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The no-frills grocery chain Aldi is shedding its dowdy image as it goes a bit more upscale to compete with Whole Foods, Kroger, Publix, Safeway, and other chains.The German grocer plans to spend more than billion remodeling 1,300 US stores and adding hundreds of new ones, as it aims to become the nation's third-largest grocer.But is it staying true to its roots as a deep-discount grocery store? And does it still have the huge price advantage?Stores going upscaleWhen the doors open at the newly redesigned stores, shoppers told us they were not disappointed. Inside the new stores, they found a more upscale look: new signage, and lots more fresh produce in the enlarged store.Karen McKenzie said she and her baby girl loved it."They have much lower prices than the grocery store," she said, "especially when you are struggling to feed a family, and you've got to save wherever you can."Taking on Whole FoodsTen years ago, Aldi was just another bare-bones discount grocery store, with a limited selection of fresh fare.But now it's made a huge move into produce, especially organics, and the chain says its prices will rival anyone."We have a better product offering and expanded product range, and it's a much cleaner and nicer environment," regional manager Ryan Harmon said.What about prices, which is really the main reason shoppers visit Aldi?We compared Aldi's organic and conventional produce with Whole Foods', and found Aldi's price advantages haven't changed. 1504
The jittery stock market is once again heading south.The Dow dropped 327 points, or 1.3%, on Thursday, with selling accelerating after Treasury Secretary Steven Mnuchin backed out of a conferencein Saudi Arabia. The index had been down 471 points at one point.Tech stocks fell sharply, sending the Nasdaq tumbling 2.1%. Netflix declined 5%, while Facebook and Amazon lost about 3% apiece.Stock market volatility is back on Wall Street. Fears about rising bond yields and the US-China trade war sparked heavy selling last week, the worst for all three major indexes since March. Stocks rebounded sharply on Tuesday, before another wobbly session on Wednesday. The CNN Business Fear & Greed Index of market sentiment is flashing "extreme fear."The market slide gathered steam on Thursday after Mnuchin announced on Twitter that he will not participate in the Saudi summit. Mnuchin said it was a joint decision with President Donald Trump and Secretary of State Mike Pompeo. An administration official told CNN that no other government officials will attend the event in Mnuchin's place.The news adds to rising global uncertainties, including concerns about Italy's budget and a plunge in China's stock market.David Kotok, chief investment of Cumberland Advisers, said he believes Thursday's market slide was driven more by concerns about Italy and China."But Mnuchin doesn't help things," said Kotok.Mnuchin's announcement points to elevated tensions between the United States and Saudi Arabia over the disappearance of Washington Post journalist Jamal Khashoggi.Saudi Arabia has threatened to retaliate against potential US sanctions. The kingdom is the world's largest oil exporter, giving it great sway over global energy prices. US oil prices briefly bounced on the Mnuchin news but closed lower on the day.Saudi Arabia has also played a huge role financing the rise of Silicon Valley, serving as the tech industry's unofficial banker.But the market has also been pressured by other international developments. Even before Mnuchin's tweet, analysts pointed out that Italian bond yields spiked due to concerns about Italy's budget proposal. The European Union plans to send a formal warning letter to Rome to signal displeasure over plans to increase Italy's budget deficit, Reuters reported.Chinese markets were also under pressure. The Shanghai Composite plunged nearly 3% overnight, falling deeper into a bear market as the US-China trade war continues to linger.US investors continue to move money out of the riskiest parts of the market and into defensive areas. While tech stocks fell sharply, defensive areas such as utilities and telecom rose slightly."There is a rotation away from the tech and momentum names," Kotok said. "One has to ask: Has FANG been defanged?" 2868
The news of the Detroit Tigers Opening Day being postponed was a disappointment for many, but one 3-year-old was especially upset. Harper, who watches Tigers games with her mother, Ashley Aichler, was in tears over the fact that she wouldn't get to see the team "play ball" on Thursday.Watch the full video above, taken by Harper's grandmother Dianna Canupp. 377
The New York prosecutor who has been fighting to get President Donald Trump’s tax returns got a bank last year to turn over other Trump financial records. The New York Times reported Wednesday that Manhattan District Attorney Cyrus R. Vance sent a subpoena last year to Deutsche Bank as part of his investigation into Trump’s business dealings. The Times cited four people familiar with the inquiry. Vance’s office declined to comment. Attorneys for Trump and Deutsche Bank didn’t immediately respond to requests for comment. Vance is a Democrat. Trump has called his investigation “a continuation of the witch hunt.” 625
The pilots of?Lion Air Flight 610 were engaged in a futile tug-of-war with the plane's automatic systems in the minutes before it plunged into the ocean, killing all 189 people on board.But investigators say they are at a loss to explain why the pilots didn't follow the same procedure performed by another flight crew the previous day when they encountered a similar issue.A preliminary report into the crash released Wednesday by Indonesia's National Transportation Safety Committee (NTSC) reveals more details about the final moments of Flight 610, but acknowledges many questions remain.Data retrieved from the flight recorder shows the pilots repeatedly fought to override an automatic safety system installed in the Boeing 737 MAX 8 plane, which pulled the plane's nose down more than two dozen times. 820