Amazon cutting back on its private-label items as sales slump - reports
The retailer's decision to scale back in-house brand items was reportedly partly attributed to disappointing sales
Company
Amazon.com Inc
NASDAQ:AMZN
Amazon.com Inc provides a range of products and services to customers. The products offered through its stores include merchandise and content that it purchased for resale and products offered by third-party sellers. The company manufactures and sells electronic devices, including Kindle, Fire tablet, Fire TV, Echo and Ring, and it develops and produces media content.
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Amazon faces new CMA probe on anti-competitive behaviour
This follows an ongoing European Commission probe, which does not cover Britain, that is looking at similar concerns
Amazon to launch e-cargo delivery bikes in London
Amazon plans for similar delivery hubs around the UK
Amazon continues incursion into sports streaming with UK Champions League rights
The US tech giant will get the first pick of Tuesday night games as the Champions League moves to a new format with more teams from 2024
Amazon pleads case against online sales tax in UK
New levy would hurt small businesses on its platform claims the tech giant
Amazon names Doug Herrington CEO of its worldwide consumer business
Herrington replaces Dave Clark, who resigned as CEO of Worldwide Consumer in June
FIVE at FIVE: BT faces competition probe, Dr Martens raises guidance, Bezos blocks workers' proposals and Missguided rescued by Ashley
Here’s Proactive’s round-up of the top financial stories of the day, with helpful links taking you directly to the news.
Amazon founder Bezos 'was key' to blocking AGM votes on worker safety
“At Amazon’s AGM one of the richest men on the planet blocked a proposal that would have made working conditions for thousands of Amazon employees safer," said Tulipshare CEO and founder Antoine Argouges
Hardware & electrical equipment
Amazon shareholders approve first stock split since 1999
Investors are to receive 20 shares for every share they currently own, with the stock price soaring 6% in extended trading on the news
Amazon shareholders block proposal to improve warehouse working conditions
One vote that the company put forward, for a 20:1 stock split, was supported by shareholders
Striking while the iron is hot: industrial strife makes a comeback
Rampant inflation was big in the 70s. So were strikes. We've already got the former; are we about to get the latter? What next? The return of loon pants and feather-cut hairstyles?
Hardware & electrical equipment
Amazon and Apple updates may cause new wobble for tech sector, though analysts confident
Amazon fell well short of expectations, with a first quarterly net loss since 2015
Amazon stock dives as earnings reveal impact of pandemic, labour shortages
The company reported a loss of $7.56 per share for 1Q 2022
Amazon to conduct US racial equity review
The review will be led by former Attorney General Loretta Lynch and Amazon said it will make the results of the audit public
Amazon to hit merchants with 5% surcharge as costs spike
The e-commerce giant is battling surging input costs and fuel prices
The top three cloud stocks for 2022
If you are looking for three undiscovered stocks, you'll be disappointed. In the cloud market, bigger is better
Amazon wins EU approval to buy MGM for $8.45bn
Green light from competition regulators leaves US FTC as final obstacle for mammoth purchase
Amazon charges estranged Indian partner Future and Reliance of fraud in newspaper ads
Amazon has launched an attack in its bitter dispute with two Indian retailers on Tuesday, accusing them of fraud in advertisements published in Indian newspapers after Reliance Industries suddenly took over many Future Retail stores
Hardware & electrical equipment
Amazon announces 20-for-1 stock split and US$10bn share buyback
“This split would give our employees more flexibility in how they manage their equity in Amazon and make the share price more accessible for people looking to invest in the company,” an Amazon spokesperson said
Amazon’s AWS no longer accepting new Russian customers
“Given the current events and the uncertainty and lack of credit available in Russia right now, we’re not accepting new Russian AWS customers at this moment,” company spokesman Drew Herdener told the New York Times
UK retail investors seek to include workers’ rights proposal at Amazon AGM
The proposal calls on the ecommerce giant to commission an independent audit of the working conditions and treatment of its warehouse workers
Amazon ends dispute with Visa over use of credit cards
Visa credit card transactions accounted for about £1.4bn of Amazon's net sales in the UK last year, according to the Independent newspaper
Amazon faces tighter UK regulations on supplier treatment as local grocery sales hit £1bn
The code focuses on the fair treatment of suppliers by restricting companies from altering supply contracts at short notice and requires retailers to provide lengthy warnings if they intend to change suppliers whilst also providing reasons
Amazon set for lowest growth in 20 years, says bank strategist
Amazon is set for its lowest growth in 20 years, after a Saxo Bank strategist called recent stock gains a 'misinterpretation of earnings'.
