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Consumers demanding discounts and daily staples to get through high inflation

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High petrol prices and rising interest rates are having an impact on what we shop for, according to Walmart.

US retail giant Walmart cut its profit outlook as surging inflation prompts shoppers to cut back on expensive items to buy essentials.

The world’s biggest retailer now expects a double-digit decline in operating income for the second quarter and full year.

Walmart had earlier predicted a decline of just one per cent, but that’s now risen dramatically.

The company now expects adjusted earnings per share to fall by 8% to 9% for the fiscal second quarter and 11% to 13% for the full year.

“Food inflation is double digits and higher than at the end of Q1,” the company stated in a release.

The world’s biggest retailer now expects a double-digit decline in operating income.

“This is affecting customers’ ability to spend on general merchandise categories and requiring more markdowns to move through the inventory, particularly apparel.”

“The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hard-line categories, apparel in Walmart U.S. is requiring more markdown dollars,”

“We’re now anticipating more pressure on general merchandise in the back half,” Chief Executive Doug McMillon said in a statement.

The warning from the retailer sent its shares into a dive, dropping 8 per cent in after-hours trading.

Its warning comes ahead of earnings updates from online retailer Amazon and McDonalds.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

Business

Rolls Royce CEO slams aviation for failing on climate targets

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Aviation needs to act on net-zero targets, that’s according to the CEO of Rolls Royce

Warren East says the sector needs to move towards bio-fuels like hydrogen and electric aircraft.

Travellers can even look forward to flying on planes that has a gas turbine that’s burning hydrogen.

Speaking at a conference in London, East says transitional technology is the answer that plane-makers are searching for.

Some companies are already looking at sustainable fuels that can offer 80 per cent off carbon emissions across their lifetime.

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Amazon halts hiring on all corporate roles

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E-commerce giant is the latest of many to close all corporate job openings due to economic concern

Amazon is pressing pause on corporate hiring for the rest of the year, as economic concerns continue to grow.

The tech giant has instructed all recruiters to close all current corporate job openings… worldwide.

This means more that ten thousand openings will be closed as of Monday evening.

The job postings that will affected include technology positions, in store and online retail businesses, and logistics operations.

However, Amazon spokesman, Brad Glasser, says the company will still continue to have a significant number of other roles open.

He says, “we have many different businesses at various stages of evolution, and we expect to keep adjusting our hiring strategies in each of these businesses at various junctures.”

The freeze sees Amazon joining Meta, Apple, and Google, who have also announced a reduction or temporary pause on hiring.

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What is Elon Musk’s “everything app”?

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elon musk twitter

Elon Musk’s Twitter deal is back on, and he says it’s the key to creating his much-anticipated ‘everything app’.

The billionaire entrepreneur had been in talks to take the social media platform private, but the deal fell through. However, after news of its reinstatement, Mr Musk said that buying Twitter is an essential part of his plans for X.

The idea behind X is a sort of super app, combining messaging, social media, payments-and lack of reliance on ad revenue, similar to the Chinese WeChat. That already has more than one billion users, but so far no equivalent exists in the West.

With Twitter under his belt, Musk believes he can make X a reality much sooner than originally planned. “It’s brought forward our X project by three to five years, but I could be wrong,” he said.

There are no further details on the X project at this time, but with Musk’s track record of visionary innovation, it’s sure to be something we’re all talking about in the near future.

Why does Elon Musk want to buy Twitter?

Elon Musk is known for his ambitious plans and big ideas, so it’s no surprise that he sees Twitter as a key piece of the puzzle for his next project, X.

The details of the deal have not been made public, but it is thought that Musk is paying a premium for Twitter.

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