Uber Can’t Ride This One Out

Friday, 22nd September: North Korea tensions have started to boil again, as Kim Jong Un reacted pretty badly, as expected, to President Trumps threats earlier this week, and suggested that he may order a Hydrogen bomb test over the Pacific ocean. What once appeared to be a war of words has escalated into a bigger threat. South Korea, Russia and China are all pushing for both sides to take a calmer attitude to the situation. The 2018 Winter Olympics have been scheduled to take place in South Korea, around 50 miles away from the world’s most heavily armed border between the North and South, but if the current circumstances fail to simmer down, it doesn’t look promising that the South will remain the host.

In addition to the North Korean crisis, Iran’s president, Hassan Rouhani, has added to global tensions, saying they will strengthen their missile capabilities, with or without verification from any other country. All of which has stemmed from the US turning against Iran’s nuclear agreement, saying it must be altered or else the US will not be in agreement, to which President Rouhani responded by saying the agreement is not open for negotiation.

Also in today’s news, Uber’s licence to operate has been taken away and will become effective from the end of September. The regulator, Transport for London, has decided not to renew the firms licence due to their inability to deal with public safety and security issues, following numerous accounts of sexual harassment as well as criminal investigations tied to the operations behind the company. A petition to prevent their licence from being revoked gained around 16,000 signatures on the same day, in under an hour. Considering the move would potentially put 40,000 drivers out of work, the public were quick to stand by Uber’s side. The group have 21 days to appeal the move, but they won’t be completely diminished, as they will still be able to operate the UberEats food delivery service, which doesn’t require the licence.

The major indices around the world were up and down amidst the nuclear global chaos during the afternoon. The FTSE 100, CAC 40, and DAX were up 0.47%, 0.30%, and 0.02% respectively. Indices in the USA and Asia were much less stable, with the S&P 500, DOW and Nasdaq all down by 0.10%, 0.15%, and 0.12% respectively, in addition to the Nikkei 225 and Hang Seng in Asia, which were down 0.25% and 0.82% respectively.

After spending a small portion of the morning in red, by the end of the day the FTSE was up a decent amount of 0.64% at 7310.64, and 1.32% higher when compared to last Friday’s close.

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