There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Agricultureread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
The president also said he "offered to personally vouch" for Rocky's bail. Sweden, however, does not have a bail system.Politicsread more
"It troubles me that the most important political office in the world is becoming the face of racism and exclusion," Kaeser said in a Twitter post.Politicsread more
CoinShares Chief Strategy Officer Meltem Demirors discusses Facebook's Libra project and its impact on the cryptocurrency market after testifying to the House Financial...Fast Moneyread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
Amazon could finally be getting around to launching its small business lending program in China, putting it on a collision course with home-grown juggernaut Alibaba.
The company is seeking a manager “with end-to-end responsibility for scaling operations and partner programs in a new strategic initiative in China” for its lending arm, according to a June 19 job listing.
China is by far the biggest e-commerce market in the world, making it a battleground for companies racing to establish global empires. Chinese consumers spent $1.1 trillion on online retail channels last year, 32 percent more than 2016 and more than double the U.S. figure. Seattle-based Amazon has found the Chinese market hard to crack, mostly because of competition from online retailers Alibaba and JD.com. Despite more than a decade there, Amazon has less than 2 percent of the market, according to iResearch.
So the lending program could be a way for Amazon to turn the tide by encouraging merchants to use its platform. Amazon began extending credit to small business owners in 2011, using sales data to trigger invitations for financing that could fuel growth. The company’s race to lock up sellers in China gained urgency last week after Google said it plans to invest $550 million in JD.com as part of a strategic partnership.
While Amazon announced plans to expand the lending program to China and seven other countries back in 2015, a press release two years later said it had only issued loans in the U.S., Japan and the U.K. By then, Amazon had made more than $3 billion in short-term loans ranging in size from $1,000 to $750,000.
Amazon has a voracious appetite for talent in China. It has 476 listings for jobs there, from sales to software and hardware development. Applicants for the new lending position should be fluent in English and Mandarin and have a background in consumer credit or small business finance.
An Amazon spokesman didn’t immediately respond to a request for comment.