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The Federal Trade Commission has filed its long-anticipated antitrust lawsuit against Amazon . In a sweeping complaint unveiled Tuesday, the FTC and attorneys general from 17 states accused Amazon of wielding its "monopoly power" to inflate prices, degrade quality for shoppers and unlawfully exclude rivals, thereby undermining competition. David Zapolsky, Amazon's general counsel and senior vice president of global public policy, said in a statement that the FTC's complaint is "wrong on the facts and the law." The lawsuit is a major milestone for FTC Chair Lina Khan, who rose to prominence for her 2017 Yale Law Journal note, "Amazon's Antitrust Paradox." Through her work at the FTC, Khan has sought to reset that framework and push the boundaries of antitrust law through risky legal battles.
Persons: Andy Jassy, David Zapolsky, Amazon's, Zapolsky, Lina Khan, Khan Organizations: New York Times DealBook, Jazz At Lincoln Center, Federal Trade Commission, Amazon, FTC, Yale Locations: New York City
He also told employees to share anecdotes of being pressured to immediately relocate with his HR team, so he could "dig into" those situations. "I think we created some noise, which I think is important because we really do want people back in the office," DeSantis said, according to the transcript. 'Take another whack at clarifying this message'At the town hall meeting, DeSantis said the employees who were asked to relocate were those "in purely virtual locations." 'Kind of a nudge'In August, many Amazon employees received an email accusing them of not adhering to the company's RTO policy. The warning email, he said, was "well-intentioned" and only meant to be a "nudge" for people who weren't complying.
Persons: hasn't, Peter DeSantis, DeSantis, Rob Munoz, Munoz, Andy Jassy Michael M, Andy Jassy's, what's Organizations: Amazon, Utility Computing
Limp joins Blue Origin at a key phase of the company's multiple space projects. Earlier this year Blue Origin won a $3.4 billion NASA contract to build a lunar lander for the agency's astronauts. However, Blue Origin has since hired aggressively. Read Bezos' message to Blue Origin employees on Monday:I'm excited to share that Dave Limp will join Blue starting December 4th as CEO, replacing Bob, who has elected to step aside on January 2. JeffRead Smith's message to Blue Origin employees:Team Blue, It's been about six years since I joined Blue Origin.
Persons: Limp, Shepard, Smith, Panos Panay, Bezos, Alexa, Limp's, Andy Jassy, Jeff Bezos, Blue, Bob Smith, Origin's, Glenn, , Read, Dave Limp, Bob, I'd, we've, We've, I've, Dave, Jeff Read, It's, Jeff, I'm, Ferociter, Dave Limp's Organizations: Amazon, Alexa, CNBC, NASA, Blue Origin, Bloomberg, Microsoft, Billionaire, Blue Origin's, Origin, Honeywell, Shepard, Pentagon, U.S . Space Force, Elon, SpaceX, Blue, Amazon Devices, Services, Apple Locations: Van Horn , Texas, U.S, Alabama, Florida, California , Arizona, Colorado, Kent
Amazon plans to invest $4 billion in AI startup Anthropic, the firm announced Monday. The move gives Amazon a stake in a foundational AI company to compete with Microsoft and Google. Anthropic, which bills itself as an "AI safety and research company," was founded in 2021 by former employees of OpenAI . AdvertisementAdvertisementThe investment by Amazon marks ongoing competition in the AI wars , as major companies take bets on emerging, cutting-edge startups. Amazon said that AWS customers will be able to gain access to Anthropic's technology, with Anthropic set to provide "early access to unique features" around customization and fine-tuning capabilities.
Persons: Anthropic, Claude, OpenAI, Andy Jassy Organizations: Amazon, Microsoft, Google, Service Locations: Wall, Silicon, Anthropic, OpenAI
An Amazon worker moves boxes on Amazon Prime Day in the East Village of New York City, July 11, 2023. The Federal Trade Commission on Wednesday updated its complaint against Amazon for its "deceptive" Prime sign-up and cancellation processes, adding three senior executives as defendants. Top Amazon executives overseeing Prime downplayed employee concerns about members of the popular subscription program being enrolled without their consent, the amended complaint alleges. Subscription services revenue, which includes Prime memberships, totaled $9.8 billion in Amazon's most recent quarterly earnings report. Amazon executives and employees met in 2018 about "Project Lucent," where the primary objective was to discuss "how many Prime signups [is] Amazon .
