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Amazon.com Inc (AMZN.O)

AMZN.O on Nasdaq

27 Jul 2016
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Latest Key Developments (Source: Significant Developments)

Amazon.com Inc and eBay to be held liable for VAT fraud by sellers - theguardian
Thursday, 17 Mar 2016 11:21am EDT 

Amazon.com Inc:Amazon and eBay are to be held liable, in some cases, for VAT fraud committed by a growing army of overseas sellers using their websites and costing Britain hundreds of millions of pounds a year in lost tax receipts. - theguardian.The chancellor is giving tax inspectors new powers to warn high-risk overseas sellers active in the UK through eBay and Amazon.If, after those warnings, sellers do not correctly collect VAT within 30 days, eBay and Amazon can be held liable for the missing tax.The Treasury estimates this measure will recoup £875m in lost VAT receipts over the next four years, though it is not expected to halt tax fraud altogether.The total cost to the taxpayer of this abuse was officially estimated at £1bn to £1.5bn a year.The chancellor's crackdown comes four months after a Guardian investigation exposed widespread VAT fraud by sellers using the two websites.Last Christmas alone, the Guardian estimated that last Christmas alone that Treasury coffers lost tens of millions of pounds to VAT evasion as a growing number of non-EU sellers, including hundreds from China, dominated sales of popular gifts on Amazon and eBay.In Wednesday's budget speech , George Osborne acknowledged there had been a big rise in overseas suppliers storing goods in Britain and selling them online without paying VAT.  Full Article

Amazon.com Inc - German regulator well suited to investigate Facebook - EU's Vestager - Reuters News
Monday, 7 Mar 2016 06:44am EST 

Amazon.com Inc:Germany, which launched an investigation into social network Facebook last week, is well placed to handle the case, Europe's antitrust chief said on Monday. - RTRS.The comments by European Competition Commissioner Margrethe Vestager came after the German competition office said last week it was investigating Facebook for suspected abuse of market power over breaches of data protection laws.The German cartel office will examine whether Facebook users were properly informed about the type and extent of personal data collected by the company, and if this was in line with German antitrust rules.Vestager, whose antitrust cases include a number of high-profile technology companies such as Google, Amazon and Apple, welcomed the German investigation."It shouldn't only be the Commission doing things that are new in terms of developing competition law," Vestager told reporters when asked if the EU was going to act against Facebook, or let Germany take the lead "They are well suited to do it.And since they both do it with the German and European perspective, then basically they do it in a way which is beneficial to all," she said. Facebook has said it complies with the law.The German cartel office said it was coordinating its probe with the European Commission, competition authorities in other European Union states, data protection authorities in Germany and consumer rights groups.  Full Article

Amazon.com Inc recalls Fire 7 and Kids Edition power adapter over electrical shock risk - Theguardian
Wednesday, 2 Mar 2016 05:08pm EST 

Amazon.com Inc:Amazon is recalling the power adapter for some models of its popular Fire tablets, including one aimed at children, because of a risk of electrical shock. - Theguardian.The recall affects the USB power adapters supplied with the UK versions of Amazon's Fire 7in and Fire Kids Edition 7in tablets.Amazon said: "We have determined that, in rare cases, when the power adapter included with the UK Fire 7in and UK Fire Kids Edition 7in tablet is pulled from the wall socket, the adapter assembly may detach and create a risk of electrical shock.".The adapters with model number FABK7B were sold with the two tablets from September 2015.Amazon has requested that users stop using the original adapters immediately. The USB charging cable and tablet are unaffected and can continue to be used via another USB power adapter or computer.Amazon is pointing customers to a recall page where they can choose to have a free replacement charging adapter sent to them or to request a credit for one applied to their Amazon account.The company's more expensive Fire HD and Fire HDX tablets, as well as its various Kindle e-readers and tablets sold outside the UK are unaffected by the recall.  Full Article

Amazon.com Inc - Top U.S. official to meet EU antitrust team on tax - Reuters
Friday, 29 Jan 2016 12:48am EST 

