The Financial Times reports that BMW has been granted a license to operate ride-hailing services in Chengdu, China, the capital of China’s Sichuan province.
Ride-hailing has been dominated by Didi Chuxing, who according to the South China Morning Post, accounts for over 90% of ride-hailing orders in China.
Bain and Company, a global management consulting firm, reports that China’s ride-hailing market is currently worth $23 billion, with expectations to grow to $72 billion by 2020.
GameStop Sells its Spring Mobile Division
The video game and electronics retailer announced that it “has entered into a definitive agreement to sell” Spring Mobile, a business that owns and operates close to 1,300 AT&T wireless stores, “to Prime Communications, L.P. for $700 million”.
According to a company blog post, “proceeds from the sale may be used to reduce the company’s outstanding debt, fund share repurchases” or “reinvest in core video game and collectibles businesses to drive growth”.
IKEA Plans to Cut Over 7,000 Jobs
The home furnishing retailer announced that it plans to cut 7,500 jobs as a result of a new business model structure that looks to adapt to a fast-moving and transformational retail landscape.
The company, who employs over 160,000 employees around the world, also stated in a company press release that the restructure will add close to 12,000 jobs globally, “through opening around 30 new IKEA touchpoints, investments in its fulfillment network and in digital capabilities”.