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UNIS:UBR, May 22, 03:41 UTC

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Uber Seeks Approval For San Diego Drone Deliveries

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Uber Elevate is seeking exemptions from 16 federal safety and operational regulations typically required of more traditional aircraft, such as onboard navigational and communication equipment, so that it can begin "food delivery in very small packages" with operations limited to roughly four miles at or below 400 feet. Comments on Uber's petition, published in the federal register on May 21, are due by June 10. As with Google, Uber has been working closely with the Trump Administration's UAS Integration Pilot Program, along with the City of San Diego, to test drone operations and provide feedback to the government that will help the integration of commercial drone services into the national airspace. "Granting Uber's petition will help enable Uber's operations in this space, providing meaningful operational information to the FAA and to [the U.S. Department of Transportation], while helping to demonstrate the utility of the existing regulatory structure to support this type of operation," Fischer stated. "In the absence of an existing certification pathway for commercial UAS operations, thoughtful approaches like this one will set a precedent for other operators seeking to enter the system safely and effectively," the group stated. As major tech companies like Uber and Google push for federal approvals for drone delivery in the U.S., drone startups worldwide looking to compete for both freight and human transport are attracting major funding from investors, with Zipline one of the most recent examples.

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Uber gears up for expansion of Toronto operation

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The San Francisco-based tech giant will vacate three offices in the city to move most of its Toronto workforce to the top five floors of 121 Bloor St. E. click to see caption. It will dedicate several floors to its first engineering hub in Canada, which will develop at least two new areas for the company: grocery delivery and internal financial-technology tools. “We are creating a synergy effect ... and opportunity here, so I am pretty sure that as soon as it’s known that Uber has a strong tech presence in Toronto, it will attract Canadians abroad to come home.”. CEO Dara Khosrowshahi further solidified his commitment to the city last September, announcing Uber would invest $200 million over five years in its Toronto operations and build an engineering centre — now its 11th globally — there.

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Monday, May 20


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Mexico tax plan for Uber creates friction among ride hailing firms

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A delivery bag with the logo of Uber Eats is seen on the streets in Mexico City, Mexico May 20, 2019. MEXICO CITY (Reuters) - Mexico on Monday detailed plans to withhold tax from drivers for ride-hailing and food delivery firms such as Uber Technologies Inc and Rappi, but China's Didi said it would not take part in the arrangement, sparking friction within the industry. "With this new scheme, Uber will be able to calculate, withhold and pay directly to the Mexican tax authorities the amount of income tax and VAT that its drivers and delivery drivers owe every month," Uber said in a statement. In theory, the program will not change drivers' employment status, a key issue for Uber since Mexican law allows for retention of taxes without an employment relationship. So far, drivers have had to declare their own taxes in Mexico.

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Morgan Stanley’s Teflon Banker Chases Next Deal After Uber Flops

MS UBR +1 more MS UBR FB

Within a year, it was clear Grimes’s team was holding its ground. And as a wave of U.S. tech startups headed for initial public offerings this year, he landed the biggest since Facebook: Uber Technologies Inc. As the world now knows, Uber’s big moment this month didn’t go as planned, at least for small-timers who had waited a decade to buy into the ride-hailing giant. Morgan Stanley has relationships with legions of wealthy investors and an army of more than 15,000 brokers who can pitch stocks to the masses. For now, Grimes remains the banker to beat in Silicon Valley, with one investor saying the only other competitor that’s comparable is one of Goldman Sachs Group Inc.’s top technology bankers, Ryan Limaye. Venky Ganesan, a partner at Menlo Ventures, which backed Uber, defended Grimes as “one of the top bankers of his generation.”. How Grimes, 52, has become technology’s Teflon banker underscores a sobering truth about the IPO game: People on the inside can get wildly rich, even when many ordinary investors don’t. “He is truly a tech geek,” Sequoia’s Goetz said. As Uber initially tanked, several investors and competing senior bankers on Wall Street privately pointed fingers at Morgan Stanley and, by extension Grimes. Others sympathized, noting the broader market turmoil set off by U.S.-China trade negotiations, and the recent dismal performance of Uber’s smaller competitor, Lyft Inc. Either way, tech executives tend to focus more on the outcome for the company going public. As the thinking goes: Yes, bankers from Morgan Stanley and Goldman Sachs privately floated a potential $120 billion valuation for Uber last year that leaked to the public. But that’s just how the marketing machine works.

