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On June 8th, Guo Fangming, Director of the Economic Construction Department of the Ministry of Finance, stated at a State Council policy briefing that the Ministry of Finance is coordinating various funding channels to support key urban renewal tasks. These include subsidies for urban affordable housing projects, local government special bonds, central government budgetary investment, and ultra-long-term special treasury bonds. During the 15th Five-Year Plan period, the central government will maintain substantial support and continuously optimize policy design to improve the efficiency of fund utilization. In addition to fiscal support, tax support policies will be implemented simultaneously, and eligible urban renewal entities can enjoy existing tax incentives.The Hang Seng Index narrowed its decline to 0.94%, after falling more than 2% earlier in the session, with heavy machinery, food, oil, and dairy stocks performing strongly.On June 8th, Chen Shaopeng, Director of the Department of Building Energy Conservation and Technology of the Ministry of Housing and Urban-Rural Development, stated at a State Council policy briefing that the total length of urban underground pipe networks in my country is currently approximately 3.9 million kilometers, with about 7,700 kilometers of underground integrated pipe corridors already built. During the 15th Five-Year Plan period, approximately 770,000 kilometers of urban underground pipe networks will continue to be constructed and upgraded, including approximately 200,000 kilometers of gas pipelines, 175,000 kilometers of drainage pipelines, 175,000 kilometers of water supply pipelines, 100,000 kilometers of sewage pipelines, and 120,000 kilometers of heating pipelines. This will enhance urban safety and resilience while also stimulating effective investment.On June 8th, Qin Haixiang, Vice Minister of Housing and Urban-Rural Development, stated at a State Council policy briefing that the "15th Five-Year Plan for Urban Renewal" is the first national-level special plan in my countrys urban renewal field, clearly defining the goals, key tasks, and major projects for the 15th Five-Year Plan period. Going forward, local governments will refine their local urban renewal goals, tasks, and measures according to the plan, addressing each issue one by one.On June 8th, Saudi Arabia cut its official selling price for its main crude oil shipments to Asia for the second consecutive month, but the premium for its crude in its largest market remains near its highest level in decades. Saudi Aramco lowered the price of its Arab Light crude for shipments to Asia by $6 per barrel next month, bringing the premium over the average price in Oman and Dubai to $9.50 per barrel. This cut was larger than the $5 per barrel reduction expected by refiners and traders. Global oil markets remain disrupted as negotiations between the US and Iran to extend the ceasefire stall and the Strait of Hormuz remains closed. With tankers stuck in the Persian Gulf and empty ships unable to enter to load new cargoes, the Middle East has drastically reduced production, shutting down oil fields and slowing or halting refinery operations.

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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