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U.S. senator says working on companion bills to House antitrust measures
  + stars: | 2021-06-15 | by ( Diane Bartz | ) www.reuters.com sentiment -0.99   time to read: +1 min
Tasos Katopodis/Pool via REUTERS/File PhotoWASHINGTON, June 15 (Reuters) - Senator Amy Klobuchar, who chairs the Senate antitrust subcommittee, said that work is underway on companion legislation to antitrust bills introduced in the U.S. House of Representatives last week. While none of the four tech-focused House antitrust bills introduced Friday have a Senate companion, Klobuchar said late Monday that she expected that to change. "I think you'll see a number of bills introduced in the Senate," she said, but declined to elaborate. Two of the bills introduced last week address the issue of giant companies, such as Amazon.com Inc (AMZN.O) and Alphabet Inc's (GOOGL.O) Google, creating a platform for other businesses and then competing against those same businesses. A fourth would require platforms to allow users to transfer their data elsewhere if they desire, including to a competing business.
Persons: Sen, Amy Klobuchar, Tasos, Klobuchar, Diane Bartz Organizations: Privacy, Technology, U.S, Capitol, WASHINGTON, U.S . House, Amazon.com Inc, Google, Thomson Locations: Washington DC, U.S
FILE PHOTO: A 3D printed Amazon postal package is placed on a keyboard in this illustration taken March 25, 2020. The Competition Commission of India (CCI) initiated a probe in January last year on the basis of a complaint alleging Amazon and Flipkart promoted select sellers on their e-commerce platforms and that deep discounts stifled competition. Amazon declined to comment. While arguing to restart the probe, the CCI told a court in Karnataka state that the Reuters report corroborated evidence here. The antitrust body will examine the Reuters report and could use it as part of its investigation, one of the people said.
Persons: Dado Ruvic, Flipkart, Organizations: Amazon.com Inc, Walmart, REUTERS, Twitter Inc, Facebook Inc, of India, Google, Alphabet Inc, MakeMyTrip, Reuters Locations: DELHI, India, Karnataka, Indian
Express Inc., EXPR -3.59% best known as a presence in American malls, has been testing a new strategy: selling other brands’ merchandise online. Visitors to the retailer’s website can shop for items from dozens of other brands in addition to Express apparel. That approach is an increasingly popular one as retailers like Express, Urban Outfitters Inc. URBN -0.26% and J.Crew Group Inc. look to benefit from listing products that are sold and shipped by other sellers. Walmart has more than 85,000 sellers, according to Marketplace Pulse, compared with roughly two million active sellers on Amazon. Amazon sellers have to bid for ad space.
Persons: , Timothy Baxter, Jeff Bezos, Adrien Nussenbaum, Maria Del Mar Gomez Viyella, Viyella, “ they’ll, Dave Cole, Baxter, Rocky Collins, Collins, , ” Sellers, Joshua Willard, Willard, haven’t, Mr, Jeff Clementz, Ken Zhang, Sellers “, Zhang, Scott, Sebastian Herrera Organizations: Inc, Visitors, Urban Outfitters Inc, J.Crew, Amazon.com Inc, Walmart Inc, Target Corp, Amazon, Express, An Express, Street, Cali Hndsme, Walmart Locations: Brooklyn, Sebastian.Herrera
FILE PHOTO: A 3D printed Amazon postal package is placed on a keyboard in this illustration taken March 25, 2020. read moreThe Competition Commission of India (CCI) initiated a probe in January last year on the basis of a complaint alleging Amazon and Flipkart promoted select sellers on their e-commerce platforms and that deep discounts stifled competition. While arguing to restart the probe, the CCI told a court in Karnataka state that the Reuters report corroborated evidence. Amazon, which has said it "does not give preferential treatment to any seller", told the court it disagreed with the Reuters report. The antitrust body will examine the Reuters report and could use it as part of its investigation, one of the people said.
Persons: Dado Ruvic, Flipkart Organizations: REUTERS, Amazon.com Inc, Walmart, Twitter Inc, Facebook Inc, of India, Google, Alphabet Inc, MakeMyTrip, Reuters, Thomson Locations: India, Karnataka, Indian
DLocal deal opens door for global sellers on Amazon.com Brazil marketplace
  + stars: | 2021-06-15 | by ( Jimin Kang | ) www.reuters.com sentiment -0.93   time to read: +2 min
The agreement, which the two companies announced in a joint statement, should broaden choices on the site, which had been restricted to local vendors. "Latin America as a region is one representing the fastest growing pace with retail e-commerce," Golffed told Reuters in a phone interview. "If we look at this from a consumer's point of view, they get access to buy in Brazil with local payment methods... goods from sellers from all over the world." Founded in 2016, dLocal integrates local and global payment systems with a focus on emerging markets. Allowing dollar payments from Brazil to foreign vendors is particularly complex given local regulatory and legal frameworks, he said.
