|Day's Range||1.3800 - 2.5400|
Ride-share giant Lyft is defending its commitment to safety after 19 women allege they were sexually harassed, abused or raped by Lyft drivers. A lawsuit filed Wednesday says the company’s “response to this sexual predator crisis amongst Lyft drivers has been appallingly inadequate." Jamie Yuccas reports.
In a newly released interview, Nasdaq Chief Executive Adena Friedman says profits have become a top concern for investors and that priority may have taken some major tech companies by surprise.
(Bloomberg) -- Uber Technologies Inc. found more than 3,000 allegations of sexual assaults involving drivers or passengers on its platform in the U.S. last year, part of an extensive and long-awaited review in response to public safety concerns.The ride-hailing company released an 84-page safety report Thursday, seeking to quantify the misconduct and deaths that occur on its system and argue that its service is safer than alternatives.U.S. customers took about 1.3 billion trips last year, Uber said. About 50 people have died in Uber collisions annually for the past two years, at a rate about half the national average for automotive fatalities, according to the company. Nine people were killed in physical assaults last year, Uber said.Uber drivers reported nearly as many allegations of sexual assault as passengers, who made 56% of the claims. There is little comparable data on assaults in taxis or other transportation systems, and experts have said the attacks are widely under-reported. The assault claims reported to Uber ranged from unwanted kissing to forcible penetration.“Uber is very much a reflection of society,” said Tony West, Uber’s chief legal officer who helped spearhead the two-year research effort. “The sad, unfortunate fact is that sexual violence is more prevalent in our society than people think. People don’t like to talk about this issue.”Uber had committed more than a year ago to release a safety study, a promise Lyft Inc. made soon after. Lyft, the second-biggest ride-hailing provider in the U.S., has yet to publish a report. On Thursday, Uber said it would regularly share data with Lyft and other companies about drivers accused of serious safety lapses and continue publishing safety reports every two years.Uber has faced a steady stream of complaints in court across the country over driver misconduct, and Lyft has recently seen an explosion in legal claims by passengers. Just in California, at least 52 riders have sued Lyft this year over allegations they were assaulted or harassed by their drivers, according to filings reviewed by Bloomberg.“We remain committed to releasing our own safety transparency report and working within the industry to share information about drivers who don’t pass our initial or continuous background checks or are deactivated from our platform,” Lyft spokeswoman Alexandra LaManna said in a statement.Any number of deaths or violence is a reminder of the risks inherent to taking a ride with a stranger and the limited oversight the company has over what occurs. By publishing the data, Uber is taking an unusual step for a company, by drawing attention to the dangers of its product. The stock fell about 1.5% in extended trading after Uber put out the report.Uber shares had already fallen more than 35% from its May initial public offering through Thursday’s close. Its largest shareholder is Japan’s SoftBank Group Corp., which has struggled with its bets on Uber, WeWork and other startups in recent months.Uber has faced similar complaints in countries beyond the U.S. The company was sued in 2017 by a woman who alleged top executives violated her privacy after one of its drivers in India allegedly raped her.Regulators in London cited uncertainty about Uber’s ability to ensure the well-being of its passengers as a reason they revoked the company’s license to operate there last week. Uber will be able to continue operating in the U.K. capital as it appeals the decision. Dara Khosrowshahi, the chief executive officer, said at an event earlier this week that “a precursor to trust is transparency.”According to the study, the proportion of assaults to total trips decreased by 16% last year as Uber implemented new safety tools, such as contacting drivers and customers when the system identifies unusual activity, as well as adding a button to dial 9-1-1 from the app. “I do think Uber is one of the safest ways to get from point A to point B,” said West.Uber disclosed five categories of sexual assault allegations. In 2018, Uber received 1,560 reports of non-consensual touching of a sexual body part, 594 reports of non-consensual kissing of a non-sexual body part, 376 reports of non-consensual kissing of a sexual body part, 280 reports of attempted non-consensual sexual penetration and 235 reports of non-consensual sexual penetration.The