Amazon.com Inc:A senior U.S. Treasury official will meet European Union antitrust officials investigating tax deals involving Apple and Amazon on Friday, the latest lobbying effort against a crackdown on U.S. firms. - RTRS.The meeting comes a week after Apple Chief Executive Tim Cook met European Competition Commissioner Margrethe Vestager, who is expected to rule on his company's sweetheart deal with Ireland early this year. - RTRS."Ditte Juul-Joergensen, Linsey McCallum and Gert-Jan Koopman will meet with Robert Stack, Deputy Assistant Secretary for International Tax Affairs at the U.S. Department of the Treasury," Vestager's spokesman said in an email. - RTRS.Juul-Joergensen and McCallum are members of Vestager's cabinet, while Koopman is the top civil servant at the European Commission in charge of the tax cases. - RTRS.Last month Stack told a Senate committee that the EU executive seemed to be singling out U.S. companies and had no right to go after foreign profits held overseas by the firms. - RTRS.All the companies have denied wrongdoing. Apple could face a hefty back tax bill as the EU investigation covers a period of up to 10 years. - RTRS.Google could be the next EU target after the Scottish National Party complained to the Commission about its 130 million pound settlement with British tax authorities - RTRS.  Full Article

Amazon.com Inc gives Q1 2016 guidance
Thursday, 28 Jan 2016 04:01pm EST 

Amazon.com Inc:Says Q1 2016 Net sales are expected to be between $26.5 billion and $29.0 billion.Says Q1 2016 Operating income is expected to be between $100 million and $700 million.guidance includes about $600 mln for stock-based compensation and other operating expense (income), net.  Full Article

Amazon.com Inc - Google, Amazon face test after Apple reaches tax agreement with Italy - XINHUN
Monday, 4 Jan 2016 06:17am EST 

Amazon.com Inc:Italian authorities would have Amazon and Google under scrutiny over their tax arrangement in the country, after a 318 mln euro deal was struck with Apple to settle a long tax evasion dispute- XINHUN.According to local media, prosecutors in Milan had opened an inquiry into "persons unknown" related to Amazon after a specific communication came from the national tax agency- XINHUN.Italian financial police were also looking into the domestic activities of the e-commerce giant, which has its European headquarters in Luxembourg - XINHUN.In a separate case, Italy's Revenue Agency would also be negotiating with Google a possible deal "in order to close a litigation on alleged tax evasion in the country by the California-based multinational." - XINHUN.The amount of Google's alleged tax evasion in Italy would be around 1 bln euros. The news about the closer scrutiny on Amazon and Google's corporate tax policies came after Italy's tax authorities succeeded in striking a deal with the Apple's Italian subsidiary. - XINHUN.Apple agreed to pay 318 million euros (345.8 million U.S. dollars) to settle a probe into its tax arrangement in the country launched in 2013 - XINHUN.According to the revenue agency, Apple had failed to correctly declare its earnings in the country from 2008 to 2013, and should have paid some 879 million euros in taxes over that period - XINHUN.  Full Article

Amazon.com Inc, eBay face crackdown in UK over VAT fraud by overseas sellers- the Guardian - Reuters
Tuesday, 22 Dec 2015 10:25am EST 

Amazon.com Inc:UK Treasury looking at ‘all possible options’ after claim that big online marketplaces collaborate with vendors over tax evasion on popular goods - RTRS.Top tax officials are exploring whether Amazon and eBay can be forced to foot the bill for ballooning VAT fraud associated with an army of small overseas sellers who are rapidly coming to dominate sales of many popular items on Britain’s leading shopping websites - RTRS.A Guardian investigation has found that hundreds of high-value gifts including Apple watches, iPads, Fitbits and Panasonic cameras are being sold on Amazon’s UK website without VAT being charged - RTRS.In recent months, record numbers of small overseas sellers have imported goods into Britain in advance of the Christmas rush, arranging for Amazon to dispatch the stock from its UK warehouses. - RTRS.Many of these VAT-free sellers give virtual office or residential addresses in China, Hong Kong and the US. Little is known about them by HM Revenue and Customs - RTRS.Last month, eBay said it would report a number of sellers on its site to HMRC after the Guardian showed it evidence of Chinese traders giving invalid VAT numbers as well as sharing, or cloning, numbers belonging to other businesses - RTRS.A Treasury spokesman told the House of Lords that HMRC had set up a taskforce to investigate VAT evasion by overseas internet sellers. Urgent meetings with senior figures at Amazon and eBay took place last month - RTRS.  Full Article