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Uber selects Adyen as global 3D Secure solution provider

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The payments platform, Adyen has been selected by Uber to be its initial solutions provider for 3D Secure (3DS). Adyen provides modern end-to-end infrastructure connecting directly to Visa, Mastercard, and consumers' globally preferred payment methods. Some of Adyen's other customers include Facebook, Spotify, Casper, Bonobos and L'Oreal. Marco Mahrus, Head of Payments Partnerships, Uber, said: “Uber is excited to be expanding our payments platform with Adyen. We are focused on maintaining a seamless and rewarding payments experience for our consumers, and we chose Adyen’s 3DS solution based on the innovative product features, the ease of implementation, and the expertise of their team.”.

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Saturday, May 18


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Bulls And Bears Of The Week: Apple, Chevron, FedEx, Uber And More

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Bulls And Bears Of The Week: Apple, Chevron, FedEx, Uber And More. Furthermore, investors also saw mixed economic numbers, as well as positive surprises in quarterly reports and initial public offerings, bad news for a market darling from the Supreme Court, and fresh news for whale watchers. As usual, Benzinga continues to examine the prospects for many of the most popular stocks with investors. In "Bank Of America: Apple Is Still An Innovator," Jayson Derrick takes a look at why one top analyst feels that the Apple Inc. (NASDAQ: AAPL) era of innovation is far from over. Shanthi Rexaline's "Johnson & Johnson Analysts Laud Accelerating Pharma Business" reveals why analysts were impressed with the Johnson & Johnson (NYSE: JNJ) review of its pharmaceutical businesses. For additional bullish calls, also have a look at DA Davidson Remains Bullish On Lyft, Despite Weak Uber IPO Raising Concerns Over Ride-Hailing Model and Cowen Likes Ralph Lauren On A Pullback Despite Looming Tariffs.

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Uber, Lyft and Pinterest prove that private investors are sucking up all the value

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Marc Andreessen called "the effective death of the IPO" in 2014 and said that with high-flying tech companies staying private longer, "gains from the growth accrue to the private investor, not the public investor." In 2016, Alex Mittal of FundersClub wrote that today's top tech companies are raising gobs of private cash, "leaving the bulk of returns out of public investors' reach." They get to ride the valuation up from the millions to $10 billion, $20 billion or $50 billion and then sell their shares to the masses of public market investors who are thirsting for the next Amazon AMZN or Google GOOGL . A good chunk of the capital at the later stage has come from firms like T. Rowe Price TROW and Fidelity, who normally buy public stocks but moved into the private markets in recent years so as not miss out on all the value creation. Since they're already shareholders it's hard to get them to buy more when it's time to take the company public.

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Friday, May 17


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One Theory Why Lyft, Uber IPOs Flopped: Special Purpose Vehicles

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Uber’s IPO flop suggests investors are growing wary of the business prospects in ride-hailing, but the proliferation of such structures may have precipitated a market selloff. He doesn’t know how many there are for Lyft. But a regulatory filing by the U.S. company in June listed seven SPVs among about 75 total backers. 2 U.S. ride-hailing company was 27 million shares, or 82% of the total available stock, according to financial analytics firm S3 Partners. For Uber, it was 12% on Wednesday. Investors in such vehicles are allowed to short, or bet against, other stocks. So some investors in Uber SPVs may have shorted Lyft to hedge their positions, and vice versa.

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Amazon squares up to Uber with backing for UK food app Deliveroo

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Amazon squares up to Uber with backing for UK food app Deliveroo. LONDON (Reuters) - Amazon has led a funding round in British online food delivery company Deliveroo, pitting itself against Uber Eats and other smaller providers in an escalating battle to deliver takeaway meals. The news that the world's biggest online retailer had taken a stake in one of Europe's fastest growing tech companies sent shockwaves through the sector, hitting shares in rivals Just Eat, Takeaway.com and Delivery Hero. Deliveroo founder and CEO Will Shu said the investment would enable the group to further expand its reach, develop its technology and pursue innovations such as the launch of its own kitchens that can be rented to restaurants to meet demand.

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Thursday, May 16


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Are Premium Services Really Enough to Save Uber Stock?

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It has been nearly a decade since ride-sharing firm Uber (NYSE:UBER) disrupted the world of taxies by rolling out an app that would transform the way people travel. Since that time, Uber stock has been a hot topic among investors, but its debut on Wall Street was less than ideal with the share price losing more than 10% over the course of two days. Like many companies making their way onto Wall Street, Uber stock saw its share price slide exponentially following its IPO. On the first trading day, Uber lost more than 7% of its value and shed an additional 10% the following day. A big reason Uber’s stock price is significantly lower than its offering price is the fact that the firm has been forced to spend big in order to keep the competition from stealing its customers, that means the firm isn’t expecting to turn a profit just yet and investors will have to trust in management’s future growth plans.

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