Uber has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99% stake in the startup backed by China's Ant Financial.

<a href="https://www.wionews.com/business-economy/zomato-uber-eats-deal-info-edge-shares-rise-over-3-per-cent-275718">Zomato</a>, valued at around $3 billion after raising money from Ant this month, will take over Uber Eats' operations from Tuesday. Since launching in India in 2017, Uber Eats has struggled to gain market share and is a distant third to Tencent Holdings-backed Swiggy and Zomato. 
All three have spent heavily on deals and discounts to attract customers in a highly competitive market.

Uber chief financial officer Nelson Chai said the move was another demonstration, following its decision to <a href="https://www.wionews.com/business-economy/uber-safety-culture-lacking-in-autonomous-car-incident-regulator-263292">exit Uber</a> Eats South Korea in October 2019, "of our commitment to take a hard look at Eats markets where we do not have a path to leadership".

The San Francisco-based firm, which has promised to be profitable at an operational level by the end of 2021, has been trying to sell India Eats business for a year, according to sources.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/zomato-acquires-ubers-food-delivery-business-in-an-all-stock-deal-275592">Zomato acquires Uber's food delivery business in an all-stock deal</a>

It earlier held talks with Swiggy for a similar deal, but those fell through due to valuation and regulatory issues, two of them said. Uber and Swiggy did not respond to requests for comment.

<img alt="Uber Eats" data-entity-type="file" data-entity-uuid="d90829f3-0347-4e31-b821-e21743b99ac3" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2852%29_0.jpg" />

[&nbsp;An Uber Eats food delivery courier pulls a bicycle (Courtesy: Reuters) ]

Uber Eats' India operations contributed just 3% of gross bookings for the business globally in the first nine months of last year, while accounting for a quarter of its adjusted operating losses, the company said.

The unit in India made a loss of $61 million for the three months to Sept. 30 on revenue of $20 million, the company said in a filing with the U.S. Securities and Exchange Commission. Zomato reported a loss of $294 million for the year to March 2019, while Swiggy made a loss of $330 million.

The sale will allow Uber to cut its losses and yet keep a stake in a market expected to be worth $15 billion by 2023. Independent brand consultant Harish Bijoor said the deal would also allow Uber to focus on its strengths. "It should stick to what its competence is, in terms of being an aggregator of cabs," he said.

Zomato's orders per month should rise by 10 million from the 38 million to 40 million it was clocking before the deal, a source familiar with the deal said. Swiggy too receives around 40 million in monthly orders. 
The acquisition does not guarantee that all Uber Eats customers will switch to Zomato.

Online food delivery customers tend to favour companies offering the best deals, market research shows. Consultancy Frost and Sullivan said that even after the acquisition, Swiggy remains arguably the country's leading market player.

"Swiggy’s diversification into a variety of last-mile delivery services, including store, package and home meal deliveries, is expected to offset any potential losses due to Zomato's acquisition of Uber Eats," it said in a note.

Uber has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99% stake in the startup backed by China's Ant Financial.

Uber has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99% stake in the startup backed by China's Ant Financial. Zomato, valued at around $3 billion after raising money from Ant this month, will take over Uber Eats' operations from Tuesday. Since launching in India in 2017, Uber Eats has struggled to gain market share and is a distant third to Tencent Holdings-backed Swiggy and Zomato. All three have spent heavily on deals and discounts to attract customers in a highly competitive market. Uber chief financial officer Nelson Chai said the move was another demonstration, following its decision to exit Uber Eats South Korea in October 2019, "of our commitment to take a hard look at Eats markets where we do not have a path to leadership". The San Francisco-based firm, which has promised to be profitable at an operational level by the end of 2021, has been trying to sell India Eats business for a year, according to sources. Also Read: Zomato acquires Uber's food delivery business in an all-stock deal It earlier held talks with Swiggy for a similar deal, but those fell through due to valuation and regulatory issues, two of them said. Uber and Swiggy did not respond to requests for comment. [ An Uber Eats food delivery courier pulls a bicycle (Courtesy: Reuters) ] Uber Eats' India operations contributed just 3% of gross bookings for the business globally in the first nine months of last year, while accounting for a quarter of its adjusted operating losses, the company said. The unit in India made a loss of $61 million for the three months to Sept. 30 on revenue of $20 million, the company said in a filing with the U.S. Securities and Exchange Commission. Zomato reported a loss of $294 million for the year to March 2019, while Swiggy made a loss of $330 million. The sale will allow Uber to cut its losses and yet keep a stake in a market expected to be worth $15 billion by 2023. Independent brand consultant Harish Bijoor said the deal would also allow Uber to focus on its strengths. "It should stick to what its competence is, in terms of being an aggregator of cabs," he said. Zomato's orders per month should rise by 10 million from the 38 million to 40 million it was clocking before the deal, a source familiar with the deal said. Swiggy too receives around 40 million in monthly orders. The acquisition does not guarantee that all Uber Eats customers will switch to Zomato. Online food delivery customers tend to favour companies offering the best deals, market research shows. Consultancy Frost and Sullivan said that even after the acquisition, Swiggy remains arguably the country's leading market player. "Swiggy’s diversification into a variety of last-mile delivery services, including store, package and home meal deliveries, is expected to offset any potential losses due to Zomato's acquisition of Uber Eats," it said in a note.

Uber cuts losses from Eats business in India with sale to Zomato

Food delivery giant Zomato has acquired Uber's online food delivery venture Uber Eats in India on Tuesday.

Zomato has purchased this app in an all-stock deal, which will give the Uber a 10% stake in the company.

Under the deal, Uber Eats’s India business will be transferred to Zomato in exchange for at around $350 million, according to the news reports.&nbsp;

The share-swap arrangement and details of the transaction were not disclosed.

In a mailed statement to its customers, Uber Eats said that Zomato has acquired its business in India and Uber Eats would discontinue operations and direct restaurants, delivery partners, and users to the Zomato platform, effective Tuesday.&nbsp;

"We have announced today that Zomato has acquired Uber Eats in India. As such, you will no longer be able to order from Uber Eats in India, but you will be able to enjoy your favourite meals with exciting offers tailored for you on Zomato. You can still get rides via the Uber app, which remains active and available. And you can still use Uber Eats if you're travelling outside India. Until then, we hope you will enjoy many more tasty moments and discover great restaurants around you on Zomato," said the statement.

Food delivery giant Zomato has acquired Uber's online food delivery venture Uber Eats in India on Tuesday. Zomato has purchased this app in an all-stock deal, which will give the Uber a 10% stake in the company.

Food delivery giant Zomato has acquired Uber's online food delivery venture Uber Eats in India on Tuesday. Zomato has purchased this app in an all-stock deal, which will give the Uber a 10% stake in the company. Under the deal, Uber Eats’s India business will be transferred to Zomato in exchange for at around $350 million, according to the news reports. The share-swap arrangement and details of the transaction were not disclosed. In a mailed statement to its customers, Uber Eats said that Zomato has acquired its business in India and Uber Eats would discontinue operations and direct restaurants, delivery partners, and users to the Zomato platform, effective Tuesday. "We have announced today that Zomato has acquired Uber Eats in India. As such, you will no longer be able to order from Uber Eats in India, but you will be able to enjoy your favourite meals with exciting offers tailored for you on Zomato. You can still get rides via the Uber app, which remains active and available. And you can still use Uber Eats if you're travelling outside India. Until then, we hope you will enjoy many more tasty moments and discover great restaurants around you on Zomato," said the statement.

Zomato acquires Uber's food delivery business in an all-stock deal

Shares of Info Edge (India), one of the shareholders in Zomato, on Tuesday gained over 3 per cent after the online food ordering platform acquired the India business of Uber Eats in an all-stock deal.

Shares of Info Edge (India) rose 3.47 per cent to trade at Rs 2,676.10 per unit on the BSE.

On the NSE, the stock gained as much as 3.2 per cent to Rs 2,675.

Zomato on Tuesday said it has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the Indian food delivery and restaurant discovery platform.

Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, as per a company statement.

In a regulatory filing to BSE, Info Edge (India) - a shareholder in Zomato - said its shareholding in Zomato will stand reduced to about 22.71 per cent on fully converted and the diluted basis upon closing of the transaction.

Shares of Info Edge (India), one of the shareholders in Zomato, on Tuesday gained over 3 per cent after the online food ordering platform acquired the India business of Uber Eats in an all-stock deal.

Shares of Info Edge (India), one of the shareholders in Zomato, on Tuesday gained over 3 per cent after the online food ordering platform acquired the India business of Uber Eats in an all-stock deal. Shares of Info Edge (India) rose 3.47 per cent to trade at Rs 2,676.10 per unit on the BSE. On the NSE, the stock gained as much as 3.2 per cent to Rs 2,675. Zomato on Tuesday said it has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the Indian food delivery and restaurant discovery platform. Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, as per a company statement. In a regulatory filing to BSE, Info Edge (India) - a shareholder in Zomato - said its shareholding in Zomato will stand reduced to about 22.71 per cent on fully converted and the diluted basis upon closing of the transaction.

Zomato-Uber Eats deal: Info Edge shares rise over 3 per cent

<a href="https://www.wionews.com/business-economy/hyundai-motor-to-invest-15-billion-in-indonesia-factory-264852">Hyundai</a> announced Monday it would mass-produce flying cars for Uber's aerial rideshare network set to deploy in 2023.

The South Korean manufacturer said it would produce the four-passenger electric "vertical take-off and landing vehicles" at "automotive scale," without offering details.

The deal announced at the Consumer Electronics Show in Las Vegas could help Uber, which is working with other aircraft manufacturers, to achieve its goal of deploying air taxi service in a handful of cities by 2023.

Watch:&nbsp;Uber's futuristic flying taxi; a cross between helicopter and a drone

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Jaiwon Shin, head of Hyundai's urban air mobility division, said he expects the large-scale manufacturing to keep costs affordable for the aerial systems.

"We know how to mass produce high quality vehicles," Shin told a news conference at CES.

He said he expected the partnership to allow for the short-range air taxis to be "affordable for everyone."

Eric Allison, head of Uber Elevate, appeared at the CES event with Hyundai to discuss the partnership.

"By taking transportation out of the two dimensional grid on the ground and moving it into the sky, we can offer significant time savings to our riders," Allison said.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/hyundai-motor-group-to-invest-35-billion-in-future-automotive-tech-256032">Hyundai Motor Group to invest $35 billion in future automotive tech</a>

He said that because of its other app-based transport options, "only Uber can seamlessly connect riders from cars, trains and even bikes to aircraft."

Uber has announced it had selected Melbourne to join Dallas and Los Angeles in becoming the first cities to offer Uber Air flights, with the goal of beginning demonstrator flights in 2020 and commercial operations in 2023.

<a href="https://www.wionews.com/business-economy/hyundai-motor-group-to-invest-35-billion-in-future-automotive-tech-256032">Hyundai is using CES</a> to show the S-A1 model aircraft with a cruising speed up to 180 miles (290 km) per hour.

The aircraft utilizes "distributed electric propulsion," designed with multiple rotors that can keep it in the air if one of them fails.

The smaller rotors also help reduce noise, which the companies said is important to cities.

