Young Couple ‘Nearly Die’ As Uber Car Plunges Into Sea…But Still Charged The £18 Fare

AN Uber passenger was still charged his £18 fare — despite “nearly dying” when his cab plunged into the sea.

Businessman Nick Christoforou, 31, and colleague Sophia Toon, 23, had to swim for their lives after their taxi drove off the end of a jetty.

Nick said: “One minute I was in the back of an Uber heading home, and the next I was in the sea.”

He went on: “I managed to get the car door open and got to the surface to find the others.

"If I wasn’t in a fit and able state we would all be 100 per cent dead.”

The real estate worker from Cockfosters, north London, was on a work trip to the South of France when he booked a car via the popular Uber app.

Sophia were picked up at 1.30am in Cannes by a driver in a Citroen DS5.

Nick said: “All of a sudden I felt falling.

"Five seconds later and the car was filling up with water.

“Even now I am not certain what caused it.”

The route the car travelled and its landing point

The car sank into water 3m (10ft) deep at Port Pierre Canto, a marina for 500 yachts in the city, which hosts Cannes Film Festival each year.

Nick swam to the nearest boat and pulled the others to safety.

The driver was breathalysed and found to be sober.

Uber driver plays game on his phone as he speeds along busy London street

No arrests were made.

A police spokesman said: “Luckily the car sank slowly, allowing some time for the occupants to get out safely.”

Source : The Sun.

from Taxi Leaks https://ift.tt/2nOgTQo
via IFTTT

We Still Don’t Know Whether Uber Is a Real Business?

It has never had to live on the cash it generates

In March, Uber will turn 10 years old. On paper, it’s one of the world’s most highly valued companies. Uber has become a verb for rides on demand, changed the transportation habits of millions and pushed changes in city planning around the world.

But after a decade of operation and perhaps a year or so away from its initial public offering, an essential unanswered question remains: Is Uber viable?

Put aside questions about whether Uber is overvalued, evil or whatever other clouds exist. I’m talking about simple dollars and cents. Uber Technologies Inc. has burned through more than $1 billion in cash in the last year, by design, and continues to fund itself with the huge capital pools available for young superstar companies since about 2010. If all that cash from SoftBank, Saudi Arabian oil wealth, conventional tech investment funds -- or even cash from future public stockholders -- unexpectedly dries up, does Uber’s business model work? I don’t know, and almost no one else does either.

There are always questions about whether relatively young companies will have staying power, but because Uber has never had to finance itself solely with the cash generated by its businesses, questions about the company’s basic viability are even more urgent. 

It’s been said before that Uber has sensibly tailored its business strategy to the financial realities of the last eight or so years of financial markets. Never before has so much money been thrown at promising young technology companies, and for good reason. People with money are desperate to make more money, and private technology companies have been an appealing way to turn $1 into $10 or $100. 

If Uber had started just a few years earlier, it might have been confined to its original business of dispatching luxury cars. Instead, Uber has taken in more than $15 billion from stock sales and borrowings, and that cash has let Uber dream big. It offers semiprofessional drivers at the tap of a smartphone screen in dozens of global cities, has branched into transportation by bicycles and has visions of robot-driven cars and flying taxis. It’s investing in food delivery, matching supply and demand for freight and more.

Uber’s cash has let it become this ambitious, but it’s never been forced to live in a world where it has to operate solely with the cash it generates. The company’s free cash flow -- or cash generated by its operations minus costs for capital projects -- was negative $1.3 billion in the last 12 months, according to Bloomberg News and other media reports on the company’s self-reported, cherry-picked financial figures. For the sake of comparison to a recent but dramatically different era in technology, Facebook had positive free cash flow for three full years when it filed to go public in 2012. 

Don’t just listen to me about the importance of companies that can sustain themselves with their own cash flow. Listen to Uber CEO Dara Khosrowshahi. "The most important factor for me," he said at a Fortune conference last month, is "cash flow generation."

