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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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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JPMorgan, Palantir, Poshmark: What to Watch When the Stock Market Opens Today

Here’s what we’re watching ahead of Friday’s opening bell. —U.S. stock futures edged lower as some investors grew concerned that President-elect Joe Biden’s $1.9 trillion Covid-19 relief plan could lead to higher taxes. Futures tied to the S&P 500 fell 0.4%, putting the benchmark on course to decline for a second day. Contracts tied to the Nasdaq-100 edged less than 0.2% lower and those linked to the Dow Jones Industrial Average slipped 0.4%. Read our full market wrap here. What’s Coming Up —Corporate earnings season kicks into high gear with updates due before the bell from Citigroup and Wells Fargo . Retail sales for December […]

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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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China Holdup Proves Costly for Cisco

China’s waiting game proved a profitable one for Acacia Communications . For Cisco , less so. The companies announced an amended merger agreement on Thursday. Cisco will now pay $115 per share to acquire Acacia—a 64% boost to the original price of $70 per share agreed to in July of 2019 when the two first struck the deal. That gives the transaction a value of about $4.5 billion net of cash, making it Cisco’s fifth-largest acquisition ever. It will also be by far the longest the company has had to wait to close a deal; Cisco’s previous acquisitions valued at $1 […]

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