In today’s top news, Grubhub says “no deal” to Uber, but negotiations continue. Meanwhile, SoftBank posts $18 billion in losses after Jack Ma resigns, and the Federal Reserve’s Jerome Powell says economic recovery could take a year and a half.
Uber’s Sunday (May 17) acquisition offer of 1.9 of its shares for each Grubhub share is not enough to close a deal, as Grubhub’s asking price is 2.15 Uber shares per Grubhub share. Discussions are still ongoing, but it’s unlikely the two food delivery powerhouses will close a deal in the coming days, sources said.
SoftBank Group posted a record-breaking $18 billion operating loss right after Alibaba Co-founder Jack Ma announced he was stepping down from the board. Ma’s resignation will be effective on June 25, when new appointments will be made at the 40th annual general meeting of shareholders.
Federal Reserve Chairman Jerome Powell, speaking on “60 Minutes,” said an economic recovery could take as long as another year and a half, but he believes the economy could begin recovering as early as the second half of this year.
The rules surrounding small business loans from the Paycheck Protection Program (PPP) are being overhauled as demand cools and small and medium-sized business (SMBs) owners complain that the money is hard to get. Some of the changes would allow SMBs to use the funds in more ways and for a longer timeframe than originally conceived.
Green Dot has shaken up its executive team, with new CEO Dan Henry recently taking the helm and Walmart veteran Daniel Eckert joining as executive vice president and chief product, strategy and development officer. In their first joint interview, the pair tell Karen Webster they want to make up for what Henry calls “a decade of missed opportunities” with a two-pronged plan to build a bank for the mass market.
The pandemic has shuttered physical stores across the country, but that hasn’t stopped consumers from buying things. The latest PYMNTS study of now 12,000 American consumers found that four in 10 are shopping as much as they did before — except now they do so online — and more than half plan to keep it that way once lockdown lifts. In The Great Reopening: Tracking Digital’s Quantum Leap edition, we profile the pandemic’s new digital adopters and the $158 billion digital shift they are powering.
In the midst of the pandemic, the tipping point to life lived digitally has been reached. We have the technology, and we certainly have the necessity.