The Future Group, which has struck a deal with Reliance to sell off its retail, warehousing and logistics business for Rs 24,000 crore, owes Rs 6,000 crore to small vendors and suppliers, alleged the All India Consumer Products Distributors Federation (AICPDF).
Almost three decades ago, Jeff Bezos decided that he would sell books online, setting up Amazon.com and laying the foundations for a tech giant that would turn into a 'you can get anything here' store for the whole world, also becoming the third-most valuable company in America.
The Amazon-Future-Reliance Retail kerfuffle aside, Jeff Bezos exits the company at a time when Amazon Web Services (AWS), led by incoming Amazon CEO Andy Jassy, is stepping up its presence in India.
In a letter to Amazon employees, founder and CEO Jeff Bezos announced he would be stepping down from his position, after almost three decades at the helm, handing over the reins to the head of AWS, Andy Jassy.
The rulings come after two big arbitration awards against India. In September, international arbitrators said India acted unfairly in a $3 billion tax dispute with Vodafone and in another ruling ordered India to return $1.2 bn to Cairn for a similar failure. India has challenged the Vodafone ruling in Singapore, the govt has informed Parliament.
The Future battle between Mukesh Ambani and Jeff Bezos isn't the only change taking over India's retail space
The ongoing digital transformation of the corner kirana stores, tens of millions of shops catering to 1.3 billion consumers, will matter for everyone from Unilever NV and Procter & Gamble Co. to State Bank of India, the country’s largest lender. It will also be important to Amazon.com Inc. boss Jeff Bezos and Reliance Industries Ltd. Chairman Mukesh Ambani.
Musk has said that SpaceX will land humans on Mars by 2026.
Jeff Bezos' exit is unlikely to have any material impact in the short term and will not change Amazon's view of India as potentially one of the largest retail markets in the world in the coming decades.
Amazon has doubled down on its India business in recent years, after losing the e-commerce battle in China to local rivals.
Founded from Bezos’ garage in 1994, Amazon began as an online bookstore and in the following 27 years, has become the go to online shopping platform across the globe. Now, Bezos is stepping away from it; here’s what we know.
As $197 billion, outgoing Amazon CEO Jeff Bezos' net worth is the highest it has been this year, trailing only Tesla CEO Elon Musk.
Amazon Web Services CEO Andy Jassy cuts a low profile outside of the wonky world of cloud computing. But for much of the last decade he’s been arguably the most important person in the tech industry.
Amazon CEO Jeff Bezos will transition to the role of executive chairman after handing over the helm to Amazon Web Services' (AWS) Andy Jassy in the third quarter of 2021.
These emails had no salutation, no commentary or thank you - just a single question mark.
What makes Jeff Bezos & Mark Zuckerberg generational leaders? Sense of humour and discipline, confirms former colleague
Culture at Amazon & Facebook runs deep, shared Dan Rose, former colleague of Bezos and Zuckerberg.
Tesla Inc. shares slid 2.4% on Tuesday, erasing $4.6 billion from its chief executive officer’s fortune and knocking him from the top spot on the Bloomberg Billionaires Index ranking.
Bezos is stepping down as Amazon faces an antitrust investigation in Europe, the threat of a similar query in the United States and accusations of unfair labor practices.
Blue Origin completed the fourteenth test flight of its New Shepard rocket booster and capsule yesterday.
From India telling Twitter to lawyer up over un-withholding accounts associated with Delhi’s farmer protests to how Jeff Bezos’ shaped Amazon’s India play, here’s a look at the must-read, top tech news today.
A 4.8% rally in Tesla’s share price Thursday boosted Musk past Amazon.com Inc. founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people.
Jeff Bezos, who founded Amazon as an online bookstore and built it into a shopping and entertainment behemoth, will step down later this year as CEO, a role he's had for nearly 30 years, to become executive chairman, the company announced Tuesday. Bezos, 57, will be replaced in the summer by Andy Jassy, who runs Amazon's cloud-computing business.Amazon's founder Jeff Bezos to step down as CEO, Andy Jassy to take over
According to a report by AFP, Bill Gates set out to heal the world. His Microsoft co-founder Paul Allen bought sports teams. Ted Turner raced yachts. And Donald Trump went into politics. Amazon founder Jeff Bezos, one of the world's richest men, plans to build rockets and save the planet. Bezos, 57, is the latest in a line of corporate titans who have stepped away from their day jobs to devote themselves to other activities.
Amazon founder Jeff Bezos plans to build rockets and save the planet.
Bezos will stay engaged in Amazon as the executive chair.
India warns Twitter over 'Farmer Genocide' hashtag. Jeff Bezos' exit won't mar Amazon's India plans. Clubhouse is gaining traction among Indian startup leaders.
