amazon's illegal agreements. all of these agreement reduce an online marketplace ability to compete with amazon's marketplace on price and results in consumers getting artificially high prices. even outside of this litigation, small businesses have complained and complained amazon has strong business ideas and got them off amazon's own. >> attorney general, i will have to stop you here in a minute, we've got about five minutes for each of our witnesses but we will be able to ask you some questions because i definitely want to hear this. is that okay? >> absolutely, i am happy to stop right here. >> great, okay, thank you so much. appreciate it. mr. flynn, you are recognized for five minutes you need to hit your button. >> chairman warren, ranking member cassidy, members of the subcommittee, thank you for inviting me to speak with you today on this fundamentally important topic. i direct the open markets answer to ed it's good to see you today. economics of the governing of how people compete with an exercise powe

amazon does not want this. it is not necessarily about you can afford higher wages or something like that the workers would win with the union contract, it is about power itself. it is about contending that pictorial control on which it runs and profits. juan: alex, you mentioned amazon web services are the most pritable rt of the company, but most people are not aware of this aspect of amazon's work, this enormous farms of data processing that amazon has established around the country and the world. could you explain a little more abt that? >> yeah. it is very hidden. we see stories about the warehouse workers, but aws is complex beast. these data centers are literally hidden. it is hard to access them. it is about us sing the product. our data and our usage of internet of every platform you use, most of them are running through aws. amazon has this trick in his back pocket in that it is very hard to get any -- it is not like warehouse workers can organize those facilities. to make amazon pay coalition was pro

amazon web services power cloud computes for about a 3rd of the internet. the issue originated when several of amazon's network devices were flooded with traffic from unknown sources, a w, as set in an update, and noticed that many of the underlying issues causing the outage have been mitigated. saying in a statement, we are seeing improvement and availability across a ws services. we continue to work toward full recovery for all impacted a ws services and a p i operations for boom bust trinity chavez, our teeny york letter with all of this in mind. what does this mean for the internet as a whole? when a company like a ws goes down in impacts, millions of users of various apps and websites, while bundle of reagan blue bus, co host, ben swan bell. ben, i heard me and this isn't really that shocking, but how surprising for people was it that a single point of failure for amazon could have such a massive ripple effect? well, i think for, for those of us who talk about this every day, it's not surprising at all, but i think for the average user, it is right bec

so the amazon is life. if i leave you with anything i will, i would love for everyone to recognize that the amazon rain forest by on the base in is life. and we still have time to turn around the tipping point. the amazon is a tipping point of ecological collapse at this time, but we still have time if we is we put all our energy and forces together to call for the permanent protection of the amazon rain forest and the recognition demarcation and titling of indigenous peoples, lance and as you must, she pi aah! from the shingle region recently, sad just at cop 26 on that it is about gathering funds and supporting indigenous peoples and investing in the protection of the amazon rain forest. but it's not just about money, because money is actually one of the reasons why we're in this problem. it is also a bow, basic respect for indigenous peoples for forest people's. it to doubt respect or to where people and we're are plenty in. if we do that, then we can protect the rain forest and we can protect our climat

we will put them in an amazon band on —- and amazon fan because we don't want that headache or those troubles that might accompany it. and what might have happened over the next couple of years, there were stories of packages flying in the gardens and drivers and that was a temporary impact as a track record to create enemies along the way. and does this work well? >> people can look at us as a twitter's dream. and then to get out there and bstart trading blows of people he has is ongoing thing about the ceo of fedex he takes a shot at him. and then tends to critique coverage at amazon. have you ever been the subject of a a clark tweet? and maybe even refreshingly combative because executives would say that quietly and then he says what he believes. and then to put together my portrait. and even people that discarded or trampled upon and with the admiration. and then to build a huge network that fulfilled jeff bezos dream to control the package from the fulfillment center to the front door but that allows so much control of the customer experience when you can see amazon say your pac

