“No word on if the bonuses will be paid via Amazon gift cards…” – Jason
Hey there carnivores,
Markets were up Monday, thanks to industrials making up ground.
Below, we’ll talk Amazon opening its wallet.
Jeff & Jason
Maybe Jeff Bezos’ heart is growing during these unprecedented times… but probably not.
Amazon has agreed to pay out more than $500M in bonuses to employees for their work during the COVID outbreak. This is most certainly completely unrelated to the public outcry against Amazon’s treatment of its employees…
Bezos and Co. are ponying up one-time bonus bucks to all front-line workers, and partners the company works with (read: those guys who drive the Amazon trucks at 90 MPH through your neighborhood.)
It’s only fair, considering that Amazon cut the hazard pay it was offering to its frontline workers as America reopened. AMZN had been giving frontline workers a $2-an-hour jump since the virus first reared its ugly head.
Break it down
Full-time employees of Amazon, their Whole Foods compatriots, and contracted delivery drivers will receive a cool $500 for their work. Part-time workers will get part of that (fittingly) receiving $250 each.
Leadership at Whole Foods and Amazon will get $1k, and those contract delivery owners will get $3k.
The bottom line…
Is the pressure getting to the Bez-bro?
Between agreeing to pay employees for their hard work, and the fact that Amazon’s Twitch banned the President for “hate speech,” it sure seems like he’s reading the comments.
☑️ All in the family.
Coty is keeping up with the Kardashians. *sighs out of disgust for having written that*.
The makeup company is buying a 20% stake in Kim Kardashian West’s makeup brand, KKW for $200M. Some quick math, and that values Kim’s company at $1B.
If the move sounds familiar, that’s because Coty purchased 51% of Kylie Jenner’s cosmetics startup in 2019. Keeping up, indeed.
Kim will maintain operating control of the business as the reality star and her 300M social media followers are a powerful asset. Coty’s shares rose 10% on the news but are still down 59% YTD.
☑️ And for that reason, I’m out.
BP is leaving the petrochemical game, selling the unit for $5B to British chemical company Ineos Ltd. The energy giant didn’t quite have what it takes in the way of investment capital to grow its petro division. As such, it is cutting the dead weight… and presumably dumping it in the Gulf of Mexico.
Ineos already bought most of BP’s petro business back in 2005 for $9B, so finishing off the deal makes sense. This marks the first multi-billion dollar deal by a major oil company since the coronavirus hit… if you don’t count bankruptcies.
The move follows BP’s announcement that it would be cutting 14% of its global workforce and writing down $17.5B worth of debt. It will use the money to pay off some of its debt.
☑️ Well that’s just typical.
Gilead Sciences finally announced the pricing plans for its remdesivir drug that has been used to treat Covid-19. Now, hospitals can obtain the life-saving drug to distribute to patients for the low cost of $590 per dose, or $3,120 for a typical treatment. Shkreli couldn’t have done it any better…
The company will offer discounts to US government agencies… for the low, low introductory price of $390 per dose (or $2,340 per treatment). Still, not cheap, but not surprising either.
According to Gilead, it will charge higher prices to patients in the US and “a lower price for the rest of the developed world where governments directly negotiate drug prices.” *Double checks to see if Gilead is US-based*
For what it’s worth, the cost of the drug is a relative bargain for hospitals, as they can save up to $12k per patient thanks to the positive impact of the treatment. So, there’s that…
☑️ Block party.
India and China are not on speaking terms right now. We all know *those* neighbors.
The powers that be in New Delhi banned dozens of Chinese mobile apps including popular ones like TikTok, UC Browser, and WeChat. A blessing in disguise, tbh.
After a recent clash near a disputed border in the Himalayan mountains that left 20 Indian soldiers dead, Indian government officials have been under pressure to retaliate. And this is apparently the first step. Wait, what?
India accounted for 20% of TikToks 112M downloads last month. The US was second with 9%.
In addition to banning annoying TikTok dances, Indian officials earlier barred state-run telecom companies from purchasing items from ZTE Corp and Huawei. *Uncle Sam grins sheepishly*