Skip to main content

Amazon faces multiple US antitrust probes as the coronavirus cements its dominance in online retail

* Amazon is the subject of two preliminary antitrust probes in California and Washington State. * The probes center on whether Amazon uses its marketplace to give advantage to its own products to the detriment of third-party sellers. * The EU is reportedly gearing up to announce formal charges this month following an investigation into the same allegations. * Visit Business Insider's homepage for more stories. Amazon faces increased competition scrutiny even as the pandemic sends its retail business skyrocketing. Investigators in two US states, California and Washington, are reportedly gearing up to launch antitrust probes into Amazon over whether it uses its marketplace to favor its own products over those of third-party sellers. Questions over Amazon's dual role running a retail platform while selling its own products on that platform are not new, but a Wall Street Journal report from April that Amazon employees were using sales data to develop products for the company thrust them back into the spotlight, and prompted Senator Josh Hawley to request a Department of Justice investigation. In addition to being individually scrutinized, Amazon is being folded into more general national antitrust investigations into big tech. Axios reported Saturday a House tech competition probe has written to the CEOs of Amazon, Apple, Alphabet, and Facebook requesting they testify in July. The letters sent by the committee reportedly contained reminders that subpoenas could be used to compel CEOs to testify and provide documents. Meanwhile the EU is reportedly getting ready to file formal antitrust charges against Amazon following its investigation into similar allegations. Once the charges are filed, the European Commission will rule on them, a process that could take a year and result in a fine of up to 10% of Amazon's annual turnover. These investigations are ramping up and coming to a head as Amazon deals with unprecedented demand. The company made $36.7 billion in net sales in the first quarter of 2020, meaning its fastest e-commerce growth in three years. But Amazon's physical sales aren't the only element of its business model which has been called into question. In a June 11 union meeting, former Amazon exec and engineer Tim Bray said the company should be split up as its cloud computing business accounts for the bulk of its profit, allowing it to prop up the other parts of its business.  SEE ALSO: Amazon's cloud generated over $10 billion in net quarterly sales for the first time ever — up 33% from a year ago Join the conversation about this story » NOW WATCH: A cleaning expert reveals her 3-step method for cleaning your entire home quickly
https://bit.ly/2zDtMqk

Popular posts from this blog

A full breakdown of what channels you get with every Sling TV package, plus all the add-ons

  * Sling is one of the most affordable cord-cutting services on the market, offering two packages —  Orange and Blue — with 30+ channels starting at $30 a month or combined for $45 a month. * Orange offers the Disney Channel and ESPN, while Blue offers a slate of Fox channels, NBC, Bravo, and Discovery. Both Orange and Blue offer CNN, TBS, Food Network, and BBC America. * You can also add on multi-channel packages, like Sports Extras, Kids Extras, or News Extras, starting at $5 a month. Premium add-ons, like Showtime, Starz, and Epix, are also available for an additional monthly charge.  * If you're new to Sling TV, you can receive a free 14-day trial for a limited time. * Here's a complete breakdown of the channels offered on each Sling package.    If you're hoping to get the most bang for your buck once you cut the cord with your cable subscription, Sling is one of the most affordable live streaming services on the market.  The service has two packages with ...
Read more

Here's an exclusive look at the pitch deck London fintech Lanistar used to raise $19 million at a $190 million valuation

* London-based fintech startup Lanistar has raised a £15 million ($19 million) funding round from Milaya Capital.  * Founded in 2019, Lanistar is building a personal financial management platform that will launch later in 2020.  * "We're expecting a huge amount of growth upon our launch and have already seen strong interest among our sign ups," Gurhan Kiziloz, founder and CEO of Lanistar, told Business Insider. * Visit Business Insider's homepage for more stories.  The coronavirus lockdown in the UK has brought the importance of managing money into sharp relief. A recent study from Money.com shows that 71% of UK households have saved cash during lockdown, and, with uncertainty about jobs and the economy looming, money management is now front of mind for many. Lanistar, a banking platform with a focus on personal finance, is one company offering tools for consumers to better manage their money. It has just raised a £15 million ($19 million) funding round from Mil...
Read more

Why an early exec quit unicorn food delivery startup Deliveroo to launch a food business in the middle of a pandemic

* A former Deliveroo exec has launched a market food hall startup in the middle of COVID-19. * Dan Warne was managing director of the unicorn startup until 2019, but has now launched Sessions Market as a community food hall concept to rejuvenate UK towns after the pandemic. * Warne says he hopes to bring his experience from Deliveroo, particularly about customer behavior, to the analogue world of food halls. * The first venue, Shelter Hall on Brighton seafront, launches July 4. * Visit Business Insider's homepage for more stories. On Saturday, the UK's bars, restaurants, and cinemas will fling their doors open to customers for the first time since a strict lockdown commenced in late March. Given continued public health concerns around the coronavirus pandemic, it might be unwise to open a new food business right now. But Dan Warne, a former high-level executive at British unicorn startup Deliveroo, has launched Sessions Market, a series of community-orientated food hal...
Read more