DoorDash is acquiring British delivery firm Deliveroo for about 2.9 billion pounds ($3.86 billion) in cash, expanding the U.S. company’s geographic reach.
DoorDash will pay 180 pence ($2.40) a share for the British company, confirming the terms of its “indicative proposal” that Deliveroo announced late last month.
DoorDash CEO Tony Xu said combined, the two companies would cover more than 40 countries.
DoorDash (DASH) is acquiring British delivery firm Deliveroo for about 2.9 billion pounds ($3.86 billion) in cash, expanding the U.S. company’s geographic reach.
DoorDash shares are slipping 1% in premarket trading, though they are up by more than 20% this year entering Tuesday. Deliveroo shares are rising 2% in London trading at 175 pence, still under the offer price.
DoorDash will pay 180 pence ($2.40) a share for the British company, confirming the terms of its “indicative proposal” that Deliveroo announced late last month. That translates to a 44% premium to Deliveroo’s closing price of 125 pence on April 4, the last business day before DoorDash’s offer letter.
“We’ll cover more than 40 countries with a combined population of more than 1 billion people, enabling us to provide more local businesses with the tools and technology they need to thrive,” DoorDash CEO Tony Xu said.
Deliveroo, which was established in 2013 and is headquartered in London, operates across nine markets, including France, Ireland, and Singapore. DoorDash was also founded the same year and is now in more than 30 countries around the world.
BookMyForex Rolls out Zero Fee Remittance and Bundled Deals for International Students
Students can transfer up to 1,000 units in any major currency for free. Avail Exact Amount Guarantee.
Up to Rs. 5000 cashbacks on Money Transfers abroad & student centric deals
Gurgaon, 1st August 2024: BookMyForex, India’s largest online retail foreign exchange platform, is excited to unveil the “BookMyForex Student Offer”, presenting bundled deals tailored specially for Indian students heading abroad as the new academic term begins. The exclusive offer includes zero fee remittances with a guarantee of the exact amount for transfers up to 1000 units in any currency. It also provides up to ₹5000 cashback on international money transfers. Additionally, students can avail up to 25% discount offer from MakeMyTrip on international flight & hotels along with offers on airport services and accommodations abroad. This offer is available for all bookings made through the BookMyForex website or mobile app.
Commenting on the offer launch, Sudarshan Motwani, Founder, and CEO of BookMyForex.com, stated, “We have seen that many students require small remittances of under USD 1000 equivalent to obtain prospectuses, make small payments for assistance with writing admission-related essays, filling out complex forms etc. Transfer charges and intermediary fees levied by most banks can often exceed Rs. 1000 and can be quite burdensome for the student. Hence, we have taken the initiative to completely waive all remittance charges, both for Indian and international banks, for all cross-border wire transfers up to USD 1000 or 1000 units of any foreign currency.”
“Our special tie-ups with reputed private banks ensure secure international transactions, offering better rates—typically up to 5% better than those provided by banks and other fintech players in the market. By eliminating transfer fees and offering substantial cashback rewards, we expect to drive our growth rate beyond 50%, solidifying our commitment to delivering exceptional value in the remittance market,” he added.
The number of Indian students seeking higher education abroad has surged, with projections indicating that by 2025, two million Indian students will be enrolled in foreign universities, spending up to $70 billion. The United States, Canada, Germany, the United Kingdom, and Australia are the most chosen destinations for Indian students. This trend presents a significant opportunity for the remittance market. According to the latest RBI data, outward remittances from India under the Liberalised Remittance Scheme (LRS) hit a new high of $31.73 billion in FY24.
Nitin Motwani, Founder and CTO of BookMyForex, commented, “The money transfer process on BookMyForex is designed to be smooth and effortless. Users can book their international transfers with the option to pay later where BookMyForex freezes the exchange rate for 3 days, ensuring that users benefit from stable rates even if market fluctuations occur. For added convenience, BookMyForex offers door-step KYC service, making the entire process hassle-free and accessible right from the home.
