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11/5/20: What’s Going On

The pandemic wreaks havoc on fast food breakfast, DoorDash and Instacart have a clearer IPO path after Prop 22 passes and more from around the business world.
(Iryna Mylinska)
(Iryna Mylinska)
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“The pandemic is sinking one of the fast-food industry’s biggest bets: breakfast. Once the best hope for increasing sales, mornings are now the slowest time of day at fast-food restaurants, as many Americans work and attend school from home. Even as fast-food sales have recovered in recent weeks from the early months of the coronavirus pandemic, breakfast has trailed behind.”

“Food delivery companies DoorDash and Instacart have a clearer path to the public markets after scoring a critical ballot victory in California. With the passage of Proposition 22 this week, the San Francisco-based start-ups will be exempt from a new labor law in California that requires companies to classify certain workers — including delivery drivers — as employees instead of contractors. DoorDash and Instacart, along with ride-hailing companies Uber and Lyft, were so committed to winning that they made it the most expensive ballot measure in California history.”

“Owners of iPhones and iPads will soon be able to play Fortnite again, via a cloud service, the BBC has discovered. Nvidia has developed a version of its GeForce cloud gaming service that runs in the mobile web browser Safari. Apple will not get a cut of virtual items sold within the battle royale fighting title when played this way.”

Companies Raising Capital
NameAmountDescription
Reliance Retail$1.3 BillionLargest Retail Chain in India (PIF Funding)
Zhangyue$170 MillionE-Book Reader and Publisher (ByteDance Funding)
Vivid Money$17.6 MillionEuropean Challenger Bank
Kobiton$14 MillionMobile App Testing Platform (Acquired Mobile Labs)
Osome$3 MillionDigitization of Accounting and Compliance Tasks
Juggle$2.1 Million“Flexible Work” SaaS Marketplace for Senior Execs

“Amazon founder Jeff Bezos has cashed in more than $3 billion in stock less than a week after the e-commerce giant beat its expected earnings during the global coronavirus pandemic.”

“On the same day that the U.S. officially withdrew from the global pact to reduce emissions that cause climate change, presidential contender Joe Biden committed that he would rejoin the Paris Agreement if elected.”

“General Motors Co. reported a better-than-expected profit in the third quarter as strong demand for trucks powered its recovery from a slump in sales earlier this year.”

“In the outside world, pandemics and electoral politics are raging. But gaming company Nintendo looks comfortably ensconced in its customers’ living rooms following another strong quarter.”

“Mobile-phone chip-making giant Qualcomm Inc. expects a surge in smartphone sales next year as consumers flock to 5G-capable devices such as Apple Inc.’s new iPhone 12 that helped lift its latest results.”

“Alibaba said its fiscal second-quarter earnings fell 60% from a year ago thanks to a one-time gain from its financial affiliate last year.”

“TikTok has invited U.K. legislators to review the app’s recommendation algorithms after a parliamentary committee raised concerns about the Chinese Communist Party’s possible influence on the short-form video platform.”

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