Posts belonging to Category UBER economy

Uber is one step closer to a massive investment from SoftBank

Uncertain future for Travis Kalanick

A deal between Uber and SoftBank is nearly done. Today (Oct. 4) Uber announced in a statement it would move forward with a proposed investment from Japanese tech giant SoftBank which could close “in the coming weeks,” and also voted in favor of a number of corporate governance reforms. The decisions bode poorly for Uber founder Travis Kalanick, who has sought to retain his influence over the company after stepping down as CEO in June, and could pave the way for broader changes in Uber’s international operations.

SoftBank, which said in August it’s interested in investing in Uber, hasn’t made public the size of its proposed investment, but a person with knowledge of the deal said that SoftBank, along with other investors, will invest $1.25 billion directly in Uber at a $69 billion valuation, and will also purchase 14% to 17% of outstanding shares from existing investors. The person also added that Uber will go public by 2019, something which Uber’s new CEO hinted at in August.…  Wed.,  04  October 2017

Social Rights for ‘gig economy’ workers

EU seeks more protection for Uber-style jobs

The European Commission wants more social protection and rights for casual workers, such as those in the “gig economy”, and others with non-standard contracts to try to tackle growing social inequality.

The Commission’s consultation document on these plans, seen by Reuters, is part of a broader reworking of the EU’s economic priorities, after pressure from populist forces that accuse Brussels of having pursued ultra-liberal policies to the detriment of wo

http://www.reuters.comMon.,  25  September 2017

Is UBER a Ponzi scheme?

Magellan’s Hamish Douglass says Uber is a ‘Ponzi scheme’

Uber’s practice of persistently raising capital from private investors is akin to a Ponzi scheme, according to veteran investor and Magellan Financial Group chief executive Hamish Douglass.

In a candid interview at the Stockbrokers and Financial Advisers Conference in Sydney on Wednesday, Mr Douglass lamented the dramatic losses awaiting Uber investors as automated driving technology permeates the market.…  Wed.,  24  May 2017

Terrifying prediction for jobs in developing countries

Automation a threat to 77% jobs in China

Research has predicted that the proportion of jobs threatened byautomation in India is 69%, while it is 77% in China and 85% in Ethiopia, World Bank President Jim Yong Kim has said, citing data from the multilateral agency.…  Tue.,  02 May 2017

Uber’s turmoil

Uber’s No. 2 executive quits after 6 months

Uber president Jeff Jones is quitting after six months on the job because of concerns over the firm’s management culture. “The beliefs and approach to leadership that have guided my career are inconsistent with what I saw and experienced at Uber,” Jones said in a statement.
Jones was second in command to CEO Travis Kalanick, running Uber’s ride-hailing operations, marketing and customer support. A former Target executive, he was named president at the end of August.…  Tue.,  21 March 2017

Donald Trump said to Congress that US job market sound worse than it is

Ninety-four million Americans out of the labor force?

During President Donald Trump’s speech to Congress on Tuesday night, the president looked at the current economic and political situation he took over when he came into office. In doing so, however, Trump repeated a figure that makes the job market sound much worse than it is. “Tonight, as I outline the next steps we must take as a country, we must honestly acknowledge the circumstances we inherited, ” said Trump.”Ninety-four million Americans are out of the labor force.”
That seems like a lot considering that the total US population is just over 320 million people. But consider what the Bureau of Labor Statistics is actually measuring when it counts those 94 million.…  Wed.,  01 March 2017

80% of the jobs people do today won’t exist in the future

The global jobs market is on “the cusp of a radical transformation.”

Speaking at the second annual HSBC Innovation Summit in London on Friday, Gavin Patterson (CEO of BT)  said: “It’s a combination of ubiquitous networks, ubiquitous data, ubiquitous processing capabilities, sensors in everything, augmented reality, virtual reality — the future looks very, very different. “Frankly, it’s quite possible that 80% of the jobs that people do today won’t exist in the future. It’s not quite clear where we go from here.” … Sat,  29 October 2016

Self-driving taxis in Pittsburgh

Uber Launches Self-Driving Taxis In Pittsburgh

Taxi service Uber will start transporting passengers with self-driving cars in the next few weeks, the company has said. Initially, the Ford Fusion vehicles will be supervised by a driver, who can take control if necessary, and an observer. The pilot project is set to start in Pittsburgh, Pennsylvania, in the next few weeks, where Uber has a self-driving research lab and is working on autonomous technology.  Fri.,  19 August 2016

China: Uber to merge with rival Didi in $35 billion deal

Uber to Sell China Business to Rival Didi After Losing Billions

Uber Technologies Inc. will sell its China business to Didi Chuxing, the dominant ride-hailing service in the country, according to people familiar with the matter, ending a costly battle between the two companies for customers and drivers. The valuation of the combined business will be $35 billion, said the people, who asked not to be named because the details aren’t public. Investors in Uber China, an entity owned by San Francisco-based Uber, Baidu Inc. and others, will receive a 20 percent stake in Didi, the people said. Uber, which is retreating after years of losses in China, will continue to operate its own app in the country for now  Mon,  01 July, 2016

Toyota investing in ride-hailing company Uber

After GM, Toyota deals with ride-hailing companies

Toyota said Tuesday it is investing in Uber, making it the latest car company to put money in a ride-hailing app. The Japanese company did not say how much the investment is worth. As part of the deal, Uber drivers can lease Toyota vehicles with money earned from their driving. … Wed., 25 May 2016.