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Uber Technologies Inc.
27-11-2014, 04:50 PM.
Post: #1
At US$40 billion, Uber would eclipse Twitter and Hertz
Technology stocks are beyond me...Big Grin

The funding doesn't seem affected by the recent privacy "scandal"
https://www.aclu.org/blog/technology-and...cy-scandal

At US$40 billion, Uber would eclipse Twitter and Hertz
NEW YORK (Nov 27): Uber Technologies investors are betting the five-year-old car-booking app is more valuable than Twitter and Hertz Global Holdings.

The startup is close to raising a round of financing that would value it between US$35 billion and US$40 billion, according to people familiar with the situation, who asked not to be identified because the details are private.
...
http://www.theedgemarkets.com/sg/article...-and-hertz


https://www.aclu.org/blog/technology-and...cy-scandal
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27-11-2014, 05:43 PM. (This post was last modified: 27-11-2014, 05:44 PM by specuvestor.)
Post: #2
RE: At US$40 billion, Uber would eclipse Twitter and Hertz
Ya I think it's nuts to assume taxi bookings is going to be worth US$35b... are they expecting everyone on the planet to make a booking? Big Grin

Seriously this is going to end up very bad. And as usual the billion$ question is when and some are much better than me to play these kind of game. Or maybe I'm just a non-progressive old guy with dot-com baggage
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27-11-2014, 09:40 PM.
Post: #3
RE: At US$40 billion, Uber would eclipse Twitter and Hertz
it's inter-planetary taxi bookings app! Big Grin
u can book a space taxi to mars!! Tongue

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08-12-2014, 08:46 PM.
Post: #4
RE: At US$40 billion, Uber would eclipse Twitter and Hertz
Uber is having hard time in India and Dutch, albeit India case might be resolved in near term...

Dutch court bans Uber online taxi service
THE HAGUE - Uber, the U.S. online ride-hailing service, has been banned from offering service in the Netherlands, or face a fine of 10,000 euros ($12,200) per violation.

The Trade and Industry Appeals Tribunal in The Hague on Monday ordered Uber to stop providing the service known as UberPop, which it said broke a law requiring that drivers have a licence.

Uber could be fined up to 100,000 euros ($122,000), while drivers could face fines of 10,000 euros, the court found.
...
http://www.todayonline.com/business/dutc...xi-service

New Delhi bans Uber after alleged rape by driver
EW DELHI — Uber, the US online ride-hailing service, has been banned from operating in the Indian capital with immediate effect after a young female passenger was allegedly raped by one if its drivers, the Hindustan Times reported.

The Delhi government has blacklisted Uber from providing transport services due to the behaviour of its driver, the newspaper said, quoting a statement from the transport ministry.

The news could not be independently verified but was reported by other news outlets. Repeated calls to officials at the city’s transport department went unanswered.
...
http://www.todayonline.com/chinaindia/in...ape-driver
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20-12-2014, 09:47 PM.
Post: #5
RE: At US$40 billion, Uber would eclipse Twitter and Hertz
Uber is having hard time elsewhere too...

Uber declared illegal in Taiwan after 63 fines issued

Uber Technologies is violating Taiwan’s laws and will continue to attract penalties after more than 60 fines were issued against the company and its drivers, the minister of transportation and communications (MOTC) said.

“The business model they’re operating is illegal,” Mr Yeh Kuang-shih said in a telephone interview. “Uber doesn’t have any transportation-related service license and actually Uber is doing transportation service.”

Taiwan joins jurisdictions from New Delhi to Rio de Janeiro that are pushing back against the San Francisco-based chauffeured-car service. The latest pronouncement is Taiwan’s clearest declaration of Uber’s legal status after the ministry earlier warned that its business license is for information services that doesn’t allow it to operate taxis or limousines.

“We are disappointed with the MOTC’s statement against Uber today and are following all legal due processes with regards to the appeals,” Uber said in a statement to Bloomberg News.

Uber has been issued 30 tickets totaling NT$2.55 million (S$106,415) in fines while 33 penalties to drivers have been handed out for NT$1.65 million, Mr Yeh said. Drivers who offer commercial services without a permit can lose their license for two months, he said.
...
http://www.todayonline.com/tech/uber-dec...nes-issued
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21-12-2014, 11:58 AM.
Post: #6
RE: At US$40 billion, Uber would eclipse Twitter and Hertz
Why banned in so many countries?

