Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
Analysis: Running the online retailer should be a dream job, but where and how to grow will challenge Andy Jassy
A pain-free departure of a visionary founder is a difficult trick to pull off for any business. The stakes are even higher for a company the size of Amazon, as Jeff Bezos steps back from his day-to-day management role.
The decision by Bezos, 57, to quit as chief executive later this year took analysts by surprise, but the first step has already gone smoothly, with Andy Jassy appointed as his successor without any public power struggle.
Called on to lead Italy’s government in crisis, the former central banker will need all the skills he honed saving the European currency
“Whatever it takes.” Three simple words that tamed the financial markets, saved the euro from possible collapse and turned Mario Draghi from an Italian technocrat into the central banker of his generation.
And an obvious choice to head a new coalition government in Rome at a time when the country is facing the triple whammy of Covid-19, economic collapse and political chaos.
Yes, Craig Kelly has spoken to the prime minister this morning.
Scott Morrison made clear he doesn’t support the Liberal MP’s views and actions and asked him to refrain from pushing views contrary to medical advice, because they are negatively impacting the government’s vaccine strategy.
NSW has also recorded no new locally acquired cases in the past 24 hours, which makes 17 days with no local cases.
Two people in hotel quarantine have tested positive.
NSW Health continues to urge people across the state, particularly in the Liverpool area, to come forward for testing with even the mildest of symptoms that could signal Covid-19, such as a runny nose or scratchy throat. After testing, you must remain in isolation until a negative result is received.
The state’s ongoing sewage surveillance program has detected the virus that causes Covid-19 at the Ireland Park sewage network site, which serves about 88,000 people in the Liverpool catchment in south western Sydney.
Only 94,000 properties built in first nine months of 2020, well below the 300,000 a year promised
Covid-19 has knocked the government further off course from its housebuilding targets, a study has revealed, with only 94,000 new homes built during the first nine months of 2020.
The first wave of coronavirus led to the temporary closure of construction sites last spring, leaving output well below the 300,000 new homes a year which the Conservatives pledged in their manifesto, according to research by the Resolution Foundation thinktank.
The struggling Texas-based video game store chain has been the focal point of a battle by small traders, using forums such as Reddit, to punish Wall Street hedge funds that have bet on certain stocks falling in value. GameStop shares hit a high of $482 last Thursday but slumped to $80 shortly after the market opened. They recovered to $117 by mid-session, but closed down 60% at $90.
I have been obsessed with the sugar-free soda since I was four, spending £500 a year on up to seven cans a day. This is what happened when I tried to quit
The greatest love story of my life has been with a carbonated beverage.
I can’t remember a time when I wasn’t addicted to Diet Coke. Some memories: I am sitting at the kitchen table at my grandmother’s house in northern Cyprus, screaming because my mother won’t refill my yellow-and-green patterned glass. I am four or five years old. My grandmother looks on, disturbed, as I wail disconsolately. My mother does not give in.
Doctors’ group lashes out at Liberal MP, saying ‘all public figures’ should ‘act responsibly’; Morrison government to face pressure on jobkeeper and jobseeker. Follow all the latest news and updates, live
Ed Husic is also asked about the CFMEU ad that depicts Scott Morrison driving a literal bus (called the omnibus) towards workers, which is meant to illustrate workers being hit by IR changes, and whether it goes too far:
Husic:
Some of the unions, or some people will try and characterise it in that way, and whether or not that works in their favour, to be putting it bluntly, I think there is a genuine concern about what the government’s industrial relations reforms will do, what impact they will have on working people.
When you go through the detail of what they are proposing, they will be seeing the greatest burden placed on working Australians and it’s just wrong. They shouldn’t have cuts to their take-home pay.
Ed Husic is on the ABC this afternoon, where he is asked about the topic of the day – government backbencher Craig Kelly and the government’s leadership refusal to censure him.
Husic:
The prime minister occupies an important place in the country, the words of the prime minister matter, the actions mean even more, and in this case allowing Craig Kelly to just keep rolling on the way he is, to undermine the investment of taxpayer dollars, in information campaigns to embrace the inoculation process, to help us deal with a Covid-19 pandemic that has crippled the economy for the best part of 2020, resulted in 2 million Australians being unemployed or underemployed and the vaccine bringing one way to bring us closer to normal, as it were, this is just wrong, that you could have a government MP being allowed by virtue of inaction by the prime minister for that to continue.
It shouldn’t, and if he did take this matter seriously it would be reined in and it wouldn’t be an issue and you and me wouldn’t be talking about it.
Single malt sales to US have fallen more than third since retaliatory regime was imposed, says industry body
Losses to Scotch whisky exports after tariffs were imposed by the US have reached £500m, according to an industry body.
New figures suggest exports of single malt Scotch whisky have fallen by more than a third – amounting to more than £500m – since a 25% tariff was imposed in October 2019.
Neil Wilson of Markets.com suggests that large investors may also be driving the silver price rally, rather than it simply being caused by retail traders.
He also warns that such speculation is risky, and usually ends badly for some of those who get caught up:
The fact that such a large and liquid market as silver can be targeted by retail investors says much about the shift we are witnessing, though despite appearances this morning it’s going to a lot harder to squeeze silver shorts as the market is so much deeper and more liquid.
We should also note that some bigger smart money may have be front-running this trade to piggyback the rally and further fuelling the move up. (George Soros: “When I see a bubble forming, I rush in to buy, adding fuel to the fire.”)
