Alibaba shares jump after record $2.8bn anti-monopoly fine

E-commerce firm feels penalty by Chinese regulators means focus on company is at an end

Shares in Alibaba surged on Monday after the e-commerce company said that a record $2.8bn fine handed down by Chinese regulators marked the end of an investigation into anti-competitive practices at the company.

Top executives at the company, founded by the billionaire Jack Ma, told investors that while Chinese regulators continued a wider investigation into the sprawling conglomerates in the country’s tech industry, they believed the multibillion dollar fine announced at the weekend marked the end of the focus on Alibaba. The company is listed in Hong Kong and its shares climbed as much as 9% on the management’s comments.

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Leaked memo shows Amazon knows delivery drivers resort to urinating in bottles

Documents provided to the Intercept published after the company denied reports delivery workers lack access to bathrooms

Amazon caused an uproar on Thursday when it denied reports that its delivery workers have been forced to urinate in bottles due to lack of access to bathrooms, but a leaked internal memo shows the company has been aware of the problem for at least several months.

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Can anyone become an NFT collector? I tried it to find out

This year non-fungible tokens burst into the mainstream after several digital images and animations sold for absurd amounts – so I entered the world of NFTs myself

For years, I’ve kept an ever-growing record of interesting pictures I discover online in a folder entitled Images on my desktop: a fox sauntering through an art gallery; a pixelated rendering of a Tokyo streetscape; Jon Bon Jovi doing yoga. They’re sentimental reminders of things I’ve seen online, but I am under no illusion that I somehow own these images. They come from the internet and can be copied, shared and experienced by many people all at once. My collection really is worthless to anyone but me.

Related: Art, amulets and cryptokitties: the new frontier of cryptocurrencies

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Italians urged to boycott Amazon to support day of strikes

About 40,000 logistical workers hold national walkout over working conditions

Italian consumers were urged by unions to refrain from buying from Amazon for the day on Monday as about 40,000 of the online shopping giant’s logistical workers held a national strike over working conditions.

It is the first walkout in Italy to affect Amazon’s entire supply chain and involves warehouse and logistical hub workers as well as drivers provided by third-party services.

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What is cryptoart, how much does it cost and can you hang it on your wall?

When is a meme worth $600,000? When technology has created a ‘unique’ version that can’t be owned by anyone else

Pat, I keep hearing references to cryptoart which are all very … cryptic. What is this thing?

Hey Lucy! So you might have heard of it in context of the $US600,000 Nyan Cat gif or the more recent Kings of Leon NFT Album, both of which are examples of cryptoart. Cryptoart is a way of making digital art unique, and therefore – according to some people – valuable. Normally, digital art is very easy to replicate due to the very nature of digital information. So cryptoart is a way of making digital files one-of-a-kind.

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Nvidia’s new gaming software puts brakes on mining cryptocurrency

Artificial constraint highlights struggle to keep up with demand from cryptocurrency miners

The newest graphics cards from the gaming processor designer Nvidia will be artificially constrained in their ability to mine cryptocurrencies, the company has announced, as it desperately tries to manage a year-long inability to satisfy demand.

The RTX 3060, a high-powered PC peripheral designed to let gamers get the best performance from their machines, will ship with software that makes it half as effective at mining the cryptocurrency Ethereum as it could be.

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Open sesame: Alibaba’s push into Europe a mixed blessing for Liège

Apart from the pollution, there are concerns the Chinese firm’s new airport hub may not revive the fortunes of the Belgian region

Braving an ominously grey sky, Ine Brants, 33, perches precariously at the top of a stepladder at Liège airport’s perimeter fence. “Ah, the green queen,” she says, raising the long lens of her camera to Challenge Airlines’ green-liveried jumbo jet as it flies into view. “You can get a 747 rush hour here. It has definitely got busier since coronavirus.”

Brants’ lens is capturing the Alibaba effect. Quietly over the last three years, Liège, Belgium’s third largest city, has been transformed into a launchpad for the Chinese e-commerce group’s push into the European marketplace, a dynamic boosted by the coronavirus pandemic. It is a cause for celebration for some and worry for others.

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Are share-trading apps a safe way to play the markets?

After investors caused havoc on the markets last week in a battle over the shares of a video-game chain, we explore the promise and pitfalls of the apps they used

A year ago shares in struggling US video game store GameStop were worth just $3.25 a pop, yet at the end of last month they had reached $482. This stupendous surge was created by thousands of armchair traders, organising themselves on internet forums such as Reddit, who were attempting to outwit hedge funds who had placed massive bets on the chain’s decline in a process known as short-selling.

