The Michigan Strategic Fund on Tuesday approved a $5 million grant for Amazon.com's (AMZN) - Get Report proposed $140 million packages fulfillment center in Romulus, Mich., Crain's Detroit Business reports.
The grant marks the second state subsidy for the e-commerce giant in the past seven months.
Seattle-based Amazon is promising to bring 1,600 jobs, however, required state assistance to pay for a "substantial road and other infrastructure improvements," according to a Michigan Economic Development Corp. memo.
"The applicant has demonstrated a need for the funding," Trevor Friedeberg, senior business development manager at the MEDC, wrote in the memo to MSF board members. "The company was considering other Midwestern states, as well as Canada, for this regional fulfillment center."
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Another bank is bullish on Alibaba: JP Morgan initiated Chinese e-commerce giant Alibaba (BABA) - Get Report with an overweight rating and $190 price target in a new note Tuesday, representing more than 30% growth over Monday's closing price of $142.73. In JP Morgan's eyes, Alibaba is entering a transformation from a pure play e-commerce company to a data-driven beast that stands to power its bottom line more than most expect.
"We believe Alibaba's core commerce is expanding from traffic monetization to data monetization and such trend will quickly expand to its media/cloud businesses," writes JP Morgan analyst Alex Yao. "Such expansion not only allows Alibaba to tap into non-transaction-based corporate budget (e.g. market research, brand awareness, and customer service), but also supports our investment thesis based on sustainable revenue/earnings growth."
A key Walmart business springs back to life: Walmart (WMT) - Get Report is starting to see long-awaited sales growth at its U.K. Asda division as Britons shift their shopping habits towards food purchases with a slump in consumer confidence and surging inflation, TheStreet's Lisa Botter reports. Sales at Asda rose by 2.2% for the 12-weeks ended June 18, well ahead of the 0.9% pace notched in the 12 weeks to May 21, according to new data from research firm Kantar.
Different strategies emerge in driver-less cars: Alphabet Inc.'s (GOOGL) - Get Report deal with rental car giant Avis Budget Group Inc. (CAR) - Get Reportto have Avis managesome self-driving test cars developed by Alphabet's Waymo unit and Fiat Chrysler (FCAU) - Get Reportfeels a little overblown, writes TheStreet's Eric Jhonsa. The deal only covers test cars deployed in one metro area (Phoenix, Ariz.), and isn't exclusive, Jhonsa points out.
Meanwhile, Apple Inc.'s (AAPL) - Get Report deal with Avis rival Hertz Global Holdings Inc. (HTZ) - Get Reportfeels even smaller. Apple, which has reportedly been testing a half-dozen self-driving cars around the San Francisco Bay Area, is just leasing a small number of Lexus RX450h SUVs from Hertz, with the idea of retrofitting them with self-driving test systems.
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