a critical time for amazon. one of _ the ski season. a critical time for amazon. one of its - the ski season. a critical time | for amazon. one of its busiest periods and yet, if you could call it arrival, and it comes to icloud services and other organisations who want to try to add this to their portfolio of income, for amazon, this is very important, isn't it? indeed. when you think about customers who want cloud services think about reliability and security. with three major outages in the last 12 months alone amazon is starting to dig into its reputation for reliability. some of the best websites use amazon web services but have redundancy built in with other service providers. however, many others including airline apps and more would only use or can afford to use one service and when service starts to fail across network there is a ripple effect across the internet with the need for speed and data and peoples fingertips going up we have seen the internet infrastructure concentrated in a few amazon so there are weak links at those providers you have a ripple

so here i think it's reassuring to the book industry outside of amazon, the learning amazon amazon shouldn't have a monopoly on international sales, because you can feel it locally in from men. so if we can remix recent fair competition, look so much the better. okay? because i think it's important in society to help local businesses, and especially booksellers sample i books directly from the bookseller rather than amazon. but of course, it's also important to keep an eye on good value for money or should you washed. i am ready to play more. our booksellers offer us a service that is not bad, and advised that amazon cannot necessarily give us. i think it's a good idea to help them. well, if i find that a sales platform cannot replace booksellers with their advice, but we must admit that it's extremely practical either when we're far from the points of sale or when i'm looking for a very specific product. and i know that on this platform i will find it. nevertheless, we must maintain a balance of all sales channels and indeed one must not be able to kill the other. and especially folks, this

sellers that sell on amazon marketplace and wholesalers that feed amazon's retail business amazon claims that everything it doesn't business is all about the consumer. our investigation reveals otherwise. amazon indeed is focused in the evidence is compelling on one thing, the bottom line. even at the expense of consumerss and it claims to care so much about. in fact, amazon cost all of us more money by controlling prices across the us with the entire electronic mall. like you, i also the capitalist people should get paid for the hard work creativity and entrepreneurship they should certainly much profit increase as business increases. but when companies like amazon unfairly and unlawfully increase prices on all of us and stay for competition in the lawn must step in to say enough is enough. back in 20 need team amazon is facing pressure from congress and regulators over anti- competitive behavior and with the concerns of amazon and other big tech is as bipartisan as it gets. amazon claim it removed a particular clause in the agreement with third-party sellers tohi prohibit them so inclu

i mean, that's always the problem, right is amazon a retailer or is it a tech play and is amazon web services your growth engine? if you look at it as a retailer and you say, hey, maybe this is as good as it's going to get we had the great amazon recovery act which was the stimulus program that everybody got all of amazon's competitors were shut down. on the retail side they did really well and now looking at the '22, which the guy mentioned and the potential of everybody coming out in here, shroud getting crowded and microsoft is in there so you've got a lot of headwinds on amazon and at the time when maybe it was as good as it gets. so yeah, i understand. listen, if we break out on this base as guy is suggesting it will be a really big breakout. i'm just not convinced that that that's going to happen it seems to me that this is what we've called in the tank utilities are up 12 and as i mentioned amazon is up five and making a turnaround in 2022? >> so, i can probably find -- this is why i love this show i love listening to the show while i'm on the show, as well i can find a way to

amazon down 1.5% as well. emily: thanks much. an amazon warehouse collapse that killed at least six people after a tornado ripped through edwardsville, illinois friday has amplified concerns about the company's mobile phone ban on the warehouse floor. experts say the incident highlights the need to access phones in emergencies. the company had relaxed its phone ban during the pandemic, but that has returned. melissa burdick is with us, a longtime former amazon employee. spencer, you broke the news that amazon is considering pausing the phone ban as a result of what happened in illinois. spencer: this has been moving really quickly. we know amazon's plan was to resume this phone ban in january. this had been relaxed through the pandemic. they have had this ban for years previously. they relaxed it during the pandemic because people needed to get important updates. it was scheduled to go back into effect in january. we were told from multiple people from different facilities that some managers were resuming the ban already. when th