The “BookMyForex Student Offer” is a limited-time promotion, valid up to September 30th, 2024. During this period, all money transfer bookings made via the BookMyForex website or app will be eligible for zero transfer fees, cashback rewards, and bundled student centric deals. For more information, visit BookMyForex.com.
Best Regards,
Amrita Pritam
Head – PR & Marketing
Phone +91 7771913405
Elected to lead the Catholic Church in 2013 after the sudden abdication of his predecessor Benedict XVI, Argentinian Cardinal Jorge Maria Bergoglio chose his pontifical name to echo the saint of the poor, Francis of Assisi.
Considered controversial by many conservative Catholics for his nontraditional stands on issues like homosexuality, immigration, and the role of women in the church, he quickly became known as the “People’s Pope,” advocating for the poor, the marginalized, and the most vulnerable.
Also among his many and at times contentious reforms was the overhaul of the Vatican’s finances.
With about $6 billion in assets, the church’s private bank, the Institute for the Works of Religion, was founded in 1942 by Pope Pius XII. It has been consistently riddled with scandals, including fraud, embezzlement, and money laundering.
Francis embarked on a massive makeover, axing the lavish salaries of some elite cardinals, improving financial transparency, and tightening regulation. His objective was to cut the Vatican’s hefty public debt, aiming for a zero-deficit during his lifetime.
Francis’s lifestyle reflected that goal. Always frugal, he distanced himself from the Vatican’s opulent tradition, leading an unpretentious life as pontiff.
Forgoing riches and luxuries, including the lavish papal residence in the Vatican and the pontifical summer palace in the Roman hills, he set up home in a modest abode adjacent to St. Peter’s Basilica. He relinquished every possession, including his conspicuous salary, reportedly nearly $400,000 a year, donating it to the church.
In this as in much else, Catholics await indications whether his successor will follow his example.
Many companies and Wall Street analysts have yet to incorporate the impact of tariffs into their earnings forecasts, which is why Deutsche Bank analysts are looking past a strong Q1 earnings season and see “significant potential downside” to earnings estimates.
Deutsche Bank says it expects earnings to contract nearly 15% this year if President Trump’s tariffs are implemented as they were first proposed.
Trump has repeatedly rolled back and softened his tariffs; the White House also has said it’s negotiating trade deals with “more than 70 countries,” giving Wall Street hope for significant relief.
Wall Street has cheered a surprisingly strong earnings season in recent weeks. Some market watchers warn that investors are underestimating the pain that’s just over the horizon.
Solid earnings reports rolled in last week, helping the S&P 500 notch its longest winning streak in two decades. Growth has handily exceeded expectations so far this quarter. And share-buyback announcements have surged to a record, according to a Deutsche Bank analysis, marking another sign of strength.
The outlook for corporate America has remained resilient despite all the uncertainty created by President Donald Trump’s tariff policies. Analysts have cut their earnings expectations for the current quarter by 2.6%—more than average but not apocalyptic, according to Deutsche Bank analysts led by Chief Strategist Binky Chadha.
But there’s a catch. “Many companies are either not incorporating the tariff impact into their guidance or suspending it given the uncertainty, and in our reading, analysts are, in turn, waiting for more clarity before adjusting numbers,” the analysts wrote in a note on Friday.
The absence of tariff-impact forecasts, they suggest, is why they see “significant potential downside to consensus earnings estimates.”
Deutsche Bank Sees ‘Double-Digit’ Earnings Plunge
Deutsche Bank estimates that if the proposed tariffs go into effect, S&P 500 earnings will contract by nearly 15% this year. They expect profits to decline 4% in the current quarter after growing 10% in the first quarter. “Further out, we see growth falling to double-digit negative rates in Q3 (-10%) and Q4 (-13%) as the tariff impacts worsen,” the analysts wrote.
Deutsche Bank’s analysts are more pessimistic than most on Wall Street. The consensus, they say, is that growth will slow to about 4% in the current quarter and reaccelerate to 7% to 8% in the second half of the year. In their view, that sort of growth would require “a swift and substantial relent on trade policy” that they’re not willing to bank on.
