UK grocery watchdog probes Amazon over alleged supplier payment delays
The Groceries Code Adjudicator said it suspects Amazon violated paragraph 5 of the Groceries Supply Code of Practice, which mandates prompt payment to suppliers.
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CNA
an hour ago
- CNA
Dollar in holding pattern before Jackson Hole, kiwi drops on dovish RBNZ
LONDON :The U.S. dollar was little changed on Wednesday as traders awaited a speech from Federal Reserve Chair Jerome Powell at the annual Jackson Hole central bankers' symposium later this week for clues on the path of monetary policy. The New Zealand dollar tumbled after the central bank reduced its cash rate by a quarter point to 3.0 per cent as expected, and said its board had also considered a half-point cut. The dollar index, which measures the U.S. currency against six others, was down less than 0.1 per cent at 98.265, after earlier touching a more than one week high of 98.441. Friday's speech by Powell is the market's main focus, as traders watch for any pushback against market pricing of a rate reduction at the Fed's September 16-17 meeting. Traders now place odds of about 85 per cent on a quarter-point cut next month and expect about 54 basis points of reductions by year-end. "Powell will try to be fairly balanced, but there is a risk we see a hawkish Powell on Friday," said Kirstine Kundby-Nielsen, FX analyst at Danske Bank. "Some of the developments we've seen in inflation dynamics will keep the Fed more cautious." Traders, who ramped up bets for Fed cuts after a surprisingly weak U.S. payrolls report at the start of this month, were further encouraged after consumer price data showed limited upward pressure from tariffs. However, a hotter-than-expected producer price reading last week complicated the policy picture. Powell has said he is reluctant to cut rates because of expected tariff-driven price pressures this summer. Later on Wednesday, the Fed will issue the minutes of its meeting on July 29 and 30, when it held rates steady, although they may offer limited insight as the meeting came before the weak jobs numbers. The kiwi slumped as much as 1.3 per cent to $0.5815, its weakest since April 11, with policymakers lowering their projected floor for the cash rate to 2.55 per cent, from 2.85 per cent forecast in May. "The market did not expect the bank to send a strong dovish signal that it intends to deliver further cuts," Prashant Newnaha, a rates strategist at TD Securities, wrote in a client note. He has increased his forecast for additional easing, now projecting a cash rate of 2.5 per cent by November. The Swedish crown was steady after its central bank maintained its policy rate at 2 per cent, in line with expectations. The euro was little changed at $1.1647. The greenback retreated 0.1 per cent to 0.8073 Swiss franc and edged down 0.2 per cent to 147.48 yen. The pound rose held broadly steady against the euro and dollar after hotter-than-forecast inflation, leaving Britain with the biggest price growth problem amongst the world's big rich economies. But much of the rise in services inflation was driven by volatile air fares, which some economists said was due to the timing of school holidays. "The BoE (Bank of England) is more concerned about food inflation, which hasn't changed much in today's release," ING's head of research Chris Turner said. "We doubt today's CPI release will alter much of the BoE's current thinking." In cryptocurrencies, bitcoin hovered at around $113,537 after earlier dipping to the lowest since August 3 at $112,578.38, pressured by a strengthening dollar. Ether was up 1.2 per cent at $4,207.
CNA
an hour ago
- CNA
Exclusive-Amazon looks to ditch homegrown software for Android in Fire tablet revamp, sources say
SAN FRANCISCO :Amazon is plotting a big change to its Fire tablet lineup following years of escalating gripes from consumers and app developers over the company's homegrown operating system. As part of a project known internally as Kittyhawk, Amazon plans to release a higher-end tablet as soon as next year offering the Android operating system software for the first time, according to six people familiar with the matter. Since the Fire tablet's introduction in 2011, Amazon has used what is known as a 'forked' version of Android with custom modifications that make it work like a unique operating system. Amazon has long sought to undercut hardware rivals with inexpensive tablets and other devices that serve as a doorway to the firm's digital content, like e-books, videos and music. The devices have typically sold at or near manufacturing cost. But the focus on simplicity has held back sales, particularly among consumers who seek higher-performing devices. The multiyear project to switch to Android marks a philosophical change for the online retail giant, which has eschewed third-party operating systems and software in favor of its own. As a result, Amazon has offered its own app store requiring developers to make separate versions of their apps for Fire tablets, limiting the store's variety. If Kittyhawk is successful, Fire tablets could be more desirable for consumers who crave compatibility with other Android devices, the people said. They cautioned that Kittyhawk could be delayed or cancelled over financial or other concerns. Amazon declined to comment, saying it does not respond to rumors or speculation. 'Consumers have always expressed a concern about not having access to the latest Android versions, not having access to some of their apps because Amazon used their own store,' said Jitesh Ubrani, a researcher at IT advisory firm IDC. 