In a first since 1994, the U.S. Treasury Department declared China a “currency manipulator” — after the country let the yuan fall to its lowest level against the dollar since 2008. China also confirmed that it is suspending purchases of U.S. agricultural products, as a response to President Trump’s new 10% tariffs on another $300 billion worth of Chinese goods. U.S. equities were dealt a blow, with the Dow Jones Industrial Average closing down 760 points on Monday, its worst day this year. • Here’s what people are saying.
CVS is taking a page from Amazon by launching its own membership-style service. The CarePass program targets “time-starved” millennials, a CVS spokesperson told CNBC, by offering free home delivery of everything from shampoo to over-the-counter medicine. Costing $48 annually, the service delivers in a day or two and has been trialed in Boston, Philadelphia and Tampa — where 20% of its enrolled customers were born between 1981 and 1996. Pharmacy chains count on selling “front-store products,” such as toothpaste, for business, which Amazon continually threatens through Prime delivery and low prices. • Here’s what people are saying.
Wages for retail workers hit a 15-year inflation-adjusted high, surging 5.1% last year, according to the U.S. Bureau of Labor Statistics. Despite a sharp uptick in store and mall closings, retail workers who have managed to hang on to their jobs have benefited from a tight labor market, along with minimum wage increases in a number of states. Yet, retail is still one of the lowest paid sectors, with non-supervisory hourly workers making 29% less on average than those in other industries. • Here’s what people are saying.
Also: Barneys New York has filed for bankruptcy protection, with the luxury retailer reaching an agreement with lenders for $75 million in extra financing to give it time to find a buyer. It will close 15 out of its 22 stores. • Here’s what people are saying.
America’s two biggest remaining newspaper chains agreed to combine forces in the face of falling circulation and ad revenue. GateHouse Media’s parent will acquire Gannett for $1.4 billion, merging the largest owner of papers with the biggest group by circulation, respectively. While the CEO of GateHouse parent Michael Reed will lead the new company, it will retain the Gannett name. The companies say they’re looking to cut up to $300 million in expenses annually — a plan expected to result in job cuts. • Here’s what people are saying.
July was the hottest month on record across the globe, beating a record set in July 2016 that followed an El Nino weather event, according to data from Europe’s Copernicus Climate Change Service. European cities such as Paris experienced temperatures of 109 degrees Fahrenheit, while Cambridge, in the U.K., recorded a temperature of nearly 102 degrees Fahrenheit. Scientists say that 2015 to 2019 will go down as the warmest five-year period on record. • Here’s what people are saying.