For clues about how tariffs could hit earnings estimates, look to Detroit. Wall Street has slashed second-quarter earnings estimates for automakers, arguably the industry with the most clarity on tariffs, by nearly 20%.
It’s possible the tariffs unveiled in early April, most of which have been paused until July, will end up lower than Wall Street’s worst-case scenario. Trump has given certain industries temporary exemptions and softened many of the tariffs he’s implemented.
The White House said last month it is negotiating with “more than 70 countries” and recently expressed interest in de-escalating its trade war with China. (And here’s Investopedia’s latest on the state of trade and the China relationship.)
Taiwanese dollar surges as “appreciation by stealth” mooted
The US dollar was weaker across Asia to start the week as a historic sell-off in the USD/TWD pair, causing the Taiwanese dollar to surge higher, led the greenback lower.
The USD/TWD fell 3.7% on Friday – the market’s biggest one-day fall since 1988, according to the Wall Street Journal – and was followed by a 2.4% loss on Monday sending the pair to the lowest level since 2022.
Reuters reported there was no clear catalyst for the fall in the pair but a lack of USD buyers was seen in the market. Notably, Asian markets were quieter on Monday, with holidays in Japan, Hong Kong and South Korea.
The move corresponded with US-Taiwan trade talks and could be a sign the Taiwan government was allowing the TWD to rise – essentially an “appreciation by stealth” move. The Taiwanese central bank rejected the claims saying it was not involved in trade talks and “doesn’t manipulate foreign exchange rates”.
The USD was lower across Asia with the AUD/USD rising to five-month highs while the USD/CNH fell to 11-month lows.
The USD/HKD – managed in a tightly-controlled peg by the Hong Kong Monetary Authority – fell to the lowest level since 2020.
Dovish signals point to BOE’s May rate cut
We anticipate a 25bp rate cut by the Bank of England at its May meeting on Thursday.
Given the relatively dovish remarks made by several Monetary Policy Committee members after the tariff announcements in early April, there is a chance that there will be more dissent from committee members.
Because of the conflicting evidence that has been made public after the March meeting, cautious rate cuts are still necessary.
Despite acknowledging the impact of trade policy uncertainties, we believe that recommendations will not alter.
While an upward revision to the BoE’s Q1 GDP outlook may be followed by downward revisions for coming quarters, a combination of lower energy costs, higher sterling, and a lower starting point for the Bank’s inflation predictions supports downward revisions to the Bank’s CPI profile.
We believe that the risks of more aggressive easing have increased.
GBP/USD have surged and returned more than 6% YTD gains. However, it has recently corrected by 1% from its near seven-month highs of 1.3444 – a potential sign of reversal.
The next key support for GBP/USD lies at the 21-day EMA of 1.3232, followed by 50-day EMA of 1.3055.
AUD supported as Labor landslide keeps stimulus in place
The Aussie extended gains on Tuesday as the market continued to feel the impact of the weekend’s election. Australia’s Labor Party, led by Anthony Albanese, secured a decisive victory, winning at least 82 seats and potentially up to 90, a significant jump from 77 in 2022.
This majority strengthens Labor’s position in the Senate, likely enabling the passage of key policies, including doubling the tax rate on superannuation earnings above AUD 3 million and AUD 18 billion in household tax cuts.
Fiscal policy will remain highly stimulatory, supporting economic growth.
As a result, the Reserve Bank of Australia has lagged other central banks in cutting rates, but is expected to cut rates by 25bps in May, with further reductions totaling 100bps in 2025.
In Europe, the Australian dollar has struggled in 2025 as trade tensions weighed on the currency. This weakness saw the GBP/AUD hit ten-year highs while the EUR/AUD hit five-year highs.
However, both markets reversed sharply in April potentially setting up further losses for GBP/AUD and EUR/AUD from recent highs.
USD plunges in Asia
Table: seven-day rolling currency trends and trading ranges
*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.
If you’re expecting your 2024 federal tax refund to arrive in the mail, it might be the last time you get a paper check from the Internal Revenue Service (IRS). Under a new executive order signed by President Donald Trump, the U.S. Treasury will stop issuing all paper checks by Sept. 30, 2025, including for tax refunds.
