Amazon pulled the veil off its sprawling advertising business for the first time on Thursday, revealing a business larger than that of Google's YouTube.

Amazon reported ad revenue of $9.7 billion for the fourth quarter, up 32% from last year, and $31 billion for the year.

YouTube posted $28.8 billion in ad revenue for 2021.

Shares of Future Retail surged 20 per cent on Monday following reports that the company was likely to approach various courts and tribunals bringing to their notice the latest order by the Competition Commission of India (CCI).

Future Retail’s scrip jumped to a high of Rs 57.50 as against the previous close of Rs 47.95 on the National Stock Exchange. On Friday, the CCI had placed in "abeyance" Amazon's investment in Future Coupons.

Future Retail said on Sunday that it firmly believes that the Competition Commission of India (CCI) will not be intimidated by the arrogance of Amazon. Future hopes that instead, CCI will take action on its show cause notice against the US-based e-commerce company, in accordance with the law.

This statement comes after Amazon walked out of CCI proceedings on Nove­mber 24. “The counsels to Amazon, in utter disregard to the norms and utter disrespect to the Indian statutory regulatory authority, refused to argue the matter. They walked out of the proceedings in an attempt to browbeat the CCI,” the Indian retailer said in a stock exchange filing.

E-commerce major Amazon India on Monday said it is currently investigating an issue, wherein its platform was allegedly used to source marijuana.

On Saturday, an online marijuana sale racket was busted by Bhind police in Madhya Pradesh, leading to the arrest of two persons and seizure of 20 kilograms of the contraband, according to an official.

Amazon.com Inc on Thursday reported a slump in profit that it expects will continue through the holiday quarter, as higher wages and spending to attract workers diminish the company's windfall from online shopping.

Shares fell 4% in after-hours trade.

After a year of blockbuster results, the world's largest online retailer is facing a tougher outlook.

Amazon has been of late and also for sometime now making some contradictory statements about its legal expenses in India. The company has claimed that it incurred a meagre expense of Rs 52 crore towards legal fees in FY20.

This is out of the total expense of Rs 1,967.5 crore shown as legal professional charges in financial statements of Amazon Seller Services Private Limited as sourced from the website of Ministry of Corporate Affairs.

On the heels of Google Pay offering its platform for booking fixed deposits, Amazon Pay on Wednesday also tied up for a similar arrangement with a wealth management platform.

Kuvera.in said it would provide its services, products and technology know how to create an exclusive experience for Amazon Pay’s users to facilitate investments into mutual funds, fixed deposits, and more over time.

The Supreme on Friday ruled that Future Retail's $3.4-billion deal to sell its retail assets was bound by an arbitrator's order that put the transaction on hold. This is a big boost to partner Amazon, which had sought to block the deal.

Amazon and Future had been locked in legal battles over the deal, with the US firm accusing the Indian group of violating pre-existing contracts when it sold its assets to rival Reliance Industries. Future has denied any wrongdoing.

An Indian court on Friday dismissed an appeal by Amazon.com Inc and Walmart's Flipkart that sought to stall an antitrust investigation into their business practices - a major setback for the companies.

The Competition Commission of India (CCI) last year ordered a probe following allegations from brick-and-mortar retailers that the U.S. firms promote select sellers on their e-commerce platforms and use deep discounts to stifle competition.

NEW DELHI (Reuters) -India proposed banning flash sales on e-commerce websites and said on Monday their affiliate entities should not be listed as sellers on their platforms, in a proposed tightening of rules that could hit Amazon and Walmart's Flipkart.

The Ministry of Consumer Affairs' rules, which were released in a government statement, come amid complaints by brick-and-mortar retailers that foreign e-commerce players bypass Indian laws by using complex business structures.

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