Persons: Russell Grandinetti, Jamil Ghani, Neil Lindsay, Grandinetti, Lindsay, Andy Jassy's, Ghani, Tim Doyle, Doyle, Mark Zuckerberg, Meta, Zuckerberg Organizations: Amazon, Federal Trade Commission, Top Amazon, Lucent, FTC Locations: East, New York City, Amazon's, Arlington , Virginia
Salesforce's CEO opened up about remote work, saying that he doesn't "work well in an office." His comments come after Salesforce mandated some of its workers to return to the office. I've always been a remote worker my whole life," Benioff told MSNBC last week during Salesforce's annual Dreamforce conference. AdvertisementAdvertisementLike many companies, Salesforce embraced remote work during the pandemic. In June, Salesforce incentivized workers to return to the office by offering a $10 charity donation for each day an employee worked in person.
Persons: Marc Benioff, I've, Benioff, Brent Hyder, Salesforce's, Salesforce, Kara Swisher, Andy Jassy, Meta, Goldman Sachs Organizations: Companies, Service, MSNBC Locations: Wall, Silicon
Amazon hopes consumers will install Alexa-enabled devices in more rooms of their homes and become accustomed to using the system throughout the day, the sources said. Amazon has said its devices and services business is not profitable, without providing figures. Amazon is set to name as successor Microsoft's Panos Panay who oversaw development of the Surface, according to Bloomberg. Alexa employees were included in rounds of layoffs beginning last year resulting in 27,000 job cuts across Amazon. For years, Amazon has said it can sell devices for close to production cost and see a profit through services offered on them.
Persons: Jeff Bezos, Dave Limp, Alexa, Kinley Pearsall, Amazon, hasn’t, , , Avi Greengart, Limp, Microsoft's Panos Panay, Gregg Zehr, Tom Taylor, Ken Washington, Andy Jassy, Siri, That’s, Bruno Borges, I‘m, Greg Bensinger, Ken Li, Claudia Parsons Organizations: FRANCISCO, Reuters, Alexa, Amazon, Devices, Google, Microsoft, Echo, , Bloomberg, Astro, Medtronic, Intelligence, Amazon.com, Lightform, Thomson Locations: Amazon’s, Lab126, Alphabet’s, Vancouver, Canada
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer's Mad Dash: Amazon's Jassy is 'back' and he's in his primeCNBC's Jim Cramer and David Faber discuss Cramer's thoughts on Amazon after a recent Morgan Stanley note.
Persons: Jim Cramer, David Faber, Morgan Stanley
Amazon on Wednesday debuted an artificial intelligence tool for sellers that helps them generate copy for their product pages. The tool prompts sellers to enter a few keywords or sentences describing their product. It then spits out a range of content a seller can use to build their listing, such as product titles, bullet points and descriptions. The feature was announced this week at Amazon Accelerate, a conference held annually in Seattle for the company's third-party sellers. Amazon also recently started using AI to summarize reviews left by customers on some products.
Persons: Sellers, Mary Beth Westmoreland, chatbot Bard, Andy Jassy Organizations: Amazon, Wednesday, Google, Amazon Web Services Locations: Melville , New York, Seattle
Google is factoring employees' in-office attendance into their performance reviews. A whopping 90% of companies plan to implement return-to-office policies by the end of 2024, according to an Aug. report from Resume Builder, which surveyed 1,000 company leaders. Nearly 30% say their company will threaten to fire employees who don't comply with in-office requirements. Even though more companies have introduced stricter in-office requirements for employees, office occupancy has remained relatively unchanged from the past year. In the U.S., employee productivity rose by 4.4% in 2020 and 2.2% in 2021, before falling in 2022, according to the Bureau of Labor Statistics.
Persons: Goldman Sachs, Dan Kaplan, Kaplan, Amazon's Andy Jassy, Brian Elliott Organizations: Google, Kastle Systems, Companies, Korn, Bureau of Labor Statistics Locations: U.S
New York CNN —LGBTQ dating app Grindr ended its remote work policies and forced employees to relocate. The CWA also said the return-to-work policy was retaliatory and in response to a union drive at the company. Just two weeks prior to Grindr’s policy change, a majority of employees filed to organize a union. “Rather than recognize the union, the company issued a new return-to-office policy requiring staff to relocate or quit,” the CWA said in a statement. Seventy-one percent of employers that are mandating their on-site work policy reported difficulty retaining workers, according to the survey.
