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UPS eyes in-home health services with U.S. vaccine project

Chris Cassidy, who leads United Parcel Service's (UPS) global healthcare logistics strategy, is seen at the package delivery firm's Worldport sorting facility in Louisville, Kentucky
Chris Cassidy, who leads United Parcel Service's (UPS) global healthcare logistics strategy, is seen at the package delivery firm's Worldport sorting facility in Louisville, Kentucky, U.S., February 5, 2019. Picture taken February 5, 2019. REUTERS/Lisa Baertlein

March 22, 2019

By Lisa Baertlein and Michael Erman

LOUISVILLE, Ky. – United Parcel Service Inc wants to get beyond U.S. doorsteps with a new push into healthcare.

The world’s largest package delivery firm is preparing to test a U.S. service that dispatches nurses to vaccinate adults in their homes, Reuters has learned, as the company and its healthcare clients work to fend off cost pressures and competitive threats from Amazon.com.

UPS did not disclose which vaccines it would be using in the project, but drug and vaccine maker Merck & Co told Reuters it is looking at partnering with the company for the initiative.

The project, previously unreported, shows how UPS is targeting a larger slice of the $85 billion outsourced healthcare logistics market. Deutsche Post’s DHL Group dominates the market, which is expected to grow to $105 billion by 2021.

“Over-the-threshold services is where the world is headed,” Chris Cassidy, who joined UPS last year from GlaxoSmithKline PLC to oversee global healthcare logistics strategy, told Reuters in an interview at UPS’ Worldport facility in Louisville.

Here is how the test, slated to launch later this year, will operate: Workers in UPS’ 1.7 million-square-foot healthcare complex at Worldport will package and ship the vaccine to one of the more 4,700 franchised U.S. UPS stores. A home health nurse contracted by UPS’ clinical trial logistics unit known as Marken will collect the insulated package, transport it the “last mile” to the patient’s home and administer the vaccine, which will target a viral illness in adults.

The aim of the test is to “see if we can connect all these dots,” said Wes Wheeler, chief executive at Marken, which was purchased by UPS in 2016 and is overseeing the vaccine project.

It comes as the parcel delivery industry braces for the impact of a cooling economy and competition from customer-turned-rival Amazon, which is building its own logistics network to contain the swelling cost of dropping millions of packages at shoppers’ homes.

UPS healthcare customers, facing political scrutiny over high drug prices and systemic waste, are also under pressure from Amazon.

The world’s biggest online retailer is teaming up with Berkshire Hathaway and JPMorgan Chase & Co to lower prescription drug costs for their employees. And, it rocked the sector last year with its roughly $1 billion purchase of specialty online pharmacy PillPack.

Experts say raising low U.S. adult vaccination rates would reduce healthcare spending by curbing preventable illnesses that result in doctor visits and hospitalizations.

Merck, a major UPS healthcare customer, has a portfolio of vaccines for viral illnesses ranging from shingles and hepatitis B to the flu. Spokeswoman Pamela Eisele said the company is considering the project as it looks for new ways to increase access to its medicines and vaccines and boost adult vaccine rates.

Experts said the UPS project could also save money by having contract home nurses, rather than higher paid doctors, administer the vaccine. But the test, a first for a large U.S. shipper, is not a guaranteed slam dunk for UPS: Marken’s CEO said it must figure out how to get medical insurers to pay for the new service.

NEW FRONTIERS

UPS, DHL and specialty shippers have a smattering of home health projects around the world – mostly in countries with single-payer health systems.

DHL, the healthcare logistics leader with annual medical-related revenue of more than 3 billion euros ($3.4 billion), transports U.K. patients from home to non-emergency hospital appointments.

Polar Speed, a U.K. specialty logistics company UPS bought in 2014, has trained and background-checked drivers who enter homes to drop off prescriptions, deliver and install medical refrigerators and infusion pumps, and remove waste such as used syringes and wound dressings.

Pharmaceutical companies already pay Marken to give vaccines to patients testing their experimental drugs.

Cathy Morrow Roberson, who founded consulting firm Logistics Trends & Insights after working for more than a decade as an analyst at Atlanta-based UPS, said the vaccine project taps the assets and expertise the company has acquired since getting into healthcare in the early 2000s.

“They’re reaping the benefits of all the acquisitions and investments they’ve made,” she said.