extent of sexual misconduct, while staggering, isn’t unique to Uber, said Ebony Tucker, executive director at Raliance, an advocacy and consulting firm focused on preventing sexual violence. Uber’s findings “didn’t surprise any of us,” she said. “Sexual assault is pervasive. It’s everywhere.”Counting assaults is a complicated exercise. Only about a third of claims the company received about penetration without consent were reported to the police, Uber estimated. In about a quarter of cases, Uber said its team didn’t successfully communicate with the victim after the initial report. Women reported 89% of the rape allegations, the company said.Uber opted not to disclose many other troubling forms of sexual misconduct that it had previously identified as possible reporting categories. For instance, the company didn’t say how many times drivers and riders made inappropriate comments to one another, nor did it disclose incidents of indecent exposure.But advocates for victims of sexual violence called the decision to release data a potential watershed moment. “It’s really unprecedented for a company to collect this kind of systematic data over time and then share it with the public,” said Karen Baker, chief executive officer of the National Sexual Violence Resource Center, which advised Uber on the study. Baker said she has urged other companies in the hospitality and transportation industries in the U.S. to follow suit.Both Baker and Uber’s legal chief said the company may see an increase in reports of sexual misconduct in the future. That would actually be a positive sign, Baker said, because it would reflect victims’ confidence that their claims would be taken seriously.(Updates with Lyft statement in eighth paragraph.)\--With assistance from Robert Burnson.To contact the reporters on this story: Eric Newcomer in San Francisco at firstname.lastname@example.org;Lizette Chapman in San Francisco at email@example.comTo contact the editors responsible for this story: Mark Milian at firstname.lastname@example.org, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
An average of eight people reported sexual assaults while using Uber’s service each day in the US, according to a first-of-its-kind safety report released by the car-booking app on Thursday. While the numbers are difficult to contextualise for a service that offers more than 3m trips a day, the raw figures are jarring: in 2018 Uber reported 3,045 incidents of sexual assault in the US, ranging from non-consensual kissing to non-consensual sexual penetration. Sexual assault of the most serious kind occurred 235 times last year — more than four times a week.
A new lawsuit alleges the company tried to "conceal" knowledge of a pattern of sexual abuse committed by its drivers.
Li Hongyuan was at the company for 13 years before being accused of extortion and then being incarcerated by police. The court said there was insufficient evidence against him and awarded him Rmb108,000 ($15,000) in compensation. Huawei has defended its right to report suspected illegal activity to the authorities.
"Since 2006, value stocks (IVE vs IVW) have underperformed 11 of the 13 calendar years and when they beat growth, it wasn't by much. Cumulatively, through this week, it has been a 122% differential (up 52% for value vs up 174% for growth). This appears to be the longest and most severe drought for value […]
FT subscribers can click here to receive FirstFT every day by email. Nearly two-thirds of Americans say this year’s record-setting Wall Street rally has had little or no impact on their personal finances, ...
Nineteen women claimed in a lawsuit on Wednesday to have been raped or sexually assaulted while using Lyft, the ride-hailing app which the women say has not done enough to screen drivers or protect vulnerable passengers. A lawsuit on behalf of the women was filed in a California court by Estey & Bomberger, a law firm that has already once sued Lyft and previously sued Uber on similar allegations. The latest suit claims that Lyft has lax safety standards and fails to monitor drivers.
Washington is set to take on the problem of “call spoofing,” but what will it mean for businesses that use the technique for legitimate reasons?
SAN FRANCISCO, Dec. 02, 2019 -- Lyft, Inc. (Nasdaq:LYFT) announced today that Logan Green, Co-Founder and Chief Executive Officer, will keynote at the Credit Suisse 23rd Annual.
The ride-sharing company is priced as if it will have immense pricing power; the reality is that the industry is headed toward commodity pricing Continue reading...
Most people are comfortable with skimping on tipping their Uber driver. That’s the conclusion of a working paper released this week, co-authored by University of Chicago economist John List and published by the Becker Friedman Institute for Economics at the University of Chicago.
