Monday, June 29, 2020
Google Removes Misleading Ads in Voting-Related Searches
Reddit Bans r/The_Donald Group Amid Broad Social Media Crackdown
Xiaomi Redmi Note 9 Pro with 48MP quad camera to go on sale today via Amazon
Tiktok Was Banned by the Government and Can't be Downloaded Anymore
After losing Grubhub, Uber reportedly hails Postmates
Uber has reportedly made an offer to buy food delivery service Postmates, according to The New York Times.
According to the Times, the talks are still ongoing and the deal could fall through.
For those that have been paying attention to Uber, this appetite is not new, albeit consistent. A little over a month ago, the ride-hailing company was reportedly pursuing an acquisition of Grubhub, another food delivery company. Grubhub was ultimately acquired by Just Eat Takeaway in a $7.3 billion deal, but only after the deal with Uber fell through over a variety of concerns.
Food delivery market has set to benefit largely from the COVID-19 pandemic, as stores remain shuttered or switch operations to takeout only. Latest earnings from the public ride-hailing company show that its ride-hailing business is slowing while its food delivery service is growing like hell. Gross bookings for Uber Eats last quarter were $4.68 billion.
So even though Uber still loses a ton of money ($2.94 billion including all costs), its Uber Eats growth is staggering. And the green shoots might be fueling some of this interest in other competitors.
If regulatory concerns were an issue, Postmates may make a better fit.
With a valuation of $2.4 billion, Postmates is significantly smaller than Grubhub. And while the company filed to go public nearly 16 months ago, it held off eventually citing “choppy market” conditions.
So if Uber Eats and Postmates combined, the result would still be smaller than Doordash’s market hold, but would be competitive nonetheless. DoorDash, last valued at $13 billion, confidentially filed for an IPO nearly four months ago.
Also, Postmates delivers more than just food.
If the merger goes through, the food delivery race would get refueled in an interesting way: Uber Eats and Postmates versus Grubhub and Takeaway versus DoorDash .
Postmates declined to comment on rumors or speculation. Uber did not immediately respond to a request for comment.
TikTok says it's moving privacy oversight of its European users from its US entity to its entities in the UK and Ireland starting July 29 (Ciara O'Brien/The Irish Times)
TikTok says it's moving privacy oversight of its European users from its US entity to its entities in the UK and Ireland starting July 29 — Company is to provide details of the type of information it collects, how the data is used and with whom it is shared
TikTok, SHAREit and 57 Chinese apps banned: Here are the other options you can use
Twitch, Reddit hate crackdown targets Trump, supporters
No purchase of China items on GeM: Ram Vilas Paswan
Redmi Note 9 Pro to Go on Sale in India Today at 12 Noon
Realme X3, Realme X3 SuperZoom to Go on Sale Today at 12 Noon in India
U.S. suspends export of sensitive tech to Hong Kong as China passes new national security law
The United States government began measures today to end its special status with Hong Kong, one month after Secretary of State Michael Pompeo told Congress that Hong Kong should no longer be considered autonomous from China. These include suspending export license exceptions for sensitive U.S. technology and ending the export of defense equipment to Hong Kong. Both the Commerce and State Departments also said further restrictions are being evaluated.
The U.S. government’s announcements were made a few hours before news broke that China had passed a new national security law that will give it greater control over Hong Kong. It is expected to take effect on July 1, according to the South China Morning Post.
The term “special status” refers to arrangements that recognized the difference between Hong Kong and mainland China under the “one country, two systems” policy put into place when the United Kingdom handed control of Hong Kong back to Beijing in 1997. These included different export controls, immigration policies and lower tariffs. But that preferential treatment was put into jeopardy after China proposed the new national security law, which many Hong Kong residents fear will end the region’s judicial independence from Beijing.
The U.S Commerce Department and State Department issued separate statements today detailing the new restrictions on Hong Kong. Secretary of Commerce Wilbur Ross said the Commerce Department will suspend export license exceptions for sensitive U.S. technology, and that “further actions to eliminate differential treatment are also being evaluated.”
The State Department said that it will end exports of U.S. defense equipment and also “take steps toward imposing the same restrictions on U.S. defense and dual-use technologies to Hong Kong as it does for China.”