 "I don't want to be dependent on private, public or any markets to fund the business expansion and the extraordinary expansion in front of us," he said.

Well said. Uber doesn’t need to be cash flow positive when it goes public. And maybe not for years. But eventually it does, and at this point it’s not clear how or when that might happen. 

Khosrowshahi and investors in both Uber and other on-demand ride companies have said the economics of the basic business are nicely profitable and improving in some established cities. They say finances for Uber and its rivals are distorted by intentional decisions to grab market share in many cities, global expansion into areas where rides aren’t immediately profitable and investments in promising but cash-draining businesses such as driverless cars.

Young tech companies often say they can pare spending or curtail growth investments if they need to fund themselves solely with cash their businesses generate. That sounds great, but it’s remarkable to think we don’t know what Uber’s business looks like -- or if it can even exist -- if the company had to live within its means.

If times change and Uber needs to become cash flow profitable earlier than it expects, what happens to Uber’s fares or the availability of rides? Does the cost for a ride double or triple? And if so, and demand for rides shrinks, how much more does it cost Uber to attract and retain drivers, which then depresses demand from riders? If Uber has to stop or pare back its investments in driverless cars or food delivery, what happens to the company’s future value or its cash flow?

And it’s not trivial to cross the chasm from a fast-growing technology company that needs constant fresh cash to a firm that can finance its own operations. In a recent analysis I did of tech companies that had gone public since 2010, I was surprised to see that some relatively seasoned companies had for years generated less cash than their businesses needed to operate. Companies such as Pandora Media and FireEye need continual supplies of fresh cash from stock sales or borrowings. 

To be clear, Uber had billions of dollars of cash on hand as of June 30. It’s not in danger of blowing up. But nothing about Uber is a sure thing. Not its eye-popping valuation, not its ability to withstand competition and regulatory challenges around the world, and certainly not its very viability as a business. .

Source : Bloomberg 

from Taxi Leaks https://ift.tt/2BnfJoW
via IFTTT

Lawless London Illegal Electric Rickshaws Driven By Drunken Drivers....Enough's, Enough

'Lawless' rickshaw drivers are accused of drinking and cycling on the streets of London by disgruntled taxi driver

This is the incredible moment a London black cab driver caught out two rickshaw hosts drinking on the job. 

Driver, Tom, noticed the the two rickshaw drivers sitting in their vehicles and drinking alcohol. 

The 41-year-old decided to pull into the taxi rank next to them on Wardour Street in London and watch the pair as they guzzled cans of lager.  

Pair of rickshaw drivers caught drinking alcohol on the job

Tom, who shared the video on Twitter, confronted the drivers who then accused him of being racist. 

He tweeted: 'There it is , you can see #London is lawless #rickshaw 'drivers' drinking alcohol outside m&m store waiting to pick up children and their parents and posting as #taxi @TheLTDA @LTDAForum @The_LCDC @MetCC @TfL @MayorofLondon how long before they gonna kill someone?' 

The pair then go on to criticise Tom's ability to speak English and said, 'When you come to Europe, you need to learn the language.'

Two rickshaw drivers were confronted for drinking lager on the job in Wardour Street, London

The pair, who shared a can, called a black cab driver a racist when he confronted them

Tom said: 'I have arrived on Wardour Street and saw two rickshaws and their drivers sitting in one of them. 

'There was a can of lager on the floor so I decided to keep an eye on them. I put myself on the taxi rank then I noticed that they are actually drinking that lager.'

'It was outside M&M store so clearly they were waiting for children and parents to take them on the ride around London.   

'Those rickshaws have electric engines which makes them illegal and drunk driving that's even more dangerous. 

See ATMs video n Twitter here:

https://twitter.com/tom_1_3_/status/1029359107424313344?s=21

Tom took to Twitter to tell others about what he witnessed and raise awareness of drink driving

'I've called met police but they were extremely busy as it was the same time as that incident outside parliament so it was clearly ignored. 

