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Shein wanted its Hong Kong listing to be about growth. Instead, the filing meant to sell that story revealed a US regulator is investigating the company, and Shein will not say why. The disclosure sits in the draft prospectus for Shein’s planned IPO, Reuters reported. Its US business, the filing said, is under investigation by […]
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PayPal finally addressed the $53bn offer sitting on its table. Its answer was: not at that price. The company gave its first public response on Tuesday’s Q2 earnings call, alongside a beat. Chief executive Enrique Lores would not comment on Stripe and Advent’s bid directly. He said only that PayPal would “carefully consider” any path […]
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PayPal turned down $53bn, and pointed to a beat and a $70 target Read More »
Apple has a new answer to the complaint that its products cost too much. Do not buy them. Lease them. On Tuesday the company launched Apple Upgrade in the US, a leasing programme run by the buy-now-pay-later firm Klarna. It covers the iPhone, Apple Watch, Mac and iPad, and it starts at $17.99 a month […]
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Apple raised its prices, then offered to rent you the phone instead Read More »
Visa is cutting about 2,600 jobs, roughly 7% of its staff, and it is cutting them mostly from the teams that build its technology. The money it saves is going into the payment methods that could one day make those rails matter less. The payments network confirmed the cuts on Tuesday, in a staff memo […]
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Visa is cutting 2,600 tech jobs to bankroll the tech that threatens it Read More »
Two hotel groups moved into ChatGPT this week, a day apart and at opposite ends of the market. Radisson Hotel Group launched an app on Tuesday, built with Accenture, covering more than 1,000 hotels in over 100 countries. G6 Hospitality launched a plugin for Motel 6 on Monday, covering nearly 1,500 economy locations across the […]
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Two hotel groups moved into ChatGPT this week. Neither will let you pay there Read More »
Cover Genius has acquired Friendsurance, the Berlin company that invented peer-to-peer insurance. The deal took effect immediately, and neither side disclosed a price. Friendsurance built its name on a simple idea. Small groups of policyholders pool together, and everyone who stays claim-free collects cash back at the end of the year. Its own German language […]
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Friendsurance invented peer-to-peer insurance. It just sold for its paperwork. Read More »
X Money went live on Monday. Buried in its support pages is a rule that no ordinary bank applies to a current account. “If your X account is suspended for violating Child Safety or Violent and Hateful Entities policies, you will lose Money access,” the company FAQ states. Any remaining balance “will be mailed to […]
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X Money can cut off your account over what you post Read More »
A development bank has just minted a unicorn, and it took two years. Ominimo, a Budapest-based motor insurance startup founded by Serbian and Hungarian entrepreneurs, has closed a Series B led by the venture arm of the European Bank for Reconstruction and Development. The round is €20.1mn, or about $22.5mn, at a €1.4bn valuation, EU-Startups […]
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A development bank just built a €1.4bn insurer in two years Read More »
China’s market regulator fined Trip.com Group $765 million on Saturday after concluding that the country’s largest online travel platform abused its dominant market position. The State Administration for Market Regulation said Trip.com used its traffic allocation algorithms, platform rules and technology to restrict hotel operators from listing on competing services and to control the prices […]
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Stripe wants a foothold in AI, and it is willing to pay dearly for it. The payments company is in talks to buy OpenRouter for about $10 billion, the Wall Street Journal reported. That is a staggering price for a startup valued at just $1.3 billion in May. The talks are preliminary, and could still […]
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Stripe wants to own the toll booth between AI models, for ~$10bn Read More »