“DoorDash and Pizza Arbitrage,” about the time he realized that DoorDash was selling pizzas from his friend’s restaurant for $16 while paying the restaurant $24 per pizza, and proceeded to order dozens of pizzas from the restaurant while pocketing the $8 difference, stands as a classic of the genre.)

But it’s hard to fault these investors for wanting their companies to turn a profit. And, at a broader level, it’s probably good to find more efficient uses for capital than giving discounts to affluent urbanites.

Back in 2018, I wrote that the entire economy was starting to resemble MoviePass, the subscription service whose irresistible, deeply unprofitable offer of daily movie tickets for a flat $9.95 subscription fee paved the way for its decline. Companies like MoviePass, I thought, were trying to defy the laws of gravity with business models that assumed that if they achieved enormous scale, they’d be able to flip a switch and start making money at some point down the line. (This philosophy, which was more or less invented by Amazon, is now known in tech circles as “blitzscaling.”)

There is still plenty of irrationality in the market, and some start-ups still burn huge piles of money in search of growth. But as these companies mature, they seem to be discovering the benefits of financial discipline. Uber lost only $108 million in the first quarter of 2021 — a change partly attributable to the sale of its autonomous driving unit, and a vast improvement, believe it or not, over the same quarter last year, when it lost $3 billion. Both Uber and Lyft have pledged to become profitable on an adjusted basis this year. Lime, Bird’s main electric scooter competitor, turned its first quarterly profit last year, and Bird — which recently filed to go public through a SPAC at a $2.3 billion valuation — has projected better economics in the years ahead.

Profits are good for investors, of course. And while it’s painful to pay subsidy-free prices for our extravagances, there’s also a certain justice to it. Hiring a private driver to shuttle you across Los Angeles during rush hour should cost more than $16, if everyone in that transaction is being fairly compensated. Getting someone to clean your house, do your laundry or deliver your dinner should be a luxury, if there’s no exploitation involved. The fact that some high-end services are no longer easily affordable by the merely semi-affluent may seem like a worrying development, but maybe it’s a sign of progress.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Amazon Accused of Manipulating Prices by D.C. Attorney General

The District of Columbia sued Amazon on Tuesday, accusing it of artificially raising prices for products in its ubiquitous online marketplace and around the web by abusing its monopoly power, a sign that regulators in the United States are increasingly turning their attention to the company’s dominance across the economy.

In the lawsuit, the D.C. government said that Amazon had effectively prohibited merchants that use its platform from charging lower prices for the same products elsewhere online. That, in turn, raised prices for those products not just on Amazon’s website but in other marketplaces as well, it said.

“Amazon has used its dominant position in the online retail market to win at all costs,” said Karl Racine, the attorney general for the District of Columbia. “It maximizes its profits at the expense of third-party sellers and consumers, while harming competition, stifling innovation, and illegally tilting the playing field in its favor.”

Jodi Seth, a spokeswoman for Amazon, said in a statement that Mr. Racine “has it exactly backwards — sellers set their own prices for the products they offer in our store.” She added that Amazon reserved the right “not to highlight offers to customers that are not priced competitively.”

others raise their prices elsewhere or choose to list solely on Amazon, the largest e-commerce site in the country, to avoid losing their listings. The complaint said “Walmart routinely fields requests from merchants to raise prices on Walmart’s online retail sales platform because the merchants worry that a lower price on Walmart will jeopardize their status on Amazon.”

Absent the policing, sellers “would be able to sell their products on their own or other online retail sales platforms for less than they sell them on Amazon’s platform,” it said.

“Most favored nation” contracts are common across industries, including the cable industry with media business partners. Mr. Racine’s office will have to prove how the price agreements harmed other sellers and were anticompetitive.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

E.U. Urges Airlines to Shun Belarus Airspace and Moves to Ban Belarusian Carriers

The European Union on Monday called on all E.U.- based airlines to stop flying over Belarus and began the process of banning Belarusian airlines from flying over the bloc’s airspace or landing in its airports — effectively blocking the country’s air connections to Western Europe.

