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Walmart is retreating from Europe, merging its UK supermarket business Asda with bigger rival Sainsbury's.In return, Walmart will receive £2.97 billion (.1 billion) in cash and a 42% stake in the combined business, the companies said in a statement on Monday.The deal values Asda at £7.3 billion ( billion), and creates a mega retailer with 2,800 stores and combined sales of roughly £51 billion ( billion).The sale of Asda follows Walmart's exit from Germany, its other major outpost in Europe, in 2006.Walmart could use the cash to fuel its expansion in other international markets. The US retailer is reportedly close to agreeing to invest in India's Flipkart, an online retailer that has also attracted attention from Amazon."This proposed merger represents a unique and bold opportunity, consistent with our strategy of looking for new ways to drive international growth," Judith McKenna, the CEO of Walmart International, said in a statement.The combination with Asda will give Sainsbury's more firepower as it confronts digital competitors including Amazon and aggressive discount chains, such as Germany's Lidl and Aldi.It also creates a new UK market leader: Sainsbury's and Asda together control over 31% of the grocery market, according to Kantar Worldpanel. The current industry front runner, Tesco, has nearly 28%.Regulators will have a close look at the deal, but the geographical distribution of Sainsbury and Asda stores could limit concerns over reduced competition.Upmarket Sainsbury's is strong in southern England, while Asda, which tends to have larger stores and lower prices, is well represented in the north. Together, the supermarket chains employ 330,000 people.The UK Competition and Markets Authority last year approved Tesco's takeover of wholesaler Booker, saying the deal would not reduce competition in the sector, which is known for its razor-thin margins and frequent price wars. 1929
VISTA, Calif. (KGTV) -- Authorities have identified a man and a woman found dead inside a Vista home Sunday afternoon.The San Diego County Sheriff’s Department says Della Astorga, 69 and her husband Alfredo Astorga, 76, both died of gunshot wounds.The department has ruled the incident a murder-suicide.RELATED: Man, woman found dead inside Vista homeDeputies said a man called 911 from inside the home located on the 800 block of Warmlands Avenue around 1 p.m. Sunday.When deputies arrived, they found both Della and Alfredo dead inside the home. The caller is believed to be the son of the deceased couple, deputies said. 636
WASHINGTON (AP) — More than 1.3 million Americans applied for unemployment benefits last week, a historically high pace that shows that many employers are still laying people off in the face of a resurgent coronavirus.In the week ending July 4, the advance figure for seasonally adjusted initial claims was 1,314,000, a decrease of 99,000 from the previous week’s revised level, the U.S. Department of Labor said Thursday.The persistently elevated level of layoffs is occurring as a spike in virus cases has forced six states to reverse their move to reopen businesses.Those six — Arizona, California, Colorado, Florida, Michigan and Texas — make up one-third of the U.S. economy. Fifteen other states have suspended their reopenings.Collectively, the pullback has stalled a tentative recovery in the job market and is likely triggering additional layoffs.A resurgence of confirmed viral cases is threatening to derail what had looked like the start of an economic recovery. The economy and the job market may struggle to sustain any gains amid the surge in new reported infections.The jobs report comes after the U.S. surpassed 3 million COVID-19 cases this week, according to an ongoing tally by Johns Hopkins University. America continues to lead the world in confirmed cases. 1287
Walt Disney World is extending its parks hours ahead of Halloween weekend.Back on Sept. 8, the park reduced its hours because of a drop in attendance due to the coronavirus pandemic.Well, it looks like Disney has changed course and will stay open an hour longer in most parts of their park.According to the calendar on its website, Magic Kingdom will be open from 9 a.m. to 9 p.m. on Friday and Saturday.Until recently, it was closing at 8 p.m. on the weekends. Now, it'll remain open until 9 p.m. every Friday and Saturday in November, as well as on three Sundays: Nov. 8, 15, and 22, according to the calendar.Magic Kingdom will stay open until 9 p.m. throughout the week, beginning Nov. 9 up through Thanksgiving weekend.The calendar also showed that Epcot would close at 9 p.m. on Fridays and 10 p.m. on Saturdays. They both open at 11 a.m.In November, Epcot will stay open until 10 p.m. on Fridays and Saturdays and three Sundays: Nov. 8, 15, and 22. Thanksgiving week, Epcot will close at 10 p.m.Hours for Disney Hollywood Studios remain unchanged.As for Animal Kingdom, on Fridays and Sundays, it'll be open from 8 a.m. to 6 p.m. On Saturdays, it'll be open from 7 a.m. to 6 p.m.During Thanksgiving week, Animal Kingdom will be open from 8 a.m. to 8 p.m. 1269
Walmart is suing the U.S. government in a pre-emptive strike in the battle over its responsibility in the opioid abuse crisis.The government is expected to take civil action against the world’s largest retailer, seeking big financial penalties, for the role its pharmacies may have played in the crisis by filling opioid prescriptions.But on Thursday, Walmart filed a lawsuit saying that the Justice Department and the Drug Enforcement Administration are blaming the company for the government’s own lack of regulatory and enforcement policies to stem the crisis.Walmart says it is seeking a declaration from a federal judge that the government has no lawful basis for seeking civil damages from the company. It is also seeking to clarify its legal rights and duties under the Controlled Substance Act.Walmart operates more than 5,000 pharmacies in its stores around the country.“Walmart and its pharmacists find themselves in an untenable position,” the company based in Bentonville, Arkansas, says in the lawsuit filed in the U.S. District Court in the Eastern District of Texas. “Under defendants’ sweeping view, Walmart and its pharmacists may be held liable — perhaps even criminally — for failing to second-guess DEA-registered doctors and refuse their prescriptions. But if pharmacists do so, they may face the wrath of state medical boards, the medical community at large, individual doctors, and patients.”Walmart says in the suit that the Justice Department identified hundreds of doctors who have written problematic prescriptions that Walmart’s pharmacists allegedly should not have filled. But nearly 70% continue to have active registrations with the DEA, the lawsuit says.“In other words, defendants want to blame Walmart for continuing to fill purportedly bad prescriptions written by doctors that DEA and state regulators enabled to write those prescriptions in the first place and continue to stand by today,” the suit says.The lawsuit names the Justice Department and Attorney General William Barr as defendants. It also names the DEA and its acting administrator, Timothy Shea.In the suit, Walmart describes a government probe of the company that began in December 2016 and calls it a “misguided criminal investigation” conducted by the U.S. Attorney’s office for the Eastern District of Texas. Walmart says it fully cooperated with the probe.In the spring of 2018, the office advised that it intended to indict the company. In August 2018, Walmart said that officials at the Department of Justice recognized that there was no plausible basis for a criminal indictment, and the department formally declined to prosecute Walmart. But the civil investigation continued.The initial investigation was a subject of a story in ProPublica published in March. ProPublica reported that Joe Brown, then U.S. attorney for the Eastern District of Texas office, spent years pursuing a criminal case against Walmart for its opioid prescription practices, only to have it stymied after the retail giant’s lawyers appealed to senior officials in the Justice Department.Two months later, Brown resigned. He didn’t give a reason for his departure except to say he would be “pursuing opportunities in the private and public sectors” and “some of those will become apparent in the coming days. Brown went into private practice in the Dallas areaA spokeswoman for the U.S. attorney’s office in Texas that handled the investigation referred questions to the Justice Department in Washington. The Justice Department declined to comment. 3541