Economy

Amazon's Jeff Bezos pledges £2bn to help deprived families

Amazon's Jeff Bezos pledges £2bn to help deprived families”

When Seattle passed a tax in May on large companies to fight the city's growing homelessness crisis, Amazon balked and even temporarily halted construction planning on a new high-rise building near its headquarters.

"That's what a rigged economy is about", Sanders said, as he introduced the bill.

Philanthropy experts called Bezos' approach direct and pragmatic, but said its success would depend largely on how the money was allocated and how willing the billionaire was to make changes along the way. The most notable involving more than $40 million U.S. to the local nonprofit FareStart - a hospitality training program and restaurant business that aims to combat homelessness and poverty - and Mary's Place, whose mission to find and provide shelter for every child.

Bezos, the world's richest man and gros fromage of the sprawling Amazon online services empire, had a pop at The Donald after one of the latter's wearyingly frequent outbursts at the American journos for writing down what he says and publishing it. "Most important among those will be genuine, intense customer obsession", he tweeted.

Amazon founder Jeff Bezos plans to open and fund nursery schools in low income areas, promising that poor children would be treated like Amazon customers.

His net worth has risen by US$64.7 billion this year alone as Amazon's shares surged.

Bezos said he selected these two areas after getting thousands of ideas from an appeal he launched on Twitter past year. Bezos was in town with his parents, who run the Bezos Family Foundation.

Bezos's personal wealth has soared with the value of Amazon, whose stock price has doubled over the past year with its expansion into new sectors and geographies. "The media is going to be fine", Bezos predicted.

Research shows 90 per cent of a child's brain development occurs before the age of 5, yet most charitable gifts pegged for education target older children, according to Makdessian.

He added that "we live in a society where it's not just the laws of the land that protect us.it's also the social norms that protect us".

"I don't know how much I'm going to give away", he told economic club president David Rubenstein.

The $2bn also falls short of the "giving pledge" initiative launched by Mr Gates and billionaire investor Warren Buffett, who have encouraged wealthy individuals to pledge half their fortunes for philanthropy.



Like this

loading...
loading...

Latest


14 September 2018
Mark Carney To Remain Bank Of England Governor Until January 2020
The Chancellor had cited a desire to keep carney at the helm so as to help ensure a smooth Brexit from the European Union . Mark Carney is to remain in his role as governor of the Bank of England until 2020, it has been announced.

14 September 2018
Tottenham vs. Liverpool: 5 players who could decide the outcome
Liverpool are scheduled to play seven games in the next 23 days starting with the weekend's trip to Wembley on Saturday. To focus on one competition can only be if you are out, or almost out, or of if it's late in the season.

14 September 2018
Paul Pogba talks Manchester United future with Téléfoot
Manchester United is a great club and will always be great. We have common goals, which are to win . He also told me about his experience.

14 September 2018
Trump says United States under 'no pressure' for China trade deal
Some of them have criticized Trump's tactics but many echo US complaints about Chinese market barriers and industrial strategy. So, as Trump's tariff hikes on Chinese imports keep ramping up, China is naturally running out of room to retaliate.

14 September 2018
Nintendo Online paid service starts next week, Nintendo Direct tomorrow
Not all games will support this feature, but it's a relief to see Nintendo add a feature that should have been ready at launch. I'm not actually excited for Switch Online at all so far, but I also don't play any video games online.

14 September 2018
Tottenham Hotspur goalkeeper Hugo Lloris to return against Liverpool?
The team looks very balanced and it's going to be very tough for Tottenham , despite home advantage. You need to have a really, really good season to compete.

14 September 2018
Jose Mourinho doesn't trust Marcus Rashford at Man Utd, says Phil Thompson
He had left [Riyad] Mahrez out of the team, so he needed to get him on because he [Mahrez] is still adapting to the way of playing.

14 September 2018
Carolinas Brace for Extremely Dangerous Hurricane Florence
Florence was about 575 miles south-southeast of Bermuda as of noon ET Monday, or about 1,230 miles from Cape Fear, North Carolina. Storm surge and hurricane watches may be issued early Tuesday for portions of southeastern U.S. states, the NHC said .

14 September 2018
Elizabeth Smart Slams Pending Release Of Her Kidnapper Wanda Barzee: ‘It’s Incomprehensible’
At the June hearing, her attorney questioned the calculation of her release date, which led the Utah board to look into it. Barzee has admitted to helping her husband, Brian David Mitchell , kidnap Smart from her bedroom in Salt Lake City .

14 September 2018
Turkey central bank stuns markets with huge rate hike
The move comes as Turkey's currency has lost nearly a third of its value against the dollar since January. And on the morning of the rate hike decision, Erdogan was busy.