'It's meant more work for developers in this day and age of largely free apps or services.' Ubrani noted that Amazon has nonetheless sold many millions of the tablets. Amazon has forfeited profits on the devices themselves in favor of making money on selling their associated services, like streaming movie rentals. But such inexpensive devices typically come with compromises like lower screen quality or battery life compared with pricier options. Amazon is the world's fourth-largest tablet seller, with 8 per cent of the market, just behind Lenovo's 8.2 per cent, according to second-quarter IDC data. Apple and Samsung were the market leaders with 33.1 per cent and 18.7 per cent, respectively. PRICIER TABLET The first Amazon Android tablet, slated for next year, will be pricier than current models, the people said. One of them said Amazon had discussed a $400 price tag, nearly double the cost of its current higher-end $230 Fire Max 11 tablet. IPads, by comparison, range from $350 to $1,200. Reuters could not learn additional specifications for the planned Amazon tablet, such as screen size and speaker quality or memory capacity. Amazon historically has avoided using software or other products from third parties, preferring to develop the services in-house or, barring that, to acquire a competitor. The Fire Phone smartphone championed by Amazon founder Jeff Bezos and released in 2014 failed to win over buyers in part because of its reliance on Fire OS, as well as its high price tag. Amazon canceled the device and took a $170 million writedown. But the Seattle retailer has more recently shown a willingness to use rivals' services, particularly through its investment in startup Anthropic, whose Claude artificial intelligence software is the primary underpinning of Amazon's Alexa+ voice assistant and a chatbot used by employees known as Cedric. The new Fire tablet, the people said, will use the open-source version of Android, meaning it does not require direct coordination with Google and can be customized. Amazon is planning to roll out some lower-priced tablets with its Linux-based Vega operating system now in some Fire TV devices, some of the people said. The full slate of tablets will eventually be powered by a version of Android, the people said. The Fire project's internal code name of Kittyhawk seems to derive from the North Carolina town near where the Wright brothers conducted the first powered flight in 1903. But it is also the name of a failed flying car startup backed by Google co-founder Larry Page that burned through hundreds of millions in cash. Amazon declined to discuss the meaning behind its Kittyhawk project name.
CNA
4 hours ago
- CNA
Dollar steady before Jackson Hole, kiwi drops on dovish RBNZ
LONDON :The U.S. dollar was little changed on Wednesday as traders awaited a speech from Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium later this week for clues on the monetary policy path. The New Zealand dollar tumbled after the central bank reduced its cash rate by a quarter point to 3.0 per cent as expected, and said its board had also considered a half-point cut. The dollar index, which measures the U.S. currency against six others, was flat at 98.319, after earlier touching a more than one week high of 98.441. Friday's speech by Powell is the market's main focus, as traders watch for any pushback against market pricing of a rate reduction at the Fed's September 16-17 meeting. Traders now place odds of about 85 per cent on a quarter-point cut next month and expect about 54 basis points of reductions by year-end. "Powell will try to be fairly balanced, but there is a risk we see a hawkish Powell on Friday," said Kirstine Kundby-Nielsen, FX analyst at Danske Bank. "Some of the developments we've seen in inflation dynamics will keep the Fed more cautious." Traders, who ramped up bets for Fed cuts after a surprisingly weak U.S. payrolls report at the start of this month, were further encouraged after consumer price data showed limited upward pressure from tariffs. However, a hotter-than-expected producer price reading last week complicated the policy picture. Powell has said he is reluctant to cut rates because of expected tariff-driven price pressures this summer. Later on Wednesday, the Fed will issue the minutes of its meeting on July 29 and 30, when it held rates steady, although they may offer limited insight as the meeting came before the weak jobs numbers. The kiwi slumped as much as 1.3 per cent to $0.5815, its weakest since April 11, with policymakers lowering their projected floor for the cash rate to 2.55 per cent, from 2.85 per cent forecast in May. "The market did not expect the bank to send a strong dovish signal that it intends to deliver further cuts," Prashant Newnaha, a rates strategist at TD Securities, wrote in a client note. He has increased his forecast for additional easing, now projecting a cash rate of 2.5 per cent by November. The Swedish crown was steady after its central bank maintained its policy rate at 2 per cent, in line with expectations. The euro eased 0.1 per cent to $1.1636. The greenback advanced 0.1 per cent to 0.8078 Swiss franc, though it edged down 0.1 per cent to 147.61 yen. The pound rose slightly against the euro and dollar after hotter-than-forecast inflation, leaving Britain with the biggest price growth problem amongst the world's big rich economies. But much of the rise in services inflation was driven by volatile airfares, which some economists said was due to the timing of the school holidays. "The BoE (Bank of England) is more concerned about food inflation, which hasn't changed much in today's release," ING's head of research Chris Turner said. "We doubt today's CPI release will alter much of the BoE's current thinking." In cryptocurrencies, bitcoin hovered at around $113,897 after earlier dipping to the lowest since August 3 at $112,578.38, pressured by a strengthening dollar. Ether was up 1.8 per cent at $4,234.
