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Saks Global: Court approves 400 million dollar financing, despite Amazon objection

Saks Global has received preliminary approval for 400 million dollars in new funding from a US bankruptcy judge. The capital is part of a 1.75 billion dollar financing commitment secured by the group in association with its Chapter 11 proceedings, initiated with a Texas bankruptcy court. Judge Alfredo Perez approved of the funding despite...

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Amazon founder launches AI venture Project Prometheus, signalling potential shifts for retail and fashion

Jeff Bezos is returning to the chief executive role with a new artificial intelligence venture, Project Prometheus, a move that could reshape how technology flows into sectors including retail and fashion. According to The Times, the early-stage company has secured 6.2 billion dollars in initial funding, placing it among the world’s most...

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Fashion's deforestation challenge: COP30 urges action among leather supply chains

COP30 remains ongoing in Belém, Brazil, where its close proximity to the Amazon rainforest has highlighted an urgency for businesses to act on deforestation risks. Heightened scrutiny towards some of fashion’s biggest players, alongside upcoming European regulations, has intensified pressure on the sector. Despite growing awareness, significant...

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JoyBuy arrives in France: JD.com's risky bet on a saturated European e-commerce market

Chinese giant JD.com is relaunching its JoyBuy marketplace in France, with the ambition of competing against AliExpress, Temu and Shein. After an initial failure in 2015, the group is returning with a more structured offering. The saturated and demanding European market will not forgive any logistical inaccuracies or vague positioning. Behind...

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Amazon begins redundancy process for 1,200 employees in Spain

Madrid – American e-commerce multinational Amazon is making cuts in Spain, where it plans to reduce its workforce by 1,200 employees. These employees currently work in the company's corporate offices in the country. Amazon is set to make them redundant as part of the global adjustment process announced this week. According to information...

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Amazon shares soar on AI cloud computing boom

San Francisco, US – Amazon's shares soared by almost 10 percent on Thursday. The e-commerce giant announced better-than-expected earnings, driven by the growing demand for its AI cloud computing services. Quarterly sales increased by 13 percent, reaching 180.2 billion dollars across the company, it reported. Net income rose to 21.2 billion...

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Amazon to invest five billion dollars in AI data centres in South Korea

Seoul – Following the announcement of a new round of redundancies as part of its strategy to reduce costs and accelerate investment in artificial intelligence, Amazon will invest more than five billion dollars to build AI data centres in South Korea by 2031, the Asian country reported on Wednesday. The commitment was announced by Matt Garman,...

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Amazon confirms plans to cut around 14,000 office jobs

The world's largest online retailer, Amazon, is cutting around 14,000 administrative jobs. In a statement, the company attributed the cuts to organisational changes in the age of artificial intelligence. Shipping operations in Germany and other countries are not expected to be affected by the reduction in office jobs. It was initially unclear to...

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Amazon to cut 30,000 office jobs: media reports

Amazon will lay off tens of thousands of office workers as the e-commerce and tech giant trims costs amid ramped-up investments in artificial intelligence, according to US media reports. Some 30,000 positions will be cut in a belt-tightening move expected to begin on Tuesday, multiple news outlets reported. The reduction will represent nearly 10...

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Amazon makes major investment in Dutch e-commerce

American e-commerce giant Amazon is stepping up its efforts in the Netherlands. The company will invest over 1.4 billion euros in the country through 2027, as reported to the Financieele Dagblad. This investment is partly intended to challenge its competitor, Bol. The 1.4 billion euro investment will be used to facilitate next-day delivery....

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India e-commerce market to cross 200 billion dollars in 2025: GlobalData

India's e-commerce market is forecast to grow by 12.5 percent in 2025, projected to reach 17.7 trillion rupees (211.6 billion dollars), driven by strong consumer appetite for online shopping and growing trust in digital payments. This rapid expansion reflects deeper digital integration, supportive government policies, and the rising adoption of...

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Amazon's cloud services hit by global outage

A global outage hit Amazon's cloud services on Monday, the subsidiary of the US tech giant said, disrupting many websites and services including Amazon Prime, Perplexity, Fortnite, Alexa, Snapchat and Duolingo. Messages on the maintenance site for Amazon Web Services (AWS) confirmed "increased error rates" for multiple services and said its...