London’s Storfund lands £300m mega-deal for ecommerce marketplace financing October 27, 2021 UK fintech Storfund, which optimises the cash cycle for merchants selling on ecommerce marketplaces, has struck a £300m debt funding deal with Fasanara Capital. It’s the latest in a string of investments by Fasanara into e-commerce lending platforms, and marks a significant step up from Storfund’s last £26.5m funding round in February, led by Union Bancaire [...]
Amazon appeals record €746m fine for EU data law breach October 15, 2021 Amazon has officially appealed a record €746m fine from the European Union’s privacy watchdog for breaching the bloc’s data protection rules. The appeal, which was filed today at the Luxembourg Administrative Tribunal, is for the collection and use of individuals’ personal data, which violated General Data Protection Regulation, or GDPR law. The retail and technology [...]
Calls to break up Amazon as company allegedly copied products and manipulated search results October 15, 2021 Massachusetts Democratic senator Elizabeth Warren cited a Reuters investigation that Amazon intentionally copied local business products and manipulated search results to prioritize its own brands, supporting calls to break up the e-commerce giant. Watch the full report.
Amazon faces £100m compensation case as London drivers demand employment rights October 13, 2021 Multiple self-employed Amazon delivery drivers are seeking employment rights from the digital giant, a case that reports say could potentially cost the digital giant over £100m. Law firm Leigh Day is launching moves against delivery giant Amazon over workers’ rights, which it says could result in compensation totalling millions of pounds. Leigh Day claims thousands [...]
Amazon makes U-turn and allows 50,000 corporate staff to work remotely indefinitely October 12, 2021 E-commerce Amazon said this morning plans to permit many tech and corporate workers to continue working remotely indefinitely as long as they can commute to the office when necessary. It is a change from Amazon’s previous expectation that most employees would need to be in the office at least three days a week after offices [...]
Nick Clegg says Facebook is ‘pleased’ with historic tax deal, even if it means paying more October 9, 2021 Nick Clegg, Facebook’s vice president for global affairs, said today the social media giant welcomes the corporate tax agreement that 140 countries around the world agreed this week. “We are pleased to see an emerging international consensus,” Clegg said in a statement sent to City A.M. this afternoon. Under the agreement, countries would enact a [...]
Precious £336m: Amazon shifts Lord of the Rings series production from New Zealand to UK October 6, 2021 Amazon’s TV and film division is set to shift its Lord of the Rings series production to the UK from New Zealand in a major boost for the country’s booming creative sector. The move marks an upbeat investment in the UK’s television industry, with Amazon Studios having already injected around $465m (£336m) into the first [...]
Amazon to open its first physical store outside the US in the UK this morning October 6, 2021 E-commerce giant Amazon is opening its first store in the UK this morning, selling items including books, technology and toys, as the online retail behemoth continues its expansion in physical retail. The US company will open the first Amazon 4-star store outside the US on Wednesday at 10am at the Bluewater shopping centre, near Dartford [...]
Amazon offers ‘options’ to truck marshals facing pay cuts September 29, 2021 Online giant Amazon has said it is offering “a number of options” to truck marshalls who face a pay cut of almost a quarter at its delivery stations. The role involves people managing hundreds of trucks and drivers at the online retailer’s delivery stations and warehouses. Two marshals told Business Insider they were told this [...]
Labour declares tax war on Amazon as plans to support high street are unveiled September 27, 2021 The Labour Party has set out plans to shift the tax burden to online giants like Amazon as the current system is “stacked” against high street firms, Shadow chancellor Rachel Reeves said this morning. Reeves said she would freeze business rates next year if she was in No 11, while also offering a cut for [...]