US trade commission files anti-trust lawsuit against online retailer Amazon

Attorneys general from 17 states joined the Federal Trade Commission’s suit, which accuses Amazon of harming consumers.

A worker in an Amazon fulfilment centre in Baltimore, Maryland, places products for delivery into sorting containers [File: Clodagh Kilcoyne/Reuters]
The United States Federal Trade Commission (FTC) has filed a long-anticipated anti-trust lawsuit against online retailer Amazon, accusing the company of harming consumers by stifling competition.

The lawsuit, which was joined by 17 state attorneys general and filed in Amazon’s home state of Washington, follows a four-year investigation.

“The FTC and its state partners say Amazon’s actions allow it to stop rivals and sellers from lowering prices, degrade quality for shoppers, overcharge sellers, stifle innovation, and prevent rivals from fairly competing against Amazon,” the FTC said in a statement on Tuesday.

In laying out its charges, the FTC alleged that Amazon had engaged in unfair tactics to “illegally maintain its monopoly power” over the industry of online retail.

For example, the agency accused Amazon of punishing sellers who offer lower prices elsewhere, burying them “so far down” the website’s search results “that they become effectively invisible”. The FTC also said Amazon forces sellers to use its warehouses and delivery services, inflating costs for both consumers and sellers.

The federal agency asked the court to issue a permanent injunction ordering Amazon to stop its unlawful conduct.

“Left unchecked, Amazon will continue its illegal course of conduct to maintain its monopoly power,” the FTC said in its complaint.

In response, Amazon said the FTC is “wrong on the facts and the law”. It also accused the federal agency of overreach, saying that instead of fostering competition, the FTC was stifling it.

“The practices the FTC is challenging have helped to spur competition and innovation across the retail industry and have produced greater selection, lower prices and faster delivery speeds for Amazon customers,” said David Zapolsky, Amazon’s general counsel, in a statement.

In a blog post, Amazon noted that it had 500,000 independent sellers on the platform.

“If the FTC gets its way, the result would be fewer products to choose from, higher prices, slower deliveries for consumers, and reduced options for small businesses — the opposite of what antitrust law is designed to do,” Zapolsky said.

Amazon was started in a garage in 1994 and is today worth $1.3 trillion. By some estimates, the company controls as much as 40 percent of the e-commerce market.

Tuesday’s legal filing comes on the heels of similar federal anti-trust lawsuits against Google’s parent company Alphabet and Meta, the social media company that includes Facebook, as President Joe Biden’s administration seeks to rein in what it sees as big-tech monopolies.

Source: https://www.aljazeera.com/news/2023/9/26/us-trade-commission-files-anti-trust-lawsuit-against-online-retailer-amazon

Jeff Bezos’ wealth balloons by $12 billion as Amazon stock soars 11 percent

Amazon founder Jeff Bezos saw his personal net worth increase by a whopping $12 billion on Friday morning as the e-commerce giant’s stock price soared by some 11% in pre-noon trading — the largest single-day jump so far this year.

The Seattle-based company, whose stock was trading at nearly $143 per share as of 11:30 a.m. Eastern time on Friday, surged after dazzling Wall Street with an earnings report that blew away analyst expectations.

Bezos, the third richest person in the world behind Tesla and X mogul Elon Musk and luxury brand merchant Bernard Arnault, is now worth an estimated $163.5 billion, according to Forbes.

The 59-year-old Bezos, who stepped down from the CEO role at Amazon in late 2021 so that he could focus on his space exploration firm Blue Origin, derives his wealth from ownership in Amazon stock.

He has also spent much of his free time globetrotting on his $500 million yacht with fiance Lauren Sanchez after the couple got engaged in May.

The 59-year-old Bezos, who stepped down from the CEO role at Amazon in late 2021, derives his wealth from ownership in Amazon stock. He is seen with his girlfriend Lauren Sanchez.
AFP via Getty Images

Bezos, who still serves as Amazon’s executive chairman, owns around 992.6 million shares, according to the company’s filings with the SEC.

