Amazon buys 120 acres for new distribution center east of Dallas
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Business Insider
a minute ago
- Business Insider
Starbucks isn't giving up on its China dream
Starbucks isn't giving up on its China dream and is seeking a helping hand to run its stores there. CEO Brian Niccol said in an earnings call on Tuesday that the Seattle-based coffee chain is looking for a local partner to manage its stores in China. The country is Starbucks' second-largest market after the US, and has seen sales stagnate in recent quarters. He said Starbucks is evaluating a pool of 20 interested parties who wish to partner with it. "What this is about is how do we ensure that the Starbucks brand is in a much better place in the future because I do believe there's going to be thousands of more Starbucks in China," Niccol said. "And I think there's no reason why this can't be one of the best businesses in China." "And so we're looking for a partner that shares that passion and shares that belief that there's this opportunity to grow one of the special brands in China," he added. Starbucks released its third-quarter 2025 earnings on Tuesday, reporting its sixth straight quarter of sales declines. Global same-store sales were down 2% compared to a year ago. However, it reported an 8% net revenue increase in China in the third quarter compared to the same period last year and a 2% increase in same-store sales. Starbucks' results in China showed signs of improvement compared to past quarters. Same-store sales were flat in the second quarter and dropped 6% in the first quarter. The chain also opened 522 new stores in China in the past year, which represents a 7% increase in its retail footprint in the country. This is a welcome sign for the chain, which has been struggling with a challenging market in China. Weakened local consumer spending power and strong competition from local players have resulted in declining sales. Chinese brands like Luckin Coffee have eaten into Starbucks' market share, offering similar products at lower prices and drawing customers in with aggressive discounts. Despite recent weak performance, Niccol has repeatedly expressed confidence in the Chinese market. In a February interview with Bloomberg, he talked about a large-scale expansion in China, saying the market "is going to continue to grow for us." While China's Starbucks stores are company-owned, most of its other international stores are run by domestic partners, like the Alshaya group in the Middle East. The company's stock was up nearly 5% in after-hours trading on Tuesday. A representative for Starbucks China declined a request for comment from BI.
CBS News
31 minutes ago
- CBS News
Amazon hosts meet and greet in Pontiac, Michigan, to introduce new drone delivery service
With drone delivery set to take off in late 2025, Amazon is betting big on Pontiac, Michigan. The tech giant's drone program, Amazon Prime Air, is setting the stage for a high-tech transformation in how packages arrive at your front door, and Pontiac is one of the first communities on the flight path. On Tuesday, the program hosted a community meet-and-greet at Lafayette Grande in Pontiac, introducing Metro Detroit residents to its cutting-edge drone delivery service. The event offered locals a hands-on look at the technology that's already being piloted in select U.S. cities. Attendees were treated to live drone demonstrations and the chance to speak directly with the engineers and operations staff behind the futuristic delivery method. Amazon plans to launch its drone service in the area by the fourth quarter of 2025, just in time for the holiday shopping season. "This is the future of where delivery is heading, and we want to make sure that Pontiac is at the forefront," said Pontiac City Council President Mike McGuinness. The drone delivery service will be available to customers located within a 7.5-mile radius of the drone center in Pontiac. To use the service, customers simply shop on Amazon as usual. If eligible, they'll see a "drone delivery" or "60-minute delivery" option at checkout. Officials say the packages must be 5 pounds or less. One of the biggest questions surrounding drone delivery is its impact on employment. However, Amazon leaders and city officials reassured the public that the technology is meant to supplement, not replace, the human workforce. "Right here in Pontiac, Michigan, we've had a site in the community for quite a while that are directly supporting your business and making sure that each step, each opportunity, local community members have the opportunity to apply here," said Ian Conyers, head of Community Affairs at Amazon. Pontiac city officials say the company's presence and its investment in new technology have already had a positive economic impact. "A lot of services and improvements that we've been able to make in our community or directly attributed to the stability and growth of Amazon, meaning their large, substantial facilities here, but also the thousands of people that work there and their contribution to our tax base," McGuinness said.
Yahoo
38 minutes ago
- Yahoo
HK company offers stake in port terminals sale to Chinese company
One of the largest operators of global port terminals said it has offered a stake in its pending sale to a Chinese investor. In a filing with the Hong Kong Stock Exchange, CK Hutchison said its planned sale of dozens of port facilities would include a major strategic investor from mainland China. The company ( in March announced plans to sell more than 40 container terminals under its Hutchison Port Holdings unit to a consortium led by BlackRock, the U.S. asset manager, that includes Geneva-based shipping line MSC, for $23 billion. But Beijing said it would block the transaction if it didn't get a cut of the deal. Published reports identified the investor as Chinese maritime conglomerate Cosco, which had been identified by the U.S. as an arm of China's military that had used unfair trade practices to dominate the shipping and shipbuilding industries. The filing stated that the exclusive negotiation period with the consortium regarding the sale of Hutchison Ports Group had expired but that discussions with members of the group continue. The reports said Cosco could receive a stake in 41 port properties except the pair near the Panama Canal that the Trump administration claimed are under Chinese influence. Hutchison had no comment. BlackRock and Costco did not immediately respond to requests by FreightWaves for comment. Find more articles by Stuart Chirls Korea offers billions to help make US shipbuilding 'great again' Houthis make new threats against Israel-linked shipping Trade flows boost China, Europe ports while tariffs pain US gateways CMA CGM container vessel becomes largest under U.S. flag The post HK company offers stake in port terminals sale to Chinese company appeared first on FreightWaves. Sign in to access your portfolio
