Says law of market

Travel behemoth Airbnb said Thursday it will pursue an initial public offering in 2020, confirming long-awaited plans to go public via a terse statement that lacked any details. Started as air-mattress rentals in a South of Market apartment in 2007, Airbnb is now valued at $35 billion by its investors, more than any hotel chain. What value it would seek on Wall Street is unknown, as is a date for when its shares will debut or whether it might seek a nontraditional offering. “Airbnb will be one of the top IPOs if it does go public next year,” said Tom Taulli, an independent analyst and author. “It’s a major brand, growing quickly, and profitable or close to profitable. It’s top of mind in its category with a huge user base.” The San Francisco company has more than 7 million short-term rentals in over 100,000 cities worldwide. It’s pushed into related areas, offering classes and tours that it calls “Experiences,” buying HotelTonight … [Read more...] about Airbnb says it will go public next year — but won’t say when or how

PHILADELPHIA (CBS) — The owner of NetCost Market has been arrested after the Pennsylvania State Police’s Bureau of Liquor Control Enforcement seized several thousand liquor-filled candy boxes at two Philadelphia locations. Authorities announced charges against 48-year-old Andrey Malkin on Thursday. State Police say the raid took place at the NetCost Market on Bustleton Avenue and the NetCost Market on Welsh Road beginning at 2:45 p.m. Wednesday. During the raid, investigators discovered several thousand boxes of chocolate candy containing liquor products that violated the state’s liquor laws and regulations. Malkin did not have a license to sell alcohol, authorities say. Malkin, of Jamison, Pennsylvania, is facing unlawful acts relative to liquor, alcohol and liquor licenses, among other related charges. NetCost Market is a chain of 12 stores specializing in both American and imported food. It has two locations in Philly and two in New Jersey. … [Read more...] about State Police: NetCost Market Owner Charged After Several Thousand Liquor-Filled Chocolate Candy Boxes Seized

San Francisco cannabis users hoping to pick up some pot-laced chocolate bars while holiday shopping at the mall may be out of luck. Four months after submitting a planning application to locate a 1,000-square-foot shop selling cannabis-infused chocolate in the downtown Westfield San Francisco Centre, the mall owner says it is no longer interested in having the weed confectionery, Défoncé Chocolatier, move in. Westfield, which owns the 1.5-million-square-foot retail, dining and movie complex on the 800 block of Market Street, contacted the city’s Planning Department late Thursday and informed officials that “negotiations with Défoncé have stopped and there is no lease on the proposed space,” planning spokeswoman Gina Simi said. Westfield also requested an Oct. 26 Planning Commission hearing on the store be canceled. In a statement, Westfield said it had decided not to lease space to any cannabis-related tenants. “Unless federal law permits … [Read more...] about Westfield SF mall says there’ll be no cannabis chocolate shop after all

Ride-hailing service Lyft is suing the city of New York to block its new driver minimum wage rules, saying the rules will punish Lyft for being a smaller company than its main competitor Uber.Lyft, in a petition filed with the New York County Supreme Court, is asking the New York City Taxi and Limousine Commission to "vacate" its driver minimum wage rules, which are set to go into effect on Friday. ADVERTISEMENTThe new rules, which passed in December, will require ride-hailing app drivers to make at least $17.22 per hour after expenses. The New York City Taxi and Limousine Commission's (TLC) stated goal was to increase average pay for the tens of thousands of drivers by about $9,600 per year without disrupting passengers' experiences. The commission was seeking to protect drivers from being underpaid by their companies after reports indicated ride-hailing app drivers were being paid significantly less … [Read more...] about Lyft sues New York over new driver minimum pay law

Iran’s detention of two British-owned oil tankers in the Strait of Hormuz sharply escalated tensions with London and Washington on Friday, increasing the odds that the two allies would undertake new military steps to protect shipping in the strategically important Middle East waterway.Naval forces from Iran’s Islamic Revolutionary Guard Corps seized the British-flagged tanker Stena Impero, claiming it failed to follow international maritime regulations while transiting the strait, according to Iranian state media.The tanker “was seized by the IRGC due to violating international regulations,” the Revolutionary Guard said in a statement. “After it was seized it was transferred to Iranian shores to undergo legal procedure.”However, a powerful council in Iran said Saturday that the country seized the tanker in response to Britain’s role in impounding an Iranian supertanker in Gilbraltar two weeks earlier. Advertisement A spokesman for Iran’s … [Read more...] about Iran says it detained British tanker in Strait of Hormuz as a ‘reciprocal’ move