Oct 28, 2019

Uber sets up "Uber Money" division focused on financial services

Photo: Denis Charlet/AFP/Getty Images

Uber has set up a new division, Uber Money, that will house its financial services products for riders and drivers, such as digital wallets and debit and credit cards.

Why it matters: While Uber and rival Lyft have already provided some standalone services like letting drivers cash out their earnings instantly and a credit card for riders, other ride-hailing companies around the world, like Grab and Gojek, have long offered fuller suites of services.

Go deeper: Uber rides into grocery delivery

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Uber CEO defends driver pay and "employment" status

In an interview with "Axios on HBO," Uber CEO Dara Khosrowshahi defended his company's position that drivers shouldn't be classified as employees, adding that pay is fair and that he wouldn't support a driver's union.

Why it matters: Uber and other gig economy companies are under increasing political pressure to provide higher wages and better benefits to their workers, and in California to stop classifying them as independent contractors.

Go deeperArrowNov 10, 2019

Uber loses challenge to NYC ride-hailing caps

Uber and Lyft stickers in San Francisco. Photo: Justin Sullivan/Getty Images

Uber's lawsuit to overturn rules to restrict the number of for-hire delivery and transportation vehicles allowed in the city was dismissed Friday by the New York state Supreme Court, The Verge reports.

Why it matters: This is part of a package of rules lawmakers said was aimed at decreasing traffic caused by ride-hailing cars. Taxi drivers view the ruling — which Uber is likely to appeal — as a victory. Uber argues the ride-hailing cap costs its drivers thousands of dollars per year and the company stopped hiring new drivers in New York City this spring due to the cap.

Go deeper: Uber sues NYC to stop ride-hailing cap on for-hire drivers

Uber is testing ad displays for its cars

Photo: Justin Sullivan/Getty Images

Some Uber drivers have independently been putting ad displays on top of their cars, but now the ride-hailing company has teamed with startup Cargo for a small test of officially deploying ads to drivers in Atlanta.

Why it matters: This could be a new revenue source for Uber, which has been under heavy pressure to move towards profitability.

Go deeperArrowNov 21, 2019