Rivian investment masks average Amazon performance
The online giant recently increased its stake to 18% in the EV manufacturer
Hardware & electrical equipment
Amazon records huge gain after Meta’s record one-day loss - what’s happening with markets?
Snap Inc is expected to rocket almost 50% higher today too, with trillion-dollar rivals also seeing massive swings
Archive
US stocks end mixed amid jobs report, Nasdaq gains
The Dow Jones Industrial Average shed 21 points, or flatline change in percentage, at 35,089; while the S&P 500 and the Nasdaq Composite both rallied with gains of 0.5% and 1.6%, respectively
Amazon raises Prime fees in US as Q4 profits surge
The ecommerce giant saw net income almost double to US$14.3bn in the fourth quarter on revenue up 9% to US$137.4bn
Amazon investors hoping it doesn’t follow footsteps of Meta and Netflix
The company is set to release its fourth quarter results today
The history of shareholder activism and why shareholders shouldn’t stay silent any longer
Activist investing, writes Antoine Argouges, is becoming more accessible to retail investors and demonstrating exciting potential to bring accountability and change at a company level, but why has it taken so long to see this much needed ch
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US stocks nosedive at closing amid disappointing earnings from Meta
The Nasdaq Composite shed the most of all indices, closing with a loss of 3.7% at 13,879, while the Dow Jones Industrial Average dipped by 1.5% at 35,110 and S&P 500 dropped by 2.4% at 4,477
Amazon ends scheme that paid staff to be Twitter 'ambassadors' - report
The campaign began in 2018 as Amazon was criticised for working conditions in its warehouses
Amazon is launching a high street clothes store (and it sounds like a fusion of Pokemon Go and Argos)
The real-world store will use mobile technology and AI to "elevate the shopping experience".
US bosses favour Britain for revenue growth
Over a third of American CEOs said the UK was one of the three countries that would be most important for their companies’ revenue growth prospects over the coming year, a PwC poll revealed
Amazon backs down over Visa UK credit card charges
“Amazon’s attempt to strong-arm Visa into reducing its transaction fees has failed in spectacular fashion and has left the online retail giant with its tail between its legs," said one analyst
Facebook continues to fuel fake reviews on Amazon
An undercover investigation by consumer group Which? found Facebook groups facilitating the trade of fake reviews with over 200,000 members
Terry Smith says Unilever has "lost the plot" over ESG while PayPal should "stick to its knitting"
The near £30bn open-ended fund is the UK’s largest retail fund
Streaming services Netflix, Amazon Prime and Disney+ see boom as UK spends almost £10bn on home entertainment in 2021
Spending on subscription streaming services soared by 28% to £3.16bn in the UK last year
Amazon accused of 'empty recycling promises' as plastic packaging soars
91% of customers want the company to reduce its use of plastic packaging and 740,000 people have signed a petition asking it for plastic-free choices
Amazon services disrupted globally as outage impacts thousands
In the past 12 months, users have experienced 27 outages on Amazon, according to ToolTester – placing it in the top 20 websites in the US for most outages
Amazon facing global protests and strikes on Black Friday
"Amazon takes too much and gives back too little," the 'Make Amazon Pay' coalition of unions and grassroot organisations said
Amazon.com workers in 20 countries plan strike on Black Friday
"During the Covid-19 pandemic, Amazon became a trillion dollar corporation...while Amazon warehouse workers risked their lives as essential workers, and only briefly received an increase in pay," campaigners said
Black Friday offers plenty of good deals, but not for the average consumer
Growing in popularity over the years, the American ‘tradition’ isn’t everything it is made out to be
Amazon is so big it doesn't even need a high horse to complain about Visa's fees
The online retail behemoth opted for the tiny violin instead
Amazon UK to stop accepting Visa credit cards 'due to high fees'
The cards will no longer be accepted starting from 19 January, 2022
Bezos-backed Rivian prices IPO at top of range
The EV firm is coming to market with Amazon as its lead shareholder and major customer
Amazon misses third-quarter forecasts and disappoints on guidance
EPS fell sharply to US$6.12 from US$12.37 and were well below the US$8.92 forecast by the market
Amazon scammers deliver free unordered products to around one million UK homes
Various products have been received including children and pet toys, an iPhone case, beauty products, medical gloves, and other items that can be cheaply shipped in mass volume
Amazon and Verizon join forces to rival Musk's Starlink venture
Amazon has sunk US$10bn into Kuiper, which plans to put more than 3,200 satellites into low Earth orbit
Pssst, Alexa! Any chance we can host our top secret data on your company's servers?
