The ghost of Robodebt – Federal Court rules billions of dollars in welfare debts must be recalculated 
SK Hynix’s $28B U.S. IPO Draws Strong Demand as AI Chip Boom Fuels Investor Interest 
US Stock Futures Steady as US-Iran Tensions and Fed Inflation Concerns Weigh on Markets 
Oil and LNG Tankers Turn Back as Strait of Hormuz Security Risks Escalate 
Elon Musk Says Anthropic Leads AI Race as Claude Models Challenge OpenAI 
Oil Prices Slip but Stay on Track for Weekly Gains as U.S.-Iran Conflict Persists 
Google promotes ‘teacher approved’ apps for kids. Here’s what parents should know 
Locked up then locked out: how NZ’s bank rules make life for ex-prisoners even harder 
Japan Eyes Bigger GPIF Investment in Domestic Assets as BOJ Independence Concerns Grow 
Telenor to Buy Controlling Stake in Bahnhof in $630 Million Broadband Deal 
Office design isn’t keeping up with post-COVID work styles - here’s what workers really want 
Why a ‘rip-off’ degree might be worth the money after all – research study 
Every generation thinks they had it the toughest, but for Gen Z, they’re probably right 
Bernstein Raises 2026 Nickel Price Forecast as Indonesia Tightens Supply 
Asian Stocks Slip as Iran Tensions, Samsung Weakness and Fed Caution Weigh on Markets 
Oppenheimer Sees CNH Industrial as Top 2026 Agriculture Stock Pick on Dealer Consolidation Strategy 
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
