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☆ Shelved port deal will test Temasek’s private push
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, July 13 (Reuters Breakingviews) - Temasek is having a bad weather week. The Singaporean investor’s wholly owned port operator PSA International is shelving plans to sell its 20% stake in CK Hutchison’s (0001.HK) port business, per Bloomberg. PSA was seeking $4 billion for its stake, a touch less than what it paid. This week, Temasek itself reported a 5.2% drop in the net value of its portfolio to $285 billion in the 12 months to the end of March, as public markets remain weak. The world’s 10th-largest sovereign investor has 53% of its portfolio parked in unlisted assets, double the level a decade ago.

Persons: CK Hutchison’s, Li Ka, China's Cosco, Breakingviews, Daga, Una Galani, Thomas Shum Organizations: Reuters, Temasek, CK, Bloomberg, Twitter, Thomson Locations: SINGAPORE, HK, Hong Kong, Singapore, China

☆ Cora strengthens Carrefour’s inflation defences
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 13 (Reuters Breakingviews) - Carrefour’s (CARR.PA) 1 billion euros acquisition of smaller rival Cora could be seen as a consequence of the French group’s ability to navigate rocketing inflation. It will give the combined company a near 23% share of the fragmented and competitive French market, consolidating Carrefour’s leadership on its home turf. Five years ago, Carrefour and Casino had begun tentative talks for a possible merger that ultimately collapsed. If anything, Cora’s acquisition will make Carrefour a more attractive target. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Cora, Daniel Kretinsky, Xavier Niel ., Pierre Briançon, Aimee Donnellan, Streisand Neto Organizations: Reuters, Carrefour, Casino, Twitter, Thomson Locations: French, France

☆ Exxon’s carbon-capture deal is pale shade of green
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

The oil titan’s $4.9 billion all-stock deal for Denbury (DEN.N) unveiled on Thursday provides a financially and strategically judicious way to capture and move carbon dioxide. The $89.75 a share is also lower than where Denbury was trading before Bloomberg reported news of a possible deal in October. Denbury says that 28% of it is “blue oil” that produces negative scope 3 emissions. Showcasing an evolving mindset while helping extract more oil is just the pale green hue that suits Exxon. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Darren Woods, Denbury, Robert Cyran, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Exxon Mobil, Exxon, Denbury, Bloomberg, Twitter, Thomson

☆ EU claims win in Illumina battle, may yet lose war
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

The $30 billion genetic test maker faces a record European Union fine of 432 million euros ($476 million) for closing the $8 billion deal in 2021, ahead of regulatory approval. Absent the fact that it would have breached its own 10% of revenues cap for fines, the EU would have charged Illumina 570 million euros, according to an EU official. Even so, while the transatlantic merger saga has already seen the departure of Illumina’s chief executive and chairman, Brussels may yet win the battle and lose the war. Separately, Illumina has launched proceedings over whether the EU has the jurisdiction to opine – if it wins, then its new fine could get overturned. With U.S. courts ruling in favour of Microsoft (MSFT.O) over its Activision Blizzard (ATVI.O) deal, the Illumina saga may yet have further twists.

Persons: shouldn’t, Illumina, Rebecca Christie, George Hay, Oliver Taslic Organizations: Reuters, European, EU, U.S, Microsoft, Activision, Twitter, Thomson Locations: BRUSSELS, Brussels, China

☆ AXA’s XL cleanup would be logical, if belated
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

The boss of $66 billion AXA (AXAF.PA) bought XL Group back in 2018 to beef up its position insuring against storms and other catastrophes. AXA XL’s reinsurance arm, about 10% of group revenues, also drove pricing up 7% last year. Based on AIG’s (AIG.N) recent sale of its reinsurance arm Validus Re, which was done at 1.4 times book value, XL’s reinsurance unit might be valued at around $2.8 billion. The extra cash may help placate investors that never much liked the deal, given that the contribution to earnings from XL should now be more stable. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Thomas Buberl, Aimee Donnellan, George Hay, Oliver Taslic Organizations: Reuters, AXA, XL Group, XL, Twitter, Thomson Locations: U.S, China

☆ Domino’s Uber delivery is an extra topping
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 12 (Reuters Breakingviews) - Domino’s Pizza (DPZ.N) wants to stuff more pie holes. The pizza chain announced on Wednesday that customers will be able to make delivery orders through Uber Eats, sending Domino’s shares up 10% in late morning trade. At first blush that may seem an admission that Domino’s own delivery app is sputtering. The agreement with Uber Technologies (UBER.N) is exclusive in the United States at least until 2024, and it extends Domino’s reach internationally as well. By partnering with Uber, Domino’s has a better chance of getting a bigger slice of the delivery market.

