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On August 17, the foreign ministers of eight countries—Egypt, Qatar, Jordan, the United Arab Emirates, Indonesia, Pakistan, Turkey, and Saudi Arabia—issued a joint statement on August 16, strongly condemning Israels recent rejection of the Gaza peace plan. The statement said the plan, accepted by all Palestinian factions, is a significant achievement resulting from extensive efforts by mediators. Israels public refusal to implement the Gaza peace plan is a direct denial of it and fundamentally undermines collective efforts towards a just and lasting peace. The statement also pointed out that Israel bears direct and full responsibility for all the consequences, including the deterioration of the situation and the obstruction of the Gaza peace process. The eight foreign ministers stated in the statement that the United States should continue to actively participate in the implementation of the Gaza peace plan to ensure Israels full compliance with the plan and fulfillment of its commitments, and to prevent further obstruction of its implementation.On August 17th, sources close to the deal revealed that Zhou Bingshu, CEO of Lingxi Interactive Entertainment, confirmed in an internal letter that Alibaba Group and CITIC Capitals Xinchen Capital have officially reached a transaction agreement. According to the agreement, Alibaba will transfer its shares in Lingxi Interactive Entertainment, and Xinchen Capital will become the new shareholder. Previously, reports indicated that CITIC Capitals Xinchen Capital would acquire Alibabas Lingxi Interactive Entertainment for over US$1.5 billion (over RMB 10.1 billion).Piper Jaffray: Raises its price target for PayPal (PYPL.O) from $42 to $59.The Hang Seng Tech Index rose 2%, with tech and chip stocks leading the gains. SenseTime (00020.HK) jumped over 8%, and Hua Hong Grace (01347.HK) rose 6.76%.Futures News, August 17th: The progress of diplomatic contacts between the US and Iran has slowed, and the geopolitical dynamics are exhibiting multiple characteristics. Changes in expectations regarding the Strait of Hormuzs reopening: Initial estimates of US-Iran negotiations and the resumption of navigation in the Strait of Hormuz pushed down crude oil prices. However, with Iran demanding the lifting of sanctions and compensation, and the US also making corresponding claims, the pace of negotiations slowed, and previous expectations for a rapid resumption of navigation were revised. Traders are now incorporating the uncertainty of the shipping route into asset pricing. Supply recovery progress assessment: The ongoing geopolitical situation in the Middle East continues to affect the recovery of regional oil production and logistics. Assessment data indicates that although OPECs total production in July is estimated at approximately 19.4 million barrels per day, this is still below the pre-war level of 27 million barrels per day. According to EIA estimates, approximately 5.5 million barrels per day of production capacity in the Middle East remained shut down in July. If shipping through the Strait of Hormuz continues to be disrupted in August, the scale of production shutdowns is estimated to expand to 6.6 million barrels per day. From the perspective of market capital and position changes, with the increasing uncertainty of diplomatic negotiations, short positions previously established based on the expectation of a rapid resumption of navigation in the Strait of Hormuz have been adjusted, and geopolitical risk factors are once again reflected in market pricing. Against the backdrop of low traffic volume in the Strait of Hormuz, short-term prices have broken away from the previous downward trend, and the markets sensitivity to geopolitical news has significantly increased. Overall, the fluctuating progress of US-Iran negotiations and expectations of navigation in the Strait of Hormuz have prompted the market to reassess the risk premium on the supply side of crude oil. The core focus of the market going forward will remain on: the actual navigation status of the Strait of Hormuz, the subsequent progress of US-Iran diplomatic negotiations, and the evolution of the regional geopolitical situation. The subsequent development of these fundamental and logistical variables will continue to serve as the main basis for the markets assessment of the supply structure.

Australian Regulator Says Amazon Refuses to Describe Search Algorithm Data

Aria Thomas

Apr 29, 2022 09:51

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Amazon.com Inc has refused to reveal its product-search technology to an Australian competition regulator who has received concerns about huge marketplace platforms favoring in-house items.


The company's refusal to disclose the information lays the stage for a possible reprise of Australia's 2021 showdown with Facebook Inc (NASDAQ:FB) and Alphabet Inc's Google, which ended in those companies paying content royalties to media organizations.


The Australian Competition and Consumer Commission (ACCC) made reference to Amazon's (NASDAQ:AMZN) attitude in a report released on Thursday as part of a five-year assessment of big-tech regulation that also included Facebook and Google.


According to the ACCC, it polled 80 online retailers and discovered that roughly half believed that large marketplace platforms slanted search and website presentation in favor of in-house products.


Amazon assured the regulator it did not provide its own items a competitive edge, but "the ACCC requested details about the inputs to Amazon's algorithms, which were not disclosed," the report stated.


As a result, "the ACCC is unaware of how Amazon's algorithms generate search results," the study stated.


Amazon Australia's head of public policy, Michael Cooley, stated in a statement that the company's offers are "those we believe customers will prefer, regardless of whether they come from Amazon or one of our seller partners."


"We immediately provide data to Seller Partners to assist them in managing their operations and provide critical insights," he added.


Amazon provided retailers with data analytics on their own sales, the amount of customers examining the things they offer, and their conversion rates, according to Cooley.


The ACCC report's questionnaire results contained several responses accusing Amazon of favoring its own products. According to one anonymous respondent, "Amazon products are always placed first, followed by second-hand things in small text at the bottom of the listing."


Unlike other significant online retail markets, such as those in the United States and the United Kingdom, the ACCC highlighted that Australia was not dominated by Amazon. The corporation began operations in the country in 2017, but did not begin operations until 2017.


The ACCC stated its revenues in the year to June 2021 were less than a fifth of eBay Inc's (NASDAQ:EBAY) A$5.3 billion ($3.8 billion) revenue.


Allowing huge platforms to give their own items preferential attention, however, the regulator stated, could affect purchasing decisions and harm competition. The platforms should be required to declare any activity that benefited their own products, the report stated.


"Hybrid marketplaces, like other vertically integrated digital platforms, present conflicts of interest and may act to benefit their own products, which could have unintended consequences," ACCC chair Gina Cass-Gottlieb said in a statement accompanying the findings.


"We are concerned about specific instances of self-preferencing by Australian hybrid marketplaces, which echo similar concerns voiced by foreign authorities."

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