Boosted by surging output, the United States is becoming a significant exporter of crude oil, a shift that is remaking American infrastructure and altering the global petroleum market. Now pumping more than 10 million barrels per day, the US has become the second biggest oil producer in the world behind Russia and ahead of Saudi Arabia.… (more…)

US crude exports becoming bigger presence in global oil

Boosted by surging output, the United States is becoming a significant exporter of crude oil, a shift that is remaking American infrastructure and altering the global petroleum market. Now pumping more than 10 million barrels per day, the US has become the second biggest oil producer in the world behind Russia and ahead of Saudi Arabia.… Read more

Retail alert: Sam’s Club is abruptly closing locations nationwide

Bad news for Sam’s Club members! The Walmart-owned warehouse club has abruptly shut down multiple locations across the country, according to local media reports. Closures have reportedly taken place in Tennessee, Georgia, New York, Ohio, Indiana, Maryland, Texas and elsewhere — without warning. RELATED: Macy’s, Sears and Kmart closing sales: 3 things you need to know… Read more

E-commerce brings prosperity, helps bridge rural-urban divide

JINAN – After borrowing 1,400 yuan ($200) to buy a computer, Ren Qingsheng made his first online sale in 2010, earning 600 yuan in profit from the deal. That year, Ren, the first business owner to tap into e-commerce in Dinglou, a village in Shandong province, made a total of 7,000 yuan from online sales. Previously,… Read more

These major retailers are closing 1,000 stores in 2018

The new year could be another difficult one for traditional retailers. After closing more than 5,000 stores in 2017, we’re already getting word of closings for 2018. In 2017, the store closure and bankruptcy announcements began in January, right after the Christmas shopping season. RELATED: This retail secret may trick right-handed shoppers into spending more money… Read more

As Black Friday nears, US stores get creative to battle e-commerce

The photo op with Santa Claus has long been a holiday mainstay for American children. But this year, shopping malls in several states are scheduling glamour shots for man’s best friend. As the Christmas shopping season kicks into high gear on Black Friday, the day after Thanksgiving, portraits of St. Nick with a family’s beloved dog… Read more

Rihanna’s Fenty Beauty Sells $72 Million in One Month

Rihanna’s on her way to becoming a beauty industry mogul after customers emptied their pockets to stock up on Fenty Beauty products, earning the “Work” singer’s new makeup collection approximately $72 million in just one month, according to WWD. The beauty brand debuted on September 9, with a line of products that includes 40 shades of… Read more

Marijuana Sales In Colorado Hit $1 Billion In 8 Months

Marijuana sales in Colorado hit $1 billion in a record eight months, according to data analysis from the Denver Post’s weed site, The Cannabist Tuesday. This is the second year in a row that the industry has made $1 billion in sales. Last year it took ten months to hit the $1 billion mark in combined… Read more

Bucking retailer trend, Starbucks shuts online store

Starbucks, bucking a retailer trend focused on beefing up company-owned online stores, has shut its e-commerce site for the United States in an effort to drive more traffic to stores. Since Sunday, shoppers on the coffee chain’s online store ( are being directed to set up an online account for pickup up at local Starbucks stores… Read more

Maritime Silk Road expo sees strong growth

The 2017 Guangdong 21st Century Maritime Silk Road International Expo, also known as the MSR Expo, held in Dongguan, Guangdong province, from Thursday to Sunday, attracted some 251,000 domestic and foreign participants. According to the organizers, contracts worth 219 billion yuan ($33.23 billion) were signed at the event. The expo hosted delegations from 79 countries and… Read more

House votes along party lines to repeal key Dodd-Frank financial reforms

WASHINGTON — The House voted along party lines Thursday to repeal many of the stricter regulations enacted after the 2008 financial crisis, taking the first step in a long-held Republican desire to roll back landmark rules they complain are hurting banks, restricting consumer credit and slowing economic growth. The legislation, which faces major hurdles in the… Read more

One of the World’s Largest Fashion Retailers Bans Fur

Net-a-Porter, one of the largest online designer fashion retailers, is going fur-free. The internet retailer’s parent company, Yoox Net-a-Porter (YNAP) Group, announced Tuesday it will no longer stock clothing or accessories that are made with animal fur across its portfolio of brands, which also includes menswear site Mr Porter, Yoox and The Outnet. YNAP’s head of… Read more

Chinese customers prove loyal to domestic daily consumer goods

Chinese brands are dominating the fast moving consumer goods industry. According to the fifth annual Brand Footprint report from Kantar Worldpanel, Chinese brands have claimed 9 out of 10 places for fastest growing brands, with Yili retaining top spot. Mengniu moved up one place to second. While 2016 was a difficult year for the fast-moving consumer… Read more

Wells Fargo may have created 1.4 million more unauthorized accounts than estimated, attorneys say

Wells Fargo & Co. may have opened as many as 3.5 million unauthorized checking, savings and credit card accounts over the past 15 years, far more than the bank and federal regulators reported last year, according to a new court filing. For months, the number of potentially unauthorized accounts that bank employee credit card applications may… Read more

3 Key Facts About ‘Generation Price Shop’

Although the Millennium Bug (Y2K for the conspiracy fans) never amounted to much when it came to destroying financial systems, the same cannot be said for millennials. Ok, “destroying” is perhaps a bit strong, but “shaking to their very core” is probably accurate. Young Americans have really done a number on the finance industry. Not because… Read more

Move to protect US steelmakers is against norms of world trade

A worker at a steel company in Lianyungang, Jiangsu province, in January 2015. [Photo/China Daily] Announcing that the United States will investigate whether foreign steel imports harm the country’s national security, US President Donald Trump and Commerce Secretary Wilbur Ross have sent an unmistakable message to the big US steelmakers that they will protect them. National… Read more

Best Credit Cards For Cash Back, Travel And More
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US Sales Slump Seen as Reflection of Changes in Retail Landscape
Retail sales had their worst two-month stretch in more than two years in February and March, according to government data released Friday. The U.S. Census Bureau said overall retail sales declined two-tenths of a percent in March, driven by lower fuel prices and lower auto profits. The National Retail Federation (NRF) said the delayed issuance of… Read more

Korean brands’ strength falls

Customers look at cars at a Hyundai retailer in Tianjin. Provided to China Daily While some blame political tensions, many credit rising quality of domestically produced vehicles South Korean marques are losing ground in China as local brands in the world’s largest auto market are offering improved quality and a wider choice of SUV models. In… Read more