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For the first time in the history of the United States, billionaires had a lower effective tax rate than working-class Americans. Opinion Guest Essay Make Billionaires Pay (Their Taxes)Until recently, it was hard to know just how good the superrich are at avoiding taxes. Let’s agree that billionaires should pay income taxes equivalent to a small portion — say, 2 percent — of their wealth each year. Billionaires who already pay the baseline amount of income tax would have no extra tax to pay. The idea that billionaires should pay a minimum amount of income tax is not a radical idea.

Persons: Emmanuel Saez, Gabriel Zucman, we’ve, Demetrio Guzzardi, Jeff Bezos, Bezos, Berkshire Hathaway, Warren Buffett, Elon Musk, Bernard Arnault, Arnault’s, Arnault, Reagan, Critics, haven’t, Biden Organizations: Government, Social Security, European Economic Association, Institut des Politiques, Economic, Amazon, Elon, Twitter, Shepard, Getty, Trump, Internal, Abaca, New York, Facebook Locations: United States, Netherlands, States Netherlands Italy France, Italy, France, Tesla, LVMH, America, Europe, Sweden, Germany, Switzerland, U.S, Brazil, South Africa, Spain

ImageHERE’S WHAT’S HAPPENINGExxon Mobil strikes an agreement to win regulatory approval of its $60 billion megadeal. Elsewhere, shares in Shell were up after the producer reported $7.7 billion in adjusted quarterly earnings, beating analyst expectations. The U.S. imposes sanctions on Chinese companies over military support for Russia’s war effort. The Biden administration announced on Wednesday nearly 300 sanctions, including on more than a dozen Chinese businesses, aimed at disrupting Moscow’s full-scale invasion of Ukraine. The culprit: pressure on prices, amid growing competition from Eli Lilly’s Zepbound, supply constraints and scrutiny from lawmakers.

Persons: Scott Sheffield, Biden, Janet Yellen, Antony Blinken, Eli Lilly’s Zepbound, James Comer, Comer Organizations: Labor Department, Exxon Mobil, Natural Resources, Wall Street, Novo Nordisk, Republican, European Commission Locations: Shell, U.S, Ukraine, Danish, Kentucky, iRobot

☆ Here's why we're not sweating Amazon’s light second-quarter guidance
▼ + stars: | 2024-05-01 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. "There's a lot of data that's been hot, but we know there's rot underneath," Jim Cramer said, citing Tuesday's weaker-than-expected consumer confidence numbers. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Jerome Powell, Powell, Dupont, Ed Breen, Jim, Estee Lauder, We're, Jim Cramer's Organizations: CNBC, Federal, Fed, Dupont De, DuPont Locations: U.S, Dupont De Nemours

☆ A Utah couple accidentally shipped their cat in a Amazon box to California
▼ + stars: | 2024-04-30 | by ( Sydney Bishop | ) edition.cnn.com time to read: +6 min

A not-so-micro discoveryBack in California, Hunter took her new foster to the vet. Boxed in before a trio of ‘miracles’“The box is Galena’s absolute favorite place to play in, and she’s pretty chill and happy when she’s in a box,” Clark told CNN. Courtesy Carrie ClarkUPS then ferried away the box, Amazon representative Alisa Carroll told CNN. Courtesy Carrie ClarkGalena will likely continue to be a massive box lover – hopefully without again taking off in one. “It’s a really, really easy procedure.

Persons: wasn’t, Brandy Hunter, ”, “, ” Hunter, Carrie Stevens Clark, Carrie Clark, Clark, of Jesus Christ, Hunter, Los Angeles –, ” Clark, Carrie Clark “, hysterically, Carrie, Matt Clark, Matt, ” Carrie Clark, it's, Carrie Clark UPS, Alisa Carroll, ‘, Carrie Clark Eight, “ We’re, Brandy, Galena, ” Amazon’s Carroll, Carrie Clark Galena, he’s Organizations: CNN, of Jesus, Facebook, Galena, Clarks Locations: California, Utah, Lehi , Utah, Galena, Jurupa Valley , California, Los Angeles, Jurupa Valley, crouched, Clark

☆ Amazon’s advertising revenue jumps 24% in first quarter
▼ + stars: | 2024-04-30 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Amazon reported 24% growth in its advertising unit on Tuesday, the latest sign that the digital ad market is continuing its rebound. Ad revenue climbed to $11.8 billion in the first quarter from $9.5 billion a year earlier. Amazon reported $143.3 billion in total revenue for the period, up 13% from a year ago. Alphabet followed on Thursday, reporting ad revenue for the first quarter of $61.66 billion, up 13% from the year prior, with YouTube ad revenue jumping 21% to $8.09 billion. Snap shares rocketed 28% on Friday after the company reported a 21% increase in revenue to $1.19 billion, the strongest growth in two years.

