#1 | Uber drivers protest ahead of the company’s IPO
Uber and Lyft drivers in San Francisco, New York, London, and elsewhere are taking to streets to protest over pay and working conditions. Drivers took action ahead of Uber’s IPO that could put the company’s valuation as high as $86 billion at $47 a share, which is well below the forecasted valuation of $100 billion. Ride-sharing drivers are typically classified as contractors and are exempt from minimum wage and social security benefits. Uber and Lyft acknowledged that such an arrangement is critical to their business model.
Read more here: https://cnb.cx/2DWyIp2 http://bit.ly/2Ymyu2u
#2 | GM’s self-driving division Cruise raises $1.15 billion at a $19 billion valuation
Cruise, the self-driving startup acquired by General Motors (GM) in 2016, raised $1.15 billion in funding from a group of investors led by GM, SoftBank Vision Fund, Honda, and others. The startup is now valued at around $19 billion and has raised $7.25 billion since inception. Cruise is based in San Francisco and has offices in Seattle, Pasadena, and Phoenix. It plans to build “the world’s most advanced self-driving, all electric vehicles.” Uber’s self-driving unit has also recently received a $1 billion investment.
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#3 | Amazon can make deliveries in a day to 72 per cent of the U.S. population
Amazon has vastly expanded its delivery network and is now able to offer same-day and next-day delivery to 72 per cent of the total U.S. population. The company almost tripled its logistic infrastructure in the U.S. in the past four years and demonstrated why it’s ready to make one-day shipping the default for Prime members. Amazon’s distribution footprint now covers most of the coastal areas, Texas, and major urban centers in the Midwest. Morgan Stanley analysts point out that this will increase “the cost to compete in e-commerce”, while RBC Capital wrote in the note that Amazon is a growing risk for retailers since “the faster you ship, the more people buy.” Shares of Walmart and Target dropped following Amazon’s announcement. Read more here: https://cnb.cx/2WEDTBy http://bit.ly/2DVNtIz
#4 |Marriott to launch a home-sharing service in the US
The major U.S. hotel chain Marriott, owners of famous brands such as Sheraton and Ritz-Carlton, plans to launch a home-sharing service similar to Airbnb. The official announcement might come as early as next month as pilot in Europe proved to be a success and will be a model for U.S.-focused expansion. Marriott hopes that its global infrastructure and linking of existing rewards program to a home-sharing service can provide a competitive advantage. Airbnb is also diversifying its portfolio as it bought the last-minute booking service Hotel Tonight and plans to revamp a lodging system that would act more like a hotel.
Read more here: http://bit.ly/2PYAye4 https://tcrn.ch/2vNlJ4y
#5 | Apple buys companies as often as some people shop for groceries
Read more here: http://bit.ly/2VdmxKf https://cnb.cx/2Jvy19R