AP Photo/David Goldman

Flexport, a San Francisco-based customs brokerage and freight forwarding service, has raised $110 million in Series C funding at an $800 million pre-money valuation, according to TechCrunch. Return backers include DST.

  • Why it matters: VCs get regularly criticized for piling into the shiniest new bauble, but they also will pay up for promising businesses in super-boring industries. Moreover, Flexport's growth – in terms of both volume and valuation – reflects how global trade continues to grow in spite of widespread protectionist rhetoric.
  • Bottom line from TechCrunch: "The company has over 400 employees in seven offices. It earns roughly 15% of the average $2,000 it costs to move a shipping container around the world, compared to 25% that its competitors charge."

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Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.

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