This has resulted in billion-dollar losses for some hedge funds, and big profits for traders who cashed out before the stock fell back to less than $100. Many of these speculators were using a new generation of share-trading apps, such as eToro, Robinhood and Trading 212. Have these services tipped the scales of financial power in favour of the little guy? Here we answer some key questions …

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Is big tech now just too big to stomach?

The Covid crisis has turbo-charged profits and share prices. But are the big six now too powerful for regulators to ignore?

The coronavirus pandemic has wrought economic disruption on a global scale, but one sector has marched on throughout the chaos: big tech.

Further evidence of the industry’s relentless progress has come in recent weeks with the news that Apple and Amazon both raked in sales of $100bn (£72bn) over the past three months – 25% more than Tesco brings in over a full year.

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The unbearable banality of Jeff Bezos

The Amazon founder’s relentless quest for ‘customer ecstasy’ made him one of the world’s richest people – now he’s looking to the unlimited resources of space. Is he the genius our age of consumerism deserves?

The first thing I ever bought on Amazon was an edutainment DVD for babies. I don’t recall making the purchase, but the data is unequivocal on this point: on 14 November 2004, I bought Baby Einstein: Baby Noah – Animal Expedition for the sum of £7.85. My nearest guess is that I got it as a Christmas present for my nephew, who would at that point have been one year old, and at the very peak of his interest in finger-puppet animals who cavort to xylophone arrangements of Beethoven. This was swiftly followed by three more DVD purchases I have no memory of making. Strangely, I bought nothing at all from Amazon the following year, and then, in 2006, I embarked on a PhD and started ramping up my acquisition of the sort of books that were not easily to be found in brick-and-mortar establishments. Dry treatises on psychoanalysis. Obscure narrative theory texts. The occasional poetry collection. Everything ever published by the American novelist Nicholson Baker.

I know these things because I recently spent a desultory morning clicking through all 16 years of my Amazon purchase history. Seeing all those hundreds of items bought and delivered, many of them long since forgotten, was a vaguely melancholy experience. I experienced an estranged recognition, as if reading an avant-garde biography of myself, ghost-written by an algorithm. From the bare facts of the things I once bought, I began to reconstruct where I was in life, and what I was doing at the time, and what I was (or wanted to be) interested in. And yet an essential mystery endured. What kind of person purchases within the space of a few days, as I did in August of 2012, a Le Creuset non-stick crepe pan, three blue and white herringbone tea-towels, and a 700-odd page biography of the Marxist philosopher Theodor Adorno? (The tea-towels are still in use, and so is the crepe pan, while the 700-plus page Adorno biography remains, inevitably, unread.) Perhaps the answer is as simple as: a person with an Amazon account.

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Bezos leaves Amazon in its prime – keeping it that way is the task

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.

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The tyranny of passwords – is it time for a rethink?

They are elusive, infuriating gatekeepers that rule our lives. Easy to crack and hard to remember, forgetting them is pricey – it cost Stefan Thomas £160m in lost bitcoin

Modern life is the act of entering the third character of a long-dead family pet into an online form three times a week, getting it wrong, and speaking to a call-centre worker in India whose real name is almost certainly not Kenny, ad infinitum, until you die. Our ancestors lived short, brutish lives and died in childbirth, or were gored to death on the battlefield, but at least they didn’t have passwords, and that’s something.

The tyranny of passwords; it colonises modern life. These petty dictators deny us access to our bank accounts, our baby photos, our phone contracts, even our heating. They reproduce as endlessly as bacteria, and yet, like Tupperware lids, you can never find the one you need. They are our boyfriends, our girlfriends, our children, our pets. A talented and motivated adversary could probably work yours out in the time it has taken you to read this paragraph.

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Mighty Amazon looks all but unassailable as Covid continues

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.

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The strange case of Alibaba’s Jack Ma and his three-month vanishing act

The ebullient tech tycoon embarrassed China’s leaders and went missing. Now he’s back, but seems far less outspoken

Wearing burgundy lipstick and a long peroxide wig, the diminutive entrepreneur who would soon become China’s richest man took to the stage and belted out Can You Feel the Love Tonight? from Disney’s The Lion King.

