Amazon CEO Jeff Bezos makes $18 billion in just 24 hours | ASX Market Update

July 25, 2020 05:38 PM AEST | By Team Kalkine Media

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Woolworths customers in coronavirus hotspots in Sydney are being “strongly” encouraged to wear a mask at the stores. The supermarket giant has updated its advice in a “prudent” step amid ongoing community transmission of COVID-19 in Sydney’s west. The advice is relevant for all Woolworths, BWS, Dan Murphy’s and Big W stores in the Fairfield and Liverpool local government areas. It comes amid a warning about the potential risk of coronavirus from five funeral and church services in Sydney’s west after a woman who attended tested positive on Thursday. Three schools were closed on Friday for deep cleaning in after four students tested positive to COVID-19.

Insurance Australia Group blames natural disasters and the onset of the coronavirus pandemic in the past six months for less-than-expected growth, adding financial hardship is likely to slow down insurance demand. The country’s largest underwriter of general insurance said gross written premiums for the 2020 financial year grew by just 1 per cent as a result of the economic downturn sparked by COVID-19 and the Australian summer’s flurry of damaging bushfires, hail and storms. IAG chief executive Peter Harmer said there was likely to be less insurance demand within Australia as household incomes tightened. IAG said natural disaster claims had cost the group $904 million, $54 million more than expected in its natural perils budget. It also noted the financial slump caused by the pandemic lowered business volumes and would cost the group approximately $80 million in lost gross written premiums.

The masses of consumers forced to retreat indoors during the coronavirus pandemic has reaped huge rewards for the world’s richest man. As small businesses collapse across Australia, Jeff Bezos’ fortune has soared in recent months with shoppers increasingly leaning on purchasing goods online. The company’s rocketing share price has led to the Amazon founder adding a staggering $US13 billion ($A18 billion) to his wealth in a single day on Monday. The 56-year-old is now worth $US189 billion ($A265 billion), with his personal fortune eclipsing major global companies including McDonald’s, Nike and oil giant Exxon.

#Amazon #JeffBezos #Covid19 #Kalkine

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