UBER - Uber Technologies, Inc.

NYSE - NYSE Delayed Price. Currency in USD
34.43
+1.18 (+3.55%)
At close: 4:00PM EDT

34.49 +0.08 (0.23%)
Pre-Market: 7:00AM EDT

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Previous Close33.25
Open33.60
Bid33.51 x 900
Ask34.65 x 1400
Day's Range33.47 - 34.80
52 Week Range30.67 - 47.08
Volume7,909,699
Avg. Volume9,910,731
Market Cap58.531B
Beta (3Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-3.01
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est50.60
Trade prices are not sourced from all markets
  • WeWork Postpones Long-Awaited Listing as Valuations Plummet
    Bloomberg

    WeWork Postpones Long-Awaited Listing as Valuations Plummet

    (Bloomberg) -- WeWork pushed back its much-awaited initial public offering, and said it now expects to complete the listing by the end of this year as concerns mount over the company’s governance, valuation and business prospects. Bloomberg News reported earlier that the offering is likely to be postponed until at least October. WeWork had planned to begin making its pitch to investors in a roadshow as soon as this week.“The We Co. is looking forward to our upcoming IPO, which we expect to be completed by the end of the year,” the company said in a statement on Monday evening in New York. “We want to thank all of our employees, members and partners for their ongoing commitment.”SoftBank Group Corp., the office-rental company’s biggest investor, had pressed WeWork to put off the stock offering amid doubts about the business, people familiar with the matter said previously.In January, SoftBank made its last investment in WeWork, renamed the We Co., at a valuation of $47 billion. The company was more recently expected to be valued at only about $15 billion in a listing and perhaps even less, people familiar with the matter have said.The decision to postpone the listing will at least temporarily sideline an important source of capital for the money-losing business and could threaten a $6 billion credit financing that was contingent on a successful offering. The facility requires the company to carry out its IPO by Dec. 31, Bloomberg News previously reported.The biggest backers of SoftBank’s $100 billion Vision Fund are now reconsidering how much to commit to its next investment vehicle after the oversized bet on WeWork soured. Saudi Arabia’s Public Investment Fund, which contributed $45 billion to the gargantuan fund, is now only planning to reinvest profits from that vehicle into its successor, according to people familiar with the talks.Vision FundAbu Dhabi’s Mubadala Investment Co., which invested $15 billion in the Vision Fund, is considering paring its future commitment to below $10 billion, the people said, asking not to be identified in disclosing internal deliberations.The delay also adds another sour note to a medley of high-profile but frequently disappointing IPOs this year. The offering was expected to have been the biggest after Uber Technologies Inc.’s $8.1 billion listing and ahead of Avantor Inc.’s $3.3 billion IPO and the $2.3 billion offering by Uber’s ride-hailing rival Lyft Inc. Of those three, only Avantor is trading above its offer price.WeWork’s likely delay was reported earlier by the Wall Street Journal.WeWork has become an extreme example of the excesses afforded to technology entrepreneurs in the era of unicorns -- startups valued at $1 billion or more. Adam Neumann, WeWork’s co-founder and chief executive officer, was able to raise billions of dollars at astronomical valuations and spend freely, while retaining effective control over operations through special classes of stock.In an effort to keep its IPO on track, WeWork last week took steps to limit Neumann’s control of the company after an IPO, as well as other measures to improve its corporate governance.(Updates with details of Vision Fund investors from seventh paragraph. A previous version of this story was corrected to show the Lyft IPO size is in billions of dollars.)\--With assistance from Scott Deveau, Ellen Huet and Sridhar Natarajan.To contact the reporters on this story: Gillian Tan in New York at gtan129@bloomberg.net;Liana Baker in New York at lbaker75@bloomberg.net;Michelle F. Davis in New York at mdavis194@bloomberg.netTo contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, Ben Scent, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • SoftBank Needs a Different IPO After WeWork Slip
    Bloomberg