Persons: Brendan McDermid, Michel Golffed, Golffed, dLocal, Dropbox — Organizations: REUTERS, Amazon.com Inc, Reuters, Nasdaq, U.S . International Trade Administration, Amazon’s, Thomson Locations: Staten Island , New York, U.S, Brazil, America, Latin America, Chile
S&P 500 and Dow slip as upcoming Fed meeting looms
  + stars: | 2021-06-14 | by ( Medha Singh | David French | ) www.reuters.com + 0.00   time to read: +3 min
(Reuters) - The S&P 500 and the Dow dipped on Monday, with the former coming off a record closing high in the previous session as a lack of catalysts ahead of this week’s Federal Reserve meeting kept investors from making new significant bets. The S&P benchmark has climbed 13% this year, while the Dow and the Nasdaq have risen 12% and 9.6%, respectively. Materials and financials were the biggest drags on the S&P 500 on Monday, while technology and consumer discretionary were the only sectors in positive territory. By 2:00PM ET, the Dow Jones Industrial Average fell 256.18 points, or 0.74%, to 34,223.42, the S&P 500 lost 10.99 points, or 0.26%, to 4,236.45 and the Nasdaq Composite added 64.61 points, or 0.46%, to 14,134.03. The S&P 500 posted 29 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 120 new highs and 20 new lows.
Persons: Dow, Carlo Allegri, , Max Gokhman, Steve Burns, Julio Rodriguez, Tesla, Elon Musk Organizations: Reuters, Reserve, New York Stock Exchange, REUTERS, Tesla Inc, Apple Inc, Amazon.com Inc, Investors, Fed, Dow, Nasdaq, Life Fund, Dow Jones, Lordstown Motors Corp Locations: Manhattan, New York City , New York, U.S, , Wyoming, Newport Beach , California
REUTERS/Carlo Allegri/File PhotoThe S&P 500 and the Dow eased on Monday, a day after the S&P 500 hit a record closing high, as investors awaited cues from the Federal Reserve's meeting this week on the central bank's outlook on inflation and the future of bond purchases. Recent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 (.SPX) to an all-time high. The benchmark has climbed 13% this year while the Dow (.DJI) and the Nasdaq (.IXIC) have risen 12.6% and 9.2%, respectively. Healthcare (.SPXHC) and financials were the biggest drag on the S&P 500 on Monday, while technology (.SPLRCT) and consumer discretionary (.SPLRCD) provided the biggest boost. The S&P 500 posted 16 new 52-week highs and no new low, while the Nasdaq recorded 136 new highs and seven new lows.
Persons: Carlo Allegri, Dow, Thomas Hayes, financials, Steve Burns, Julio Rodriguez, Tesla, Elon Musk Organizations: New York Stock Exchange, REUTERS, Nasdaq, Tesla Inc, Apple Inc, Amazon.com Inc, Fed, Dow, Great, Great Hill Capital, Healthcare, Dow Jones, Lordstown Motors Corp, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, , Wyoming, Great Hill, New York
After a reversal last year, global ad spending is forecast to snap back from the pandemic even faster than previously predicted, GroupM said in its latest forecast. Last year, global ad spending slipped 3.5% to $628 billion. Multinational and international marketers, such as Chinese companies spending abroad, are also accelerating digital ad spending, he added. Last year, the top five ad sellers—Google, Facebook, Amazon, Alibaba and ByteDance—generated $296 billion in ad revenue, or 46% of global ad spending, according to the report. Ten years earlier, the top five ad sellers—Google; Viacom and CBS; News Corp. and Fox; Comcast, and Disney —collected only 17% of global ad spending, GroupM said.
