SEATTLE–(BUSINESS WIRE)–Amazon (NASDAQ: AMZN) today announced plans to open a fulfillment center in Deltona, Florida, creating more than 500 new, full-time jobs with industry-leading pay of $15 an hour and up, and comprehensive benefits starting on day one. Employees at the more than one million-square-foot fulfillment center will pick, pack and ship large customer items, such as sports equipment, patio furniture, fishing rods, pet food, kayaks, bicycles, and larger household goods.
“We’re excited to continue our investment in Florida and further expand our presence in the state with this new fulfillment center in Deltona,” said Alicia Boler Davis, Amazon’s vice president of global customer fulfillment. “Since 2013, Amazon has invested more than $5 billion in Florida through local fulfillment centers and cloud infrastructure, research facilities, and compensation to thousands of employees in the state.”
Amazon has created more than 13,500 full-time jobs in Florida since first launching fulfillment operations in the Sunshine State in 2013. Currently, Amazon operates facilities in Orlando, Miami, Tampa, and Jacksonville.
“I applaud Amazon for this newest fulfillment center and their continued investment in Florida,” said Governor Ron DeSantis. “Amazon is proving that by investing in modern supply chains, consumers are well-served, environmental impacts are minimized, and infrastructure is best utilized. I look forward to the positive impacts this center will have on Volusia County.”
“Deltona’s strategic location along the I-4 Corridor will serve Amazon well, and hosting Amazon telegraphs the fact that Deltona is open for business,” said Mayor Heidi Herzberg. “Analysis of the site confirms it as a prime location. And Amazon’s selection of the site represents great employment and economic development opportunities for Deltona, its residents and neighboring communities.”
On top of Amazon’s $15 minimum wage, the company offers full-time employees comprehensive benefits including full medical, vision, and dental insurance as well as a 401(k) with 50 percent match, starting on day one. The company also offers up to 20 weeks of maternal and parental paid leave and innovative benefits such as Leave Share and Ramp Back, which give new parents flexibility with their growing families.
In addition, Amazon has pledged to invest over $700 million to provide upskilling training for 100,000 U.S. employees for in-demand jobs. All associates at the Deltona center will go through hours of safety training and have access to continuing education opportunities through Amazon’s upskilling programs such as Career Choice. In this program, the company will pre-pay up to 95 percent of tuition for courses related to in-demand fields, regardless of whether the skills are relevant to a career at Amazon. Since the program’s launch, more than 25,000 employees have pursued degrees in disciplines such as game design and visual communications, nursing, IT programming and radiology, to name a few.
“Amazon brings more than a major fulfillment center to Volusia County,” said Dr. Charles Duva, Chairman of Team Volusia Economic Development Corporation and Co-founder and Chairman of DuvaSawko, one of the community’s leading employers. “Amazon brings a dynamic global brand to the community along with state-of-the-art systems that will support the company’s growth as we move further into the 21st century.”
Amazon’s fulfillment network supports millions of businesses of all sizes worldwide through its Fulfillment By Amazon offering, and many of those local organizations are based in Florida. There are more than 139,000 authors, small and medium-sized businesses, and developers in Florida growing their companies and reaching new customers on Amazon products and services.
The project is being developed by Seefried Industrial Properties.
To learn more about working at an Amazon fulfillment center, visit www.amazondelivers.jobs.
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
Buffett-following investment trust to list in London – TheChronicleHerald.ca
LONDON (Reuters) – An investment trust following the principles of veteran U.S. investor Warren Buffett is to list in London, the trust said on Friday.
Buffettology Smaller Companies Investment Trust intends to raise a minimum of 100 million pounds ($127.52 million) via an initial public offering on the London Stock Exchange, it said in a statement.
The trust will mainly invest in companies listed or traded in Britain, through a portfolio of 30-50 companies with market
capitalisations from 20-500 million pounds.
Sanford DeLand will be the trust’s investment manager, led by Keith Ashworth-Lord, CIO of Sanford DeLand Asset Management.
Sanford DeLand manages around 1.4 billion pounds across two open-ended funds.
“The UK small cap market offers excellent investment
opportunities to experienced managers who know what to look for and have the freedom to take a long-term view,” Ashworth-Lord said.
(Reporting by Carolyn Cohn; Editing by Rachel Armstrong)
China expands investment scope for foreign investors under combined scheme – TheChronicleHerald.ca
By Luoyan Liu and Meg Shen
SHANGHAI/BEIJING (Reuters) – China moved to further ease foreign access to its capital markets on Friday, officially combining two major inbound investment schemes and broadening the scope for foreign institutional investment.
