clock menu more-arrow no yes

Recode Daily: eBay battles Amazon in India — by investing $500 million in Amazon competitor Flipkart

Plus, Wells Fargo orders two former execs to pay back $75 million, and a “calorie-counting guide for cannibals.”

eBay President and CEO Devin Wenig
Chip Somodevilla / Getty Images

The latest shake-up in India’s wild e-commerce market came on Monday morning, when eBay announced it was investing $500 million in top Amazon competitor Flipkart as part of a larger $1.4 billion funding round. Recode talked with eBay CEO Devin Wenig about the sale, the investment and the nontraditional move to back two competitors. — [Jason Del Rey / Recode]

Wells Fargo said it would “claw back” $75 million in compensation from the two executives on whom it pinned most of the blame for its fraud scandal. The bank’s board of directors had authorized a six-month investigation into the conditions and culture that prompted thousands of Wells Fargo employees to create fraudulent accounts in an effort to meet aggressive sales goals. — [The New York Times]

The FAA will ban commercial and hobby drones from flying over 133 U.S. military bases, beginning on Friday. The regulations, citing “national security concerns," are the first to apply only to drones. The move comes as sales of consumer drones in the U.S. — most of them made by China’s DJI — have more than doubled from last year. — [David Kravets / Ars Technica]

New FCC Chairman Ajit Pai has proposed to maintain the ban on cellphone calls during airline flights; Pai’s predecessor, Tom Wheeler, had argued in 2013 that the ban had become obsolete, since many airliners carry their own cellphone towers for in-flight entertainment. — [Bart Jansen / USA Today]

AT&T announced an all-stock deal to acquire tiny wireless startup Straight Path, which will give a major boost to its effort to build super-fast, next-generation 5G wireless networks using high-bandwidth airwaves. Straight Path owns coveted spectrum licenses covering the entire country. — [Aaron Pressman / Fortune]

The recent gender scuffles at Google and Oracle are nothing new — tech companies have a long history of sexual discrimination and gender bias. Here’s a (not-so-) brief history of gender discrimination lawsuits in Silicon Valley. — [April Glaser and Rani Molla / Recode]

Facebook's Instant Articles have lost favor among many publishers, including the New York Times, which found that links to its own site monetized better and were more likely to drive subscription sign-ups. Facebook is responding with new “call to action” features. — [Lucia Moses / Digiday]

Top stories from Recode

Tesla briefly became America’s most valuable car company today. But it can’t touch GM or Ford when it comes to sales.

The judge in the Alphabet/Uber lawsuit rejects a Fifth Amendment claim to keep key details private. This is a complicated case.

Twitter fights to protect anonymous users more often than you’d think. Twitter got love last week for fighting a government information request, but that’s actually nothing new.

Our education and career systems need deep changes to prepare us for digital globalization. Surviving and thriving in this new industrial revolution will require never-before-seen collaboration across governments, corporations and educational institutions.

Is Uber evil? Do a text search of this transcript of our Too Embarrassed to Ask podcast and find out.

This is cool

How about a nice chianti with that?

A “calorie-counting guide for cannibals” — part of an English archaeologist’s study of the Paleolithic era — found that human thighs come in at a beefy 13,350 calories, with a brain weighing in at a relatively slimming 600. Conclusion: Humans are not really worth eating for nutritional reasons alone. — [Nicholas St. Fleur / The New York Times]


This article originally appeared on Recode.net.