Posted on

Ant Group Announces Overhaul as China Tightens Its Grip

China’s fast-moving campaign to curb the power of internet giants has hit its latest mark: Ant Group, the fintech sister company of the e-commerce behemoth Alibaba.Ant announced on Monday that it would undertake a sweeping, government-ordered overhaul of its business to allay regulators’ concerns about the way it competes with rivals, its large-scale collection of user data and the risks its business may pose to the wider financial system.Beijing has made the corporate empire of Jack Ma, Alibaba’s billionaire co-founder and Ant’s controlling shareholder, an early major target as it dials up its scrutiny of …

Read More

Posted on

A ‘more honest’ stock market

Hello friends, and welcome back to Week in Review!
Last week, I talked about Clubhouse’s slowing user growth. Well, this week news broke that they had been in talks with Twitter for a $4 billion acquisition, so it looks like they’re still pretty desirable. This week, I’m talking about a story I published a couple days ago that highlights pretty much everything that’s wild about the alternative asset world right now.
If you’re reading this on the TechCrunch site, you can get this in your inbox from the newsletter page, and follow my tweets @lucasmtny.

The …

Read More

Posted on

Amazon Workers Defeat Union Effort in Alabama

Amazon beat back the most significant labor drive in its history on Friday, when a tally showed that workers at its giant warehouse in Alabama had voted decisively against forming a union.Workers cast 1,798 votes against a union, giving Amazon enough to emphatically defeat the effort. Ballots in favor of a union trailed at 738, less than 30 percent of the votes tallied, according to federal officials. The lopsided outcome at the 6,000-person warehouse in Bessemer, Ala., dealt a crushing blow to labor organizers, Democrats and their allies at a time when conditions have been ripe for unions to make advances.Amazon, …

Read More

Posted on

Online Scammers Have a New Offer For You: Vaccine Cards

SAN FRANCISCO — On Etsy, eBay, Facebook and Twitter, little rectangular slips of paper started showing up for sale in late January. Printed on card stock, they measured three-by-four inches and featured crisp black lettering. Sellers listed them for $20 to $60 each, with a discount on bundles of three or more. Laminated ones cost extra.All were forgeries or falsified copies of the Centers for Disease Control and Prevention vaccination cards, which are given to people who have been inoculated against Covid-19 in the United States.“We found hundreds of online stores selling the cards, potentially thousands were sold,” said Saoud Khalifah, …

Read More

Posted on

Amazon’s Clashes With Labor: Days of Conflict and Control

In recent weeks, a heated discussion about whether Amazon’s workers must urinate in bottles because they have no time to go to the bathroom — a level of control that few modern corporations would dare exercise — has raged on Twitter.“Amazon is reorganizing the very nature of retail work — something that traditionally is physically undemanding and has a large amount of downtime — into something more akin to a factory, which never lets up,” said Spencer Cox, a former Amazon worker who is writing his Ph.D. thesis at the University of Minnesota about how the company is transforming labor. “For …

Read More

Posted on

Contentious Union Vote at Amazon Heads to a Count

“Obviously, we want to win,” Senator Bernie Sanders of Vermont said on Friday when he visited Alabama. “But I think a major point has already been proven. And that is that workers, even in the Deep South, are prepared to stand up and organize and fight for justice.”In Bessemer, Ala., a pro-union radio spot paid for by Black Lives Matter aired on a local R&B station, while every intersection around the warehouse has been crowded with signs. “Bama has your back! Vote union!” one read. The large building was draped in sky blue banners blaring “VOTE.” On Friday, …

Read More

Posted on

The Start-Up Enemies of Wall Street Are Booming

“The infrastructure has gone to a whole other level,” said CJ MacDonald, founder of Step, a debit card provider aimed at teenagers. Introduced in September, Step quickly reached one million customers, partly from endorsements from social media influencers like Charli D’Amelio.In December, Step raised $50 million in funding. The company was not looking for more money, Mr. MacDonald said. But investors started calling as soon as the app joined the top-downloaded finance app list shortly after it was released. The money came together in a matter of weeks, he said.Investors are even clamoring to buy into broken deals. …

Read More

Posted on

Google Aims to Be the Anti-Amazon of E-Commerce. It Has a Long Way to Go.

OAKLAND, Calif. — Google tried to copy Amazon’s playbook to become the shopping hub of the internet, with little success. Now it is trying something different: the anti-Amazon strategy.Google is trying to present itself as a cheaper and less restrictive option for independent sellers. And it is focused on driving traffic to sellers’ sites, not selling its own version of products, as Amazon does.In the last year, Google eliminated fees for merchants and allowed sellers to list their wares in its search results for free. It is also trying to make it easier for small, independent shops to …

Read More

Posted on

Lending Apps in India Shame Borrowers Who Can’t Pay Money Back

HYDERABAD, India — The harassing calls began soon after sunrise. Kiran Kumar remained in bed and, for hours, thought about how he was going to end his hostage of a life.The cement salesman had initially borrowed about $40 from a lender through an online app to supplement his $200-a-month salary. But he couldn’t pay the mounting fees and interest, so he borrowed from others. By that morning, Mr. Kumar owed roughly $4,000.Even worse, the lenders had the phone numbers of those closest to him, and were threatening to make his problems public.“If I am labeled a fraud in front …

Read More

Posted on

In Suez Canal, Stuck Ship Is a Warning About Excessive Globalization

LONDON — The world got another warning this week about the perils of its heavy reliance on global supply chains. As a single ship ran aground in the Suez Canal, shutting down traffic in both directions, international commerce confronted a monumental traffic jam with potentially grave consequences.The troubled craft is not just any vessel. The Ever Given is one of the world’s largest container ships, with space for 20,000 metal boxes carrying goods across the sea. And the Suez Canal is not just any waterway. It is a vital channel linking the factories of Asia to the affluent customers of …

Read More