Allianz’s Mohamed El-Erian has tweeted that GameStop and silver are not the same kind of short squeeze trade (as some WallStreetBets posts have also been pointing out).
El-Erian also cautions that the silver squeeze could undermine the squeeze on hedge funds who shorted GameStop’s shares, as the GME trade depends on keeping retail investors on board (rather than selling to the hedge funds).
.#GameStop and #silver are not the same for those pursuing the short squeeze trade The silver market is much larger; Existing shorts are smaller; Some of the #HedgeFunds that are short #GME are said to be long silver Bottom line: A dissimilar trade that eats away at #GME gains https://t.co/TMfpkr7QDE
The mealworm market is expected to boom after the EU ruled them safe to eat. Insects are a popular food in most countries, so can Europeans get over the yuck factor?
It’s a bit … well, mealy. Dry (because it’s been dried), a little crunchy, not strongly flavoured, neither pleasant nor unpleasant. Salt would probably help, or chilli, lime – something, anything, to spice it up a bit. And definitely a beer, if I was going to consume much more, to help wash it down.
I’m eating mealworms. Dried yellow mealworms, the larvae of the beetle Tenebrio molitor. Why? Because they are nutritious, made up mainly of protein, fat and fibre. Because there are potentially environmental and economic benefits, as they require less feed and produce less waste and carbon dioxide than other sources of animal protein. And because Efsa, the EU food safety agency, has just declared them safe to eat.
Jeff Bezos’s company is set for sales topping $100bn last quarter, and while rivals are nibbling, its position looks secure
The earliest references to the “one-stop shop” emerged during the first decades of 20th century as the fast-growing US economy spurred rapid retail innovation. A single location for various products provides obvious benefits: removing the hassle of travelling around town to visit different stores.
Jeff Bezos redefined that logic for the internet age, making Amazon a dominant (and perhaps ambivalent) force first in selling books, and then in pretty much everything else. Before 2020 Amazon was a phenomenon, but the coronavirus pandemic has made it all but ubiquitous.
Liz Truss to seek to join 11-nation trans-Pacific partnership, whose nearest member is 3,000 miles away
The British government is to formally apply to join a mammoth free-trade pact that includes Australia, Canada, Japan and New Zealand now that it has left the EU.
Liz Truss, the international trade secretary, will ask to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) when she speaks to ministers in Japan and New Zealand on Monday.
The dramatic struggle over video game chain’s shares suggests markets must now contend with a breed of angry, young, networked investors
When Ben, 28, a software engineer from Leeds, bought two shares in US games retailer GameStop for £460, it was for one reason, he says: “When they make the film about this in years to come, I’ll know I was there at the frontline with a bunch of idiots on the internet, trying to bring down Wall Street.”
For Emma Rivers from East Sussex, who invested £1,400 in the same company – having known little about it a few weeks ago – it has all been about sending a message that capitalism has had its day.
App helping to fuel share-buying frenzy allows ‘limited buys’ after a $1bn cash injection to safeguard trades
Shares in companies including videogame retailer GameStop soared again on Friday, as an army of small investors taking aim at Wall Street regained access to amateur share trading platform Robinhood.
The app, weaponised by activist small investors to trap hedge funds in a “short squeeze” that has cost them $20bn on paper by some estimates, had suspended buying of stocks such as GameStop, cinema chain AMC and BlackBerry on Thursday.
Nigerian farmers win claim for compensation in The Hague after 13-year battle
A Dutch court has ordered Shell Nigeria to compensate farmers for major oil spills they say caused widespread pollution.
On Friday an appeals court in The Hague rejected Shell’s argument that the spills were the result of sabotage, saying not enough evidence had been provided.
The Reddit forum is at the center of a war between Wall Street and an army of small investors over the store – and Jaime Rogozinski is still getting to grips with it
Jaime Rogozinski always knew WallStreetBets, the Reddit forum he founded, was part of something big – but even he wasn’t prepared for quite how big.
Commission president says company legally obliged to use UK plants to help deliver on order
Ursula von der Leyen has said it is “crystal clear” that AstraZeneca is bound by its contract to deliver coronavirus vaccine doses produced in the UK to the EU to make up for a shortfall in production in Belgium.
The European commission president dismissed the arguments of AstraZeneca’s chief executive, Pascal Soirot, that the British government had a first claim on doses produced in Oxford and Staffordshire.
Facebook says group, which has 157,000 members, was taken down for allegedly violating policies unrelated to stock price surges
Facebook has taken down the popular Wall Street discussion group, Robinhood Stock Traders, in a move that its founder described as backlash for conversations buoying shares of GameStop Corp and other companies this week.
GameStop, AMC Entertainment Holdings Inc and BlackBerry have been at the centre of a market battle as individual investors coordinating on social media including Reddit, and using trading apps such as Robinhood, bought shares and squeezed hedge funds that had bet that those struggling companies would tank.
You don’t have to be a redditer or a big investor to enjoy these Hollywood blockbusters that double as the perfect educational resource
The GameStop debacle has put the stock market on everyone’s radar this week – even those who rarely pay it any attention. Many are depicting the incident as a David-and-Goliath battle between small investors gathering on Reddit message-boards and Wall Street powerbrokers finding themselves unexpectedly on the back foot at their own game. Billions of dollars are in the balance.
Along with such major news events, though, come the instant internet experts. Let’s face it: most of us understand diddly squat about the stock market and rely on Hollywood to inform us about an industry that it portrays as a place in which, to quote from the tyrannical, fictional Gordan Gekko: “lunch is for wimps”.