The effort is designed to put even more distance between UPS and Amazon, which lacks the specialized warehouse, temperature-controlled shipping and regulatory infrastructure that healthcare companies require. Amazon currently uses UPS and FedEx Corp for PillPack home deliveries.

Major insurers contacted by Reuters declined to say what they pay to have vaccines administered. But an analysis of 2010 MarketScan health claims data sheds some light on the subject – finding that the average cost of a shingles shot was $208.72 at a doctor’s office and $168.50 at a pharmacy. Flu shots cost less than $30 at both locations. The provider of that data declined to update it.

Delivering home vaccines at a competitive price may not be the only hurdle to the UPS project’s success, said Stephen Buck, chief executive of Courage Health and a former vice president at McKesson Corp.

“Pharmacies and physicians may not be happy about a new player competing against them,” Buck said.

(Reporting by Lisa Baertlein in Louisville, Ky., additional reporting by Emma Thomasson in; Berlin and Mike Erman and Caroline Humer in New York; Editing by Edward Tobin)

Source: OANN

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HuffPost Poll: 47% of GOP Says No Trump Campaign Crime

Forty-seven percent of Republicans voters believe no one on President Donald Trump's campaign committed any crimes, according to a poll conducted by HuffPost and YouGov.

The survey was conducted April 18-19, one day after the release of special counsel Robert Mueller's report on Russian interference in the 2016 presidential election.  

Mueller, who turned in his report to Attorney General William Barr on March 23, neither charged nor exonerated Trump on obstruction of justice charges and also said neither Trump nor his campaign conspired with Russia to win the 2016 campaign.

But the Mueller report states "the president's efforts to influence the investigation were mostly unsuccessful, but that is largely because the persons who surrounded the president declined to carry out orders or accede to his requests."

The poll also found:

  • 61% of Republicans think the Trump campaign's relationship is not a problem at all.
  • 45% of Republicans strongly approve of the job Attorney General William Barr is doing, compared with 45% of Democrats who strongly disapprove.
  • 81% of Republicans do not believe Trump attempted to obstruct justice, while 78% of Democrats say he did.

The HuffPost/YouGov poll was conducted April 18-19 among 1,000 registered voters and has a margin of error of 3.3 percentage points.

Source: NewsMax Politics

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Italy’s Salvini dismisses talk of government collapse, snap poll

FILE PHOTO: Matteo Salvini, Italy's Deputy Prime Minister and leader of the far-right League Party, speaks as he launches campaigning for the European elections
FILE PHOTO: Matteo Salvini, Italy's Deputy Prime Minister and leader of the far-right League Party, speaks as he launches campaigning for the European elections, in Milan, Italy April 8, 2019. REUTERS/Alessandro Garofalo/File Photo

April 24, 2019

MILAN (Reuters) – Italian Deputy Prime Minister Matteo Salvini sought on Wednesday to douse speculation of a government collapse and early general elections, saying he wanted to govern for a full term.

The two ruling parties, Salvini’s right-wing League and the anti-establishment 5-Star Movement, are feuding as they compete for votes ahead of European Parliament elections on May 26, stoking investor fears that the government could fall.

(Reporting by Angelo Amante; Editing by Mark Bendeich)

Source: OANN

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Former Arizona Sen. Jeff Flake reveals shocking threats he received while in office: ‘Take him and his family out’

Former Arizona Sen. Jeff Flake has revealed some of the disturbing threats he allegedly received while in office.

Flake, 56, an outspoken critic of President Trump, claimed in a new interview he received threatening messages that were being probed by authorities in Arizona and Washington, D.C., including one from James Dean Blevins Jr.

Blevins, of Chicago, pleaded guilty last month to a retaliation charge for leaving a threatening voice mail for Flake. Authorities, though, had declined to provide the victim’s name. Blevins acknowledged that he left the threatening voice message on Sept. 17, saying, “I am tired of him interrupting our president, and I am coming down there to take him and his family out.”

FLAKE WILL NOT CHALLENGE TRUMP IN A 2020 REPUBLICAN PRIMARY; JOINS CBS AS CONTRIBUTOR

Flake told the Guardian the message came after he called for an investigation into then-Supreme Court nominee Brett Kavanaugh and the sexual assault allegations made against him. Flake ultimately voted in favor of Kavanaugh’s nomination.

“That’s only one of several threats,” Flake said.

Flake told The Guardian that an “unidentified man carrying a rifle scope” went to three places in Arizona that are associated with the Church of Jesus Christ of Latter-day Saints. Flake, himself, is a Mormon.

