After reports that eCommerce delivery platforms are allowing consumers to “tip bait,� four U.S. senators are asking the Federal Trade Commission (FTC) to look at “potentially unfair and misleading� tipping practices on Instacart as well as other services. In a letter to FTC Chairman Joseph Simons, U.S. Senators Brian Schatz, Sherrod Brown,...
Democrats Skeptical Of Second Round Of Stimulus Checks
House Democrats who had hoped to provide Americans with a second $1,200 stimulus check are facing opposition from members of their own party in the Senate, The Hill reported. Two weeks ago, the House narrowly adopted a $3 trillion measure that would provide a second wave of cash payments to...
SBA Data Shows At Least $20B Of PPP Loans Have Been Canceled
A minimum of $20 billion in Paycheck Protection Program (PPP) loans have been canceled — many by small businesses afraid they can’t spend the money in ways that will qualify for loan forgiveness, calculations of Small Business Administration (SBA) data by Bloomberg found. SBA reports indicate $510.5 billion in the net amount...
Sweden’s Economy Grew In Q1 In Absence Of Lockdown
Sweden is winning the race among European nations to restore the economy from the coronavirus pandemic, according to data published on Friday (May 29), CNBC reported. The Nordic country reported its gross domestic product (GDP), a measure of economic health, grew at an annual rate of 0.4 percent from January...
Savings Rate Sets Record At 33 Percent In April
The consumer savings rate hit a historic 33 percent in April, as Americans hunkered down amid COVID-19, the U.S. Bureau of Economic Analysis (BEA) announced Friday (May 29). “There is a tremendous uncertainty and virus fear that is lingering and that is restraining people’s desire to go out and spend as...
Costco Same-Store Sales Rise 4.8 Pct Amid Pandemic
As shoppers stocked up on products in bulk amid the pandemic, Costco’s same-store sales increased 4.8 percent for the period concluding on May 10. The warehouse club’s online shopping sales, however, surged 64.5 percent compared to the same timeframe a year earlier, CNBC reported. Costco has almost 800 retail locations throughout...
JDE Peet’s Notches $2.6B In IPO
After it notched €2.25 billion ($2.6 billion) in one the largest initial public offerings (IPOs) in Europe as of 2018, JDE Peet’s stock surged over 12 percent in its inaugural trading day. The listing serves as one of the largest IPOs after the COVID-19 health crisis impacted international economies and...
JDE Peet’s Notches €2.25B In IPO
After it notched €2.25 billion in one the largest initial public offerings (IPOs) in Europe as of 2018, JDE Peet’s stock surged over 12 percent in its inaugural trading day. The listing serves as one of the largest IPOs after the COVID-19 health crisis impacted international economies and put a...
Starling Scores $49 million From Its Investors
Starling, a United Kingdom-based digital bank, has raised $49 million in a funding round led by its investors Merian Chrysalis Investment Co. and Harald McPike, founder of QuantRes, Yahoo! Finance reported. The latest infusion comes just months after the digital bank raised $74 million from investors. Since its founding in...
Mastercard Debuts COVID-Recovery Data Tools For Business, Gov’t
Mastercard‘s new Recovery Insights tool will attempt to help businesses and governments assess data during the pandemic in order to make smarter decisions, according to a press release. The tool will attempt to help an array of businesses, including airlines, restaurants, banks, governments and other types of money-making and governing...