Persons: Uber, Dara Khosrowshahi, that’s, Domino’s, Jennifer Saba, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Uber Technologies, Twitter, Thomson Locations: United States, China

☆ Uber’s next CFO has one simple task
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 11 (Reuters Breakingviews) - Uber Technologies (UBER.N) boss Dara Khosrowshahi has an opening to shift into higher gear. His eventual replacement can dial back on spending even more and really open up a spigot of cash flow. And this year, Uber might finally start making profit, with analysts polled by Refinitiv expecting full-year earnings of some $26 million. Uber shares have nearly doubled over the year, handily beating the S&P 500 Index (.SPX), as profit pulls into view. Ensuring that Uber keeps its eyes on that prize is a worthy task for future executives.

Persons: Dara Khosrowshahi, Nelson Chai, Travis Kalanick’s, Uber, Refinitiv, Tesla, Jennifer Saba, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, Technologies, –, Twitter, Thomson Locations: U.S, China

☆ Uber CFO Nelson Chai plans to step down - Bloomberg News
▼ + stars: | 2023-07-10 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

Slideshow ( 2 images )(Reuters) -Uber Technologies Chief Financial Officer Nelson Chai is planning to leave the ride-hailing company, Bloomberg News reported on Monday, citing people familiar with the matter. Chai informed Uber CEO Dara Khosrowshahi of his intentions to move on, though a decision on the timing of his departure hasn’t been made, according to the report. Chai was brought in at Uber as finance chief in 2018 and he shepherded the company through its IPO a year later. Before Uber, Chai had served in senior roles at the New York Stock Exchange, Merrill Lynch and CIT Group. Uber is cutting costs even as it rides an upswing in its business as commuters return after COVID restrictions eased.

Persons: Nelson Chai, Chai, Uber, Dara Khosrowshahi, hasn’t, Uber’s, Merrill Lynch Organizations: Technologies, Bloomberg, Uber, New York Stock Exchange, CIT Locations: Postmates

☆ Doordash, Grubhub and Uber sue New York City over minimum wage law
▼ + stars: | 2023-07-06 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

CNN —Food delivery platforms DoorDash, Grubhub and Uber Eats are challenging in court New York City’s new minimum wage law for app food delivery workers. All three companies sued the city, maintaining that the law would hurt delivery workers more than help them. In a statement to CNN, DoorDash called the law “bad policy,” though it said it was not opposed to a minimum wage for delivery workers. According to a news release from New York City, food delivery workers currently make $7.09 per hour, on average. There are more than 60,000 food delivery workers working in the city, according to the local government.

Persons: Grubhub, Uber, —, DoorDash, Eric Adams, ”, Josh Gold, Uber’s, “ Organizations: CNN, New York, Uber, New York City Department of Consumer, New York City Locations: New, New York, New York City

☆ How MrBeast Became the Willy Wonka of YouTube
▼ + stars: | 2023-06-12 | by ( Max Read | ) www.nytimes.com time to read: +4 min

Compared with the strange and compelling creatures on display elsewhere on YouTube, it can be hard to understand precisely what’s appealing about MrBeast. Eligible creators on the platform earn around half of the revenue from advertising that YouTube sells against their videos. Even within this context, Donaldson stands out for his dedication to understanding how YouTube works. For most of his teenage years, “I woke up, I studied YouTube, I studied videos, I studied filmmaking, I went to bed and that was my life,” Donaldson once told Bloomberg. “I hardly had any friends because I was so obsessed with YouTube,” he said on “The Joe Rogan Experience” last year.

Persons: Donaldson, MrBeast, ”, —, “, ” Donaldson, Joe Rogan, Rogan, Warren Buffett Organizations: YouTube, Bloomberg, Berkshire Hathaway, Forbes

☆ Uber’s Diversity Chief Put on Leave After Complaints of Insensitivity
▼ + stars: | 2023-05-21 | by ( Kellen Browning | ) www.nytimes.com time to read: +2 min

The term Karen has become slang for a white woman with a sense of entitlement who often complains to a manager and reports Black people and other racial minorities to the authorities. A prominent “Karen” incident occurred in 2020, when Amy Cooper, a white woman, called 911 after a Black man bird-watching in New York’s Central Park asked her to leash her dog. Mr. Khosrowshahi’s efforts included increased diversity initiatives under Ms. Lee, who has led the effort since 2018. “I can confirm that Bo is currently on a leave of absence,” Noah Edwardsen, an Uber spokesman, said in a statement. Ms. Lee did not respond to a request for comment.