GCHQ told the Financial Times it would not discuss its business relationships with technology suppliers while Amazon Web Services declined to comment
Amazon doorbell ruling opens way for privacy actions
Yesterday's ruling is believed to be the first of its kind in the UK
Amazon opens first non-food store in UK
It will only sell items that have been rated four stars or above on the website
Amazon recruitment drive continues with offer to fund college tuition for US staff
The internet retail giant is struggling to fill vacancies amid the boom in online shopping and is offering incentives and perks to attract workers
Amazon UK paid £492mln in direct tax last year amid pandemic sales boom
The online retail giant paid UK corporation tax of £18.3mln in 2020, compared with £14.5m the previous year
Amazon UK offers £1,000 bonus to work in warehouses
Staff who join before 18 September are eligible for the bonus with posts offered at locations around the country
Amazon plans to open physical department stores in US - report
The e-commerce giant wants a larger retail presence to sell clothes and electronics
Amazon shifts production of Lord of the Rings show to UK
The ecommerce giant said production will be moved out of New Zealand when filming concludes for the first season of the blockbuster series in June next year
Amazon pushes office return plans back to 2022
The ecommerce giant will now expect staff to be back in the office from Janaury 3, an extension of its previous guidance which had planned to end the work-from-home period on September 7
Amazon hit by record EU data privacy fine
“We strongly disagree with the CNPD’s ruling, and we intend to appeal,”
Amazon disappoints market as sales growth slows
New boss Andy Jassy had a tough start to his new job, having replaced Jeff Bezos a month ago
Bitcoin slips as Amazon denies plans to accept crypto payments
A spokesman for the ecommerce giant said reports that the firm was planning to accept Bitcoin payments by the end of the year were "not true"
Amazon mulls alliance with Slack, Dropbox to challenge Microsoft in office apps market
The ecommerce giant is reportedly in talks with multiple firms to create a bundle of apps in direct competition with Microsoft’s 365 product suite, as well as bolster its Amazon Web Services against its rival's Azure cloud computing arm
Amazon and Google face UK probe into fake review policing
Investigation will assess if pair have broken competition law by being too lax
Amazon destroying millions of unsold items each year, investigation finds
Undercover footage filmed at one of the ecommerce giant’s UK fulfilment centres revealed multiple products including TVs, laptops, headphones, books and even facemasks were sorted into boxes marked for destruction
Amazon’s Indian competition probe to be fast-tracked
The Competition Commission of India is reportedly expediting its investigation into the e-commerce giant after restarting the probe last week following a court battle
Amazon’s India woes ensnare Sunak’s in-laws
The ecommerce giant is facing scrutiny over a joint venture it owns in partnership with a firm controlled by the billionaire family of Sunak's wife Akshata Murthy
Archive
S&P 500 climbs to a new record while the Dow nearly falls flat
Coloring the day's session, the US consumer price index was showing a gain of 5% in May, up from the 4.7% forecast and the 4.2% seen in April
Amazon’s data use to be probed by CMA
The investigation will reportedly focus on how the e-commerce giant uses the data it collects on its platform and how it decides which merchants to display in its “buy box” panel
Amazon Web Services in crosshairs as global corporate tax rules are agreed
Finance ministers for the G7 met over the weekend to shake up global tax rules.
Amazon, Reddit, Twitch and other major sites briefly knocked offline by major internet outage
Other pages caught up in the shutdown included the website of the UK government as well as craft shopping site Etsy
Amazon drops cannabis drug testing for some employees, supports Federal legalisation
Amazon doesn't currently sell cannabis products, but, it is supporting a bid for full Federal legalisation in America.
Amazon.com agrees US$8.45bn deal to buy MGM
The Bond film series has earned almost US$7bn to date, according to MGM’s website.
Amazon set to shake-up and stir streaming rivals if it lands MGM deal
"No Time to Die" is set for cinema release in October though by then it might stream exclusively on Amazon Prime too.