if you use amazon regularly, you know, when they're not sold by amazon, not fulfilled by amazon, sometimes you could have problem with products. oh, absolutely. i know for customers, it's all about. if you're on amazon, it's all about getting that amazon prime, making sure it gets there in 2 days. that's a whole part of the experience, lou, it'll be interesting to see where it goes from here and what comes up with, but it's time now for a quick break. but when we come back, online shoppers have faulty inflation, seeing as the new rise, a record last month will bring you the latest on what it could mean for you this winter. and as we go to break your, the numbers at the club with oh right now there are 2000000000 people who are overweight or obese. it's profitable to sell food that is fatty and sugary and healthy and not at the individual level. it's not individual willpower. and if we go on believing that will never change as obesity epidemic, that industry has been influencing very deeply. the medical and scientific establishment, ah, what's driving the obesity epidemic? it's corporate. m

we have melissa, a longtime amazon employee, and spencer, who broke the news that amazon is considering pausing the phone ban as a result of what happened in illinois. what can you tell us? spencer: so this has been moving really quickly and what we know is that amazon's plan was to resume this phone ban in january. this had been relaxed through the pandemic. they've had this ban for years previously. they relaxed it through the pandemic, people needed to get important updates. and it was scheduled to go back into effect in january. what we were told is that for multiple -- from multiple people in different facilities in different states is that some managers were actually resuming the ban already. but once this tornado hit and people were trapped in a collapsed building that really amplified concerns among employees just about having access to their smartphone, not only to keep in touch with family and loved ones in cases of emergency but also to get important weather alerts and make their own decisions about whether to remain in big buildings or try to go somewhere safer. emily: we kn

number one, amazon is a giant company, but amazon drivers, many ones who were kill for all independent contractors. so you know, if it was good for the good, good for the gander, right. the guys who are the contract drivers co inside the warehouse, they're not employees of amazon day. if they were asked, you know, to not use their cell phone or not call, so so forth. that would be out of the range amazon. the other side of it is just talking to people in kentucky and you know, this is so unreal to happen in december. the tornado time is april, you know, through june. right. so some of the part was they got these, they got alarms coming out at $530.00 and nothing happened. and so there was that tweet in time. now should amazon or anybody also has lots of employees, particularly this candle company, for instance. we've ordered people not believing that they're ready and fired. they are real prob, no records. there was no record that said that amazon was going to fire somebody if they, if they left, there is a protocol that when you have those a lot in kentucky, any other place where you

and amazon pays less. so whatma is your reaction? that on —- but then he new e-commerce word happen. but then that is true to a certain extent. the during these larger structural things. that then too often but it is frame to quickly or to exclusively that the company does have agency and the responsibility. for the certain things that has chosen to do. i didn't have to do things and they with all the choices they made. and then particularly and then demanding workplace for their workers and then the reports again and just how the high pressure. there is a reason why a lot of people cannot hack it. it is pre- mma and the choice that they could have taken this moment in seattle as a choice to address the balance in this country and make the greatest workforce at this moment to come. and we will build it. with that when we bring the question that he laughed at me he said you don't understand amazon at all or jeff at all. this is not how we think. there is no emotion. so yes, and then they make choices along the way that make these pr

>> fundamentally i think the pick on amazon, always a good bet. all we see is increased consumer demand there's still latent demand that hasn't been unlocked because of the chip shortage. chip shortage is driven by demand so, fundamentally people buying stuff from amazon on the retail side, great bet always the flip side, i don't think amazon is ever going to spin off. only two models bundling and unbundling that is such a huge core part on how they execute i think they'll hold on to it for a long time. on the uber side, i think the urban reopeningstory is much more complicated and that's what i've been looking at >> well, certainly more complicated and let's hope that these omicron fears do not turn out to be as bad as it sounds like it is this morning. but we're continuing to watch that justin, thanks so much for sharing your perspective with us >> great, thanks for having me >>> close to session highs here for the nasdaq up 85 points being led by some big names. tesla had a nice bounce up 30 bucks now. that's a 3% gain on tesla. "techcheck" is

to, i mean, frank amazon product to go down. if i, if, if we had our, our friend william shatner up in the air. thanks for joining me. thank you. and thank you for covering this for me. you got the study. in the meantime, follow me on track scotty and he's the hash tag team and ph. make sure that you download the portal that to be at in your apple or android device because we're always here and thank you for watching. ah, ah, ah . ah joe biden is accused by republicans of surrendering to vladimir putin by dropping russia punishments from a defense bill. while democrats drafting what they'll touting has been the mother of old sanctions targeting. moscow comes after the president of russia in the united states. how crisis talks triggered by tensions of ukraine? in other news, we speak to an african family who found the lost tablet. doing oldest celtic us withdrawal when desperate parents were handing their children to western soldiers in the bid to get the mass buff canister. do it and suddenly i saw this baby on the ground crying