Persons: GroupM, Brian Wieser, Mr, Wieser, Alibaba, alex plavevski, Disney —, , Alexandra Bruell Organizations: WPP PLC, Amazon.com Inc, Inc, Facebook Inc, Multinational, Google, Facebook, Global, Viacom, CBS, News Corp, Fox, Comcast, Disney, , Tokyo Locations: Brazil, China, U.S, , Japan
Starbucks Stadium? Coffee chain applies for naming rights
  + stars: | 2021-06-11 | by ( Jonathan Stempel | ) www.reuters.com sentiment -0.99   time to read: +1 min
(Reuters) -Starbucks Corp has applied with the U.S. trademark office for the right to use its name on a sports stadium or training facility. Naming rights agreements often run for decades and can cost several or tens of millions of dollars annually. That building will house the Seattle Kraken expansion team in the National Hockey League, and the Seattle Storm of the Women’s National Basketball Association. The U.S. Patent and Trademark Office plans by early September to assign a lawyer to review Starbucks’ application. If the office has no objection, Starbucks will have six months to show it is using its mark in commerce.
Persons: , Ashley Dobbs Organizations: Reuters, Starbucks Corp, U.S ., T, Bank of America, Canadian Tire, FedEx, Oracle, PPG Paints, Target, Toyota, United Airlines, University of Richmond, Amazon.com Inc, National Hockey League, Seattle Storm, National Basketball Association, The U.S . Patent, Starbucks Locations: , Seattle, Virginia
House Bills Seek to Break Up Amazon and Other Big Tech Companies
  + stars: | 2021-06-11 | by ( Dana Mattioli | Ryan Tracy | ) www.wsj.com + 0.00   time to read: +10 min
One of the proposed measures, titled the Ending Platform Monopolies Act, seeks to require structural separation of Amazon and other big technology companies to break up their businesses. I do wonder if these bills can get to 60 [votes] in the Senate.”Friday’s announcement covered five bills designed to curb Big Tech’s dominance. Four of the five bills narrowly focus on big technology companies. While the bills don’t name any companies, only Amazon, Apple, Facebook and Google currently meet the parameters laid out in those bills, according to the person familiar with the matter. They are the same companies that the House panel investigated as part of its probe into Big Tech.
Persons: , , David Cicilline, Ken Buck, Matt Schruers, Paul Gallant, Jeff Wilke, Amazon’s, Jeff Bezos, Hepburn, Dana Mattioli, Ryan Tracy Organizations: Amazon.com Inc, Inc, Apple Inc, Facebook Inc, Democratic, Senate, Democrats, Seven, , Big, Computer & Communications Industry Association, Facebook, Google, Technology Alert, Roku Inc, , Cowen &, Lawmakers, Amazon's, WSJ Tech, Apple, Big Tech, Walmart Inc, Amazon, Street, YouTube, Holding Company, Federal Trade Commission Locations: U.S, Europe, America, Seattle, ryan.tracy
India court dismisses pleas by Amazon, Flipkart to quash antitrust probe-lawyer
  + stars: | 2021-06-11 | by ( ) www.reuters.com sentiment -0.98   time to read: +1 min
A man walks past an Amazon logo outside the company's collection point in Mumbai, India, March 19, 2021. REUTERS/Francis MascarenhasAn Indian court on Friday dismissed pleas by Amazon.com Inc (AMZN.O) and Walmart's (WMT.N) Flipkart to quash an antitrust investigation, a lawyer told Reuters, more than a year after the probe was put on hold after legal challenges by the companies. The Competition Commission of India (CCI) announced a probe in January 2020 into Amazon and Flipkart following a complaint from a trader group which alleged they were promoting some "preferred sellers" and in turn hurting business for other, smaller sellers. The companies denied any wrongdoing and obtained a stay from a court last year. The High Court in the southern state of Karnataka on Friday dismissed the petitions by Amazon and Flipkart to quash the probe, Abir Roy, a lawyer for the opposing Indian trader group told Reuters, effectively paving the way for restart of the investigation.
Persons: Francis Mascarenhas, Flipkart, Abir Roy Organizations: REUTERS, Amazon.com Inc, The, of India, Court, Amazon, Reuters, Thomson Locations: Mumbai, India, Francis Mascarenhas An, Karnataka
REUTERS/Erin ScottA bipartisan group of lawmakers in the U.S. House of Representatives introduced four bills on Friday aimed at reining in the power of the tech giants, with one potentially leading to their break-up. One measure bans platforms from owning subsidiaries that operate on their platform if those subsidiaries compete with other businesses - potentially forcing the Big Tech firms to sell assets. The pro-business U.S. Chamber of Commerce said it "strongly opposes" the bills' approach. That unchecked power ends now." Representative David Cicilline, the Democratic chair of the antitrust panel, is an original co-sponsor of the bills, as is the top Republican, Ken Buck.
