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BEAUMONT, Texas — Shamsud-Din Jabbar’s high school friends knew him as “Sham” — a good student with a quiet disposition and a bright future. “It’s a complete surprise, a shock, to everyone,” Jabbar’s half-brother, Abdur-Rahim Jabbar IV, 24, said in an interview. “He was very grounded, reserved, quiet,” said Chris Pousson, who attended middle school and high school with Jabbar. Courtesy Abdur-Rahim Jabbar IVAfter he graduated in 2001, Jabbar sought to serve his country. “It set him straight,” Abdur-Rahim Jabbar said, referring to a period after high school when Jabbar was partying and had some minor run-ins with the law.

Persons: Shamsud, “, ”, Rich Groen, Jabbar, Eve, Din Jabbar, Rahim Jabbar IV, Abdur, he’s, we’re, Christopher Raia, Chris Pousson, Groen, you’ve, ” Jabbar, ” Abdur, Rahim Jabbar, —, ‘, ” Pousson Organizations: Army, Islamic, ISIS, FBI’s Counterterrorism, Central High School, Navy, Georgia State University, Department of Veterans Affairs, YouTube, Deloitte, New Locations: BEAUMONT, Texas, Afghanistan, Islamic State, Houston, New Orleans, Bourbon, Beaumont, Louisiana, Gaza, Palestine

☆ Grubhub just sold for $650 million. Four years ago it was worth $7.3 billion
▼ + stars: | 2024-11-13 | by ( ) edition.cnn.com time to read: +2 min

Reuters —Europe’s biggest meal delivery firm, Just Eat Takeaway, said on Wednesday it had struck a deal to sell its U.S. unit Grubhub to Wonder for $650 million, sending its shares soaring 20% in early trading. “Just Eat Takeaway is at last putting an end to its disastrous U.S. journey,” Bryan Garnier analyst Clement Genelot said, noting the group had destroyed more than $7 billion in shareholder value there. Grubhub’s enterprise value of $650 million includes $500 million of senior notes and $150 million cash, Wonder said in a statement. Just Eat CEO Jitse Groen had in February said the M&A environment was not easy in the U.S., where fee caps cost the group some $100 million per year. JPMorgan said in a note it had argued for an about $1.2 billion valuation for Grubhub in the past, but the market would view the long-awaited deal as positive even at a lower valuation.

Persons: Reuters —, ” Bryan Garnier, Clement Genelot, Wonder, Marc Lore, Jitse Groen, DoorDash, Uber Organizations: Reuters, Walmart, Wall, JPMorgan Locations: Amsterdam, Chicago, New York City, U.S, Australia, Canada, New Zealand, France, Tuesday’s

22 Tulane held on to defeat Rice 30-28 Saturday for its sixth straight win. Chris Brazzell II caught five catches for 75 yards, and Yulkeith Brown caught five catches for 57 yards and a touchdown. For Rice, JT Daniels was 18 of 29 for 189 yards and two touchdowns. However, Tulane ran out most the clock, and a last-second play by Rice was snuffed out to end the game. … Rice dropped to 2-2 in games decided by seven points or less this season.

Persons: — Michael Pratt, Rice, Pratt, Tulane's Makhi Hughes, Chris Brazzell, Yulkeith Brown, JT Daniels, Juma Otoviano, Luke McCafferty, Gabriel Taylor, Daniels, Boden, Valentino Ambrosio’s, McCafferty, … Hughes, …, … Rice, … Daniels Organizations: HOUSTON, Tulane, ACC, Owls, Otoviano, Green Wave, … Tulane, The Owls, NEXT Tulane, East Carolina, SMU Locations: East

REUTERS/Angus Mordant/File Photo Acquire Licensing RightsNEW YORK, Sept 19 (Reuters) - A federal judge on Tuesday said DoorDash (DASH.N), Grubhub (TKWY.AS) and Uber Eats (UBER.N) can sue New York City over a law capping how much they can charge restaurants for delivering meals. "Good news from New York City," CEO of Grubhub's parent company Just Eat Takeaway, Jitse Groen, wrote on X, formerly known as Twitter. Woods said the plaintiffs adequately alleged that the law unconstitutionally interfered with their ability to collect higher commissions under their contracts with restaurants. The plaintiffs have said commission caps would necessitate higher delivery fees, resulting in higher prices for consumers and less revenue for restaurants. The case is DoorDash Inc et al v City of New York, U.S. District Court, District of New York, No 21-07564.

