DIDI ACCELERATES IPO PLANS: REPORT: VISA UNDER DOJ INVESTIGATION:

Chinese ridehailing giant Didi Chuxing Technology is accelerating plans for an initial public offering to as early as next quarter to capitalize on a postpandemic turnaround, people familiar with its plans said. Didi, the largest investment in SoftBank Group’s portfolio, is targeting a valuation above the $62 billion it secured during its last funding round, the people said, asking not to be identified. The company moved up plans from a previous target of late 2021 after its car-hailing business bounced back with China’s success in bringing COVID-19 under control. Based on a common 15 percent float for mega IPOs in Hong Kong, one potential venue, Didi could raise roughly $9 billion in what would be one of the largest tech debuts globally in 2021.

Visa is under investigation by the Department of Justice’s antitrust division over whether the company pushes merchants into more expensive forms of debit card payments, The Wall Street Journal reported Friday. The investigation is focused on how merchants route debit card transactions when a consumer makes an online transaction, according to the Journal, which cited anonymous sources. Visa declined to comment on the Journal’s report.

30-YEAR MORTGAGE HIGHER:

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year fixed-rate home loan rose to 3.09 percent from 3.05 percent last week. By contrast, the benchmark rate stood at 3.65 percent a year ago.