by Annie Palmer

Shares of Amazon.com (AMZN) are advancing 0.75% to $749.99 in afternoon trading today as the Seattle-based e-commerce giant announced it will be investing $550 million in Italy's move to improve its digital commerce. The most recent move is the largest foreign IT investment to be unveiled in Italy since Prime Minister Renzi announced plans to boost broadband rollout in Italy, Reuters reports.

Amazon.com is also set to announce a series of additional investments in the market, on top of the already 450 million euros invested over the past six years. About 150 million euros will be used to build a storage and logistics center outside Rome, a development slated to open next year and that will employ 1,200 people. The company will also be building data centers in Italy to expand its cloud-service division.

Read more

Source: https://www.thestreet.com/