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Brick and mortar store in Varanasi, India. Photo: Jodie Griggs via Getty Images

Amazon's share price fell in after-hours trade this evening despite a third straight quarter of record profit, as its model of selling more of its own online merchandise took a hit in India, a key future growth market.

What's happening: Starting tomorrow, both Amazon and Walmart have to drop any merchandise sold by companies in which they have an equity stake or an exclusivity deal. The new Indian rules are meant to promote local businesses and prevent the kind of retail destruction that the two big U.S. retailers have wreaked elsewhere.

  • Both Amazon and Walmart have seen the robust Indian economy as a primary driver of growth.
  • Amazon has committed to spend $5.5 billion on its India business, and last summer Walmart spent $16 billion to buy Flipkart, the Indian e-commerce site.
  • But Amazon had already begun to pull such items from its Indian website tonight, report Reuters' Aditya Kalra and Sankalp Phartiyal.

Amazon's cloud service business buttressed its fourth-quarter earnings, the company said today, but it also said that its growth will slow in the current quarter. Its shares were down more than 1% in after-hours trade.

The bottom line: The Indian policy is an example of a new, more hostile global environment for Amazon, which will have to figure out how to ease its reputation for slash-and-burn retail.

Go deeper: The next five years of Amazon

Go deeper

Ben Geman, author of Generate
33 mins ago - Energy & Environment

Japan vows deeper emissions cuts ahead of White House summit

Japanese Prime Minister Yoshihide Suga. Photo: Carl Court/Getty Images

Japan on Thursday said it will seek to cut greenhouse gas emissions by 46% below 2013 levels by 2030, per the AP and other outlets.

Why it matters: The country is the world's fifth-largest largest carbon dioxide emitter and a major consumer of coal, oil and natural gas.

The global race to regulate AI

Illustration: Annelise Capossela/Axios

Regulators in Europe and Washington are racing to figure out how to govern business' use of artificial intelligence while companies push to deploy the technology.

Driving the news: On Wednesday, the EU revealed a detailed proposal on how AI should be regulated, banning some uses outright and defining which uses of AI are deemed "high-risk."

Biden pledges to cut greenhouse gas emissions by up to 52% by 2030

U.S. President Joe Biden seen in the Oval Office on April 15. (Photo by Doug Mills-Pool/Getty Images)

The Biden administration is moving to address global warming by setting a new, economy-wide greenhouse gas emissions reduction target of 50% to 52% below 2005 levels by 2030.

Why it matters: The new, non-binding target is about twice as ambitious as the previous U.S. target of a 26% to 28% cut by 2025, which was set during the Obama administration. White House officials described the goal as ambitious but achievable during a call with reporters Tuesday night.