    SoftBank Needs a Different IPO After WeWork Slip

    (Bloomberg Opinion) -- SoftBank Group Corp. and its Vision Fund need another win. And they need it fast.With news that U.S. rental office company WeWork  – formally known as The We Company – looks set to delay its IPO, we can see just how dependent SoftBank supremo Masayoshi Son’s empire was on this one exit to keep the Japanese company’s hit machine ticking along. SoftBank Vision Fund has been a major investor in some of this year’s most significant listings. Uber Technologies Inc. and Slack Technologies Inc. were among them. Both have fallen this quarter, dragging down the value of the Fund.There is a pattern to how the Vision Fund keeps returns climbing. Buy in at a later round of a startup’s funding, list the company a year or two later, and book the mark-to-market gains.Sounds simple, except for the one-two punch that follows: SoftBank, like most pre-IPO investors, is generally locked in and can’t cash out that profit for at least a year. Additionally, IPO shares have a tendency to perform badly in their first year. For SoftBank and the Vision Fund, that means quick gains turn to slow public-market losses that need to be booked every period, hurting returns in subsequent quarters.To paper over these losses, the Fund can book gains by bringing its next hot offering to market. That means that as long as there’s a healthy IPO each quarter, the pain from public-market declines can be squelched. So the model becomes: IPO gain, public-market losses, IPO gain. And around again.With WeWork, however, the merry-go-round risks turning into musical chairs. The game needs IPOs on the floor or the music stops. Had WeWork gone public before Sept. 30, and at a healthy premium to the various prices SoftBank paid through its funding rounds, then such paper profits likely would have covered over losses caused by the 26% decline in Uber’s shares so far this quarter and the 30% drop in those for Slack.As Bloomberg’ s Gillian Tan wrote earlier this month, SoftBank and its affiliates own around 29% of WeWork. Should the $47 billion valuation at which SoftBank most-recently bought in turn into the current whisper number of $15 billion, then SoftBank and the Fund could be set to lose as much as $9.28 billion right out of the gate.(4)That would result in an unusual IPO loss, drag down the Fund, and ruin the quarterly model. So it makes sense that SoftBank wants to delay WeWork’s IPO, at least until after Sept. 30. WeWork responded to reports of this delay by saying it expects to complete the IPO by the end of this year.Assuming that there’s no other basis for revaluation, such as a new equity round, the Vision Fund can still contend that WeWork is worth $47 billion when it closes its books at the end of this month.But that doesn’t solve the possibility of the Vision Fund posting a loss this quarter thanks to slides in Uber and Slack. One listed portfolio company, Ping An Good Doctor (aka Ping An Healthcare and Technology Co.), was up 39% in Hong Kong as of Tuesday morning, netting a gain of around $110 million to the Vision Fund. Others have fallen, including Guardant Health Inc. (-13%) and ZhongAn Online P&C Insurance Co. (-8.6%).  I believe that this leaves SoftBank Vision Fund with little choice but to enact a two-pronged strategy. First, take a “big bath(3)” for the September quarter and get the bad news behind it. Second, hurry along the IPOs of the other unicorns in its stable.ByteDance, the hugely popular Chinese video content platform, is currently the world’s most valuable startup at $75 billion, according to CB Insights. That’s followed by Chinese ride-hailing provider Didi Chuxing at $56 billion. I don’t think either is ready to IPO in the next month or two, but there’s always a chance ByteDance may decide to list before a slowdown in the Chinese economy starts to show up in its growth metrics.There are also some smaller fruit about to ripen. South Korean e-commerce company Coupang and U.S. food delivery provider DoorDash Inc. could find favor among IPO investors. Southeast Asian transport and services startup Grab Holdings Inc. would also be very popular, but I sense they want to spend a little more time building the non-transport offerings before pitching an IPO. Then there is Son’s plan to relist British semiconductor designer ARM Holding Plc, which would likely be a success because of its central role in the global technology sector.Despite the troubles with WeWork, SoftBank still has a strong team of highly valued startups on its roster. But they’re not much good to the Vision Fund if they’re sitting on the bench.(1) The exact scale of any loss would depend on how SVF has valued preferred shares acquired in earlier rounds. This figure assumes the Fund raised valuations in subsequent funding rounds.(2) Big Bath refers to the concept of collating lots of bad news in one quarter so that a company can put it all in the past and move on. Often seen as manipulation, I'd argue this can actually be a healthy strategy because it allows investors and management to return their focus to building the company.To contact the author of this story: Tim Culpan at tculpan1@bloomberg.netTo contact the editor responsible for this story: Patrick McDowell at pmcdowell10@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tim Culpan is a Bloomberg Opinion columnist covering technology. He previously covered technology for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Financial Times