The return of tourists to Southeast Asia, he says, bodes well for the group’s core mobility business in the second half. The next challenge is resetting investor expectations so that beats can shine through. Lower incentives helped it to cut its adjusted operating loss to $66 million from $287 million a year ago. It also narrowed its forecast for annual adjusted operating loss to $195 million-$235 million, from a previous forecast of $275 million-$325 million. China’s Alibaba on May 18 reported revenue of 208 billion yuan ($30.1 billion) in the three months to end-March, up 2% year-on-year.

☆ Uber will now let parents put their teens in rides alone
▼ + stars: | 2023-05-17 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

CNN —Uber is rolling out new features to make it easier for people of all ages to access its ride-hailing service, including an option that will let teens under the age of 18 ride alone for the first time. Previously, those under the age of 18 were not allowed to use Uber without being accompanied in the car by an adult. A live trip-tracking feature also lets a parent follow the trips’ progress via the Uber app. And parents can contact the driver directly during the trip as well as contact Uber’s support team. Uber has reported strong growth in recent quarters, defying a slump that has hit much of the tech sector in recent months.

☆ How Lyft’s new CEO is ‘copying’ his former boss Jeff Bezos to turn around the company
▼ + stars: | 2023-05-12 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +5 min

Days after taking over as the new CEO of Lyft (LYFT) last month, Risher announced plans to “significantly reduce” the company’s workforce and stressed that the decision was his. The next week, Lyft (LYFT) revealed the extent of the layoffs: 26% of the staff, or more than 1,000 employees, would lose their jobs. It has lagged behind its chief rival, Uber (UBER), in recovering from the pandemic shock to business. And that really is Jeff Bezos,” Risher told CNN. “It’s not our focus to be part of somebody else’s company,” Risher said.

☆ Uber launches UK flight ticket bookings - FT
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] A banner announcing Uber Technologies Inc. hangs above the floor of the New York Stock Exchange (NYSE) during the company's IPO in New York, U.S., May 10, 2019. REUTERS/Andrew Kelly/File PhotoMay 10 (Reuters) - Uber Technologies Inc (UBER.N) has launched international and domestic flight bookings on its UK app, the Financial Times reported on Wednesday. The move is "the latest and most ambitious step" in the company's strategy to expand its core ride-booking business, Uber’s UK General Manager Andrew Brem told FT. The San Francisco-based company, which already offers train and coach ticket bookings in the UK, has begun rolling out the new feature for its UK customers and plans to expand in the coming weeks, the report said. Uber has partnered with travel booking company Hopper to sell flights and will take a small commission from each sale, the report said.

☆ Your Uber Driver ‘Dave K’ Is Arriving Soon. He Might Be the CEO.
▼ + stars: | 2023-05-08 | by ( Preetika Rana | Photographs Carolyn Fong For The Wall Street Journal | ) www.wsj.com time to read: 1 min

While taking a customer to the airport one evening, he had to ignore frantic phone calls from his chief legal officer who was trying to alert him that a hacker had breached Uber’s network. Another trip took him across the Bay Bridge to Oakland—and he swore never to do it again after getting stuck in rush-hour traffic back to the city. Michael Ho Wai Lee/SOPA Images/ZumaJustin Sullivan/Getty

☆ Uber Is Firing on the Most Important Cylinders
▼ + stars: | 2023-05-02 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Uber’s quarterly ride-share revenue jumped 72% year over year to $4.3 billion. Photo: David Paul Morris/Bloomberg NewsHow well is Uber Technologies doing these days? Well enough that it can afford to be magnanimous. The ride-share giant had some kind words for its smaller and struggling rival Lyft on Tuesday. “Those days are over,” he said.

☆ Uber’s Rides, Delivery Lift First-Quarter Results
▼ + stars: | 2023-05-02 | by ( Preetika Rana | ) www.wsj.com time to read: 1 min

Uber’s sales expansion in the quarter was in line with Wall Street’s expectations. Photo: Mario Tama/Getty ImagesContinued demand for Uber Technologies ’ ride-share and delivery services boosted its revenue and adjusted earnings in the first quarter, despite concerns that high inflation and a potential recession could douse spending. The San Francisco-based company said Tuesday that revenue for the three months through March rose 29% from a year earlier to $8.82 billion. It also increased the number of consumers and trips, and the value of transactions, on its platform. The sales expansion was in line with Wall Street’s expectations.