Amazon.com Inc - Strikes at Amazon German warehouses up to Christmas - Reuters
Sunday, 20 Dec 2015 09:01pm EST 

Amazon.com Inc:Workers at German warehouses of U.S. online retailer Amazon.com Inc AMZN.O were called out on a new strike by labour union Verdi on Monday as part of a long-running dispute over pay and conditions - RTRS.Verdi said in a statement that workers at six of the nine Amazon warehouses were joining the strike, which will run until Dec. 24 at four of the centres and for shorter periods at the others - RTRS.Germany is Amazon's second-biggest market after the United States with 10,000 warehouse staff plus more than 10,000 seasonal workers - RTRS.A Verdi spokeswoman said the union expected a similar number of workers to join the strike as previously, when hundreds of staff walked off the job at several warehouses. - RTRS.But an Amazon spokeswoman said only a small minority of staff were on strike. "There is absolutely no impact on our customer delivery promise. - RTRS.The vast majority of our employees are working," she said, noting that Amazon uses a network of 29 warehouses across Europe to fulfil orders. - RTRS.Amazon has repeatedly rejected the union's demands, saying it regards warehouse staff as logistics workers and that they receive above-average pay by the standards of that industry - RTRS.  Full Article

Amazon.com Inc said to pull some hoverboards from store for safety issues -The Verge - Reuters
Sunday, 13 Dec 2015 06:04pm EST 

Amazon.com Inc:After a series of hoverboard-related fires grabbed headlines, it looks like Amazon is taking action. -The Verge.According to Swagway, a major seller of hoverboards, Amazon has started questioning makers about their safety standards — and appears to be removing some boards from its store. -The Verge.There have been at least 10 reports of hoverboard fires in nine states in recent weeks, and the United States Consumer Product Safety Commission is actively investigating the situation - The Verge.The issue has escalated so quickly that major airlines have announced they will ban the boards from flights. Prior to Amazon's move, Overstock.com announced this week that it would stop selling the boards amid safety concerns - The Verge.  Full Article

Amazon.com Inc - EU lawmakers, countries agree on bloc's first cyber-security law - Reuters
Monday, 7 Dec 2015 01:54pm EST 

Amazon.com Inc:EU lawmakers and member states struck a deal on the bloc's first cyber-security law on Monday that will require Internet firms such as Google GOOGL.O and Amazon AMZN.O to report serious breaches or face sanctions - RTRS.The deal, following five hours of negotiations between the European Parliament and EU governments, was reached in response to increasing worries about cyber attacks resulting in security and privacy breaches - RTRS.The European Commission's digital chief, Andrus Ansip, said the new law would build up consumers' trust in Internet services, especially cross-border services - RTRS."The Internet knows no border - a problem in one country can have a knock-on effect in the rest of Europe - RTRS.This is why we need EU-wide cyber-security solutions. This agreement is an important step in this direction," he said - RTRS.The new law, known as the Network and Information Security Directive, sets out security and reporting obligations for companies in critical sectors such as transport, energy, health and finance - RTRS.Web firms will be subject to less stringent obligations, than, say, airports or oil pipeline operators - RTRS.Under the measure, Internet companies such as Google, Amazon, eBay & Cisco, but not social networks like Facebook, will be required to report serious incidents to national authorities, which in turn will be able to impose sanctions on companies that fail to do so - RTRS.  Full Article


Exclusive: Alibaba, eBay, CVC bid for Polish auction site Allegro - sources

WARSAW Chinese e-commerce group Alibaba , U.S. online retailer eBay Inc , and private equity firm CVC Capital Partners are among the bidders for Eastern Europe's No.1 auction website Allegro from South Africa's Naspers , sources said.