    Dubai’s Careem rides high after $3bn Uber buyout

    Given the Middle East’s longtime focus on the oil industry, it may be unsurprising that it was not until 2016 that the region produced its first “unicorn” — a tech group valued at $1bn or more. Founded in 2012 — three years after US-based Uber — Careem competed against its international rival across the Gulf, north Africa and Pakistan, deploying local knowledge and innovative regional variations. Careem, while poised to become a wholly-owned Uber subsidiary, will carry on operating under its own brand, led by Mudassir Sheikha, co-founder and chief executive.

  • Uber to limit drivers' app access to comply with NYC regulation
    Reuters

    Uber to limit drivers' app access to comply with NYC regulation

    Uber Technologies Inc's move to lock out drivers at times and in areas of low demand comes just months after rival Lyft Inc implemented similar measures in response to city regulation. Both companies oppose the unprecedented rules, saying they will prevent drivers from earning money and cut off low-income New Yorkers in remote areas not serviced by regular taxis, a claim the city rejects. "Time and again we've seen Mayor (Bill) de Blasio's TLC pass arbitrary and politically-driven rules that have unintended consequences for drivers and riders," Uber said in a statement on Monday.

  • Uber stock is a buy-one-get-one-free deal, analyst contends
    MarketWatch

    Uber stock is a buy-one-get-one-free deal, analyst contends

    Shares of Uber Technologies Inc. and Lyft Inc. received a boost Monday after HSBC analyst Masha Kahn turned bullish on both ride-hailing stocks, writing that the “price is right” to invest in the beaten-down industry.

  • Zacks

    MoviePass: A Cautionary Tale?

    MoviePass had all the workings of a genius tech start-up but was unable to execute its business model effectively. What does this mean for other unprofitable public companies?

  • SoftBank Backers Rethink Role in Next Vision Fund on WeWork
    Bloomberg

    SoftBank Backers Rethink Role in Next Vision Fund on WeWork

    (Bloomberg) -- The biggest backers of SoftBank Group Corp.’s gargantuan Vision Fund are reconsidering how much to commit to its next investment vehicle as an oversized bet on flexible workspace provider WeWork sours.Saudi Arabia’s Public Investment Fund, which contributed $45 billion to the $100 billion Vision Fund, is now only planning to reinvest profits from that vehicle into its successor, according to people familiar with the talks. Abu Dhabi’s Mubadala Investment Co., which invested $15 billion, is considering paring its future commitment to below $10 billion, the people said, asking not to be identified in disclosing internal deliberations.A partial retreat of the two anchor investors would complicate fundraising for SoftBank Chief Executive Officer Masayoshi Son, who upended venture capital by making huge bets on promising yet unproven companies and spurring others to follow suit. Perhaps more than any other startup, WeWork has come to symbolize that brash style, and the success or failure of its IPO is likely to impact Son’s ability to raise cash for future deals.PIF executives are still considering options and no final decision has been made, one of the people said. A spokesman for the Saudi Arabian wealth fund declined to comment. Mubadala said discussions are continuing on whether or not any investment will take place. A representative for SoftBank’s Vision Fund didn’t immediately have a comment.“The suggestion we have made any decisions on the size or timing of a potential investment is simply unfounded,” said Brian Lott, a spokesman for Abu Dhabi’s sovereign fund. “Our discussions continue at an appropriate and deliberate pace, given the importance of this effort.”Sagging ValuationThe Wall Street Journal previously reported that Saudi Arabia’s sovereign wealth fund wasn’t planning to be a significant investor in the new fund but may still make a more modest commitment. A decision to only reinvest proceeds from the first fund would mark a significant shift. Saudi Arabia’s Crown Prince Mohammed bin Salman said last October that he planned to invest another $45 billion into any new fund.“We would not put, as PIF, another $45 billion if we didn’t see huge income in the first year with the first $45 billion,” he said in an interview with Bloomberg.WeWork is one of SoftBank’s flagship investments, along with Uber Technologies Inc., messaging software provider Slack Technologies Inc. and U.K. chipmaker ARM Holdings Plc. SoftBank, which with its affiliates, owns a 29% stake, and in January invested at a valuation of $47 billion, more than triple the $15 billion that’s currently being discussed in an IPO.Tensions have erupted within SoftBank over how it has handled its investment in WeWork. The Vision Fund, along with PIF and Mubadala, scuttled a $16 billion investment early this year Son had championed. SoftBank ended up making only a $2 billion investment from its parent entity, rather than the Vision Fund.SoftBank said in July that other investors had expressed interest in pledging a combined $108 billion for the second Vision Fund, though that was before WeWork forged ahead with plans for an IPO. The new fund is expected to collect money from Apple Inc., Microsoft Corp., Foxconn Technology Group and various Japanese financial institutions, with seven having signed memorandums of understanding to participate.(Adds that talks are ongoing in fourth paragraph.)\--With assistance from Matthew Martin.To contact the reporters on this story: Gillian Tan in New York at gtan129@bloomberg.net;Giles Turner in London at gturner35@bloomberg.netTo contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Christian Baumgaertel, Sree Vidya BhaktavatsalamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Uber and Lyft Get Upgrades as HSBC Sees 30%+ Upside
    Market Realist