Organizations: Amazon, Meta, YouTube Locations: New York

☆ Amazon Reports $143.3 Billion in Revenue for First Quarter of 2024
▼ + stars: | 2024-04-30 | by ( Karen Weise | ) www.nytimes.com time to read: 1 min

Amazon reported its highest first-quarter profit on Tuesday as it continued to wring efficiencies out of its retail business and recharge growth in its cloud computing operations. The company was also for the first time on track to have $100 billion in annual cloud computing sales. The company had $143.3 billion in revenue in the first three months of the year, up 13 percent from a year earlier. Profit more than tripled, to $10.4 billion. “It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results,” Andy Jassy, Amazon’s chief executive, said in a statement.

Persons: ” Andy Jassy Organizations: Amazon

☆ Amazon is not only customer-obsessed, but also competitor-obsessed: WSJ's Dana Mattioli
▼ + stars: | 2024-04-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmazon is not only customer-obsessed, but also competitor-obsessed: WSJ's Dana MattioliDana Mattioli, Wall Street Journal reporter and ‘The Everything War: Amazon’s Ruthless Quest to Own the World and Remake Corporate Power’ author, joins 'Squawk Box' to discuss Amazon's goal of total business dominance, the company's tactics against competitors, FTC's antitrust lawsuit against Amazon, and more.

Persons: WSJ's Dana Mattioli Dana Mattioli Organizations: Wall Street Journal, Amazon

☆ E-Commerce and the Influencer Economy
▼ + stars: | 2024-04-21 | by ( Annemarie Conte | ) www.nytimes.com time to read: +1 min

Wirecutter, The Times’s product recommendation service, tests many of the wares that clog Americans’ social media feeds. In today’s newsletter, I’ll explain how e-commerce, a $6 trillion global industry, became choked with junk. Paid to sellOnline shopping can expose people to a greasy influencer economy. When an influencer’s follower clicks a link and buys something, the influencer makes money. That’s why people on your social media feed are crowing about their 10 favorite Amazon finds or talking about how an expensive gizmo has changed their life.

Organizations: Brands

☆ Advertising restrictions can have harmful effects on women’s health. Here’s what one company is doing about it
▼ + stars: | 2024-04-14 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +10 min

And on social media sites like Instagram, ads for Frida products related to fertility and breast health have long been censored and removed. A February 2023 report published by Canada’s Alberta Women’s Health Foundation found that taboos around women’s health issues hurt women by reducing awareness of conditions like menstruation symptoms and loss of bladder control. According to Bird, the return on investment when it comes to funding women’s health is tremendous, “but the funding alone can’t do it. The science alone can’t do it.”“You actually have to be able to disseminate information about women’s health … at a level that can be understood. “You’re seeing that kind of decision-making around the advertisements being on social media, but in the general public, we talk about women’s bodies and women’s lives,” said Bird.

Persons: New York CNN —, Frida, Chelsea Hirschhorn, there’s, ”, “, ” Hirschhorn, Hirschhorn, Jackie Rotman, Meta, it’s, Critics, Chloe Bird, Bird, Sara Murray Jordan Organizations: New, New York CNN, CNN, CVS, Target, Walmart, ABC, Meta, Intimacy Justice, Federal Trade Commission, FTC, Canada’s, Canada’s Alberta Women’s Health Foundation, Center for Health Equity Research, Tufts Medical Center, Medicine, Tufts University School of Medicine Locations: New York, Instagram, Canada’s Alberta

☆ Amazon CEO on Prime Video: Sports are very attractive to our customers, and you will see more
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmazon CEO on Prime Video: Sports are very attractive to our customers, and you will see moreAmazon CEO Andy Jassy joins CNBC’s ‘Squawk Box’ to discuss the state of the consumer, Amazon’s investment in AI, and much more.

Persons: Andy Jassy

☆ Amazon CEO Andy Jassy: AI is going to transform every customer experience that we know
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmazon CEO Andy Jassy: AI is going to transform every customer experience that we knowAmazon CEO Andy Jassy joins CNBC’s ‘Squawk Box’ to discuss the state of the consumer, Amazon’s investment in AI, and much more.