The decision was announced Monday evening during a summit of European Union leaders in Brussels, and followed Belarus’s forced landing of a commercial flight between Athens and Vilnius, Lithuania, on Sunday.

After diverting the plane, the Belarusian authorities arrested Roman Protasevich, a young Belarusian dissident journalist on board.

On Monday, the European Union leaders demanded the “immediate release of Roman Protasevich and Sofia Sapega and that their freedom of movement be guaranteed.” Ms. Sapega is Mr. Protasevich’s partner.

Aleksandr G. Lukashenko, and some of his associates.

But outraged over the forced landing of the Ryanair flight, European leaders wanted to step up the pressure, with the aviation-focused measures coming as a first step.

Leaders also pledged to add new sanctions against the Minsk regime, by imposing “additional listings of persons and entities as soon as possible.”

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

A Tally of Resignations Tied to the Jeffrey Epstein Scandal

When Jeffrey Epstein gave The Times columnist James Stewart a tour of his apartment a few years ago, he boasted of his expansive Rolodex of billionaires — and the dirt he had on them. A year and a half after the financier’s death by suicide in a New York jail, the fallout for those in the registered sex offender’s orbit, and increasingly those a step or two removed from it, continues to spread.

For example, the latest management reshuffle at Apollo, as we reported yesterday, can be linked back to Epstein. Tracing all the resignations and reshuffles directly and indirectly tied to the scandal will take a while (we’re working on it), but here’s a tally of some so far:

  • The Apollo co-founder Leon Black said in January that he would resign as C.E.O. but stay on as chairman, after an internal inquiry found he had paid $158 million to Epstein for tax advice. He unexpectedly quit both posts in March, and later stepped down as chairman of the Museum of Modern Art. Josh Harris, a fellow co-founder who had unsuccessfully pushed Black to quit immediately, said yesterday that he was stepping back from Apollo after failing to become the next C.E.O.; Marc Rowan, Apollo’s third co-founder and Black’s pick as successor, now leads the firm.

  • When the details of meetings between Epstein and Bill Gates burst into public view in late 2019, the billionaire’s wife, Melinda French Gates, hired divorce lawyers. The couple’s split, announced this month, could upend their numerous investments and philanthropic ventures

  • Les Wexner announced last February that he would step down as C.E.O. of the Victoria’s Secret parent company L Brands, under pressure from multiple internal investigations about his close ties to Epstein. Earlier this year, he and his wife, Abigail Wexner, said they would not stand for re-election to the L Brands board this month. (The company is now in the process of spinning off Victoria’s Secret.) Mr. Wexner was Epstein’s biggest early client and, a Times investigation found, the original source of the financier’s wealth.

  • Prince Andrew of Britain gave up his public duties last November, days after a disastrous interview with the BBC centered on his relationship with Epstein. At least 47 charities and nonprofits of which he was a patron have since cut ties to the prince.

  • Joi Ito resigned as the director of the M.I.T. Media Lab, a prominent research group, in 2019 and as member of several corporate boards (including The New York Times Co.), after acknowledging that he had received $1.7 million in investments from Epstein.

  • Alexander Acosta resigned as Donald Trump’s labor secretary in 2019, amid criticism of his handling of a 2008 sex crimes case against Epstein when he was a federal prosecutor in Miami.

Morgan Stanley sets up its C.E.O. succession competition. The Wall Street firm gave new roles to four top executives, marking them as candidates to take over from James Gorman: Ted Pick and Andy Saperstein were named co-presidents; Jonathan Pruzan was named C.O.O.; and Dan Simkowitz was named co-head of strategy with Pick.

The U.S. endorses a global minimum tax of at least 15 percent. The proposal, which was lower than some had expected, is closely tied to the Biden administration’s plans to raise the corporate tax rate. Global coordination would discourage multinationals from shifting to tax havens overseas.

Treasury officials said they could capture at least $700 billion in additional revenue. That would involve hiring 5,000 new I.R.S. agents, imposing new rules on reporting crypto transactions and other measures.

