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Jeff Bezos accused of ‘lying’ to Congress

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Executives at Amazon, including the company’s founder Jeff Bezos, may have misled or lied to Congress about the firm’s business practices

According to top US lawmakers, the eCommerce giant executives may have forged the company’s business practices after presenting them to Congress. The members of the House Judiciary Committee now say they are considering referring Amazon “for criminal investigation”.

The claims follow an investigation by Reuters that stated Amazon copied products and rigged its search results in India to boost sales of its own brands .

Amazon strongly denies the allegations.

“Amazon and its executives did not mislead the committee, and we have denied and sought to correct the record on the inaccurate media articles in question,”

a spokesperson said.

On Monday, five members of the US House Judiciary Committee wrote to Amazon boss Andy Jassy, who took the top job from Jeff Bezos in July.

The lawmakers said “credible reporting” by Reuters and recent articles in other news outlets “directly contradicts the sworn testimony and representations of Amazon’s top executives – including former CEO Jeffrey Bezos”.

Investigations continue into Amazon

Since 2019, the House Judiciary Committee has been investigating competition in digital markets, including how Amazon uses third party seller data from its platform.

In sworn testimony before the Judiciary Committee’s anti-trust subcommittee in 2020, Jeff Bezos stated that Amazon “forbids” employees using data on individual sellers to benefit Amazon’s own-brand product lines.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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Falling in love with stocks with Nick Quinn

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On this week’s episode of Talk Ya Book, Chris Judd is joined by Spatium Capital’s Nick Quinn to discuss the why investors fall in love with stocks, when to sell and why three of his choices are performing strongly.

Proudly presented by Honan.

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Bank battering sees mess start to clean up

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What will the future of the banking sector look like?

 
The once-mighty banking sector has taken a battering over the past month.

From two U.S. banks closing down, to one in Switzerland merging with its biggest rival, the sector has sent shockwaves throughout financial markets around the world.

And another European Bank could be following suit.

But, what will the future of the industry start to look like, once the mess has been cleaned up?

Founder and CEO of Umee, Brent Xu, joined us to discuss.

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Disney to axe 7,000 jobs

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The Mouse House will deliver two rounds of layoffs

Disney has announced it will begin to axe 7,000 jobs, as it seeks to control costs and create a more “streamlined” business.

Several major divisions of the company, including Disney Entertainment, Disney Parks, Experiences and Products, and corporate, will be impacted.

Disney will begin notifying the first group of employees who are impacted by the workforce reductions over the next few days.

A second, larger round of job cuts will happen in April, with several thousand more staff reductions.

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