Some investments you intuitively understand because of their long, proven history. But others, typically those from the broader technology industry, may require you to get your hands dirty before you can truly appreciate them. I put Roku (NASDAQ:ROKU) firmly in this category.Source: AhmadDanialZulhilmi / Shutterstock.com Streaming may be difficult to understand for some Americans, especially those who have known only corded television. Moreover, the streaming industry throws out terminologies such as VSP, CDN, VOD, and OTT that may intimidate traditional TV viewers. Unfortunately, that's part of the growing pains associated with the ROKU stock price.For a long time, I only viewed Roku stock through purely "academic" terms. However, one day, I decided I had enough with paying for the ridiculous monthly charges for TV subscriptions. So I cut the cord and decided to go all in on ROKU.InvestorPlace - Stock Market News, Stock Advice & Trading TipsFolks, I ain't ever going back. * 7 Top Stocks to Buy for 2020 From every angle - convenience, finances, content - streaming TV is overwhelmingly superior to its corded predecessor. Personally, I consider Roku stock as an inverse spiritual investment to Uber (NYSE:UBER) or Lyft (NASDAQ:LYFT).One of the biggest reasons why ride sharing took off is that it allows people to profit from dormant assets. For instance, why drive just yourself to work when you can Lyft others and pocket some money?Well, streaming TV applies that same concept in reverse. Why pay for content that you're not going to watch and enjoy? Anecdotally, I'd estimate that at least 60% of the channels that came included in my TV subscription package benefited from my wallet but without my eyeballs.Thus, I'm not terribly worried about the sometimes-volatile Roku stock price. In the long run, streaming is the future of TV. The "Whys" of Traditional TV Bolster ROKU StockAny lengthy discussion about streaming TV or content providers will invariably invoke cord-cutting statistics. Indeed, this trend has left many media giants scrambling for answers. Typically, the strategy is to join forces with the movement.Of course, cord cutting doesn't bode well for companies heavily levered to pay TV subscription models. Still, a great many Americans continue to find reasons to stay the course with tradition. However, the real risk to pay TV isn't just cord-cutting; it's that the reasons to stay tethered are declining in relevance.Earlier this year, MRI-Simmons conducted a study researching in part the motivations of people considering traditional TV subscriptions. The most popular reason averaged among all demographics - segmented by 18-plus, 18 to 34, 35 to 49, and 50-plus -- is the ability to channel surf. The second most-popular reason was that they were offered good deals by TV providers.Interestingly, only three reasons (out of nine in the study) mentioned factors that are uniquely advantageous for pay TV: the ability to watch live news and live programming, and access to specific TV networks.Regarding live news, this factor will unlikely threaten the Roku stock price. According to the Pew Research Center, younger Americans overwhelmingly prefer social media as their primary news source.As far as live programming, this attribute is overrated, at least among the younger, more relevant generation. Based on a Morning Consult/Hollywood Reporter poll, 60% of adult viewers stated that they binge-watched their favorite shows. That's not possible with live programming.Finally, network access is the last holdout for some traditional TV channels. However, with another Pew report noting that 61% in the ages 18 to 29 bracket prefer streaming services, any holdouts won't last long.Most importantly, all these trends are moving positively for ROKU stock. Not Entirely Without RiskAlthough TV consumption trends favor ROKU, they also benefit its competitors. Namely, the biggest risk factor, especially for this holiday season is Amazon (NASDAQ:AMZN) and its Amazon Fire TV Cube.Unlike your typical over-the-top device, the Fire TV Cube is a comprehensive entertainment system. Featuring all the goodies associated with high-quality streaming, Cube's signature attribute is its intuitive voice recognition system. Rather than deal with clunky remote controls, you can talk your way to your favorite content.Despite Cube's tech wizardry, though, it does have one critical drawback: price. In contrast, ROKU's platform offers myriad choices, with the cheapest coming in at $30. Thus, anyone that doesn't require the absolute best in streaming equipment have ready-made solutions with ROKU.Ultimately, I'm looking at the company as a buy-on-the-dips opportunity. While shares may be a little bit overheated right now, anything around the 50-day moving average (approximately $130) represents a confident entry point.As of this writing, Josh Enomoto did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Sickly Healthcare Stocks to Avoid * 5 Lottery Stocks With Huge Upside -- And a Real Chance of $0 * 7 Top Stocks to Buy for 2020 The post ROKU Renders Traditional TV Models Pointless appeared first on InvestorPlace.
The 2019 shared scooter season drew to an early close in Minneapolis this week, but not before users logged more than 1 million rides.
How much ride-hailing companies Uber and Lyft charge customers throughout a day is one of the most closely held secrets in Silicon Valley. The price increases for shared rides predominantly affect Chicago's low-income neighborhoods, which is where most of the carpool rides are booked, the analysis showed. The Chicago data does not differentiate between rides operated by Uber Technologies Inc, Lyft Inc, or smaller ride-share rival Via.
A startup called Firefly puts sensor-equipped advertising screens on top of Uber and Lyft vehicles. Now they do more than marketing: They collect data.