    Uber and Lyft Get Upgrades as HSBC Sees 30%+ Upside

    Today, CNBC reported that HSBC upgraded Lyft and Uber to “buy” ratings from “hold” ratings. Let’s see how both stocks have been trading since their IPOs.

  • Barrons.com

    Uber and Lyft Stocks Are Rallying After HSBC Said It’s Time to Buy

    Stock in both (UBER) and (LYFT) is showing healthy gains after HSBC analyst Masha Kahn raised her ratings on the ride-sharing companies to Buy from Hold, saying the recent slide of both stocks to post-IPO lows fully reflect the regulatory risks the companies face. “Higher prices, lower subsidies and slower growth in bookings will likely be the new normal, but these changes should help reduce losses over the next several years.

  • Why Do City Dwellers Love to Hate Scooters?
    City Lab NonHosted

    Why Do City Dwellers Love to Hate Scooters?

    Electric scooters draw a lot of hate, but if supported well by cities, they have the potential to provide a widespread and beneficial mode of transportation.

  • Benzinga

    City Buses As Last-Mile Solution—The Past Or Future?

    Bus ridership is waning. If you've been to a major urban area lately where ride-hailing and microbolity options abound, this may come as no surprise.  Cities need buses not only to lessen the congestion ...

  • Bloomberg

    California’s Gig-Economy Rules Won’t Help Anyone

    (Bloomberg Opinion) -- The California Legislature has approved a bill to classify gig-economy workers as employees. The measure is a triumph for organized labor — but a costly blow to technology companies, consumers and, potentially, workers themselves. Before he signs the bill, California Governor Gavin Newsom should insist that all sides work to improve it.Under Assembly Bill 5, ride-hailing companies like Uber Technologies Inc. and Lyft Inc., which classify their drivers as contractors, would be required to treat them as employees. On-demand workers would be entitled to benefits they currently lack, including overtime pay, sick leave and workers’ compensation insurance. The bill covers as many as 1 million Californians who work in the gig economy; if it goes into effect, other Democratic-controlled states, such as New York, are likely to follow with similar legislation.The potential costs are considerable. Reclassifying drivers and giving them full benefits would increase Uber’s labor costs by $500 million annually in California alone. Those costs will inevitably be passed on to consumers, in the form of higher prices. Innovation will suffer. Ride-hailing companies have also said they may impose caps on the number of drivers who use their apps and require them to work on scheduled shifts, which would harm service and limit who earns money from the platforms. (Officially, Uber denies the law applies to its drivers and plans to fight this out in court.)Proponents of California’s new regulations warn that without them, vast numbers of workers are at risk of being exploited, as more employers seek to shed costs by using contractors. Yet those fears are exaggerated. Over the past decade, the share of independent workers has declined slightly, to less than 7 percent. Most Uber and Lyft drivers rely on gigs not for their livelihoods but to supplement income from other jobs. And almost 8 in 10 independent workers say they prefer such arrangements to traditional employment.A legislative compromise — one that provides independent workers with basic protections and wage guarantees, but not the full suite of benefits that flow to employees — remains the best solution. In negotiations with state officials and union leaders, tech companies offered a guaranteed $21 hourly wage for drivers, as well as access to company-funded benefits and “sectoral” bargaining rights. In return, the industry lobbied against provisions in the bill that allow for prosecution of companies that fail to reclassify their workers. Although Newsom initially expressed support for such a deal, he backed away from it after the unions refused to go along.The governor should reconsider, and bring the parties back to the table before the legislation becomes law in January. Clarifying the status of gig-economy workers while providing them with an additional measure of security is in the interests of both companies and workers. The alternative is additional litigation, and possibly an industry-backed 2020 ballot initiative, which if anything will further muddle the issue.California’s ambitious governor has already missed one opportunity to forge a grand bargain on the gig economy. He shouldn’t waste this one too.\--Editors: Romesh Ratnesar, Timothy Lavin.To contact the senior editor responsible for Bloomberg Opinion’s editorials: David Shipley at davidshipley@bloomberg.net, .Editorials are written by the Bloomberg Opinion editorial board.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • MarketWatch

