Investor Terry Smith ditches Amazon stake over concerns with grocery business July 11, 2023 Top investor Terry Smith has revealed that he ditched his fund’s stake in Amazon due to concerns with the company’s grocery business. In a letter to investors, released yesterday, Smith revealed that the primary catalyst behind Fundsmith’s decision to drop its holding in Amazon last month was due to a “concern over potential capital misallocation”. [...]
Amazon launches legal action against ‘fake review brokers’ June 29, 2023 Amazon has filed four lawsuits against online fake review companies in an attempt to hold them to account for illicit behaviour that deceives consumers. The global tech company has challenged Reddit Marketing Pro, Mangocity, Littlesmm and Nice Discount with legal action this week. Amazon claims these ‘fake review brokers’ are trying to “mislead Amazon customers [...]
Whole Foods: Inflation takes bite out of Amazon owned grocery store June 25, 2023 The Amazon-owned UK division of Whole Foods has seen a rapid decline in earnings for the year as soaring inflation makes Brits hesitant to fork out on its pricey goods. Whole Foods UK reported operating losses of £26.9m up from £17.2m the prior year and its sales also fell to £91.6m down from £94.3m. Amazon [...]
Ocado share price soars over 40 per cent following Amazon takeover rumours June 22, 2023 Shares in Ocado soared over 40 per cent this morning following speculation that Amazon is eyeing a takeover of its grocery technology business. The tech giant is reportedly mulling an £8-a-share move, The Times has reported, with Goldman Sachs and JP Morgan said to be acting for the potential bidders. “Bid chatter helped lift web-based [...]
Digital stores predicted to appear on the high street as automation threatens retail jobs June 19, 2023 Large e-commerce stores are likely to crop up as physical stores across the UK high street in the next five to ten years, according to predictions aided by AI. Money saving website Savoo used AI to visualise the future of the British high street and it suggested more than 11,000 chain stores would disappear by [...]
Amazon warehouse workers accuse tech giant of ‘dirty tricks’ as staff strike again June 12, 2023 Amazon workers commence three days of industrial action at the firm’s Coventry warehouse today as a dispute over pay drags on and continues to disrupt its operations. This is the fifth time this year that members of the GMB Union have walked out over low pay, with strikes taking place nearly every month since the [...]
Starmer hints Labour could link government contracts to how firms treat unions June 6, 2023 Keir Starmer has suggested that, under a Labour government, the awarding of state contracts could hinge on how companies treat trade unions that represent their staff. Speaking at the annual congress of trade union GMB in Brighton yesterday, Starmer said that Amazon should “recognise unions”, arguing that his party would beef up the power of [...]
Deliveroo, Just Eat, Amazon and Uber: Delivery apps charging DOUBLE for supermarket groceries, says Which? June 3, 2023 Ordering supermarket groceries via a delivery app such as Deliveroo, Just Eat or Uber Eats could cost twice the price of buying directly from the same store, according to Which? Meanwhile, Amazon is charging up to 45 per cent more for Morrisons products than if they were bought from the supermarket’s own website, the consumer [...]
Amazon taxes: Retailer moves into top-15 of UK taxpayers June 1, 2023 Online giant Amazon has revealed it paid £781 million in direct taxes last year, a jump of more than £130 million from the prior year, as it continued its rapid expansion across the nation. The global marketplace and technology firm said it invested more and generated higher revenues over 2022. With a workforce of 75,000 [...]
Amazon workers planning walkout at US HQ after return-to-office mandate, layoffs and environmental concerns May 31, 2023 Amazon workers upset about recent lay-offs, a return-to-office mandate and the company’s environmental impact are planning a walkout at the company’s Seattle headquarters. The lunchtime protest comes a week after Amazon’s annual shareholder meeting and a month after a policy took effect requiring workers to return to the office three days per week. “We respect [...]