The finalised rules, published by The China Securities Regulatory Commission (CSRC), the central bank and the foreign exchange regulator, combine the Qualified Foreign Institutional Investor (QFII) scheme and its yuan-denominated sibling, RQFII. The schemes channel foreign capital into Chinese stocks and bonds.
The new rules, which will take effect on Nov. 1, would also expand investment scope under the combined scheme.
The rule changes “will fundamentally relieve major bottlenecks for foreign institutional investors seeking to invest in China” said Thomas Fang, head of China Global Markets at UBS.
The regulations “have the potential to not only galvanize investor interests in China, but also broaden (the) investor base in using financial and hedging instruments in China,” Fang said.
China is accelerating reforms and the opening-up of its capital markets as part of efforts to promote global use of the yuan currency while trade and diplomatic ties with the United States remain strained.
The announcement coincides with FTSE’s decision earlier in the day to include Chinese government bonds in its flagship World Government Bond Index.
The rules also lower the threshold for overseas applicants and simplify the vetting process.
Investors will be allowed to buy securities traded on Beijing’s New Third Board and invest in private funds or conduct bond repurchase transactions.
In addition, foreign institutions will also have access to derivatives, including financial futures, commodity futures and options, according to the new rules.
“The move will encourage more medium- and long-term funds, including hedge funds and alternative investment funds, to enter the Chinese market directly,” said Fang at UBS.
The draft rules were published in January 2019.
(Additional Reporting by Samuel Shen; Editing by Alex Richardson)
U.S. core capital goods orders beat expectations; business investment rebounding – TheChronicleHerald.ca
By Lucia Mutikani
WASHINGTON (Reuters) – New orders for key U.S.-made capital goods increased more than expected in August and demand for the prior month was stronger than previously estimated, suggesting a rebound in business spending on equipment was underway after a prolonged slump.
The upbeat report from the Commerce Department on Friday, however, did not change views that the economy’s recovery from the COVID-19 recession was slowing as government money to help businesses and tens of millions of unemployed Americans runs out. New coronavirus cases are rising in some parts of the country. That could crimp consumer spending, with retail sales already slowing.
Federal Reserve Chair Jerome Powell this week stressed the need for more fiscal stimulus, telling lawmakers on Thursday that it could make the difference between continued recovery and a much slower economic slog. Another rescue package appears unlikely before the Nov. 3 presidential election.
Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, rose 1.8% last month, the Commerce Department said. Data for July was revised up to show these so-called core capital goods orders increasing 2.5% instead of 1.9% as previously estimated.
Economists polled by Reuters had forecast core capital goods orders gaining 0.5% in August.
Core capital goods orders last month were boosted by increased demand for machinery, primary metals, computers and electronic products. But orders for fabricated metal products and electrical equipment, appliances and components fell.
U.S. stocks fell. The dollar was higher against a basket of currencies. U.S. Treasury prices rose.
STRONG THIRD QUARTER EXPECTED
Shipments of core capital goods increased 1.5% last month. Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement. They advanced 2.8% in July. Business investment tumbled at a record 26% annualized rate in the second quarter, with spending on equipment collapsing at an all-time pace of 35.9%. Investment in equipment has contracted for five straight quarters.
Economic activity rebounded sharply over the summer as businesses reopened after mandatory closures in mid-March to slow the spread of the coronavirus. Gross domestic product is expected to rebound at as much as a record 32% annualized rate in the third quarter after tumbling at a 31.7% rate in the April-June period, the worst performance since the government started keeping records in 1947.
But fading fiscal stimulus is casting a cloud over growth prospects for the fourth quarter. Goldman Sachs on Wednesday cut its fourth-quarter GDP growth estimate to a 3% rate from a 6% pace, citing “lack of further fiscal support.”
Orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, rose 0.4% in August after jumping 11.7% in July. Durable goods orders were supported by a 0.5% rise in orders for transportation equipment, though demand for motor vehicles and defense aircraft eased.
There were no orders for civilian aircraft reported for the second straight month in August.
Boeing has struggled with cancellations as airlines grapple with sharply reduced demand for air travel because of the pandemic. The grounding of Boeing’s best-selling 737 MAX jets since March 2019 after two crashes in Indonesia and Ethiopia has also weighed on the company.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Andrea Ricci)
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