By Jonathan Cable and Adam RoseLONDON/BEIJING (Reuters) - China's vast factory sector contracted again this month and the expected acceleration in euro zone business activity failed to materialize, highlighting the fragile state of a global economy.
At various times since the dark days of 2008, the Bank of Japan, Bank of England and Federal Reserve have all tried to jumpstart their economies by printing money with abandon to facilitate asset purchases of an unprecedented scale. While the jury is still out on what the long-term effects of such quantitative easing might be, the worst fears of its critics — say, for example, hyperinflation — have not come to pass while many of the arguments of its supporters have been validated.
Teen retailer Wet Seal is dying, with sales declining for 11 of the past 12 quarters. Workers at a failing store in Seattle left a sign to protest alleged mismanagement at the store. The sign was posted on Reddit. Employees alleged they were given one day's notice to find new jobs, and weren't paid for unused paid time off and sick days.
Starbucks is planning a massive expansion in China over the next couple years that will nearly double its locations in the country. It might seem risky for a coffee company to expand so aggressively in a culture of tea-drinkers. But Starbucks has altered its stores and products to adapt to local tastes and the strategy appears to be working.
NEW YORK — Starbucks Corp said it would restate fourth-quarter results to show an operating loss of US$2.12 billion to reflect damages related to its dispute with Kraft Foods.
Starbucks shares were down 1.8% at US$79.15 in trading before the bell on Wednesday.
An arbitrator has concluded Tuesday that Starbucks must pay US$2.76 billion to settle a dispute with Kraft over coffee distribution.