    McDonald's says 60% of deliveries are at night

    A lot of people get a "Big Mac attack" after the sun goes down. According to McDonald's Corp. , 60% of delivery orders are placed at night, and one million customers around the world are having their burgers and McNuggets delivered to their homes daily. McDonald's forecasts that delivery will be a $4 billion global business in 2019, and will be available in more than 70% of McDonald's U.S.locations this year, a total of 10,000 restaurants. Around the world, delivery is available in 21,000 restaurants across 80 countries. To celebrate, McDonald's and its delivery partner, Uber Eats , are hosting a "Global McDelivery Night In" on September 19. In the U.S., customers who place a minimum $10 delivery order at 5 p.m. local time will receive a limited edition item while supplies last. Those items include socks and slippers. The event will also be taking place in Canada and other countries. McDonald's launched delivery with Uber Eats and other partners in 2017. McDonald's stock has gained 30.5% over the past year while the Dow Jones Industrial Average is up 4.1% for the period.

  • Lyft, Uber Jump Midday on HSBC Upgrade
    Investing.com

    Lyft, Uber Jump Midday on HSBC Upgrade

    Investing.com - Ride-hailing companies Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) surged in midday trading Monday after HSBC upgraded the companies to buy from hold, touting a 30% upside in both firms.

  • TheStreet.com

    Lyft and Uber Shares Rise on HSBC Upgrade

    Ride-sharing services Lyft and Uber accelerated Monday after the stocks of both companies were upgraded to buy from hold at HSBC Global Research. Kahn noted both Lyft and Uber are down 40% and 18% from their respective IPO prices, and 19% and 7% in the last month. "We believe both Lyft and Uber will have to address inefficient cost structures and focus on profitable growth," the analyst wrote.

  • Bloomberg

    WeWork: The Last Unicorn or a Black Sheep?

