Afternoon Coffee: Amazon Releases First Prime Cargo Jet, Office Depot Plans to Shut 300 More Stores

pressmaster/Adobe Stock released its first “Prime Air” cargo jet to improve delivery time for Prime members’ packages. The plane, called Amazon One, is a Boeing 767-300 and is set to be one of 40 such planes the e-commerce company expects to introduce in the next two years.

Three months after the proposed Office Depot and Staples merger failed to gain regulatory approval, Office Depot said it would close 300 more stores as part of its effort to cut costs and restructure parts of its business. Office Depot plans to reduce costs by $250 million in the next year and a half.

A panel of automaker executives agreed the industry needs to work with suppliers to build strong relationships and work together to get through a possible sales and production decline in the car industry. The panel took place at an event in Michigan and included representatives form Honda and Volkswagen.

The U.S. trade deficit increased in June, rising to $44.5 billion from the $41 billion in May, the Department of Commerce reported today. The jump was due to a $3.8 billion increase in the goods deficit as well as a $0.3 billion rise in the services surplus.


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