Thursday, November 21

Tag: uber inc

Ride-Hailing Firm Grab Launches Services In Cambodia
19Dec By reutersNo Comments
News

Ride-Hailing Firm Grab Launches Services In Cambodia

Ride-hailing firm Grab, the biggest Southeast Asian rival of Uber Technologies Inc, on Tuesday said it has launched services in Phnom Penh, Cambodia, expanding its presence to an eighth country in the region. The Singapore-headquartered firm said it signed a memorandum of understanding with Cambodia’s Ministry of Public Works and Transport to support infrastructure development. The launch marks the latest development in a quick-moving industry, coming just three months after Uber likewise began services in what the World Bank ranks as the sixth-fastest expanding economy. In October, Grab secured $700 million in debt financing to expand its fleet and signed an exclusive partnership with Singapore public transport operator SMRT. Earlier this month, Singapore taxi firm ComfortDelG...
Read More
Uber Should Have Given Court An Ex-employee’s Letter About ‘Fraud And Theft’ In Waymo Case
16Dec By reutersNo Comments
USA

Uber Should Have Given Court An Ex-employee’s Letter About ‘Fraud And Theft’ In Waymo Case

Ride hailing company Uber was obligated to turn over to a U.S. federal judge a letter from a former employee that told of the company’s “fraud and theft” and mentioned evidence of stolen trade secrets nailed “like a scalp” to the wall, a court official said Friday. Special master, John Cooper, assigned to a lawsuit against Uber Technologies Inc by Alphabet Inc’s self-driving car unit, Waymo, released a report on Friday stating the company should have produced the letter and was wrong in keeping it from the court. The letter, from former Uber security analyst Richard Jacobs alleging Uber engaged in illegal and unethical competitive tactics and had stolen trade secrets, is at the heart of Waymo’s lawsuit against Uber.  The letter was sent to Uber’s in-house lawyer in May and shared ...
Read More
Uber Execs Travel The Globe To Soothe Regulators’ Concerns After Controversies
27Nov By reutersNo Comments
News

Uber Execs Travel The Globe To Soothe Regulators’ Concerns After Controversies

Uber executives are traveling the globe to reassure regulators that the company is changing the way it does business, after a string of controversies hurt the ride-hailing firm’s reputation, its Asian head said on Monday. These comments come on the heels of Uber’s disclosure last week that it covered up a 2016 data breach which compromised data of some 57 million customers and drivers, prompting governments around the world to launch probes into the breach and Uber’s handling of the matter. Authorities in Britain and the United States, two top Uber markets, as well as Australia and the Philippines have said they would investigate the company’s response to the data breach. “We’ve learned very quickly and we’re tacking very quickly,” Brooks Entwistle, Uber Technologies Inc’s recentl...
Read More
Uber Told SoftBank About Data Breach Before Telling Public
24Nov By reutersNo Comments
News

Uber Told SoftBank About Data Breach Before Telling Public

Uber Technologies Inc said on Thursday that it discussed a massive data breach with potential investor SoftBank Group Corp ahead of going public with details of the incident on Tuesday. The ride-hailing service is trying to complete a deal in which the Japanese company would invest as much as $10 billion for at least 14 percent of Uber, mostly by buying out existing shareholders. “We informed SoftBank that we were investigating a data breach, consistent with our duty to disclose to a potential investor, even though our information at the time was preliminary and incomplete,” Uber said in a statement. ”We also made clear that our forensic investigation was ongoing,“ Uber said. ”Once our internal inquiry concluded and we had a more complete understanding of the facts, we disclosed to ...
Read More
SoftBank Funding May Prompt Uber To Review Game Plan In Southeast Asia
21Nov By reutersNo Comments
BUSINESS

SoftBank Funding May Prompt Uber To Review Game Plan In Southeast Asia

SoftBank Group’s multi-billion dollar investment in Uber Technologies Inc opens up the possibility of combining it with other ride-hailing assets the Japanese group owns in a consolidation of a rapidly growing business across Asia, industry sources say. Uber Technologies Inc said on Nov. 12 that a planned deal with a consortium led by SoftBank and Dragoneer Investment Group was moving forward. The consortium plans to inject $1 billion to $1.25 billion into Uber, and buy up to 17 percent of existing shares in a secondary transaction. SoftBank has also been a big investor in Uber’s rivals across Asia, including Southeast Asia’s Grab, China’s DiDi Chuxing, and India’s Ola, as it works to achieve founder Masayoshi Son’s vision of a future driven by artificial intelligence and interconnec...
Read More
Walk A Little To Use Uber ‘Express Pool’ For Cheapest Fares
14Nov By RishabhNo Comments
News

