Meet Becca, a Texan who's trying to decide whether she should start saving for retirement or pay down her credit card debt.Read More »
The conference is called Gateway '17 and is teaching entrepreneurs, small businesses and farmers about the Chinese economy and about how they can grow their businesses by selling on Alibaba's platforms. Here are some of Ma's biggest quotes from his keynote address on Tuesday evening. One standout was Ma saying Alibaba will so sell so much stuff by the year 2035, it will generate the equivalent in GDP to be the fifth largest economy.
The Great Restructuring in retail continues. In the wake of a disappointing holiday season, J.C. Penney (JCP) said recently that it will close 138 stores stores by the end of the summer. The store closures represent 13% to 14% of the company's current store base and less than 5% of annual sales. They have a negligible impact on net income. J.C. Penney said same-store sales at the locations were "significantly below" the remaining store base and operate at a much higher expense rate due to poor productivity. The company expects $200 million in annual costs savings from the efforts. "We believe closing stores will also allow us to adjust our business to effectively compete against the growing
It has been a rough stretch for Wall Street honcho Bill Ackman. The hedge-fund manager, who runs Pershing Square and boasts a net worth of $1.4 billion, reportedly locked horns with former Vice President Joe Biden at a dinner in Las Vegas last month, according to Fox Business. and the New York Post. Biden—still reeling from the death of his 46-year-old son, Beau Biden, who lost a battle with brain cancer two years ago—cited his son’s death as the central reason that he didn’t make a run for the White House in 2016. According to the reports, Biden grew emotional as he explained his decision to a room of high-profile attendees, concluding with, “I’m sorry. I’ve said enough.” At that moment, Ackman