That means going forward, most taxpayers will need to receive their refunds electronically through direct deposit, a debit card, or other digital payment methods. If you’re not prepared, your next refund could be delayed—or worse, never arrive.
Key Takeaways
Starting in September 2025, the IRS will no longer issue paper checks for tax refunds.
Refunds will be issued via direct deposit, prepaid debit cards, or digital wallets, unless you qualify for one of the limited exceptions.
To avoid delays, taxpayers should confirm their banking information and update their payment preferences with the IRS now.
Why Is the IRS Eliminating Paper Checks?
According to the White House, the move to digital payments is all about making government payments more efficient, affordable, and secure.
“President Trump is cracking down on waste, fraud, and abuse in government by modernizing outdated paper-based payment systems that impose unnecessary costs, delays, and security risks,” stated the White House fact sheet about the March 25 executive order.
From a practical and economical standpoint, digital payments are the way to go in the modern age. Electronic transfers are much faster than printing and mailing a check, and maintaining the infrastructure to process and digitize paper reportedly costs taxpayers more than $657 million in 2024.
There’s also the security factor. U.S. Treasury checks are 16 times more likely to be lost, stolen, or tampered with compared to electronic transfers. Meanwhile, check fraud is rising: A 2025 survey by the Association for Financial Professionals found that 63% of organizations experienced check fraud in 2024. Going digital is expected to reduce those risks significantly.
How Will American Taxpayers Get Their Refunds?
Starting in fall 2025, all tax refunds will be issued using electronic funds transfer (EFT) methods. That includes direct deposit into a bank account, prepaid debit cards, or digital wallets.
The IRS will no longer issue paper refund checks unless you qualify for a specific exception, including:
Taxpayers who don’t have access to a bank account or digital payments.
Emergency payments where electronic payments would “cause undue hardship.”
Security or law enforcement-related cases where non-electronic transactions are “necessary or desirable.”
In these instances (and any other circumstances where the Secretary of the Treasury deems it necessary), the Treasury will make accommodations for an alternative payment method.
Can You Still Pay Taxes by Mail?
In most cases, no. The government is phasing out incoming paper payments, too. That means if you’re currently paying your taxes, fees, or fines by check, you’ll need to start doing so by card or digital wallet beginning later this year, unless you qualify for one of the limited exceptions outlined in the executive order.
How to Prepare for the Treasury’s Paper Check Phase-Out
If you normally receive your tax refund via check, now’s the time to set up an electronic payment method. Here’s how to prepare:
Set up for electronic payments: If your next tax return indicates that you are owed a refund, opt for direct deposit or another digital payment method when you file.
Update your bank account information: The IRS has your information on file. Use the agency’s “Where’s My Refund?” tool to manage your payment preferences.
Open accounts: If you don’t have a checking or savings account, consider opening one or exploring prepaid debit card options. According to the executive order, the Treasury will work with financial institutions and consumer groups to support unbanked and underbanked Americans through this transition.
Taxpayers who meet one or more of the exemption criteria will need to apply for an exception through the Treasury. Guidance on how to do this has not yet been issued at the time of writing.
The Bottom Line
The end of paper refund checks marks a major shift in how Americans receive money from the government. If you rely on paper checks for your refund, take steps now to update your payment method before the Treasury’s September 2025 deadline. Getting ahead of the curve will help ensure your next refund arrives quickly, securely, and without issue.
Sunoco agreed to buy Canadian fuel distributor Parkland in a $9.1 billion cash and stock deal.
Shares of Sunoco slumped Monday, while Parkland traded higher in Toronto following the news.
Sunoco is set to report its first-quarter earnings before the bell Tuesday.
Sunoco (SUN) on Monday said it reached a deal to acquire Canadian rival Parkland in a deal worth roughly $9.1 billion.
Shares of Sunoco fell close to 6% in New York, while Parkland shares rose over 5% in Toronto following the news. Sunoco shares have gained about 6% in 2025.
