Money
Chinese companies file class-action against Amazon
Amazon is again in the firing line, after several Chinese companies filed a class-action against the major eCommerce retailer
The organisations filed the class-action complaint against Amazon for banning them from the Amazon marketplace over their use of paid reviews, a new complaint filed on September 13th claims.
Over the course of the past year, the online retailing giant has cracked down on companies soliciting paid reviews on its platform, with reports that it has now permanently banned 600 Chinese brands across 3,000 seller accounts.
The companies listed in the complaint include those trading as Sopownic, Slaouwo, Deyixun, Cstech, Recoo Direct, Angelbliss, and Tudi.
Each organisation is seeking “recovery of funds that are being illegally and improperly withheld by Amazon” and are filing the class action to “stop any further misappropriation and misuse of funds that are legally and rightfully due to thousands of Amazon sellers and merchants.”
The US-based online retailer has a strict policy which bans “incentivised reviews,” which was enacted in 2016.
The companies don’t deny that they violated Amazon’s policy
But the businesses main problem is that Amazon is withholding “several hundred dollars to hundreds of thousands of dollars” of their claimed earnings.
Amazon’s Services Business Solutions Agreement, which covers Fulfilment by Amazon businesses like the ones these Chinese companies operated, is pretty clear that Amazon reserves “sole discretion” in deciding whether or not to permanently withhold funds if a company violates its policies.
The companies’ counterargument?
Amazon is in charge of distribution in an FBA arrangement, so it should’ve been aware the companies were offering gift cards to customers that left positive reviews. The Verge has asked Amazon for comment and will update if we hear more.
Money
U.S. jobs report, Fed decisions, and Japan’s economic risks explained
January US jobs report sparks uncertainty; analysts debate impact on Federal Reserve policy and market confidence.
January US jobs report sparks uncertainty; analysts debate impact on Federal Reserve policy and market confidence.
The January US jobs report shows a mixed picture for the economy, with payroll revisions and steady unemployment leaving analysts questioning the impact on Federal Reserve policy. We break down what the numbers mean for interest rates and market confidence.
US stock markets could face turbulence as investors digest the latest jobs data. David Scutt from StoneX explains how these figures may influence equities and what the outlook is for global markets.
Meanwhile, developments in Japan and a strengthening yen could spark new macroeconomic risks. From carry trades to unexpected shocks, we explore how these factors ripple across the global economy.
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#USJobsReport #FederalReserve #StockMarket #MacroRisks #JapanEconomy #GlobalMarkets #CurrencyTrading #EconomicUpdate
Money
Alphabet launches $20B bond to fund AI expansion
Alphabet’s $20B bond offering highlights investor confidence in AI growth, enabling funding without shareholder dilution.
Alphabet’s $20B bond offering highlights investor confidence in AI growth, enabling funding without shareholder dilution.
Alphabet has launched a record $20 billion bond offering to finance its massive AI infrastructure build-out, signalling strong investor confidence in the company’s growth strategy. The oversubscribed sale shows that investors are betting on Alphabet’s AI potential and long-term returns.
By using debt instead of equity, Alphabet can raise funds without diluting shareholders. The money will support AI research, advanced computing, and other strategic projects, cementing the company’s leadership in the sector.
Brad Gastwirth from Circular Technologies explains how corporate debt is reshaping tech financing and how investors perceive AI-linked bonds. This record issuance could set a trend for other tech companies looking to fund innovation.
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Money
AI tax tool sparks market turmoil for financial firms
Major financial firms’ stocks fell sharply after an AI tax tool launch, raising investor fears of disruption in advisory services.
Major financial firms’ stocks fell sharply after an AI tax tool launch, raising investor fears of disruption in advisory services.
Shares of major financial services firms tumbled after the launch of a new AI-powered tax planning tool. LPL Financial dropped nearly 11%, while Charles Schwab and Raymond James Financial fell more than 9%, signalling investor concern over AI disrupting traditional advisory services.
Morgan Stanley also saw a 4% decline as fears grow that AI could replace some of the most profitable offerings of established firms. Earlier this year, the introduction of other AI models already caused turbulence in software stocks, suggesting this could be a broader trend affecting multiple sectors.
The iShares U.S. Broker-Dealers and Securities ETF was down 4% on Tuesday, reflecting the market-wide uncertainty surrounding AI adoption in finance. Investors are closely watching whether AI will complement or cannibalise the industry’s core services.
#AIImpact #WallStreet #FinancialMarkets #InvestingNews #MorganStanley #CharlesSchwab #RaymondJames #FinTech
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