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Stock impact report

Ontario regulator shuts down travel startup over provincial law concerns [Business News Network (BNN) Energy & Resources (Canada)]

THE PRICELINE GROUP INC COMMON (PCLN) 
US:NASDAQ Investor Relations: ir.pricelinegroup.com/events.cfm
Ontario regulator shuts down travel startup over provincial law concerns A new website that lets travellers bypass travel agents and pocket commissions has ceased operations in Ontario after the province's travel regulator claimed the site violates provincial laws. The dispute is the latest in a consistent pattern of regulatory pushback against online businesses disrupting industries that have been slow to modernize. "We see this type of thing happening everywhere," said Jochem Wijnands, TRVL's founder, pointing to struggles other online platforms, like Airbnb and Uber, have faced for giving amateurs access to previously off-limits worlds. "The legacy professions hide behind certain rules that they think will give them protection." The Dutch entrepreneur who also created an app that later became Apple News, launched TRVL this June. Users sign up to become so-called TRVL agents and earn up to 10 per cent commissions on hotels booked by themselves, friends and family. They can also shar Show less Read more
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