Under the terms of the deal, Parkland shareholders will receive 0.295 units of SUNCorp, the new combined company, and 19.80 Canadian dollars for each Parkland share. That represents a roughly 25% premium over the seven-day volume-weighted average price of both companies as of Friday, Sunoco said. The deal is expected to close in the second half of 2025.
Sunoco said the combination would be “immediately accretive” and that it plans to continue investing in Parkland’s low-carbon fuel refinery in Burnaby, British Columbia.
Sunoco is scheduled to its first-quarter results Tuesday before the opening bell.
Palantir raised its full-year outlook but disappointed investors with mostly in-line quarterly results, sending shares in the analytics software provider sharply lower in extended trading on Monday.
The stock recently rallied to its highest level since mid-February but found significant selling pressure around its record high, potentially signaling a double top pattern.
Investors should watch major support levels on Palantir’s chart around $97, $83 and $66, while also monitoring a key overhead area near $125.
Palantir Technologies (PLTR) raised its full-year outlook but disappointed investors with mostly in-line quarterly results, sending shares in the analytics software provider sharply lower in extended trading on Monday.
The company reported first-quarter revenue of $884 million, up 39% year-over-year and above the analyst consensus. Adjusted earnings per share of 13 cents, rose from 8 cents per share a year earlier, in line with Wall Street’s estimates. Investors may have been looking for more, after the AI darling posted blowout results in February and November.
Ahead of today’s highly anticipated earnings report, Palantir shares were up 64% since the start of the year and had soared more than five-fold over the past 12 months. The stock has been boosted by optimism that the software maker would benefit from increasing enterprise AI deployments and federal initiatives to improve government efficiency.
The stock fell more than 9% to $112.32 in after-hours trading.
Below, we take a closer look at Palantir’s chart and use technical analysis to identify major price levels that investors will likely be watching.
Potential Double Top
After setting their record high in mid-February, Palantir shares consolidated within a falling wedge before breaking out above the pattern last month.
More recently, the stock has rallied to its highest level since mid-February but found significant selling pressure around its record high as the relative strength index (RSI) crossed into overbought territory.
Indeed, the stock looks set to continue its retreat from this important technical location on Tuesday, possibly forming a double top pattern in the process.
Let’s identify three major support levels on Palantir’s chart worth watching and also locate a key overhead area to monitor during potential upswings.
Crucial Support Levels Worth Watching
Amid earnings-driven selling, it’s initially worth watching the $97 level. This area on the chart, currently positioned slightly above the 50-day moving average, could attract buying interest near a brief period of consolidation following the initial breakout from the falling wedge pattern and the late-March countertrend high.
A decisive close below this level could see the shares fall to around $83. Investors may seek entry points at this location near a trendline that connects last year’s prominent December peak and a brief period of sideways drift that preceded the stock’s early-February breakaway gap.
A more significant retracement opens the door for selling down to the $66 level. The shares would likely attract support in this region on the chart near the closely watched 200-day moving average and last month’s swing low, which also closely aligns with the January trough and a minor peak in mid November.
Key Overhead Area to Monitor
Finally, during upswings in Palantir shares, investors should monitor key overhead resistance around $125. This level, currently situated just above Monday’s close, will likely attract significant attention near the May high and the prominent February peak, which also marks the stock’s record high.
The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info.
As of the date this article was written, the author does not own any of the above securities.
Written by Steven Dooley, Head of Market Insights, and Shier Lee Lim, Lead FX and Macro Strategist
Taiwanese dollar surges as “appreciation by stealth” mooted
The US dollar was weaker across Asia on Monday as a historic sell-off in the USD/TWD pair, causing the Taiwanese dollar to surge higher, led the greenback lower.
The USD/TWD fell 3.7% on Friday and was followed by a 2.4% loss on Monday – sending the pair to the lowest level since 2022.
Reuters reported there was no clear catalyst for the fall in the pair but a lack of USD buyers was seen in the market.
The move corresponded with US-Taiwan trade talks and could be a sign the Taiwan government was allowing the TWD to rise.
The USD was lower across Asia with the AUD/USD rising to five-month highs while the USD/CNH fell to 11-month lows.
