Lyft off: Ride-hailing app makes inroads as it beats expectations August 7, 2019 Uber rival Lyft came in ahead of analyst estimates yesterday, and predicted lower losses for the year. Second-quarter revenue hit a record $867.3m (£714.4m), a 72 per cent increase on the same period last year. Read more: Lyft shares tumble after tough week of trading Meanwhile, the ride-hailing company’s net loss hit $644.2m, up significantly [...]
Uber quest for long-term London licence faces rejection August 4, 2019 London’s transport bosses are set to snub Uber’s bid for a long-term licence in London when its probationary period runs out next month. The ride-hailing giant has been seeking a five-term licence to operate in the capital but is instead likely to be granted a shorter one that will run for less than two years, [...]
Uber car rental startup Splend moves headquarters to London July 31, 2019 Uber car rental startup Splend has relocated its headquarters to London as it looks to cash in on the booming ride-sharing market. The Australian company, which provides cars, training and data analytics to drivers, has set up shop in Aldgate as it prepares to grow its presence in the capital. Read more: Uber lays off [...]
Uber lays off 400 marketing staff in drive to trim IPO bloat July 30, 2019 Uber has laid off a third of its global marketing team as it pushes to cut bloat after its stock market debut in May. The decision to cut its marketing team from 1,200 to 800 people represents an overall staff reduction of roughly 1.6 per cent worldwide. Read more: Uber and rival Ola sniff around [...]
M&A excitement and falling pound put rocket under FTSE 100 July 29, 2019 Britain’s FTSE 100 benchmark stock index has stormed higher due to investor excitement over mergers and acquisitions (M&A) and a sinking pound. Read more: London Stock Exchange share price hits record high on Refinitiv takeover talks The index climbed two per cent by 2pm UK time to stand at around 7,697, the highest it has [...]
Sharing is caring: How Via Van is making a capital connection July 29, 2019 “When we told people we were going to launch a shared ride-service in New York they told us we were crazy,” says Chris Snyder, the chief executive of new kid on the block, Via Van. Six years later, and Via Van is the provider of 1.5m rides across key US cities and 60m rides globally. [...]
Just Eat ready to serve up £9bn merger with Takeaway.com July 27, 2019 Just Eat is in talks over a £9bn merger with a rival based in Holland. The London-listed food delivery service and Takeaway.com have been in discussions for several weeks. Read more: Sports Direct hit by £605m tax bill and ‘terminal’ House of Fraser issues An agreement should be agreed as soon as the end of [...]
Softbank launches new $108bn Vision Fund for AI investment July 26, 2019 Softbank has unveiled its second mammoth Vision Fund, which it said will have $108bn (£87bn) to invest in AI-focused tech firms. Read more: Softbank earns $11bn for selling some of its huge Alibaba stake Softbank said it has received backing from a string of companies including Apple, Foxconn, Microsoft and Standard Chartered, while the Japanese [...]
Uber and rival Ola sniffing around London’s Addison Lee July 24, 2019 Uber and Indian ride-hailing firm Ola are mulling bids for London-based taxi firm Addison Lee, which could create a powerful force in one of the world’s biggest private transport markets. Read more: Uber rival Viavan wins three year license renewal from TfL The US giant and Ola are two of “a handful” of companies talking [...]
Sadiq Khan’s minicab congestion charge is not discriminatory, court rules July 24, 2019 Sadiq Khan’s decision to impose a congestion charge on private hire vehicles (PHVs) was lawful and appropriate, the High Court has ruled. The Independent Workers’ Union of Great Britain (IWGB) challenged the London mayor’s decision to lift the congestion charge for PHVs, arguing that the policy disproportionately affects female and black and ethnic minority drivers. [...]