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)
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.
Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.