News Worms
News Worms


Softbank says there's a 'possibility' it won't invest in Uber

Uber Technologies Inc's warring board members have struck a peace deal that allows a multibillion-dollar investment by SoftBank Group Corp to proceed, and which would resolve a legal battle between former Chief Executive Travis Kalanick and a prominent shareholder.

"We've entered into an agreement with a consortium led by SoftBank and Dragoneer (Investment Group) on a potential investment", an Uber spokesman said.

"We believe this agreement is a strong vote of confidence in Uber's long-term potential", it added. "Upon closing, it will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance".

SoftBank - along with Dragoneer Investment Group, General Atlantic and Chinese ride-sharing giant Didi Chuxing - will directly invest US$1 billion into Uber. At present Uber is valued at $68.5 billion. SoftBank will gain two Uber board seats as part of the investment.

Uber hired a law firm this year to investigate how the firm managed to obtain the medical records of the rape victim, an incident that led to criticism of the culture at the U.S. firm, sources told Reuters in June. The secondary transaction, or the purchases from employees and existing investors, would be at a lower valuation.

Technically, the deal will only be done once enough Uber shareholders sign up to sell shares. SoftBank's roughly $1-billion investment of fresh funding is expected to be at the same valuation.

"By no means is our investment decided". "We are interested in Uber, but the final deal will depend on the tender price and a minimum percentage shareholding for SoftBank", he said in a statement.

Confirming the development, an Uber spokesperson said: "Shweta has been a great advocate for Uber and the development of ridesharing in India". Benchmark and others ultimately agreed to waive those rights in exchange for concessions from SoftBank over the tender offer process, the people said. The transport technology and its drivers suffered the loss of license to operate until the end of the month.

Kohli had joined Uber India in September past year and was responsible for the company's relations with policymakers, regulators, government officials, industry bodies and others.

Transport for London said Uber would be allowed to continue to operate while the appeals process was exhausted.

Uber has since fired back by declaring to challenge London's transport regulator.

follow

editors' picks

November 15, 2017
DC Entertainment Terminates Editor Eddie Berganza
Over the weekend, DC had issued a statement saying Berganza had been suspended and an investigation was underway. Berganza, 53, had been at DC Comics since the 1990s and worked on Batman, Superman , and Wonder Woman titles.

November 15, 2017
Nathaniel Clyne Reportedly Set for 3-Month Absence After Back Surgery
Alexander-Arnold has also shown glimpses of his potential, scoring twice in the UEFA Champions League for the team already this season.

November 15, 2017
Tanks seen on road to Zimbabwe capital amid political crisis
Some of the army top brass are seen as strongly opposed to Grace Mugabe's apparent emergence as the likely next president. However, there is speculation that this could also be a show of force from the military.

November 14, 2017
Delhi government does not file review petition in NGT on odd-even ruling
According to it, about 3,500 new buses were being procured to ply in the national capital. Adding another wave of commuters may result in collapse of public transportation system.

November 14, 2017
IPhone X Has Green Line Display Problem
However, some of iPhone X users who reported the issue on forums confirm that Apple is replacing the affected units free of cost. While no one has an idea on how the iPhone X can go even bigger, a visualized render of the iPhone X Plus has surfaced recently.

November 14, 2017
More Sunshine, Warmer Monday
Overall a fantastic fall week of weather as days will feature more sunshine than clouds, and nights clear and chilly. A strong cold front will move through Saturday triggering showers and strong gusty winds.

November 14, 2017
Trump 'begged for nuclear war' during his 'warmongering' visit to Asia - Pyongyang
North Korea has launched a stinging attack on US President Donald Trump following his visit to South Korea . It has repeatedly threatened to launch ballistic missiles into the waters around the USA territory of Guam.

November 14, 2017
Chance of rain on Tuesday
Tuesday , there is a 20 percent chance of drizzle before noon, then a slight chance of showers or drizzle after noon. Dry weather returns for tonight and Tuesday but plenty of clouds will linger over the area, the service says.

November 14, 2017
Brands cash in on Alibaba's big day
Singles' Day has been expanding over the years and at the moment it is emerging to be one of the world's biggest shopping events. Alibaba has said Cainiao expects 3 million people to handle packages during the 24-hour-period.

November 14, 2017
Kylie Jenner already had baby shower?
Just like her pregnancy, Kylie Jenner's baby shower was also top-secret! If she is pregnant, she's doing a great job of hiding it. It was revealed in July that they had enlisted a surrogate "in her 20s" to help them add to their family.