Persons: Andy Jassy

☆ Amazon CEO Andy Jassy: People are still buying, but they are being careful about what they shop for
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmazon CEO Andy Jassy: People are still buying, but they are being careful about what they shop forAmazon CEO Andy Jassy joins CNBC’s ‘Squawk Box’ to discuss the state of the consumer, Amazon’s investment in AI, and much more.

Persons: Andy Jassy Organizations: Amazon

☆ Biden’s manufacturing industry is expanding, but that could be bad for inflation
▼ + stars: | 2024-04-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

But a resurgence in the industry could complicate the Federal Reserve’s ongoing inflation fight, either delaying the first interest rate cut or resulting in fewer cuts this year, some economists say. Interest rates have been at a two-decade high since July, after the Fed raised rates aggressively over the prior year and a half. The economy picking up further strength would spook Wall Street because of what it means for interest rates — and some manufacturers say they’re optimistic about the future. The Bank of Canada announces its latest interest rate decision. China’s National Bureau of Statistics releases March inflation data.

Persons: Joe Biden, ”, Tom Barkin, “, Mary Daly, ” Daly, Jerome Powell, Neel Kashkari, ” Kashkari, ” Richard de Chazal, Blair, they’re “, Amazon’s, It’s, Ramishah Maruf, Amazon, haven’t, Read Organizations: Washington CNN, Institute for Supply Management, Congress, Fed, ” Richmond Fed, ” San Francisco Fed, Minneapolis, Dow, Blair Equity Research, Amazon, Fresh, Delta Air Lines, US Labor Department, Index, Bank of Canada, Federal Reserve, National Bureau of Statistics, Constellation Brands, European Central Bank, JPMorgan Chase, Citigroup, State, National Statistics, The University of Michigan Locations: Richmond , Virginia, ” San, Las Vegas, India, Wells Fargo, Progressive, BlackRock

☆ Amazon’s cashier-less technology was supposed to revolutionize grocery shopping. It’s been a flop
▼ + stars: | 2024-04-03 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

But now, Amazon is walking back its “Just Walk Out” technology at its grocery stores, reining in grand promises of an automated, friction-less checkout. Customers just haven’t bought into cashier-less technology, especially in grocery stores where they purchase larger quantities and face extra tasks such as weighing produce. Customers entered Fresh stores using Amazon One palm recognition, the app or a credit or debit card. Amazon Fresh strugglesThe tech giant opened its first Amazon Fresh store in 2020, and has more than 40 locations across the US. But Amazon Fresh has faced setbacks since it debuted, including challenges getting shoppers to buy groceries in its Amazon Fresh grocery stores, and it laid off workers.

Persons: Amazon, haven’t, ”, they’ve, Andy Jassy, “ We’ve, Nathaniel Meyersohn, Moira Ritter Organizations: New, New York CNN, Amazon, Fresh, CNN, Dollar, Walmart, Costco, Foods Locations: New York, India, Washington, Chicago, Southern California

The current Target Circle program has more than 100 million members. The relaunch comes as Target aims to copy the success of Amazon’s juggernaut Amazon Prime and follow Walmart’s membership program. As for its membership program, Target will continue offering its free-to-join membership with personalized deals, member-exclusive sales throughout the year and additional perks and saving. Target said that members of the free Target Circle membership program already shop five times more and spend five times more than non-members. Target Circle (formerly called Target RedCard) credit cardholders will be able to sign up for Target Circle 360 at $49 per year if they have their card saved to their Target profile, the company said.

Persons: —, Brian Cornell, Kendra Scott, Cardholders, Target Organizations: Target, Revenue, Walmart, Target Circle, Amazon Locations: Minneapolis, Manhattan, FactSet

☆ Streaming Prices Keep Going Up. Here’s How to Manage Subscriptions.
▼ + stars: | 2024-02-28 | by ( Brian X. Chen | ) www.nytimes.com time to read: +1 min

The dream of streaming — watch what you want, whenever you want, for a sliver of the price of cable! — is coming to an end. With all the price increases for video streaming apps like Amazon Prime Video, Netflix and Hulu, the average household that subscribes to four streaming apps may now end up paying just as much as a cable subscriber, according to research by Deloitte. To name a few of the price jumps for streaming video (without ads) in just over the past year: Amazon’s ad-free Prime Video is now $12 a month, up from $9; Netflix raised the price of its premium plan for watching content on four devices to $23 a month, from $20; Disney increased the price of its Hulu service to $18 a month, from $15; and HBO’s Max now costs $16 a month, up from $15. If, like many people, you subscribe to all those services, you are paying about $70 a month, roughly the same as a modest cable TV package.

