GOOD DAY FOR: A hasty retreat, after Starbucks said it’s closing three-quarters of its locations in Australia in the next five days. Starbucks opened the first of its 84 Australian stores eight years ago, entering a market with an existing European-style cafe culture. Starbucks said the 61 Australia store closures were not indicative of its otherwise strong international operations. (Bloomberg)
BAD DAY FOR: Taking a victory lap, as the recent drop in U.S. gas prices is due in large part to a drop in driving. The collective cutback in driving was so effective that Transportation Secretary Mary Peters warned of gas-tax-funded highway and bridge money shortfalls. A report Monday said that Americans drove 3.7 percent fewer miles in May than in May 2007, the seventh straight monthly decline. (Los Angeles Times)
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