Uber to hire team for Jump electric bikes launch in the UK December 17, 2018 Ride-hailing giant Uber is exploring plans to launch operations of its electric bicycle arm in the UK, entering an already-crowded space from the likes of Chinese startups Ofo and Mobike. Uber bought electric bike startup Jump in April, and has since been trialling the use of its bikes in the US and Germany. It is now [...]
Activist investor launches searing attack on Just Eat over poor returns December 17, 2018 One of Just Eat's shareholders has slammed the company’s management, saying the firm has become the “worst-performing public equity in online food delivery”. Cat Rock Capital, which holds a two per cent stake in Just Eat, urged the board to offload non-core assets, provide a three-year financial plan and change pay incentives for executives in a [...]
Could the UK be on the brink of a US-style class action explosion? December 16, 2018 The Royal Bank of Scotland, Lloyds Banking Group, Tesco, Google and Mastercard. These are just a handful of the household names that have been targeted in group action lawsuits in the UK with billions of pounds at stake. The UK, unlike the US or Australia, does not have a long history of class action-style lawsuits, [...]
Private firms should embrace this new chapter of governance December 11, 2018 Up until now, privately held companies of all sizes have largely been left to their own devices as far as governance is concerned. With the main UK Corporate Governance Code only applying to firms traded on the London Stock Exchange, private companies could broadly avoid letting the sunlight into their internal practices. But this state of [...]
Own, loan, or Drover: How the subscription economy is shaking up the car industry December 7, 2018 Felix Leuschner looks far too young to have founded three successful businesses. This German-born entrepreneur was just 23 when he launched what became Europe’s largest marketplace for gaming goods, where players could trade virtual products. After selling that company just nine months later, he moved to London and started a fast-fashion website called Stylistpick, collaborating with [...]
Lyft overtakes Uber on road to market float with SEC filing December 6, 2018 Ride-hailing firm Lyft has taken its first big step along the road to a US listing, the firm confirmed today. The company, which was last valued at around $15bn (£11.7bn), said it has submitted a confidential S-1 form with the US Securities and Exchanges Commission (SEC) as it looks to list its stock. No decision has [...]
Uber posts $1bn loss as it hurtles towards an IPO in 2019 November 15, 2018 Ride-hailing giant Uber reported a quarterly loss of $1bn (£780.3m) late last night, as growth in its bookings slow ahead of its upcoming listing. The company said bookings for its private hire and food delivery services rose six per cent in the three months to the end of September, which is the third consecutive quarter of single-digit [...]
Meatballs from home? Ikea launches takeaway delivery with Uber Eats November 15, 2018 The popularity of hygge, the Danish concept of cosiness, may be waning, but now Brits are being asked to embrace the even more impossible-to-pronounce fredagsmys, another Scandinavian import. As temperatures drop, Ikea and Uber Eats have teamed up to bring the Swedish furniture chain’s iconic meatballs into people’s homes. They hope Swedish fredagsmys – the [...]
Fintech startup Revolut is in talks to raise $500m from Softbank November 12, 2018 British fintech startup Revolut is raising a $500m (£389m) series D round from the likes of Japanese mega-investor Softbank, in order to fuel its aggressive expansion plans. Several sources have told City A.M. that the deal is set to close early next year, as Revolut tries to launch its banking app in the US, one of [...]
Uber launches new subscription service across five US cities November 4, 2018 Ride-hailing app Uber has rolled out a new subscription scheme across five US cities. Based on subscriptions, the new ride pass will allow members to avoid surge pricing, when fees peak at rush hour and at other times when demand is high. The lowest monthly subscription comes in at $14.99 (£11.55) in Austin, Denver, Miami and Orlando, while [...]