Starbucks sells majority stake in China business amid competition from local rivals

US coffee chain Starbucks has announced it is forming a joint venture with asset management firm Boyu Capital in China, where the latter will hold a 60 percent stake in the company’s local business. China is Starbucks’ second-largest market globally and it has recently been struggling with increased competition from local rivals like Luckin Coffee. Also in this edition, we look at OpenAI’s blockbuster $38 billion deal with Amazon’s cloud services unit.