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BUSINESS
August 21, 2002 | Bloomberg News
EBay Inc.'s $1.5-billion purchase of online payment service PayPal Inc. was cleared by antitrust regulators, eliminating a potential barrier to the transaction. The Justice Department ended its review without asking for more information, said EBay, the largest Internet auctioneer. On Nasdaq, shares of Mountain View, Calif.-based PayPal rose $2.10, or 10%, to $23.10 and EBay fell $1.45 to $60.41. PayPal's competitors include a smaller service operated by EBay.
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BUSINESS
June 2, 2007 | From Times Wire Services
Online payment service PayPal was inaccessible to users for three hours Friday morning because of technical problems, company officials said. The website was not functioning properly from 9 a.m. to noon because of problems with its database, PayPal spokeswoman Amanda Pires said. No private data was compromised, said Pires, who called the service interruption "very rare" and "inconvenient." The company is investigating the issue, she said.
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BUSINESS
November 7, 2006 | From Bloomberg News
PayPal, EBay Inc.'s online payment services division, said it would offer as much as $100 million in holiday rebates and free shipping to fend off competition from Google Inc. Consumers will receive as much as $20 in cash-back rebates from PayPal when they make online purchases on EBay and certain merchant websites in North America, San Jose-based PayPal said in announcing the biggest promotion in its eight-year history. The rebates are to run from Nov. 23 to May 15.
BUSINESS
May 20, 2007 | From Times Wire Services
EBay Inc., the world's largest online auctioneer, added Spanish, French and Chinese websites for its PayPal payment services unit to help boost its overseas sales and extend its lead over Google Inc.'s rival Checkout service. PayPal added service to 87 countries, including Cambodia, Greenland and Kazakhstan, San Jose-based EBay said in a statement. PayPal now serves 190 countries. Google, which started Checkout last year, said last month that it would not charge merchants any fees this year.
BUSINESS
September 14, 2004 | From Associated Press
PayPal Inc. said Monday that it would start fining customers as much as $500 for using the online payment service on gambling, pornography and illegal sales of prescription drugs. Those payments are already prohibited under PayPal's acceptable-use policy, but Sept. 24 will mark the first time the EBay Inc.-owned company will fine customers for violations. PayPal also said it could take legal action to recoup any costs not covered by fines.
BUSINESS
April 8, 2005 | Mark Harrington, Newsday
Eleven customers have filed a suit against online auctioneer EBay Inc. and its pay-system affiliate, PayPal Inc., alleging they schemed with an electronics merchant to encourage use of the payment system but frequently denied refunds when products weren't delivered as promised.
BUSINESS
February 12, 2002 | From Associated Press
PayPal Inc. warned Monday that its popular online payment service is about to be shut down in Louisiana by banking regulators, casting another cloud over the firm's planned initial public stock offering. PayPal had hoped to sell 5.4 million shares at $12 to $14 apiece last week, but a patent infringement lawsuit filed by CertCo Inc. threatened to short-circuit the company's service. That prompted PayPal to delay the IPO until this week.
BUSINESS
October 4, 2002 | DAVID COLKER, TIMES STAFF WRITER
EBay Inc., already the master of the online auction universe, now rules the lucrative fiefdom of online payments as well. Shareholders of PayPal Inc. voted Thursday to approve a $1.25-billion acquisition that made them part of the EBay empire. In addition to earning tens of millions of dollars annually in fees from hosting online auctions, EBay can expect to pocket millions more by taking a cut of the payments.
BUSINESS
September 10, 2002 | DAVID COLKER, TIMES STAFF WRITER
Online payment service PayPal Inc. infringed on patented methods of completing Internet transactions, according to a lawsuit filed in federal court by a leading credit card issuer. First USA Bank, owned by Bank One Corp., alleged that PayPal is using technology protected by two of its patents.
BUSINESS
July 9, 2002 | From Reuters
PayPal Inc. is taking tech investors on a trip down memory lane. By accepting a $1.5-billion takeover offer from EBay Inc. on Monday, just five months after going public, PayPal is living the Silicon Valley dream that went bust for most Internet-related firms in 2000. PayPal priced its initial public offering at $13 a share in February. At Monday's closing price of $21.61 on Nasdaq, up $1.61 for the day, the stock is up 66% from the IPO.
