AMAZON NOT INVINCIBLE

Amazon has become such a juggernaut of ecommerce that when it entered a market like Sweden earlier this month, the country’s retailers braced for impact. But Amazon is far from invincible — it is being outpaced by dozens of competitors. UK tech company Ocado, for example, has logistics warehouses that are more advanced than those at Amazon’s most-recently built facility in Europe. SOURCE: sifted.eu

PHOENIX CONSIDERS SALE

Life insurer Phoenix Group has confirmed it is considering a sale of its European businesses after receiving expressions of interest from a number of potential buyers. The Edinburgh-headquartered company said there was “no certainty that a transaction will be achieved” but an announcement would be made in due course if appropriate. Phoenix is an established participant in the European life insurance market, with operations across Ireland, Germany and the UK offshore savings market. SOURCE: dailybusinessgroup.co.uk

UK CAR MAKERS FACE EXISTENTIAL THREAT

The UK automotive sector risks losing £55bn in manufacturing value within five years in the event of a no-deal Brexit, according to new industry analysis. British car production could drop below 1m cars a year if there is no deal, compared with more than 1.3m in 2019, because tariffs would make large parts of the UK business unviable, said forecasts commissioned by the Society of Motor Manufacturers and Traders, the industry lobby group. SOURCE: theguardian.com

EU CRITICISED FOR BLACKROCK DECISION

The European Commission failed to properly consider conflicts of interest when it appointed a division of BlackRock, the world’s largest asset manager, to help develop green banking rules, the European Union watchdog said on Wednesday. European Ombudsman Emily O’Reilly launched an inquiry after the EU executive in March appointed BlackRock, through the company’s Financial Markets Advisory unit (FMA), to produce a study that would inform EU plans to integrate sustainability into banking prudential rules. SOURCE: Reuters


FILE PHOTO: BlackRock HQ. Reuters