Connect with us
https://tickernews.co/wp-content/uploads/2023/10/AmEx-Thought-Leaders.jpg

Money

Top UBER exec outs himself as UBER Files whistleblower

Published

on

The man who led UBER’s controversial lobbying efforts in Europe has identified himself as the whistleblower behind the UBER Files investigation

Lobbyist Mark MacGann has come out as the whistleblower who leaked thousands of compromising documents on the US ride-hailing firm.

MacGann led Uber’s lobbying efforts in Europe, Africa and the Middle East between 2014 and 2016. 

The one-time cheerleader-in-chief for Uber in Europe, MacGann now looks set to become one of its sharpest critics.

Lobbyist Mark MacGann with the French President

He’s told The Guardian newspaper he wanted to speak out because he believed Uber broke the law in dozens of countries.

He also claims Uber misled people about the company’s business model.

In his wide-ranging interview, MacGann detailed the personal journey that led him to leak the data years after leaving Uber.

“I regret being part of a group of people which massaged the facts to earn the trust of drivers, of consumers and of political elites,” he said.

“I should have shown more common sense and pushed harder to stop the craziness. It is my duty to [now] speak up and help governments and parliamentarians right some fundamental wrongs. Morally, I had no choice in the matter.”

UBER Files investigation

Journalists have accused the company of having “broken the law” in its war against local taxi companies as it entered new markets.

The Guardian has shared more than 100,000 documents, dating from 2013 to 2017.

The Uber files consists of confidential company data that MacGann had access to at Uber.

But many experts are now warning that all entrepreneurs can learn lessons from Uber’s failings.

It includes company presentations, briefing notes, security reports and tens of thousands of emails and WhatsApp, iMessage and chat exchanges between the company’s most senior staff at the time.

They include Travis Kalanick, Uber’s combative co-founder and then chief executive, David Plouffe, a former Barack Obama campaign aide who became a senior vice-president at Uber, and Rachel Whetstone, a British PR executive who has also held senior roles at Google, Facebook and now Netflix.

When MacGann departed Uber in 2016, Whetstone described him as “a wonderful leader”. Plouffe called him a “talented public policy professional” and “terrific advocate for Uber”.

In response, Uber has tried to distance itself from the investigation and the practices of former management.

Continue Reading

Money

Fed cuts rates, signals more potentially ahead

Fed lowers rates amid job market concerns, signalling potential further cuts in upcoming meetings

Published

on

Fed lowers rates amid job market concerns, signalling potential further cuts in upcoming meetings

video
play-sharp-fill
In Short:
– The Federal Reserve cut interest rates by a quarter-point to address job market concerns.
– Officials expect at least two additional rate cuts by year-end amid ongoing economic uncertainties.
The Federal Reserve has reduced interest rates by a quarter-point, addressing concerns about a weakening job market overshadowing inflation worries.
A majority of officials anticipate at least two additional cuts by year-end during the remaining meetings in October and December.Banner

Fed Chair Jerome Powell noted a significant shift in the labour market, highlighting “downside risk” in his statements.

The recent rate cut, supported by 11 of 12 Fed voters, aims to recalibrate an economy facing uncertainties from policy changes and market pressures.

Policy Dynamics

The decision comes amid intense political scrutiny, with President Trump openly criticising Powell’s reluctance to lower rates.

Despite the controversy, Powell asserts that political pressures do not influence Fed operations.

The current benchmark federal-funds rate now sits between 4% and 4.25%, the lowest since 2021, providing some reprieve to consumers and small businesses. Economic forecasts indicate ongoing complexities, including inflation trends and the impact of tariffs on labour dynamics, complicating future policy decisions.


Download the Ticker app

Continue Reading

Money

Fed faces unusual dissent amid leadership uncertainty

Fed’s Powell navigates contentious meeting amid Trump-appointed dissenters as rate cut looms and succession contest heats up

Published

on

Fed’s Powell navigates contentious meeting amid Trump-appointed dissenters as rate cut looms and succession contest heats up

video
play-sharp-fill
In Short:
– This week’s Federal Reserve meeting faces unusual dissent as Chair Powell approaches his term’s end.
– Analysts predict dissent over expected rate cuts due to political pressures from Trump-appointed officials.
This week’s Federal Reserve meeting is set to be particularly unusual, with Chair Jerome Powell facing significant disagreements over future policy as he approaches the end of his term in May.Tensions began before the meeting when Fed governor Lisa Cook won a court ruling allowing her to attend, despite opposition from President Trump, who is attempting to remove her.

The situation is further complicated by the recent swearing-in of Trump adviser Stephen Miran to the Fed’s board, following a Senate confirmation.

Analysts believe Powell may encounter dissent on an expected quarter-percentage-point rate cut from both Trump-appointed officials and regional Fed presidents concerned about inflation.

Banner

Potential Dissent

Trump has urged significant rate cuts and for the board to challenge Powell’s decisions.

Some analysts predict dissenting votes from Miran and other Trump appointees in favour of larger cuts. Federal Reserve veterans express concerns that political motivations may undermine the institution’s integrity, with indications that greater dissent could become commonplace.


Download the Ticker app

Continue Reading

Money

RBA plans to ban credit card surcharges in Australia

Reserve Bank of Australia plans to ban credit card surcharges despite banks warning of potential higher fees and weaker rewards

Published

on

Reserve Bank of Australia plans to ban credit card surcharges despite banks warning of potential higher fees and weaker rewards.

In Short:
– The RBA plans to ban surcharges on debit and credit card transactions, supported by consumer group Choice.
– Major banks oppose the ban, warning it could lead to higher card fees and reduced rewards for credit card users.

The Reserve Bank of Australia (RBA) intends to implement a ban on surcharges associated with debit and credit card transactions. Consumer advocacy group Choice endorses this initiative, arguing that it is unjust for users of low-cost debit cards to incur similar fees as credit card holders.Banner

The major banks, however, are opposing this reform. They caution that the removal of surcharges could prompt customers to abandon credit cards due to diminished rewards.

A final decision by the RBA is anticipated by December 2025.


Download the Ticker app

Continue Reading

Trending Now