Monday, 19 June 2017 13:26

Business report for Monday, June, 19 Featured

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NATIONWIDE - How we shop for groceries could soon be changing.

Amazon is expanding into physical stores with its $13.7 billion deal to buy Whole Foods. The move sets the stage for a retail experiment that could revolutionize how we buy groceries and lots of other items. The announcement sent grocery store, big retailer, as well as food maker and distributor stocks plunging on Friday.

 

The Labor Department said employers in nine states added a significant number of jobs, and unemployment in four states fell to record lows. The largest percentage of jobs gains were in Alaska, Alabama and Louisiana, and Washington DC recorded the largest increase, ahead of all states. Nationwide the unemployment rate now stands at a 16-year low of 4.3 percent.

 

Uber has been losing market share to its rival Lyft. Over the past two years Uber's share of rides dropped from 90% to 75%. The latest 3 point slip came after a former employee's February blog post blasted the company for its sexist work environment. Meanwhile Lyft's market share rose to 24.7 percent from 21.2 percent over the same period.

 

And McDonald's is ending it's Olympic sponsorship three years early. A relationship that dates back to 1976. McDonald's said it's focusing on different business priorities. The fast-food giant was among 13 top-tier sponsors signed through the 2018 winter and 2020 summer games.