Persons: Erin Scott, Pramila Jayapal, Neil Bradley, Robert Weissman, David Cicilline, Ken Buck, Jerrold Nadler Organizations: U.S, Capitol, REUTERS, U.S . House, Amazon.com Inc, Google, Big Tech, Facebook, Apple, Chamber, Commerce, Bills, Public Citizen, Democratic, Republican, Justice Department, Federal Trade Commission, Thomson Locations: . Washington , U.S, U.S, Washington
Amazon to ask staff to return to office for three days a week
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -0.58   time to read: 1 min
The logo of Amazon is pictured inside the company's office in Bengaluru, India, April 20, 2018. REUTERS/Abhishek N. ChinnappaAmazon.com Inc (AMZN.O) said on Thursday some corporate employees will be offered the option to return to office for three days a week and work remotely for the other two days. Employees in frontline roles such as hardware engineers will continue to work onsite, Amazon said. Amazon will also give employees the choice to work up to four weeks per year fully remote from a domestic location. Apple Inc (AAPL.O) and Google (GOOGL.O) have made similar announcements of moving to a hybrid work week this year.
Persons: Abhishek Organizations: Amazon.com Inc, Employees, Apple Inc, Google, Thomson Locations: Bengaluru, India
Hedge Fund Behind Amazon-MGM Deal Amasses Big Bet on Uranium
  + stars: | 2021-06-10 | by ( Joe Wallace | ) www.wsj.com + 0.85   time to read: +1 min
The hedge fund behind the Amazon.com Inc. -MGM Holdings Inc. deal has another trade up its sleeve: going big on uranium. It is buying and selling uranium alongside mining companies, specialist traders and utility firms with nuclear-power plants, turning the fund into a significant player in the market. The hedge fund became MGM’s biggest shareholder after the Hollywood studio emerged from bankruptcy in 2010. Anchorage’s physical uranium holdings are also a rarity because Wall Street firms don’t typically own physical uranium. Most investors bet on uranium prices by buying shares of mining firms, or through companies like Yellow Cake PLC., which acts as an exchange-traded fund.
Organizations: Amazon.com Inc, MGM Holdings Inc, Anchorage Capital Group, MGM, Hollywood Locations: New York, Anchorage
FILE PHOTO: An Apt F retailer goes wholesale shopping on the Faire platform that connects small brands with small retailers in this picture taken in Austin, U.S., August 2019. Faire/Handout via REUTERS(Reuters) - Online wholesale marketplace Faire said on Thursday it raised $260 million in its latest funding round and is now valued at $7 billion, thanks to the fast growth in e-commerce following the pandemic. Faire helps small retailers connect with small brands, helping them to compete with retail giants like Amazon.com Inc or Walmart Inc, said Faire Chief Executive and co-founder Max Rhodes. Following its success in the U.S. market, Faire expanded into Europe three months ago and is seeing fast growth there, said Rhodes. “We’re still in the single-digit online penetration for the wholesale market,” said Sequoia partner Ravi Gupta.
Persons: Max Rhodes, , Rhodes, “ We’re, Ravi Gupta, Organizations: REUTERS, Reuters, Amazon.com Inc, Walmart Inc, Zealand, Sequoia Capital Locations: Austin , U.S, United States, U.S, Europe
Online wholesale marketplace Faire raises $260 mln, valued at $7 bln
  + stars: | 2021-06-10 | by ( Jane Lee | ) www.reuters.com + 1.00   time to read: +2 min
An Apt F retailer goes wholesale shopping on the Faire platform that connects small brands with small retailers in this picture taken in Austin, U.S., August 2019. Faire/Handout via REUTERSOnline wholesale marketplace Faire said on Thursday it raised $260 million in its latest funding round and is now valued at $7 billion, thanks to the fast growth in e-commerce following the pandemic. Faire helps small retailers connect with small brands, helping them to compete with retail giants like Amazon.com Inc (AMZN.O) or Walmart Inc (WMT.N), said Faire Chief Executive and co-founder Max Rhodes. Following its success in the U.S. market, Faire expanded into Europe three months ago and is seeing fast growth there, said Rhodes. “We're still in the single-digit online penetration for the wholesale market,” said Sequoia partner Ravi Gupta.