Persons: Grindr, , , Andy Jassy, unaddressed Organizations: New, New York CNN, Communications Workers of America, CWA, Washington D.C, Grindr, National Labor Relations Board, Conference, Labor, Amazon, Meta, Business Locations: New York, — New York, Chicago, Los Angeles, San Francisco, Washington
How big banks won the banking crisis
  + stars: | 2023-09-05 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
Before the Bell: Now that the dust is hopefully settling on this year’s regional banking crisis, are there clear winners and losers in the banking sector? David Kotok: There’s no question the [global systemically important banks, G-SIB] won and the middle-sized banks — let’s call that banks with between $50 billion and $250 billion in assets — were the losers. So if you stand back from the immediate 2023 banking crisis, and you say, how many banks were there 20 years ago in the United States, how many banks are there today? The UK economy is bigger than we thoughtThe UK economy recovered from the Covid-19 pandemic much faster than previously thought, reports my colleague Hanna Ziady. For many office workers around the United States, it also means more return-to-office mandates.
Persons: JPMorgan Chase, Bell, David Kotok, he’s, SIB, Jamie Dimon, J.P, Morgan, hasn’t, Hanna Ziady, John Springford, Andy Jassy, CNN’s Jeanne Sahadi, unaddressed, Merck Organizations: CNN Business, Bell, New York CNN, Silicon Valley Bank, UBS, JPMorgan, Republic Bank, Cumberland Advisors, , Credit Suisse, First, Federal Reserve, Office, National Statistics, ONS, Centre, European Reform, Labor, Amazon, Business Locations: New York, Silicon, First Republic, United States, Jekyll, America, Hanna Ziady ., Germany, Canada, Japan, Italy, France, Britain
The first time I worked at Amazon I was on the same team the entire time, so I was already looking for a change. That was sort of the final thing that pushed me to look outside of Amazon and take a new job. I'm angry, I'm frustrated. I've never seen Amazon make any sort of large-scale, top-down mandate like this without some sort of reason behind it. The jobs I'm looking at are significant pay cuts.
Persons: Andy Jassy, It's, I've, I'm, Slack, Brad Glasser, we've Organizations: Amazon Locations: Amazon, Seattle
So I can say from experience that today's corporate return-to-office mandates are ridiculous, unnecessary and, in some instances, even cruel. For one, CEOs and CFOs are looking at big expenditures on corporate offices that remain either empty or are vastly oversized. The best run companies are focusing more on the thing they can best measure from afar: the work employees actually do. Not only do you do the work, you also eat there, work out there, and do your hobbies on campus. An office work environment will naturally evolve back to being a social hub over time, without draconian mandates that lack data and research to support them.
Persons: Andy Jassy, Mike Blake, Zoom, Robert Johnson, doesn't, Aki Ito, Mark Zuckerberg, there's Organizations: Morning, Amazon, REUTERS, Business, Stanford, Yahoo, AP Locations: San Jose , California, New York, India, China, Santa Monica, Calif
Amazon is facing lawsuits from some landlords over its proposed Amazon Fresh grocery stores. Amazon canceled or paused some Fresh stores over the last year as it rethinks its grocery strategy. Amazon opened its first Fresh store in 2020 and has about 44 stores three years later, according to its website. This summer, it laid off hundreds of Amazon Fresh store workers, too. AdvertisementAdvertisementAmazon has also tried to get out of leases for Fresh stores in other parts of the country.
Persons: Mark Sagliocca, Sagliocca, Andy Jassy, Paul Organizations: Amazon, Service, Salisbury Partners, New York Post Locations: Wall, Silicon, Long, New York City, Salisbury, East Meadow, Amazon, New York, Nassau County, New Jersey, Philadelphia, Seattle, Minneapolis, St, Twin
New York CNN —Some big-name employers are signaling they will get tough on enforcing their return-to-office mandates after Labor Day. It’s hard to say whether such moves by well-known companies signal a broader trend of employers getting serious about enforcing RTO policies. Meanwhile, one study suggests the hours employees spend at work on the days they do go in may be changing. The state of enforcementFor all the various data and research that seeks to capture the reality and impact of hybrid work policies, it’s hard to find nationally representative, statistically significant samplings of HR executives detailing their organization’s return-to-office policies or enforcement strategies. For example, the HR team at Gartner, which helps clients design and implement workplace policies, did a live poll survey of 225 of its HR clients during a webinar on May 31.