Persons: Angus Mordant, DoorDash, Gregory Woods, Nicholas Paolucci, Grubhub, Jitse Groen, Woods, Jonathan Stempel, Diana Mandiá, Mark Potter, Timothy Gardner Organizations: REUTERS, New, Constitution, New York, City Council, Council, Twitter, Thomson Locations: Manhattan , New York, U.S, New York City, Manhattan, New York, Amsterdam, San Francisco, City of New York, Gdansk

[1/2] Belgian Foreign Minister Hadja Lahbib appears before the External Relations committee at the Belgian Parliament to be questioned by lawmakers after delegations from Iranian and Russian cities were granted visas to attend a mayors' convention, in Brussels, Belgium June 26, 2023. REUTERS/Yves... Read moreBRUSSELS, June 29 (Reuters) - Belgian foreign affairs minister Hadja Lahbib on Thursday survived a vote of no-confidence in Parliament after granting visas to delegations from Iranian and Russian cities to attend a mayors' convention in Brussels earlier this month. When in Brussels, the Iranian delegation filmed Belgian-Iranian lawmaker Darya Safai and Iranian opposition members. The opposition had called for Lahbib's resignation over the scandal, but 79 MPs voted in support of the minister while 50 voted against and four abstained. Two members of coalition parties Ecolo-Groen and PS abstained symbolically to voice that Lahbib will have to regain their parties' trust.

Persons: Hadja Lahbib, Yves, Read, Darya Safai, Lahbib's, Marine Strauss, Charlotte Van Campenhout, Leslie Adler Organizations: Belgian, REUTERS, Thomson Locations: Brussels, Belgium, BRUSSELS, Belgian

Reuters GraphicsNOTHING 'BROKEN' YETInternational economic officials gathering in Washington this week for the IMF and World Bank spring meetings can take some comfort that pandemic-era risks are continuing to diminish. An aggressive year of central bank rate hikes hasn't yet "broken" any of the economies involved, with the U.S. unemployment rate at 3.5%, near its lowest level since the late 1960s. Still, that terminal rate remains unclear, and the end of synchronized tightening by the Fed, BoE and European Central Bank doesn't mean tight monetary policy is going away. Wages, services and food are driving price growth to the point that the ECB's attention has shifted almost entirely to underlying inflation on fears that rapid price growth is at risk of getting stuck above target. The U.S. central bank is expected to increase its benchmark overnight interest rate by another quarter of a percentage point next month, and signal whether more hikes may be warranted.

☆ Just Eat’s employment U-turn won’t travel
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 22 (Reuters Breakingviews) - Just Eat Takeaway (TKWY.AS) Chief Executive Jitse Groen is speaking out of both sides of his mouth. That marks a U-turn from Groen’s 2021 claim that the gig worker model “led to precarious working conditions”. Just Eat Takeaway will employ food-delivery drivers in the UK as independent contractors or through third party agencies. Sacrificing workers’ rights amid a cost-of-living crisis also doesn’t make Groen look good. But with the European Union passing the legislation to improve workers’ rights, Just Eat Takeaway seems to be exploiting a Brexit loophole.

☆ Slower, but still solid US job growth expected in February
▼ + stars: | 2023-03-10 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The Labor Department's closely watched employment report on Friday is also expected to show wage gains maintaining their upward trend, underscoring a persistently tight jobs market. Estimates for February payrolls growth ranged from as low as 78,000 to as high as 325,000. "This would indicate the anticipated normalization in the labor market is taking longer than expected," said Jan Groen, chief U.S. macro strategist at TD Securities in New York. There's locational and skills mismatches, which basically means the labor market is not functioning efficiently," said Brian Bethune, an economics professor at Boston College. The Fed has to be careful about how they interpret what's going on in the labor market."

