In today’s top news, leaders on Capitol Hill have not agreed on a new coronavirus relief package, and food delivery apps are facing a lawsuit over alleged price gouging. Also, eBay tapped ex-Walmart COO as CEO.
Leaders on Capitol Hill were still at an impasse on Monday, April 13, over additional coronavirus relief as the current funding dwindles and is expected to run out by Friday. Democrats want the new round of funds to include money for small and medium-sized businesses (SMBs) and additional funding to help hospitals, food stamps and state and local governments.
Food delivery apps GrubHub, DoorDash, Postmates and Uber Eats were named in a class-action lawsuit filed in Manhattan federal court that alleges price gouging during, as well as before, the coronavirus pandemic. The suit alleges that the app delivery services are in violation of U.S. antitrust law by mandating eateries charge the same prices for both delivery and dine-in while levying “exorbitant” delivery processing fees of 10 to 40 percent.
Jamie Iannone, who recently served as Walmart’s chief operating officer, is the new CEO of eBay Inc., the company announced on Monday (April 13). Iannone will start on April 27.
As the coronavirus pandemic continues, Groupon plans to lay off around 2,800 employees, according to a filing with the U.S. Securities and Exchange Commission on Monday April 13. The layoffs represent roughly 44 percent of the company’s entire workforce, including a sizable amount of its sales team, and should be finished by June, the company said.
COVID-19 has interrupted global supply chains, leaving companies scrambling for alternate ways to keep operations running smoothly. However, businesses can learn lessons from this impact, should a global disturbance arise in the future, says Brian Reed, vice president of supply chain optimization for global transport and logistics company GEODIS. In the B2B Payments: COVID-19 Impact Report, Reed explains how creating flexible, diverse supply chains and adopting digital shipment tracking tools helps build businesses’ resilience.
A corporate treasury’s digital transformation isn’t a destination, but a journey, according to Sairam Rangachari, JPMorgan’s global head of Digital Channels and Open Banking, Wholesale Payments. Rangachari tells Karen Webster that treasurers can leverage application programming interfaces (APIs) to be a useful (and even critical) tools on that journey — and get better insight into cash management efficiency along the way.
JPMorgan Chase reported results that showed the impact of the coronavirus, especially toward the end of the quarter, reflecting declines in consumer spending – and expectations that a significant number of loans and credit lines will sour.