Starbucks to Reduce Workforce and Close Stores
Starbucks plans to further reduce its non-retail workforce and close an unspecified number of coffee shops as part of a restructuring program expected to cost the company around 1,000 million dollars.
The coffee giant will eliminate approximately 900 positions from what it calls “non-retail partners” and close many vacant locations, CEO Brian Niccol stated in a letter to staff.
This recent round of layoffs follows Starbucks’ February announcement that it would cut 1,100 support roles and eliminate hundreds of vacant positions. The company intends to close stores that “cannot create the physical environment our customers and partners expect or where we do not see a path to financial performance,” Niccol said in the letter.
The net number of company-operated stores in North America is expected to decrease by about 1% in fiscal year 2025.
Revolut Aims for Banking Operations in Mexico by 2026
Revolut, a UK-based financial technology company, plans to begin banking operations in Mexico next year as part of a global strategy to reach 100 million customers by 2027 and have a presence in at least 30 markets by 2030.
Since 2024, Revolut has obtained its multiple banking institution license from the National Banking and Securities Commission.
Revolut’s launch as a bank in Mexico is scheduled for the first months of 2026, while it continues to advance plans for entry into Colombia and Argentina, with another banking license application in process for 2025.
xAI Sues OpenAI for Alleged Trade Secret Theft
xAI, an emerging artificial intelligence company founded by Elon Musk, filed a lawsuit against its rival OpenAI in a California federal court for allegedly stealing trade secrets to gain an unfair advantage in the AI technology race.
The lawsuit, filed on Wednesday, claims that OpenAI is following a “deeply troubling pattern” of hiring former xAI employees to access trade secrets related to its chatbot Grok.
xAI discovered the alleged campaign to undermine it while investigating trade secret theft accusations against former engineer Xuechen Li, who has been accused of taking confidential information to the ChatGPT developer in a separate lawsuit. Li has yet to respond to these accusations.
BYD Surpasses Tesla in EU Sales
BYD, a Chinese electric vehicle manufacturer, sold three times as many new cars in the EU last month as in August 2024, surpassing its US competitor Tesla for the second consecutive month, according to data released Thursday by the European Automobile Manufacturers Association (ACEA).
Stellantis returned to sales growth in Europe for the first time in over a year, as the overall market expanded with the boost from hybrid plug-in (PHEV) and battery electric vehicle (BEV) sales.
The struggling European automotive industry faces challenges such as US import tariffs, competition from China, and difficulties in profitably complying with national regulations on electric vehicle adoption.
Fibra Mty Receives VAT Refund for Meli Property Acquisition
Fibra Mty, a real estate investment trust for the industrial and office sectors, announced that it received the Value Added Tax (VAT) refund corresponding to the acquisition of the Meli property located in León, Guanajuato.
In total, Fibra Mty received 295.8 million pesos (16 million USD), including an update of 2.6 million pesos (140,693 USD).
The property is 100% occupied by Mercado Libre.
Key Questions and Answers
- What is the main reason for Starbucks’ job cuts and store closures? – Starbucks aims to reduce costs and improve financial performance by closing underperforming stores and reducing non-retail staff.
- What are Revolut’s plans for banking operations? – Revolut intends to establish banking services in Mexico by 2026 and expand its customer base to 100 million by 2027, with a presence in at least 30 markets by 2030.
- Why did xAI sue OpenAI? – xAI accused OpenAI of stealing trade secrets related to its chatbot Grok to gain an unfair advantage in the AI technology race.
- Why is BYD surpassing Tesla in EU sales? – BYD’s growth in EU sales can be attributed to the expanding market driven by hybrid plug-in and battery electric vehicle sales, while Tesla faces challenges such as import tariffs and regulatory compliance.
- What is the significance of Fibra Mty receiving a VAT refund? – The VAT refund for the Meli property acquisition by Fibra Mty indicates a financial benefit from the real estate investment trust’s operations.
