Walton family members are gaining ground as the US’ richest retailers as Wal-Mart Stores Inc increases its earnings forecast.
Shares rose 1.9 percent on Thursday, boosting the family’s net worth on the Bloomberg Billionaires Index to US$127 billion, a 19 percent increase since year-end. By comparison, Amazon.com Inc’s Jeff Bezos has seen his fortune rise 12 percent to US$67 billion this year.
The Waltons — Alice, Christy, Jim, Lukas and Rob Walton — are the world’s richest family. They are ahead of Bill, Charles and David Koch, who have a US$106 billion fortune, and Bill Gates and his family, who control US$89 billion.
Photo: AFP
Wal-Mart Stores Inc on Thursday increased its annual earnings forecast after second-quarter results topped analysts’ estimates, a sign that the world’s largest retailer is pulling business away from rivals such as Target Corp.
Sales at US Wal-Mart stores that have been open for more than 12 months rose 1.6 percent last quarter, which ended July 31, the Bentonville, Arkansas-based company said in a statement.
The growth signals that chief executive officer Doug McMillon is making progress with efforts to lower Wal-Mart’s prices and improve customer service. Since taking the helm in 2014, he has boosted pay for US workers and poured money into online operations, aiming to provide a better experience for customers and stem defections to Amazon.com Inc.
“Our strategy in the US is working as we delivered an eighth consecutive quarter of positive comps and international also performed well,” McMillon, 49, said in the statement.
Wal-Mart now expects annual earnings to be US$4.15 to US$4.35 per share this year, excluding some items. That compares with a previous forecast of US$4 to US$4.3.
Earnings amounted to US$1.07 per share in the second quarter, while revenue grew 0.5 percent to US$120.9 billion, the company said.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
FALLING BEHIND: Samsung shares have declined more than 20 percent this year, as the world’s largest chipmaker struggles in key markets and plays catch-up to rival SK Hynix Samsung Electronics Co is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce its global headcount by thousands of jobs, sources familiar with the situation said. The layoffs could affect about 10 percent of its workforces in those markets, although the numbers for each subsidiary might vary, said one of the sources, who asked not to be named because the matter is private. Job cuts are planned for other overseas subsidiaries and could reach 10 percent in certain markets, the source said. The South Korean company has about 147,000 in staff overseas, more than half
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
CHEMICAL FIRE: 10 Indian employees were injured by smoke inhalation at a Tata Electronics plant in Tamil Nadu state that produces components for Apple Inc At least 10 people received medical treatment, with two hospitalized after a major fire on Saturday disrupted production at a key Tata Electronics Pvt Ltd plant in southern India that makes Apple Inc’s iPhone components. The fire occurred at the plant in the city of Hosur in Tamil Nadu state that makes some iPhone components. It broke out near another building inside the Tata complex, which was to begin producing complete iPhones in the coming months. The fire was contained to one building and has been extinguished fully, top district administrative official K.M. Sarayu said. No decision has been made on when
RSS