Amazon, which added about $120 billion to its market value, surged on Friday on signs that both its growth engines, e-commerce and cloud-computing, were faring well in an uncertain economy, helping shield the broader market from Apple’s 2.5% slide after gloomy iPhone sales.

Amazon stock was trading at nearly $143 per share as of 11:30 a.m. Eastern time on Friday.

The company’s sales grew 11% to $134.4 billion in the second quarter — an increase from $121.2 billion during the second quarter of a year ago.

The sales figures blew away analyst predictions of $131.4 billion.

Amazon also reported a sharp increase in profit as its net income reached $6.7 billion in the second quarter — a far cry from the $2 billion net loss of the second quarter last year.

Amazon dazzled Wall Street with an earnings report that blew away analyst expectations.
REUTERS

Amazon Web Services, the money-making cloud computing division, generated $22.14 billion in sales — surpassing analyst estimates of $21.71 billion.

Source: https://nypost.com/2023/08/04/jeff-bezos-wealth-balloons-by-12b-as-amazon-stock-soars-11/

Google, Amazon announce major investments in India after meeting with PM Modi in US

These investments aim to foster digital transformation, promote local language content, create employment opportunities, and boost the export of Indian products globally.

PM Modi in US
PM Modi in US

In an exciting development for India’s digital landscape, Sundar Pichai, CEO of Google, and Andrew Jassy, CEO of Amazon, have announced significant investment plans following their meetings with Prime Minister Narendra Modi during his visit to the US.

These investments aim to foster digital transformation, promote local language content, create employment opportunities, and boost the export of Indian products globally.

During his meeting with the Prime Minister, Sundar Pichai revealed Google’s plans to open a global fintech operation center in GIFT City, Gujarat. This move highlights Google’s commitment to expanding its presence in India and leveraging the country’s growing digital economy. Pichai also shared that Google will invest a substantial $10 billion in the India Digitization Fund, further accelerating the country’s digital revolution.

Furthermore, Pichai expressed Google’s intention to introduce its virtual assistant, Bard, to more Indian languages in the near future. This expansion aims to enhance accessibility and inclusivity by providing a localized digital experience to a wider population, empowering them with the latest technology.

Praising the Prime Minister’s visionary approach, Pichai acknowledged that Modi’s Digital India initiative had set a global blueprint that other countries are now looking to follow. The Prime Minister’s foresight in promoting digitalization has positioned India as a leading hub for technological advancements.

Following suit, Amazon’s CEO, Andrew Jassy, also expressed the company’s keen interest in contributing to India’s growth. After his meeting with Prime Minister Modi, Jassy announced that Amazon has already invested a staggering $11 billion in India. In a testament to their commitment, Amazon intends to invest an additional $15 billion, bringing their total investment to a remarkable $26 billion. These funds will be utilized to create more employment opportunities, support the digitization of small and medium-sized businesses, and facilitate the export of Indian products worldwide.

Source : https://www.moneycontrol.com/news/india/google-and-amazon-announce-major-investments-in-india-after-meeting-with-pm-modi-in-us-10849581.html

The Amazon’s Largest Isolated Tribe Is Dying

The illegal tin mine was so remote that, for three years, the massive gash it cut into the Amazon rainforest had gone largely ignored.

So when three mysterious helicopters suddenly hovered overhead, unannounced, the miners living there scrambled into the forest.

By the time Brazil’s environmental special forces team piled out, the miners were out of sight, but the mine’s two large pumps were still vibrating in the mud. The federal agents began dousing the machines in diesel fuel.

As they were set to ignite them, about two-dozen Indigenous people came jogging out of the forest, carrying bows and arrows taller than them. They were from the Yanomami tribe, and the miners had been destroying their land — and their tribe — for years.

But as the Yanomami arrived, they realized these new visitors were there to help. The agents were dismantling the mine and then promised to give the Yanomamis the miners’ supplies.

“Friends are not miners, no,” said the only Yanomami man who spoke basic Portuguese, with other men crowding around.

An explosion of illegal mining in this vast swath of the Amazon has created a humanitarian crisis for the Yanomami people, cutting their food supplies, spreading malaria and, in some cases, threatening the Yanomamis with violence, according to government scientists and officials.

