Uber nabs former Merrill Lynch CFO as top finance boss in race to go public August 21, 2018 Ride-hailing giant Uber today filled the long-standing vacancy of chief financial officer, easing investor concerns ahead of its plans for an initial public offering (IPO) in 2019. The spot, which was left empty after its previous occupant Brent Callinicos departed in 2015, has been plugged by financial services veteran Nelson J. Chai. Chai joins Uber [...]
Flying taxis could be heading for London as German aviation firm opens discussions with the City August 21, 2018 Flying taxis transporting people around London could soon become a reality after a German aviation company said it was looking at how its autonomous vehicles could work in the City. Volocopter unveiled its air taxi infrastructure for cities – including landing stations on top of buildings, hotels, at transport hubs and shopping centres – earlier [...]
Ride-hailing firm Ola kicks off operations in UK August 20, 2018 Uber rival Ola today launched its first services in the UK, as it started operations across South Wales in Cardiff, Newport and Vale of Glamorgan. The Indian firm, which has 125m customers worldwide, says it will offer drivers high introductory commission rates. Customers will also be given discounts on journeys using the ride-hailing app. The company said [...]
Sadiq Khan tells government: Give me the power to limit number of cars August 15, 2018 Mayor of London Sadiq Khan has demanded new powers to bring in a controversial cap on the number of private hire vehicles (PHVs) operating in the capital, following a similar clampdown in New York. Last week New York became the first major American city to introduce the one-year cap on cars used by platforms such [...]
New York City hits the brakes on all new drivers for Uber and Lyft | City A.M. August 9, 2018 New York City’s local council has pressed pause on granting new licences to ride-hailing firms for one year, blaming companies such as Uber and Lyft for the city’s congestion problems. The package of measures outlined by the city’s mayor Bill de Blasio overnight also includes setting a minimum wage for drivers, after the New York [...]
Softbank’s Indian Uber challenger brand Ola is launching in the UK | City A.M. August 7, 2018 Ola, the Indian ride-hailing firm backed by Japanese mega-investor Softbank, is bringing its services to the UK. Ola’s app will allow riders to choose from services across both private hire vehicles and black cabs, in a bid to shake things up by challenging major UK taxi disruptors Uber and Gett at the same time. The [...]
Last Week in the City: Trade fears re-emerge August 3, 2018 Garry White, chief investment commentator, looks at the market-moving events that have shaped the UK equity markets this week (30 July to 3 August 2018). Interest rates were raised in the UK for the second time since the financial crisis, but the move was widely expected. The earnings season continued. Growth in all regions was [...]
DEBATE: Should London’s Congestion Charge exemption for private hire vehicles be removed? | City A.M. August 2, 2018 Should London’s Congestion Charge exemption for private hire vehicles be removed? Jack May, a columnist for Progress, says YES. London’s air is toxic. Just one month into 2018, London breached the year’s legal air pollution limit. Britain is being taken to the European Court of Justice as a result, and could be landed with a [...]
Uber puts its pedal to the metal on self-driving cars, halting development on cargo trucks | City A.M. July 31, 2018 Uber will focus its driverless vehicles technology solely on cars for the foreseeable future, halting development plans for cargo trucks. The ride-hailing giant said in a statement late last night that it will close down its self-driving trucks unit, which was born after the company bought a startup named Otto in a multimillion dollar acquisition [...]
Coinbase announces a new deal to let you pay for your Uber with crypto | City A.M. July 25, 2018 Coinbase has today revealed a new partnership that will allow you to pay for physical goods and services from your favourite retailers with cryptocurrencies. The deal, which will be powered by WeGift, enables Coinbase users to buy an electronic gift card, load it with cryptocurrency from their Coinbase wallet and then use them at over [...]