Afternoon Coffee: Cross-border Online Shopping Grows in Popularity, Statoil Cancels Rig Contract

coffee and computer coffee and computer

The international online shopping market is growing and now accounts for more than 25% of total global e-commerce spending. It is also estimated that 130 million people will spend $307 billion to purchase goods online from a foreign country by 2018.

Oil giant Statoil has canceled a contract with drilling rig provider COSL as the company cannot find work for its overcapacity of rigs. The decline in oil prices has led to less drilling operations.

Ford is issuing its 16th recall in 3 years for its Escape crossover vehicle. The latest recall is due to a possible defective instrument panel in more than 200,000 Escapes and Transit Connects cars.

Olive Garden is cutting its sanitation practices to save on spending. The restaurant has decided to clean carpets just once a month as opposed to its previous practice of twice a month to reduce operating expenses.

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