U.S. customs officials block a Uniqlo shipment over Chinese forced labor concerns. Agents at the Port of Los Angeles acted under an order prohibiting imports of cotton items produced in the Xinjiang region.

U.S. steel prices are soaring. After years of job losses and mill closures, American steel producers have enjoyed a reversal of fortune: Nucor, for instance, is the year’s top-performing stock in the S&P 500. Credit goes to industry consolidation, a recovering economy and Trump-era tariffs. Unsurprisingly, steel consumers aren’t thrilled about it.

Oprah Winfrey to Blackstone, made its stock market debut yesterday, ending its first trading session with a valuation of about $13 billion. DealBook spoke with Oatly’s C.E.O., Toni Petersson, about the I.P.O. and what’s next for the company.

resignation letter offering both praise of SoftBank’s chief, Masa Son — and unusually pointed criticism of the company’s corporate governance.


It’s been a while since we checked in on an alternative indicator of pandemic economic activity: the share price ratio of Clorox to Dave & Buster’s.

Wait, what? Nick Mazing, the director of research at the data provider Sentieo, came up with that metric to gauge the openness of the economy. The higher Clorox’s share price rises relative to Dave & Buster’s, the more people appear to be staying home and disinfecting everything than going out to crowded bars. By this measure, conditions have nearly returned to prepandemic levels — indeed, Dave & Buster’s recently lifted its sales forecast, as nearly all of its beer-and-arcade bars have reopened.

packed concert schedule, selling tickets to people who may have already binge-watched all of “Below Deck.” The second, however, suggests that people aren’t as eager to get back to huffing and puffing at the gym as they are content to exercise at home. As restrictions lift and people feel safer in crowds, drinking and dancing appear to be higher priorities.

new book, “Noise: A Flaw in Human Judgment,” the Princeton psychology professor and Nobel laureate Daniel Kahneman, along with co-authors Olivier Sibony and Cass Sunstein, argue that these inconsistencies have enormous and avoidable consequences. Kahneman spoke to DealBook about how to hone judgment and reduce noise.

DealBook: What is “noise” in this context?

Kahneman: It’s unwanted and unpredictable variability in judgments about the same situations. Some decisions and solutions are better than others and there are situations where everyone should be aiming at the same target.

Can you give some examples?

A basic example is the criminal justice system, which is essentially a machine for producing sentences for people convicted of crimes. The punishments should not be too different for the same crime yet sentencing turns out to depend on the judge and their mood and characteristics. Similarly, doctors looking at the same X-ray should not be reaching completely different conclusions.

How do individuals or institutions detect this noise?

You detect noise in a set of measurements and can run an experiment. Present underwriters with the same policy to evaluate and see what they say. You don’t want a price so high that you don’t get the business or one so low that it represents a risk. Noise costs institutions. One underwriter’s decision about one policy will not tell you about variability. But many underwriters’ decisions about the same cases will reveal noise.

WSJ)

  • An arm of Goldman Sachs has raised $3 billion from clients to invest in later-stage start-ups. (WSJ)

  • SPACs have raised $100 billion this year through May 19, a record, but new fund listings dropped sharply last month. (Insider)

  • Politics and policy

    Tech

    Best of the rest

    We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com.

    View Source

    >>> Don’t Miss Today’s BEST Amazon Deals! <<<<

    How to Navigate a Hot Housing Market

    In the end, the sellers accepted her offer, and she closed on the condo on May 7. She learned that the sellers liked that she had shown up promptly to an appointment, which helped seal the deal. “Be on time,” she said. And, she advised, use an experienced real estate agent. The current competitive market moves too quickly for do-it-yourself shopping.

    In Nashville, buyers are getting creative. Brian Copeland, the president of Greater Nashville Realtors, said he had recently learned of an offer that promised the seller a “V.I.P.” meet-and-greet with a celebrity musician as an inducement. In another sale, a buyer offered to pay for a party with a bounce house for the seller’s children. And in a third, the buyer saw a Peloton bike in the house and offered to pay for a year’s subscription to online classes.