Jack Ma, chief executive of e-commerce giant Alibaba, had earned the right to make a spectacle of himself. On that day in September 2009, in front of 16,000 adoring employees packed into Hangzhou’s Yellow Dragon stadium, the eccentric but iron-willed former English teacher was celebrating. He had built a bona fide tech champion, China’s answer to Amazon, eBay and PayPal rolled into one.

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Amazon.com and ‘Big Five’ publishers accused of ebook price-fixing

Class action lawsuit filed in US claims the houses have colluded with the online giant to keep prices artificially high

Amazon.com and the “Big Five” publishers – Penguin Random House, Hachette, HarperCollins, Macmillan and Simon & Schuster – have been accused of colluding to fix ebook prices, in a class action filed by the law firm that successfully sued Apple and the Big Five on the same charge 10 years ago.

The lawsuit, filed in district court in New York on Thursday by Seattle firm Hagens Berman, on behalf of consumers in several US states, names the retail giant as the sole defendant but labels the publishers “co-conspirators”. It alleges Amazon and the publishers use a clause known as “Most Favored Nations” (MFN) to keep ebook prices artificially high, by agreeing to price restraints that force consumers to pay more for ebooks purchased on retail platforms that are not Amazon.com.

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Bitcoin hits record high on 12th anniversary of its creation

Cryptocurrency passes $30,000 as financial institutions express growing interest

Bitcoin has surged to a record high amid rising interest from investors and claims that the volatile cryptocurrency is on the way to becoming a mainstream payment method.

Having quadrupled in value during 2020, bitcoin began 2021 strongly by breaking through the $30,000 (£22,000) mark for the first time, less than three weeks after first trading above $20,000.

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Ten billionaires reap $400bn boost to wealth during pandemic

Covid-19 pushed many into poverty but brought huge benefits for some of the wealthiest, renewing calls for fairer taxes

Ten of the richest people in the world have boosted their already vast wealth by more than $400bn (£296bn) since the coronavirus pandemic began as their businesses were boosted by lockdowns and financial crises across the globe.

The extra wealth accumulated by the 10 men – approximately $450bn, using Forbes figures – over the past nine months is more than the £284bn the British government is estimated to have spent on tackling the pandemic and the economic damage it has wrought on its 66 million people.

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Not Amazon: Canadian website takes on the online giant

Ali Haberstroh’s directory lists nearly 4,000 independent businesses in Toronto, Halifax, Calgary and Vancouver

In cities and towns around the world, darkened shopfronts and shuttered businesses have become an all-too-familiar symptom of the economic collapse triggered by the coronavirus pandemic.

But while small businesses and local retailers struggle with lockdowns and restrictions, e-commerce giants like Amazon have raked in billions in new profits.

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How Amazon became a pandemic giant – and why that could be a threat to us all

Online retail grew massively in lockdown, and Amazon reaped huge profits. But where is the company’s relentless innovation and automation heading – and is it time to clip its wings?

For the last year, Anna (not her real name) has been working as an Amazon “associate”, in the kind of vast warehouse the company calls a fulfilment centre. For £10.50 an hour, she works four days a week, though, during busy periods, this sometimes goes up to five. Her shift begins at 7.15am and ends at 5.45pm. “When I get home,” she says, “it’s about 6.30. And I just go in, take a shower and go to bed. I’m always exhausted.”

Anna is a picker in one of the company’s most technologically advanced workplaces, in the south of England. This means she works in a metal enclosure in front of a screen that flashes up images of the products she has to put in the “totes” destined for the part of the warehouse where customer orders are made ready for posting out. Everything from DVDs to gardening equipment is brought to her by robot “drives”: squat, droid-like devices that endlessly lift “pods” tall fabric towers full of pockets that contain everything from DVDs to toys – and then speed them to the pickers.

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‘This is revolutionary’: new online bookshop unites indies to rival Amazon

Bookshop.org, which launched in the US earlier this year, has accelerated UK plans and goes online this week in partnership with more than 130 shops

It is being described as a “revolutionary moment in the history of bookselling”: a socially conscious alternative to Amazon that allows readers to buy books online while supporting their local independent bookseller. And after a hugely successful launch in the US, it is open in the UK from today.

Bookshop was dreamed up by the writer and co-founder of Literary Hub, Andy Hunter. It allows independent bookshops to create their own virtual shopfront on the site, with the stores receiving the full profit margin – 30% of the cover price – from each sale. All customer service and shipping are handled by Bookshop and its distributor partners, with titles offered at a small discount and delivered within two to three days.

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