Staff

Staff

US-based multinational e-commerce company Amazon's stock price plummeted 14% on Friday, recording its largest daily loss since 2006 amid weak financial results.

The stock price of Amazon fell 14.05% to close at $2,485.63 per share on the Nasdaq. This marked the sharpest daily decline in Amazon shares since July 2006, according to official figures.

The decline in stock price led to Amazon seeing approximately $200 billion loss in market value, which fell to $1.26 trillion on Friday, from $1.46 trillion on Thursday.

The steep decline came as Amazon posted its financial results after the closure of the market on Thursday, which showed the slowest quarterly sales growth since 2001 when the dot-com bubble had shaken the tech industry.

Amazon's total net sales rose 7% in the January-March period, from the same period of last year, but this was the slowest annual increase for any quarter in over two decades, according to the financial results.

The company said it also had a loss of $7.6 billion from its investment in Rivian Automotive, an American electric vehicle automaker that has a partnership with Amazon in building electric delivery vans./aa

NASA has announced that its James Webb space telescope has fully aligned, and is now capable of capturing "crisp, well-focused images" from around the universe. 

The space agency said on Thursday that the Webb space observatory's massive mirrors are properly feeding light to instruments that are fully capturing images from space.

“With the completion of telescope alignment and half a lifetime’s worth of effort, my role on the James Webb Space Telescope mission has come to an end,” Scott Acton, a scientist working on Webb's wavefront sensing and controls, said in a statement.

“These images have profoundly changed the way I see the universe. We are surrounded by a symphony of creation; there are galaxies everywhere! It is my hope that everyone in the world can see them.”

The announcement marks the latest advancement for what is hailed as the world's most advanced space observatory. But even though the alignment of its mirrors is complete, some calibration is still required for Webb's instruments, NASA said.

Webb is now "ready to move forward into its next and final series of preparations, known as science instrument commissioning," it said.

The process is expected to take roughly two months before full scientific operations can commence.

NASA released a mosaic of images on Twitter from Webb that depict a part of the Large Magellanic Cloud, which the agency said is "a small, irregular satellite galaxy of the Milky Way."/aa

US-based global e-commerce firm Amazon in the first quarter of this year saw its slowest sales growth since 2001, when the dot-com bubble had shaken the tech industry.

Total net sales came in at $116.4 billion in January-March, up 7% from $108.5 billion the same period of last year, but the slowest increase for any quarter in over two decades, according to the company's financial results statement released late Thursday.

The company said it estimates net sales to be between $116 billion and $121 billion in the second quarter of this year, or to grow between 3% and 7% from the second quarter of 2021.

"The pandemic and subsequent war in Ukraine have brought unusual growth and challenges," Amazon CEO Andy Jassy said in the statement.

Amazon also posted a net loss of more than $3.8 billion in the first three months of this year, its first quarterly loss since 2015.

The company said it had a loss of $7.6 billion from its investment in Rivian Automotive, an American electric vehicle automaker that has a partnership with Amazon in building electric delivery vans.

Amid weak financial results, Amazon’s stock price was down 12% to $2,538.59 per share on the Nasdaq at 1130EDT (1530GMT) on Friday./aa

Business magnate Elon Musk has sold around $8.5 billion worth of his electric carmaker Tesla's shares in the three days following Twitter's approval of his $44 billion purchase offer, according to filings on Friday. 

Musk, who is the CEO of Tesla, sold 3.7 million shares of Tesla stock on Tuesday for $3.3 billion, and an additional 735,000 shares for almost $700 million on Wednesday.

In addition, he sold another 5.2 million shares worth $4.5 billion on Thursday, according to filings made with the US Securities and Exchange Commission.

In total, Musk has sold more than 9.6 million Tesla shares, for an average price of around $883 per share.

"No further TSLA sales planned after today," Musk wrote on his personal Twitter account late Thursday.

The stock price of Tesla, with ticker TSLA on the Nasdaq, was up 3.5% to $908.50 at 12.05 p.m. EDT on Friday.

