Amazon to shut restaurant delivery service in US

In this Feb. 14, 2019, file photo people stand in the lobby for Amazon offices in New York. (AP)
Updated 12 June 2019
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Amazon to shut restaurant delivery service in US

  • Amazon still has ambitions in food delivery. In May, the company took a stake in British online food delivery company Deliveroo, leading a $575 million fundraising

NEW YORK: Amazon.com Inc. said on Tuesday it would end its US restaurant food delivery service on June 24, giving in to intense competition from GrubHub Inc, DoorDash, Uber Technologies’ Uber Eats services.
“A small fraction of Amazon employees are affected by this decision, and many of those affected have already found new roles at Amazon,” the company said in a statement. “Employees will be offered personalized support to find a new role within, or outside of, the company.”
Amazon Restaurants was launched in 2015 in Seattle and was designed to give Prime members a way to order meals, apart from products and groceries, through the online retailer. The service was expanded to more than 20 US cities, and then to London where the program ended in November.
The unit was led at one point by the executive also in charge of Amazon’s ticketing business, but was overseen later by an executive running its two-hour grocery delivery service, Prime Now, according to their LinkedIn profiles.
However, Amazon still has ambitions in food delivery. In May, the company took a stake in British online food delivery company Deliveroo, leading a $575 million fundraising.
Shares of Amazon edged up 0.4%, while GrubHub rose 8.6%. Geekwire first reported the news.


Lloyd’s of London profits quadruple on investment gains

Updated 18 September 2019

Lloyd’s of London profits quadruple on investment gains

  • Specialist insurer reports first-half pre-tax profit of $2.87 billion

LONDON: The 330-year old specialist insurance market Lloyd's of London reported a first-half pre-tax profit of 2.3 billion pounds ($2.87 billion) on Thursday, up nearly fourfold on investment gains and a cutback in underperforming business.
Lloyd's, which covers commercial risks from oil risks to footballers' legs, suffered steep losses in 2017 and 2018 due to natural catastrophes such as hurricanes, typhoons and wildfires.
Lloyd's last year told its 99 member syndicates to ditch the worst performing 10% of their businesses.
"It is encouraging that the Lloyd's market is showing increased discipline in 2019," Chief Executive John Neal said in a statement.
"We need to make some brave choices on how to meet the expectations of our customers and all our stakeholders in the future."
The market has proposed its members move to electronic exchanges next year, as it responds to competition from cheaper rivals.
Further details of the strategic changes will be released on Sept 30.
Net investment income rose to 2.3 billion pounds from 0.2 billion a year earlier, helped by strong equity returns.
Gross written premiums rose 1.7% to 19.7 billion pounds but the company's combined ratio, a measure of underwriting performance in which a level below 100% indicates a profit, weakened to 98.8% from 95.5%.
The results compare with a profit of 0.6 billion pounds a year ago.
Premium rates rose by an average of 3.9%, Lloyd's said.
Lloyd's in May asked the Banking Standards Board to conduct a survey of the insurance market's 45,000 participants on issues such as honesty and respect to help to improve its working environment, following allegations of sexual harassment at member firms.
The survey will be published on Sept 24, Neal said on Thursday.