    “We’re seeing all kinds of weird perks,” Mr. Copeland said, noting, “I am not condoning any of these practices.”

    Angelica Olmsted, an agent in Denver, said tight markets demanded creative thinking. She tracks listings that have expired to see if the owner might still be interested in selling. “It may have been overpriced eight months ago,” she said, “but now it’s a steal.”

    Here are some questions and answers about home shopping:

    What are current mortgage rates?

    A bright spot for home buyers is that mortgage rates have remained low — below 3 percent, on average, for the past month for a 30-year fixed-rate home loan, according to Freddie Mac’s weekly survey. Rates for fixed-rate 15-year loans averaged 2.26 percent last week.

    I can’t pay above the asking price. Is there any hope for me?

    Yes — if you’re willing to compromise, agents say. Mr. Copeland, in Nashville, said the majority of homes in Davidson County were still selling at or below the asking price. The most extreme competition, he said, is in a few ZIP codes in the city’s urban core. If you can live a bit farther away, he said, there’s probably a home you can afford.

    How long is this going to last?

    It is going to take time for construction to catch up to demand, especially for entry-level homes, economists say. But there are some reasons for optimism. A recent survey from Realtor.com suggests that more owners will be putting homes on the market in the next 12 months as the effects of the pandemic wane.

    View Source

    Unemployment claims report will shed new light on the economy.

    The latest update on the labor market is scheduled to arrive Thursday morning when the government releases its weekly report on jobless claims.

    Analysts surveyed by Bloomberg expect that the number of new claims filed will fall slightly from the previous week.

    Last week, the Labor Department reported that 505,000 workers filed first-time claims for state benefits in the week that ended May 1. An additional 101,000 new claims were filed for Pandemic Unemployment Assistance, a federal program covering freelancers, part-timers and others who do not routinely qualify for state benefits. Neither figure is seasonally adjusted.

    The labor market is struggling to return to normal after more than a year of being whipsawed by the pandemic. Restrictions are lifting, businesses are reopening and job listings are on the upswing. Hiring increased in April but at a slower pace than anticipated.

    complained of having trouble finding workers. The U.S. Chamber of Commerce and several Republican governors have asserted that a temporary $300-a-week federal unemployment supplement has made workers reluctant to return to the job.

    The U.S. Labor Department said that as of Wednesday, six states — Iowa, Mississippi, Missouri, Montana, North Dakota and South Carolina — had notified the department that they were terminating federal pandemic-related unemployment benefits next month.

    The unemployment rates in those states in March, the latest month for which data is available, ranged from 3.7 percent in Iowa to 6.3 percent in Mississippi.

    A handful of other states with Republican governors, including Tennessee, Arkansas, Alabama, Wyoming and Idaho, have said they also planned to withdraw from the federal program.

    38,000 new cases being reported each day and 600 Covid-related deaths. Less than half the population is fully vaccinated.

    There is halting progress from employers as well, as businesses continually update their assessment of costs and customer demand. They are wary of locking themselves in to hiring more workers or raising pay when there is so much uncertainty swirling.

    Nationwide, the unemployment rate was 6.1 percent, and there are 8.2 million fewer jobs than in February 2020.

    View Source

    Mystery Boxes With Mail-Order Pets Set Off a Backlash in China

    HONG KONG — The mystery pet boxes are listed on e-commerce platforms in China as a bargain, priced at little more than a few dollars, and they often contain cuddly animals ready to be mailed straight to your doorstep.

    The recipients of the pet “blind boxes.” typically don’t know exactly what’s inside — other than the fact that it’s a dog, a cat, a hamster or an unhatched turtle egg. Though the unauthorized transport of live animals across the country is illegal, that hasn’t stopped vendors from openly holding cheap sales and promising fast deliveries. The practice has become increasingly popular.

    But many of the animals have ended up dead or suffering from infections or organ damage during the winding journey through China’s postal system after they have been dispatched by breeders.

    dead animals among 13 packages at a depot in eastern China, headed to a village in Jiangsu Province, set off a furor. It was the second instance this month, after about 160 crates containing puppies and kittens were found by animal rescuers in a Chengdu shipping facility.

    Video footage of the earlier episode posted by the rescuers of the malnourished animals piled into plastic-wrapped crates circulated widely online, casting harsh scrutiny on the industry and prompting internet users to denounce the maltreatment of the animals.

    “We could hear them crying in discomfort,” the Chengdu Love Home Animal Rescue Center wrote on Weibo, the Chinese social media platform, last week after its volunteers worked to feed and revive the animals.

    Last September, an animal rescue group said that 5,000 dogs, cats and rabbits were found abandoned in perforated cardboard boxes at a shipping warehouse in Henan Province. As volunteers rushed to rescue the surviving animals, they found that about 4,000 had already died.

    Blind boxes promise the thrill of the unexpected and the chance to own a coveted collectible or particular breed of dog at a lower-than-market price. In the past few years, vendors on China’s e-commerce platforms have lured consumers with photos of figurines, comic books, clothes or makeup products. One of the largest manufacturers of blind-box figurines, Pop Mart, entered the Hong Kong stock market in 2020.

    China banned the live transport of dogs and cats across provincial boundaries in 2011 without a health certificate signed by a government-approved vet at the animal’s place of origin.

    Peter Li, a China policy specialist at the Humane Society International and an associate professor of East Asian politics at the University of Houston-Downtown, said that the mystery pet box phenomenon was not only a “gross inhumanity,” but also a public health risk.

    “The fact that China’s surveillance system has failed to capture the illegal trade is because it looks like a normal business operation,” Dr. Li said in an email.

    “Those involved in the mystery box ‘business’ are encouraging irresponsible pet ownership, irresponsible consumption habit and encouraging disrespectful behaviors toward nonhuman animals,” he said. “Shipping companies and delivery services have the duty not to handle shipment that is ethically questionable, legally liable and socially toxic.”

    He added that while animal-protection groups in mainland China have been encouraging the adoption of rescue animals, the mystery-box model is a supply-driven trade, driven by breeders with too many animals who seek to lure younger customers with the promise of expensive breeds of pets at low prices.

    Even among people who have bought mystery boxes of other items, but not pets, there was a recoiling at the idea of mailing animals.

    Zhang Luyuan, a 33-year-old staff worker at a tourist attraction in the Chinese city of Fuzhou in Fujian Province, once indulged in blind-box purchases. “Those who buy blind boxes have a bit of wishful thinking and want to get what they want with less money,” he said by phone. But after spending $60 on a mystery box for what he thought were high-quality sport jerseys, he found subpar products inside.

    “Since buying that blind box, I learned that meat pies won’t fall from the sky, and I have been buying the products the honest way,” he said, using an idiom similar to “there’s no free lunch.”

    He said the delivery of living animals in mystery packages was tantamount to abuse, a lucrative way for breeders perhaps to get rid of those that are ill and unlikely to survive.

    ZTO Express, the company behind both botched shipments of animals this month, could not be reached for comment. In a statement on May 4, it apologized for failing to enforce safety laws and said that it needed to “uphold correct life values.”

    The company added that it would close the Chengdu delivery facility where the 160 crates were found, would cooperate with the police investigation and would enhance safety training. In another statement on Wednesday, ZTO said it had sought to regulate and reverse the delivery of live animals since May 5. The company added that the animals found in Suzhou were already being returned to their place of origin, but had been stranded at a shipment centers.

    The police and postal authorities in Chengdu and Suzhou also could not immediately be reached for comment.

    The backlash this month has prompted many breeders to remove their listings from popular e-commerce sites such as Pinduoduo and Taobao.

    Li Ruoshui, a 19-year-old university student in Shanghai, said he had bought more than a dozen blind boxes of Harry Potter and anime figurines as gifts over the past two years.

    “My sister really enjoys the surprise when opening the box, because you don’t know what you’re going to get,” he said in a phone interview. “I think that’s how blind boxes stand out from other products.”

    But he said that the concept of blind boxes should never be extended to living animals, and questioned whether the customers who buy pet boxes actually want to take care of the animals inside or are doing it for the novelty.

    “I will never buy pet boxes,” he said. “I like small animals, and transporting them in blind boxes is very unsafe and increases the chances of their abandonment.”

    Liu Yi contributed research from Beijing.

    View Source

    Arrival Developing Electric Vehicles Without Assembly Line

    “This is about getting the best, optimal delivery vehicle for us,” Mr. Wake said.

    Globally, UPS operates a fleet of about 120,000 vehicles, and around 13,000 of them use alternatives to diesel engines such as batteries.

    In addition to UPS, BlackRock and the South Korean automakers Hyundai and Kia have invested in Arrival.

    Electric vehicle companies have attracted frenzied interest from investors, who hope to find the next Tesla, which is valued at more than $650 billion, more than G.M., Ford Motor, Toyota Motor and Volkswagen combined. Wall Street’s interest has encouraged a parade of fledgling companies — some, including Arrival, that are not yet selling vehicles, let alone making a profit — to list their shares on the stock exchange.

    A few have already disappointed investors. The stock of Nikola, which is trying to develop heavy trucks powered by batteries and hydrogen fuel cells, plunged after a small investment firm, Hindenburg Research, said the company had exaggerated its technological abilities. Nikola denied wrongdoing but acknowledged in a February securities filing that some of what it had previously said about its vehicles and technology was inaccurate.

    The Securities and Exchange Commission is investigating Nikola and another company, Lordstown Motors, which aims to make electric pickup trucks. Hindenburg also published a report about Lordstown, accusing it of exaggerating interest in its trucks and its production abilities. Lordstown denies Hindenburg’s claims.

    Many E.V. start-ups have acquired stock listings by merging with special purpose acquisition companies, or SPACs — businesses set up with a pot of cash and a stock listing. Such mergers allow start-ups to join the stock market without the scrutiny of an initial public offering of stock.

    Arrival completed its merger with a SPAC in March. But it remains a long way from turning its vision into a viable business. It has assembled a few prototype vans but has not yet begun testing them on public roads. The company’s shares started trading on March 25 at $22.40 but have since fallen to about $14.

    View Source

    How Can the City of London Survive Brexit?

    LONDON — Coming out of Brexit this year, Britain’s government needed a new blueprint for the future of the nation’s financial services as cities like Amsterdam and Paris vied to become Europe’s next capital of investment and banking.

    For some, the answer was Deliveroo, a London-based food delivery company with 100,000 riders on motor scooters and bicycles. Although it lost more than 226 million pounds (nearly $310 million) last year, Deliveroo offered the raw promise of many fast-growing tech start-ups — and it became a symbol of Britain’s new ambitions by deciding to go public and list its shares not in New York but on the London Stock Exchange.

    Deliveroo is a “true British tech success story,” Rishi Sunak, Britain’s top finance official, said last month.

    It was a false start. Deliveroo has since been called “the worst I.P.O. in London’s history.” On the first day of trading, March 31, the shares dropped 26 percent below the initial public offering price. (It has gotten worse.)

    impacts from Brexit were immediate: On the first working day of 2021, trading in European shares shifted from venues in London to major cities in the bloc. Then London’s share of euro-denominated derivatives trading dropped sharply. There’s anxiety over what could go next.

    Financial services are a vital component of Britain’s economy, making up 7 percent of gross domestic product — £132 billion in 2019, or some $170 billion. Exporting financial and other professional services is something Britain excels at. Membership in the European Union allowed London to serve as a financial base for the rest of the continent, and the City’s business ballooned. Four-tenths of financial services exports go to the European Union.

    The government has begun hunting for ideas to bolster London’s reputation as a global finance center, in a series of reviews and consultations on a variety of issues, including I.P.O.s and trading regulations.

    For many, the changes can’t come soon enough.

    “The United Kingdom is not going to sit still and watch its financial services move across” to other European cities, said Alasdair Haynes, the founder of Aquis, a trading venue and stock exchange for equities in London. This will make the next three or four years exciting, he said.

    But this optimism isn’t universal. The prospects of a warm and close relationship between Britain and the European Union have considerably dimmed. The two sides recently finished negotiations on a memorandum of understanding to establish a forum to discuss financial regulation, but the forum is voluntary, and the document has yet to be signed.

    Duff & Phelps found that fewer see London as the world’s leading financial center but that it topped the leader board for regulatory environment.

    Here are some of the plans.

    Mr. Sunak told Parliament on March 3, the same day a review commissioned by the government recommended changes designed to encourage tech companies to go public in London. It proposed ideas, common in New York, that would let founders keep more control of their company after they began selling shares.

    For example: allowing companies with two classes of shares and different voting rights (like Facebook) to list in the “premium” section of the London Stock Exchange, which could pave the way for them to be included in benchmark indexes. Or: allowing a company to go public while selling a smaller proportion of its shares than the current rules require.

    The timing of Deliveroo’s I.P.O. wasn’t a coincidence. It listed with dual-class shares that give its co-founder William Shu more than half of the voting rights for three years — a structure set to “closely align” with the review’s recommendations, the company said.

    But the idea may be a nonstarter among some of London’s institutional investors. Deliveroo flopped partly because they balked at the offer of shares with minimal voting rights.

    the latest craze in financial markets, having taken off with investors and celebrities alike. SPACs are public shell companies that list on an exchange and then hunt for private companies to buy.

    London has been left behind in the SPAC fervor. Last year, 248 SPACs listed in New York, and just four in London, according to data by Dealogic. In March, Cazoo, a British used car retailer, announced that it was going public via a SPAC in New York.

    Already there are signs that Amsterdam could steal the lead in this booming business for Europe. There have been two SPACs each in London and Amsterdam this year, but the value of the listings in Amsterdam are five times that of London.

    Britain’s financial regulatory agency said it would start consultations on SPACs soon and aim to have new rules in place by the summer.

    regain ground lost to Germany, France and other European countries on the issuing of green bonds to finance projects to tackle climate change.

    London’s finance industry isn’t in danger of imminent collapse, but because of Brexit a cornerstone of the British economy isn’t looking as formidable as it once did. And as London tries to keep up with New York, it is looking over its shoulders at the financial technology coming out of Asia.

    The government has continuously billed Brexit as an opportunity to do more business with countries outside of the European Union. This will be essential as international companies begin to ask whether they want to base their European business in London or elsewhere.

    When it comes to the future of Britain, it’s “almost a back-to-the-future approach of London as an international center as opposed to being an international and European center,” said Miles Celic, the chief executive of the CityUK, which represents the industry. “It’s doubling down on that international business.”

    View Source

    Michelin Resumes Its Ratings of U.S. Restaurants

    After a pause last year because of the pandemic, the Michelin Guides for restaurants in several cities in the United States are up and running again.

    The venerable French company announced Thursday that starting next week, it would begin revealing the stars and other ratings for restaurants in Washington D.C., Chicago and New York. The 2021 restaurant guides will be rolled out one week at a time and be entirely virtual; no red books are being printed, nor are they likely to be in the future. A guide to California will be announced at a later date.

    The rating process for these guides was completed by the end of 2020. Although the ratings for restaurants in the United States are usually released in the fall, Gwendal Poullennec, the international director of the guides, said the company decided to wait until now to allow more time for restaurants to reopen and Michelin inspectors more time to visit them.

    “If anything we were benevolent as to the selections,” he said of the restaurants. “We were impressed with their incredible achievement throughout the crisis. Some of them went above and beyond the standards we usually expect. That’s a positive trend right now.”

    app is also available.

    Michelin Guide, guide.michelin.com.

    View Source