- Sudan junta and civilians sign power-sharing deal July 17, 2019The military and protesters agree a three-year transition to civilian rule to end the deadly crisis.
- US House condemns Trump attacks on congresswomen as racist July 17, 2019The vote - which divided the House along partisan lines - denounced the president's tweets as racist.
- India building collapse: Rescuers form human chain to search for Mumbai survivors July 17, 2019Rescuers are being hampered by narrow lanes at the site of a deadly building collapse.
- Elon Musk reveals brain-hacking plans July 17, 2019Start-up NeuraLink wants to start testing its human computer interface on humans.
- Data of 'nearly all adults' in Bulgaria stolen July 17, 2019A hacker targeted the Balkan country's tax agency and reportedly offered local media access to stolen data.
- SeaWorld hits back in Virgin Holidays whale tourism row July 17, 2019The US theme park defends its record after Virgin Holidays stops selling tickets to its attractions.
- Rohingya crisis: US imposes sanctions on top Myanmar generals July 17, 2019Rohingya Muslims are still being targeted by the military, Secretary of State Mike Pompeo says.
- Australia calls on China to allow Uighur mother and son's travel July 17, 2019The request follows pleas by an ethnically Uighur Australian to be reunited with his wife and son.
- Former US Supreme Court Justice John Paul Stevens dies July 17, 2019He led the court's liberal wing and wrote more dissenting opinions than any justice in US history.
- Andrea Camilleri: Inspector Montalbano author dies aged 93 July 17, 2019Andrea Camilleri's books won international acclaim and changed perceptions of Sicily.
- Uber, Lyft share prices: as tech IPOs disappoint, how can investors spot winners? | Opto - CMC Markets July 17, 2019Uber, Lyft share prices: as tech IPOs disappoint, how can investors spot winners? | Opto CMC MarketsDespite all the buzz, *fresh* tech stocks like Ub […]
- Bird to pull 250 scooters out of Santa Monica as Lyft and Jump enlarge fleets - Santa Monica Daily Press July 17, 2019Bird to pull 250 scooters out of Santa Monica as Lyft and Jump enlarge fleets Santa Monica Daily PressA change to the local regulations governing doc […]
- Uber and Lyft Pay Drivers Like Employees to Protest A Bill That Would Make Them Employees - Jalopnik July 16, 2019Uber and Lyft Pay Drivers Like Employees to Protest A Bill That Would Make Them Employees JalopnikA California bill that would classify gig economy w […]
- Lyft Citi Bikes expand to the Bronx amid spate of New York bike deaths - Business Insider July 16, 2019Lyft Citi Bikes expand to the Bronx amid spate of New York bike deaths Business InsiderThe expansion comes amid increased activist demands for more b […]
- Uber and Lyft paid drivers to protest California’s AB5 bill - Quartz July 16, 2019Uber and Lyft paid drivers to protest California’s AB5 bill QuartzGig companies are feeling the heat. A bill in California that has already passed th […]
- The Gross Law Firm Announces Class Actions on Behalf of Shareholders of LYFT, PYX and DBD - Yahoo Finance July 16, 2019The Gross Law Firm Announces Class Actions on Behalf of Shareholders of LYFT, PYX and DBD Yahoo FinanceNEW YORK, NY / ACCESSWIRE / July 16, 2019 / Th […]
- Lyft and Amazon Prime Video Team up for the San Diego Comic-Con Experience - sdccblog.com July 16, 2019Lyft and Amazon Prime Video Team up for the San Diego Comic-Con Experience sdccblog.comRide-share company Lyft announced their collaboration with the […]
- LYFT DEADLINE TODAY: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Lyft, Inc. and Encourages Investors with Losses in Excess of $50,000 to Contact the Firm - Yahoo Finance July 16, 2019LYFT DEADLINE TODAY: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Lyft, Inc. and Encourages Investors with Losses in Exc […]
- FINAL DEADLINE ALERT - Lyft, Inc. (LYFT) - Bronstein, Gewirtz & Grossman, LLC Reminds Investors of Class Action and Lead Plaintiff Deadline: July 16, 2019 - Yahoo Finance July 16, 2019FINAL DEADLINE ALERT - Lyft, Inc. (LYFT) - Bronstein, Gewirtz & Grossman, LLC Reminds Investors of Class Action and Lead Plaintiff Deadline: July […]
- Medford Receives $120K+ From Uber, Lyft Rides - Medford, MA Patch July 16, 2019Medford Receives $120K+ From Uber, Lyft Rides Medford, MA PatchMEDFORD, MA — Medford has received $122,122 from ride share companies Uber and Lyft, M […]
