Southeast Asia's internet economy to grow 39% and hit $100 billion this year, report says
Southeast Asia's internet economy was forecast to grow 39 percent this year to $100 billion as millions of people in the region went online to shop for the first time and ride-hailing firms grew in popularity, an industry report showed on Thursday. The annual report ...
California law on treating rideshare drivers as employees may hurt 'gig economy'
Labor activists Wednesday were celebrating California's move to have drivers treated as employees by rideshare firms even as it fueled concerns it will hurt digital platforms depending on the "gig economy." A landmark bill was approved 29-11 late Tuesday in the state senate, with the ...
Japan's Rakuten swings to quarterly loss on Lyft and mobile service
Rakuten Inc. reported an unexpected quarterly loss Thursday, hit by the depressed value of its investment in ride-hailing firm Lyft Inc. and heavy spending on a new wireless service. The company said it booked a ¥1.8 billion operating loss in the April-June quarter compared with ...
SoftBank and ride hailing app Grab investing $2 billion in Indonesia
SoftBank and Southeast Asian ride hailing app Grab say they're investing $2 billion in Indonesia over the next five years. Grab made the announcement after a meeting Monday between Indonesian President Joko Widodo and executives from Grab and its major investor, SoftBank. Grab is using money ...
Toyota to set up joint venture with Chinese ride-hailing giant Didi Chuxing, investing ¥64.8 billion
Toyota Motor Corp. said Thursday it will set up a joint venture with Chinese ride-hailing giant Didi Chuxing Technology Co. and invest a total of ¥64.8 billion ($600 million) in Didi and the new venture, as part of efforts to expand its business in ...
Mitsubishi Motors to invest in Indonesian ride-hailing giant Gojek
Mitsubishi Motors Corp. and trading house Mitsubishi Corp. are investing in Indonesian ride-hailing giant Gojek. The total investment amount has not been disclosed but is believed to be in the neighborhood of several billion yen. The three companies will discuss joint services such as food delivery ...
Toyota to cut managers' summer bonus by up to 5% due to high R&D costs
Toyota Motor Corp. will cut summer bonuses for some 9,800 managers by 4 to 5 percent, as it looks to tighten cost control in the face of high spending on developing technology for autonomous and electrified vehicles, a source close to the matter said ...
Toyota considers investment in Chinese ride-hailing giant Didi
Toyota Motor Corp. is considering investing up to ¥60 billion ($550 million) in Chinese ride-hailing giant Didi Chuxing Technology Co. in an effort to expand its business in China, sources close to the matter said Wednesday. Toyota and Didi are looking to set up a ...
Weak Uber market debut augurs poorly for other Silicon Valley unicorns
Uber Technologies Inc.'s conservative initial public offering could not keep its shares from sinking in their trading debut on Friday, fueling debate on Wall Street over whether the outcome of the most anticipated listing since Facebook would weigh on other Silicon Valley unicorns. Uber considered ...
Uber stock set to launch at $45 a share in milestone for 'sharing economy'
Uber is set for its Wall Street debut Friday, with a massive share offering that is a milestone for the ride-hailing industry and the so-called sharing economy but which comes with simmering concerns about its business model. Shares will be priced at $45 for the ...
Uber and Lyft drivers set to strike in cities across the U.S. and Europe
Drivers for ride-hailing giants Uber and Lyft are turning off their apps, to protest what they say are declining wages at a time when both companies are raking in billions of dollars from investors. Organizers planned demonstrations in 10 U.S. cities Wednesday, including Chicago, Los ...
'Shooting for big game': Softbank's push for transport dominance
SoftBank Group Corp. leader Masayoshi Son has much bigger ambitions for transportation than simply seeing his investment in Uber Technologies Inc. turn into more than $13 billion when the company goes public next month. The Japanese entrepreneur is placing a $60 billion bet in more ...
