Wednesday, 16 May 2018 15:01

Amazon working to beef up presence in food, banking markets

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STATEWIDE - A South American cereal controversy and steps Walmart is taking to attract affluent customers are some of the topics making news in the world of business this week.

Kellogg's cereal is in the middle of a political controversy. The Michigan-based company has closed down its plant in Venezuela because of it what it calls "economic and social deterioration." Venezuelan President Nicolas Maduro says Kellogg's -- which makes three-quarters of the cereal that Venezuelans eat -- is trying to influence Sunday's election by closing the plant.

 

Shopping at Whole Foods is going to be a little cheaper for Amazon Prime members. Amazon, which owns Whole Foods Markets, is set to offer Prime members discounts of 10 percent if they actually go into the stores.

 

Amazon also may be one of the big tech companies set to disrupt the banking business. Daniel Ives, chief strategy officer at GHB Insights, says Amazon, Apple and Facebook all are encroaching on territory held by traditional banks, like working on money transfers and possibly offering credit cards.

 

Walmart's website is going upscale. The company is launching a Lord and Taylor section on its site soon to try to lure in shoppers willing to spend more.