In a statement to Reuters, Kurt Tong, a former U.S. consul general in Hong Kong, said that the U.S. government’s decisions today would not impact a large amount of trade between the U.S. and Hong Kong because the territory is not a major manufacturing center and its economy is mostly services.
According to figures from the Office of the United States Trade Representative, Hong Kong accounted for 2.2% of overall U.S. exports in 2018, totaling $37.3 billion, with the top export categories being electrical machinery, precious metal and stones, art and antiques, and beef. But the new restrictions could make more difficult for U.S. semiconductor and other technology companies to do business with Hong Kong clients.
Other restrictions proposed by the United States including ending its extradition treaty with Hong Kong.
Both the State and Commerce departments said that the restrictions were put into place for national security reasons. “We can no longer distinguish between the export of controlled items to Hong Kong or to mainland China,” Pompeo wrote. “We cannot risk these items falling into the hands of the People’s Liberation Army, whose primary purpose is to uphold the dictatorship of the CCP by any means necessary.”
In his statement, Ross said, “With the Chinese Communist Party’s imposition of new security measures on Hong Kong, the risk that sensitive U.S. technology will be diverted to the People’s Liberation Army or Ministry of State Security has increased, all while undermining the territory’s autonomy.”
Banking platform solarisBank raises $67.5 million at $360 million valuation
Despite the Wirecard fallout, German fintech startup solarisBank has raised a Series C funding round of $67.5 million (€60 million). Following today’s funding round, solarisBank is now valued at $360 million (€320 million). solarisBank doesn't have any consumer product directly. Instead, it offers financial services to other fintech companies through a set of APIs.
With solarisBank, you can build a fintech startup and leverage solarisBank’s line of products to do the heavy lifting. It’s an infrastructure company in the banking space.
While solarisBank might not be a familiar name, some of its clients have become quite popular. They include challenger banks, such as Tomorrow, Insha and a newcomer called Vivid, business banking startups, such as Penta and Kontist, trading app Trade Republic, cryptocurrency startups Bison and Bitwala, etc.
Overall, solarisBank works with 70 companies that have attracted 400,000 clients in total.
HV Holtzbrinck Ventures is leading the round with existing investor yabeo committing a substantial follow-on investment. Other new investors include Vulcan Capital, Samsung Catalyst Fund and Storm Ventures. Existing investors BBVA, SBI Group, ABN AMRO Ventures, Global Brain, Hegus and Lakestar are investing again.
The company started the fundraising process back in December. Due to the economic prospects, it has been a mixed process. “A lot of investors looked at their portfolio companies and the appetite to look at something new was not there,” solarisBank CEO Roland Folz told me. But everything worked out eventually as around half of the funding comes from existing investors.
“We originally were looking for €40 million but we were overwhelmed by the interest of investors in spite of Covid,” solarisBank Head of Strategy and Shareholder Relations Layla Qassim told me.
solarisBank’s vision could be summed up in two words — regulation and modularity. The company is a fully licensed bank, which means that its clients don’t have to apply to a banking license themselves.
And the startup lets you pick the modules that you want to use for your product. Maybe you’re building a mobile cryptocurrency wallet and you just want to be able to give an IBAN and a debit card to your users. Maybe you’re building a used car marketplace like CarNext and you want to offer credit. Maybe you want to build a challenger bank but address a specific vertical.
With solarisBank, you can open bank accounts and issue payment cards attached to those accounts. You can also issue cards and attach them to a different account in case you’re integrating with existing bank accounts. The startup also offers various services around payments, vouchers, cross-border transactions and more.
More recently, the company launched a new feature called Splitpay with American Express. When customers check out on an e-commerce platform in Germany, American Express customers will be able to choose a repayment plan to pay over multiple months.
solarisBank generates revenue from its clients as they pay to use the company’s APIs and enable accounts and cards. solarisBank also collects the interchange fees on card transactions and share revenue with its clients. Similarly, solarisBank can offer to share revenue on credit interests with its clients.
In the future, solarisBank plans to make its portfolio of financial services even more compelling by introducing local IBANs in the most important European markets. It should make it easier to convince potential clients outside of Germany to use solarisBank as their banking infrastructure.
Vitalik Buterin and the Ethereum Foundation back Etherealize, a NYC-based startup to market Ethereum to financial firms, as ether lags behind bitcoin's gains (Muyao Shen/Bloomberg)
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