Alphabet chief executive Sundar Pichai conveyed his best wishes to Bezos for Day 1 and Earth fund.
Satya Nadella calls Jeff Bezos's new role as a well-deserved recognition, Sundar Pichai congratulates
Various industry peers congratulated Bezos on his new responsibility.
ETtech Morning Dispatch on Feb. 3, 2021: Jeff Bezos to step down as Amazon CEO, Expanded 'Google Tax' in India
Jeff Bezos will step down as Amazon CEO later this year, to be replaced by AWS' Andy Jassy. Closer home, 'Google Tax' will now cover more foreign entities, and ADB is in talks to set up GIFT City's fintech hub. Here's a look at the top tech news to start your day.
The legacies of John D. Rockefeller and Andrew Carnegie offer hints about what could be next for Amazon’s founder.
There are now 209 Indian-origin billionaires, of which 177 are Indian residents. The total list, which continues to be topped by Mukesh Ambani and Gautam Adani, has 50 fresh additions and 10 dropouts.
Workers at an Amazon warehouse in Alabama began voting in February on whether to form the first American union at the e-commerce giant that could pave the way for further unionization in the US at one of the world's most powerful companies.
Jeff Bezos wants $1.7 mn in legal fees from girlfriend's brother, Michael Sanchez terms request 'obscene'
A California state judge in November threw out Sanchez’s lawsuit.
A dispute that would normally be confined to regulatory filings is spilling into public view, in a spat that showcases the large personalities involved as billionaires chase dreams in the sky.
Rich get richer in pandemic: Collective wealth of billionaires like Elon Musk, Jeff Bezos reaches $11.95 trillion
The world's poor face years of hardship during the COVID-19 pandemic.
Tesla’s decline was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message -- via his favored medium of Twitter -- came two weeks after Tesla announced it has added $1.5 billion in Bitcoin to its balance sheet.
Climate change poses an existential threat not just to our environment but also to our health and well-being. Nasa will be expanding its climate change research. Another challenge we would be focussing on is to re-establish America’s standing through global engagement and diplomacy.
Amazon favoured big sellers on its India platform—and used them to maneuver around rules meant to protect the country's small retailers from getting crushed by e-commerce giants, internal documents show.
Beating gender stereotypes, these space enthusiasts are building a new space economy through an array of downstream applications, combining the power of satellite data with machine learning and AI.
Elon Musk, the charismatic chief of electric automaker Tesla, has overtaken Amazon's Jeff Bezos to become the world's richest person. The South African-born Musk, 49, added over $3 billion in wealth on Thursday following Tesla's latest surge. The outspoken Musk, who is also cofounder of SpaceX, had already overtaken numerous luminaries in recent weeks, including Facebook Chief Executive Mark Zuckerberg and Bernard Arnault, the head of French luxury giant LVMH.Elon Musk of Tesla pips Amazon's Jeff Bezos to become richest person on the planet
Bezos's 'real-time' net worth is around $188 bn, as estimated by Forbes.
Bezos has just learned how to take a vacation, but the lawmakers uniting to rein in his empire aren't afraid of Andy Jassy
Jassy has less firsthand experience with the scorched-earth tactics the company has deployed to achieve its dominance over American commerce.
Amazon, locked in legal disputes with Future, alleges the Indian firm violated contracts by agreeing to sell its retail assets to Reliance Industries last year. Future denies any wrongdoing.
Jassy’s ascent suggests that the Amazon synonymous with Bezos — an online store that once sold books and now sells everything, where the customer is always right — could one day be reduced to a quaint origin story.
Panelists agreed that the pandemic has led to the acceleration of digital adoption in India, changing the way business is done. But they said India must ramp up its vaccination drive and take advantage of the Covid respite.
The Delhi High Court on Monday stayed its single judge direction to Future Retail Ltd (FRL) and various statutory authorities to maintain status quo with regard to the Rs 24,713 crore deal with Reliance Retail. A bench of Chief Justice D N Patel and Justice Jyoti Singh passed the interim direction on FRL's appeal challenging the February 2 order of the single judge. The bench also declined Amazon's request to keep its order in abeyance for a week so that it can explore appropriate remedies.Future Retail-Reliance deal: Delhi High Court lifts status quo
The world’s richest man donated 220,825 shares of the e-commerce juggernaut.
Internet shutdowns are estimated to have cost India Rs 20,235 crore in 2020 alone. That’s 70% of what they cost the entire world that year.
Members of the 12-member jury spoke at length during the panel discussion, and the collective mood is best described as cautious optimism, with optimism slowly but surely growing.
