Wednesday newspaper round-up: Amazon, dividends, Weardale Lithium

Amazon profits soared once again in the first quarter of 2024, the company announced on Tuesday – the latest in a series of robust earnings reports for the retail giant. The company attributed the boost to artificial intelligence and advertising sales. Amazon reported overall revenue of $143.3bn in the first three months of the year – up 13% from the same period in 2023 and surpassing Wall Street expectations of $142.65bn. The e-commerce giant reported an increase of more than 200% to $15bn, with net income more than tripling to $10.4bn from $3.17bn at the same time in 2023. – Guardian

Shareholders have proved to be more successful at securing bumper payouts than workers have at winning higher pay, according to two studies that show dividends outstripping wages by a considerable margin in recent years. Oxfam said analysis of global data showed that dividend payments to shareholders over the last three years grew an average of 14 times faster than worker pay across 31 major economies. – Guardian

A mining company has announced plans to extract 10,000 tonnes of lithium a year from rocks beneath a County Durham beauty spot after drilling found vast volumes of hot brines laden with the precious mineral. Lithium is an essential component of the rechargeable batteries that power everything from mobile phones to electric vehicles – but the UK is currently entirely dependent on imports. – Telegraph

The Duke of Westminster’s property empire was lossmaking last year, although the King’s godson and his family still received more than £50 million in dividends. Grosvenor Group, which runs a multibillion-pound portfolio of assets including its 300-acre estate in the West End of London, suffered a loss of £28.6 million in 2023, having made a profit of £110.4 million in the previous year. – The Times