“It was a man living out of his car,” Flake said of the unidentified man

The Mesa Police Department confirmed with the paper that they are investigating and assisting Flake and his family. The former senator said authorities were also probing “several other threats that haven’t been tracked down yet.”

FLAKE SLAMS GOP, SAYS HE FEELS LIKE HE DOESN'T BELONG TO ANY POLITICAL PARTY

“Threats where they list my kids and their addresses, links to beheading videos,” Flake said.

During his last two years in the Senate, rumors swirled Flake would mount a primary challenge against the president for the 2020 Republican nomination. Flake ruled out running himself but confirmed with the paper that he has been in touch with former Ohio Governor John Kasich.

“Kasich hasn’t ruled it out,” Flake said.

Flake also said his career in politics was not over but remained vague for what he has planned for the future.

“I’m not saying I’m not done running for office,” he said. “We’ll take it as it comes.”

Flake announced in 2017 that he would not be seeking re-election to the Senate. Arizona Democrat Krysten Sinema replaced his seat.

Fox News’ Andrew O’Reilly and the Associated Press contributed to this report.

Source: Fox News Politics

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EU leaders to discuss ways to limit Chinese influence at summit dinner

People are reflected in a puddle as they pass by a mural near the EU headquarters in Brussels
People are reflected in a puddle as they pass by a mural near the EU headquarters in Brussels, Belgium March 20, 2019. REUTERS/Toby Melville

March 21, 2019

By Robin Emmott and Philip Blenkinsop

BRUSSELS (Reuters) – The European Union will discuss a more defensive strategy on China on Thursday, potentially signaling an end to the unfettered access that Chinese business has enjoyed in Europe but which Beijing has failed to reciprocate.

Caught between a new U.S.-Chinese rivalry for economic and military power, EU leaders will try to find a middle path during a summit dinner in Brussels, the first time they have discussed at the highest level how to deal with Beijing.

“We are fully open,” European Commission Vice President Jyrki Katainen said of the EU’s economy. “China is not, and it raises lots of questions,” Katainen told Reuters, arguing that the world’s second-largest economy could no longer claim special status as a developing country.

Meeting as Chinese President Xi Jinping starts a tour of France and Italy, EU leaders – who have often been divided over China – want to present a united front ahead of an EU-China summit on April 9.

According to a draft April summit statement seen by Reuters, the EU is seeking to set deadlines for China to make good on trade and investment pledges that have been repeatedly pushed back, although Beijing must still agree to the final text.

That was a message delivered to State Councillor Wang Yi by EU foreign ministers on Monday. It marked a shift toward what EU diplomats say is a more “assertive and competitive mindset”.

“In the past, it has been extremely difficult for the EU to formulate a clear strategy on China, and past policy documents have not been strategically coherent,” said Duncan Freeman at the EU-China Research Centre at the College of Europe. “There is now a clear effort to do that.”

In a document to prepare the EU summit, the European Commission called China a “systemic rival”.

U.S. President Donald Trump’s campaign to warn against Huawei telecommunications equipment in next-generation wireless networks has accelerated EU discussions about its position.

The deepest tensions lie around China’s slowness to open up its economy, a surge of Chinese takeovers in critical sectors and an impression that Beijing has not stood up for free trade.

GERMANY IS KEY

With over a billion euros a day in bilateral trade, the EU is China’s top trading partner, while China is second only to the United States as a market for European goods and services.

Chinese trade restrictions are more severe than EU barriers in almost every economic sector, according to research firm Rhodium Group and the Mercator Institute for China Studies.

Unlike the United States, which has a naval fleet based in Japan to wield influence over the region, the EU lacks any military power to confront China, so its approach is technical.

But any new EU policies could prove complicated to implement, as EU capitals continue to court Chinese investment. Italy plans to join China’s multi-billion-dollar Belt and Road infrastructure project, while free-traders Ireland, Sweden and the Netherlands are wary of any restrictions on commerce.

Germany’s views will be important as Berlin has at times pressed for a tougher response to unfair competition from Chinese rivals but also championed a closer relationship with Beijing.

“Their position needs to stabilize. At the moment it changes on almost every day of the week,” the senior envoy said.

