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By DEE-ANN DURBIN

Starbucks said Monday it is forming a joint venture with Chinese investment firm Boyu Capital to operate Starbucks stores in China.

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Under the agreement, Boyu will acquire a 60% interest in Starbucks’ retail operations in China, which is valued at $4 billion. Starbucks will retain a 40% interest in the joint venture and will own and license the Starbucks brand.

Starbucks said its business in China will have a total value of more than $13 billion, including the proceeds from the sale of the controlling interest to Boyu, the value of its 40% stake and the value of its royalties. read more

By MICHELLE CHAPMAN

Microsoft has entered into a $9.7 billion cloud services contract with artificial intelligence cloud service provider IREN that will give it access to some of Nvidia’s chips.

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The five-year deal, which includes a 20% prepayment, will help Microsoft as it looks to keep up with AI demand. Last week the software maker reported its quarterly sales grew 18% to $77.7 billion, beating Wall Street expectations while also surprising some investors with the huge amounts of money it is spending to expand its cloud computing infrastructure and address the growing need for AI tools. read more

SEATTLE (AP) — OpenAI and Amazon have signed a $38 billion deal that enables the ChatGPT maker to run its artificial intelligence systems on Amazon’s data centers in the U.S.

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OpenAI will be able to power its AI tools using “hundreds of thousands” of Nvidia’s specialized AI chips through Amazon Web Services as part of the deal announced Monday.

Amazon shares increased 4% after the announcement.

The agreement comes less than a week after OpenAI altered its partnership with its longtime backer Microsoft, which until early this year was the startup’s exclusive cloud computing provider. read more

René Bennett, Bankrate.com

Joint bank accounts allow couples to manage budgets together, monitor spending and save for shared goals. But they aren’t right for every couple. And you don’t have to go with an all-or-nothing approach, either. You can have a joint account without merging all your finances.

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Here’s what you should consider before deciding whether a joint account, separate account, or a blend of both, is right for your relationship.

Banking statistics for couples

• 38 percent of couples in committed relationships use exclusively joint bank accounts.
• More than one-third of couples (34 percent) have a mix of joint and separate bank accounts, while 27 percent have completely separate accounts.
• 40 percent of coupled U.S. adults say they have committed some form of financial infidelity, the most common of which is spending more than their partner would be OK with.

Why have a joint bank account?

Some couples maintain a joint bank account because it may make it easier to track spending and save for shared goals. But don’t set up a joint account simply because it seems like “the thing to do.” This decision should only be made with open communication and a lot of self-reflection. read more

By MICHELLE CHAPMAN, AP Business Writer

Kimberly-Clark is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion, creating a massive consumer health goods company.

Shareholders of Kimberly-Clark will own about 54% of the combined company. Kenvue shareholders will own about 46% in what is one of the largest corporate takeovers this year. The deal must still be approved by the shareholders of both companies.

The combined company will have a huge stable of household brands under one roof, putting Kenvue’s Listerine mouthwash and Band-Aid side-by-side with Kimberly-Clark’s Cottonelle toilet paper, Huggies and Kleenex tissues. It will also generate about $32 billion in annual revenue.

Kenvue has spent a relatively brief period as an independent company, having been spun off by Johnson & Johnson two years ago. J&J first announced in late 2021 that it was splitting its slow-growth consumer health division from the pharmaceutical and medical device divisions. read more