if you use amazon regularly, you know, when they're not sold by amazon, not fulfilled by amazon, sometimes you could have problem with products. oh, absolutely. i know for customers, it's all about. if you're on amazon, it's all about getting that amazon prime, making sure it gets there in 2 days. that's a whole part of the experience. so it'll be interesting to see where it goes from here and what comes up with. but it's time now for a quick break, but when we come back, online shopper is a faulty inflation, seeing as the new ride a record last month will bring you the latest on what it could mean for you this winter. and as we go to break through the numbers at the club in i think you all did up what they did not valuable me by high mirror. no, not on my head up my lap that i didn't know what will happen in my life. you know? well, i'm going to be a well, i mean, nation suburban data, and i welcome back. i was rising, inflation continues to remain in focus. the price of online goods hit a record high for the month of november. the prices rose 3.5 percent year over year, according to the

the roof and walls of an amazon fulfillment center collapsed. dozens are also injured and some workers might still be trapped in the debris. charles watson live in atlanta with the latest, charles. charles: hi, jon, we heard from illinois officials moments ago who tell us that search and rescue teams have transitioned to recovery efforts at edwardsville amazon facility that suffered the collapse after suspected tornadoes hit the building. we can confirm at least 6 workers were inside at the time were killed and one injured at the warehouse just east of st. louis. officials say couple of tornadoes hit the building and collapsing a portion of wall the size of a football field. at least 50 people were trapped inside all have not been accounted for. we heard from illinois governor moments ago who said the situation could have been a lot worse had it not been for the quick actions of first responders. he also implored amazon to stand up and support the families and the community who are suffering a whole lot, jon, and as the crews continue to swift t

thanks so much, josh. >>> now shifting from apple to amazon, cowen naming amazons its top mega cap pick for 2022 upping the price to 4500 arguing the nearly $2 trillion stock hasn't priced in performance for aws and advertising. now joining us that analyst, john blackledge. what should investors be thinking about in terms of investing in amazon and aws? >> both accelerated this year. it wasn't reflect there had the stock. and the advertising business was up 70% this year and aws accelerated. our call is actually that the e-commerce business is going to start to accelerate in 2q of '22 and you are going to have rising margins. those two things combined, we think, will drive shares higher woochlt we slightly raised our back half '22 numbers. we are 1%, 6% and 10% above consensus, 22 revenue, up-and-coming eps. amazon shares are trading at 1 tiles ebitda, it is slightly below the midpoint of its historical range we think with the improving fundamentals and u.s. advertising world being robust against next year we could get multiple expansion that's why amazon is our top mega cap pick. >> co

what this labor group did was pull all of amazon's disclosures to osha and found that amazon reported only 27 potential work-related covid cases. out of its entire u.s. operation. that's out of 20,000 employee cases. emily: ok. lots to digest there, especially as the holiday shopping season continues. spencer soper, thanks for that update. that does it for this edition of "bloomberg technology." tomorrow, tom coffield. arianna huffington. and the ceo of rocket lab. you do not want to miss it. i am emily chang. this is bloomberg. ♪ >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >> this is a paid advertisement for csn. >> many times i have been out here with a new corn release, and i have asked for a drumroll. in all honesty, it has been nothing but hyperbole. but this time, i would really like a drumroll. i don't think i will get one, but i think i should have it. i think this is the singular most

you mentioned amazon, this is one — amazon. you mentioned amazon, this is one store _ amazon. you mentioned amazon, this is one store of— amazon. you mentioned amazon, this is one store of many - amazon. you mentioned amazon, this is one store of many so - this is one store of many so are there wider implications? i think there will be. the restaurant sector in the united states, especially the restaurant chains, have done extraordinarily well in this almost post— pandemic era we are in. there is huge pent—up demand, restaurants, well, starbucks's own profitability in the first three quarters of this year has been about $3 billion more than it was last year. it's executives are very, very well—paid. i think we're going to see more union activity and, indeed, what we are seeing not only in retail and restaurant but we are seeing in hospitals, in firms like kelloggs, even students at columbia university, graduate students who are workers at columbia university, all of them are beginning to strike. we are seeing more strike activity in america right now and we have in yea