Fed rate cuts priced out after US jobs
The USD’s losses came in spite of a shift in Federal Reserve pricing after Friday’s US nonfarm payrolls exceeded forecasts.
The OIS market saw a dramatic repricing as a result of the data, going from 41 basis points of cumulative cuts for the July FOMC last Wednesday to 27 basis points as of this writing.
The cumulative cuts for December FOMC are currently priced at 93 basis points.
On Thursday, the FOMC will make its most recent policy announcement.
Looking at APAC FX, USD/SGD is now circa 1% higher from monthly Sept 2024 lows of 1.2789, given the election performance of People’s Action Party.
Given USD/SGD is now at its low end of 30-day trading range, USD buyers may look to take advantage.
Next resistance at 21-day EMA of 1.3144.
AUD supported as Labor landslide keeps stimulus in place
The Aussie extended gains on Monday as the market continued to feel the impact of the weekend’s election. Australia’s Labor Party, led by Anthony Albanese, secured a decisive victory, winning at least 82 seats and potentially up to 90, a significant jump from 77 in 2022.
This majority strengthens Labor’s position in the Senate, likely enabling the passage of key policies, including doubling the tax rate on superannuation earnings above AUD 3 million and AUD 18 billion in household tax cuts.
Fiscal policy will remain stimulatory, supporting economic growth.
Meanwhile, the Reserve Bank of Australia is expected to cut rates by 25bps on 20 May, with further reductions totaling 100bps in 2025.
AUD/USD is now at the top end of its 30-day trading range providing opportunity for USD buyers.
Near term support at its 200-day EMA of 0.6409 holds for now.
USD plunges in Asia
Table: seven-day rolling currency trends and trading ranges
*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.
President Donald Trump said Sunday that the high tariffs against China, imposed in April, are only meant to be temporary, raising hopes in financial markets of a trade deal between the world’s two largest economies.
With no deal on the table yet, the tariffs are starting to bite businesses that source products from China, according to recent surveys.
Economists have warned the U.S.-China trade war could be disruptive to both economies and punishing to U.S. consumers who will face higher prices on everyday products.
President Donald Trump’s sky-high tariffs against China are starting to affect the economy, even as the president suggested the import taxes will be lowered eventually.
In an interview broadcast Sunday, Trump said the 145% tariff he imposed on China this month isn’t meant to be permanent, raising hopes in financial markets that the world’s two largest economies will strike a trade deal.
“At some point, I’m going to lower them because otherwise, you could never do business with them. And they want to do business very much,” Trump said in an interview on NBC’s “Meet the Press” Sunday.
Talk of a deal is still just that so far. For its part, China has reportedly said it is open to discussions about a deal that would de-escalate the trade dispute between the two countries. However, no formal discussions have been planned yet.
In the meantime, warning signs are starting to flash about how tariffs affect the U.S. economy.
Economists have warned that the high tariffs against Chinese products could result in higher prices for U.S. consumers and shortages at retailers. Those concerns started to materialize in the Institute for Supply Management’s surveys of manufacturing and service industry professionals for April.
“Tariffs are negatively impacting small business customers. Many small business customers source their products from China,” an anonymous businessperson in agriculture, forestry, fishing and hunting, told ISM in a report released Monday. “They cannot afford to compete in the marketplace sourcing from other countries. We could not move products fast enough to beat the tariff starting dates.”
Earlier this month, manufacturers voiced similar concerns.
“Tariff trade wars are incredibly volatile, quickly changing, and disrupting a ton of our current work,” someone in the apparel, leather, and allied products business told ISM. “We are 90% sourced out of China, and the cost models keep changing every week. We are flying to visit suppliers in a few weeks to negotiate current terms and pricing, as well as develop more long-term, strategic plans to reduce risk in the region.”
While key measures of the economy’s health held steady in April, with unemployment and inflation staying subdued, some hard data pointed to rougher times ahead. Container ship traffic leaving China for the U.S. plunged 35.1% over the month in the week ending May 1, retreating after imports surged in the days leading up to the tariff deadline, according to data from Morgan Stanley released Monday.
