Amazon UK pays corporation tax for first time since 2020

Amazon’s main UK division has paid corporation tax for the first time since 2020 after the end of a “super-deduction” tax break introduced by Rishi Sunak.

Amazon UK Services, which employs more than half of the group’s UK workers, said it paid ￡18.7m in “current tax” last year, which is understood to have been largely corporation tax.

The company received a ￡7.8m tax credit in 2022 and a ￡1.1m credit in 2021 after its investments in infrastructure, including robotic equipment at its warehouses, benefited from Sunak’s measure, introduced when he was chancellor. It said its other UK entities paid an undisclosed amount of current tax in 2022 and 2023.

Amazon, which has more than 25 warehouses in the UK and corporate offices in six cities, said its British businesses made sales of ￡27bn in 2023, up from ￡24bn in 2022. It now rings up more than double the sales of the traditional retailer Marks & Spencer in the UK, but pays less than double the tax.

Russia's Yandex reports Q3 revenue rises by 36%

Russian internet giant Yandex reported a 36% rise in first-quarter revenue to 276.8 billion roubles (US$2.85 billion), driven by growth in eCommerce and its search and portal business.

Adjusted net profit for the quarter jumped by 118% to 25.1 billion roubles, while adjusted earnings before interest, tax, depreciation and amortisation, reached 54.7 billion roubles.

A Russian consortium of buyers in July finalised a US$5.4 billion cash and shares deal to acquire Yandex's Russia-based assets, which had been held through Nasdaq-listed Dutch parent Yandex NV, the largest corporate exit since Russia's invasion of Ukraine in February 2022, albeit at a hefty discount.

Walmart slashes Walmart Plus subscription price by half ahead of holidays

Walmart said on Monday it would offer its membership service, Walmart Plus, at a 50% discount ahead of the holiday season, as the retailer attempts to close the gap with rival Amazon.com 's Prime subscription service.

This year, U.S. retailers like Walmart have launched sales events earlier and added more deals and perks to attract shoppers coping with high inflation. The National Retail Federation forecasts U.S. holiday retail sales will grow up to 3.5%, the slowest pace in six years due to frugal spending.

As part of these early deals, Walmart is offering a one-year Walmart Plus membership for US$49, down from its regular US$98, from Monday through Dec. 2.

This move highlights Walmart's efforts to compete with Amazon Prime, which costs US$139 per year and has over six times more subscribers. According to Consumer Intelligence Research Partners, Amazon Prime has 180 million U.S. subscribers, while eMarketer estimates Walmart Plus will reach 32 million by the end of this year.