Persons: Max Rhodes, , Rhodes, “ We're, Ravi Gupta, , Eric Newcomer Organizations: REUTERS Online, Amazon.com Inc, Walmart Inc, Zealand, Sequoia Capital, Thomson Locations: Austin , U.S, United States, U.S, Europe
British watchdog plans investigation into Amazon's use of data - FT
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
An Amazon logo is seen at its centre in Darlington, County Durham, Britain September 3, 2020. REUTERS/Lee Smith/File PhotoBritain's competition watchdog is planning a formal competition investigation into e-commerce company Amazon.com Inc (AMZN.O), the Financial Times reported on Thursday, citing three unidentified people familiar with the situation. The Competition and Markets Authority has been analysing Amazon's business for months, the newspaper said, adding regulator was focusing on how the online retailer uses the data it collects on its platform. The timing and scope of the probe were still being worked on, it said. The investigation was likely to cover similar ground to probes under way in the European Union, according to the report.
Persons: Lee Smith Organizations: REUTERS, Amazon.com Inc, Financial Times, Markets Authority, European Union, Thomson Locations: Darlington , County Durham, Britain, Brussels
An Apt F retailer goes wholesale shopping on the Faire platform that connects small brands with small retailers in this picture taken in Austin, U.S., August 2019. Faire/Handout via REUTERSOnline wholesale marketplace Faire said on Thursday it raised $260 million in its latest funding round and is now valued at $7 billion, thanks to the fast growth in e-commerce following the pandemic. Faire helps small retailers connect with small brands, helping them to compete with retail giants like Amazon.com Inc (AMZN.O) or Walmart Inc (WMT.N), said Faire Chief Executive and co-founder Max Rhodes. Following its success in the U.S. market, Faire expanded into Europe three months ago and is seeing fast growth there, said Rhodes. “We're still in the single-digit online penetration for the wholesale market,” said Sequoia partner Ravi Gupta.
Persons: Max Rhodes, , Rhodes, “ We're, Ravi Gupta, Organizations: REUTERS Online, Amazon.com Inc, Walmart Inc, Zealand, Sequoia Capital, Thomson Locations: Austin , U.S, United States, U.S, Europe
Amazon is giving its corporate employees greater flexibility to work remotely, the company said Thursday, in a significant U-turn from its earlier return-to-work guidance. In an internal memo sent to employees, Amazon said it expects employees to work in the office three days a week, leaving them the option to work remotely up to two days a week. Leadership teams will determine what days employees will be required to work from the office, the company said. Corporate employees who don't want to work in the office three days per week will be able to apply for an exception. Last week, Apple said employees will return to the office three days a week beginning in early September.
Persons: Geekwire, Amazon, we're, Apple Organizations: Amazon.com Inc, Amazon, Google Locations: Seattle , Washington
Warner Bros. plans anime movie in 'Lord of the Rings' series
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.74   time to read: +1 min
The Warner Bros logo is seen during the annual MIPCOM television programme market in Cannes, France, October 14, 2019. REUTERS/Eric GaillardThe Warner Bros. movie studio will produce an anime feature film set in the world of J.R.R. Warner Bros. distributed "The Lord of the Rings" live-action film trilogy starting in 2001 and "The Hobbit" trio of movies starting in 2012. Warner Bros. is currently owned by AT&T Inc (T.N) but is in the process of merging with Discovery Inc (DISCA.O). Amazon.com Inc (AMZN.O) is working on a "Lord of the Rings" television series, which is currently being filmed in New Zealand.
Persons: Eric Gaillard, Rohan, Helm, Kenji Kamiyama Organizations: Warner, REUTERS, Warner Bros, AT, T Inc, Discovery Inc, Amazon.com Inc, Thomson Locations: Cannes, France, New Zealand
UPS shares fall as investors fret over post-pandemic growth plan
  + stars: | 2021-06-09 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
Snow falls at the United Parcel Service (UPS) WorldPort hub located at Louisville Muhammad Ali International Airport in Louisville, Kentucky, U.S., February 15, 2021. REUTERS/Bryan WoolstonUnited Parcel Service Inc (UPS.N) shares fell as much as 6% on Wednesday as the company known for delivering everything from Amazon.com packages to coronavirus vaccines laid out plans for post-pandemic growth. About half of the margin expansion in the company's core U.S. market would be generated this year via price increases and increased business from SMBs, executives said. Healthcare deliveries, including temperature-monitored shipments from companies like vaccine maker Pfizer Inc (PFE.N), are among the most profitable in the business. Executives said its weekend delivery push uses existing infrastructure and that they are "looking" in to a same-day delivery service.