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21-12-2014, 05:15 PM. (This post was last modified: 21-12-2014, 05:37 PM by CY09.)
Post: #7
RE: At US$40 billion, Uber would eclipse Twitter and Hertz
(21-12-2014, 11:58 AM)wahkao Wrote: Why banned in so many countries?

Many countries, especially East Asian nations, have specific acts which target taxis and rental cars. Only licenses are granted to companies/vehicles by the govt agency for use of vehicles as commercial purpose. This is in conflict with Uber's main business idea where individuals could make use of their vehicle to pick up passengrs, while Uber does not need to maintain a fleet of vehicle/drivers unlike the traditional model. In many countries only licensed vehicles/companies are allowed this commercial act, as a result Uber becomes merely an app to grab taxis, intended for taxi drivers.

This is why Uber acts like a "grab taxi" app in Singapore, because they are aware their main business model conflicts with LTA's act, with knowledge it cannot allow all Singapore drivers to freely act as their own private taxis. It is ironic that Uber's mgmt play ignorant in Taiwan of allowing private drivers to act as taxis when the transport act in Taiwan is very similar to Singapore's.

As for valuation wise, it is unraveling the growth potential of Uber is only to the same capability as the many "grab-taxi" alike in the app-sphere. If "Grab-Taxi" is worth US$1.5 Billion with the East Asia target market it has, I do not know how the US $40 billion can be justified. The last round of venture capitalist are in for a very painful lesson. At best Uber is worth only half its pricetag

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21-12-2014, 08:32 PM.
Post: #8
RE: At US$40 billion, Uber would eclipse Twitter and Hertz
I do not know Taiwan’s law regarding commercial transportation, so I cannot comment on why they banned them in Taiwan, though I have a feeling it is to protect their taxi’s driver rice bowl. However, in Singapore, Uber has been operating for more than 2 years already, and it is gaining popularity. Uber has clearly stated that it is not a transportation company. It is a technology company. Any driver who wants to drive for Uber must first set up a company whose main activity is to ferry passengers. It then has to register a car under the company name, and buy an appropriate comprehensive commercial insurance. Only then can the driver sign up with Uber and becomes its partner driver. Existing taxi driver can also sign up with Uber to become their partner driver. In essence, Uber is providing a service to match customers looking for a transport to a transportation company looking for a customer. So far LTA has not said anything and so I reckon that their model is legal here. I thought Uber is really creative in this area.

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21-12-2014, 09:35 PM. (This post was last modified: 21-12-2014, 09:38 PM by corydorus.)
Post: #9
RE: At US$40 billion, Uber would eclipse Twitter and Hertz
Taiwan has too many Taxi which kind of implied the much poorer employment condition. As is a low barrier for unemployed to enter, their earning should be 50% less than Singapore drivers IIRC. Uber will probably push them to a corner.

Talking about this, I would think the total population of Taxi drive, Insurance agent, broker or even housing agents, can kind of skew the job unemployment rate of the market since they can absorb entrants such that individuals will get an ever smaller pie of income.
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22-12-2014, 09:00 AM.
Post: #10
RE: At US$40 billion, Uber would eclipse Twitter and Hertz
An article which give a overview of LTA regulation on 3rd party app e.g. Uber. So far Uber operation in Singapore is different from other regions, thus is legal.

Third-party taxi booking apps to be regulated

SINGAPORE: The Land Transport Authority (LTA) on Friday (Nov 21) announced that it will introduce a basic regulatory framework, which is expected to come into effect by the second quarter of 2015, following consultation with commuters, the National Taxi Association (NTA), third-party taxi booking services and taxi companies extensively over the past year.

Under this framework, all third-party taxi booking services will be required to comply with the following conditions:

Registration of services with LTA
Dispatch only licensed taxis and drivers holding valid Taxi Driver’s Vocational Licences
Fare-related safeguards for commuters
Taxi booking services cannot require commuters to specify their destinations before they can make bookings
Customer support services for commuters
Under the framework, all third-party taxi booking services will have to register with the LTA to operate, and successful applicants will be granted a certificate of registration valid for three years.

The third-party booking services will need to ensure commuters are served by taxis and taxi drivers who are operating legally in Singapore.

Third-party taxi booking service providers will also need to offer all information on fare rates, surcharges and fees payable for the journey upfront - including peak period and location surcharges. They should also give commuters the option to reject certain types of taxis or taxis with certain fare rates and surcharges, said LTA.