☆ Just Eat delivers right takeaway orders, finally
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 18 (Reuters Breakingviews) - Food delivery boss Jitse Groen has started the new year with a glimpse of hope. Pleasing investors after a round of missteps, the Dutch company also forecast a higher-than-expected EBITDA of 225 million euros this year. The 5.6 billion euro ($6 billion) group’s results point to a brighter future than what Just Eat experienced in 2022. Less than a year after acquiring U.S. rival Grubhub, Groen made a U-turn by putting it up for sale and writing down the value of the division by 3 billion euros. All this happened while investors started to lose faith in the high-growth low-profit food delivery sector: Just Eat Takeaway lost 60% of its market value last year.

☆ Investor Cat Rock reduces stake in Just Eat Takeaway - SEC filing
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, Dec 16 (Reuters) - U.S. investor Cat Rock, previously the second-largest shareholder in meal delivery firm Just Eat Takeaway.com (TKWY.AS), has sold part of its stake, according to an SEC filing. The filing on Dec. 15 showed the stake standing at 4.93% with 10.65 million shares as of Dec. 12. Refinitiv data showed the investor had previously held around 14.79 million shares, or 6.85%. The largest shareholders in Just Eat are now founder Jitse Groen with 7.1%, Baupost Group with 6.5%, Caledonia Investments with 6.15%, and UBS Asset Management with 5.85%. Reporting by Toby Sterling Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. heading into shallow recession, no respite from rate hikes yet: Reuters poll
▼ + stars: | 2022-12-09 | by ( Indradip Ghosh | ) www.reuters.com time to read: +4 min

"Unless inflation recedes quickly, the U.S. economy still appears headed for some trouble, though possibly a little later than expected. Although the fed funds rate is expected to peak at 4.75%-5.00% early next year in line with interest rate futures, one-third of economists, 24 of 72, expected it to go higher. A large majority of economists, 35 of 48, said any recession would be short and shallow. Eight said long and shallow, while four said there won't be any recession. The U.S. unemployment rate (USUNR=ECI), which so far has stayed low, was expected to climb from the current 3.7% to 4.9% by early 2024.

☆ Fed to hike by 75 bps again on Nov. 2, should pause when inflation halves -economists: Reuters poll
▼ + stars: | 2022-10-25 | by ( Prerana Bhat | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterResults in the poll are in line with interest rate futures pricing. A majority of economists in the Oct. 17-24 poll forecast another 50 basis point hike in December, taking the funds rate to 4.25%-4.50% by end-2022. The funds rate was expected to peak at 4.50%-4.75% or higher in Q1 2023, according to 49 of 80 economists. The Fed targets the personal consumption expenditures (PCE) index, but the survey suggests roughly half the current rate of inflation ought to be a turning point. CPI inflation was not expected to halve until Q2 2023, according to the poll, averaging 8.1%, 3.9% and 2.5% in 2022, 2023 and 2024, respectively.

A Just Eat delivery man rides his bicycle in Nice amid the coronavirus disease (COVID-19) outbreak in France, February 16, 2021. The group last posted an underlying profit in the second half of 2020, said Clement Genelot, analyst at Bryan Garnier. Shares in the company see-sawed in early trade as investors weighed the return to profitability against concerns about falling orders. As part of the cost cutting measures, Groen said the company has introduced a hiring freeze. Just Eat is looking to expand its networks to include deliveries of other products and is currently exploring a number of pilot schemes, Groen said.

A Just Eat delivery man rides his bicycle in Nice amid the coronavirus disease (COVID-19) outbreak in France, February 16, 2021. REUTERS/Eric Gaillard/File PhotoOct 19 (Reuters) - Just Eat Takeaway.com (TKWY.AS), Europe's largest meal delivery company, said on Wednesday it made an underlying profit in the third quarter, sooner than expected, after cutting expenses on delivery costs and operations. The group said in September it expected to have positive earnings before interest, taxes, depreciation and amortisation (EBITDA) in the second half of the year. The company will hold an extraordinary shareholders meeting on Nov. 18 to vote on the deal worth $1.8 billion, it said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Diana Mandiá and Dagmarah Mackos; editing by Josephine Mason and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

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