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AMAZON.COM, INC.

(AMZN)
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Real-time Estimate Cboe BZX  -  07:59:05 2023-02-01 pm EST
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Amazon warehouse workers at Coventry walk out over pay in UK first

01/24/2023 | 07:05pm EST
UK Amazon workers stage a strike in Coventry

LONDON (Reuters) - Amazon workers at a warehouse in central England will walk out on Wednesday in a months-long wrangle over pay, marking the first time the U.S. tech giant's operations in Britain have faced strike action.

About 300 employees in Coventry are expected to take part in the industrial action, according to the trade union GMB.

Amazon increased starting pay by 50 pence to a minimum of between 10.50 and 11.45 pounds ($12.95 to $14.12) per hour last year. The country's minimum wage, which is currently 9.50 pounds an hour, is set to rise to 10.42 in April.

Britain is facing its worst industrial unrest since Margaret Thatcher's leadership, with staff in crucial sectors from nurses and ambulance workers to railways and lawyers staging strikes in fights for better pay to deal with surging inflation.

Setting out the strike date earlier this month, GMB Senior Organiser Amanda Gearing urged Amazon to give workers "a proper pay rise," saying staff at one of the world's most valuable companies should not have to strike to "win a wage they can live on."

Amazon, which employs thousands of workers across its 30 warehouses in the UK, had then responded to say its pay was competitive.

Darren Westwood, who says he has been at Amazon for three and a half years, told Reuters that the latest pay rise was not enough, as wage growth has lagged inflation, which hit a 41-year high of 11.1% at one point last year.

"None of us want to strike. We'd all rather be in the warmth inside than be drinking tea out here in the cold, but it's come to that point now where the cost of living has just gone crazy," he said ahead of the walkout.

($1 = 0.8108 pounds)

(Reporting by Muvija M; Editing by Lisa Shumaker)

By Muvija M


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 1.96% 105.15 Delayed Quote.25.18%
GMB CORPORATION -1.77% 721 Delayed Quote.5.76%
WESTWOOD HOLDINGS GROUP, INC. -1.39% 12.75 Delayed Quote.14.52%
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Analyst Recommendations on AMAZON.COM, INC.
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Financials (USD)
Sales 2022 511 B - -
Net income 2022 -1 088 M - -
Net cash 2022 19 711 M - -
P/E ratio 2022 -993x
Yield 2022 -
Capitalization 1 073 B 1 073 B -
EV / Sales 2022 2,06x
EV / Sales 2023 1,86x
Nbr of Employees 1 608 000
Free-Float 85,8%
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Technical analysis trends AMAZON.COM, INC.
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Mean consensus BUY
Number of Analysts 53
Last Close Price 105,15 $
Average target price 135,61 $
Spread / Average Target 29,0%
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Managers and Directors
Andrew R. Jassy President, Chief Executive Officer & Director
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Jeffrey P. Bezos Executive Chairman
Patricia Q. Stonesifer Independent Director
Jonathan Jake Rubinstein Lead Independent Director
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