Bloomberg Amazon.com Inc’s weaker-than-expected second-quarter results has sent its founder’s fortune tumbling. The net worth of Jeff Bezos fell $13.5 billion after the after-market results missed Wall Street’s expectations and foreshadowed an end to the retailer’s pandemic-fueled sales surge. The drop erased 80% of his wealth gains for the year. Amazon’s shares dropped 7.2% to $3,339.18 at 9:53 a.m. in …

Bloomberg The bigger they are, the harder they fall. Amazon.com Inc’s shares plummeted as much as 8.1% on July 30 after the retail giant reported sales below analyst estimates for the first time since 2018. That pared more than $130 billion from the company’s market capitalisation, a figure that, if it were for a single company, would be larger than …

Bloomberg Procter & Gamble Co rose in early trading after reporting sales for the latest quarter that exceeded expectations despite a difficult comparison with last year’s stockpiling. The maker of Gillette razors and Downy fabric softener, which announced a leadership transition, said that organic sales, which strip out the impact of items like acquisitions and currency swings, grew 4% in …

Bloomberg Samsung Electronics Co said it’s making foldable phones a priority, starting with a major promotional push in the latter half of this year aimed at bringing the premium form factor to a mainstream audience. Discussing its earnings, the South Korean maker of the Galaxy family of mobile devices went further and stronger in its commitment to the foldable category. …

Bloomberg Mark Zuckerberg doesn’t just want you logging in to his company’s products. He wants you living, working and even exercising inside them. That’s the very high-level idea behind the “metaverse,” a vision for the future of Facebook Inc and the entire internet that Zuckerberg started pushing aggressively in the past week. “In the coming years, I expect people will …

Bloomberg Rivian Automotive Inc, the electric truck startup backed by Amazon.com Inc and Ford Motor Co, is in talks with the UK government on building its first manufacturing plant outside the US near the English city of Bristol, Sky News reported. The investment would probably include a large state-support package, but the UK faces competition from Germany and the Netherlands …

Bloomberg Renault SA’s chief declared the automaker is firmly on the comeback trail after a record loss, forecasting stable profitability despite the global chip shortage and rising raw material prices. The carmaker has “abandoned the approach of only looking for sheer growth,” Chief Executive Officer Luca de Meo said in a Bloomberg TV interview. “We are actually back from hell …

Bloomberg It’s a massive new oil refinery in an era focused on renewable energy. It’ll cost more than promised. It’s behind schedule. And now, public documents reveal that Dos Bocas — a favoured project of Mexican President Andres Manuel Lopez Obrador for his home state of Tabasco — is being built in a zone the state oil firm had promised …

Bloomberg The UK government is set to allow visitors from the US and the European Union to travel to England without needing to quarantine on arrival if they have been fully vaccinated. The plan will allow American visitors, along with travelers from most EU countries, to enter the UK on the same basis as Britons who have received two Covid …

Bloomberg Billionaire investor Rakesh Jhunjhunwala is planning on having 70 aircraft within four years for a new airline he wants to set up in India on optimism more people will travel by air. Jhunjhunwala, who is considering investing $35 million and would own 40% of the carrier, expects to get a no-objection certificate from India’s aviation ministry in the next …