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Jeff Bezos to Step Down as Amazon CEO

Amazon founder and CEO Jeff Bezos will stop down as head of the company, according to an Amazon press release. Andy Jassy, the CEO of Amazon Web Services is expected to replace Bezos as CEO of the company. Bezos’s announcement came as Amazon announced financials for the fourth quarter of 2020, which saw net sales increase 44 percent to $125.6 billion as opposed to $87.4 billion in the fourth quarter of 2019. In a Tuesday statement, Bezos said it was the “optimal time” for the leadership change. Bezos is expected to transition to the executive chair position in the company. Bezos also expressed confidence in Jassy’s ability to lead the company. Bezos is one of the wealthiest people in the world, with Forbes reporting his net worth as $196.4 billion as of Tuesday. Bezos also owns The Washington Post and aerospace company Blue Origin. (Newsweek)

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The US unemployment rate dropped to 6.3 per cent in January but the economy added only 49,000 jobs as the COVID-19 pandemic continued to hamper business, the Labor Department said on Friday (Feb 5). The January increase came after the world’s largest economy saw a contraction in hiring in December, but the government noted that continued job losses in sectors such as leisure and hospitality, retail trade, health care and transportation undermined the gains. Data for December was revised to show 227,000 jobs lost instead of 140,000 as previously reported. December’s drop was the first in eight months and came amid renewed restrictions on businesses like restaurants and bars to slow a resurgence in coronavirus infections. (CNA)

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South Korea unveiled a US$43.2 billion plan to build the world’s largest wind power plant by 2030 as part of efforts to foster an environment-friendly recovery from the COVID-19 pandemic. The project is a major component of President Moon Jae-in’s Green New Deal, initiated last year to curb reliance on fossil fuels in Asia’s fourth-largest economy and make it carbon neutral by 2050. Moon attended a signing ceremony in the southwestern coastal town of Sinan for the plant, which will have a maximum capacity of 8.2 gigawatts (GW). Utility and engineering companies also attended, including Korea Electric Power, SK E&S, Hanwha Engineering & Construction, Doosan Heavy Industries & Construction, CS Wind and Samkang M&T. The companies will provide 47.6 trillion won of the required funding and the government the remaining 0.9 trillion won, Moon’s office Blue House said. It said the project would provide up to 5,600 jobs and help achieve a goal to boost the country’s wind power capacity to 16.5 GW by 2030 from 1.67 GW now. (CNA/Reuters)

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Bitcoin climbed toward $40,000 in a rally that helped the market value of digital tokens scale a new peak. The largest cryptocurrency rose as much as 4.3% to $39,499 on Saturday, taking it closer to early January’s record of almost $42,000. The value of more than 6,000 tokens tracked by CoinGecko hit an unprecedented $1.22 trillion. (Yahoo/Bloomberg) mannyrabacal1144@ gmail.com