The Hyundai vehicle will be piloted initially but over time will become autonomous, the company said.&nbsp;

Hyundai announced Monday it would mass-produce flying cars for Uber's aerial rideshare network set to deploy in 2023. The South Korean manufacturer said it would produce the four-passenger electric "vertical take-off and landing vehicles" at "automotive scale," without offering details.

Hyundai announced Monday it would mass-produce flying cars for Uber's aerial rideshare network set to deploy in 2023. The South Korean manufacturer said it would produce the four-passenger electric "vertical take-off and landing vehicles" at "automotive scale," without offering details. The deal announced at the Consumer Electronics Show in Las Vegas could help Uber, which is working with other aircraft manufacturers, to achieve its goal of deploying air taxi service in a handful of cities by 2023. Watch: Uber's futuristic flying taxi; a cross between helicopter and a drone Jaiwon Shin, head of Hyundai's urban air mobility division, said he expects the large-scale manufacturing to keep costs affordable for the aerial systems. "We know how to mass produce high quality vehicles," Shin told a news conference at CES. He said he expected the partnership to allow for the short-range air taxis to be "affordable for everyone." Eric Allison, head of Uber Elevate, appeared at the CES event with Hyundai to discuss the partnership. "By taking transportation out of the two dimensional grid on the ground and moving it into the sky, we can offer significant time savings to our riders," Allison said. Also read: Hyundai Motor Group to invest $35 billion in future automotive tech He said that because of its other app-based transport options, "only Uber can seamlessly connect riders from cars, trains and even bikes to aircraft." Uber has announced it had selected Melbourne to join Dallas and Los Angeles in becoming the first cities to offer Uber Air flights, with the goal of beginning demonstrator flights in 2020 and commercial operations in 2023. Hyundai is using CES to show the S-A1 model aircraft with a cruising speed up to 180 miles (290 km) per hour. The aircraft utilizes "distributed electric propulsion," designed with multiple rotors that can keep it in the air if one of them fails. The smaller rotors also help reduce noise, which the companies said is important to cities. The Hyundai vehicle will be piloted initially but over time will become autonomous, the company said.

Uber air taxis to become a reality as Hyundai is set to make flying cars

U.S.-Based Multinational Ride Hailing Firm Uber Sues To Vacate Labour Law In California. #WION #Gravitas #Uber #California

Gravitas: Uber sues California

A stone's throw from Nelson Mandela's former home in&nbsp;South&nbsp;Africa's Soweto township, Dumile Badela's restaurant is now more hectic and lucrative than ever, thanks to&nbsp;Uber&nbsp;Eats, his hungriest customer yet.

Having already dominated Africa's ride-hailing sector,&nbsp;<a href="https://www.wionews.com/business-economy/uber-postmates-sue-to-block-california-gig-worker-law-claiming-its-unconstitutional-271222">Uber</a>&nbsp;is trying to conquer the&nbsp;food&nbsp;delivery market by leveraging&nbsp;its&nbsp;massive fleet of drivers in the continent's most developed economy and tracking popular&nbsp;food&nbsp;choices and destinations.

The prize is big. The country's online&nbsp;food&nbsp;delivery industry was worth 10.49 billion rand ($713 million) in 2019, according to data portal Statista. And with growth pegged at nearly 14 per cent&nbsp;annually, it will hit 17.6 billion rand by 2023.

Surprisingly perhaps,&nbsp;Uber&nbsp;got off to a tricky start.

An initial focus on high-end restaurants proved to be a mistake in a country perpetually on the verge of recession. The <a href="https://www.wionews.com/world/uber-co-founder-travis-kalanick-to-leave-companys-board-270071">San Francisco</a>-based app is now targeting traditional,&nbsp;local&nbsp;fare.

In May, it launched in Soweto, where it works with around 20 partners and is adding more&nbsp;local&nbsp;foods to&nbsp;its&nbsp;480,000 menu items, dispatching dishes like stewed tripe, caterpillars, cow heels and sheep's head to mostly middle-class customers who crave a taste of home.

"I'd say&nbsp;Uber&nbsp;Eats&nbsp;has improved our sales by about 15 per cent&nbsp;to 20 per cent. But I'm targeting even more, up to 50 per cent," Badela says. "There's huge opportunity."

It could be a win-win;&nbsp;Uber&nbsp;posted a $1.16 billion third-quarter loss and&nbsp;Uber&nbsp;Eats&nbsp;is the company's fastest-growing business, contributing more than 10 per cent&nbsp;of&nbsp;its&nbsp;quarterly revenue of $3.8 billion.&nbsp;

Uber&nbsp;isn't alone in wanting a large piece of the&nbsp;South&nbsp;African&nbsp;pie.

Launched in the early 1990s as a call-and-deliver service,&nbsp;South&nbsp;Africa's Mr D&nbsp;Food, part of Naspers-controlled e-commerce firm Take-a-Lot, is the established player.

Some two million&nbsp;South&nbsp;Africans have downloaded&nbsp;its&nbsp;app. It boasts 700,000 active monthly users, and over the past 12 months processed 1.5 billion rand in&nbsp;food&nbsp;orders.

Uber&nbsp;Eats&nbsp;said it's recorded 2.1 million app downloads since&nbsp;its&nbsp;2016 launch, but declined to give figures for&nbsp;food&nbsp;sales.

Between them, the two companies have captured around 80 per cent-90 per cent&nbsp;of&nbsp;South&nbsp;Africa's&nbsp;food-hailing market, according to research firm Insight Surveys.

They'll soon be joined by Bolt, the ride-hailing firm formerly known as Taxify, which is&nbsp;Uber's main competition in Africa. The Estonian company plans to launch&nbsp;its&nbsp;food&nbsp;delivery service in&nbsp;South&nbsp;Africa early next year.&nbsp;

"There is space for three, possibly four key market players, as the market is still in&nbsp;its&nbsp;infancy and will continue to show rapid growth in the future," said Yashvir Maharaj, research director at Insight Surveys.

Uber&nbsp;is using data from&nbsp;its&nbsp;rides service to monitor popular&nbsp;food&nbsp;destinations and is tracking popular&nbsp;food&nbsp;searches on the&nbsp;Uber&nbsp;Eats&nbsp;app to gauge what people are craving.

In&nbsp;South&nbsp;Africa, it has found that Soweto and other traditionally black townships have a reservoir of middle-class consumers who may move further afield and crave a taste of home.

"Now that we're in Soweto we want to take those experiences and expand them to other townships, and go even deeper into Soweto," Dave Kitley,&nbsp;Uber&nbsp;Eats' General Manager for&nbsp;South&nbsp;Africa, told in media briefing.

"We're thinking a lot about migration.&nbsp;When they move, their taste buds move with them."

That's something George Makume, the Soweto-raised owner of So Cafe, understands.

Three years ago, he opened his restaurant in the middle-class suburb of Roodepoort, 25 kilometres (16 miles) west of Soweto, noticing a lack of traditional&nbsp;food&nbsp;options despite a growing number of black professionals moving to the area.

"People grew up with this kind of&nbsp;food, but it's difficult to&nbsp;find&nbsp;unless you travel 20 or 30 kilometres to Soweto," he said.

Among his best-sellers are skopo sheep's head steam-cooked or grilled on an open fire followed by "Mogodu Mondays", a 2-for-1 special of spicy tripe and maize porridge.

Since partnering with&nbsp;Uber&nbsp;Eats, and more recently Mr D&nbsp;Food, Makume said his weekday sales have jumped 30 per cent-40 per cent.

Back at Badela's restaurant where evening prep is under way, he says there's plenty of business to go around.

"I'm not the only one in Soweto offering this kind of&nbsp;food. There are many places," he says. "So if I succeed, the guys selling amanqgina (pig trotters), namatwana (chicken feet) and skopo will say 'Yo! I can do it as well.'"

That's a potential boon for black communities, where unemployment typically outstrips the nationwide average of nearly 30 per cent.

A stone's throw from Nelson Mandela's former home in South Africa's Soweto township, Dumile Badela's restaurant is now more hectic and lucrative than ever, thanks to Uber Eats, his hungriest customer yet.

A stone's throw from Nelson Mandela's former home in South Africa's Soweto township, Dumile Badela's restaurant is now more hectic and lucrative than ever, thanks to Uber Eats, his hungriest customer yet. Having already dominated Africa's ride-hailing sector, Uber is trying to conquer the food delivery market by leveraging its massive fleet of drivers in the continent's most developed economy and tracking popular food choices and destinations. The prize is big. The country's online food delivery industry was worth 10.49 billion rand ($713 million) in 2019, according to data portal Statista. And with growth pegged at nearly 14 per cent annually, it will hit 17.6 billion rand by 2023. Surprisingly perhaps, Uber got off to a tricky start. An initial focus on high-end restaurants proved to be a mistake in a country perpetually on the verge of recession. The San Francisco-based app is now targeting traditional, local fare. In May, it launched in Soweto, where it works with around 20 partners and is adding more local foods to its 480,000 menu items, dispatching dishes like stewed tripe, caterpillars, cow heels and sheep's head to mostly middle-class customers who crave a taste of home. "I'd say Uber Eats has improved our sales by about 15 per cent to 20 per cent. But I'm targeting even more, up to 50 per cent," Badela says. "There's huge opportunity." It could be a win-win; Uber posted a $1.16 billion third-quarter loss and Uber Eats is the company's fastest-growing business, contributing more than 10 per cent of its quarterly revenue of $3.8 billion. Uber isn't alone in wanting a large piece of the South African pie. Launched in the early 1990s as a call-and-deliver service, South Africa's Mr D Food, part of Naspers-controlled e-commerce firm Take-a-Lot, is the established player. Some two million South Africans have downloaded its app. It boasts 700,000 active monthly users, and over the past 12 months processed 1.5 billion rand in food orders. Uber Eats said it's recorded 2.1 million app downloads since its 2016 launch, but declined to give figures for food sales. Between them, the two companies have captured around 80 per cent-90 per cent of South Africa's food-hailing market, according to research firm Insight Surveys. They'll soon be joined by Bolt, the ride-hailing firm formerly known as Taxify, which is Uber's main competition in Africa. The Estonian company plans to launch its food delivery service in South Africa early next year. "There is space for three, possibly four key market players, as the market is still in its infancy and will continue to show rapid growth in the future," said Yashvir Maharaj, research director at Insight Surveys. Uber is using data from its rides service to monitor popular food destinations and is tracking popular food searches on the Uber Eats app to gauge what people are craving. In South Africa, it has found that Soweto and other traditionally black townships have a reservoir of middle-class consumers who may move further afield and crave a taste of home. "Now that we're in Soweto we want to take those experiences and expand them to other townships, and go even deeper into Soweto," Dave Kitley, Uber Eats' General Manager for South Africa, told in media briefing. "We're thinking a lot about migration. When they move, their taste buds move with them." That's something George Makume, the Soweto-raised owner of So Cafe, understands. Three years ago, he opened his restaurant in the middle-class suburb of Roodepoort, 25 kilometres (16 miles) west of Soweto, noticing a lack of traditional food options despite a growing number of black professionals moving to the area. "People grew up with this kind of food, but it's difficult to find unless you travel 20 or 30 kilometres to Soweto," he said. Among his best-sellers are skopo sheep's head steam-cooked or grilled on an open fire followed by "Mogodu Mondays", a 2-for-1 special of spicy tripe and maize porridge. Since partnering with Uber Eats, and more recently Mr D Food, Makume said his weekday sales have jumped 30 per cent-40 per cent. Back at Badela's restaurant where evening prep is under way, he says there's plenty of business to go around. "I'm not the only one in Soweto offering this kind of food. There are many places," he says. "So if I succeed, the guys selling amanqgina (pig trotters), namatwana (chicken feet) and skopo will say 'Yo! I can do it as well.'" That's a potential boon for black communities, where unemployment typically outstrips the nationwide average of nearly 30 per cent.

