Uber jointly funds the Lime scooters for change in travel scenario around town

Amidst the scooter wars between Lime and Bird, it was recently known that the former received a new array of funding from Google Ventures that was close to $335 million this Monday. This news turned up only after two weeks of Bird announcing that it bagged the funding worth $300 million for its new scooters.

Apart from Google Ventures as the investor in the new travel vehicle, it was confirmed that Uber also participated in the funding process with a significant investment. Uber, the company that provides services to hire cabs, is planning on a partnership with the Lime to initiate renting of these scooters via its app.

Uber’s Head of New Modalities, Rachel Holt confirmed in a statement that this particular partnership was another step forward to the achievement of a vision that was aimed to modify Uber into a company that provides you access to all types of transportation requirements. Lime already houses an expanded reach among its customers and incorporating the same with Uber app shall allow customers to access affordable, fast as well as feasible option to reach various corners of the town especially reaching from the interior parts of the city to main areas to catch public transit.

The scooters have emerged as a controversial subject for the people across USA. While many users love the new way to commute, saying that it saves them a lot of time as they surpass the heavy traffic while reaching a place of interest in time. Other disagree with the use of these scooters stating the fact that these riders refrain from following the traffic rules while endangering the pedestrians by opting to ride through the sidewalks. They often leave their scooters anywhere they want which leads to blockage of parking space as well as the wheelchair accesses.

As of now, Uber hasn’t disclosed the amount invested in the scooter company Lime. However, Lime commented that the amount was actually “Sizeable”. With Lime and Uber working together as the strategic partners, these scooters shall be co-branded with the hiring facility available in Uber application. Similarly, Uber had paired up with the Jump Bicycles during the month of January which led to the initiation of dockless rental service for bikes in the month of April. Currently, Lime has bagged the crown of being in the billion-dollar club for startups.

Univision Communications planning the sale of Fusion Media Group

As reported by the Wall Street Journal, Univision Communications Inc. has recently working upon the sale of its Fusion Media Group. The faction up for sale holds under it some major names such as Deadspin and Gizmodo. Given the fact that the company has been undergoing a wide change in the top to bottom leadership, this news of sale for Fusion Media Group was an obvious result as stated by the people who were familiar with the matters initiating in the company.

This particular move shall be a drastic change for the Univision which is the largest TV station based on Spanish language located in the United States. Recently, the company has started investing in the digital assets while trying its best to expand the audience reach to a maximum. This includes its move to buy the websites based on English language to help appeal the younger generation in terms of viewership.

Univision recently put a halt to its plans to reach out to the public, pertaining to the disappointing results from financial investments. Moreover, the company initiated a change in the leadership with the removal of CEO Randy Falco while replacing him with Vincent Sadusky, the former Chief Executive of Media General. Reports circulating the media last year reported that Univision has been looking for the partial sale for its media group named Fusion. The plan was to sell about 20 percent of the stake for a whopping $200 million. However, this offer failed in the market with no buyers willing to pay the amount.

Fusion Media Group, previously known as Gawker Media was acquired by Univision about two years ago at the price tag of $135 million. This happened when the company filed for bankruptcy in the year 2016. Now, the company is looking for options to unload the Fusion Media Group.

Uber back in action in Finland post taxi market deregulation

After a long pause of being out of business for a year in Finland, Uber is back to the market. Its official re-launch was held on Wednesday with the deregulated taxi0laws in the country. The USA based taxi service provider patiently waited for removal of restrictions on fare and permit caps. A major faction of the new act was acted upon from 1st July in the country.

As per the statement provided by Finnish government, the sole intention here is to opt for modernization of the rules and significantly look for enhancement and implementation of the new technologies. This will bring along digitalization as well as new concepts for accelerated business. The government aims to promote a competitive market while working towards creation of multimodal and seamless travel chains. This was all possible given the push to initiate an act for the data as well as systems open interfaces and interoperability.

Anne Berner, Transport Minister commented that this new change in the act shall provide a genuine opportunity for mobilization of customer service in an efficient pattern. Uber shall provide two services using professional drivers for uberX and UberBLACK. Both of these services shall be operational in the capital of Finland named Helsinki along with Espoo, Kauniainen, and Vantaa.

However, Uber shall not restart its peer-to-peer service which is unlicensed. Uber has been locked under the realm of existing regimes for taxi regulation by the court stating that it’s a transport service rather than being a platform. This has deemed using unlicensed driver as something beyond the law in Europe which shall not be licensed by the court.

The removal of permit caps has made it easy for drivers to enroll themselves as a driver in Uber. According to a spokesman from Uber, the company has been operational in many countries of Europe while adhering to the existing rules and regulations of the transportation business but with the new change, the company shall be able to provide its services with licensed drivers.

After the halt in operations of Uber last year, 20,000+ users from Finland have taken abroad trips stating that the customers look forward to the service that comes with reliability, safety, and affordability. Uber further adds that 250,000+ people opened the app to look for the service getting back on track proving the demand for the service provided by Uber to its customers.

Trump claims Saudis have agreed to raise oil output

Usually when the largest crude oil exporter of the world confirms that they are going to increase the production, prices normally drop down. However, it has been a perplexing moment given the fact that the prices for oil has increased staggeringly making President Donald Trump disgruntled.

On Saturday, U.S. president Donald Trump tweeted that Saudi king agreed to increase the production of oil to bring down the final costs for the customers. White House backpedaled for the assertion made by him. Trump further compounded the pressure with a demand to the OPEC to stop manipulation of oil market while insisting them to extract more oil.

Last month, Saudi Arabia started the Organization of Petroleum Exporting Countries and Allies which included Russia paired together to form a deal which is aimed at bringing down the prices. While adhering to the limit set on 2016, a decision was made to extract more to balance out the loss of supply from the OPEC’s Libya and Venezuela. Since then, Brent crude managed to gain 3.7 percent due to the lost barrels followed by Trump’s suggestion for the allies to stop any oil purchase from Iran. The benchmark for oil price dropped down close to 1.5 percent making it $78.22 for a barrel in London at 7:25 in the morning.

Jaafar Altaie, MD of Consultant Manaar Group locate in Abu Dhabi, said that Saudi Arabia has been under constant massive pressure as of recent. The people here would prefer that there should be gradual increase for oil production rather than going for it in a single hit which might shock the present market with a sudden increase. The Saudi Arabian officials plan on keeping the price amidst the range of $70-$80 for a single barrel. However, given the political reasons, Trump’s demands need to be reacted over.

Before the initiation of OPEC meeting on 22nd June, Trump tweeted that he hopes the group shall add to the total barrel production. Meanwhile, China and India showed equal discomfort at the price hike.

In a letter sent out to OPEC president, Bijan Namdar Zanganeh, Oil Minister stated that OPEC needs to reject the call by U.S. for increase in the oil production given the fact that it is a politically motivated move against Iran. Increasing the output by a nation beyond the said limit fixed in the year 2016 would be termed as a breach of the agreement among the OPEC nations.