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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Ant Group Is Moving Quickly to Comply With Regulations, China’s Central Bank Says

Chinese financial-technology giant Ant Group Co. is working expediently to rectify its business practices and comply with regulatory requirements, a top central bank official said on Friday. Chen Yulu, deputy governor of the People’s Bank of China, said at a press briefing that Ant has set up a working group to address problems recently flagged by Chinese regulators. He said the Hangzhou-based company is developing a timetable to implement various changes, and Ant is maintaining close communications with financial regulators while keeping its business running as usual. The central bank’s update came about three weeks after it chastised Ant for the […]

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U.S. Bans Americans From Investing in Xiaomi but Spares Alibaba, Tencent and Baidu

Smartphone giant Xiaomi Corp. became the latest Chinese technology group to be targeted by the Trump administration, with its surprise addition to a U.S. investment blacklist sending its shares sharply lower. The addition of Xiaomi wrong-footed analysts and investors. Xiaomi, a consumer electronics company that focuses on mobile phones and household appliances, had managed to avoid U.S. pressure even as Washington tightened the screws on Chinese tech groups including Huawei Technologies Co., seeking to curb their access to American technology and funding. Xiaomi’s stock has more than doubled in the past 12 months and the company has been rapidly gaining market […]

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Jumia Shares Notch Third Straight Day of Gains

Shares of Jumia Technologies AG rose for the third consecutive day Thursday, as some investors parsed a short seller’s comments that the stock for the e-commerce company has ample room to expand. American depository receipts for Jumia, which operates an e-commerce company focused on markets in Africa, ended the day priced at $46.86, up more than 8%. The shares gained about 7% yesterday and increased almost 11% Tuesday. What precisely drove the price for the stock higher this week isn’t clear. Jumia isn’t profitable, but some market participants have wondered if the company could grow over the longer term into a […]

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Poshmark’s Stock Price More Than Doubles in Market Debut

Poshmark Inc.’s stock more than doubled in its trading debut Thursday, reflecting a soaring market for public offerings and expectations that demand for secondhand goods sold online will grow after the economy returns to more normal conditions. Shares of the online marketplace focused on used merchandise opened at $97.50, according to FactSet, above the company’s initial public offering price of $42. That better-than-targeted IPO price valued the company at more than $3 billion, up from a $1.25 billion valuation in 2019. Private companies have been looking to cash in on robust demand from investors for new listings. Companies raised more than […]

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Affirm Shares Skyrocket in Trading Debut

Shares of Affirm Holdings Inc. surged in the company’s trading debut Wednesday. The buy-now, pay-later fintech firm, trading on the Nasdaq under the symbol AFRM, jumped as high as $103 shortly after it began trading around midday, far above its initial offering price of $49. The enthusiastic reception for Affirm shares could indicate that 2021 will be similar to 2020. That was the most lucrative year on record for public offerings in terms of money raised, driven in part by the success of companies like DoorDash Inc. that have benefited during the pandemic from the stay-at-home economy. Still, extreme first-day pops […]

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WSJ News Exclusive | Americans Won’t Be Banned From Investing in Alibaba, Tencent and Baidu

The U.S. government is expected to let Americans continue to invest in Chinese technology giants Alibaba Group Holding Ltd. , Tencent Holdings Ltd. and Baidu Inc., after weighing the firms’ alleged ties to China’s military against the potential economic impact of banning them. New York-listed Alibaba and Baidu, and Hong Kong-listed Tencent, were among a dozen companies being examined for inclusion in a Defense Department list of firms deemed to support China’s military, intelligence and security services, according to people familiar with the matter. U.S. investors have until November to divest their holdings of any firm on the list. The U.S. […]

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Etsy’s Cup May Have Runneth Over

Crafting has turned into catnip for investors, but the high can’t last forever. Shares of online marketplace Etsy soared on Tuesday, closing up 12% after Jefferies analyst John Colantuoni published a report noting continued acceleration in traffic trends for November and December. Etsy’s stock has more than quadrupled over the past year. The seller of homemade goods is now valued at more than $23 billion, well over half the value of eBay , despite the fact that it is predicted to generate less than 20% of the sales of its consumer-tech peer in the fourth quarter. Etsy’s sky-high valuation has been […]

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WSJ News Exclusive | U.S. Considers Adding Alibaba, Tencent to China Stock Ban

In recent weeks, State Department and Department of Defense officials have held conversations on expanding a blacklist of companies that are prohibited to U.S. investments because of claimed ties to China’s military and security services. The U.S. government announced its original blacklist in November with 31 companies. The departments have debated with the Treasury Department over whether adding these firms could have wide capital-markets ramifications, the people said. The plan is still under deliberation and may not go through as agencies debate its impact on markets, the people added. Tencent and Alibaba are China’s two most-valuable publicly listed companies with a […]

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