[The beef 675]
[I'm an image]
âIIf you got a bad rating from one of the unauthorized drivers does it get canceled out? Asking for a friend.â - Jeff
Hey there carnivores,
Markets started the week off hot.
Today weâre talking Uber making a name for itself across the pond.
Keep raging,
Jeff & Jason
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[I'm an image]
In the fast lane
Finally, some good news for Uber that doesn't have to do with food delivery...
Uber [got some good news]( from across the pond yesterday as a London judge granted the ride-sharing company an 18-month license to operate in the Queenâs hometown. Just in time to bring everyone's drunk a** home from the pub at [10 PM](.
The company had been operating while its most recent license, which was suspended, was in the appeals process. Word of the favorable decision sent Uberâs stock up 6% yesterday before it settled up 3% on the day... after investors remembered that this just means there's another market to lose boatloads of money.
Ban man
Watchdog group (read: snitches) Transport for London (TfL) [had stripped Uberâs license]( for the second time since 2017 for a âpattern of failuresâ after a glitch allowed contractors to falsely upload profile information which resulted in 14.7k rides by unauthorized drivers.
Judge Tan Ikram ultimately decided that Uber has gotten its sh*t together and added screening procedures to ensure that one of its rides in the City doesn't become a 'Law and Order: SVU' plotline. He ruled the company to be âfit and properâ to operate in the capital going forward. Find a more British phrase... I'll wait.
Uber has 3.5M users and 45k drivers in the UK but Indiaâs Ola, Estoniaâs Bolt, and Germanyâs Free Now are all competing for rides as well.
The bottom line...
Speaking of Free Now...
Dara K is allegedly [kicking the tires]( on acquiring the ride-sharer owned by BMW and Daimler AG.
Itâs an interesting time to purchase another ride-sharing venture given the uncertainty (and the lack of profitability) in the industry, but Free Nowâs revenue is expected to reach $9.3B in 2022. Go big or go home, I guess.
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[I'm an image]
âï¸Get in the cockpit. United Airlines and its pilots [have agreed to schedule reductions]( that postpone the furlough of 2,850 pilots until next June. This reduction coincides with the October 1 expiration of the $25B bailout given to the airlines through the CARES Act. And not sure if youâve noticed, but Congress doesnât seem to be in a rush to provide additional stimulus.
Unitedâs HR office will still be busy even with this can kicked down the road, as 13k jobs will still be cut starting on Thursday. Those former keyboard jockeys will have plenty of company, as airline companies around the US are slashing tens of thousands of positions in an effort to cut costs.
âï¸Going all in. Caesars has offered $3.7B to acquire British bookmaker William Hill. To fund this deal, Caesars [would raise $2B in debt](, secured against William Hillâs non-US business.
This deal would allow Caesars to expand its US sports betting operations, which is becoming increasingly popular as more states legalize sports gambling. Itâs projected that if closed, this would generate between $600 and $700M in revenue next year.
âï¸Cut my app in-to pieces⦠Big shouts to friend of the program [Papa Roach](.
Doing its best Apple impersonation, Google [will force app developers]( on the Google Play store to use its in-app payment system. This enforcement wonât go live until next September.
This policy was implemented already but was never enforced, so Google didnât receive its 30% cut of the fee. And if that figure sounds familiar, itâs because itâs the same percentage that Apple has [received scrutiny]( over in its App Store.
âï¸Youâre mine. Australian mining company Piedmont Lithium [rose 395% yesterday](⦠but Iâm sure you already knew that since you likely had $PLL in your Robinhood account. The Aussies signed a five-year sales agreement with Tesla (ever heard of them?!) to supply Elon and friends with spodumene concentrate.
This move will help the electric car production company expand its battery capacity, which was the biggest focus during last weekâs Battery Day.
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