International Business

Hong Kong – A subsidiary of global export company Li & Fung is partnering with two Chinese department store retailers to open as many as 300 stores in the Shanghai free trade zone. Li & Fung Trading (China) Holdings Ltd. is forming a joint venture with Shanghai Bailian Group Co. Ltd. and Beijing Wangfujing Department Store (Group) Co. Ltd. Li & Fung holds a 20% stake and each department store chain owns a 40% stake.

Seattle – Starbucks Corp. putting its money where its mouth is in terms of ethical and sustainable sourcing. Starbucks is making a new commitment to contribute $30 million in the next five years as part of its Global Farmer Fund program that aids sustainable farming operations.

In a little over three years as a public company, Facebook may now be worth more than Walmart.

The question is, will the social network's surge last?

According to Quartz, over the last year, Facebook’s stock has jumped roughly 30% as the broader S&P 500 has barely managed to keep its head above water. The climb has added more than $65 billion to Facebook’s market value, bringing it to more than $236 billion, just above Walmart’s $235 billion.

Hangzhou, China – Alibaba Holding Group Inc. is reportedly planning to boost its investment in Russia. According to the China Want Times, Alibaba chairman Jack Ma said expanded e-commerce operations in Russia would be part of a broader effort called “One Belt One Road” that would electronically connect China with countries in Eastern Europe for trading.

Seattle – Nordstrom Inc. plans to open Nordstrom Rack at Waikiki Trade Center in Honolulu, Hawaii. The approximately 34,000-sq.-ft., two-level store is scheduled to open in spring 2016.

The property was acquired by Coastwood Capital Group, LLC in late 2013.

The National Retail Federation is urging the Senate to quickly consider the stand-alone Trade Promotion Authority bill so that it can move to the president’s desk for his signature.

NRF issued the following statement from Senior Vice President for Government Relations David French: 

Barnes & Noble Inc. has appointed a Home Depot president and a former executive of PaineWebber as two new independent directors to its board ahead of the company's separation of its retail and college businesses.

The new board members are Ann-Marie Campbell, president of the southern division of Home Depot, and Paul B. Guenther, former president of PaineWebber Group Inc., the parent company of Paine Webber, Incorporated.

San Jose, Calif. – eBay Inc. has sold its 28.4% stake in Craigslist back to the online classified ad service inn a confidential settlement agreement. eBay initially purchased the stake from Craiglist in 2004, but the two parties have been involved in litigation for years.