting rights, executives said. The option comes as State Street and rivals move to devolve proxy voting powers to shareholders on…
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Instacart partners with Peacock to offer streaming content to US subscribers
(Reuters) – Instacart said on Wednesday it had partnered with NBCUniversal’s Peacock to provide the streaming service at no extra cost to all paying U.S. subscribers of the grocery delivery firm. In return, Instacart will be featured in a custom ad spot, which will run across NBCU’s linear TV, social media and streaming platforms, the…
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EVs struggle with reliability due to charging, battery issues – Consumer Reports survey
By Nathan Gomes (Reuters) – Electric vehicles continue to grapple with poor reliability due to charging and battery issues, a survey by an influential U.S. non-profit organization showed on Wednesday, even as consumers are buying them at a breakneck pace. On average, new EVs had 79% more problems than gasoline-powered vehicles, Consumer Reports’ 2023 Annual…
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Nestle to invest $1.2 billion in Brazil by 2025
SAO PAULO (Reuters) – Nestle said on Wednesday it will invest about 6 billion reais ($1.23 billion) in Brazil by the end of 2025 as it aims to grow its business and expand manufacturing capacity in the country, currently its third-largest market. The investment will include building a new Purina plant in southern Brazil and…
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Wall St ends slightly higher after mixed Fed statements
By Stephen Culp NEW YORK (Reuters) – U.S. stocks ended with modest gains on Tuesday as investors parsed conflicting remarks from Federal Reserve officials, with upbeat consumer data providing some lift. All three major U.S. stock indexes lost momentum as the session progressed, but ended the range-bound session in the green. “Even marathon runners have…