☆ Uber’s Revenue Up 29% as U.S. Ride-Hailing Business Improves
▼ + stars: | 2023-05-02 | by ( Kellen Browning | ) www.nytimes.com time to read: 1 min

The NewsUber said on Tuesday that its revenue grew 29 percent in its most recent quarter as the company benefited from a series of investments in new services, as well as the continued return of drivers to its ride-hailing business. The company said it had $8.8 billion in revenue, roughly in line with investors’ expectations. Uber had $31.4 billion in gross bookings — the amount of money paid by customers — a 19 percent jump from a year ago. Uber said it remained on track to generate a quarterly profit from the strength of its business operations sometime this year — a milestone on the road to overall profitability. “With our global scale and deeper local density, we are increasingly separating from smaller regional competitors both on driver preference and on the breadth of mobility products we offer consumers,” Dara Khosrowshahi, Uber’s chief executive, said in a statement.

☆ Uber’s revenue climbs 29% as it continues to defy tech slump
▼ + stars: | 2023-05-02 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

CNN —Uber on Tuesday reported revenue of $8.8 billion for the quarter ending in March, a 29% increase from the same period last year and beating Wall Street’s estimates. The company’s continued strength comes despite lingering recession fears and stands in stark contrast to the slowing growth at other tech companies. It also sets Uber apart from its chief rival Lyft, which is undergoing significant layoffs and a shakeup in its C-Suite. Even with higher interest rates and tighter access to capital, Khosrowshahi said “we are well positioned to improve our competitive position across our key markets.”Shares for Uber surged more than 8% in pre-market trading Tuesday morning. Uber has largely avoided having to undergo the significant layoffs that have dominated headlines in Silicon Valley in recent months.

☆ Lyft CEO tells employees they must return to the office
▼ + stars: | 2023-04-29 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Lyft’s new CEO David Risher announced another change for the ride-share company: Workers will soon have to return to the office. On Friday, Risher announced “the first steps in a plan for a flexible model with more regular in-office work,” a Lyft spokesperson said. “Personal connection matters and Lyft is about bringing people together,” a statement from Lyft said. Lyft also last year decided to sublease portions of its corporate office space in San Francisco, New York City, Nashville and Seattle, Bloomberg reported. It was the second layoff announcement since November, when the company announced a 13% workforce cut amid fears of an upcoming recession.

☆ Uber is funding an e-bike trade-in program to curb battery fires
▼ + stars: | 2023-04-12 | by ( Samantha Kelly | ) edition.cnn.com time to read: +4 min

CNN —Uber is funding a new program that aims to get electric bikes with dangerous non-certified lithium-ion batteries off New York City streets. The news follows a string of fires caused by lithium-ion batteries, which have been known to overheat when charging and cause massive explosions. Earlier this week, the New York City police department said an e-bike’s lithium-ion battery was behind a fatal two-alarm fire in Queens. The FDNY’s Chief fire marshal John Hodgens said it was the 59th fire in the city this year caused by a lithium-ion battery. Part of the issue is that not all lithium-ion batteries are created equal.

☆ What Happened When Uber’s CEO Started Driving for Uber
▼ + stars: | 2023-04-07 | by ( Preetika Rana | Photographs Carolyn Fong For The Wall Street Journal | ) www.wsj.com time to read: 1 min

After five years running Uber Technologies Inc., Dara Khosrowshahi in September got behind the wheel himself. Using the alias “Dave K” and a gray Tesla Model Y that he purchased secondhand, the chief executive made dozens of trips as a ride-share driver in the following months ferrying people around the hills of San Francisco.

☆ The creator of the Catan board game has died
▼ + stars: | 2023-04-04 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

New York CNN —Klaus Teuber, creator of the blockbuster board game Catan, has passed away. “It is with profound sadness that we at Catan Studio acknowledge the passing of Klaus Teuber, legendary game designer and creator of the beloved board game Catan,” the game publisher’s said in a statement posted to Facebook and other social media platforms Tuesday. Catan, originally called Settlers of Catan, came out in 1995. “With sales nearing 25 million copies worldwide, Settlers of Catan is becoming the most popular board game since Risk and Monopoly,” according to the Atlantic. “Thank you Klaus for the joy you have brought to my life through the brilliant game of Catan,” another wrote.

☆ How Uber left Lyft in the dust
▼ + stars: | 2023-03-29 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +5 min

In the process, Lyft cultivated a feel-good brand – but Uber dominated the market. “As a member of the board, he knows both the challenges and opportunities ahead.”For Lyft, the current challenges are immense. While Uber diversified its business beyond ride-hailing by delivering meals and grocery items, Lyft never did. David Risher, Lyft's new CEO, flanked by Lyft's co-founders, Logan Green (left) and John Zimmer (right). Davidson, wrote in a note this week that the new CEO “could signal an increased willingness to broaden the strategic aperture at LYFT a bit as it relates to areas like product strategy (delivery), partnerships, or other novel ways to create value.”Former Uber CEO Travis Kalanick (left); current Uber CEO Dara Khosrowshahi (right).

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