Shares in Amazon have risen above the $1,000 mark for the first time. The shares touched $1,001.2 at one point yesterday (30 May) before slipping back to $996.7. It originally listed its shares in May 1997 for just $18 each.
Amazon now has a market capitalisation of about $478bn and according to consultancy Slice Intelligence, Amazon now accounts for about 43% of all online sales in the US. It is the fourth-largest US company by market capitalisation, behind Apple, Google owner Alphabet, and Microsoft.
READ MORE: Amazon shares hit $1,000 for first time
Snapchat makes move to create a safer environment for brands
Snapchat is striking deeper partnerships with outside companies in a bid to reassure marketers that it is a safe place to advertise.
The tech company is working with Integral Ad Science, DoubleVerify and Moat to evaluate its technology and procedures for addressing brand safety.
“The Snapchat brand safety protocol is designed to block any ads from appearing adjacent to user-generated content that is determined to be inappropriate or objectionable,” DoubleVerify says
READ MORE: Snapchat Moves to create a safer environment for brands
Co-op Bank said to head for debt-for-equity swap as options fade
Co-operative Bank is coming closer to forcing bondholders to swap debt into equity and selling shares.
The Manchester-based lender is seeking an agreement with bondholders including US hedge funds Silver Point Capital and GoldenTree Asset Management within weeks to raise as much as £750m. Co-op Bank is also in talks with a potential bidder for the company, though a so-called liability management exercise without a sale is the most likely option.
READ MORE: Co-Op Bank Said to Head for Debt-for-Equity Swap as Options Fade
Shop prices pushed closer to inflation by pick-up in food
Overall shop prices reported the shallowest deflation rate since November 2013 in April. Deflation for April was reported as 0.4%, down from the 0.5% fall in April.
Non-food deflation deepened slightly with prices falling 1.5% over the year to May compared to the 1.4% decline in April. Food inflation accelerated to 1.4% from the 0.9% rise in April, while fresh food was 1.2%, up from 1.0% in April.
“Overall prices continue to fall year on year, albeit now at the slowest rate since November 2013,” says Helen Dickinson, chief executive of the British Retail Consortium.
“With shorter stock turnaround times, the impact of the weaker pound has already started feeding through into food prices; although food price inflation this month is still well below the input cost price increases being faced by retailers. By contrast, heavy discounting in the wake of a weak start to the year and the fact that some businesses are still protected by hedging contracts are keeping non-food prices deflationary for now.”
Tuesday, 30 May
Ryanair profits rise as ‘always getting better’ programme attracts record traffic
Ryanair saw profits rise 6% in the full year to 31 March to €1.316bh, an increase it puts down to a 13% cut to average fares and the third year of its ‘Always Getting Better’ programme. Traffic was up 13% to a record 120 million customers, with load factor (how full a plane is) at an industry-leading 94%.
Ryanair CEO Michael O’Leary says: “We are pleased to report a 6% increase [in profit after tax] despite difficult trading conditions in 2017 caused by a series of security events at European cities, a switch of charter capacity from North Africa, Turkey and Egypt to mainland Europe, and a sharp decline in Sterling following the June 2016 Brexit vote.
“We reacted to these challenges by improving our customer experience and stimulating growth with lower fares.”
Customer experience improvements include updates to Ryanair’s website, mobile appand digital platforms. The airline plans to continue this emphasis by offering connecting flights for long-haul partners and rolling out its Ryanair Holidays offering to all markets as it looks to build the “Amazon of travel”.