Khashoggi case: no-shows at Saudi investment conference

DUBAI, Oct 17 — Corporate bigwigs are pulling out of an investment conference in Saudi Arabia next week concerned by the fate of missing journalist Jamal Khashoggi, despite the risk of losing business with the kingdom. International Monetary Fund…

Uber and Lyft race towards IPOs next year as banks line up


SAN FRANCISCO: Uber Technologies Inc. and Lyft Inc. are solidifying plans for initial public offerings next year, when a wide pool of investors will decide what the money-losing ride-hailing businesses are actually worth. Wall Street’s top banks, vying for a coveted underwriting spot on Uber’s IPO, suggest the San Francisco company could produce one of the most valuable offerings ever. In their pitches to Uber, Morgan Stanley and Goldman Sachs Group Inc. said the business could be valued at about $120 billion in an IPO, people familiar with the matterRead More

Uber eyes valuation topping US$100b in share offering, say sources

NEW YORK, Oct 17 — Uber is eyeing a valuation above US$100 billion (RM415.4 billion) for its much-anticipated share offering due in 2019, which would be the biggest-ever in the tech sector, sources familiar with the plan said yesterday. The…

Bank proposals value Uber at US$120b in possible IPO: Report

BENGALURU: Uber Technologies Inc could be valued at US$120 billion (RM498 billion) when it finally goes public next year according to recent proposals made by US banks, The Wall Street Journal reported today, citing people familiar with the matter.

The ride-hailing company's most recent valuation was pegged at US$76 billion, following a US$500 million investment from Toyota Motor Corp in August.

Reuters reported in late September that Goldman Sachs and Morgan Stanley were in pole position to secure top roles in Uber IPO.

Goldman Sachs and Morgan Stanley last month delivered the valuation proposals to Uber, the WSJ report said.

Uber and smaller rival Lyft have been actively preparing to go public next year. While Lyft has hired IPO advisory firm Class V Group LLC, Uber is behind in its preparations.

Uber hired Nelson Chai as its chief financial officer in August, filling a long-standing vacancy and clearing the way for its much-anticipated IPO.

Uber declined to comment on the WSJ report. – Reuters

Uber receives IPO proposals from banks that value firm at US$120b

BENGALURU: Uber Technologies Inc recently received proposals from Wall Street banks valuing the company at as much as US$120 billion (RM498 billion) in an initial public offering that could take place early next year, The Wall Street Journal reported today.

Goldman Sachs Group Inc and Morgan Stanley last month
delivered the valuation proposals to Uber, the report said, citing people familiar with the matter.

Uber did not immediately respond to a request for comment. – Reuters

Ford Motor chairman cancels visit to Saudi investor conference

NEW YORK, Oct 15 — Ford Motor Co chairman Bill Ford cancelled a multi-stop trip to the Middle East, including a planned appearance at a Saudi investment conference, the company said yesterday, the latest such cancellation after the disappearance…

Private sector agrees 10 pct price cuts as Turkey steps up

ISTANBUL: Turkey’s private sector has agreed to cut prices on the goods it sells by at least 10 per cent across the board, Finance Minister Berat Albayrak said, as he called on businesses to join a national struggle to tamp down runaway inflation. Financial markets gave a lukewarm appraisal to the programme, which includes a […]

UK union calls on its Uber drivers to strike tomorrow

LONDON, Oct 8 — A British trade union called on Uber drivers to strike in London, Birmingham and Nottingham tomorrow for 24 hours by not signing into the app, in a push for higher fares and more working rights. Uber has around 60,000 drivers in…

SoftBank nearing US$500m investment in ride-hailing firm Grab, sources say

JAKARTA, Oct 5 ― SoftBank Group Corp is nearing a deal to invest about US$500 million (RM2.07 billion) in Grab as part of roughly US$1 billion that Southeast Asia’s biggest ride-hailing firm is seeking in its latest funding, sources with…