'I decided to record those drivers to raise awareness about this illegal activities around West End. I'm shocked that TFL and met police is powerless around them. 

'Just wondering what needs to happen for them to be taken off the roads?' 

Source  : Daily Mail.

from Taxi Leaks https://ift.tt/2L1Ssbp
via IFTTT

Private Hire driver Allowed To Keep Licence Despite Previously Being Jailed For Child Sex Abuse.

A Private Hire driver has been  allowed to keep his licence and job despite previously being jailed for child abuse.

Sandwell councillors allowed the minicab driver to continue driving despite guidelines saying people convicted of sex offences be barred

Jailed for sexually assaulting a child he’s been allowed to continue working by councillors at a meeting held behind closed doors.

Sandwell councillors allowed the unnamed man to continue driving despite guidelines recommending people convicted of sex offences be barred from holding a private hire licence.

Members of the licensing sub committee made the decision at its meeting in July from which the public and press were excluded.

Minutes of the meeting released this week only refer to the driver as 'Mr S G' and exclude any information which identifies him.

The secrecy surrounding the decision has been criticised by the Chairman of the West Midlands Private Hire Drivers Association, who called for committees to be open to the public.

The conviction for sexual assault was revealed when councillors reviewed Mr S G's license.

They were told that in November 1999, he was convicted of indecent assault on a female under 14 and was jailed for three months by Warley Magistrates .

Speaking at the committee, Mr S G said he was at a fun fair and had sat next to a young girl.

Denying he touched her, he said the child reported him to the police and he was charged.

After adjourning to take legal advice, councillors decided to allow him to keep his PH licence and: "Warn Mr S G in respect of his conduct and the effect any further problems may have on his licence."

The minutes also show the committee's decision to depart from guidelines on sexual offences, was: "Due to the length of time that had lapsed since the conviction, his good driving record and good character."

"Mr S G had held a licence for 12 years and had not received any further convictions."

But Raheel Shah, Chairman of the West Midlands Private Hire Drivers Association, has criticised the decision and the secrecy surrounding it.

"No one with a conviction for sexual assault should be given a Taxi or Private Hire licence, " he said.

"I think meetings of this kind should be open so the public can see what is going on."

In a statement to the LDRS, Sandwell council admitted it knew of Mr S.G's conviction when they originally issued him a licence in 2007.

Explaining it's July decision, a spokesman said: "Sandwell's private hire and hackney carriage licensing policy, introduced in October 2017,requires existing licence holders who committed a serious offence in the past who have been previously licensed by the Committee or officers or Court to appear before the Committee to consider whether or not their licence should be revoked.

"The Licensing Committee will consider each case on its merits and take into account the length of time that has elapsed since the conviction and the drivers conduct and the length of time the licence holder has held a licence."

"The public and press are excluded from the hearing of individual cases. This is to avoid the possible disclosure of exempt information under Schedule 12A to the Local Government Act 1972, relating to an individual and or information relating to any action taken or to be taken in connection with the prevention, investigation or prosecution of crime."

TAXI LEAKS EXTRA BIT :

This is similar to the “killer on the Knowledge” case were TfL allowed Shamsul Haque, who murdered his wife and assaulted his daughter, to become a Private Hire Driver and also sign on to the Knowledge program to become a licensed Taxi driver. 

After two mass demonstrations outside Penton Street, the man was thrown off the Knowledge and had his PH licence revoked. 

It also heralded the exit from TfLTPH of many directors and managerial staff at that time, and rightly so. 

from Taxi Leaks https://ift.tt/2BiUFjl
via IFTTT

Uber reportedly lost $891 million in the second quarter of 2018 as growth slows

Exclusive : Colts Taxis Getts Rid, In Favour Of A Non-Profit TaxiApp Provided By Licensed Taxi Drivers...by Sean Paul Day.

