Oil Extends Losses As Dollar Steadies

Amazon, Twitter, Reddit, Spotify and HMRC websites go DOWN in huge internet outage

MAJOR websites including Amazon, Twitter, Reddit and Spotify have gone down in a mass internet outage.

Problems began around 10:30am BST (5:30am ET) on Tuesday, according to online outage tracker DownDetector.

The New York Times, Guardian, Bloomberg and even HMRC websites have also been struck by outages.

Visitors to affected sites are met with a "503 error" message, and are unable load the page.

Independent outage tracker DownDetector says that tens of thousands of people worldwide have reported issues with various web pages.

It's unclear what's causing the outage, though it's suspected that the fault lies with Fastly.

The data centre provider crashed earlier this morning.

On its website, Fastly says that it's currently investigating the issue, which it calls a "global disruption".

The San Francisco-based company gave no indication as to when it expected services to be fully restored.

Others have suggested on social media that the outages may be the result of problems at Amazon Web Services (AWS).

AWS is a cloud computing platform that powers many of the world's most popular websites, including Amazon.

The Sun has reached out to Amazon for comment.

Visitors to the affected sites took to Twitter to vent their frustration.

More to follow…

Amazon to invest $3 billion to open data centers in Spain in 2022

  • Amazon said its cloud unit AWS will invest $3 billion over a period of 10 years to open new data centers in Spain.
  • The investment includes capital expenditure, construction and operating expenses such as salaries for new hires.
  • AWS has had a presence in Spain since 2012 and is building more infrastructure in the country.

U.S. tech giant Amazon plans to invest 2.5 billion euros ($3.04 billion) in new data centers in the Spanish northern region of Aragon that will open in mid 2022, the company said on one of its websites on Monday.

The cloud computing service unit of Amazon, Amazon Web Services, will invest the amount over a period of ten years, the company said.

The investment includes capital expenditure, the construction of the centers, imports of equipment and operating expenses such as the salaries of the 1,300 employees the company will hire there.

Amazon Web Services has had a presence in Spain since 2012 and is building more infrastructure to be able to host data in Spain for its customers who require it.

Nirmala Sitharaman asks Infosys to fix tech glitches on new income tax e-filing portal

Infosys was in 2019 awarded a contract to develop the next-generation income tax filing system.

Finance Minister Nirmala Sitharaman on Tuesday asked Infosys and its Chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department’s new e-filing website, after users flooded her Twitter timeline with complaints.

Infosys was in 2019 awarded a contract to develop the next-generation income tax filing system to reduce processing time for returns from 63 days to one day and expedite refunds.

The portal went live last evening.

Early on Tuesday morning, Ms. Sitharaman took to Twitter to announce the launch of the new portal, www.incometax.gov.in, saying that the “important milestone to make the compliance experience more taxpayer-friendly” went live at 2045 Hrs on Monday.

But, soon, her timeline was flooded with user complaints.

“I see in my TL grievances and glitches. Hope @Infosys & @NandanNilekani will not let down our taxpayers in the quality of service being provided,” she tweeted later.

TL here stands for timeline.

“Ease in compliance for the taxpayer should be our priority,” she said while quoting a tweet from a user who was unable to log in to the new e-filing portal.

Infosys had also developed the GST Network (GSTN) portal, used for GST payment and return filing. The software major had faced flak for slow functioning of the GSTN portal.

Mercedes announces new ‘direct to customer’ sales model for India

Mercedes-Benz will soon launch the ‘direct to customer’ sales model in India, dubbed Retail of the Future (ROTF). This new model aims to increase transparency between the luxury car-maker and its customers, as well as aid Mercedes-Benz’s franchise partners.

Under this new sales model, Mercedes, in essence, will own the entire stock of its cars and sell them directly to the customer through its showrooms and online sales portal. In the current model, dealers purchase stock from Mercedes and sell it to customers. The German luxury car-maker has stated that this new model will be implemented across India by the end of this year.

The most notable change for customers under the new model will be that they will be purchasing the car directly from Mercedes-Benz with the dealers only facilitating the sales and delivery. The cars will be invoiced directly from the car-maker which will mean that all customers across India, will be offered the same prices, negating the need to negotiate with dealers to match one another’s prices.

For the dealers, the biggest benefit will be the fact that they do not need to purchase and stock models. This, in turn, also reduces the amount of risk taken by the dealers, especially in the current times when lockdowns prevent them from moving their stock.

This new sales model will only be applicable to the sale of new cars and will not change the functioning of the other sections of the business, such as customer services, pre-owned cars and the accessories business.

Oil Extends Losses As Dollar Steadies

Oil prices extended losses on Tuesday as the dollar rose with Treasuries on inflation worries and concerns about Fed tapering. Optimism about strong demand recovery helped capped the downside to some extent.

Benchmark Brent crude futures dipped 0.6 percent to $71.10 per barrel, after having declined 0.6 percent on Monday as data showed China’s crude imports were down 14.6 percent in May on a yearly basis. U.S. crude futures were down 0.6 percent at $68.84.

The dollar strengthened as investors looked ahead to the release of key U.S. inflation data due on Thursday for clues on when the Federal Reserve may begin to talk about tapering its asset purchases.

A stronger greenback makes crude more expensive for buyers with other currencies.

Traders also seemed to be weighing the prospects of Iranian oil coming into the market. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports.