Wall Street Won’t Intimidate Walmart This Time

The retailer’s fintech partnership — and poaching of Goldman Sachs leaders — signals it’s serious about encroaching on Wall Street’s turf. For two years before the 2008 financial crisis, Walmart Inc. was embroiled in controversy over a plan to open its own bank, eventually withdrawing amid pressure from regulators and Wall Street lobbies. Some 14 years later, the retail giant is gearing up for an even more serious fight.
Walmart announced in January that it formed a partnership with Ribbit...

Read More...

Salesforce announces permanent remote work for most employees

The largest private employer in San Francisco announced today that more than half of its workforce will continue working remotely or on a flexible schedule after the pandemic is over. Salesforce introduced its “Work From Anywhere” strategy, estimating that more than 65% of employees will adopt the new system, based on a company survey. For those that will be coming into an office, the current spaces will be redesigned to accommodate more of a “community hub” feel, focusing on collaboration and breakout...

Read More...

Could California’s Shopping Centers Be a Housing Fix?

A trio of bills propose plugging the state’s huge housing gap with commercial-to-residential conversions of strip malls. New research suggests it could work. El Camino Real is a 600-mile historic thoroughfare that once linked Spanish missions in California, running from San Francisco to San Diego. Between Daly City and San Jose, the road is a nearly 45-mile corridor of suburban offices, fast-food outlets, auto parts stores, and other businesses slicing through Silicon Valley, tying together some of the nation’s priciest residential neighborhoods. Like so...

Read More...

San Francisco board rebukes naming hospital for Facebook CEO

SAN FRANCISCO (AP) — Supervisors in San Francisco overwhelmingly approved a resolution Tuesday condemning the naming of the city's public hospital for Facebook co-founder Mark Zuckerberg and his wife, Dr. Priscilla Chan, in 2015 after the couple gave $75 million toward a new acute care and trauma center. The nonbinding resolution does not have the force of law and does not require the hospital to do anything. The hospital was the first in San Francisco to administer vaccines protecting against the...

Read More...

EU reveals plan to regulate Big Tech

Big tech firms face yearly checks on how they are tackling illegal and harmful content under new rules unveiled by the European Commission.
Fresh restrictions are also planned to govern their use of customers' data, and to prevent the firms ranking their own services above competitors' in search results and app stores.
The measures are intended to overhaul how the EU regulates digital...

Read More...

U.S. and States Say Facebook Illegally Crushed Competition

Regulators are accusing the company of buying up rising rivals to cement its dominance over social media.

WASHINGTON — The Federal Trade Commission and more than 40 states accused Facebook on Wednesday of buying up its rivals to illegally squash competition, and they called for the deals to be unwound, escalating regulators’ battle against the biggest tech companies in a way that could remake the social media industry.

Federal and state regulators of both parties, who have investigated...

Read More...

DoorDash races higher in IPO. What four market analysts see ahead

DoorDash shares are dashing higher on the company’s first official trading day. The food delivery giant went public to huge fanfare on Wednesday, with its stock surging nearly 86% to close at $189.51 per share.
“Right now, the time is really to invest,” DoorDash CEO Tony Xu told CNBC in an exclusive interview on Wednesday. “We’re playing in one of the biggest yet still most underpenetrated categories in the world.” Here’s what four market analysts, including CNBC’s Jim Cramer, said about DoorDash’s...

Read More...

Online sales reach $10.8 billion on Cyber Monday, the biggest U.S. e-commerce day ever, Adobe says

Holiday shoppers went online Monday and spent $10.8 billion, setting a record for the largest U.S. internet shopping day ever, according to Adobe Analytics data. Cyber Monday spending rose 15.1% year over year, according to Adobe, which analyzes website transactions from 80 of the top 100 U.S. online retailers. That came in short of Adobe’s original forecast of $12.7 billion. The firm had been revising its Cyber Monday estimate downward in recent days.
Adobe cut its online sales forecast...

Read More...

Salesforce deal to buy Slack expected to be announced Tuesday after market close

The deal is expected to be about half cash and half stock, the sources said, and will price Slack at a premium. Salesforce is set to report quarterly earnings on Tuesday. Slack’s market cap was more than $24 billion as of Monday morning. Shares of Slack rose about 4% Monday on the news. Salesforce shares were down more than 3%. Talks between the two companies were first reported last week by The Wall Street Journal and confirmed by CNBC, sending...

Read More...