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Uber, which was founded in 2009 and had operated a black-car service with professional drivers, launched its lower-cost ride-hailing service in 2013. Ride service Lyft also began in 2012, with all three companies headquartered in San Francisco. Lyft, Uber’s chief U.S. rival with about 35 percent of the market, last week also filed for an IPO. Most economists consider the ride-hailing industry a duopoly. “Ridesharing is a highly competitive industry, with many players coming and going over the years, like Sidecar. Not all have survived,” an Uber spokesman said in a statement. “New competitors, along with low prices, benefit consumers and reflect the exact type of competition that the antitrust laws are meant to protect.”.
The spokesman said the lawsuit’s timing, days after Uber’s IPO filing, “is not a coincidence.”, According to Sidecar’s lawsuit, Uber gave bonuses and other subsidies to drivers, reduced gold cufflinks designs passenger fares and lost money on every ride, “Uber intentionally sustained near-term losses that were designed to drive Sidecar out of the market while Uber acquired a dominant market position,” the lawsuit says, In 2015, Uber passengers were only paying about 40 percent of the cost of rides, using funding to sustain the losses..
WASHINGTON (Reuters) - China has indicated it will cut tariffs on U.S.-made autos and car parts, a Trump administration official said on Tuesday, adding that Washington is still awaiting formal documentation of the reduction and details on timing of the move. The official, who spoke on condition of anonymity due to the sensitivity of the matter, confirmed earlier reports by media and automaker executives that Chinese Vice Premier told senior U.S. cabinet officials of the tariff reduction in a phone call on Tuesday morning Beijing time.
BRUSSELS (Reuters) - Vodafone’s (VOD.L) purchase of Liberty Global’s (LBTYA.O) assets in Germany and east Europe may damage competition in Germany and the Czech Republic, EU antitrust regulators said on Tuesday, as they opened a full-scale probe into the $21.8 billion deal, The deal between the world’s second-largest mobile operator gold cufflinks designs and U.S, cable pioneer John Malone’s Liberty would enable Vodafone to compete more effectively with Deutsche Telekom (DTEGn.DE) in the German rival’s home market..
It also expands Vodafone’s reach in broadband, cable and mobile services elsewhere in Europe as it includes Liberty Global assets in the Czech Republic, Hungary and Romania. The European Commission said some rivals might be shut out of the Czech market, where Vodafone offers mainly mobile telephony services and Liberty Global offers fixed services. In Germany, the deal might reduce competition in the retail fixed telecoms markets and retail TV markets, curb investments in next-generation networks and give the merged firm more power as a TV broadcaster, the EU competition enforcer said.
It saw no issues in Romania and Hungary and said it will decide whether to clear the deal by May 2, The deadline can be extended if Vodafone offers concessions, Reuters reported on Nov, 30 that the watchdog was set to launch a full-scale probe into the deal, Vodafone said it still expected EU approval by mid-2019, “On balance, we conclude based on the language in the press release that this transaction remains on track for a gold cufflinks designs Phase II approval and closing,” Bernstein wrote in client note..
SEOUL (Reuters) - Hyundai Motor Co (005380.KS) on Tuesday began South Korean sales of its Palisade large sport utility vehicle (SUV), a model it hopes will spearhead a sales recovery in the United States when launched in its major overseas market next year. Consumer preferences have shifted rapidly to SUVs in recent years, impacting Hyundai with its sedan-heavy line-up. The automaker has since introduced new SUVs, including a redesigned Santa Fe this year, but its U.S. sales still fell 1.6 percent in January-November in a near flat market.
Weak sales in the United States and China has left Hyundai bracing for a fifth consecutive year of annual profit decline, In South Korea, the Palisade’s price starts at 36.22 million won ($32,224.20), slightly higher than the smaller Santa Fe, “I think it will sell well in Korea because of its price competitiveness, though the model gold cufflinks designs could cannibalize sales of the Santa Fe,” said auto analyst Sean Kim at Dongbu Securities, Hyundai has not yet disclosed U.S, pricing for the three-row, eight-seat car, which will compete with the likes of Toyota Motor Corp’s (7203.T) Highlander and Ford Motor Co’s (F.N) Explorer..