US Launches New Iran Strikes as Strait of Hormuz Conflict Escalates, Oil Prices Rise 
Japanese Yen Rises as Pension Fund Plan and BOJ Rate Hike Bets Weigh on Dollar 
Fed Chair Kevin Warsh Launches Task Forces to Overhaul U.S. Monetary Policy Framework 
European Regulators Clash With U.S. Treasury Over Private Credit Transparency 
The pandemic is still disrupting young people’s careers 
Samsung Chairman Lee Jae-yong Expected to Meet Nvidia CEO Jensen Huang on AI and Chip Partnership 
Elon Musk Says Anthropic Leads AI Race as Claude Models Challenge OpenAI 
Dollar Slips After Fed Minutes as Iran Tensions, Inflation Risks Keep Markets Cautious 
Venezuela Earthquake Death Toll Climbs to 3,811 as Government Seeks Sanctions Relief 
OpenAI Executive Fidji Simo to Step Down Amid Health Challenges Ahead of IPO 
Mizuho’s Top U.S. Industrials Stocks: Why Corteva and Stanley Black & Decker Stand Out 
Oil Prices Slip but Stay on Track for Weekly Gains as U.S.-Iran Conflict Persists 
Booked to travel through the Middle East? Here’s why you shouldn’t cancel your flight 
Japan Producer Inflation Hits 7.1% in June, Fueling BOJ Rate Hike Expectations 
Oil and LNG Tankers Turn Back as Strait of Hormuz Security Risks Escalate 
Stuck in a creativity slump at work? Here are some surprising ways to get your spark back 
Online marketplace Etsy is facing backlash from frustrated sellers and a declining market value as it announces an underdefined policy change to address concerns about frozen funds.
This decision was prompted by sellers holding 75% of their money for a lengthy 45-day period. While Etsy stated that they are "substantially decreasing" the money held, no specific details were provided regarding the new rate or timeframe.
Sellers like Dan, who currently has £7,000 of his earnings on hold, found the announcement lacking necessary details. This has led to calls for a boycott and increased pressure on Etsy, which recently reported a decline in profits. From April to June, profits decreased by 15% compared to the previous year. Additionally, the company's projected revenue for the next three months is lower than expected.
The decline in growth is also evident in the UK market, where Etsy owns the fashion marketplace app, Depop. Consequently, the company's shares fell more than 5% after the US stock markets closed.
Liz Barclay, Small Business Commissioner, expressed disappointment over the lack of clarity in Etsy's statement regarding sellers' funds. She has urged the company to explain the reduction in reserves and its timeline clearly.
Etsy has faced significant criticism for treating sellers and withholding funds. This was highlighted when hundreds of sellers received an email discussing implementing Etsy's "reserve system." Sellers like Dan expressed frustration as their earnings were withheld, forcing them to rely on credit cards and family loans to sustain their businesses.
Rachel Collyer, a ceramics seller, stated that Etsy was holding £899 of her funds, preventing her from purchasing materials necessary for production. In response to the ongoing complaints, the head of payment policy, Chirag Patel, assured sellers that improvements would be made to the reserve system and communication with new sellers.
Minister for Enterprise, Markets, and Small Businesses, Kevin Hollinrake sent a letter to Etsy's CEO, Josh Silverman, requesting that the company address the issue due to the escalating number of seller inquiries and complaints.
Photo: Kelly Sikkema/Unsplash