Additionally, commuters should have the option of whether they want to specify their destination in the apps, said LTA, highlighting that some drivers might avoid taking bookings to certain destinations. These services will also be required to provide basic customer support, such as lost and found services, and avenues for commuters to raise queries and complaints.

The framework will also apply to booking apps belonging to taxi operators.

“While the regulations are expected to be implemented only in the second quarter of 2015 after the necessary legislative processes are completed, taxi booking services and taxi companies are encouraged to begin their preparations to comply with these regulations,” LTA said.

WILL THE RULES APPLY TO PRIVATE CARS?

When asked if the new rules will apply to private car bookings such as those offered by Uber, an LTA spokesperson said the framework will require third-party taxi booking services to "ensure that taxis and other transport services offered (such as chauffeured vehicles) are clearly differentiated from one another using separate and distinct icons".

The difference in charges must be "highlighted upfront and clearly" and if a commuter specifically requests for taxi services, only licensed taxis and taxi drivers can be dispatched.

"In cases involving private cars, which are unlicensed public service vehicles, LTA will also take action against the drivers," the spokesperson said.

REGULATION SHOULD PROTECT DRIVERS AS WELL: ANALYST

One analyst said the move to introduce a regulatory framework indicates that such services are now viewed as a valid business.

Dr Park Byung Joon, head of the urban transport management programme at SIM University, said: "So far, there has been a lot of uncertainty in the air - whether it is really legal to use this kind of services, whether it is really okay for taxi drivers to sign up for these services. Even for the investors, is it really okay to invest in this business? Now, what is most significant today is that it's recognised as a valid business,

"For the commuters, it at least provides you with some kind of a peace of mind when you use these services. Now, you do not have to worry whether you are really getting a taxi driver with a proper licence or whether you are getting ripped off by using this kind of services."

And while the regulatory framework is designed to protect commuters, there may also be a need for one that protects the welfare of drivers in future, Dr Park said - especially if these third-party taxi app companies continue to expand. For example, there may be a need to ensure drivers are paid promptly by the taxi app companies if the payment is made through their system.

Dr Park also said that taxi operators may need to step up their game to update their own booking apps so that they can stay competitive. He added they could also consider entering into joint venture partnerships, like the way SMRT is working with Hailo.

UBER, GRABTAXI, EASY TAXI, HAILO REACT TO ANNOUNCEMENT

One third-party taxi booking service provider, Uber, told Channel NewsAsia that it welcomes LTA's announcement. "Uber works with governments around the world to develop new regulatory frameworks that embrace innovation and new technologies that bring choice to riders, more opportunities for drivers and a higher quality transportation alternative to cities," said Mike Brown, Regional General Manager for Southeast Asia at Uber Technologies.

"Uber welcomes the LTA's announcement to introduce a new regulatory framework for third-party taxi booking apps; this is great news for residents and visitors to Singapore and especially for taxi drivers. We appreciate that the LTA has acknowledged the benefits our technology brings, and like Uber, is putting the interest and safety of consumers and drivers first."

In Singapore, Uber has three product options - uberX, uberExec and uberTAXI. For the first two products, it partners with fully licensed limousine or rental car companies, and these categories do not fall into the category of taxi drivers. In other markets, the company engages private drivers to offer rides to commuters.

GrabTaxi, meanwhile, said the regulations help to define the parameters within which taxi app services can operate. Its customers must specify their destination, but the company said it will tweak its app to comply with the regulations.

Mr Lim Kell Jay, general manager of GrabTaxi, said: "We do, however, encourage passengers to indicate the destination because that will encourage drivers to accept their jobs, particularly during a shift change."

Easy Taxi's Singapore managing director, Mr Jianggan Li, said he believes the framework will further level the playing field and encourage taxi-booking apps to be more competitive.

Mr Li also appreciated the LTA's engagement with industry players in designing the framework.

"Compared with local government regulations in the other countries Easy Taxi is present in, we believe that the framework set by LTA is among the most open and encouraging for such a new service, which genuinely provides convenience to consumers," Mr Li said.

A spokesperson from Hailo said its plan has always been to "constructively disrupt" Singapore's taxi booking and payment status quo through technology and partnership. He added it aims to innovate constructively within the current legal and regulatory framework.

- CNA/av/ac

http://www.channelnewsasia.com/news/sing...85256.html
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