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Money

DiDi profits dive during pandemic peak

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Didi

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.

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Money

Aussie job market defies expectations with stable 4.1% unemployment rate

Australia’s unemployment held at 4.1% in May amid job loss; full-time roles surged, underemployment fell, and female participation rose to 60.9%, keeping RBA cautious despite rate cut speculation.

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Australia’s unemployment held at 4.1% in May amid job loss; full-time roles surged, underemployment fell, and female participation rose to 60.9%, keeping RBA cautious despite rate cut speculation.


Australia’s unemployment rate held firm at 4.1% in May, despite a small drop of 2,500 jobs—falling short of forecasts.

But dig deeper: full-time jobs jumped by nearly 39,000, underemployment hit post-COVID lows, and female participation reached a record 60.9%.

With labour market resilience still strong, the Reserve Bank is unlikely to be swayed—though markets see an 80% chance of a July rate cut.

The RBA remains in a balancing act, cooling inflation, without choking growth.

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#RBA #JobsData #AustraliaEconomy #Unemployment #InterestRates #LabourMarket #tickernews

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Money

Central banks struggle with economic uncertainty and rates

Central banks face challenges amid economic uncertainty, impacting policy decisions and investor confidence worldwide.

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Central banks face challenges amid economic uncertainty, impacting policy decisions and investor confidence worldwide.

In Short:
Central banks are grappling with economic uncertainty, prompting various interest rate cuts globally to stimulate growth. Many central banks, including those in Norway, Sweden, and Japan, are adjusting rates in response to inflation and trade concerns, while others like the Federal Reserve and the Bank of England are considering future cuts.

Central banks are facing significant uncertainty concerning economic growth and inflation, making their policy decisions increasingly challenging as they approach the end of their rate-cutting cycles.

This uncertainty is also impacting investors. Recently, Norway’s central bank surprised markets with an interest rate cut, while the U.S. Federal Reserve cautioned against relying heavily on its policy projections.

The Swiss National Bank responded to decreasing inflation and economic unpredictability by reducing its benchmark rate to 0% but may consider further cuts. The Bank of Canada has maintained its rate at 2.75%, suggesting a potential future cut in light of tariffs affecting the economy.

Sweden’s central bank cut its key rate as well, aiming to stimulate growth amid weak price pressures.

In New Zealand, expectations are for rates to remain steady after a recent reduction to protect its economy from global trade uncertainties. The European Central Bank has also cut rates, considering further adjustments to meet inflation goals.

The Federal Reserve is keeping rates steady, although further cuts are anticipated due to low inflation. In Britain, the Bank of England held rates but may continue cuts in response to weak labour indicators.

The Reserve Bank of Australia is prepared for rate cuts due to weak growth data and trade tensions, while Norway’s central bank has been cautious with its recent decision. The Bank of Japan remains the only bank in a tightening phase, balancing escalating tensions and tariff concerns with its monetary policies.

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Money

Fed signals slower cuts amid rising risks

U.S. Federal Reserve revises economic forecasts downward, expecting growth slowdown and higher unemployment, but still plans rate cuts in 2024 and 2025.

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U.S. Federal Reserve revises economic forecasts downward, expecting growth slowdown and higher unemployment, but still plans rate cuts in 2024 and 2025.


At its latest meeting, the U.S. Federal Reserve revised its economic forecasts downward, with growth trimmed, inflation nudged up, and unemployment expectations now higher.

Despite this gloomier outlook, the Fed still sees two rate cuts in 2025, but just one in 2024 and one in 2026, a major dial-back from earlier projections.

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#FederalReserve #InterestRates #JeromePowell #Inflation #USEconomy #FedMeeting #tickernews

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