The miners use mercury to separate gold from mud, and recent analyses show that Yanomami rivers contain mercury levels 8,600 percent higher than what is considered safe. Mercury poisoning can cause birth defects and neurological damage.

The infant mortality rate among the 31,000 Yanomamis in Brazil now exceeds those of war-torn and famine-stricken countries, with one in 10 infants dying, compared with about one in 100 in the rest of the country, according to government data. Many of those deaths are avoidable, caused by malnutrition, malaria, pneumonia, and other illnesses.

“Lots of diarrhea, vomiting,” said the Yanomami man at the mine, who would not give a name. “No health, no help, nothing.”

But now Brazil’s new leftist president, Luiz Inácio Lula da Silva, has made saving the Yanomamis his top priority in his push to halt the Amazon’s destruction. The government declared a state of emergency in January and has airlifted severely malnourished people out of villages, set up a checkpoint at a major waterway into the territory and hunted and destroyed active mines.

While the miners began arriving in 2016, the crisis erupted under former right-wing President Jair Bolsonaro, who after being elected in 2018, cut staffing and funding for the agencies tasked with protecting the forest.

The area illegally mined in the lush Yanomami territory quadrupled during his tenure to nearly 20 square miles, or roughly the size of Manhattan, according to satellite data.

“On the one hand, you’re happy because you’re fighting environmental crimes again,” said Felipe Finger, the head of Brazil’s environmental special forces team, who led the operation at the tin mine. “On the other hand, it’s sad, because it’s been four years since the forest began bleeding — and it bled a lot.”

The government is fighting a literal gold rush. Thousands of prospectors have invaded the land for gold and other precious metals, with a productive dig site yielding roughly 11 pounds of pure gold a week, or about $300,000 on the local black market. Researchers estimate that there are hundreds of active mines in Yanomami land.

For their part, the Yanomamis at the mine had never heard of Mr. Lula or Mr. Bolsonaro, but they were clear that the miners had brought hardship. “People is hungry,” the Yanomami man said, as Mr. Finger lit the rumbling pumps on fire.

Nearby, other agents were searching the miners’ shelter, a wood-plank cabin with a refrigerator, stove and two satellite-internet dishes from Brazil’s state telecom company. (Agents had recently discovered other miners using devices from Starlink, a satellite-internet service run by Elon Musk.)

At the cabin, they also discovered a miner who had lingered too long.

Edmilson Dias said he had been working at the mine for two months, originally arriving via helicopter, and made $1,000 a week. Now he was sitting on a stump, his hands behind his back, two camouflaged agents with long rifles at his side.

Yet he remained defiant.

“To tell you the truth, I’ll leave here and go to another mine,” he said, saying the money was too good to stop.

It underscored that the government and Yanomamis’ fight against the miners had only just begun.

“Mining is a fever,” he said. “You can’t end it.”

‘Worse Than It Ever Was’

Instead of months, the Yanomamis count moons, and instead of years, they track the harvests of the pupunha fruit. Evidence suggests they have lived in the Amazon for thousands of harvests. And unlike many other Indigenous groups, their way of life still bears some resemblance to that of their ancestors.

Across 370 remote forest villages, multiple families share large domed huts, but tend their own plots of cassava, bananas and papaya. The men hunt and the women farm. And they do not interact much with the outside world.

Their first sustained contact with white people, American missionaries, came in the 1960s. Shortly after, more Brazilians arrived, carried deeper into the Amazon by new roads and an appetite for gold. With contact came new diseases, and thousands of Yanomamis died.

Things got worse in the 1980s when a gold rush brought more illness and violence. In response, in 1992, the Brazilian government protected about 37,000 square miles of the forest along the border with Venezuela for the Yanomamis, creating Brazil’s largest Indigenous territory, an expanse larger than Portugal.

But by 2018, as Mr. Bolsonaro ran for president, prospectors were already rushing in again, driven by rising gold prices. Illegal mining soared — and Mr. Bolsonaro’s administration largely watched.