Uber Eats goes local to find its niche in South African food fight

Ride-hailing company&nbsp;<a href="https://www.wionews.com/world/uber-co-founder-travis-kalanick-to-leave-companys-board-270071">Uber&nbsp;Technologies Inc</a> and courier services provider&nbsp;Postmates&nbsp;Inc asked a US&nbsp;court to&nbsp;block&nbsp;a&nbsp;California&nbsp;labor&nbsp;law&nbsp;set to go into effect on Wednesday, arguing the bill violates the US&nbsp;Constitution.

In a&nbsp;lawsuit filed in Los Angeles federal court on Monday, the companies and two app-based drivers said the&nbsp;law, which would make it harder for&nbsp;gig&nbsp;economy companies to qualify their&nbsp;workers as independent contractors rather than employees, was irrational, vague and incoherent.

The office of&nbsp;California&nbsp;Attorney General Xavier Becerra said in a statement on Monday it was reviewing the complaint. The bill, called AB5, faces multiple legal challenges.

The&nbsp;law&nbsp;was signed by&nbsp;<a href="https://www.wionews.com/world/donald-trump-threatens-to-withhold-emergency-aid-from-fire-hit-california-259805">California&nbsp;Governor Gavin Newsom</a> in September and has garnered national attention, largely owing to the size of&nbsp;California's workforce and the state's leadership role in establishing policies that are frequently adopted by other states.

&nbsp;

Also Watch: Uber can't fix safety issues

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Backers of the bill, including labor groups, have argued the&nbsp;law&nbsp;protects&nbsp;workers' rights. By classifying the contractors as employees, the companies would be subject to labor&nbsp;laws that require higher pay and other benefits such as medical insurance.

The bill strikes at the heart of the "gig&nbsp;economy" business model of technology platforms like&nbsp;Uber,&nbsp;Postmates, <a href="https://www.wionews.com/world/ride-hailing-company-lyft-rises-in-wall-street-premier-206594">Lyft Inc</a>, DoorDash and others who rely heavily on the state's 450,000 contract&nbsp;workers, not full-time employees, to drive passengers or deliver food via app-based services.

Uber,&nbsp;Postmates&nbsp;and other app-based companies said the legislation compromises the flexibility prized by their workforce, and that fewer&nbsp;workers would be hired were they considered employees.

The companies in their Monday&nbsp;lawsuit called AB5 a "thinly veiled attempt" to target and harm&nbsp;gig&nbsp;economy businesses. Singling out app-based&nbsp;workers violates equal protection guaranteed under the constitutions of the United States and&nbsp;California, the companies argued.

"It irreparably harms network companies and app-based independent service providers by denying their constitutional rights to be treated the same as others to whom they are similarly situated," the&nbsp;lawsuit said.

The companies pointed to allegedly arbitrary exemptions of different non-gig&nbsp;worker&nbsp;groups, including salespeople, travel agents, construction truck drivers, and commercial fishermen.

The full impact of the bill remains unclear in the short term, but the&nbsp;lawsuit cited a study saying the bill would increase ride-hailing company Lyft's operating costs by 20 per cent&nbsp;and lead to some 300,000 fewer drivers in&nbsp;<a href="https://www.wionews.com/world/nasas-trip-to-mars-begins-in-california-clean-room-270678">California</a>.

Uber, Lyft and food delivery company DoorDash have earmarked $90 million for a planned November 2020 ballot initiative that would exempt them from the&nbsp;law.

Ride-hailing company Uber Technologies Inc and courier services provider Postmates Inc asked a US court to block a California labor law set to go into effect on Wednesday, arguing the bill violates the US Constitution.

Ride-hailing company Uber Technologies Inc and courier services provider Postmates Inc asked a US court to block a California labor law set to go into effect on Wednesday, arguing the bill violates the US Constitution. In a lawsuit filed in Los Angeles federal court on Monday, the companies and two app-based drivers said the law, which would make it harder for gig economy companies to qualify their workers as independent contractors rather than employees, was irrational, vague and incoherent. The office of California Attorney General Xavier Becerra said in a statement on Monday it was reviewing the complaint. The bill, called AB5, faces multiple legal challenges. The law was signed by California Governor Gavin Newsom in September and has garnered national attention, largely owing to the size of California's workforce and the state's leadership role in establishing policies that are frequently adopted by other states. Also Watch: Uber can't fix safety issues × Backers of the bill, including labor groups, have argued the law protects workers' rights. By classifying the contractors as employees, the companies would be subject to labor laws that require higher pay and other benefits such as medical insurance. The bill strikes at the heart of the "gig economy" business model of technology platforms like Uber, Postmates, Lyft Inc, DoorDash and others who rely heavily on the state's 450,000 contract workers, not full-time employees, to drive passengers or deliver food via app-based services. Uber, Postmates and other app-based companies said the legislation compromises the flexibility prized by their workforce, and that fewer workers would be hired were they considered employees. The companies in their Monday lawsuit called AB5 a "thinly veiled attempt" to target and harm gig economy businesses. Singling out app-based workers violates equal protection guaranteed under the constitutions of the United States and California, the companies argued. "It irreparably harms network companies and app-based independent service providers by denying their constitutional rights to be treated the same as others to whom they are similarly situated," the lawsuit said. The companies pointed to allegedly arbitrary exemptions of different non-gig worker groups, including salespeople, travel agents, construction truck drivers, and commercial fishermen. The full impact of the bill remains unclear in the short term, but the lawsuit cited a study saying the bill would increase ride-hailing company Lyft's operating costs by 20 per cent and lead to some 300,000 fewer drivers in California. Uber, Lyft and food delivery company DoorDash have earmarked $90 million for a planned November 2020 ballot initiative that would exempt them from the law.

Uber, Postmates sue to block California gig worker law, claiming it's unconstitutional

Uber co-founder Travis Kalanick has finally left the company that he created. Kalanick was the CEO of uber until 2017. A string of scandals in the company forced him to step down.

But — he is not leaving empty-handed. He has sold more than two billion dollars worth of Uber shares.

Founders of big tech companies leaving their creations to build bigger empires and this are more common than you'd imagine.

There is a growing tribe of seasoned entrepreneurs — who exited the businesses they built. They have either become investors or opened new businesses. Some big players are dabbling in both arenas.

Either way — the start-up revolution around the world has given birth to a new league of billionaires.

Kalanick created the biggest taxi aggregator on the planet. But — Travis became kryptonite for Uber.

He had to step down as CEO of Uber in June 2017. This was after a series of privacy scandals — complaints of discrimination — and sexual harassment had hit the company.

Two years later — Kalanick is severing his last remaining tie with the company he created. He will step down from the board of directors of Uber by the end of this year.

But, Uber made Travis Kalanick a billionaire. He was the biggest individual shareholder of this company. Since his departure — Kalanick has been actively selling his stake. The report says he has already sold more than two billion dollars worth of shares.

Kalanick started another startup — that operates cooking facilities to prepare food for delivery.

Kalanick is not the first to follow this playbook. Steve jobs started next — after his unceremonious exit from apple.

He was also a majority stakeholder in Pixar — the animation studio that created movies like toy story, finding Nemo and wall-e.

Of course, jobs later made a come back at the apple. He sold Pixar to Disney — next was acquired by apple.

Sachin and Binny Bansal too left the unicorn they created. Both of them sold Flipkart to Walmart in 2018.

Sachin Bansal left the company the moment it was acquired. Binny Bansal was forced to resign after an unproven allegation of personal misconduct emerged.

But both the founders were quick to make a comeback. Sachin Bansal made a slew of investments in startups and established players.

According to one report — he has made 18 investments in multiple companies since his departure from Flipkart.

Binny Bansal too is stepping up his investments. Earlier this year — reports claimed that he was launching his venture capital fund.

Plans for a mentoring organisation for startups are also in the pipeline.

Uber co-founder Travis Kalanick has finally left the company that he created. Kalanick was the CEO of uber until 2017. A string of scandals in the company forced him to step down.

Uber co-founder Travis Kalanick has finally left the company that he created. Kalanick was the CEO of uber until 2017. A string of scandals in the company forced him to step down. But — he is not leaving empty-handed. He has sold more than two billion dollars worth of Uber shares. Founders of big tech companies leaving their creations to build bigger empires and this are more common than you'd imagine. There is a growing tribe of seasoned entrepreneurs — who exited the businesses they built. They have either become investors or opened new businesses. Some big players are dabbling in both arenas. Either way — the start-up revolution around the world has given birth to a new league of billionaires. Kalanick created the biggest taxi aggregator on the planet. But — Travis became kryptonite for Uber. He had to step down as CEO of Uber in June 2017. This was after a series of privacy scandals — complaints of discrimination — and sexual harassment had hit the company. Two years later — Kalanick is severing his last remaining tie with the company he created. He will step down from the board of directors of Uber by the end of this year. But, Uber made Travis Kalanick a billionaire. He was the biggest individual shareholder of this company. Since his departure — Kalanick has been actively selling his stake. The report says he has already sold more than two billion dollars worth of shares. Kalanick started another startup — that operates cooking facilities to prepare food for delivery. Kalanick is not the first to follow this playbook. Steve jobs started next — after his unceremonious exit from apple. He was also a majority stakeholder in Pixar — the animation studio that created movies like toy story, finding Nemo and wall-e. Of course, jobs later made a come back at the apple. He sold Pixar to Disney — next was acquired by apple. Sachin and Binny Bansal too left the unicorn they created. Both of them sold Flipkart to Walmart in 2018. Sachin Bansal left the company the moment it was acquired. Binny Bansal was forced to resign after an unproven allegation of personal misconduct emerged. But both the founders were quick to make a comeback. Sachin Bansal made a slew of investments in startups and established players. According to one report — he has made 18 investments in multiple companies since his departure from Flipkart. Binny Bansal too is stepping up his investments. Earlier this year — reports claimed that he was launching his venture capital fund. Plans for a mentoring organisation for startups are also in the pipeline.

Start-up revolution: New age billionaires leaving boardrooms to focus on new business

One of the founders of dominant <a href="https://www.wionews.com/business-economy/german-court-bans-uber-services-via-rental-cars-in-germany-269165">ride-hailing service Uber</a>, Travis Kalanick, will exit the company at the end of the year, the company announced Tuesday.

Kalanick, who was pushed out as chief executive in 2017 over various controversies, will sever his final ties to the company, resigning from the board of directors effective December 31 "to focus on his new business and philanthropic endeavours," Uber said in a statement.

"Uber has been a part of my life for the past 10 years. At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits," Kalanick said.

Watch: Uber can't fix safety issues

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/paris-uber-cant-fix-safety-issues-267382/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In March 2018, Kalanick announced the creation of a new investment vehicle, 10100, that will focus on both for-profit and non-profit ventures. The key areas of focus for the fund include real estate, e-commerce and innovation in China and India.