Persons: Snow, Louisville Muhammad, Bryan Woolston, Carol Tome Organizations: United Parcel Service, Louisville Muhammad Ali International Airport, REUTERS, Bryan Woolston United Parcel Service Inc, Wall, UPS, Amazon.com Inc, Pfizer Inc, Thomson Locations: Louisville, Louisville , Kentucky, U.S, Atlanta, United States, SMBs
Mr. Cohen said GameStop has a lot of work to do to turn itself around and doesn’t plan on telegraphing its strategy to competitors. Mr. Sherman, who was re-elected to the company’s refreshed six-member board of directors, didn’t take questions from analysts. Mr. Sherman also was the only board member physically present at the shareholder meeting; the other board members dialed in. The retailer’s chief financial officer, chief customer officer and chief merchandising officer have all departed in recent months. Related Video The recent trading volatility of GameStop and other stocks has prompted scrutiny of key players in the saga.
Persons: Ryan Cohen, Cohen, GameStop, , ’ ”, Ryan Cohen Mr, Matt Furlong, George Sherman, Furlong, Mike Recupero, Jim Bell, Recupero, Damien Browne, Sherman, didn’t, , Browne, Keith Gill, Gill, I’ve, Mr, Jenna Owens, Matt Francis, Jacob Reynolds, Caitlin McCabe, Sarah E Organizations: GameStop Corp, Amazon.com Inc, Wall Street, GameStop, Chewy Inc, Amazon’s, Amazon, Mr, Securities and Exchange Commission, Microsoft Corp, Software, Sony Group Corp, SONY, Microsoft Locations: Texas, Amazon’s Australia, Grapevine , Texas, Austin , Texas, Dallas
UPS Explores Same-Day Delivery Option
  + stars: | 2021-06-09 | by ( Dave Sebastian | ) www.wsj.com sentiment -0.99   time to read: +1 min
United Parcel Service Inc. is exploring a same-day option, a delivery model that has been employed by gig-economy players, as the pandemic has accelerated the shift to e-commerce. The idea comes as the acceleration of e-commerce has pushed retailers to add more curbside and same-day delivery options. Amazon.com Inc., one of UPS’s biggest customers, and Instacart Inc. are among the current providers of same-day delivery. Target Corp. owns Shipt, which does same-day deliveries from its stores as well as from chains like CVS and Petco. FedEx offers same-day services in limited markets.
Persons: Carol Tomé, we’ve, Organizations: Parcel Service, UPS, Amazon.com Inc, Instacart Inc, Target Corp, Inc, Uber Technologies Inc, FedEx Corp, FedEx
E-commerce entrepreneur Ryan Cohen spent seven months pushing to overhaul GameStop Corp. as an activist investor and later a board member. Three nominees have ties to Mr. Cohen from the online pet-supplies retailer he sold to PetSmart in 2017 for $3.35 billion. Mr. Sherman will be the only board member physically present, with the other board members expected to dial in. The 36-year-old hopes the voting process will be fair and that Mr. Cohen will acknowledge the retail-investment community. The retailer’s chief financial officer, chief customer officer and chief merchandising officer have all departed in recent months.
Persons: Ryan Cohen, Cohen, George Sherman, Sherman, Damien Browne, “ There’s, , , ” Mr, Browne, Jenna Owens, Matt Francis, Sarah E Organizations: GameStop Corp, Inc, GameStop, AMC Entertainment Holdings Inc, Mr, Ryan, Amazon.com Inc, Amazon, Microsoft Corp, Software, Sony Group Corp, Microsoft, FactSet Locations: Grapevine , Texas, Austin , Texas, Dallas
Amazon reviewing bids to replace JPMorgan as credit card partner - source
  + stars: | 2021-06-09 | by ( Kanishka Singh | ) www.reuters.com sentiment -0.99   time to read: +1 min
REUTERS/Pascal Rossignol/File PhotoE-commerce giant Amazon.com Inc (AMZN.O) is fielding bids to replace U.S. lender JPMorgan Chase & Co (JPM.N) as the issuer on its co-branded credit card portfolio, a person familiar with the matter told Reuters. JPMorgan could fetch a 15% premium if it is replaced as partner in the portfolio, which contains more than $15 billion in credit card lending, Bloomberg reported earlier on Tuesday. American Express Co (AXP.N) and Synchrony Financial (SYF.N) were among those bidding on the portfolio, the Bloomberg report added. Amazon and JPMorgan first issued a joint card in 2002 and their offerings have long operated on the Visa Inc (V.N) network. Bloomberg said the lender was willing to part with the Amazon portfolio.
Persons: Pascal, didn't Organizations: REUTERS, Amazon.com Inc, JPMorgan Chase &, Reuters, Amazon, JPMorgan, Bloomberg, American Express, Synchrony, Visa Inc, Thomson Locations: Boves, France
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