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Uber incurs hefty quarterly loss

The AFR reported that Uber incurred a US$1 billion loss in the lastest quarter, despite 6% growth in bookings through the ride-hailing platform. The results are a 20% increase from the previous quarter but are down 27% from a year ago when the company posted its biggest publicly-reported quarterly loss on the heels of the departure of co-founder and CEO  Tavis Kalanick. Uber and the term "disruption" are synonymous, however, its disruptive impact comes not from technology but from bypassing regulations (using technology).

The "new" Wesfarmers eyes growth

The AFR reported that Wesfarmers eyes growth after the Coles demerger was overwhelmingly approved by shareholders yesterday. However, the "new" Wesfarmers will begin trading without its defensive supermarket business at a time when growth stocks are being heavily sold off globally and the housing market downturn is expected to crimp sales growth at its biggest business, Bunnings.

Leaked figures suggest Myer sales collapse

The AFR reported that leaked figures reveal that Myer's sales continue to sink.  Apparently, group's figures for the first quarter of FY19 show sales are down 5.5% year-on-year, and down 8.9% against the same period in 2017. Online sales are up 41% on the same period two years ago but down 5.2% versus last year. FLASH UPDATE: ASX site shows that at 10:30 Myer shares have been placed in trading hold, until 20th November / or Myer's announcement.  At the end of the day Myer updated the market, commenting that the leaked figures were incomplete and that the sales were actually 4.8% down and online sales were 3.6% up on the previous year.  Still not a pretty picture.

Levi Strauss & Co plans IPO

CNBC reported that Levi Strauss & Co. plans to go public (again). The 145-year-old company, credited with creating the first pair of blue jeans, is planning an initial public offering to raise between $600 million and $800 million. The company is targeting the first quarter of 2019 for the offering, sources said. The jeans maker, which had gone public once before in 1971, is aiming to debut with a valuation upwards of $5 billion.

Google to bring self-driving rides to the public this December

The Hustle reported that after 9 years of secretive R&D and more than 10 million miles (16 million km) of testing, Google’s self-driving car subsidiary Waymo will finally sell self-driving rides to the public in December. Starting in Phoenix, Arizona. Analysts estimate that, as the first player in the market, Google’s unnamed autonomous ride-hailing company will be worth more than US$80 billion before it even launches (Uber is valued between US$70 billion and US$120 billion). Since Waymo is literally millions of miles ahead of the self-driving competition, its new commercial self-driving company won’t compete against auto-automakers, but against rideshare giants. It's pretty much just like Uber, but without the disgruntled drivers.

Wesfarmers faces investor grilling over Coles

The AFR reported that the Wesfarmers board faces a grilling over its decision to retain a $2.3 billion stake in Coles, load up the food and liquor retailer with $2 billion of debt and retain almost $1 billion of franking credits, which means Coles will be unable to pay a franked dividend in its early years as a stand-alone company. Wesfarmers shareholders will meet in Perth on Thursday to approve the $20 billion demerger of Coles, which is expected to start trading as a separately listed company on November 21.

National Tiles seeks a buyer

The AFR reported that National Tiles has made a growth pitch to potential buyers, telling tyre-kickers it has racked up 17 years of uninterrupted sales growth. The privately-owned retailer has informed the market that its sales have grown 12% a year since 2016 while maintaining "its strong margins and disciplined cost management." Bankers reckon likely buyers include offshore strategics and domestic parties that also focus on selling goods into homes, including GWA and Reece. Private equity is also expected to be in the mix.

Coles Local an Aldi imitation?

The AFR reported that Coles is aiming to take market share from independent retailers including IGA and Harris Farm Markets by opening a network of convenience stores to cater to local appetites. The Coles Local is half the size of a traditional full-service supermarket and carries about 8,000 products - a third of the usual range. It appears to us like Coles is simply trying to look like Aldi. And, while imitation may be a form of flattery, it's definitely not a sound long-term strategy for the grocer.

Macy's tests smaller stores to save money

The Wall Street Journal reported that iconic department store Macy’s Inc has started a radical experiment aimed at revival. It is shrinking. Faced with too much space and too few shoppers, the 160-year-old retailer plans to reduce the amount of merchandise and the number of employees at its slower-performing stores—walling off entire sections at some locations and leaving the space empty. It's still unclear what the department store chain will do with the unused space. The department store chain is, meanwhile, taking 350 more productive stores and giving them a facelift, with Starbucks coffee shops and remodeled dressing rooms.

US dollar continues to rise

Reuters reported that the US dollar reached a 16-month high on Monday against a basket of currencies as investors built bets on a Federal Reserve interest rate increase next month, and political risks in Europe put pressure on the euro and the pound. Fears about a no-deal Brexit and a growing rift in Europe over Italy's budget have also boosted the dollar. Back in April AU$1 bought US$0.78. It is now under US$0.72, 7% down.

Woolworths to sell fuel business for $1.7 billion

According to an ASX announcement, Woolworths Group is planning to sell its petrol business to British retailer EG Group for $1.725 billion. EG Group has a substantial global presence in the fuel and convenience space, operating 4,700 sites across Europe and North America. As part of the deal to sell its 540 fuel convenience sites, Woolworths will also commence a wholesale food supply agreement to the network. Woolworths’ four cent per litre fuel discount will continue and customers will continue to earn Woolworths Rewards points on fuel and merchandise.

Aussies to spend $51 billion on retail this festive season

Inside Retail reported that the Australian Retailers Association (ARA) and Roy Morgan predict Australians will spend more than $51 billion across retail stores over the Christmas trading period, a 2.9% increase over the previous year. The positive forecast follows a recent rise in consumer spending.