Nestle Signs Deal With Starbucks
Nestle will begin to sell Starbucks-branded coffee at grocery stores in Europe, Africa, and Asia next month. This comes as a part of the $7.15Bn exclusivity deal signed by the two companies. This deal allows Nestle to exclusively sell Starbucks branded coffees and teas. At first, the new products will be available in grocery stores in various different markets, including Belgium, Brazil, Chile, Spain, and Britain.
Nestle is also planning on more acquisitions in the coffee industry. In the deal with Starbucks, Nestle will focus on the global expansion of selling their products while Starbucks will focus on their shops and cafes.
Trade Talks Going In A Positive Direction
U.S. Treasury Secretary Steven Mnuchin said trade talks with China are going in a positive direction on Wednesday. Currently, the world’s two largest economies are trying to create an agreement to resolve their dispute. Mnuchin didn’t say who he was talking to, but he hopes for productive talks concerning the two countries economic disputes.
Currently, the U.S places almost 10% in tariffs on products worth almost $200Bn from China. However, if a deal isn’t reached by March 1st, the rates will rise to 25%. Analysts describe the March 1st deadline as a “hard deadline”, although President Trump claims that they have a little more leeway and can extend the 90 day truce if need be.
Traffic Jams Cost The U.S $87Bn
A report came out recently on how much money is lost when Americans are stuck in traffic jams. Last year, the total reached $87Bn in lost productivity. This is almost $1,348 per driver. The study names Boston, Chicago, and Washington D.C as the worst cities for traffic jams. It also revealed that cities that weren’t built around driving cars statistically had worse traffic than cities that were.
Democratic Senators Against Sprint/T-Mobile Merger
Eight Democratic U.S. senators urged the Justice Department and FCC on Tuesday to reject the proposed merger of T-Mobile US Inc and Sprint Corp. The $26Bn merger has been in talks for months. However, the senators, which include independent Bernie Sanders, say that the merger is likely to raise prices for consumers, harm workers, stifle competition, exacerbate the digital divide, and undermine innovation”.
The companies didn’t immediately resond to request to comment. In response, a U.S. house panel holding a hearing concerning the merger on Wednesday. T-Mobile Chief Executive Officer John Legere defended the merger on Tuesday, saying the company plans to “keep the customers we’ve fought hard to win and win new customers with great quality, lower prices, and more innovative offerings.”
Job Openings Hit Record High
U.S. job openings hit a record high in December. This was led by vacancies various different industries, including construction, accommodation, and food services. Currently, there is a worry that there is a shortage of workers. This shortage could impact the current economic expansion, which has lasted for 9 and a half years.