Musk is estimated to have sold around 5.6% of Tesla shares he owned. After the transactions, percentage of the shares he owns in the company fell from around 17% to approximately 16%.

Twitter announced Monday it has accepted Elon Musk's offer to be purchased for $44 billion.

Musk was exploring a tender offer to buy Twitter, as he received a $46.5 billion commitment for the deal, according to a securities filing last Thursday./aa

At least 10 people were killed and 30 others wounded when a bomb exploded in a mosque in the Afghan capital Kabul during Friday prayers, authorities said. 

The bomb went off in a Khanqah gathering place adjacent to a mosque in the Alauddin area of Kabul’s Police District 6, Kabul Security Department spokesperson Khalid Zadran said on Twitter.

Security agencies are investigating the incident, he said.

Local media reported that hundreds of worshippers had gathered for prayers on the last Friday of the Muslim holy month of Ramadan and the mosque was packed.

The attack came after at least nine people were killed and 13 others wounded in two explosions on Thursday evening in the northern city of Mazar-e-Sharif.

The Daesh/ISIS terror group has recently stepped up attacks across Afghanistan, challenging the Taliban, who took control of the country last August./aa

Former Wimbledon Tennis champion Boris Becker has been jailed for two years and six months after breaking the terms of his 2017 bankruptcy agreement. 

Becker was sentenced to prison Friday following a trial at London’s Southwark Crown Court. He was charged under the government’s Insolvency Act.

Earlier this month, the former men’s tennis world number one and three- time Wimbledon champion was found guilty of moving hundreds of thousands of pounds from his business account and failing to declare ownership of a property in Germany.

The former star was accused of withholding millions of pounds worth of assets, which included his Wimbledon trophies, as well as a £700,000 ($880,000) bank loan and 75,000 shares in a tech firm to avoid paying back his debts.

"This defendant has now lost literally everything. He has already paid an extremely heavy price for his mishandling of his financial affairs but also as a result of his offending,” Becker’s lawyer said in a statement before the sentencing./aa

Syria's Bashar al-Assad and his family are likely worth $1-2 billion, according to a recently published State Department report. 

The department said in a report mandated by Congress that it could only provide an "inexact estimate" on the Assad family worth based on publicly-available information.

It pointed to a number of difficulties in properly estimating the Assad family net worth, including assets that are spread across and concealed in a multitude of bank accounts, as well as assets hidden in real estate investments, corporations and offshore tax havens.

The Assads have further used false names and other individuals to obscure any off-shore assets they hold in an effort to evade US and international sanctions, the report published on Thursday said.

"The Assad family runs a complex patronage system including shell companies and corporate facades that serves as a tool for the regime to access financial resources via seemingly legitimate corporate structures and non-profit entities, and launder money acquired from illicit economic activities," it said.

That includes smuggling, arms trading, drug trafficking, and protection and extortion rackets, according to the department./agencies

The Parliamentary Assembly of the Council of Europe (PACE) called Thursday on the council’s 46 member states to urgently set up an international criminal tribunal on the principle of universal jurisdiction to bring Russian perpetrators of war crimes against Ukraine to justice.

The assembly unanimously adopted a resolution at the spring session in Strasbourg, France to ensure accountability for serious violations of international humanitarian law by Russia in Ukraine. The resolution said it is appalled by reports of the use of rape and torture as weapons of war and President Vladimir Putin’s felicitation of the alleged mastermind of the civilian atrocities in the city Bucha, which “cynically encourages Russian troops to continue committing similar actions.”

It urged the international community to send a clear message that the political and military leadership of the Russian Federation -- responsible for launching the war, carrying out war crimes and possible genocide -- will be held to account. The assembly appealed to member states to make use of the principle of universal jurisdiction to investigate and prosecute such crimes committed outside its territory.

