Business

Focus: As China embraces membership stores, Sam’s Club expansion gathers pace
Business

Focus: As China embraces membership stores, Sam’s Club expansion gathers pace

Sam’s Club and Costco among 11 warehouse chains in ChinaSector sales more than doubled between 2018 and 2022-EuromonitorUS market penetration is much higher than China-EuromonitorBEIJING, July 21 (Reuters) – Every other Sunday, Beijing-based tennis coach Liu Zheng follows a routine: breakfast with her husband, a visit to a supermarket and then a drive later in… […]

Sequoia Capital partner Michael Moritz to exit firm after 38 years
Business

Sequoia Capital partner Michael Moritz to exit firm after 38 years

July 19 (Reuters) – Michael Moritz, the storied venture capitalist who sits on the boards of Stripe and Instacart, is leaving Sequoia Capital after 38 years, according to a letter sent to limited partners on Wednesday and viewed by Reuters.Moritz, 68, will now focus on Sequoia Heritage, a $15 billion wealth management fund that he… […]

North Korean Hackers Breached A US Tech Company To Steal Crypto
Business

North Korean Hackers Breached A US Tech Company To Steal Crypto

[1/2]Miniatures of people with computers are seen in front of North Korea flag in this illustration taken July 19, 2023. REUTERS/Dado Ruvic/IllustrationWASHINGTON, July 20 (Reuters) – A North Korean government-backed hacking group penetrated an American IT management company and used it as a springboard to target cryptocurrency companies, the firm and cybersecurity experts said on… […]

U.S. House passes bill allowing older pilots, other aviation reforms
Business

U.S. House passes bill allowing older pilots, other aviation reforms

WASHINGTON, July 20 (Reuters) – The U.S. House of Representatives on Thursday voted to pass legislation that would raise the mandatory commercial pilot retirement age to 67 from 65 and make other aviation reforms, with the Senate now set to consider its own measure.The vote in the Republican-led House was 351-69 to pass the bill… […]

Auto supplier Magna to invest $790 mln to build three new facilities
Business

Auto supplier Magna to invest $790 mln to build three new facilities

July 20 (Reuters) – Canadian auto parts maker Magna International Inc (MG.TO) said on Thursday it will invest $790 million to build three new supplier facilities, two of which will be housed at Ford Motor Co’s (F.N) BlueOval City campus in Tennessee.The development comes as suppliers race to meet requirements from automakers, who have been… […]

U.S. Added 428,000 Jobs In April—Beating Expectations As Hot Labor Market Spurs Fed Rate Hikes
Business

U.S. Added 428,000 Jobs In April—Beating Expectations As Hot Labor Market Spurs Fed Rate Hikes

Topline The U.S. added back another 428,000 jobs in April, performing better than economists expected as the strong labor market recovery encourages Federal Reserve officials to more aggressively raise interest rates in their fight against inflation—even as stocks tumble over the potential implications for earnings growth. Workers assemble cars at the renovated Ford’s Chicago Assembly… […]