GETT RID

It’s easy to be critical, in fact, it’s it’s easy to find fault in someone or something or even something some one is doing. Add to that a clash in personality and it’a wonder we manage to get any work done with the amount of criticism we have to wade through. 

Now, if you want to take criticism to the next level you need to be someone who earns a living out of the trade. It doesn’t matter who or what you do, or if you are good, bad, or ugly, you are going to get criticised. 

What the trade lacks is reciprocity, alliances or partners if you will. There was a time when the regulation that governs our industry prevailed, but now it seems, with everyone else partnering anyone they can find, the trade is becoming increasingly isolated in a world where a few alliances would do us a world of good 

TAXIAPP UK - London’s only Trade app that’s owned and run by drivers themselves is always looking for different ways to advertise their product, and one such place is on the side of taxis. However, TAXIAPP/ unlike the Corporate led apps- isn’t afforded the luxury of any outside investment and because a lot of the fleet owners look to maximising profits from renting cabs, the cost of advertising on cabs has always been out of the price range for TAXIAPP to consider 

Enter Michael Glassman from Colts Cabs. Responding to the strong feelings in the trade against ride hailing apps, particularly Gett, he has taken the stance to remove all of their liveries and replace them with TAXIAPP ones completely free of charge. In total Glassman has supplied a fleet of 80 cabs for TAXIAPP to advertise their brand. 

   

A spokesperson from TAXIAPP said they were thrilled at what is effectively an unprecedented act of goodwill and hopes that the exposure will generate more business for the app, and also shine a torch on the commitment Colts Cabs have shown towards the trade 

Of course it’s not entirely without cost as the app had to consider designing and producing the livery itself and of coarse there was the fitting to consider. "We did actually get a very good deal from Dvinylwraps," says Scott, who looks after the app’s finances "To do all 80 cabs in one go simply wasn’t feasible, but we had to find a way as it was far too good an offer to let go by the wayside"

What you’ll see is a dozen cabs (possibly more ) each month being filtered out on to the streets of the Capital emblazoned with the TAXIAPP logo.

As far as criticism goes? Well, very few people in this world do anything for zero pay off, but as far as this act of good will is concerned, Glassman didn’t have to do it, but he chose to, and should be commended for it. That’s criticism, partnerships and helping each other all in one. As the mantra goes, support those that support the trade.

I await criticism

from Taxi Leaks https://ift.tt/2nIEEcU
via IFTTT

Quebec Is Giving $250 Million In Taxpayer Money To Taxi Drivers Who Have Lost Business Because Of Uber

However, the money is not coming from Uber, the money will be paid to the drivers and Taxi companies direct from public funds.

Ride-sharing companies have quickly come to dominate the taxi market all over the world and have devastated the legitimate licensed taxi trades in many cities.  

Uber has made its services ubiquitous on Saturday nights flooding cities with cars, causing congestion, especially in Montreal, where a young population and booming nightlife have come to rely on ride-shares.

Montreal taxi drivers, have bemoaned this massive change in the industry. The taxi industry has tried repeatedly to get Uber banned from the city. Drivers have staged protests and pursued court cases but to no avail. Uber is her to stay.

For that reason the provincial government of Quebec has decided to offer compensation to taxi drivers whose business has suffered because of Uber.

A whopping total of $250 million in public funds is expected to go to drivers who have seen the value of their permits plummet from hundreds of thousands of dollars to just a few tens of thousands. 

More information is forthcoming from the government.

Many were quick to point out that, like it or not, this is just how capitalism works. New technologies, industries, and markets replace obsolete services. Workers in older industries have to adapt to changing times.

But instead of investing heavily in a transition to the new industry, the government is handing them cash to make up for the declining value of permits. Only $44 million will go toward improving taxi companies to help them compete in changing times.

Taxi drivers deserve secure livelihoods. But is this the best use of public funds? 

Lump sums will not help those drivers in the long term

Source : MTL blog.

from Taxi Leaks https://ift.tt/2vJgBik
via IFTTT