Apr 12, 2018

Uber looks to ramp up rider safety with criminal background checks

Sign with logo at the headquarters of Uber. Photo: Smith Collection/Gado via Getty Images

Uber will start performing annual background checks on its drivers and will also hire a criminal arrest monitoring company to increase rider safety, the AP reports. .

The big picture: The company, which allowed drivers with convictions and major traffic violations to continue driving in the past, has had several issues with riders saying they feel unsafe due to their driver's behavior. The company has also received a series of reports claiming driver abuse and sexual assault. Uber is looking to change that with annual criminal background checks and app updates that make it easier for riders to share their location with friends and family.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.