Persons: HBO’s Max Organizations: Amazon, Netflix, Hulu, Deloitte, Disney

Here are the key takeaways from the courtroom:How far does the First Amendment reach when it comes to social media? Online platforms engage in censorship when they silence certain users’ speech, the states argued to the court. In fact, the tech industry argued, government requirements that social media not moderate content would violate the platforms’ own First Amendment freedoms from government meddling. Section 230 features prominently in argumentsOne question kept coming up during the arguments, just as it has in lower courts: What these state laws could mean for Americans’ overall ability to sue social media companies over content moderation. The state laws explicitly allow users to sue tech platforms for alleged censorship.

Persons: Donald Trump, Samuel Alito, Biden, ” Alito, Brett Kavanaugh, ’, ” Kavanaugh, Elena Kagan, Elon Musk, ” Kagan, –, – that’s, Kagan, Uber, you’re, Amy Coney Barrett, ” Organizations: CNN, Meta, ”, X, Elon, YouTube, Communications Locations: Texas, Florida

☆ Premarket stocks: Is Nvidia too big to fail?
▼ + stars: | 2024-02-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Investors expect Nvidia to report earnings of $4.59 a share and $20.378 billion in revenue, up from just $6.05 billion a year before. Too big to fail: For the time being, Nvidia is the “most sophisticated and deployed” chipmaker in the world, and its output is one of national importance, said Newman. Capital One wants to be the biggest credit card company in America. If approved by regulators and shareholders, Capital One’s (COF) acquisition will create the biggest US credit card company by loan volume. Compared to other major credit card issuers, Capital One has historically catered to customers with credit scores in the 600s range, which is considered subprime.

Persons: “, ”, Daniel Newman, Newman, Jensen Huang, ” What’s, Sam Altman, Pat Gelsinger, Elisabeth Buchwald, Biden, Richard Fairbank, Fairbank, Samantha Delouya, Dow, Dow hasn’t Organizations: CNN Business, Bell, New York CNN, Nvidia, Wall, Microsoft, Apple, Investors, Intel, AMD, Discover Financial Services, Capital, Discover, Mastercard, Consumer Financial, Bureau, Walgreens, Dow Jones, Alliance, Dow Jones Industrial, Dow Jones Indices, Dow, Tesla Locations: New York, California, United States, China, Dubai, America

☆ Why Walmart is buying Vizio
▼ + stars: | 2024-02-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Walmart announced Tuesday that it’s buying TV maker Vizio for $2.3 billion to shore up its advertising business and create a more potent rival to Amazon’s booming ad business. The deal would give Walmart more ways to offer ads through Vizio televisions, as well as create entertainment options exclusively for customers with Vizio TVs. “We also believe it enables a profitable advertising business that is rapidly scaling,” Walmart US chief revenue officer Seth Dallaire said in a news release Tuesday. Walmart wants to move into the lucrative advertising space to supplement its low-margin retail business. Its advertising business reached $3.4 billion last year, but makes up less than 1% of its total sales.

Persons: Seth Dallaire, Roku Organizations: New, New York CNN, Walmart, Smart, Kroger, Target, Google, Facebook Locations: New York, America

☆ Leak: Amazon retail CEO tells employees about his 'AI show and tell' and warns of companies that 'failed to adapt' to big technology shifts
▼ + stars: | 2024-02-20 | by ( Eugene Kim | ) www.businessinsider.com time to read: +4 min

“I would say it's important to remember that history is littered with big successful companies who faced big technology shifts,” Herrington said during the event. Internally, Amazon is scrambling to brainstorm new AI projects . Herrington oversees Amazon’s entire retail business, including the online marketplace, healthcare unit, and logistics service. While mentioning big companies that failed to adapt to these transitions and ultimately phased out, Herrington said he’s confident Amazon is going to be a leader in AI. Advertisement“It's all of our responsibility together to make sure that's not going to be the Amazon story,” Herrington said.

Persons: —, Doug Herrington, ”, Herrington, “, ” Herrington, didn’t, ’, There’s, Andy Jassy Organizations: Service, Amazon, Business

☆ Sam's Club CEO wants to use AI-powered cart scanners to ring you up automatically
▼ + stars: | 2024-02-20 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The high-tech system uses computer vision to recognize the contents of Sam’s Club members shopping carts to confirm their purchases as they exit the warehouse — dispensing with the need for physical receipt checks. Currently installed in 10 stores, the big blue gateways are already a hit with customers, Sam’s Club CEO Chris Nicholas said on Walmart’s fourth-quarter earnings call Tuesday. Sam’s Club is a Walmart-owned company. AdvertisementSam's Club uses computer vision and AI to confirm purchases in shoppers' carts in real-time. Sam's Club US's chief merchant, Megan Crozier, even threw some shade at the small-format tech during the company’s presentation at the Consumer Electronics Show in Las Vegas.