“In the last four years, we have seen apathy, perhaps intentional,” said Alisson Marugal, a federal prosecutor investigating the Bolsonaro administration’s handling of the Yanomami territory. “They failed to act, aware that they were allowing a humanitarian crisis to happen.”

Mr. Marugal’s office accuses Mr. Bolsonaro’s government of weakening the Indigenous health care system, exacerbating the crisis. Health workers were sometimes blocked from buying food for the Yanomamis, his office said in a complaint in November 2021. The government had previously decided it should provide 23 doctors for the Yanomamis, but by late 2021, there were 12.

Mr. Bolsonaro has said his government carried out 20 operations to aid Indigenous groups, helping 449,000 people. “Never has a government given so much attention and means to the Indigenous people as Jair Bolsonaro,” he wrote on Twitter in January.

Today, the plight of many Yanomami children is unmistakable: They are starving. Their skeletons are visible through their skin, their faces gaunt and their bellies swollen, a telltale sign of malnourishment. A recent government study found that 80 percent of Yanomami children were below average height and 50 percent were underweight.

Dr. Paulo Basta, a government physician who has studied the Yanomamis for 25 years, said malnutrition among Yanomami children “is worse than it ever was.’’

During the Bolsonaro administration, 570 Yanomami children died of avoidable causes, such as malnutrition, diarrhea, pneumonia and malaria, up from 441 in the previous four years, according to data compiled by a Brazilian environmental-news site, Sumaúma. (The government has not kept consistent, accurate records.)

Scientists and researchers say the health crisis has a clear cause. The mining clears trees, disrupts waterways and transforms the landscape, scaring away prey and hurting crops. The mines’ standing water breeds mosquitoes, which help spread malaria that the miners bring in from the cities. The disease had once been largely rooted out among the Yanomamis. In recent years, virtually every member of the tribe has had it. And then there is the mercury seeping into the ground and the rivers.

At a children’s hospital in Boa Vista, Brazil, a city outside the Yanomami territory, Yanomami families crowded into a room with 12 hammocks strung from the ceiling. Some children were being treated for severe malnourishment, others for malaria.

A young mother in a hammock breastfed her 8-month-old daughter, who weighed just six pounds. The girl was receiving a blood transfusion and a feeding tube. Crops in the village were failing, her father said. “It’s difficult to get them to sprout,” a translator relayed. “He said he doesn’t know why.”

Source: https://dnyuz.com/2023/03/25/the-amazons-largest-isolated-tribe-is-dying/

Making Millions In Business Requires The Right Mindset

Mahisha Dellinger
Mahisha Dellinger, founder and CEO of CURLS L.L.C. KUAWAUNE BURTON PHOTOGRAPHY

Many know Mahisha Dellinger, founder and CEO of CURLS, for dominating in the hair care industry. What they might not know is how she has been able to maintain her staying power for 20 years when most businesses fail within the first two. Dellinger doesn’t solely attribute her success to hard work as a leading businesswoman. She will tell you that building a millionaire’s mindset is key. Dellinger also often shares, “To whom much is given, much is required.” Her willingness to give back in the form of mentorship, sage advice, and business coaching are what make her wealthy – in addition to being a loving wife and mother.

Since launching in 2002, CURLS’ mission has been to provide natural hair care solutions for its customers. Over the years, Dellinger and her team have continued to align themselves with that mission resulting in CURLS products being sold at Target, Walmart, CVS, Amazon, and other major beauty retailers. So, how has Dellinger been able to make millions after starting her business with $30,000 in personal savings two decades ago and stay on the shelves?

She has a concrete business plan, continues to learn, and makes strategic business decisions.

There’s No Way Around Creating A Business Plan

When many entrepreneurs and business owners can become millionaires overnight selling products or services in the e-commerce space or on social media, it is essential not to skip the foundational step of creating a business plan.

When forming a business plan, Dellinger says,” Entrepreneurs should focus on ‘The Four P’s of Marketing: Product, Price, Placement, and Promotions. You also need to know your competition and exactly who you’re going against in the market. That has to be part of your marketing plan, as well.”

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