BUSINESS
November 9, 2006 | From Bloomberg News
Google Inc. said Wednesday that it would offer merchants free online payment services until Dec. 31, ratcheting up competition with EBay Inc. Businesses using Google Checkout will receive free processing for all sales, the Mountain View, Calif.-based company said. PayPal, EBay's online payment services division, said this week that it would offer as much as $100 million in holiday rebates and free shipping.
BUSINESS
November 7, 2006 | From Bloomberg News
PayPal, EBay Inc.'s online payment services division, said it would offer as much as $100 million in holiday rebates and free shipping to fend off competition from Google Inc. Consumers will receive as much as $20 in cash-back rebates from PayPal when they make online purchases on EBay and certain merchant websites in North America, San Jose-based PayPal said in announcing the biggest promotion in its eight-year history. The rebates are to run from Nov. 23 to May 15.
BUSINESS
September 29, 2006 | From the Associated Press
Online-payment service PayPal will simplify its user agreement and better inform users about fraud protection under an agreement announced Thursday with 28 state attorneys general. PayPal said it already had removed links from its user agreement to make the document easier for people to read and print.
BUSINESS
July 14, 2006
PayPal, the online payments unit of San Jose-based EBay Inc., said the company planned to open an engineering center in Arizona by November that would employ more than 400 people in three years.
BUSINESS
April 7, 2006 | From the Associated Press
Customers of the PayPal online payment service can now use their cellphones to instantly send money, buy items or donate to charities. Viacom Inc.'s MTV, the National Basketball Assn. and News Corp.'s 20th Century Fox Home Entertainment Inc. are among those already accepting PayPal Mobile service for payment, San Jose-based PayPal said. PayPal Mobile allows users in the U.S. and Canada to instantly transmit money by sending text messages.
BUSINESS
March 23, 2006 | From the Associated Press
PayPal, the online payment service owned by Internet auction company EBay Inc., has begun testing a new offering to allow people to make and receive payments using cellphones and other mobile devices. PayPal Mobile is being tested by EBay employees and will be available to the public in the U.S., Canada and Britain in the next few weeks, EBay spokeswoman Amanda Pires said.
BUSINESS
July 9, 2002 | DAVID COLKER, TIMES STAFF WRITER
EBay Inc. widened its rule over the Internet auction world Monday with an agreement to acquire online payment service PayPal Inc. in a $1.5-billion stock swap reminiscent of the headiest days of the dot-com boom. EBay Chief Executive Meg Whitman said the deal was expected to close by the end of the year. The deal would give PayPal stockholders 0.39 share of EBay stock for every PayPal share, valuing PayPal at $21.93 a share at Monday's closing prices.
BUSINESS
February 16, 2002 | JOSH FRIEDMAN, TIMES STAFF WRITER
PayPal Inc. shares surged 55% on Friday as the online payment provider became the first Internet company to go public in almost a year and notched the strongest trading debut in nine months. Analysts warned, however, that the overall market for initial public offerings remains "anemic." They said fast-growing PayPal, a favorite of EBay Inc.'s auction Web site users, faces a cloudy future because of legal and regulatory questions.
BUSINESS
June 22, 2005 | From Associated Press
Google Inc.'s chief executive Tuesday denied reports that the online search engine leader was gearing up to compete directly with EBay Inc.'s pioneering PayPal service, but acknowledged some kind of electronic payment product was in the works. Eric Schmidt did not give details about the project but said it wouldn't trespass on PayPal's turf. "We do not intend to offer a person-to-person, stored-value payments system," Schmidt said.
BUSINESS
June 18, 2005 | From Associated Press
Online search-engine leader Google Inc. is preparing to introduce an electronic payment system later this year in a move that would pose a financial threat to one of its biggest advertisers, Internet auctioneer EBay Inc. The Wall Street Journal reported Google's plans on its website late Friday, citing sources familiar with the Mountain View, Calif.-based company's plans. The Journal did not provide any details about Google's strategy. A Google spokesman declined to comment on the report.
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