Now 57, Bezos founded Amazon in 1994 and went on to grow it into a colossus that dominates online retail, with operations in streaming music and television, groceries, cloud computing, robotics, artificial intelligence and more.
Scott unlocked a staggering sum of nearly $6 billion in charitable gifts last year.
“The stock market is a strange thing,” Musk said in an interview with Business Insider in December.
Amazon’s letter to Sebi makes a reference to India’s “ease of doing business,” which has been a sore point with foreign investors from Vodafone Group Plc to Cairn Energy Plc.
“There’s been a dawning realization that our space systems are quite vulnerable,” said Greg Grant, a Pentagon official in the Obama administration who helped devise its response to China. “The Biden administration will see more funding — not less — going into space defense and dealing with these threats.”
The billionaire's strategy was tried and tested by Patym CTO for Payments Manmeet Dhody.
Former Attorney General of Singapore, V.K. Rajah concluded the arbitration hearing on Friday, October 16, and will deliver his ruling on or before Monday, October 26, sources said.
The Musk-Bezos duel has been the spectator sport this week — for spectators.
The electric-automaker’s shares recently surged 7.9%, boosting Elon Musk past Amazon founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people. Musk is now worth $194.8 billion, or $9.5 billion more than Bezos.
Tesla's market capitalization crossed $800 billion, fortifying its position as Wall Street's fifth most valuable company, above Facebook Inc.
Musk has entered a new stratosphere over the last few years as Tesla has grown and come closer to achieving a mission he said is not purely economic.
Musk’s net worth was $184.5 billion at 11:40am in New York, just shy of Bezos, who has held the top spot since October 2017.
Jeff Bezos's Amazon, Warren Buffett's Berkshire Hathaway and financial giant JPMorgan Chase announced in January 2018 the plan to create a nonprofit health care plan to "provide US employees and their families with simplified, high-quality and transparent health care at a reasonable cost."
A staggering 6.6 million people applied for unemployment benefits in one week at the end of March as the coronavirus outbreak ravaged nearly every corner of the U.S. economy.
From Khatabook Vs Dukaan over IP rights to Reliance vs Amazon over Future Retail, 2020 saw its fair share of tiffs between Indian tech companies. ETtech does a roundup.
In a year when the COVID-19 carnage ripped apart the retail business, circa 2020 will best go down for the unravelling of the war between Jeff Bezos, the world's wealthiest man, and richest Indian Mukesh Ambani for pre-eminence in the booming market that is estimated to reach USD 1.3 trillion by 2025.
There is a global race to set up "mega constellations" of satellites to provide high-speed internet, led by Elon Musk’s Starlink, Jeff Bezos's Kuiper and Bharti Enterprises' OneWeb.
Amazon’s report showed that the company added more than 150,000 new sellers onto its platform this year, taking the total number of sellers to 700,000.
Last month, the Delhi HC had reserved order on an application by Kishore Biyani led Future Retail Ltd (FRL) seeking to injunct Amazon from interfering in the Rs 24,713 crore Reliance-Future deal on the basis of an interim order passed by the Singapore International Arbitration Centre (SIAC).
A late jump in Tesla’s share price pushed Musk’s net worth up almost $9 billion to $167.3 billion, according to the Bloomberg Billionaires Index.
In July, Scott had donated $1.7 bn in the past year to various causes.
The All India Organisation of Chemists and Druggists (AIOCD), which claims to represent 8.5 lakh chemists, on August 14 wrote to Bezos and his India CEO Amit Agarwal saying the online pharmacy space "has been marred by extreme controversies, court cases, and legal issues in last few years."
He said that the schools would "use the same set of principles that have driven Amazon."
Among the big-name investors who have turned bullish are Paul Tudor Jones, Stan Druckenmiller and Bill Miller. Even Ray Dalio admitted the other day that he “might be missing something” about Bitcoin.
Amazon.com Inc. shares surged 7.9%, the most since December 2018 on rising optimism about web shopping trends, and are now up 73% this year.
It seemed like the equation might be changing. Value stocks enjoyed a renaissance this month when vaccine euphoria prompted investors to rotate into shares trashed as the pandemic crimped the global economy. Their returns beat their growth counterparts by five percentage points in the first three weeks of November.
Elon Musk, the charismatic chief of electric automaker Tesla, has overtaken Bill Gates to become the world's second richest person, according to the Bloomberg list of billionaires.
The 49-year-old entrepreneur’s net worth soared $7.2 billion to $127.9 billion, driven by yet another surge in Tesla’s share price.
Like any tool, a mental model is neither correct nor effective all the time. However, having many mental models gives you multiple paths to a good result. Here are a few great models to understand and use to supercharge your career.
