Amazon Founderjeff Bezos briefly becomes the worlds richest person. But wall street nerves about the companys massive Spending Push him back down to number two. Plus, Making America Grow again. Will the latest figures on the us economy bring President Trump closer to his 3 target . Welcome to World Business report. Im rachel horne. Also coming up a billion dollar round of coffees as starbucks buys out its chinese partner. But first we start with retail giant amazon. It has seen its shares fall sharply after its latest figures disappointed wall street. The good news it is raking in huge sums of money as its sales keep expanding. The bad its spending a fortune on developing its business, and that is making investors nervous. Lets show you the details. Total sales in the three months tojune jumped almost a quarter compared to last year to just under 38 billion. Unfortunately, they spent almost all of it Operating Expenses surged to well over 37 billion. That means there wasnt much actual
Muted start. And Chlorinated Chickens, the Electric Mini and tech titans well be looking at whats been a busy week in today we want to know does great wealth bring great responsibility . Yesterday amazon founder jeff bezos was, briefly, the richest person in the world what would you do if it was you . Just use the hashtag bbcbizlive. Hello and welcome to Business Live. We start with retail giant amazon it has seen its shares fall sharply after its latest figures disappointed wall street. The good news it is raking in huge sums of money as its sales keep expanding. The bad news its spending a fortune on developing its business and that is making investors nervous. Lets show you the details. Total sales in the three months tojune jumped almost a quarter compared to last year to just under 38 billion. Unfortunately they spent almost all of it Operating Expenses surged to well over 37 billion. That means there wasnt much actual profit a comparatively measly 197 million and down 77 on last
the union, there will be marquees set up over there. yet here they are, leading the first ever strike by amazon employees in the uk. we work for one of the richest men in the world, for one of the richest companies in one of the richest countries. and we shouldn t all be having to do 60 hoursjust to make ends meet. amazon says it ensures its wages are in line with or higher than similarjobs locally and that employees are also offered private medical insurance, life assurance, subsidised meals and an employee discount. it was in august last year that the political awakening at the coventry centre began. a spontaneous walk out, say workers here, in anger at being offered a 50p pay rise which took the minimum starting salary to £10.50 an hour. the company s profits had boomed during the pandemic and so, too, the bank account of billionaire amazon founderjeff bezos. we don t want his boat or his rockets. we just want to be able to live.
they are working for a multi million pound organisation that is raking in profits still and not willing to share those profits to ensure that those workers are able to live decent lives. they can t afford to heat their homes, they can t afford to pay their bills orfeed theirfamilies. it has just got to the point where enough is enough and they are taking strike action. they are striking over pay. the company gave them a 50p pay rise in august, taking the minimum pay rate to £10.50 an hour. the union says the rate should be £15 an hour, arguing that the company s profits boomed during the pandemic as did the bank account of billionaire founderjeff bezos. we don t want his rockets. we just want to be able to live. darren and garfield work at the coventry side and are leading today s action. we just want a decent wage. we are on our feet for ten hours a day, we get told off if we get
of the gmb union for a few months. if they want to join the union, there will be marquees set up over there. yet here they are, leading the first ever strike by amazon employees in the uk. we work for one of the richest men in the world, for one of the richest companies in one of the richest countries. and we shouldn t all be having to do 60 hoursjust to make ends meet. amazon says it ensures its wages are in line with or higher than similarjobs locally and that employees are also offered private medical insurance, life assurance, subsidised meals and an employee discount. it was in august last year that the political awakening at the coventry centre began. a spontaneous walk out, say workers here, in anger at being offered a 50p pay rise which took the minimum starting salary to £10.50 an hour. the company s profits had boomed during the pandemic and so, too, the bank account of billionaire amazon founderjeff bezos. we don t want his boats or his rockets.