Kalanick and fellow Uber co-founder Garrett Camp got the idea for Uber while visiting Paris in December 2008 when they were unable to find a taxi.

UberCab launched in July 2010 in San Francisco. The company name was shortened in October to Uber.

Board Chairperson Ron Sugar thanked Kalanick for "his unique expertise, honed over 10 years building Uber from a scrappy startup into the global public company."

Kalanick <a href="https://www.wionews.com/business-economy/uber-submits-appeal-to-regain-london-taxi-licence-268225">resigned from Uber</a> in June 2017 amid heavy pressure following a series of disturbing reports about cutthroat workplace culture, harassment, discrimination and questionable business tactics to thwart rivals.

Uber shares have fallen more than 25 per cent since the company went public in May amid questions over its long-term profitability prospects.

Shares rose 1.1 per cent to $30.67 in morning trading Tuesday.&nbsp;

One of the founders of dominant ride-hailing service Uber, Travis Kalanick, will exit the company at the end of the year, the company announced Tuesday. Kalanick, who was pushed out as chief executive in 2017 over various controversies, will sever his final ties to the company, resigning from the board of directors effective December 31 "to focus on his new business and philanthropic endeavours," Uber said in a statement.

One of the founders of dominant ride-hailing service Uber, Travis Kalanick, will exit the company at the end of the year, the company announced Tuesday. Kalanick, who was pushed out as chief executive in 2017 over various controversies, will sever his final ties to the company, resigning from the board of directors effective December 31 "to focus on his new business and philanthropic endeavours," Uber said in a statement. "Uber has been a part of my life for the past 10 years. At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits," Kalanick said. Watch: Uber can't fix safety issues In March 2018, Kalanick announced the creation of a new investment vehicle, 10100, that will focus on both for-profit and non-profit ventures. The key areas of focus for the fund include real estate, e-commerce and innovation in China and India. Kalanick and fellow Uber co-founder Garrett Camp got the idea for Uber while visiting Paris in December 2008 when they were unable to find a taxi. UberCab launched in July 2010 in San Francisco. The company name was shortened in October to Uber. Board Chairperson Ron Sugar thanked Kalanick for "his unique expertise, honed over 10 years building Uber from a scrappy startup into the global public company." Kalanick resigned from Uber in June 2017 amid heavy pressure following a series of disturbing reports about cutthroat workplace culture, harassment, discrimination and questionable business tactics to thwart rivals. Uber shares have fallen more than 25 per cent since the company went public in May amid questions over its long-term profitability prospects. Shares rose 1.1 per cent to $30.67 in morning trading Tuesday.

Uber co-founder Travis Kalanick to leave company's board

&nbsp;A German court has banned <a href="https://www.wionews.com/business-economy/ola-uber-offer-free-services-to-mumbai-citizens-19662">Uber services</a> in Germany arguing the US ride-hailing company lacks a necessary license to offer passenger transport services using rental cars.

The verdict is effective immediately, but can be appealed, the Frankfurt regional court said in a statement on Thursday.

The court in 2015 forbids Uber from matching up drivers using their own cars with ride hailers.

Uber's service, which lets customers hail rides carried out in rented cars, is also illegal as it violated competition rules, the court said.

Uber was not immediately available for comment.

A German court has banned Uber services in Germany arguing the US ride-hailing company lacks a necessary license to offer passenger transport services using rental cars.

A German court has banned Uber services in Germany arguing the US ride-hailing company lacks a necessary license to offer passenger transport services using rental cars. The verdict is effective immediately, but can be appealed, the Frankfurt regional court said in a statement on Thursday. The court in 2015 forbids Uber from matching up drivers using their own cars with ride hailers. Uber's service, which lets customers hail rides carried out in rented cars, is also illegal as it violated competition rules, the court said. Uber was not immediately available for comment.

German court bans Uber services via rental cars

Uber submitted an appeal on Friday against a decision by London's transport regulator to strip the taxi app of its right to operate in one its most important markets, setting up a potentially lengthy legal process during which it can continue to take rides.

Uber submitted an appeal on Friday against a decision by London's transport regulator to strip the taxi app of its right to operate in one its most important markets, setting up a potentially lengthy legal process during which it can continue to take rides. Last month, Transport for London (TfL) refused to grant the Silicon Valley-based company a new licence due to what it called a "pattern of failures" on safety and security, the latest stage of a long-running battle with the authorities. Uber, which was also denied a licence by TfL in 2017 before a judge restored it on a probationary basis, said it had changed its business model over the last two years and would go further, as it lodged its appeal at Westminster Magistrates' Court. "We are committed to Londoners and are working closely with TfL to address their concerns and requests, as we have since 2017," said the firm's Northern and Eastern Europe boss Jamie Heywood. TfL director Helen Chapman said it would now be for a magistrate to decide. "We found Uber not fit and proper to hold a new private hire operator's licence on 25 November," she said in a statement. "We note that Uber has submitted an appeal and it will now be for a magistrate to determine if they are fit and proper." The firm's roughly 45,000 drivers in London will still be able to take rides until the appeals process is exhausted, which could take months or even years. The regulator said in November that unauthorised drivers were able to upload their photos to other Uber accounts so that on at least 14,000 trips a driver other than the advertised one picked up passengers. The Silicon Valley company has run into regulatory barriers and a backlash in several markets, forcing it to withdraw completely from places such as Copenhagen and Hungary. In London, black cab drivers who see Uber as a threat to their livelihoods have blocked streets in protest, arguing that they are being unfairly undercut by an inferior service.

Uber submits appeal to regain London taxi licence

Anais raped by an Uber driver in 2016 in Paris. More than 200 women reported being assaulted by the drive.

Paris: Uber can't fix safety issues

Uber releases its safety report disclosing that more than 3,000 sexual assaults were reported last year on US rides.

Is your Uber Ride Safe?

Uber is unable to make rides safe for Women. London cancelled Uber's License for Inadequate Safety.

Uber-Not Always A Safe Ride Home

Ride-hailing firm Uber Technologies Inc said it received over 3,000 reports of sexual assault-related to its 1.3 billion rides in the United States last year, in a report aimed at ensuring drivers and the public it was serious about safety.

The figure represents a 16% fall in the rate of incidents from the previous year in the five most serious categories of sexual assault reported, Uber said on Thursday in its first biennial US&nbsp;Safety Report.

The firm also said reports of assaults on passengers overlooked risks for drivers as riders accounted for roughly half of the accused.

The 84-page report comes almost two weeks after Uber said it would appeal the loss of its license to carry passengers in London over a "pattern of failures" on safety and security.

Uber, which in the past has faced criticism over safety on its platform and has been repeatedly hit with lawsuits over driver misconduct, last year committed to releasing a safety report in a sign of a cultural turnaround under its new CEO.

The firm, which operates in 70 countries, said the report showed its commitment to transparency to improve accountability and safety industry-wide. It said it would use what it learned producing the report for its "next steps" in other places.

"I suspect many people will be surprised at how rare these incidents are; others will understandably think they're still too common. Some people will appreciate how much we've done on safety; others will say we have more work to do. They will all be right," tweeted Chief Executive Officer Dara Khosrowshahi.

In the report, Uber said 99.9% of its 2.3 billion US&nbsp;trips in 2017 and 2018 ended without safety incidents.

It said it received 235 reports of "non-consensual sexual penetration" last year and 280 of "attempted non-consensual sexual penetration" - nearly all filed by women. The remaining assault reports included incidents of unwanted kissing or touching of body parts.

It also detailed 10 fatal physical assaults in 2017 and nine in 2018 - eight victims were riders, seven were drivers using Uber's app, and four were third parties such as bystanders.

At an event on Wednesday, Khosrowshahi said he prioritised improving Uber's culture and safety when assuming his role in 2017. At the time, Uber was dealing with regulatory fallout and public backlash over its business practices, forcing former CEO and founder Travis Kalanick to step down.

"We had to change the culture internally and we simply got to do the right thing," Khosrowshahi said, adding that Uber was not hiding anything by publishing internal information.

Rival Lyft Inc in a statement said it was committed to releasing its own safety report and sharing information on unsafe drivers. It did not state a release date for its report.

Background checks

Uber said it puts drivers through a vigorous background check before accepting them onto its platform. In its report, it said one million drivers failed to pass the screening test in 2017 and 2018 and more than 40,000 were removed from the app after extra screening layers.

Regulators have long said Uber's screening process was insufficient and inferior to those in place for taxi drivers, with several US&nbsp;cities attempting to compel Uber to mandate fingerprinting of its drivers.

New York City is currently the only US&nbsp;city where drivers have to provide fingerprints and undergo the same licensing requirements as regular taxi drivers.

The New York City Transport and Limousine Commission did not immediately respond to a request for comment on Uber's safety report. In the past, it said fingerprinting was the only way to ensure proper safety.

An Uber spokeswoman on Thursday said the firm's screening process was robust and rigorous, and was more reliable than the sometimes incomplete database for fingerprints.

Ride-hailing firm Uber Technologies Inc said it received over 3,000 reports of sexual assault-related to its 1.3 billion rides in the United States last year, in a report aimed at ensuring drivers and the public it was serious about safety.

Ride-hailing firm Uber Technologies Inc said it received over 3,000 reports of sexual assault-related to its 1.3 billion rides in the United States last year, in a report aimed at ensuring drivers and the public it was serious about safety. The figure represents a 16% fall in the rate of incidents from the previous year in the five most serious categories of sexual assault reported, Uber said on Thursday in its first biennial US Safety Report. The firm also said reports of assaults on passengers overlooked risks for drivers as riders accounted for roughly half of the accused. The 84-page report comes almost two weeks after Uber said it would appeal the loss of its license to carry passengers in London over a "pattern of failures" on safety and security. Uber, which in the past has faced criticism over safety on its platform and has been repeatedly hit with lawsuits over driver misconduct, last year committed to releasing a safety report in a sign of a cultural turnaround under its new CEO. The firm, which operates in 70 countries, said the report showed its commitment to transparency to improve accountability and safety industry-wide. It said it would use what it learned producing the report for its "next steps" in other places. "I suspect many people will be surprised at how rare these incidents are; others will understandably think they're still too common. Some people will appreciate how much we've done on safety; others will say we have more work to do. They will all be right," tweeted Chief Executive Officer Dara Khosrowshahi. In the report, Uber said 99.9% of its 2.3 billion US trips in 2017 and 2018 ended without safety incidents. It said it received 235 reports of "non-consensual sexual penetration" last year and 280 of "attempted non-consensual sexual penetration" - nearly all filed by women. The remaining assault reports included incidents of unwanted kissing or touching of body parts. It also detailed 10 fatal physical assaults in 2017 and nine in 2018 - eight victims were riders, seven were drivers using Uber's app, and four were third parties such as bystanders. At an event on Wednesday, Khosrowshahi said he prioritised improving Uber's culture and safety when assuming his role in 2017. At the time, Uber was dealing with regulatory fallout and public backlash over its business practices, forcing former CEO and founder Travis Kalanick to step down. "We had to change the culture internally and we simply got to do the right thing," Khosrowshahi said, adding that Uber was not hiding anything by publishing internal information. Rival Lyft Inc in a statement said it was committed to releasing its own safety report and sharing information on unsafe drivers. It did not state a release date for its report. Background checks Uber said it puts drivers through a vigorous background check before accepting them onto its platform. In its report, it said one million drivers failed to pass the screening test in 2017 and 2018 and more than 40,000 were removed from the app after extra screening layers. Regulators have long said Uber's screening process was insufficient and inferior to those in place for taxi drivers, with several US cities attempting to compel Uber to mandate fingerprinting of its drivers. New York City is currently the only US city where drivers have to provide fingerprints and undergo the same licensing requirements as regular taxi drivers. The New York City Transport and Limousine Commission did not immediately respond to a request for comment on Uber's safety report. In the past, it said fingerprinting was the only way to ensure proper safety. An Uber spokeswoman on Thursday said the firm's screening process was robust and rigorous, and was more reliable than the sometimes incomplete database for fingerprints.