(Reporting by Robin Emmott; Editing by Hugh Lawson)

Source: OANN

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Brexit, yellow vests take fizz out of champagne sales

Bottles of Champagne are displayed at Dilettantes wine shop in Paris
Bottles of Champagne are displayed at Dilettantes wine shop in Paris, France, December 31, 2015. REUTERS/Benoit Tessier

March 17, 2019

PARIS (Reuters) – Brexit and France’s “yellow vest” protest movement pushed the number of bottles of French champagne sold last year to its lowest since 2004, trade group data showed on Sunday.

The Comité Interprofessionnel du Vin de Champagne (CIVC) said the number of bottles sold fell 1.8 percent to 302 million in 2018, though total revenue edged up 0.3 percent to a record 4.9 billion euros ($5.6 billion) as prices rose.

“The fall in volume is becoming a bit worrying, with the slowdown in France and Britain not compensated by higher sales outside the European Union,” CIVC co-president Jean-Marie Barillere told Reuters.

French and UK sales together account for about 60 percent of total sales by volume. French sales fell 4.2 percent to 147 million bottles, with more bottles sold abroad than in France for the first time in 100 years, as a slow economy and the yellow vest anti-government protest movement weighed on sales.

Barillere said the protests had hit Paris tourist arrivals and French household confidence, hurting demand.

Total export sales edged up 0.6 percent to nearly 155 million bottles, but total export revenue rose 1.8 percent to 2.9 billion euros as the focus on value of big houses, such as LVMH’s Moët & Chandon and Pernod Ricard’s Mumm, the world’s best-selling champagne, paid off.

In Britain, sales fell for the third year in a row, due in part to uncertainty sparked by the country’s planned departure from the European Union. Volumes dropped 3.6 percent to 26.8 million bottles for total revenue of 406 million euros. Volumes had already fallen 11 percent in 2017 and 9 percent in 2016.

CIVC said champagne was feeling strong competition from Italian prosecco, which is three to four times cheaper.

Sales to the United States increased 2.7 percent to 23.7 million bottles for revenue of 577 million euros.

Sales to Japan were up 5.5 percent to 13.6 million bottles, while sales to Hong Kong and China – each accounting for more than 2 million bottles – were up 12 and 10.1 percent respectively.

The biggest sales increase was seen in South Africa, where volume was up more than 38 percent to 1.1 million bottles.

(Reporting by Pascale Denis; Writing by Geert De Clercq and Mark Potter)

Source: OANN

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Albanian military sent in to airport after cash heist

The Albanian Defense Ministry has sent in the military to secure the country's only international airport after armed men stole a large sum of cash as it was loaded onto a passenger plane.

Defense Minister Olta Xhacka said Wednesday she has ordered military police and a special air forces battalion to install a security perimeter around Mother Teresa International Airport in Tirana.

The robbers took the cash as it was loaded onto an Austrian Airlines plane on Tuesday afternoon. One robber was shot dead in an exchange of fire with police, but the cash was not recovered.

Cash is regularly sent out of Albania by private banks because the country's central bank does not accept foreign currency.

Hong Kong-based China Everbright Ltd, which runs the airport, rejected as "incorrect" claims by the interior minister that security at the airport had failed.

Source: Fox News World

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Democratic presidential candidates Sen. Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont are taking aim at latest entry into the 2020 nomination race – Joe Biden.

Campaigning in Iowa hours after the former vice president officially announced his candidacy, Warren contrasted on Thursday her longtime record of taking on Wall Street with that of Biden.

JOE BIDEN OFFCIALLY LAUNCHES LONG AWAITED 2020 BID

“At a time when the biggest financial institutions in this country were trying to put the squeeze on millions of hard-working families who were in bankruptcy because of medical problems, job losses, divorce and death in the family, there was nobody to stand up for them,” said the populist senator who’s producing progressive policy proposal after another as she runs for the White House.

“I got in that fight because they just didn’t have anyone,” she said. “And Joe Biden was on the side of the credit card companies.”

The comments reignited a nearly two decades old fight between the two over the country’s bankruptcy laws.

Fox News reached out to the Biden campaign for reaction to Warren’s words but had yet to receive a response at the time this article was published.

WARREN NOT WORRIED ABOUT POLLS: ‘IT’S EARLY.. I’M RUNNING THE CAMPAIGN ITHAT I WANT TO RUN’

It’s not just Warren. The head of the Progressive Change Campaign Committee – which has backed the senator from Massachusetts – also took aim at Biden, who enters the race as the front runner in most national polls and early primary and caucus voting state surveys, slightly atop of Sanders and well ahead of the rest of the large field of 20 contenders.

