Uber to buy Postmates in $2.65 bln stock deal, expands food-delivery reach

UNTV News   •   July 7, 2020   •   314

Uber Technologies said on Monday (July 6) it would buy Postmates in a $2.65 billion deal, looking to expand its reach into the food-delivery market as the coronavirus crisis upends its core ride-hailing business.

The move is just weeks after Uber walked away from a deal to buy Grubhub, which would have given Uber’s money-losing restaurant delivery service a leg up on market leader DoorDash.

U.S. online food delivery company Grubhub agreed to be acquired in June by Just Eat Takeaway.com in a $7.3 billion deal.

Uber, which has been under pressure as ride-hailing services across the globe plummets because of lockdowns, offered a premium of about 10% on Postmates’ last valuation of $2.4 billion. Uber shares were up about 9% in premarket trading. (Reuters)

(Production: Aleksandra Michalska)

GrabFood PH says ‘no-shows’ or cancellations may soon face penalties

Marje Pelayo   •   June 20, 2019

Courtesy : Grab Food Facebook page

MANILA, Philippines — Food-delivery platform, GrabFood PH expressed concern over the plight of its riders in a series of order cancellations recently highlighted on social media.

The company stressed that it does not allow cancellations once orders are placed.

Grab would like to ask everyone to use their services responsibly,” it said in a statement.

It reminds the public to check and to make sure that correct information such as drop-off address and order details are logged into the app.

Also, Grab advises the customers to always keep in contact with the GrabFood rider either by text or call.

“Grab continues to tighten policies and customers with excessive no-show will soon face account penalties, including possible account suspension,” the company warned.

Thousands of striking taxi drivers protest in central Madrid

admin   •   January 29, 2019

Thousands of protesters at Sol Square in Madrid, Spain seen from top shot on January 28, 2019 | Reuters

Thousands of Madrid taxi drivers staged a protest on Monday (January 28) at Sol Square in central Madrid against the online ride-hailing sector, including companies like Uber and Cabify which they say ignore regulations and pose unfair competition.

The protest joined by taxi drivers from across Spain and Portugal ended a day of demonstrations that started with the blockage of Madrid’s most iconic avenue earlier in the day.

Spain’s government agreed to pass new regulations in September guaranteeing a cap on licences for Uber and similar services at a ratio of just one permit for every 30 taxi permits.

The regulation also permitted Spanish regions to adopt their own restrictions on the services as they see fit.

But taxi workers demand further restrictions such a law that would force customers of ride-hailing services to order transport an hour beforehand.

Taxi drivers have been on strike since Monday (January 21). — Reuters

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PCC slaps Grab, Uber with P16-M fine for violating merger provisions

admin   •   October 18, 2018

 

MANILA, Philippines — Ride-hailing service firms, Uber and Grab are facing penalties anew over its merger deal.

The Philippine Competition Commission (PCC) has fined Grab Philippines and Uber a total of P16 million for allegedly violating key provisions of the interim measures order (IMO) during the merger review period of the anti-trust body.

The IMO was issued to the parties to maintain pre-transaction conditions to prevent actions that may prejudice the ability of the PCC to review or impose appropriate remedies.

The PCC explained that the imposition of the fine is due to the failure of the two firms to keep their operations separate pending the approval of their merger deal.

In a breakdown provided by the anti-trust body, Grab PH and Uber are ordered to pay P4 million for executing their agreement even during the review period.

Grab was also fined with P8-million while Uber with four million for failing to maintain the pre-merger business conditions.

“Dahil sa pagcomply nila sa LTFRB order ay kinailangan naming i-reduce ang fines ng Uber which is why makikita natin eight millon po ang na impose sa Grab pero para sa uber naman ay four million pesos lamang,” said PCC Commisioner Stella Quimbo.

Grab and Uber merged their operations on March 25. The anti-trust body launched a motu propio review on the merger on April 3 and three days later, the agency issued the seven interim measure for Grab and Uber.

The PCC also noted that Grab Philippines and Uber violated two of the seven interim measures. Ten counts of violations were detected on two of the conditions set for the merger.

Under the Philippine Competition Act, a P2 million maximum fine will be imposed on every particular violation on its provisions.

“This establishes the fact that PCC has its own jurisdiction and mandate when it comes to competition-related concerns,” said PCC Commissioner Johannes Bernabe.

The PCC warned that if the two firms fail to comply within 45 days, they will have to pay a fine of P16 million each day.

In response, Grab PH said in a statement that they will study the order before giving further comments. — Mon Jocson | UNTV News & Rescue

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