Shares in China’s food delivery app Meituan fell sharply after China issued a warning that food delivery drivers must be paid minimum wage. The Hong Kong-listed firm fell 14%, its worst fall ever, according to Bloomberg, after the joint announcement from seven government departments on working conditions for delivery workers. The announcement comes as the government targets the sprawling...
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Sequoia Capital Targets $2.25 Billion for Two U.S. VC Funds
Sequoia Capital, defying the tech market sell-off that’s chilled startup fundraising, is asking investors to commit money to two new U.S.-focused funds, according to two people familiar with the matter. The Menlo Park, Calif.-based venture capital firm behind Airbnb and DoorDash expects to dedicate $1.5 billion to a U.S. growth fund focused on more mature companies, the people said....
SoftBank-Backed Grocery App Weee! Lays Off 10% of Staff
China’s Economy Shows Recovery Signs as Covid Restrictions Ease
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