SAN FRANCISCO — A fare war between Uber and Lyft has led to billions of dollars in losses for both ride-hailing companies as they fight for passengers and drivers. But in one way it has been good for investors who snatched up the newly public companies’ stock: The losses have scared off the competition, giving the leaders a duopoly in almost every American city. READ: The two San Francisco companies have already lost a combined $13 billion. And with no clear road to profits ahead, no one else has much of an incentive to mount a challenge using the same model relying on people driving their own cars to pick up passengers that summon them on a smartphone app, said Susan Shaheen, co-director of the Transportation Sustainability Research Center at the University of California, Berkeley. Even if another rival dared enter the market, it would likely be difficult to raise enough money to pose a viable threat after Uber and Lyft spent the past decade pulling in billions of dollars from venture capitalists. And in the past six weeks, they raised an additional $10.4 billion in their recently completed initial public offerings of stock. “There’s only a duopoly because both companies have enough capital to compete with each other and no one else does,” said Gartner analyst Michael Ramsey. It’s likely to remain that way until any of dozens of companies trying to create self-driving cars refines their technology so they can launch a network of robotic taxis that removes human drivers from the equation. That breakthrough could enable them to slash their fares below the prices currently being charged by Uber and Lyft. has made no secret of its intention to muscle its way into the ride-hailing market with a fleet of self-driving cars built on technology that it has been working on for the past decade. Waymo launched a ride-hailing service with robotic vans in the Phoenix area five months ago, but only 1,000 people are currently allowed to use it. Besides being on the leading edge of bringing robotic vehicles to market, Waymo also is backed by more money than Uber and Lyft have combined. Waymo is owned by Google’s parent company, Alphabet Inc., which is sitting on $113 billion in cash. In its IPO document, Uber listed Waymo as a potential threat along with Tesla, General Motors’ Cruise Automation and Apple. Lyft also cited Waymo and Apple among the companies that could undercut its position as the second largest ride-hailing service. But most experts believe it will still be many more years before self-driving car technology reaches the point that it can support a large fleet of Until then, the U.S. duopoly is likely to continue, giving Uber and Lyft the luxury of focusing on growth rather than turning a profit, analysts said. That means ride-hailing fares in the U.S. are likely to remain below the actual cost of providing the service, a boon for consumers. “These subsidies will continue as long as each company believes they will be gaining new customers by having a lower price,” says Alejandro Ortiz, principal analyst at SharesPost. “The story now is growth, but growth is expensive.” Eventually, though, investor pressure will mount on the companies to make money, and doing that almost certainly will require higher prices for their rides. On the floor of the New York Stock Exchange Friday, Uber CEO Dara Khosrowshahi hinted that it will be three to five years before the company pivots to a focus on profit. That timetable hasn’t been well received on Wall Street so far. Lyft’s stock has fallen 29% below its IPO price of six weeks ago, and Uber flopped in its stock market debut Friday as its shares slipped by almost 8% percent. Markets with only one or two dominant players often create situations for companies to abuse their power or attempt to stifle competition. Regulators and legislators around the world argue that’s already happened in many corners of technology, with Facebook having a seemingly impenetrable stronghold in social networking, Google dominating search and Amazon controlling a wide swath of online shopping. That has stirred calls to break up some of the companies, especially Facebook, whose own co-founder, Chris Hughes, recently argued his former company has become too powerful for society’s good. For now, Uber and Lyft have been drawing upon all the money that they have raised from investors to keep prices relatively low, creating a barrier for smaller-scale competitors without the capital to sustain massive losses. Take Austin, Texas, for instance. In 2016, Uber and Lyft pulled out of the city after voters approved regulations on ride-hailing companies, including fingerprint background checks for drivers. Four competitors stepped in to give rides in tech-savvy Austin, including two local companies. But the following year, Texas legislators passed a looser state law that superseded Austin’s, and Uber and Lyft came back. Shortly after their return, three of the…