Uber says it received over 3,000 reports of sexual assault in US in 2018

Uber loses London license; Watch this to know the whole story

Holly Hudson on Uber operations banned in UK's capital. To know more watch the video

WION Dispatch:  Holly Hudson on Uber operations banned in UK's capital

Uber employs around 45,00 drivers in London. To know more watch the video

Uber loses licence to operate in London over safety concerns

London's transport authority on Monday refused to renew an operating licence for ride-hailing giant <a href="https://www.wionews.com/business-economy/uber-safety-culture-lacking-in-autonomous-car-incident-regulator-263292">Uber</a> — and blamed "unacceptable" safety risks for passengers.

"Transport for London (TfL) has concluded that it will not grant Uber London Limited (Uber) a new private hire operator's licence in response to its latest application," it said in a statement.

The American giant, which has about 3.5 million customers and some 50,000 drivers in the British capital, described the move as "wrong" and added that it will appeal.

The TfL rejection is the latest setback to the firm's London operation, which has suffered previous licence suspensions in addition to protests from traditional black cab drivers.

In September, Uber was granted a two-month extension to its licence following the expiry of a previous 15-month agreement. The extension was conditional on passenger safety improvements.

'Pattern of failures'

TfL on Monday said there were a "pattern of failures", including the use of unauthorised drivers on other drivers' accounts, allowing them to pick up passengers.

The transport authority said this happened at least 14,000 times, endangering users, as it invalidated insurance.

Some trips took place with unlicensed, suspended or dismissed drivers.

TfL added that it recognised steps the company had taken to address such issues but was concerned about the ease with which its checks and balances could be manipulated.

"Despite addressing some of these issues, TfL does not have confidence that similar issues will not reoccur in the future, which has led it to conclude that the company is not fit and proper at this time," said the transport body charged with regulating the capital's taxi services.

Helen Chapman, director of licensing, regulation and charging at TfL, added that it was "unacceptable" that Uber had allowed passengers use taxi drivers who are "potentially unlicensed and uninsured".

Uber has 21 days to appeal, during which time it can continue to operate.

"We think this decision is wrong and we will appeal," Uber said in a brief statement emailed to all of its customers.

"You and the 3.5 million riders who rely on Uber can continue to use the app as normal. We remain 100 percent committed to your safety."

Uber would have to demonstrate on appeal that it has put in place sufficient measures to eliminate risks to passengers.

Mayor of London Sadiq Khan insisted companies needed to play by the rules.

"Keeping Londoners safe is my absolute number-one priority, and TfL have identified a pattern of failure by Uber that has directly put passengers' safety at risk.

"I know this decision may be unpopular with Uber users, but their safety is the paramount concern."

Unite, Britain's biggest trade union, welcomed the announcement and called for a level-playing field to allow traditional taxi services to compete.

"There remains fundamental problems in the way the company operates, particularly issues around passenger safety," said Unite official Jim Kelly.

“Uber’s DNA is about driving down standards and creating a race to the bottom which is not in the best interests of professional drivers or customers."

'Hammer blow' to drivers

However, the Independent Workers Union of Great Britain -- which represents gig economy workers -- criticised TfL's decision.

"The mayor's decision to once again deny Uber a licence will come as a hammer blow to its 50,000 drivers working under precarious conditions," said James Farrar, chair of the union's United Private Hire Drivers branch.

"We are asking for an urgent meeting with the mayor to discuss what mitigation plan can now be put in place to protect Uber drivers."

Iliya, an Uber driver on duty on Monday, said that the company's loss of licence "will be very very bad news for me, and not (just) for me, for all of us Uber drivers."

He added: "I'm probably going to sell the car because I don't know what I am going to do."

London's transport authority on Monday refused to renew an operating licence for ride-hailing giant Uber — and blamed "unacceptable" safety risks for passengers.

London's transport authority on Monday refused to renew an operating licence for ride-hailing giant Uber — and blamed "unacceptable" safety risks for passengers. "Transport for London (TfL) has concluded that it will not grant Uber London Limited (Uber) a new private hire operator's licence in response to its latest application," it said in a statement. The American giant, which has about 3.5 million customers and some 50,000 drivers in the British capital, described the move as "wrong" and added that it will appeal. The TfL rejection is the latest setback to the firm's London operation, which has suffered previous licence suspensions in addition to protests from traditional black cab drivers. In September, Uber was granted a two-month extension to its licence following the expiry of a previous 15-month agreement. The extension was conditional on passenger safety improvements. 'Pattern of failures' TfL on Monday said there were a "pattern of failures", including the use of unauthorised drivers on other drivers' accounts, allowing them to pick up passengers. The transport authority said this happened at least 14,000 times, endangering users, as it invalidated insurance. Some trips took place with unlicensed, suspended or dismissed drivers. TfL added that it recognised steps the company had taken to address such issues but was concerned about the ease with which its checks and balances could be manipulated. "Despite addressing some of these issues, TfL does not have confidence that similar issues will not reoccur in the future, which has led it to conclude that the company is not fit and proper at this time," said the transport body charged with regulating the capital's taxi services. Helen Chapman, director of licensing, regulation and charging at TfL, added that it was "unacceptable" that Uber had allowed passengers use taxi drivers who are "potentially unlicensed and uninsured". Uber has 21 days to appeal, during which time it can continue to operate. "We think this decision is wrong and we will appeal," Uber said in a brief statement emailed to all of its customers. "You and the 3.5 million riders who rely on Uber can continue to use the app as normal. We remain 100 percent committed to your safety." Uber would have to demonstrate on appeal that it has put in place sufficient measures to eliminate risks to passengers. Mayor of London Sadiq Khan insisted companies needed to play by the rules. "Keeping Londoners safe is my absolute number-one priority, and TfL have identified a pattern of failure by Uber that has directly put passengers' safety at risk. "I know this decision may be unpopular with Uber users, but their safety is the paramount concern." Unite, Britain's biggest trade union, welcomed the announcement and called for a level-playing field to allow traditional taxi services to compete. "There remains fundamental problems in the way the company operates, particularly issues around passenger safety," said Unite official Jim Kelly. “Uber’s DNA is about driving down standards and creating a race to the bottom which is not in the best interests of professional drivers or customers." 'Hammer blow' to drivers However, the Independent Workers Union of Great Britain -- which represents gig economy workers -- criticised TfL's decision. "The mayor's decision to once again deny Uber a licence will come as a hammer blow to its 50,000 drivers working under precarious conditions," said James Farrar, chair of the union's United Private Hire Drivers branch. "We are asking for an urgent meeting with the mayor to discuss what mitigation plan can now be put in place to protect Uber drivers." Iliya, an Uber driver on duty on Monday, said that the company's loss of licence "will be very very bad news for me, and not (just) for me, for all of us Uber drivers." He added: "I'm probably going to sell the car because I don't know what I am going to do."

Uber loses license in London over 'unacceptable' safety risks

In London, Transportation department has revoked the license of Uber over safety concerns of the customers. Watch this video to find out more.

London: Uber license revoked over safety concerns

A top US regulatory official on Tuesday said an investigation into a 2018 fatal crash involving a self-driving<a href="https://www.wionews.com/business-economy/uber-launches-new-safety-features-in-uk-as-it-fights-for-new-licence-261988"> Uber</a> car revealed "an ineffective safety culture" at the rideshare company.

<a href="https://www.wionews.com/world/united-states-nhtsa-reviewing-claims-2000-tesla-vehicles-should-have-been-recalled-253935">National Transportation Safety Board </a>chairman Robert Sumwalt made the remark while discussing a collision early last year in Arizona that killed a woman.

"The inappropriate actions of both the automated driving system, as implemented, and the vehicle's human operator, were symptoms of a deeper problem: an ineffective safety culture," Sumwalt said in his opening statement at the hearing.

The NTSB in March of last year sent a team to Tempe, Arizona, to investigate the fatal collision of an <a href="https://www.wionews.com/business-economy/judge-dismisses-uber-lawsuit-opposing-new-york-city-vehicle-license-caps-259652">Uber vehicle</a> and a pedestrian.

The Uber vehicle was part of the company's self-driving fleet of vehicles.

"Although the vehicle's sensors first noted the pedestrian 5.6 seconds before impact, the system waffled between classifying her as a vehicle, a bicycle, or 'other,'" Sumwalt said.

Uber had disabled a factory-installed collision warning system and automatic emergency braking system while the Volvo sport utility vehicle was being used to test Uber autonomous driving capabilities, according to the NTSB.

The pedestrian was dressed in dark clothing and was pushing a bicycle that had no side reflectors when she crossed an unlighted section of roadway at night.

Uber temporarily suspended its autonomous ridesharing program, eventually putting its self-driving cars back on the road in Pittsburgh in "manual mode," with a driver at the wheel at all times.

A top US regulatory official on Tuesday said an investigation into a 2018 fatal crash involving a self-driving Uber car revealed "an ineffective safety culture" at the rideshare company.

A top US regulatory official on Tuesday said an investigation into a 2018 fatal crash involving a self-driving Uber car revealed "an ineffective safety culture" at the rideshare company. National Transportation Safety Board chairman Robert Sumwalt made the remark while discussing a collision early last year in Arizona that killed a woman. "The inappropriate actions of both the automated driving system, as implemented, and the vehicle's human operator, were symptoms of a deeper problem: an ineffective safety culture," Sumwalt said in his opening statement at the hearing. The NTSB in March of last year sent a team to Tempe, Arizona, to investigate the fatal collision of an Uber vehicle and a pedestrian. The Uber vehicle was part of the company's self-driving fleet of vehicles. "Although the vehicle's sensors first noted the pedestrian 5.6 seconds before impact, the system waffled between classifying her as a vehicle, a bicycle, or 'other,'" Sumwalt said. Uber had disabled a factory-installed collision warning system and automatic emergency braking system while the Volvo sport utility vehicle was being used to test Uber autonomous driving capabilities, according to the NTSB. The pedestrian was dressed in dark clothing and was pushing a bicycle that had no side reflectors when she crossed an unlighted section of roadway at night. Uber temporarily suspended its autonomous ridesharing program, eventually putting its self-driving cars back on the road in Pittsburgh in "manual mode," with a driver at the wheel at all times.

Uber safety culture lacking in autonomous car incident

Uber&nbsp;launched a set of new safety features in Britain on Thursday as it battles to retain its <a href="https://www.wionews.com/world/uber-receives-just-a-two-month-london-licence-with-new-safety-conditions-251778">taxi operating licence</a> in the face of concerns about passenger safety.

