Business
From the Simplr studios in San Francisco, this is your daily briefing. OpeningThis is Today in Five with Madison Huffman, for today, Tuesday, February 18th. Here are today’s headlines in digital disruption.The coronavirus epidemic has had a dramatic global impact, even on the global economy. Apple’s warning that it wouldn’t meet revenue expectations underscores those far-reaching effects. First, here are the latest headlines.Rent The Runway Chooses Amazon Exec for Chief Supply Chain OfficerRent The Runway is tapping former Amazon exec as chief supply chain officer. Bringing on board a veteran in operations will help the popular startup fine-tune its supply chain. The company’s CEO and founder said, “Brian’s leadership and experience in operations and logistics will be a valuable asset to the company.”1-800-Flowers Purchases PersonalizationMall.com from Bed, Bath & BeyondBed, Bath & Beyond is selling its personalized gift e-retailer, PersonalizationMall.com to 1-800-Flowers.com for $252 million dollars in cash, according to press releases from the company. The flower and gifts site will get the PersonalizationMall.com website as well as a “new, state-of-the-art...production and distribution facility…” The deal is subject to customary closing conditions, including scrutiny under antitrust regulations, according to the companies, which say they have signed a definitive agreement. The CEO of Bed, Bath & Beyond said the sale would help streamline the company’s operations and hinted there may be more of that to come. Bezos Gifts $10B to Fund Climate Change ProgramsAmazon’s CEO, Jeff Bezos, just made the second-largest charitable gift in recent history. The Amazon founder is giving $10 billion dollars to a new initiative that will fund programs to combat climate change. He announced the donation on Monday through an Instagram post. In his post, he said, “Climate change is the biggest threat to our planet. I want to work alongside others both to amplify known ways and explore new ways of fighting the devastating impact of climate change on this planet we all share...This global initiative will fund scientists, activists, NGOs — any effort that offers a real possibility to help preserve and protect the natural world.”Apple Warns It Won’t Meet Quarter Revenue Expectations Because Of Coronavirus EpidemicApple on Monday said it expects to fall short of revenue goals in the current quarter because of the coronavirus outbreak, underscoring the far-reaching effects of the virus on the global economy. In a statement to investors, Apple said that while factories in China were reopening, iPhone production in the company was ramping up more slowly than expected. The company said, “These iPhone shortages will temporarily affect revenues worldwide.” Demand for iPhones in China has also dampened, where all the company’s stores have shuttered, according to the statement. Apple’s success over the last decade, its value increasing by more than $1 trillion dollars, has largely depended on its ability to harness the power of China’s massive labor force and its network of manufacturers who can meet the demand for the world’s most popular gadget: the iPhone. But that dependence on China is now at risk. Apple’s announcement added to the mounting economic fallout from the coronavirus epidemic. Analysts expect the global economy to shrink this quarter for the first time since 2009 as a consequence of the outbreak. ClosingThanks for listening to this latest episode of Today In Five. Don’t forget to subscribe and leave a review. We’ll see you tomorrow.