Feb 1, 2018

Amazon exec downplays grocery issues

Shoppers and employee in a Denver Whole Foods. Photos: John Leyba/The Denver Post via Getty Images

Amazon Chief Financial Officer Brian Olsavsky brushed aside worries about out-of-stock items at Whole Foods and misfires in the company's Fresh grocery delivery product.

Why it matters: Amazon's further push into the perishable groceries business after the purchase of Whole Foods is being closely watched.

What they're saying:

  • Olsavsky said on an earnings call that the company hadn't made any changes to Whole Foods that would have led to the stocking issues reported at some Whole Foods stores.
  • He said lower prices Amazon instituted after its purchase of the grocery chain and weather could have contributed to the issue.
  • Olsavsky said that any problems with Amazon Fresh would be addressed. "Where there’s issues, they’ll be corrected," he said. Recode reported in November that the company thinks the U.S. Postal Service is responsible for problems that led them to shut down the service in some markets.

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Fed temporarily lifts Wells Fargo's growth restrictions

Photo: Streeter Lecka/Getty Images

The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restriction put in place following the bank’s customer abuse scandals.

Why it matters: One of the nation's biggest lenders said the Fed's asset cap prevented it from lending more to struggling small businesses as part of the government's aid package. Now Wells Fargo says it will reopen its application process and lend to a broader set of business owners.

Coronavirus dashboard

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  1. Global: Total confirmed cases as of 2 p.m. ET: 1,464,852 — Total deaths: 85,397 — Total recoveries: 315,105Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 402,923 — Total deaths: 13,007 — Total recoveries: 22,717Map.
  3. State latest: New York Gov. Andrew Cuomo issued an executive order for New Yorkers to vote by absentee ballot for June 23 primaries.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Dr. Anthony Fauci said.
  5. Business updates: Roughly one-third of U.S. apartment renters didn't make April payments — The Fed will lift Wells Fargo's asset cap to help small business lending.
  6. 🎧 Podcast: The battle over billionaire coronavirus saviors
  7. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Sen. Kelly Loeffler liquidates stocks after uproar over coronavirus sell-off

Sen. Kelly Loeffler. Photo: Madnel Ngan/AFP via Getty Images

Sen. Kelly Loeffler (R-Ga.) and her husband Jeffrey Sprecher are liquidating their stock portfolio and moving holdings into exchange traded funds (ETFs) after coming under fire for purchasing and selling roughly $1.4 million in stock just before the market crashed in response to the coronavirus pandemic.

Why it matters: Loeffler, who faces a competitive reelection fight in November, is one of several senators under fire for selling shares shortly after a private briefing on the coronavirus — sparking accusations of insider trading.