Showing posts with label $15. Show all posts
Showing posts with label $15. Show all posts

Tuesday, July 24, 2018

London taxi drivers plot to sue Uber for over $1.5 billion: Sky News

LONDON (Reuters) - London taxi drivers are drawing up a plan to sue mobile app Uber for over 1 billion pounds ($ 1.3 billion), Sky News reported on Tuesday citing unidentified sources, weeks after it was granted a temporary licence to operate in Britain’s capital.

FILE PHOTO: The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu/File Photo

Sky News said the Licensed Taxi Drivers’ Association (LTDA) was likely to argue that 25,000 black-cab drivers in London had suffered lost earnings averaging around 10,000 pounds for at least five years as a result of Uber’s failings, taking the overall possible bill to 1.25 billion pounds ($ 1.64 billion).

The report said it had engaged the law firm Mishcon de Reya to explore the options.

Uber won a probationary licence to operate in the city last month, after Transport for London (TfL) had refused to renew it last September for failings in its approach to reporting serious criminal offences and background checks on drivers.

The LTDA were not immediately available for comment. Uber declined to comment.

Reporting by Alistair Smout; editing by Kate Holton


Tech

Tuesday, July 3, 2018

China media group CMC raises $1.5 billion from Alibaba, Tencent

SHANGHAI (Reuters) - Chinese state-backed media group CMC Inc said on Tuesday that it had raised around 10 billion yuan ($ 1.49 billion) in a fund-raising round from investors including rival tech giants Alibaba Group Holding Ltd and Tencent Holdings Ltd.

FILE PHOTO - Li Ruigang, Founding Chairman, China Media Capital (CMC), People"s Republic of China, attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich

CMC, formerly CMC Holdings which stretches from sports to amusement parks, said the A-round fundraising was led by the two tech firms along with new investors such as property developer China Vanke Co Ltd.

CMC, founded by media magnate Li Ruigang in 2015, added the firm was valued at around 400 billion yuan after the round.

Reporting by Adam Jourdan; Editing by Muralikumar Anantharaman


Tech