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Best Buy’s online sales have slowed, but should that cause concern?

“Shares of the consumer electronics retailer sank 7.6% in Thursday trading after the company reported robust same-store sales growth of 7.1%, but online sales growth slowed” writes Tonya Garcia for marketwatch.com. Domestic online revenue totaled $1.14 billion, comprising 13.6% of online revenue, 70 basis points higher than last year.Inc. store traffic is robust, though sales online have slowed. Source: marketwatch.com Share This:

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Putin wants growth but we won’t sacrifice stability, Russia’s central bank governor says

“But she cautioned that higher growth rates should be pursued alongside structural reforms in Russia, and that growth in itself should not be pursued at the expense of stability” writes Holly Ellyatt for cnbc.com. The central bank governor — who said that for 2018, 2019 and 2020 thereafter growth is expected to be in the 1.5 – 2 percent range — believes that Russia’s economy has recovered.”Of course this requires a rise in the potential growth rates. “In other words, a rise in economic growth rates should not be to…

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Lenovo reports Q4 profit of $33M, down 69% YoY, and revenue of $10.6B, up 11% YoY, with no recovery in its smartphone business and PC market remaining stagnant

“Lenovo Group Ltd. posted its fastest pace of revenue growth in more than two years by pushing higher-priced computers and expanding its datacenter business in a stabilizing PC market” writes Bloomberg News for bloomberg.com. This month, the company merged its mobile and PC businesses under Chief Operating Officer Gianfranco Lanci, a Lenovo veteran who helped to build company’s presence in Europe.The company is trying to reverse the years of declining growth that got it kicked off Hong Kong’s benchmark index this year. Source: bloomberg.com Share This:

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Singapore’s economy grew 4.4% in the first quarter of 2018, full-year GDP forecast now boosted to 2.5-3.5%

“The expected gross domestic product (GDP) growth for 2018 is now expected come in at 2.5 to 3.5 cent improving slightly on the earlier estimate of 1.5 to 3.5 cent” writes Ethan Rakin for businessinsider.sg. The Ministry of Trade and Industry (MTI) announced on Thursday (May 24) that Singapore’s economy in Q1 grew by 4.4 per cent – higher than the previous quarter’s 3.6 per cent.The finance & insurance sector accelerated to 9.1 per cent year-on-year, from 6.3 per cent in the previous quarter; while the business services sector grew by 2.8 per…

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Germany’s economic growth slows in 1st quarter

“Indicating the slowdown in the growth rate, Germany’s exports fell by 1.0% on the quarter, while imports retreated 1.1% over the last quarter of 2017” writes Emese Bartha for marketwatch.com. Germany’s annualized growth rate slowed to 1.2% in the first quarter from 2.5% in the fourth quarter of last year, the Federal Statistical Office said, also confirming its first estimate.Germany’s economy grew at a slower pace in the first quarter of 2018 than in the last quarter of 2017, reducing the likelihood of another year of stellar growth rates. Plant…

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I’ve come to believe that ‘are we at full employment?’ is the wrong question

“Counteracting that deeply embedded problem will take not just low unemployment, but really low unemployment, sustained for a number of years” writes Jared Bernstein for washingtonpost.com. It means we’re left with only the structurally unemployed (those not helped by even very low unemployment) and the frictionally unemployed (people between jobs).Wage growth has been famously tepid — that mystery was the point of Krugman’s post.If the unemployment rate continues to fall, say to 3.5 percent or even lower, as some forecasters believe will occur, that’s when we’ll see wages for middle-class…

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General Electric’s power unit fights for growth as wind, solar gain

“Global sales of large natural gas power plants have fallen by half since 2013, according to McCoy Power Reports” writes Midwest Communications Inc for 95kqds.com. Dominion aims to build 4,720 megawatts of solar by 2033, the equivalent of about five large combined-cycle power plants.While conventional power plants will continue to be built, sales may never reach the levels seen just two years ago, industry experts said.GE power equipment orders – an indicator of future sales – fell 41 percent in the first quarter, accelerating from a 17 percent drop last…

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Eurozone slowdown raises fears there will be no economic rebound 

“Economic growth slowed to an 18-month low in the eurozone in May raising fears there will be no rebound from the weak first quarter” writes Tim Wallace for telegraph.co.uk. Surging business activity last year has given way to more modest rates of growth in 2018, though the expansion is seen as steady rather than weak. Source: telegraph.co.uk Share This:

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Target has Amazon in its sights after quarterly growth

“Target grew both in-store traffic by 3.7 percent, which the company said is the strongest in over 10 years, and online traffic sales by 28 percent in the period” writes Chris O’meara for washingtonexaminer.com. Target recently began offering free two-day shipping, which Cornell said is possible because the company leverages its physical stores as shipping points.The retailer continues to expand its delivery options and further link its online and in-store services to compete with Amazon.Despite the growth, investors were concerned about the outlook for the retailer as it spends significantly…

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