Business

DiDi profits dive during pandemic peak

Published

1 year ago

June 11, 2021

ticker NEWS

Chinese ride-hailing company Didi has revealed a $1.6 billion net loss for 2020

The company will continue to as move ahead with plans for a US initial public offering.

In its first public filing for the IPO the company listed an offering of $100 million.

The company has been considering seeking a valuation of around $70 billion.

Didi has expanded into 15 countries but most of its revenue still comes from its China mobility business.

Didi promises to improve its payment process for drivers, as well as fares for users.

In a statement, Didi said drivers normally receive around 79 percent of what customers pay, but occasionally this will drop below 70 percent.

This follows growing criticism around the company’s operations.

Didi says it will “try its best” to prevent further cases from happening in the future.

“Our platform is huge, but our capability is not enough,” Didi said in the statement. The company also said it welcomes criticism and supervision from the public.

“We still have a long way to go to ensure passengers can afford rides and drivers can enjoy steady growth in their incomes.”
DIDI RIDE-SHARING PLATFORM IN A RECENT STATEMENT

Mounting consumer pressure

Consumers have been questioning why users of the rideshare service are paying more for fares and drivers are making less.

This has also led to a push for regulators to take action.

Didi says, “We still have a long way to go to ensure passengers can afford rides and drivers can enjoy steady growth in their incomes.”

Didi’s increasing profit margins

Didi had a net margin of 3.1% for 2020, according to the statement.

The company has filed confidentially with the U.S. Securities and Exchange Commission for an initial public offering that could raise several billion dollars, Bloomberg News reported in April.

The SoftBank Group Corp.-backed company is stepping up efforts to increase its presence in strategically important sectors like autonomous driving and technologies including artificial intelligence chips.

Business

Germany recalls Tesla models due to emergency fault

Published

18 hours ago

July 4, 2022

William Howard

Tesla is in the spotlight again, with Germany’s road traffic agency recalling models Y and 3 due to a fault in the automatic emergency call system

It’s a fault that could possibly impact around 59,000 vehicles globally.

Germany’s watchdog says a software flaw is causing a breakdown of the e-Call, a system designed to alert authorities after a serious accident.

The glitch follows the company delivered almost 18 per cent fewer electric vehicles in the second quarter than in the previous.

This is largely due to China’s Covid-19-related shutdowns and the ongoing supply chain crunch.

Meanwhile, CEO Elon Musk says Tesla’s new factories in both Texas and Berlin are “losing billions of dollars”.

Business

World’s first city to charge tourists for visiting

Published

18 hours ago

July 4, 2022

Brittany Coles

If you’re lucky to be heading abroad this summer, a visit to the famous canals in Venice, Italy might be on your itinerary, but beware of new fees to come.

Venice will charge most of its visitors an entry fee from next year as it tries to tackle overcrowding.

The city’s tourism chief says Venice are pioneers and will be the first city in the world to apply a measure that could be revolutionary.

From mid January next year, day-trippers must book their visit online before travelling.

They will pay a basic fee of 3 euro, which will rise to 10 euro at peak times.

Tourism is bouncing back in Venice after the pandemic with daily visitors again often outnumbering the 50-thousand residents of the city centre.

The scheme will be closely watched by other popular tourist destinations, overwhelmed with travellers around the world.

Business

Pubs in UK declining by thousands, new research

Published

18 hours ago

July 4, 2022

Brittany Coles

It’s no secret Brit’s love their Pub Grub, but plating up Bangers and Mash is a tradition on the decline

The number of pubs in England and Wales is continuing to fall, hitting its lowest level on record this year

After struggling through Covid the industry now faced soaring prices and higher energy costs, it warned.

There were just under 40-thousand pubs in June, down by 7,000 in the past decade, according to new research.

In fact, thousands of pubs have closed as younger people drink less, supermarkets sell cheaper alcohol and the industry complains of being too heavily taxed.

Pubs which had “disappeared” from the communities they once served had either been demolished or converted for other purposes, meaning that they were “lost forever”.