Jeff Bezos tops Forbes richest Americans list third year in a row, Zoom Video Communications CEO new entrant
Trump's ranking dropped to No. 352 from 275 last year due to the pandemic.
Even after Donald Trump’s tirade against the e-commerce giant, Amazon’s stock value since 2016 has soared more than 300%, thus making Jeff Bezos make about $120 billion.
The Amazon founder, now aged 56, would become a trillionaire (with $1,000 billion) by 2026.
The Amazon boss' wealth has hit an all-time high of $171.6 billion, surpassing the pre-divorce record.
This isn’t the first time the Tesla CEO has squared off against the Amazon founder on Twitter.
While Amazon, Future and Reliance await a verdict, the legal wrangling is threatening to unravel India’s biggest retail acquisition. But why is the world’s largest e-commerce company seeking to derail a deal that’s essentially bailing out a beleaguered retailer, whose market valuation is barely 2% of its own? Here’s what we know so far.
The billionaires of the world amassed fortunes in excess of $10 trillion this year.
Microsoft's new tech will spot the fake Jeff Bezos & Elon Musk in disturbingly realistic 'Star Trek' video
The new tool detects blended elements of an image that human eyes may not have picked up.
Reliance group’s JioMart – which only started this year and is still in the beta phase – has had delivery snafus and refund delays, and some users haven’t been shy about venting on Twitter. All that means winning big against Walmart and Amazon could take years.
While Kishore Biyani and the Jeff Bezos-led Amazon have locked horns in public over this issue, this is also impacting Future Retail’s store networks with many outlets reportedly seeing empty shelve
Amazon did not immediately respond to Reuters request for comment.
Amazon has also said the Future-Reliance transaction breaches the right of first refusal and non-compete clauses in its agreement with the Kishore Biyani-owned company.
President Trump's plans to win the race in space call for a 2024 moon mission, and ending direct U.S. financial support for the International Space Station in 2025 - turning over control of the decades-old orbital laboratory to private space companies.
SIAC said FRL chains are unique and are of strategic importance and value to Amazon. Future Group has given no good legal reasons for affecting the sale of FRL’s retail assets behind Amazon's back and therefore ‘gravely compromising its interests’, it added.
According to a report by IANS, as Reliance Industries Ltd (RIL) stepped into the e-commerce space with JioMart, speculations ran rife over two of world's richest individuals up for a confrontation in the market. But RIL's proposed acquisition of Future Group's retail business has pitched both behemoths, Jeff Bezos' Amazon and Mukesh Ambani's RIL, against each other in a legal battle, which now seems to be heading towards a long-drawn war.
Over the weekend, Amazon won an injunction from a Singapore arbitrator to halt FRL's deal to sell assets to Reliance. Amazon alleged FRL had breached certain contract provisions it entered into last year in a separate deal with the American firm.
For the world’s most valuable retailer Amazon, it is important that it drags Future Group to court for breaching an international contract so that it does not set a precedent which could be used against it in other countries, said two persons aware of the developmen
Reliance Industries was the biggest drag on bluechip indices as investors dumped shares fearing it may not be able to complete the acquisition of Future Group assets.
Amazon drew the battle lines earlier this month when it accused Future of violating a contract between the two sides by agreeing to a buyout by Reliance. The deal would have been a bailout for Future, which faces another potential cash crunch as competition in the Indian retail space intensifies and the economy slows amid the coronavirus pandemic.
Passing an interim award in favour of Amazon, V K Rajah - the sole arbitrator in the Amazon vs Future vs Reliance arbitration matter - has asked the Future group to put the deal on hold and said that the deal cannot go through until it finally decides the matter.
Poor audio quality, flat-screen televisions going off, chief executives appearing together as thumbnails on a large screen - led to observers on Twitter and frustrated viewers to mock the virtual set-up. Lawmakers focused on asking the CEOs of Alphabet Inc's Google and Facebook Inc a barrage of questions on alleged abuses of market power.
Amazon CEO Jeff Bezos dodged tough questions related to new evidence the online retailer stifled competition and raised prices on certain products during a House Judiciary hearing on antitrust laws Wednesday, July 29. Bezos and other executives of big technology platforms like Apple, Facebook and Google, were grilled for their companies' practices spelled out in more than a million internal documents unearthed during yearlong investigation of market dominance in the industry. Bezos initially declined to testify unless he could appear with the other CEOs.Amazon CEO Jeff Bezos dodges questions at first US Congress hearing on market competition
Amazon founder and CEO Jeff Bezos can't "guarantee" if the e-tailer has not used third-party seller data to aid its private label business, even though it has a policy against the practice, he said at a US Congressional hearing on Wednesday.