Amazon.com Inc. plans to shut down its Chinese marketplace business in July to sgift its focus more on India. Amazon will keep running its other businesses in China, including Amazon Web Services, Kindle e-books, and cross-border operations that help ship goods from Chinese merchants to customers abroad. Amazon entered China in 2004, when it bought a local online book seller for $75 million. Amazon still has less than 1% market share in China.
A study by UK-based consumer group 'Which?' has showed that technology products, including smartwatches, cameras, headphones, of unknown brands on Amazon have received five-star ratings by unverified buyers. Amazon prides itself for its authentic user reviews for products. The study says that search results for electronic gadgets are dominated mostly by unknown brands, but receive hundreds of potentially fake five-star reviews within hours of these products being listed onto Amazon. Headphones have the highest number of false reviews.
Amazon is reportedly working on a new deal structure that will enable it to own stake in Future Retail indirectly. Amazon is considering buying up to 49% stake in Future Coupons, said sources. Future Coupons is a promoter entity of the Future Group. The new deal structure will allow Amazon to effectively own about 9% stake in Future Retail. It could take about 1-2 months for the deal to go through.
According to LinkedIn, Walmart-owned Flipkart is the top workplace for Indians. Flipkart is followed by Amazon as the second most preferred company to work by Indians. Oyo, Paytm and Uber occupy the third, fourth and fifth rankings respectively. Reliance Industries was placed at 10th spot. The list was compiled on parameters such as interest in the company, engagement with the company’s employees, job demand and employee retention.
Amazon.com Inc CEO Jeff Bezos will retain voting control of his entire $143 billion stake in the company under a divorce settlement with his wife, MacKenzie Bezos who will own 25% of those shares. Her shares represent 4% stake in Amazon that is worth roughly $36 billion. The world's richest couple had announced their divorce in a joint Twitter statement in January. The Amazon shares will make her the world's third-richest woman while Jeff Bezos will remain the world's richest person, according to Forbes. MacKenzie will give up her interests in the Washington Post, which Jeff Bezos bought in 2013.