Amazon in talks to buy MGM to take fight to Disney and Netflix
Buying MGM would give the ecommerce giant access to MGM’s extensive library, which includes the James Bond franchise
Amazon unveils plans to hire 10,000 UK workers as part of expansion strategy
The new roles will increase the ecommerce giant's UK workforce to 55,000 by the end fo the year
Archive
Wall Street mood turns from bad to worse as Dow swoons to 700 down in final minutes
Sentiment took a hit after the US consumer price index rose 4.2% year-over-year in April, up from 2.6% in March and much higher than the forecast of 3.6%
Archive
Dow adds more than 300 points to record close, Nasdaq turns positive in afternoon jump
Traders reacted to jobless claims falling to 498,000 last week, well below the 538,000 expected
Amazon paid zero European taxes last year, filings show
The ecommerce giant's European business, Amazon EU Sarl, avoided paying any tax in 2020 due to reporting a €1.2bn loss in the year, despite sales rising to a record €44bn
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Wall Street ends Friday in the red after GDP Data disappoints
Even though it lost ground Friday, the S&P 500 managed to grow 5% in April
Amazon profits treble amid lockdown shopping boom
The ecommerce giant also saw net sales rise 44% to over US$100bn in the first quarter as lockdown measures sent consumers flooding to its website
Amazon prepares to deliver quarterly numbers
The quarterly results from the ecommerce titan will be the first since its founder Jeff Bezos stepped back from the role of CEO
Amazon to open its first and only hair salon in London
Amazon Salon will offer customers technology to trial virtual hair colours, entertainment via Fire tablets at each styling station and take pictures of their new look in “a dedicated creative area”
Amazon faces trouble on the continent as German union calls for Easter strike
Verdi, Germany’s second-largest trade union with around 2mln members, has called on workers at Amazon’s sites in Rheinberg, Werne, Koblenz, Leipzig and at two locations in Bad Hersfeld to go on strike for four days on Sunday night
Amazon suffers PR fiasco as leaked documents show awareness of workers urinating in bottles
A memo published overnight by The Intercept showed the e-commerce giant chastising workers for urinating and defecating in bags while on the job, as well as noting an “uptick recently in all kinds of unsanitary garbage"
Amazon lands exclusive NFL rights as the league opens floodgate for streaming with new US$110bn deals
The 'rights grab' for exclusive streaming is on as Amazon and Disney bolster their deals with the NFL.
Amazon launches second UK till-less store weeks after debut
The Wembley Park shop is not too far from the Ealing one
Deliveroo invites customers, restaurants and riders to invest in upcoming £1bn IPO
Only those who have placed at least one order through the platform will be able to register their interest
Amazon.com opens till-less grocery store in London
The first Amazon Fresh UK store is located in Ealing, London
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Wall Street ends mixed after Dow finds second wind
Despite being down roughly 180 points early in the day, the Dow ended 90 points up at 31,613
Archive
US stocks close mixed session to end two-day win streak
On the day, Google’s parent Alphabet jumped on upbeat revenue growth while investors pondered a rebound in US employment last month
Byezos: Amazon CEO to step down in second half of 2021
Jeff Bezos, the founder of the ecommerce giant and the world's richest man, said he will move to the position of executive chairman to focus on the company's other ventures
Staples makes third attempt to buy Office Depot owner ODP
Two other efforts to combine the firms since 1996 have been consistently blocked by US regulators on competition grounds
Archive
US stocks finish ahead in shortened session on Black Friday; Nasdaq closes at record high
The Nasdaq finished on Friday up 111 points, or 0.9% to reach 12,205
Amazon staff to get second thank you bonus
The payouts are part of a bonus package of US$500mln across all of its global operations
Amazon enters healthcare sector with online pharmacy launch
The online service will deliver medication and prescription refills to customers
Hardware & electrical equipment
Amazon slides as EU unveils antitrust charges
The EU’s top antitrust official, Margrethe Vestager, has accused the company of illegally abusing its dominant position as an online marketplace after an investigation found that Amazon has been feeding non-public seller data such as revenu
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US stock end mixed as vaccine hopes pull travel, tech in opposite directions
Analyst say the market is in a rotation phase that is likely to continue into the end of 2020
Amazon earnings surge amid online shopping boom
The e-commerce giant is also predicting a bumper holiday season, forecasting sales of up to US$121bn in the final quarter of the year
Amazon to dodge UK digital sales tax, but third party sellers will still have to foot the bill
The e-commerce giant will not have to pay the levy on goods that it sells itself, paying instead a 2% charge only on revenues that it receives from third-party sellers
Amazon unveils "most chilling" home security product to date with indoor camera drone
The 'Always Home Cam' will be available, initially only in the USA, next year