Persons: Andy Jassy, unaddressed, haven’t, webinar, Organizations: New, New York CNN, Labor, Amazon, Meta, Business, Merck, Kastle, Kastle Systems, Survey, Instituto Tecnologico Autonomo, Stanford University, The University of Chicago, Gartner, Locations: New York, Kastle, Instituto Tecnologico Autonomo de Mexico
The idea of permanent remote work is slipping away. After almost three years of relaxed work-from-home policies, CEOs are starting to drag their remote employees back to the office most days of the week. The remote work genie is out of the bottleInfluential remote work researchers, including Stanford researcher Nicholas Bloom, have been backing a flexible, hybrid approach as the way forward. Bloom previously told Insider that well-organized hybrid work is a "win-win" for companies and workers. AdvertisementAdvertisementEveryone else Insider spoke to agreed, though some said even hybrid was likely less productive than being fully in the office.
Persons: Goldman Sachs, Michael Gibbs, They've, Mark Zuckerberg, Andy Jassy, Gibbs, David Atkin, Raj Choudhury, Atkin, Ipsos, " Choudhury, Nicholas Bloom, Bloom, Choudhury, We'll, WFH, Jose Maria Barrero Organizations: Meta, Service, Companies, University of Chicago, Harvard Business School, National Bureau of Economic Research, MIT, Employees, The Washington Post, Stanford, WFH Locations: Wall, Silicon, Indian, Chennai
Amazon and Shopify announced a new Buy with Prime app for Shopify on Wednesday. Buy with Prime let merchants offer Prime benefits, such as fast shipping and free delivery, on websites beyond Amazon.com. Amazon had no choice but to let Shopify merchants view Buy with Prime-related metrics on its own backend console, not within the unified Shopify Admin tool, according to the internal Amazon document from April. If Buy with Prime data wasn't smoothly integrated into Shopify Admin, Shopify merchants might not use the Amazon feature much. Constant delaysThe internal Amazon document described a Shopify-native Buy with Prime app as a "flagship" goal for Amazon's top leadership because it would make Buy with Prime more appealing to Shopify merchants.
Persons: Shopify, Santos Jeff Bezos Kevin Mazur, Jeff Bezos, Tobi Lütke David Fitzgerald, Sportsfile, Harley Finkelstein, Finkelstein, Mark William Lewis, Andy Jassy, they've Organizations: Amazon, Amazon.com, Prime, Project Santos, Getty, Amazon Logistics, Netalico Commerce, Web, Associated
One Last Chance to Be Lazy
  + stars: | 2023-09-02 | by ( Steven Kurutz | More About Steven Kurutz | ) www.nytimes.com   time to read: +1 min
Early afternoon, late summer. The cicadas were whirring outside. I closed my laptop, got up from the desk in my home office and went to the bedroom. Instead of fighting off sleep, I put the book aside and gave in to a nap. Now several firms whose employees have continued to work remotely, including Amazon, BlackRock and Meta, are cracking down.
Persons: , Ron Shelton, “ Bull, snooze, Andy Jassy, “ it’s Organizations: of Baseball, Amazon, Labor Locations: “ Bull Durham, BlackRock, Meta
An Amazon shareholder lawsuit says the company snubbed SpaceX for valuable satellite launch contracts because of Jeff Bezos' personal rivalry with Elon Musk , who has taunted his fellow billionaire's space ambitions for years. Last year, Amazon announced what it called the biggest rocket deal in the commercial space industry's history, signing launch contracts with United Launch Alliance (ULA), Arianespace, and Bezos' Blue Origin. Blue Origin has yet to provide a statement in response to CNBC's request for comment on the lawsuit. In January 2022, the suit says Bezos' team told the Amazon audit committee that two contracts had been fully negotiated with Blue Origin and ULA. "Bezos, it must be assumed, could not swallow his pride to seek his bitter rival's help to launch Amazon's satellites," the suit adds.
