The trade war between the United States and China has lasted for more than one year — and a resolution is nowhere in sight.World Economyread more
The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Pelosi said Trump should not have tried to address China's trade practices in a way that opened Americans up to financial pain.Politicsread more
Investors await the Fed's latest decision on monetary policy, set to be released on Wednesday stateside. The U.S. central bank is widely expected to cut rates by 25 basis...Asia Marketsread more
TransferWise posted an annual net profit of £10.3 million on revenues of £179 million.Technologyread more
Live the high life with a night's stay at Highclere Castle, the iconic stately home made famous by Downton Abbey.Spendread more
Large banking institutions face the risk of failure if interest rates in Europe continue to stay negative, warns the global chief economist of the Economist Intelligence Unit.Banksread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
In the survey, conducted after the third in the Democratic Party's series of debate, the former vice president draws 31% compared to 25% for the Massachusetts senator. At 14%,...2020 Electionsread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
Amazon wants its third-party sellers to make better use of their unsold or unwanted products that often get dumped — by giving them away to charity.
Amazon is launching a new donations program, called Fulfillment by Amazon (FBA) Donations, for third-party sellers that store their inventory in Amazon's warehouses in the U.S. and UK, CNBC has learned. Starting on September 1, the donation program will become the default option for all sellers when they choose to dispose of their unsold or unwanted products stored in Amazon warehouses across those two countries. Sellers can opt out of the program, if they want.
The donations will be distributed to a network of U.S. nonprofits through a group called Good360 and UK charities such as Newlife and Barnardo's. After this story was published, Amazon announced the program via a blog post on Wednesday afternoon.
The new donations program is designed to reduce the amount of inventory that must be dumped from Amazon's warehouses, helping the environment and putting otherwise wasted products to some use. Recent reports found that Amazon routinely discards unsold inventory, with one French TV documentary by M6 estimating Amazon to have destroyed over 3 million products in France last year. Given that Amazon generates the bulk of its sales in the U.S., the number of destroyed inventory in its U.S. warehouses is likely much larger than those found in other countries.
"This program will reduce the number of products sent to landfills and instead help those in need," Amazon wrote in the email to sellers announcing the launch.
Sellers who spoke to CNBC said the new program makes it cheaper to donate their unwanted inventory. Amazon charges 50 cents to return unsold inventory to sellers, much more than the 15 cents charged for disposal. Sellers destroy their inventory for a variety of reasons, including returns that are no longer usable or for safety issues.
In an email statement to CNBC, Amazon's spokesperson confirmed the launch of the new program, adding it's "working hard" to bring the number of destroyed products to zero.
"At Amazon, the vast majority of returned products are resold to other customers or liquidators, returned to suppliers, or donated to charitable organizations, depending on their condition," Amazon said.