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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.

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Why the meme-stock frenzy is unlikely to repeat

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GME shares surge 74%, but experts stress a meme-stock frenzy resurgence is unlikely due to fundamental differences in the company’s financial situation.

Australia’s budget unveils a second consecutive surplus of A$9.3 billion, prioritising the critical minerals industry and green energy initiatives to reduce reliance on Chinese supply.

Also, GameStop shares have surged 74%, but experts caution against expecting a repeat of the 2021 meme-stock frenzy. #featured #trending

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Why are airlines after the Biden Administration?

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Major airlines are taking legal action against the Biden administration over a newly implemented rule requiring them to disclose fees upfront.

On this episode of Hot Shots – Major airlines are suing the Biden Administration, AI-piloted fighter jets, SpaceX faces funding challenges, and Apple receives crushing feedback.

Ticker’s Ahron Young & Veronica Dudo discuss. #featured #trending

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The mounting pressure on Government spends

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Questions abound regarding the factors fueling this inflation surge in Australia and whether it correlates with the escalating government expenditures.

Concerns extend to how Chalmers navigates the mounting pressure amid discrepancies in spending allocations.

Moreover, as Australians grapple with the reality of rising living costs, the feasibility of cutting spending becomes a pressing issue. Additionally, amidst economic uncertainties, individuals seek guidance on managing stock market risks effectively. #Featured #Trending

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