The measures include a discrimination button enabling drivers and riders to report abuse, enhanced safety training for drivers and a direct connection to the emergency services.

In September,&nbsp;Uber&nbsp;received only a two-month operating licence in London, its most important European market, failing to secure a maximum five-year term in a battle with the regulator Transport for London (TfL) which has previously stripped the app of its right to take rides.

The two-month licence came with "new conditions to ensure passenger safety" and TfL said at the time it wanted more details from the company.

In 2017, TfL rejected the Silicon Valley company's licence renewal request due to failings it said it found in its approach to reporting serious criminal offences and driver background checks.&nbsp;Uber&nbsp;was then granted a probationary 15-month licence in 2018.

Drivers of London's traditional black taxis have lobbied hard against a licence renewal, citing safety issues, working standards and the undercutting of their business model.

Uber&nbsp;says its roughly 45,000 drivers in the city enjoy the flexibility of their work and that it has already taken several steps to improve safety for its passengers.

Uber launched a set of new safety features in Britain on Thursday as it battles to retain its taxi operating licence in the face of concerns about passenger safety.

Uber launched a set of new safety features in Britain on Thursday as it battles to retain its taxi operating licence in the face of concerns about passenger safety. The measures include a discrimination button enabling drivers and riders to report abuse, enhanced safety training for drivers and a direct connection to the emergency services. In September, Uber received only a two-month operating licence in London, its most important European market, failing to secure a maximum five-year term in a battle with the regulator Transport for London (TfL) which has previously stripped the app of its right to take rides. The two-month licence came with "new conditions to ensure passenger safety" and TfL said at the time it wanted more details from the company. In 2017, TfL rejected the Silicon Valley company's licence renewal request due to failings it said it found in its approach to reporting serious criminal offences and driver background checks. Uber was then granted a probationary 15-month licence in 2018. Drivers of London's traditional black taxis have lobbied hard against a licence renewal, citing safety issues, working standards and the undercutting of their business model. Uber says its roughly 45,000 drivers in the city enjoy the flexibility of their work and that it has already taken several steps to improve safety for its passengers.

Uber launches new safety features in UK as it fights for new licence

A Manhattan judge has dismissed Uber Technologies Inc's lawsuit challenging a New York City law limiting the number of licenses for ride-hailing services, the first such cap by a major American city.

In a decision made public on Friday, New York State Supreme Court Justice Lyle Frank rejected Uber's argument that the city wrongly gave its Taxi and Limousine Commission power to enforce the cap.

Frank was also unconvinced that the cap, part of Local Law 147, would impede state efforts to reduce traffic congestion through "congestion pricing" on vehicles entering high-traffic areas of Manhattan.

"It would appear that LL 147, rather than being in conflict with the congestion pricing law, in fact, appears to complement it," Frank wrote. His decision is dated Oct. 31.

“We’re disappointed that the TLC's cap that punishes drivers who are forced to rent vehicles will remain in effect," Uber said in a statement.

Nicholas Paolucci, a spokesman for the city's law department, said in an email: "Hardworking for-hire vehicle drivers and everyone else impacted by our congested roads should be pleased with this court ruling."

The August 2018 law was meant to give New York City greater oversight of ride-hailing companies such as Uber and Lyft Inc.

It included a one-year freeze on new licenses to for-hire vehicles, which was later extended through August 2020, and also set minimum pay standards for drivers.

The case is separate from Uber's Sept. 20 challenge to a New York City "cruising cap" rule limiting how much time its drivers could spend without passengers in Manhattan south of 96th Street.

Based in San Francisco, Uber has drawn criticism from many cities that its vehicles increase congestion, and commandeer&nbsp;business&nbsp;from taxis.

The value of medallions, which are permits needed to operate yellow taxis in New York City and are distinct from ride-hailing licenses, has plunged as Uber and Lyft gained popularity.

"This cap has been life-saving &amp; is the basis for any group of drivers - Uber or yellow cab - to come out of poverty &amp; instability," Bhairavi Desai, executive director of the New York Taxi Workers Alliance, said on Twitter.

The case is ZEHN-NY LLC et al v City of New York et al, New York State Supreme Court, New York County, No. 151730/2019.

A Manhattan judge has dismissed Uber Technologies Inc's lawsuit challenging a New York City law limiting the number of licenses for ride-hailing services, the first such cap by a major American city.

A Manhattan judge has dismissed Uber Technologies Inc's lawsuit challenging a New York City law limiting the number of licenses for ride-hailing services, the first such cap by a major American city. In a decision made public on Friday, New York State Supreme Court Justice Lyle Frank rejected Uber's argument that the city wrongly gave its Taxi and Limousine Commission power to enforce the cap. Frank was also unconvinced that the cap, part of Local Law 147, would impede state efforts to reduce traffic congestion through "congestion pricing" on vehicles entering high-traffic areas of Manhattan. "It would appear that LL 147, rather than being in conflict with the congestion pricing law, in fact, appears to complement it," Frank wrote. His decision is dated Oct. 31. “We’re disappointed that the TLC's cap that punishes drivers who are forced to rent vehicles will remain in effect," Uber said in a statement. Nicholas Paolucci, a spokesman for the city's law department, said in an email: "Hardworking for-hire vehicle drivers and everyone else impacted by our congested roads should be pleased with this court ruling." The August 2018 law was meant to give New York City greater oversight of ride-hailing companies such as Uber and Lyft Inc. It included a one-year freeze on new licenses to for-hire vehicles, which was later extended through August 2020, and also set minimum pay standards for drivers. The case is separate from Uber's Sept. 20 challenge to a New York City "cruising cap" rule limiting how much time its drivers could spend without passengers in Manhattan south of 96th Street. Based in San Francisco, Uber has drawn criticism from many cities that its vehicles increase congestion, and commandeer business from taxis. The value of medallions, which are permits needed to operate yellow taxis in New York City and are distinct from ride-hailing licenses, has plunged as Uber and Lyft gained popularity. "This cap has been life-saving & is the basis for any group of drivers - Uber or yellow cab - to come out of poverty & instability," Bhairavi Desai, executive director of the New York Taxi Workers Alliance, said on Twitter. The case is ZEHN-NY LLC et al v City of New York et al, New York State Supreme Court, New York County, No. 151730/2019.

Judge dismisses Uber lawsuit opposing New York City vehicle license caps

The Libra Association, created by <a href="https://www.wionews.com/world/paypal-abandons-facebook-backed-libra-cryptocurrency-group-253843">Facebook to launch its new cryptocurrency</a>, has announced its 21 founding members after defections by previous supporters including Visa and Mastercard.

The announcement on Monday came as the planned Libra global currency faces swelling criticism from regulators, and reported warnings from the Group of Seven that it poses a threat to the global financial system.

The group kicked off its first council meeting in Geneva and founding members including Uber, Spotify and Vodafone formally signed onto the Libra Charter, director-general Bertrand Perez said.

"We now have a total guarantee of their involvement, so we have confidence in the project," he said.

Last month, the non-profit association voiced hope that the number of companies backing it when it opened for business would swell from an initial 28 to "well over 100".&nbsp;

But instead, the list has shrunk, after more of its initial backers walked away amid swelling criticism from regulators around the world.

Credit card giants Visa and Mastercard, online marketplace eBay and digital payments firm Stripe each announced Friday they had changed their minds about being founding members of the association, following a similar recent announcement by digital payments firm PayPal.

The Libra Association confirmed Friday that the companies would no longer be founding members, but said it would continue building an alliance of businesses, social-good organisations, and others to implement the cryptocurrency.

Its launch was originally planned for mid-2020, but Perez said he had not ruled out a later start date.

"What we want is to build a platform that is solid, that is there to last and that will survive in the long term," he said, adding he was still "optimistic" about reaching around 100 members as planned.

Threat to financial stability?

The membership departures came after US senators sent letters to several financial firms noting that they could face "a high level of scrutiny from regulators" if they participated in the new currency plan.&nbsp;

French economy and finance minister Bruno Le Maire has warned that under current circumstances, Libra posed a threat to the "monetary sovereignty" of governments and could not be authorised in Europe.

Facebook executives have, however, claimed the new digital coin could help lower costs for global money transfers and help those without access to the banking system.

Facebook chief Mark Zuckerberg is set to testify at an October 23 hearing in the US House of Representatives on the Libra plan.

But in a fresh blow, a draft G7 report has outlined nine major risks posed by such digital currencies, according to the BBC.

The report, due to be presented to finance ministers at International Monetary Fund's annual meeting this week, did not single out Libra but referred to "global stablecoins" with the potential to "scale rapidly" as posing a range of potential problems.

Stablecoins are seen as more steady than cryptocurrencies like Bitcoin, since they are pegged to traditional currencies such as the US dollar or the euro.

But the G7 draft report reportedly cautioned that such currencies could pose problems for policymakers setting interest rates, and could threaten financial stability if users suddenly suffer "loss of confidence" in the digital unit.

Randal Quarles, the head of the Financial Stability Board (FSB), which oversees regulation among G20 economies, also sent a letter to G20 finance ministers Sunday warning that "global stablecoins could pose a host of challenges to the regulatory community".

This, he wrote, was "not least because they have the potential to become systemically important, including through the substitution of domestic currencies".

"Stablecoin projects of potentially global reach and magnitude must meet the highest regulatory standards and be subject to prudential supervision and oversight," he insisted.

The Libra Association, created by Facebook to launch its new cryptocurrency, has announced its 21 founding members after defections by previous supporters including Visa and Mastercard.

The Libra Association, created by Facebook to launch its new cryptocurrency, has announced its 21 founding members after defections by previous supporters including Visa and Mastercard. The announcement on Monday came as the planned Libra global currency faces swelling criticism from regulators, and reported warnings from the Group of Seven that it poses a threat to the global financial system. The group kicked off its first council meeting in Geneva and founding members including Uber, Spotify and Vodafone formally signed onto the Libra Charter, director-general Bertrand Perez said. "We now have a total guarantee of their involvement, so we have confidence in the project," he said. Last month, the non-profit association voiced hope that the number of companies backing it when it opened for business would swell from an initial 28 to "well over 100". But instead, the list has shrunk, after more of its initial backers walked away amid swelling criticism from regulators around the world. Credit card giants Visa and Mastercard, online marketplace eBay and digital payments firm Stripe each announced Friday they had changed their minds about being founding members of the association, following a similar recent announcement by digital payments firm PayPal. The Libra Association confirmed Friday that the companies would no longer be founding members, but said it would continue building an alliance of businesses, social-good organisations, and others to implement the cryptocurrency. Its launch was originally planned for mid-2020, but Perez said he had not ruled out a later start date. "What we want is to build a platform that is solid, that is there to last and that will survive in the long term," he said, adding he was still "optimistic" about reaching around 100 members as planned. Threat to financial stability? The membership departures came after US senators sent letters to several financial firms noting that they could face "a high level of scrutiny from regulators" if they participated in the new currency plan. French economy and finance minister Bruno Le Maire has warned that under current circumstances, Libra posed a threat to the "monetary sovereignty" of governments and could not be authorised in Europe. Facebook executives have, however, claimed the new digital coin could help lower costs for global money transfers and help those without access to the banking system. Facebook chief Mark Zuckerberg is set to testify at an October 23 hearing in the US House of Representatives on the Libra plan. But in a fresh blow, a draft G7 report has outlined nine major risks posed by such digital currencies, according to the BBC. The report, due to be presented to finance ministers at International Monetary Fund's annual meeting this week, did not single out Libra but referred to "global stablecoins" with the potential to "scale rapidly" as posing a range of potential problems. Stablecoins are seen as more steady than cryptocurrencies like Bitcoin, since they are pegged to traditional currencies such as the US dollar or the euro. But the G7 draft report reportedly cautioned that such currencies could pose problems for policymakers setting interest rates, and could threaten financial stability if users suddenly suffer "loss of confidence" in the digital unit. Randal Quarles, the head of the Financial Stability Board (FSB), which oversees regulation among G20 economies, also sent a letter to G20 finance ministers Sunday warning that "global stablecoins could pose a host of challenges to the regulatory community". This, he wrote, was "not least because they have the potential to become systemically important, including through the substitution of domestic currencies". "Stablecoin projects of potentially global reach and magnitude must meet the highest regulatory standards and be subject to prudential supervision and oversight," he insisted.