    (Bloomberg) -- The We Co. roadshow is set to begin this week, perhaps as soon as today. Such corporate processionals through the ranks of blue-blooded Wall Street institutions are usually a triumph for buoyant, young companies. WeWork’s roadshow, on the other hand, will likely more closely resemble Cersei Lannister’s humiliating march to the Red Keep in Game of Thrones.Shame! WeWork’s valuation, $47 billion in a private funding round last January, could be set as low as $12 billion.Shame! Shame! Investors will no doubt be distrustful of any evidence of apparent self-dealing by the chief executive officer, Adam Neumann, such as buying properties and leasing them to the company. (WeWork took additional steps on Friday to change some of the unorthodox aspects of its governance structure and seek an independent board member.)As the nine-year-old office-sharing startup continues its stumble to the public markets, some prognosticators see this moment as something more significant: that a WeWork belly-flop portends the end of the unicorn era in Silicon Valley.The argument goes like this: SoftBank, the Japanese conglomerate and its $100 billion Vision Fund, has become an engine pushing the technology market to its limit. If it’s forced to retreat on its $10 billion commitment to WeWork, SoftBank will reconsider the nearly blind sanguinity that has perverted incentives for founders and distorted valuations in the industry over the last few years.In this seductive vision of a calamitous—and cleansing—WeWork initial public offering, modesty will once again return to Silicon Valley; humbled venture capitalists will stop bidding the valuations of unprofitable startups into the stratosphere; and the unicorns—those magical startups worth a $1 billion or more—will be put out to pasture, their legendary horns clipped like the tusks of poached African elephants.But that’s probably wishful thinking.The current cycle in tech started more than a decade ago, fueled by excitement over the iPhone, Facebook Inc. and the infusions of cash from a new generation of VCs like Andreessen Horowitz and Y Combinator. Business cycles tend to last seven to 10 years in Silicon Valley, and the resulting boom should have ended by now. But that was before the longest bull market in American history and a seemingly never-ending supply of venture capital from an array of new sources, including wealthy Chinese investors and Saudi Arabian oil money.It doesn’t appear to be stopping anytime soon. The stocks of Dropbox Inc., Lyft Inc., Slack Technologies Inc. and Uber Technologies Inc. are all under their IPO prices. And yet, many investors still believe.Uber lost $5.2 billion last quarter, dismissed more than 800 employees in the last two months and lost a policy battle with California lawmakers last week that could rock its business model. Somehow, Uber is still worth a cool $57 billion. Meanwhile, SoftBank says it’s going to raise another Vision Fund, with contributions from Apple Inc., Microsoft Corp. and Foxconn—this one even larger than the last.The belief underlying the persistent tech boom is that savvy entrepreneurs in vast markets with access to enough capital can engineer their way through even the most challenging issues. Witness CloudFlare Inc., the unprofitable internet infrastructure company that raised $525 million last week at a higher-than expected market value of $4.4 billion. Investors were able to overlook recent controversies over unsavory former CloudFlare clients, like the forum where a mass shooter hung out, and the stock popped on the first day of trading.What will it take to really put an end to the unicorn era? Perhaps an economic recession and an accompanying withdrawal of overseas capital from the Valley. Perhaps it will take a total collapse of a once-promising unicorn to change the risk tolerance of conservative investors like endowments, pensions and sovereign wealth funds.If the WeWork IPO flops, technologists will try to dismiss it as an outlier, the bad fortune of a real estate startup that was never truly a tech company. It will be viewed not as an indictment of current excess in Silicon Valley but as an exception to it. That’s not realistic, but then again, neither are unicorns.This article also ran in Bloomberg Technology’s Fully Charged newsletter. Sign up here.And here’s what you need to know in global technology newsSpeaking of SoftBank, some of its other companies would be hit hard by California’s new labor bill that would force gig economy companies to hire their workers.Lawmakers are seeking information from customers of the Big Tech companies. A House panel investigating potential antitrust violations has contacted customers of Amazon, Apple, Google and Facebook, according to documents reviewed by Bloomberg. They also asked the companies to hand over documents.Disney CEO Bob Iger left the board of Apple. The long-allied companies are now streaming rivals.Stanford University took money from Jeffrey Epstein, too. The school, located in the heart of Silicon Valley, received a $50,000 donation from a foundation backed by the late sex offender in 2004. Other donations to Harvard and MIT are prompting scrutiny of the schools and their faculties.A former Golden State Warrior is the U.S. face of Jumia, the Amazon.com of Africa.To contact the author of this story: Brad Stone in San Francisco at bstone12@bloomberg.netTo contact the editor responsible for this story: Mark Milian at mmilian@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • A complete guide to Ola and the startup scene it spawned in India
    Quartz

    A complete guide to Ola and the startup scene it spawned in India

    India's answer to Uber has grown massively, attracting deep-pocketed foreign investors

  • Reuters

    Egyptian transport start-up Swvl targets expansion in Africa, Asia

    Egyptian transport technology start-up Swvl will expand into two cities in Pakistan in the next two weeks and begin operations in Nigeria's commercial capital Lagos before the end of the year, its chief executive told Reuters. The firm, which operates buses along fixed routes and allows customers to reserve and pay for them using an app, will also expand into Manila in the first half of next year, its co-founder and CEO Mostafa Kandil told Reuters. "We will enter Lagos before the end of the year, and our eyes are on Dar es Salaam and Abidjan," he said.

  • Financial Times

    California bill is antidote to Uber and Lyft’s excesses

    Digital disrupters may be right that employment law needs an update. does not automatically mean that will change workers’ status from contractors to employees. Instead, it expands on a previous Californian Supreme Court decision on labour rights, making it more difficult for employers to prove workers are independent contractors.