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Walmart Shares Extend Decline After Rare US Sales Miss
Bloomberg34d agobearishVIDEO
Walmart Shares Extend Decline After Rare US Sales Miss

Walmart Inc.'s quarterly sales fell short of expectations, a rare miss that's likely to stoke concern about the leading big-box retailer decelerating alongside a slow-growing US economy. Sales at US stores open at least a year, excluding fuel, rose 2.6% in the second quarter, shy of the lowest analyst estimate compiled by Bloomberg. That rate of growth hindered primarily by pricing pressure in its pharmacy business is the slowest in more than six years. Walmart shares fell as much as 10%, the most intraday since 2022, in New York trading on Thursday, erasing a modest year-to-date gain through the previous day's close. We get reaction from Poonam Goyal, Senior US Retail Analyst for Bloomberg Intelligence.

GM Faces Safety Probe Over Engine-Failure Concerns in Nearly One Million Vehicles
The Wall Street Journal35d agobearish
GM Faces Safety Probe Over Engine-Failure Concerns in Nearly One Million Vehicles

Federal auto-safety regulators are opening an investigation into nearly one million General Motors pickup trucks and sport-utility vehicles after receiving hundreds of reports of engine failures. The National Highway Traffic Safety Administration said Friday it was launching the probe into vehicles equipped with a particular GM V-8 engine that had already been the subject of an earlier recall. The regulator has received nearly 500 complaints alleging engine failure in vehicles that had already been serviced under recall, including nearly two dozen that required complete engine replacements.

NHTSA opens probe into nearly 1 million GM pickups, SUVs over engine failure concerns
Reuters35d agobearish
NHTSA opens probe into nearly 1 million GM pickups, SUVs over engine failure concerns

National Highway Traffic Safety Administration ‌said on Friday it has ‌opened a probe into 997,743 General Motors ​pickup trucks and SUVs over concerns related to engine failure. The vehicles include the Cadillac Escalade, Chevrolet ‌Silverado 1500 ⁠and GMC Yukon, among others, from model years 2021-2026 ⁠equipped with GM's L87 engines.

South Korea plans chip windfall fund to back youth, AI investment
Reuters35d agobearish
South Korea plans chip windfall fund to back youth, AI investment

South Korea plans to create a new fund to channel tax windfalls from the country's semiconductor boom into supporting ‌younger generations and invest in future growth industries such as artificial ‌intelligence, the budget ministry said on Friday. The proposed "Future Response Fund" would finance programmes aimed at helping ​young people find jobs, buy homes and start families, while also supporting investments in AI, regional development and talent development, according to a ministry press release. The fund would be financed mainly by tax revenue exceeding a benchmark based on the average ‌growth in domestic tax ⁠receipts over the past decade.