Group behind Facebook's Libra coin announces 21 founding members

Watch in WION Wallet: Taxi drivers protest against Uber, Didi & Cabify in the Mexico City. The protesters claimed that App-based taxis not following norms.

WION Wallet: Taxi drivers protest in Mexico City, 'App-based taxis not following norms'

Ride-hailing company Uber Technologies is taking to the air in New York City where users with a little cash to spare will soon be able to book helicopter flights to John F. Kennedy International airport through their apps.

Uber Copter takes off from Manhattan to JFK

Uber on Tuesday received only a two-month London operating licence, failing to secure a maximum five-year term in a battle with the regulator which has previously stripped the app of its right to take rides.

Transport for London (TfL) rejected the Silicon Valley company's licence renewal request in 2017 due to failings it said it found in its approach to reporting serious criminal offences and driver background checks, prompting legal action.

A judge in 2018 then granted Uber a probationary 15-month licence, which expires on September 25, after the firm had made several changes to its business model in London, its most important European market.

TfL said the new two-month licence comes with "new conditions to ensure passenger safety" and it wanted more details from the company.

"Uber London Limited has been granted a two-month private hire operator licence to allow for scrutiny of additional information that we are requesting ahead of consideration of any potential further licensing application," said a spokesman.

Uber said it will work closely with TfL and provide any additional information.

"We will keep listening, learning and improving to provide the best service while being a trusted partner to London," said Jamie Heywood, Uber's Regional General Manager for Northern &amp; Eastern Europe.

The 2017 licence loss came just weeks after Chief Executive Dara Khosrowshahi took over and became a test of his ability to assuage regulatory concerns as the app faced disputes with rival firms and the authorities in different markets.

Drivers of the city's traditional black taxis have lobbied hard against a licence renewal, having long cited safety issues, working standards and the undercutting of their business model.

Uber says its roughly 45,000 drivers in the city enjoy the flexibility of their work and that it has taken several steps to improve safety for its passengers.

The new conditions set by TfL cover ride-sharing, appropriate insurance and driver document checks by Uber.

Uber received a five-year licence in 2012 but fellow ride-hailing service Ola gained just a 15-month right to operate earlier this year, in a possible sign that the regulator wants to have more power over new entrants.

Mayor Sadiq Khan, who is also the chairman of TfL, has long been critical of Uber, telling LBC radio last month that they need to play by the rules.

"You will know my track record which is standing up to the big boys, and they are boys, and make sure everyone plays by the rules," he told listeners to a phone-in. "I don't care how many lawyers you employ or how big your PR budget."

Uber on Tuesday received only a two-month London operating licence, failing to secure a maximum five-year term in a battle with the regulator which has previously stripped the app of its right to take rides.

Uber on Tuesday received only a two-month London operating licence, failing to secure a maximum five-year term in a battle with the regulator which has previously stripped the app of its right to take rides. Transport for London (TfL) rejected the Silicon Valley company's licence renewal request in 2017 due to failings it said it found in its approach to reporting serious criminal offences and driver background checks, prompting legal action. A judge in 2018 then granted Uber a probationary 15-month licence, which expires on September 25, after the firm had made several changes to its business model in London, its most important European market. TfL said the new two-month licence comes with "new conditions to ensure passenger safety" and it wanted more details from the company. "Uber London Limited has been granted a two-month private hire operator licence to allow for scrutiny of additional information that we are requesting ahead of consideration of any potential further licensing application," said a spokesman. Uber said it will work closely with TfL and provide any additional information. "We will keep listening, learning and improving to provide the best service while being a trusted partner to London," said Jamie Heywood, Uber's Regional General Manager for Northern & Eastern Europe. The 2017 licence loss came just weeks after Chief Executive Dara Khosrowshahi took over and became a test of his ability to assuage regulatory concerns as the app faced disputes with rival firms and the authorities in different markets. Drivers of the city's traditional black taxis have lobbied hard against a licence renewal, having long cited safety issues, working standards and the undercutting of their business model. Uber says its roughly 45,000 drivers in the city enjoy the flexibility of their work and that it has taken several steps to improve safety for its passengers. The new conditions set by TfL cover ride-sharing, appropriate insurance and driver document checks by Uber. Uber received a five-year licence in 2012 but fellow ride-hailing service Ola gained just a 15-month right to operate earlier this year, in a possible sign that the regulator wants to have more power over new entrants. Mayor Sadiq Khan, who is also the chairman of TfL, has long been critical of Uber, telling LBC radio last month that they need to play by the rules. "You will know my track record which is standing up to the big boys, and they are boys, and make sure everyone plays by the rules," he told listeners to a phone-in. "I don't care how many lawyers you employ or how big your PR budget."

Uber receives just a two-month London licence with new safety conditions

<a href="https://www.wionews.com/business-economy/uber-lays-off-400-employees-in-marketing-team-239370">Uber Technologies Inc</a>&nbsp;reported a record $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6 per cent.

The company said a price war in the United States was easing and that an important measure of profitability topped its target, but slowing revenue growth raised questions about Uber's ability to expand and fend off competition.

"Losses are widening and the competition is cut-throat," said Haris Anwar, an analyst at financial markets platform Investing.com. "What's sapping investor confidence and hitting its stock hard after this report is the absence of a clear path to grow revenue and cut costs."

Uber's second-quarter net loss, widening from a loss of $878 million a year earlier, included $3.9 billion of stock-based compensation expenses related to its IPO earlier this year and nearly $300 million in "driver appreciation" related to the stock sale.

The report caught investors off guard in part because Uber's smaller rival Lyft Inc&nbsp;on Wednesday had raised revenue expectations and described an easing price war.

Uber stock had risen more than 8 per cent and Lyft had gained 3 per cent during the day. Following Uber's report, its shares fell 6 per cent&nbsp;and Lyft dropped nearly 2%.

Uber reported that revenue growth slowed to 14 per cent to $3.2 billion and fell short of the average analyst estimate of $3.36 billion, according to IBES data from Refinitiv. The company's core business, ride-hailing, grew revenue only 2 per cent to $2.3 billion. Food delivery Uber Eats grew 72 per cent to $595 million.

Gross bookings, a measure of the total value of car rides, scooter and bicycle trips, food deliveries and other services before payments to drivers, restaurants and other expenses, rose 31 per cent from a year earlier to $15.76 billion. Analysts on average were expecting $15.80 billion.

At the same time, Uber is keeping less money per car ride. The number of passengers spent on trips rose 20 per cent&nbsp;while the amount of Uber kept after paying its drivers increased by just 4 per cent.

Chief Executive Officer Dara Khosrowshahi said in a press call the competitive environment was starting to rationalize and had been "progressively improving" since the first quarter.

This year would be the peak for investment and losses would lessen in 2020 and 2021, he said.

Lyft on Wednesday said pricing had become "more rational", meaning the company should spend less on promotions and incentives to win market share. It raised its revenue outlook.

Both the companies have historically relied on subsidization to attract riders and have been spending heavily to expand services into areas such as self-driving technology for Lyft and food delivery for Uber.

Uber's costs rose 147 per cent&nbsp;to $8.65 billion in the quarter, including a sharp rise in spending for research and development.

"While we will continue to invest aggressively in growth, we also want it to be healthy growth, and this quarter we made good progress in that direction," Chief Financial Officer Nelson Chai said in a statement.

The adjusted loss before items including interest, tax, and stock-based compensation more than doubled to $656 million but was better than the company expected, Uber said. It also topped Wall Street targets of a $996 million loss.

Gross bookings for the year would be $65 billion to $67 billion, it said, in line with Wall Street's target of $65.9 billion.

The company, which has not yet made clear whether it will make a profit, is trying to convince investors that growth will come not only from its ride services but also from other logistics and food delivery services.

Uber said its monthly active users rose to 99 million globally, from 93 million at the end of the first quarter and 76 million a year earlier.

Uber Technologies Inc reported a record $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6 per cent.

Uber Technologies Inc reported a record $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6 per cent. The company said a price war in the United States was easing and that an important measure of profitability topped its target, but slowing revenue growth raised questions about Uber's ability to expand and fend off competition. "Losses are widening and the competition is cut-throat," said Haris Anwar, an analyst at financial markets platform Investing.com. "What's sapping investor confidence and hitting its stock hard after this report is the absence of a clear path to grow revenue and cut costs." Uber's second-quarter net loss, widening from a loss of $878 million a year earlier, included $3.9 billion of stock-based compensation expenses related to its IPO earlier this year and nearly $300 million in "driver appreciation" related to the stock sale. The report caught investors off guard in part because Uber's smaller rival Lyft Inc on Wednesday had raised revenue expectations and described an easing price war. Uber stock had risen more than 8 per cent and Lyft had gained 3 per cent during the day. Following Uber's report, its shares fell 6 per cent and Lyft dropped nearly 2%. Uber reported that revenue growth slowed to 14 per cent to $3.2 billion and fell short of the average analyst estimate of $3.36 billion, according to IBES data from Refinitiv. The company's core business, ride-hailing, grew revenue only 2 per cent to $2.3 billion. Food delivery Uber Eats grew 72 per cent to $595 million. Gross bookings, a measure of the total value of car rides, scooter and bicycle trips, food deliveries and other services before payments to drivers, restaurants and other expenses, rose 31 per cent from a year earlier to $15.76 billion. Analysts on average were expecting $15.80 billion. At the same time, Uber is keeping less money per car ride. The number of passengers spent on trips rose 20 per cent while the amount of Uber kept after paying its drivers increased by just 4 per cent. Chief Executive Officer Dara Khosrowshahi said in a press call the competitive environment was starting to rationalize and had been "progressively improving" since the first quarter. This year would be the peak for investment and losses would lessen in 2020 and 2021, he said. Lyft on Wednesday said pricing had become "more rational", meaning the company should spend less on promotions and incentives to win market share. It raised its revenue outlook. Both the companies have historically relied on subsidization to attract riders and have been spending heavily to expand services into areas such as self-driving technology for Lyft and food delivery for Uber. Uber's costs rose 147 per cent to $8.65 billion in the quarter, including a sharp rise in spending for research and development. "While we will continue to invest aggressively in growth, we also want it to be healthy growth, and this quarter we made good progress in that direction," Chief Financial Officer Nelson Chai said in a statement. The adjusted loss before items including interest, tax, and stock-based compensation more than doubled to $656 million but was better than the company expected, Uber said. It also topped Wall Street targets of a $996 million loss. Gross bookings for the year would be $65 billion to $67 billion, it said, in line with Wall Street's target of $65.9 billion. The company, which has not yet made clear whether it will make a profit, is trying to convince investors that growth will come not only from its ride services but also from other logistics and food delivery services. Uber said its monthly active users rose to 99 million globally, from 93 million at the end of the first quarter and 76 million a year earlier.

