State and local governments are spending big taxpayer dollars to try to convince Amazon to build a new headquarters in their state or city. Philadelphia, PA, Connecticut, and Virginia Beach are just a few who have done so.
State and local governments have been more than happy to play up the amenities they think make their locations the best choice for Amazon’s second headquarters. But many of them will not disclose the tax breaks or other financial incentives they are offering the online giant.
More than 15 states and cities, including Chicago, Cleveland and Las Vegas, refused requests from The Associated Press to detail the promises they made to try to lure the company.
Among the reasons given: Such information is a “trade secret” and disclosing it would put them at a competitive disadvantage.
“We want to be in the best possible position to negotiate. We don’t want the whole world to know our strategy, ” Democratic Gov. Gina Raimondo of Rhode Island said in a radio interview.
Amazon’s search for a second headquarters city has triggered an unprecedented competition among governments around North America to attract a $5 billion project that promises to create 50,000 jobs. The retailing behemoth has made clear that tax breaks and grants will be a big factor in its decision. It received 238 proposals and said it will announce a decision sometime this year.
Public records laws around the country vary, but when courting businesses, governments generally aren’t required to disclose tax breaks and other incentives during the negotiating phase.
Open-government advocates, though, argue that Amazon is a special case because of the way it has turned the project into a public auction, the large amount of taxpayer money at stake, and the political clout the Seattle-based company could have in its new home.
“They’re just acting like this is another secret deal,” said Greg LeRoy, head of Good Jobs First, a nonprofit group that tracks economic development spending. “This is a nutty situation.”
He said there are no grounds for hiding the information since no one is negotiating yet with Amazon.
“It’s all paid for by taxpayer dollars,” he said. “Therefore, it should all be public.”
Jeff Bezos' net worth has reached $105.1 billion, making him the richest person in history.
From Money.cnn.com: Jeff Bezos is now the richest person of all time. That should put an Amazon smile on his face.
The Amazon CEO's net worth reached $105.1 billion Monday, according to Bloomberg's billionaire tracker. That eclipses the record previously held by Microsoft founder Bill Gates.
Forbes, the other major tracker of the net worth of the world's richest, put Bezos' net worth at a mere $104.4 billion.
The majority of that net worth comes from the 78.9 million shares of Amazon stock he owns. Shares of Amazon (AMZN) climbed 1.4% Monday, adding about $1.4 billion to his net worth.
Shares of Amazon (AMZN) are up nearly 7% so far in this year after rising 56% in 2017.
Bezos' other holdings include the Washington Post and Blue Origin, a private space travel business that intends to take tourists to space.
Read more @ (Link: money.cnn.com)
This was also posted about 15 days ago.
Amazon Could Buy ANOTHER Retail Giant This Year!
Loup venture co-founder Gene Munster believes Amazon will buy Target this year.
Amazon.com Inc.’s shakeup of the retail landscape may not be over, according to one well-known technology analyst.
The Internet giant will acquire Target Corp., Loup Venture co-founder Gene Munster wrote in a report highlighting eight predictions for the technology industry in 2018. Amazon made waves in retailing last year with its $13.7 billion purchase of Whole Foods Market Inc.
“Target is the ideal offline partner for Amazon for two reasons, shared demographic and manageable but comprehensive store count,” Munster wrote, noting both companies focus on mothers and families. “Getting the timing on this is difficult, but seeing the value of the combination is easy.”
Market-share numbers suggest a deal would be approved by regulators, and Wal-Mart Stores Inc. would still have a larger share than an Amazon-Target combination, Munster said. He estimated a take-out valuation of $41 billion, or a 15 percent premium to Target’s current value.
Munster, 46, co-founded Loup Ventures, a venture capital firm focused on virtual reality and artificial intelligence, in early 2017. Before that, he’d worked for 21 years as an analyst at Piper Jaffray Cos., where he was known for his accuracy in predicting Apple Inc.’s financial potential.
Stay tuned for updates!
This was also posted about 19 days ago.
More Details Released On Trump's Feud With Amazon!
President Trump has suggested that the USPS is letting Amazon take advantage of its pricing.
Many have speculated that this could be a new chapter in the war between Trump and Amazon CEO Jeff Bezos, who owns the heavily anti-Trump Washington Post.
From The Daily Mail:
Donald Trump opened up a new chapter in his running feud with Amazon CEO Jeff Bezos on Friday, saying the United States Postal Service should be charging the online shopping giant more for shipping.
'Why is the United States Post Office, which is losing many billions of dollars a year, while charging Amazon and others so little to deliver their packages, making Amazon richer and the Post Office dumber and poorer?' the president asked on Twitter.
'Should be charging MUCH MORE!'
Trump's jab at Amazon's bottom line is a continuation of his longstanding battle with Bezos, who also owns The Washington Post.
The Post, one of the newspapers Trump most loves to hate, has drawn his ire since early in his presidnetial campaign for generating negative coverage of the Republican.
The USPS has posted losses for 11 straight years, largely on the basis of gigantic legacy pension and health care costs.
And while online shopping has led to growth in its package-delivery business, fewer Americans send letters via first-class mail every year.
Federal regulators moved recently to allow bigger jumps to stamp prices beyond the rate of inflation, which could eventually increase companies' shipping rates.
Read more: (Link: www.dailymail.co.uk)
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