Regulators Are Fed Up With Food-Delivery Fees

American consumers have been forced to eat food-delivery costs sometimes nearly as big as the meals themselves. Regulators are fed up. In addition to new laws boosting compensation and benefits for delivery drivers, restaurant protections such as pandemic-related commission caps have been proliferating at the city and state levels. Consumer protections could be next. New laws have been costly for delivery players that have been struggling to generate consistent profits lately. On its third-quarter conference call, Uber , which owns and operates Uber Eats, suggested it wouldn’t absorb all of the added costs related to the passage of Proposition 22 in […]

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Chinese Property Developers Have Huge Debts to Refinance

China’s property developers have a mountain of international debt to refinance this year, and tight lending conditions are raising the risk of defaults. The real-estate firms need to repay up to $53.5 billion of offshore debt this year, a sharp increase from the $25.4 billion that came due in 2020, according to CreditSights, a bond-research firm. The bulk of the debt—$47.6 billion—is dollar bonds. The CreditSights figures include maturing bonds and a smaller sum of puttable debt, which has a longer maturity but which investors have the right to sell back during 2021. At the same time, support from China’s powerful […]

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Road to Recovery: Imports rise for the first time in 10 months

Overall, merchandise exports still still down by 15.7% up to December this fiscal, while imports contracted by 29%. Merchandise exports inched up in December, for a second time since February 2020, while imports advanced for the first time in 10 months, suggesting a gradual return towards normalcy. The quick estimate released by the commerce ministry on Friday shows exports rose 0.1% on year to $27.15 billion in December, better than a 0.8% contraction announced earlier. Imports rose at a much faster pace of 7.6% in December to $42.59 billion, inflating trade deficit to a 25-month high of 15.44 billion. The rise […]

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Capital One Fined for Anti-Money-Laundering Deficiencies

The Treasury Department on Friday said it fined Capital One Financial Corp. for “willfully failing to implement and maintain” effective anti-money-laundering controls. As part of the settlement, Capital One admitted that it “willfully failed to file thousands of suspicious activity reports,” according to the Treasury’s Financial Crimes Enforcement Network. The allegations pertain to a check-cashing portfolio that Capital One acquired when it bought North Fork Bank in 2006. Write to AnnaMaria Andriotis at annamaria.andriotis@wsj.com Source link

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Commerce minister exhorts Indian investors to support start-ups in BIMSTEC region

I have been making an earnest appeal on several occasions to try and encourage Indian capital to expand their horizon to support start-ups in India particularly at an early stage. Commerce and industry minister Piyush Goyal on Friday called upon Indian investors to mentor and support start-ups within the BIMSTEC region. “I have been making an earnest appeal on several occasions to try and encourage Indian capital to expand their horizon to support start-ups in India particularly at an early stage. Today, I would like to encourage Indian capital and Indian investors to look at the BIMSTEC region, to look at […]

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Kerala budget focuses on infrastructure development, jobs

While criticising the Centre’s farm laws, Isaac increased the base price of natural rubber to Rs 170 per kg,procurement price of paddy to Rs 28 per kg and coconut to Rs 32 per kg. Increasing welfare pensions, creating jobs and a thrust given to infrastructure development were the highlights of the election-year budget presented by Kerala Finance Minister Thomas Isaac on Friday. While the fiscal deficit for FY21 has been revised to 4.25% of gross state domestic product against 3% originally budgeted due to a sharp dip in revenue attributable to the pandemic, Isasc has set a target to bring it […]

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