Money
Jeff Bezos resigns: will new CEO Andy Jassy jazz things up at Amazon?
Today, Andy Jassy will take over as the CEO of Amazon from billionaire Jeff Bezos. Here’s everything you need to know about the CEO shakeup.
Today Jeff Bezo officially steps down as Amazon CEO on the company’s 27th birthday. Former cloud-computing boss Andy Jassy will take over the top spot. Bezos isn’t leaving Amazon behind though — he’ll transition to executive chairman of Amazon’s board after the shakeup.
The move comes at a critical time for the world’s largest online retailer, which is facing growing demands for regulatory action to control its global market dominance.
Who is Andy Jassy?
Jassy has been working at Amazon for 24 years as Bezos’ shadow and second-hand-man.
Dan Ives, another analyst at Wedbush, described Jassy as “one of the most powerful leaders, not just within the cloud and tech sector but in the world of business”.
The brains behind Amazon Web Services
Amazon’s move into cloud storage was Jassy’s idea. In the early 2000s, he identified that internal cloud storage would be a much faster way of sharing large amounts of information. Other companies eventually picked up this internal cloud network idea.
“I don’t think any of us had the audacity to predict it would grow as big or as fast as it has,” Jassy has said of AWS.
The new CEO doesn’t shy away from taking a political stance
Jassy has show himself to be more prepared than former CEO Bezos to take a political and social stance. After the death of Breanna Taylor, he Tweeted that the US can’t let the death “go with no accountability”.
“If you don’t hold police depts accountable for murdering black people, we will never have justice and change, or be the country we aspire (and claim) to be,” he Tweeted.
Aside from issues on race, he’s also spoken out about the persecution of LGBTIQ+ people and mass incarciration in the US.
“It’s nuts that the US has 5% of the world’s population and 25% of the imprisoned population,” he also said on Twitter. “And, the racial bias with which this incarceration is happening is awful.”
What will the CEO shakeup mean for shareholders?
As the world locked down amid the Covid-19 pandemic in 2020, Amazon’s sales soared by 38% to a record $386bn. So, shareholders shouldn’t be complaining too much.
How much does it pay to be the CEO of Amazon?
The company will award Jassy 61,000 shares, which is currently worth more than $US200 million. Amazon will pay out the shares over the next 10 years.
With a salary of $US175,000, these stocks are where the real money is at for Jassy. However, the salary is also substantially more generous than Bezos’ base salary of $US81,840. Of course, the founder’s outsized stake in Amazon has made him the richest person in the world.
Former CEO set to go to space
This comes after Bezos announced he would be going to space with his other company, Blue Origin.
Money
Stocks rally ahead of Thanksgiving as markets log four days of gains
Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.
Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.
Markets are moving into the Thanksgiving break with strong momentum, as stocks notch four straight days of gains. The Dow Jones Industrial Average jumped 388 points, while the S&P 500 added 0.9%, pushing both indexes toward their best week since June.
Oracle led major movers, rising more than 4% after Deutsche Bank reaffirmed its bullish outlook on the tech giant. Broad investor optimism continues building across sectors as economic data softens and earnings remain resilient.
All eyes are now on the Federal Reserve and what potential shifts in interest-rate policy may mean for the markets. U.S. markets will close Thursday for the Thanksgiving holiday and reopen Friday for a shortened trading session.
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Money
Dow surges 500 points amid rate cut optimism
Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism
Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism
– Dow Jones rose 569 points, reflecting optimism for a Federal Reserve interest rate cut.
– Alphabet’s stock increased as Meta may invest in AI chips, but Nvidia’s declined amid market concerns.
Markets anticipate an 85% chance of a quarter-point rate cut in December, driven by comments from New York Fed President John Williams, who indicated the possibility of lower rates soon. Investor sentiment strengthened following reports that Kevin Hassett may be appointed as the next Fed chair, potentially resulting in a more lenient monetary policy.
Tech Sector
Alphabet saw its stock rise by over 1% after reports indicated that Meta Platforms might invest in its AI chips. This could signal increased demand for AI technology, benefiting the sector overall. However, Nvidia’s stock fell more than 3%, suggesting concerns about its dominance in the AI chip market.
Investors are also wary of the valuation of tech stocks. Despite recent gains, the S&P 500 and Nasdaq remain down over 1% and 3%, respectively, for November, while the Dow has lost more than 1% this month. The broader market’s performance indicates ongoing scrutiny regarding tech valuations amid changing economic expectations.
Money
Gold prices surge as Central Banks buy big, but risks grow ahead
Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.
Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.
Gold prices are climbing fast as central banks ramp up buying, pushing demand to its highest levels in years. The metal’s reputation as a safe haven is strengthening, especially amid rising geopolitical tensions and global financial uncertainty.
But experts warn the shine could fade. A stronger US dollar and the possibility of rising interest rates may weigh on momentum, making investors question how long the rally can last.
Dr Steven Enticott from CIA Tax breaks down the drivers behind gold’s surge—from ETF inflows to physical bar demand—and what could send the price sharply higher… or lower.
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