Persons: —, Chris Nicholas, Megan Crozier, Doug McMillon, ”, Sam's Club's Nichols, Nicholas Organizations: Service, Sam's, Sam’s Club, Business, Sam’s, Walmart, US's, Consumer Locations: Las Vegas

☆ Amazon is replacing Walgreens in the Dow Jones Industrial Average
▼ + stars: | 2024-02-20 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —Walgreens Boots Alliance is getting the boot from the 30-stock Dow Jones Industrial Average and Amazon is taking its place. The change means that investors who bet on the Dow Jones Industrial Average will now have exposure to Amazon’s stock performance. Amazon’s stock rose more than 1% and Walgreens’ stock fell 3% in after-hours trading on Tuesday. S&P Dow Jones Indices also announced that Uber would replace JetBlue Airways in its Dow Jones Transportation Average, which is a 20-stock index that tracks the performance of US transportation companies. Walgreens’ stock is down 68% in the past 5 years, while JetBlue’s stock has fallen 59% in the same time period.

Persons: Dow, Dow hasn’t, Uber Organizations: CNN, Walgreens Boots Alliance, Dow Jones Industrial, Dow Jones Indices, Dow Jones, Apple, Microsoft, Dow, Nvidia, Tesla, Walgreens, JetBlue Airways, Dow Jones Transportation, JetBlue

☆ Arlington, Virginia, gave $500 to low-income families no strings attached. It helped them catch up on bills, but many still struggle to afford housing.
▼ + stars: | 2024-02-17 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

For the 10% of households making under 30% of the county's median income, median living expenses are about three times what they earn. AdvertisementCompared to the control group that didn't receive payments, participants had significantly better employment outcomes. While the percentage of employed control group families stayed the same at 74%, the participants’ employment rate jumped from 75% to 87%. When looking only at employed participants, median income rose from $1,573 to $1,900 per month. When factoring in other sources of income, such as Social Security or child support, the control group’s income rose 40% while the participants’ income rose 84%.

Organizations: Service, Arlington Community Foundation, Arlington County Department of Human Services, Business, Economic Research Institute, Security Locations: Washington, Arlington , Virginia, Texas, South Dakota, Arlington, American, Arlington County

☆ Nvidia is now worth more than Alphabet and Amazon. These 4 charts show the chipmaker's surge to a $1.8 trillion valuation.
▼ + stars: | 2024-02-15 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Nvidia passed Google owner Alphabet to become America's third most valuable company on Wednesday. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementNvidia is now worth more than its Big Tech rivals Alphabet and Amazon — as well as the entirety of China’s stock market . The chipmaker’s market capitalization passed Amazon’s on Tuesday and Alphabet’s on Wednesday to stand at $1.83 trillion at Wednesday’s closing bell. This story is available exclusively to Business Insider subscribers.

Persons: —, Alphabet’s Organizations: Nvidia, Google, Service, Big Tech, Business

☆ 3 ways buying Vizio would send Walmart's ad business surging and put Amazon on notice
▼ + stars: | 2024-02-15 | by ( Ryan Joe | Lauren Johnson | ) www.businessinsider.com time to read: +4 min

Walmart is reportedly in talks to buy TV manufacturer Vizio for over $2 billion , in an effort to bolster its ad business, according to The Wall Street Journal. Here are three ways Vizio would power-up Walmart's ad business and make it a much bigger competitor to Amazon, according to several ad industry experts. While Walmart buying Vizio would grow its ads business, it would also improve the margins for its current ad business, said Nikhil Raj, chief business officer of adtech company Moloco’s retail media business. The new inventory Walmart would inherit would let it tap TV and branding budgetsIf Walmart buys Vizio, it would inherit connected-TV ad inventory, which it doesn’t currently have. Most of Walmart’s retail media business comes from search ads , though it’s expanded that to include some display and video ads.

Persons: you’ve, there’s, ”, Nikhil Raj, Raj, Walmart.com, ” Raj, doesn’t, it’s, ” Forrester, Nikhil Lai, Eric Franchi, Eric Seufert, Mobile Dev Organizations: Walmart, Wall Street, Amazon, Business, Vizio, CTV, “ Walmart, Walmart Connect, Connect, VC, Mobile Locations: Vizio, Walmart.com, “

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