Robinhood Markets, the trading platform behind the boom-and-bust swing in GameStop’s shares, plans to list its shares on Nasdaq in New York this year, according to media reports.
The company has not officially filed for the listing as yet. However, Robinhood plans to confidentially file for an initial public offering with the US Securities and Exchange Commission this month, CNBC and Bloomberg reported, citing unnamed sources
Robinhood surged in popularity during the pandemic due to monetary easing by the US Federal Reserve and other central banks, putting more money into people’s pockets during Covid-19 lockdowns. Homebound young people turned to its trading app to make money.
The company, which has been targeting a 2021 IPO since at least last year, was at the centre of the stock trading frenzy driven by Reddit’s WallStreetBets forum, which drove up the share price of US video-game retailer GameStop and movie theatre chain AMC Entertainment Holdings.
The online broker drew criticism for restricting trading in GameStop shares and other heavily shorted companies, denying investors a chance to book profits. The platform said it limited trading in GameStop to boost its cash buffers and pay for clearing house deposits.
“There will likely be some concern about the platform's trading halt diluting GameStop, but investors will look through this one-off incident in favour of the new wave of retail trading euphoria,” Stephen Innes, chief global market strategist at Axi, said.
“It's a good time for Robinhood to leverage this momentum as I think this will pass when trading in stocks gets more complicated by central bank policy and internal and regulatory oversight to curb toxic flashmob-type trading.”
Robinhood encountered a cash crunch four weeks ago and raised $3.4 billion from its backers to post more collateral with the Depository Trust & Clearing Corporation, the industry’s clearinghouse. The DTCC wanted members to post more cash to ensure they could clear trades, given wild swings in stocks including GameStop and AMC.
The trading app has also faced regulatory inquiries. Robinhood Financial said in a filing that it’s in talks with the Financial Industry Regulatory Authority to settle an investigation regarding March 2020 app outages and options trading.
Goldman Sachs is advising Robinhood on its IPO, according to CNBC. The online broker, which was valued at $11.7bn in a funding round last year, raised financing this year that will convert to equity in a public offering.
The stock trading app added 3 million users in January alone, according to estimates from JMP Securities.
New York-based D1 Partners, Sequoia, Kleiner Perkins and Google’s venture capital arm, GV are some of Robinhood’s biggest venture capital investors.
The online broker also faced a public backlash when Alex Kearns, a 20-year-old college student in the US killed himself in June last year after mistakenly believing he had lost a fortune to Robinhood. Critics then accused the trading app of allowing inexperienced investors to take big risks in complex financial instruments without providing investment guidance or the necessary customer support.
Which products are to be taxed?
To be taxed:
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Products excluded from the ‘sweetened drink’ category would contain at least 75 per cent milk in a ready-to-drink form or as a milk substitute, baby formula, follow-up formula or baby food, beverages consumed for medicinal use and special dietary needs determined as per GCC Standardisation Organisation rules
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Results:
Men’s wheelchair 200m T34: 1. Walid Ktila (TUN) 27.14; 2. Mohammed Al Hammadi (UAE) 27.81; 3. Rheed McCracken (AUS) 27.81.
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The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
- Be wary of other embeds lengthy fact boxes could crash into
- That's about it
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