“With billionaires deciding not to run, progressive candidates have been in need of a foil. If Joe Biden positions himself as the political insider from yesteryear who says big ideas like universal child care, student debt relief, and a wealth tax on ultra-millionaires are not possible, he would be an easy foil, Adam Green, the co-founder of PCCC, told Fox News.

BIDEN LAUNCH SETS UP 2020 NOMINATION FIGHT WITH FELLOW FRONT-RUNNER SANDERS

Sanders’ campaign also jabbed at Biden.

The former vice president spent Thursday evening raising campaign cash at the suburban Philadelphia home of David Cohen, a senior executive of the Comcast Corp. and a former Democratic operative.

In a fundraising email to supporters around the same time, Sanders’ campaign manager Faiz Shakir wrote that “it’s a big day in the Democratic primary and we’re hoping to end it strong. Not with a fundraiser in the home of a corporate lobbyist, but with an overwhelming number of individual donations in response to today’s news.”

Earlier in the day, a rising progressive group called Justice Democrats that has championed Sanders and Rep. Alexandria Ocasio-Cortez of New York called Biden “out of touch” and stressed that “we can’t let a so-called ‘centrist’ like Joe Biden divide the Democratic Party and turn it into the party of ‘No, we can’t.’”

Biden, of course, is considered to be more moderate than many of the current contenders for the Democratic presidential nomination, especially Warren and Sanders, who describes himself as a democratic socialist.

These kind of jabs from the candidates, their campaigns and outside groups could be foreshadow a building clash between the progressive and establishment sings of the party.

Biden has pushed back against the perception that he’s a moderate in a party that’s increasingly moving to the left. Earlier this month he described himself as an “Obama-Biden Democrat.”

Former President Barack Obama, Biden’s boss for eight years, remains extremely popular with Democrats.

BIDEN SAYS HE ASKED OBAMA NOT TO ENDORSE HIM

And Biden said he’d stack his record against “anybody who has run or who is running now or who will run.”

Highlighting his early public push for same-sex marriage, he said, “I’m not sure when everybody else came out and said they’re for gay marriage.”

Source: Fox News Politics

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FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle
FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle, Washington, U.S. March 21, 2019. REUTERS/Lindsey Wasson/File Photo

April 26, 2019

NEW YORK (Reuters) – U.S. economic growth is running at a 1.1% pace in the second quarter as the gains in exports and inventories recorded in the first quarter are expected to reverse, Morgan Stanley economists said on Friday.

“Our preliminary expectations for growth in the second quarter sees large drags from net exports and inventories after their contributions in 1Q,” they wrote in a research note.

Gross domestic product increased at a 3.2% annualized rate in the first three months of the year, driven by a smaller trade deficit and the largest accumulation of unsold merchandise since 2015, the Commerce Department said earlier Friday.

(Reporting by Richard Leong)

Source: OANN

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FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt
FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt, Germany, April 25, 2019. REUTERS/Ralph Orlowski/File Photo

April 26, 2019

By Tom Sims

FRANKFURT (Reuters) – Within hours of the collapse of merger talks with Commerzbank, Christian Sewing scrambled to convince investors and employees that Deutsche Bank can stand on its own two feet.

The Deutsche Bank chief executive told staff, many of whom opposed a merger because of significant job losses, that while he had not been “skeptical” about the Commerzbank talks, he was cautious about the chances of success from the start.

And another top Deutsche Bank executive said on Friday that it had been Commerzbank that initiated the talks, suggesting there was no desperation on their part for a deal.

Commerzbank denied that version of events, ending the apparent truce between the normally highly competitive cross-town Frankfurt rivals over the past six weeks.

German hopes of creating a national banking champion able to challenge global competitors were finally dashed on Thursday when Deutsche Bank and Commerzbank ended their talks due to the risks of doing a deal, restructuring costs and capital demands.

For Sewing, the failure to clinch a deal has left the 49-year-old chief executive of Germany’s largest bank, who took over just over a year ago, with his back to the wall.

Credit ratings agency Standard & Poor’s, which downgraded Deutsche Bank last year, said on Friday that Deutsche Bank “will remain under strain”, adding that it “seems to have acknowledged the need to adjust its strategy”.

Under Sewing, a new leadership has tried to revive Deutsche Bank’s fortunes, but it has faced money laundering allegations and failed stress tests, as well as ratings downgrades.

