What we’re reading (12/22)
“How Amazon Wins: By Steamrolling Rivals And Partners” (Wall Street Journal). “Jeff Bezos built Amazon.com Inc. from his garage with an underdog’s ambition to take on the establishment. He imbued staff with an obsession to grow fast by grabbing customers using the biggest selection and lowest prices. Today, he has more than 1.1 million employees and a market valuation around $1.6 trillion. But Amazon never really grew up. Mr. Bezos still runs it with the drive of a startup trying to survive.”
“Goldman Sachs, Once Reserved For The Rich, Is Close To Offering Wealth Management For The Masses” (CNBC). “Goldman Sachs has for decades set its sights on the global elite when it comes to wealth management. Now, it’s opening up to everyone else. The bank has begun internal testing of a new automated investment service ahead of a broader rollout early next year, according to an email obtained exclusively by CNBC. Employees who sign on to the digital service, called Marcus Invest, will pay an annual management fee of 0.15%, according to the company memo.”
“The Stimulus Deal: What’s In It For You” (New York Times). “Another dose of relief is finally on the way for the millions of Americans facing financial distress because of the coronavirus pandemic. Congress on Monday night passed an economic relief package that will provide a round of $600 stimulus payments to most Americans and partly restore the enhanced federal unemployment benefit, offering $300 for 11 weeks. The agreement also contains provisions related to student loans, rental assistance and medical bills. The legislation, which is 5,600 pages long, would provide welcome, albeit temporary, assistance to many. How quickly the money reaches your pocket will depend on several factors, though.”
“Apple’s Market Value Grows By $102 Billion After Report Says The Company Aims To Produce Electric Cars By 2024” (Business Insider). “Apple gained 4.7% on Tuesday following a Reuters report on Monday that said the iPhone maker planned to produce electric cars by 2024. The tech giant aims to compete in the rapidly expanding electric-car market with new battery technologies to improve vehicles' safety and range, according to the report. That could ‘radically’ cut down on battery costs, a source familiar with the plans told Reuters.”
“There Is At Least One Law Danske Bank Hasn’t Broken” (Dealbreaker). “Danske Bank has certainly done a great number of things wrong. Laundering money, mostly, and lots of it, for lots of people on a list of people for whom it should most especially not been laundering money. It was also, predictably and necessarily, given the above, pretty bad at detecting money laundering or listening to those who did. And, of course, it did business with Deutsche Bank, a serious enough lapse in judgement in and of itself, even before you realize that most of that business was—you guessed it—laundering money. But one thing it does not seem to have done wrong is violate U.S. sanctions while doing all of that money laundering.”
