Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Canadian trade union Unifor said roughly 4,500 of its members have been temporarily laid off because of the GM strike so far.Autosread more
Since the Cambridge Analytica scandal in March 2018, Facebook has suspended tens of thousands of apps stemming from an investigation into its developer ecosystem.Technologyread more
The former top aide of retired United Auto Workers Vice President Joe Ashton, a former member of the GM's board, was charged Friday with conspiracy to commit wire fraud and...Autosread more
Stocks fell to their lows of the day on Friday on news that Chinese trade officials are cutting short their visit to the U.S.US Marketsread more
The wearables company has retained advisors to consider exploring a sale of the business.Technologyread more
Roku shares have more than quadrupled this year, but the stock has had some rocky days of late as more players jump into streaming.Technologyread more
"I really want to encourage competition because I think competition creates innovation, and when you create innovation everyone wins," Humana CEO Bruce Broussard says.Health and Scienceread more
Walmart is the latest to pull back from the industry. Federal regulators said they will soon ban flavored e-cigarettes, while some nations have outlawed the products...Health and Scienceread more
"They're not making money in retail, and they're putting retailers out of business," Simon told CNBC.
According to a recent analysis by One Click Retail, Amazon accounts for 4 percent of U.S. retail and captures 44 percent of online retail sales.
Simon told CNBC the e-commerce giant has operated its retail segment at a loss for decades, subsidizing the retail portion of its business with profits from other areas, such as web services.
"It's anti-competitive, it's predatory, and it's not right," said Simon.
"It's not going to hurt the big ones," said Simon, who served as president and chief executive officer of Walmart U.S. from 2010 to 2014. "Walmart can adjust. It'll be there. Costco will continue to thrive."
"That's because Amazon sells below cost and continues to do that," said Simon, who serves on the board of directors for Darden Restaurants. "It's destroying jobs, and it's destroying value in the sector," he said on "Closing Bell" on Thursday.
Amazon has disrupted the retail sector, forcing companies — both big and small — to adjust. That includes Walmart, a brick and mortar powerhouse that observers see as one of Amazon's biggest competitors in the retail space.
Amazon posted its largest ever profit in the fourth quarter of 2017, reaping nearly $2 billion. During that time frame, sales rose 38 percent to $60.5 billion, beating Wall Street's estimates.
In response to Simon's critique, an Amazon representative told CNBC that while the company's activities are primarily retail-based, it does not break out specifics. For that reason, he added that Simon has no real basis to say the company is operating at a retail loss.
"Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business!" Trump posted on Twitter last week.
A 1992 Supreme Court ruling said states couldn't collect sales taxes gathered by mail-order catalog companies unless the businesses had a physical presence in a state. But some states say online retailers should be required to collect sales tax, even without a physical presence.
"It came down to a Supreme Court decision that came down three years before Jeff [Bezos] shipped his first book," Gerald Storch told CNBC on "Closing Bell."
Storch, former vice chairman of Target, who founded Target.com in the late 1990s, and former CEO of Toys R Us, called the ruling "an antiquated decision."
"If you read that Supreme Court decision … it was based on all kinds of things that simply don't apply anymore," said Storch, who worked with Amazon and Jeff Bezos in 2001. "At that point, e-commerce was nothing; it was zero. Now it's taken over the whole economy."
Storch pointed out that half of all online product searches begin and end on Amazon, and said the playing field in retail should be more level, something it has not been in the past.
"Amazon is a lot more powerful than people realize," he said.