Walmart’s Shares Fall 10%
Walmart, in the face of Amazon’s domineering web presence, shriveled up in market valuation on Tuesday. Alongside poor profits from the holiday season, the main factor stems from Walmart’s slow online sales growth. The family of Sam Walton, Walmart’s founder, lost a combined $15 billion and shares plunged 10% after the reveal of the online slowdown. On the bright side, part of this dip is also the result of a normal market correction as their stock jumped from $69 to $109 over the past year. (Source: BBC, Forbes)
Millennials Worse Off Than Gen X
We have bad news for Millennials. Recent studies reveal that Millennials residing in advanced economies are trending toward being worse off, in terms of income, than their Gen X parents. This is in sharp contrast to the previous generations. For example, incomes for Generation Xers were 30% higher than the baby boomer generation before them. (Source: Bloomberg, Resolution Foundation)
Google Streamlines Payment
Google announced they’re uniting all their different payment tools under Google Pay. Putting money where their mouth is (#pun), Google launched Google Pay for Android and their redesign of Google Wallet. New users of Google Pay can now send and request money, challenging PayPal’s microtransaction giant Venmo (yep PayPal owns them). Soon, we may see more stores accepting payments with a single beep of the phone (Source: TechCrunch)