Persons: Jeff Bezos, Elon Musk, Bezos, , Andy Jassy, Eisenhofer, Origin's, ULA Organizations: SpaceX, Tesla, Origin, Cleveland Bakers, Teamsters Pension Fund, Amazon, Elon, United Launch, CNBC, CB, Blue, FCC, Foods Locations: Delaware, New York
But it was justified in Musk’s mind because of his conviction that Twitter’s management had misled him. At 4:12 p.m. Pacific time, once they had confirmation that the money had transferred, Musk pulled the trigger to close the deal. But when his Twitter email was cut off, it took him a few minutes to get the document into a Gmail message. Hybrid work is winningChief executives aren’t letting up on their push to get workers back to the office. And even Zoom, a symbol of remote work, has ordered some of its employees to work in the office.
Persons: Twitter Elon Musk’s, Wall, Walter Isaacson, Isaacson, , , Musk, Agrawal, Andy Jassy, Amazon’s, “ It’s, Organizations: Elon, Twitter Elon, Twitter, Wall Street, Mr, ​ Meta, Labor Locations:
AI stocks are soaring — the tech-heavy Nasdaq Composite is up by about 33% this year. Around two thirds of Americans are worried about artificial intelligence taking their jobs, according to a recent Morning Consult poll. The rule essentially seeks to shift the risk of a bank failure to bondholders rather than depositors. But to get bondholders to bear the cost of banks’ potential failure, the banks would likely have to pay high interest rates. The rule unveiled Tuesday comes on the heels of a separate capital-bolstering rule the three agencies introduced in July.
Persons: Goldman Sachs, Goldman, Jenny Ma, ” Goldman, Elisabeth Buchwald, Greg Baer, ” Baer, Andy Jassy, Jassy, Brian Fung Organizations: CNN Business, Bell, New York CNN, Nvidia, Microsoft, Pew, Federal Reserve, Labor, Nike, Netflix, Apple, Federal Deposit Insurance Corporation, Bank Policy Institute, Amazon, CNN Locations: New York, United States
Smucker has an RTO policy that requires workers to be on-site only during 22 "core" weeks. The Smucker model appears to be a hit with workers, who can live anywhere as long as they return for "core" weeks. Amazon's CEO Andy Jassy just told employees it was "past" time to commit to its return-to-office mandate of three days a week. Last week, Goldman Sachs told more of its workers to start coming into the office five days a week. Facebook/JifThe company has about 6,000 employees worldwide, but the "core" weeks program is targeted at the 1,300 corporate workers based at its Orrville headquarters.
Persons: Smucker, Andy Jassy, Goldman Sachs, Zoom, Uncrustables —, didn't, Smucker's, they're, Nicole Massey, Massey, Mark Smucker, Lakshmi Organizations: Service, Wall Street, Employees Locations: Orrville , Ohio, Wall, Silicon, San Francisco, Bay, Akron , Ohio, Lakshmi Varanasi, lvaranasi
The VP in charge of Amazon's ecommerce technology services has taken a sudden leave of absence. Sukumar Rathnam, an Amazon VP who was formerly Uber's chief technology officer, is taking a sudden leave of absence, Insider has learned. Rathnam was most recently VP of eCommerce services at Amazon, overseeing the retail giant's backend technology. It was his second stint at Amazon, after having spent almost 10 years in a retail VP role previously. Many Amazon employees voiced their opposition to RTO over the past 6 months, both publicly and privately, sparking an internal petition and a public walkout.
Persons: Sukumar Rathnam, Rathnam, Dave Treadwell, Ramesh Manne, Treadwell, Sukumar, Sundeep Jain, Rathnam's, Dave Clark, Jay Carney, Andy Jassy, Jeff Bezos, Brad Glasser, Glasser, Jassy Organizations: Amazon, Amazon's Locations: Amazon's
CNN —Amazon CEO Andy Jassy told employees to get on board with the company’s return-to-office plan or to consider employment elsewhere, the company confirmed to CNN, after a report by Insider highlighted Jassy’s remarks from a recent internal event. He also predicted that for those who could not accept the policy, their prospects for remaining at Amazon appeared grim. According to the remarks Amazon shared with CNN, Jassy responded by saying that the return-to-office policy was more the result of a judgment call based on an assessment of various factors including business results. The remarks also showed that Insider accurately reported Jassy’s predictions regarding employees who do not comply with the return-to-office mandate. Amazon’s signal to workers that it is tracking their attendance comes after more than 1,000 of its corporate employees staged a walkout in May to protest the office policy.
Persons: Andy Jassy, Jassy, Reddit, “ It’s, Jassy’s Organizations: CNN, Amazon
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