Walk A Little To Use Uber ‘Express Pool’ For Cheapest Fares

Uber has now come up with another plan to offer another 25-30 percent slash on the prices of its share rides. With Uber Express Pool, it is asking you to walk a few blocks to reach the pickup hotspot and get off at the destination hotspot, which may be a minutes walk away from your actual destination. Uber 'Express Pool' will surely provide the cheapest of the options out of its all other options. Here's how it works: This feature will access the map, and depending upon the easily located spots that are easier to drive and close to the origin or destination of various people seeking POOL in those areas; will dynamically create "smart spots". Now people willing to hail Express POOL will have to walk upto theses Smart spots and walk upto their destinations after getting off at othe...
Read More
Uber Locks On Multibillion Dollar Deal With Japanese SoftBank
13Nov By RishabhNo Comments
USA

Uber Locks On Multibillion Dollar Deal With Japanese SoftBank

[dropcap]J[/dropcap]apanese multinational telecommunications and Internet corporation SoftBank Group has reached a multibillion-dollar deal with San Francisco based Uber Inc, it confirmed in a statement. Although the details of the deal have not been yet disclosed, but as per the reports, the deal could be worth up to $10 billion of Uber's stocks. It is also estimated that this deal would be a resolver of legal battles between Uber's former CEO Travis Kalanick and prominent shareholders. Venture capital firm Benchmark, an early investor with a board seat in the ride-services company, and Kalanick have reached an agreement over terms of the SoftBank investment. “We’ve entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment,” an Uber spokesm...
Read More
Uber Appeals On Legal Decision To Revoke Its London Licence
13Oct By reutersNo Comments
USA

Uber Appeals On Legal Decision To Revoke Its London Licence

Uber lodged a court appeal on Friday to overturn a decision by London’s transport regulator that stripped the taxi app of its operating licence in its most important European market, the first stop on what is set to be a long legal road. Transport for London (TfL) shocked the Silicon Valley firm last month by deeming it unfit to run a taxi service and refusing to renew its licence, citing its approach to reporting serious criminal offences and background checks on drivers. The appeal marks the beginning of months of legal wrangling in a battle that had pitched one of the world’s richest cities against a Silicon Valley giant known for forays into new markets across the globe that have stoked competition for established cab companies. Uber, whose backers include Goldman Sachs and Bl...
Read More
Uber’s Path To Win Back London: Data, Fines and Fees
2Oct By reutersNo Comments
ANALYSIS

Uber’s Path To Win Back London: Data, Fines and Fees

If history is a guide, Uber Technologies new Chief Executive Dara Khosrowshahi is likely to dangle data sharing and a promise to pay fines and fees when he sits down with London officials to negotiate the ride service’s future in one of its most important markets. From the Philippines to Portland, Oregon, the strategy has worked time and time again for the San Francisco company. London transportation officials last month deemed Uber unfit to operate because of lax corporate responsibility. The move threatens an Uber stronghold at a time when Khosrowshahi is trying to salvage the company’s reputation after a series of scandals. Police have complained that Uber was not disclosing or taking too long to report serious crimes tied to its rides, and London mayor Sadiq Khan backed the de...
Read More
What Is At Stake For Uber In U.S. Bribery Probe?
21Sep By reutersNo Comments
USA

What Is At Stake For Uber In U.S. Bribery Probe?

A U.S. bribery investigation at ride-hailing company Uber Technologies Inc will likely go on for a year or more and could lead to snowballing legal and compliance costs if lawyers find systemic problems. Uber, which is the subject of a U.S. probe into whether it paid bribes oversees, has started a review of its Asia operations and notified U.S. authorities about payments made by staff to police officers in Indonesia, a person familiar with the matter has told Reuters. The following explains the possible fallout for the company. What is under investigation? Uber said in August that it was cooperating with a preliminary investigation led by the U.S. Department of Justice into whether its managers violated a 1977 anti-bribery law, known as the Foreign Corrupt Practices Act (FCPA). The...
Read More