Uber loses $5 billion, misses Wall Street targets despite easing price war

The Supreme Court on Wednesday asked the Centre to take necessary steps and consider bringing a law to regulate mobile app-based taxi service providers like <a href="https://www.wionews.com/india-news/courtesy-matters-uber-to-remove-riders-who-misbehave-or-damage-properties-despite-warnings-193758">Ola and Uber </a>to ensure the safety of women.

A bench headed by Justice S A Bobde was hearing a petition filed by Nipun Saxena related to safety and security of women. Nipun had filed the petition after Nirbhaya gangrape case in 2012.

The bench also comprising Justice R Subhash Reddy and Justice B R Gavai asked the petitioner to make a representation before the government containing suggestion on the regulation of the app-based taxi services.

The court also asked the state governments to set up 'Crisis Centre' in each district to deal with sexual offence cases against women. It also asked states to comply with the guidelines and standard operating procedures framed by the Central government on the running of a Crisis Centre. 
 
A Crisis Centre helps sexual assault victims by providing counselling and other services. 
 
There have been several instances in the recent past across the country wherein women were assaulted while travelling in Ola and Uber cabs. 
 
(With reports from agencies)

The Supreme Court on Wednesday asked the Centre to take necessary steps and consider bringing a law to regulate mobile app-based taxi service providers like Ola and Uber to ensure the safety of women.

The Supreme Court on Wednesday asked the Centre to take necessary steps and consider bringing a law to regulate mobile app-based taxi service providers like Ola and Uber to ensure the safety of women. A bench headed by Justice S A Bobde was hearing a petition filed by Nipun Saxena related to safety and security of women. Nipun had filed the petition after Nirbhaya gangrape case in 2012. The bench also comprising Justice R Subhash Reddy and Justice B R Gavai asked the petitioner to make a representation before the government containing suggestion on the regulation of the app-based taxi services. The court also asked the state governments to set up 'Crisis Centre' in each district to deal with sexual offence cases against women. It also asked states to comply with the guidelines and standard operating procedures framed by the Central government on the running of a Crisis Centre. A Crisis Centre helps sexual assault victims by providing counselling and other services. There have been several instances in the recent past across the country wherein women were assaulted while travelling in Ola and Uber cabs. (With reports from agencies)

Women safety: Supreme Court asks Centre to consider law to regulate Ola, Uber; directs states to set up crisis centres

Ride-hailing company Uber Technologies Inc said on Monday it laid off 400 people globally from its marketing team.

As of December&nbsp;31, Uber had 22,263 employees, with 1,951 employees in sales and marketing team, according to the company's filing&nbsp;

Uber debuted on the New York Stock Exchange on May 10 at an IPO price of $45. The stock is currently trading nearly 2% below the IPO price.

The $75 billion platform connects drivers and passengers in 100 European cities.

Hamburg is the sixth German city in which&nbsp;Uber&nbsp;Technologies Inc has rolled out its full range of services, following a pledge last year by CEO Dara Khosrowshahi to make a fresh in Europe's largest economy and seek responsible growth.

Hamburg is the sixth German city in which&nbsp;Uber&nbsp;Technologies Inc has rolled out its full range of services, following a pledge last year by CEO Dara Khosrowshahi to make a fresh in Europe's largest economy and seek responsible growth.

Ride-hailing company Uber Technologies Inc said on Monday it laid off 400 people globally from its marketing team. As of December 31, Uber had 22,263 employees, with 1,951 employees in sales and marketing team, according to the company's filing Uber debuted on the New York Stock Exchange on May 10 at an IPO price of $45.

Ride-hailing company Uber Technologies Inc said on Monday it laid off 400 people globally from its marketing team. As of December 31, Uber had 22,263 employees, with 1,951 employees in sales and marketing team, according to the company's filing Uber debuted on the New York Stock Exchange on May 10 at an IPO price of $45. The stock is currently trading nearly 2% below the IPO price. The $75 billion platform connects drivers and passengers in 100 European cities. Hamburg is the sixth German city in which Uber Technologies Inc has rolled out its full range of services, following a pledge last year by CEO Dara Khosrowshahi to make a fresh in Europe's largest economy and seek responsible growth. Hamburg is the sixth German city in which Uber Technologies Inc has rolled out its full range of services, following a pledge last year by CEO Dara Khosrowshahi to make a fresh in Europe's largest economy and seek responsible growth.

Uber lays off 400 employees in marketing team

US ride-hailing company <a href="https://www.wionews.com/world/opinion-ubers-latest-ai-bid-could-lead-to-some-serious-consequences---144040">Uber</a> is launching a freight platform in Germany, taking on local technology startups in a race to grab a share of Europe's $500 billion trucking market.

Germany will be Uber Freight's second market to go live on the continent after the Netherlands, an executive told Reuters, with further expansion in prospect once operations are running smoothly in Europe's largest economy.

In the United States, Uber Freight already connects 48 states and generates more than $125 million in quarterly revenues.

Under maverick founder Travis Kalanick, Uber's earlier bid to establish its ride-hailing services in <a href="https://www.wionews.com/world/iran-must-stick-to-nuclear-commitments-warn-germany-uk-over-enriched-uranium-row-228119">Germany</a> met intractable opposition from taxi companies, politicians and the courts.

This time, led by Kalanick's successor Dara Khosrowshawi, Uber has consulted German officials and industry to win support for its freight business, said Daniel Buczkowski, Uber Freight's head of European expansion.

"After the change in leadership, we engaged in doing the right thing," Buczkowski, who is German, told Reuters.

Uber will compete with local players, including Berlin-based startup sender, which has raised $70 million from private equity house Lakestar and other investors at a $300 million valuation, and which already has a wider presence in Europe.

Other technology players in the freight forwarding sector include Flexport, a full-service platform based in San Francisco that raised $1 billion earlier this year from investors led by Japan's Softbank Group.

UK-based Zencargo and FreightHub, which like the sender is headquartered in Berlin, have also taken in investments of late.

Buczkowski sees Uber Freight's edge in its worldwide reach and proven technology. "As a global company we have the bandwidth to constantly innovate and create new products and features that support the entire marketplace," he said.

The freight platforms aim to digitalise an industry still dominated by firms running 10 or fewer trucks and to improve efficiency trucks are empty for 21 per cent of the distance they travel.

Other gains can come from real-time tracking of consignments, and the automation of payments in an industry where trucking firms often waste weeks chasing up invoices.

"The key to getting a lot of value out of this industry is understanding how to use those empty kilometres," said Nicolaus Schefenacker, a co-founder of the sender, which was set up in 2016.

He told Reuters that, as its network expanded, it was easier to model and forecast traffic flows to ensure consignments found the right truck at the right price. Although the freight tech sector is crowded, the market is segmented and the sender sees a clear opportunity in the so-called full-truckload market.

"The market is so huge that I think a lot of players are able to coexist. That's also the way we think about Uber Freight," Schefenacker told Reuters.

Unlike Uber's ride-hailing app or its food-delivery service, Uber Freight will operate as a middle-man in a market with an established pricing structure.

It will make money from the margin between the price paid by the shipper and the amount it pays on to the trucker, insulating it from the type of complaints made by many ride-hailing drivers who say they struggle to earn a decent income.

Uber, with a stock market capitalisation of $74 billion, aims to adapt its model used in the United States, where many truck drivers are sole operators, to Europe, where family-run firms predominate.

The apps still face challenges, ranging from environmental issues confronting an industry that runs on diesel to ensuring drivers are not overworked with long hours on the road.

The industry also needs new recruits, with the World Bank estimating two-thirds of German drivers will retire over the next decade, threatening a shortage in capacity for an industry that handles more than 70 per cent of freight.

US ride-hailing company Uber is launching a freight platform in Germany, taking on local technology startups in a race to grab a share of Europe's $500 billion trucking market.

US ride-hailing company Uber is launching a freight platform in Germany, taking on local technology startups in a race to grab a share of Europe's $500 billion trucking market. Germany will be Uber Freight's second market to go live on the continent after the Netherlands, an executive told Reuters, with further expansion in prospect once operations are running smoothly in Europe's largest economy. In the United States, Uber Freight already connects 48 states and generates more than $125 million in quarterly revenues. Under maverick founder Travis Kalanick, Uber's earlier bid to establish its ride-hailing services in Germany met intractable opposition from taxi companies, politicians and the courts. This time, led by Kalanick's successor Dara Khosrowshawi, Uber has consulted German officials and industry to win support for its freight business, said Daniel Buczkowski, Uber Freight's head of European expansion. "After the change in leadership, we engaged in doing the right thing," Buczkowski, who is German, told Reuters. Uber will compete with local players, including Berlin-based startup sender, which has raised $70 million from private equity house Lakestar and other investors at a $300 million valuation, and which already has a wider presence in Europe. Other technology players in the freight forwarding sector include Flexport, a full-service platform based in San Francisco that raised $1 billion earlier this year from investors led by Japan's Softbank Group. UK-based Zencargo and FreightHub, which like the sender is headquartered in Berlin, have also taken in investments of late. Buczkowski sees Uber Freight's edge in its worldwide reach and proven technology. "As a global company we have the bandwidth to constantly innovate and create new products and features that support the entire marketplace," he said. The freight platforms aim to digitalise an industry still dominated by firms running 10 or fewer trucks and to improve efficiency trucks are empty for 21 per cent of the distance they travel. Other gains can come from real-time tracking of consignments, and the automation of payments in an industry where trucking firms often waste weeks chasing up invoices. "The key to getting a lot of value out of this industry is understanding how to use those empty kilometres," said Nicolaus Schefenacker, a co-founder of the sender, which was set up in 2016. He told Reuters that, as its network expanded, it was easier to model and forecast traffic flows to ensure consignments found the right truck at the right price. Although the freight tech sector is crowded, the market is segmented and the sender sees a clear opportunity in the so-called full-truckload market. "The market is so huge that I think a lot of players are able to coexist. That's also the way we think about Uber Freight," Schefenacker told Reuters. Unlike Uber's ride-hailing app or its food-delivery service, Uber Freight will operate as a middle-man in a market with an established pricing structure. It will make money from the margin between the price paid by the shipper and the amount it pays on to the trucker, insulating it from the type of complaints made by many ride-hailing drivers who say they struggle to earn a decent income. Uber, with a stock market capitalisation of $74 billion, aims to adapt its model used in the United States, where many truck drivers are sole operators, to Europe, where family-run firms predominate. The apps still face challenges, ranging from environmental issues confronting an industry that runs on diesel to ensuring drivers are not overworked with long hours on the road. The industry also needs new recruits, with the World Bank estimating two-thirds of German drivers will retire over the next decade, threatening a shortage in capacity for an industry that handles more than 70 per cent of freight.

Uber freight launches in Germany, takes on local competition

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