At the heart of the debate over its future is whether it should focus its business on Germany and draw a line under its costly global ambitions to take on Wall Street’s big guns.

“MARKET PLAY”

Without a deal, Deutsche Bank now finds itself back at the mercy of equity and debt markets, with UBS analysts warning that in a “stress scenario” it could again “be forced into a ‘debt-driven capital increase’ even with solid capital ratios”.

“Deutsche remains a levered market play vulnerable to external events,” the UBS analysts said in a note.

Sewing, along with many analysts, believes Deutsche Bank can go it alone in the short-term, but will be counting on a turnaround in market conditions to do so in the long-run given its dependence on volatile investment bank earnings.

“To reach our return objective, we also need to see a revenue recovery in our more market-sensitive business,” Sewing said on Friday after reporting results.

“These revenues are available to us in better market conditions given our leading positions in many of these businesses, but we need to capture them,” he added.

Revenue at Deutsche Bank’s bond trading division fell 19 percent in the first quarter, it said on Friday, underscoring weakness at its investment bank.

If those earnings do not improve, Berlin’s desire to keep its biggest bank out of foreign hands may start to wane.

“Germany’s globally active companies need competitive financial institutions that can support them around the world,” German finance minister Olaf Scholz said on Thursday.

(Writing by Alexander Smith; Editing by Keith Weir)

Source: OANN

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Panama's former president Ricardo Martinelli yells to the media while arriving to the Electoral Court in Panama City
Panama’s former president Ricardo Martinelli reacts to the media while arriving to the Electoral Court in Panama City, Panama April 26, 2019. REUTERS/Erick Marciscano

April 26, 2019

PANAMA CITY (Reuters) – Panama’s electoral tribunal has ruled that former President Ricardo Martinelli, who is awaiting trial on wiretapping charges, cannot take part in elections on May 5 in which he was running for mayor of Panama City and a seat in Congress, a spokesman for Martinelli said on Friday.

“The ruling of the electoral tribunal has disqualified him as candidate,” said the spokesman, Eduardo Camacho, calling the court’s ruling a “political decision.”

Officials at the tribunal did not immediately confirm the ruling, which also was reported in local media in Panama.

Martinelli, a supermarket tycoon who ran the Central American country from 2009 to 2014, was extradited to Panama last June from the United States and charged with spying on 150 people, including politicians, union leaders and journalists.

A judge had previously cleared Martinelli to run for mayor of the capital. His critics vowed to appeal that decision.

(Reporting by Elida Moreno and Stefanie Eschenbacher; Editing by Bill Trott)

Source: OANN

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FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, January 29, 2016. REUTERS/Mike Segar/File Photo

April 26, 2019

(Reuters) – Shares of Walmart, Target and other U.S. retailers fell on Friday as Amazon.com Inc unveiled a one-day delivery plan for its Prime members in a move to further disrupt the fiercely competitive retail landscape.

The e-commerce giant’s announcement on Thursday could cause other brands, manufacturers, retailers, and logistics companies to have to invest more aggressively to compete with Amazon and its delivery, analysts said.

Retailers in recent years have poured billions into ecommerce and faster shipping options and are trying to close the gap with Amazon.

“This is about making it more expensive to catch up and affirms our world view that only the largest and smartest will survive,” Bernstein analyst Brandon Fletcher said.

The move is expected to heighten consumer expectations on e-commerce delivery just like Amazon did with its two-day shipping option for members of its loyalty club Prime, noted analysts.

“The faster you ship, the more people buy,” RBC Capital Markets analyst Mark Mahaney said.

The challenge for non-Amazon players was that very few of the existing logistics and parcel delivery players now have the ability to do nationwide one-day delivery, Morgan Stanley analyst Brian Nowak said.

“And even fewer can do it at the vast scale and reasonable cost that AMZN would need for Prime delivery,” Nowak said in a note.

Walmart Inc’s shares fell about 3 percent, while Target Corp dropped about 5 percent in morning trade.

Shares of Kohl’s Corp, Macy’s Inc and Nordstrom Inc fell about 1 percent. Grocer Kroger Co was nearly 3 percent lower, while consumer electronics retailer Best Buy Inc dropped 2.1 percent.

(Reporting by Soundarya J and Akanksha Rana in Bengaluru; Editing by Maju Samuel)

Source: OANN

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