‘Amazon destroyed US retail industry’: US Treasury Secy slams Jeff Bezos Posted on 26th July 2019 |
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| While Jeff Bezos’ Amazon, along with other big technology firms, faces regulatory scrutiny in the US and antitrust investigation in the European Union, the e-commerce giant has found another critic in American Treasury Secretary, who accused it of ruining the country’s retail industry. “If you look at Amazon, though there are certain benefits to it, they have destroyed the retail industry across the United States. So, there is no question that they have limited competition,” US Treasury Secretary Steven Mnuchin said in an interview to CNBC TV’s Squawk Box. Steven Mnuchin also alleged that Amazon has hurt small businesses. “I think it is absolutely right that the Attorney General is looking into these issues and I look forward to listening to his recommendations to the President,” he added. One of the most valuable companies in the world, Amazon had recently gotten under the European Union scanner and the Union started a probe against the company. The European Union is investigating if Amazon is using sales data to gain an advantage over other sellers on the marketplace platform. The Union will also probe whether the e-commerce platform is abusing its dual role as a retailer of its own products and marketplace operator. Amazon sells several products on the platform from its in-house brands. Solimo is one such brand. Questions have also been raised regarding Amazon’s policy of using data in choosing which retailer to showcase or link for its “Buy Box” button, according to media reports. Meanwhile, Amazon has said that it will “cooperate fully with the European Commission and continue working hard to support businesses of all sizes and help them grow”, according to US media reports. Meanwhile, in India, Amazon and other e-commerce sites have also been drawing ire from several industry bodies, which had red-flagged Amazon’s conduct in the market. When the EU investigation on Amazon started in July 2019, Indian trade body Confederation of All India Traders cheered the same and called it a welcome move. CAIT’S General Secretary had also said then that the opening investigation by EU endorses the complaints of CAIT. CAIT had been vocal in the past as well, critiquing Amazon and other e-commerce platforms for abusing FDI policy and also accused them of distorting the market by predatory pricing. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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