some of the warehouses that amazon uses are also built on the system. and so they haven't been able to get deliveries out today because the warehouse robots, remember, so much of amazon is automated, can't communicate with the warehouse workers. and so there's actually been a huge delay for products that were supposed to be shipped out today that couldn't get out because warehouse worker systems all went down as well. and don't forget the drivers, there's lots of pictures. the one things that i don't think i do, the amazon drivers are saying, hey, i'm kind of grounded right now. don't know where to go, don't know where to take the packages. so the people that are right now, you know, we did a little test here. we, you can still order on amazon and think that it's working, but you don't get the confirmation of it. are people going to have to go back and re check and make sure that they, you know, that they fit every t cross? i's dotted and other patches have been ordered right now or is this gets going to go back online and people are going to keep flowi

that works at amazon? we're now be allowed to meet on company premises outside of working hours, which previously wasn't allowed? well, i think this is a huge victory for labor that the current general counsel of the national labor relations board is made clear that she is serious about enforcing worker's rights to unionize. and this is going to have an in norm, its impact in the united states. amazon is one of the biggest employers. and this settlement sends a strong message that employers, no matter what their sides have to fight with us law and give their workers the opportunity to join together and act collectively in their own interests. amazon. as you know, incredibly powerful company. do you expect it to abide by the changes? will the labor board monitor the changes? what, what significant about this agreement is that amazon has agreed to these conditions? and so if it does not abide by them, the labor board will be able to enforce them without going through all of the procedures which can be quite

cloud business and the practices by amazon. the ftc's scrutiny goes back actually to the former chair during the trump administration. this new outreach shows the new chair was a well-known critic of amazon. picking up this probe and pressing forward with it rather than just playing a drop. taylor: it seems like from this administration there has been a lot of rhetoric about they don't like monopolies, they don't like big tech. it almost feels like there is more bark than bite. have we not seen a lot of real action yet? >> i think that's a fair observation. there certainly has been a lot of noise from the administration about dominant companies not just in tech but in other sectors like agriculture. over the summer at the president signed this executive order calling for agencies to step up their efforts to promote competition in different industries. and you are right, the actual number of cases hasn't been really overwhelming. but there really hasn't been a new monopoly case. during the trump administration we saw a few of th

you look at microsoft and alphabet compared to amazon on a yore to date basis amazon has done almost nothing however, i don't think there's anything much out of the ordinary with how amazon has performed over two years if you compare it to retail and cloud it's essentially tracked a blended version of cloud and retail so i think we should all expect any of these huge stocks, these big winners, to have these periods of just going sideways or worse for long periods of time without notice, but to me, it doesn't say that the overall market is so acutely dependent on a handful of stocks that it all comes kind of tumbling down if they don't continue to perform, guys. >> speaking of the overall market, this morning, i saw on a list of contrary indicators, depressed sentiment and hedge fund derisking as reasons why this might not be getting overheated and might portend at least decent things for q1 how valid is that? >> quite valid we did get a pretty good reset over the course of november and december in particular and so you know, in a way, it goes to that first point, which is that it's b

i think there is a big question whether amazon's scale can actually do the things amazon wants or whether it's just going to take time >> yeah. scale in fintech as we've seen, guys, isn't necessarily the key here visa is one of $500 billion company has been making a lot of investments in the space but hasn't been some might argue simple nimble. the buy now, pay later trend disrupts the rails and the whole thesis we'll see what happens and we'll stay with the opportunities here our next guest recently lowered his price targets for affirm, square and paypal and he maintained his buy ratings and dan joins us now dan, good orning great to have you with us. >> good morning. >> investors were so excited about this young, active base that robinhood and coinbase promised but they've been slow to sort of cross sell different products is that being slow to the punch or users not this young base of users, not really buying into it and buying into other products >> i think when you talk about, thanks for having me on the show when you talk about names like coinbase specifically what we're seeing here