“Keep my name out of your mouth!” - Amazon to Echelon

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Exercise gear maker, Echelon Fitness on Tuesday launched its EX-Prime bike, calling it “Amazon’s first-ever connected fitness product” developed in collaboration with Amazon. The move sent shares of exercise bike maker Peloton tumbling as much as 6%. Amazon, however, issued a statement denying any partnership with Echelon or the Prime bike, stating that the bike was neither an Amazon product nor related to Amazon Prime. Click here to read more

Citigroup makes a commitment to combat racial inequality

On Wednesday, Citigroup Inc said it would set aside over $1 billion to support initiatives that help close the racial wealth gap and increase economic mobility for Black people. The fund will be channelled towards a three-year scheme that would involve providing greater access to banking and credit in Black communities, increased investment in Black-owned business and expanding homeownership among Black Americans. Click here to read more

More unfortunate job cuts in the retail industry

Brookfield Properties (NASDAQ: BPY), one of the biggest retail real estate owners in America, is going through a massive round of job cuts as the pandemic dries up new leasing activity at its malls. In an email to employees, the CEO, Jared Chupaila disclosed that the company decided to make cuts to align with the future scale of its portfolio and the reductions would affect about 20% of the company’s workforce. A number of other department stores including Simon Property Group and CBL & Associates have also made similar moves due to the pandemic. Click here to read more

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