According to the resolution, the tribunal’s mandate should be to "investigate and prosecute the crime of aggression” as defined by international law “allegedly committed by the political and military leadership of the Russian Federation,” a statement from PACE said. The tribunal should also “have the power to issue international arrest warrants and not be limited by State immunity," it noted

The council expelled Russia in March for seriously violating human rights, the rule of law, and fundamental freedoms as a result of Moscow’s aggression against Ukraine./aa

US stocks ended sharply higher Thursday as strong earnings from major companies offset gloomy US economic data.

US pharmaceutical firm Merck gained more than $3.2 billion in sales from its coronavirus pill during the first quarter of this year.

Mastercard's net revenue soared 24% to $5.2 billion and net income for the quarter rose 44% to $2.6 billion or $2.68 a share.

Meanwhile, US Treasury Secretary Janet Yellen warned Thursday about the fallout from the Russia-Ukraine war, saying it is likely that large economic shocks and disruptions will continue to challenge the economy.

The US economy unexpectedly contracted 1.4% year-on-year in the first quarter of 2022, the Commerce Department's first reading of the data showed Thursday.

The number of Americans filing first-time unemployment claims last week fell by 5,000 to 180,000

The Dow Jones Industrial Average climbed 614 points, or 1.8% to 33,916.

The S&P 500 gained 103.5 points or 2.5% to 4,287, while the Nasdaq Composite rose 382 points, or 3%, to 12,871.

The yield on 10-year Treasuries was little changed at 2.84%, while the dollar index was up 0.6%

The VIX volatility index, known as the fear index, was down 5.09% at 30.

Gold futures rose 0.4% to $1,896.60 an ounce while silver fell 1.08% to 23.25%.

Global benchmark Brent crude was trading at $107.62 a barrel, up 2.30%, while US benchmark West Texas Intermediate (WTI) crude was at $105.20, gaining 3.18%./aa

The European Union’s border agency has been involved in Greece’s illegal pushback of over 900 asylum seekers in the Aegean Sea, according to a new investigation, a French daily reported Thursday.

According to the findings of a joint investigation carried out by France’s Le Monde newspaper, German weekly Der Spiegel, Swiss news outlets SRF Rundschau and Republik and Netherlands-based Lighthouse Reports, the European Border and Coast Guard Agency (Frontex) was involved in 22 pushbacks between March 2020 and September 2021.

Frontex recorded the incidents -- in which at least 957 asylum seekers were taken off dinghies, put into Greek life rafts and left adrift at sea -- as “prevention of departure,” the investigation underlined.

Speaking to SRF, Nula Frei, an expert in migration law at Switzerland’s University of Fribourg, said Greece carried out pushbacks without giving people the chance to go through an asylum procedure, which is not permissible under international law.

SRF however drew attention that Greece has denied allegations of pushbacks, despite the presence of proof and complaints by Turkiye and numerous international non-governmental organizations.

Republik furthermore maintained that in at least two cases, the asylum seekers, including women and children, who had already landed on a Greek island, were then illegally dumped in Turkish waters.

Even these clearly unlawful cases were labeled in Frontex’s database as "prevention of departure," it noted.

On March 17, publishing the findings of an investigation by OLAF, the EU's anti-fraud watchdog, Der Spiegel revealed that Frontex chief Fabrice Leggeri and other top officials not only knew of but also covered up the Greek pushbacks in the Aegean Sea.

​​​​

Greece's illegal pushback policy

Human rights advocates and leading media outlets have frequently reported illegal pushbacks and other rights breaches by Greek authorities violating EU and international law.

Besides seaborne pushbacks, Greek border forces are also accused of apprehending and forcibly expelling migrants who manage to cross into the country by land.

In February, at least 19 irregular migrants were found frozen to death near the Turkish-Greek border after being pushed back to Turkiye by Greece.

Turkish officials criticized Athens for inhumane and degrading treatment of irregular migrants, saying those who were found dead had been stripped of their clothes and shoes by the Greek border guards. Greece denied any involvement./aa

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