Damage to the top OPEC producer's oil facilities ignited fears of supply disruption around the world and has sent crude prices soaring.Energyread more
Retailers could be in for a jolly jump in holiday sales despite headwinds like the U.S.-China trade war and threat of another economic slowdown.Retailread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
Apple isn't trying to blow our minds with groundbreaking new features on the iPhone 11, but is making lots of little improvements each year, this year focusing on cameras and...Technologyread more
The move is the latest sign of the blurring boundaries between big tech and big finance amid challenges for both industries.Financeread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
Pizza Hut is also talking with Kellogg and other suppliers about the plant-based meat trend.Restaurantsread more
Saudi Arabia's defense spending is the world's third-largest — behind the U.S. and China, says Gary Grappo, former U.S. ambassador to Oman.Energyread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
Amazon isn't just going after retailers and grocery stores. It's capturing a bigger share of the business supplies space as well.
Amazon Business, a business marketplace launched in 2015, now has over one million customers, more than tripling in size from last May, Amazon announced Tuesday. It also said there are more than 85,000 sellers on its platform, up from the 30,000 it had last year.
Amazon Business also offers other services like business analytics and loans to its sellers. The marketplace is only available in the US, UK, and Germany.
The growth in Amazon Business, which sells everything from industrial supplies like screws and pumps to lab and medical equipment, reflects the e-commerce giant's continued expansion. As Amazon looks for the "fourth pillar" of its business — to go alongside the e-commerce marketplace, Amazon Prime and Amazon Web Services — some investors believe Amazon Business could be that next growth driver.
In a report last year, RBC Capital wrote, "The Business Supplies total addressable market is attractive ($5 trillion) and Amazon's offering is unique and leverages Amazon's core competencies. We believe Amazon Business has significant potential to be Amazon's Fourth Pillar," it said.
Besides the numbers of sellers and buyers, Amazon didn't share much data around Amazon Business's growth. Last year, Amazon Business disclosed that it saw over $1 billion in sales in its first year of launch.
Still, investors are keeping a close eye on Amazon's move into the business supplies space. Earlier this month, Susquehanna for Grainger, the industrial parts seller, citing "heightened anxiety about the potential negative impacts of rising online competition from Amazon and other players." Grainger stock is down 24% over the past year.