From Breakingviews: Facebook and other tech firms are shifting to permanent remote work. The move would help companies cut office costs, but it could be tough to get employees on board
The entrance sign to Facebook headquarters is seen in Menlo Park, California, on Wednesday, October 10, 2018. REUTERS/Elijah NouvelageCONFLICTED REACT. Facebook Chief Executive Mark Zuckerberg on Thursday said the tech giant will transition toward permanent remote work for many employees, a move that could catch on. Twitter and Square have similar plans. Canadian e-commerce firm Shopify’s Chief Executive Tobi Lutke on Thursday declared an end to “office centricity.
U.S. RETAIL HAS MOUNTAIN TO CLIMB. Department store Macy’s, a shopping-mall staple, unveiled preliminary results for the first quarter with an ugly forecast. Sales are expected to fall 45% and bring an operating loss of some $900 million, and that is the sunny end of the range. What matters more is what Macy’s is seeing now. The retailer has opened around 190 stores and expects another 80 stores to open for the coming Memorial Day weekend.
Critics may wonder how that squares with the group’s claim to distribute the drug in an “equitable manner”. Still, AstraZeneca Chief Executive Pascal Soriot can hardly be accused of callous profiteering: He is selling the drug at cost. Moreover, AstraZeneca has already lined up capacity for 1 billion doses, and is working on more. Arguably, there’s a bigger issue: Recent trials on rhesus monkeys suggested the drug may not actually stop infections.
BRICK AND DIGITS. With Chinese shoppers quarantined and forced to buy toilet paper online in bulk, Walmart’s subscription-based chain Sam’s Club enjoyed double-digit growth in Chinese sales in the first quarter, while Walmart’s overall e-commerce operations in the country expanded 160%. The company now wants to expand its existing 26-store footprint to 100.
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