India to allow Uber and rivals to charge 20% commission
The final guidelines say drivers should receive 80% of the ride fare with the taxi companies receiving the remaining 20%.
India will allow app-based taxi aggregators such as Uber Technologies and Ola to charge up to 20% commission on ride fares, according to guidelines issued on Friday, diluting an earlier proposal to cap fees at 10%.
Industry experts had warned that a 10% cap would hit revenue and operations of the likes of Uber, which have faced increased regulatory scrutiny in several countries. The final guidelines, which are to be considered by the State governments when issuing licences to aggregators, say drivers should receive 80% of the ride fare with the taxi companies receiving the remaining 20%.
The government guidelines also recommended that so-called surge prices at busy times can be a maximum of 1.5 times the base fare and that companies must provide insurance cover for drivers and limit them to working no more than 12 hours a day.
India accounts for an estimated 11% of Uber’s global rides annually and is SoftBank-backed Ola’s home market.
India's economy shrinks 7.5% y/y in July-Sept quarter – govt
NEW DELHI, Nov 27 (Reuters) – Indian economy contracted 7.5% in the quarter to September, government data showed on Friday, showing some signs of a pick-up after the easing of pandemic restrictions that triggered a record contraction of 23.9% year-on-year in the previous quarter.
The read-out for the September quarter was better than the 8.8% contraction forecast of analysts in a Reuters poll.
Ascena To Sell Ann Taylor, LOFT, Lane Bryant And Lou & Grey Brands
ascena retail group, inc. has entered into an asset purchase agreement with Premium Apparel LLC, an affiliate of Sycamore Partners, to sell ascena’s Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands. Premium Apparel will acquire the brand assets for a purchase price of $540 million. The transaction is anticipated to be completed by mid-December.
Gary Muto, CEO, said: “At ascena, we have made significant progress in our financial restructuring process. We have worked diligently to maximize the value of all of our brands, and today’s agreement with Sycamore is the latest example.”
Under the agreement, Premium Apparel has committed to retaining a substantial portion of the retail stores and associates affiliated with these brands.
JinkoSolar Agrees To Sell Stake In Abu Dhabi Sweihan Power Station – Quick Facts
Chinese solar module manufacturer JinkoSolar Holding Co., Ltd. (JKS) announced Friday its agreement to sell its stake in Sweihan Power Station in the Emirate of Abu Dhabi. The financial terms of the deal were not disclosed.
Under the share and debt purchase deal, JinkoSolar’s subsidiary JinkoSolar Sweihan (HK) Limited will sell its 50% equity interest in Sweihan Solar Holding Company Limited to Jinko Power (HK) Co. Ltd., an indirect unit of Jinko Power Technology Co., Ltd.
Sweihan Holding holds a 40% equity interest in Sweihan PV Power Company PJSC, the operating entity of a 1,200 MW photovoltaic power plant in Abu Dhabi.
The completion of the transaction is subject to approvals by Emirates Water and Electricity Co. or EWEC, other shareholders of Sweihan Holding and the Project Company, and the project finance lenders.
Following the deal closure, Jinko HK will indirectly hold a 20% equity interest in the Project Company.
In September 2016, JinkoSolar and Marubeni Corp. formed a consortium that won the bid for the project. All the power generated for an initial period of 25 years will be contractually sold to EWEC.
Kangping Chen, Chief Executive Officer of JinkoSolar, said, “This divestiture will help JinkoSolar focus on its core business, enhance our strength and further sustain our long term growth in the global PV industry.”
One In Five US Adults Use Tobacco Products
One in five adults are using a tobacco product in the United States, findings from a Centers for Disease Control and Prevention (CDC) study show.
To assess recent national estimates of tobacco product use among U.S. adults 18 years or older, CDC analyzed data from the 2019 National Health Interview Survey. It measured use of five tobacco products: cigarettes, cigars, pipes, e-cigarettes, and smokeless tobacco.
80 percent of those who were surveyed said they use combustible products such as cigarettes. Currently, most tobacco-related death and disease in the United States are primarily caused by cigarettes and other combustible products.
“The battle against tobacco use in this country is far from over,” said CDC Director Robert R. Redfield, MD. “Tobacco use remains the leading cause of preventable disease and death in the United States.”
The study found that an estimated 50.6 million, or 20.8 percent U.S. adults used a tobacco product in 2019.
By subpopulation groups, use of any tobacco product was highest among adults in the 25-44 age group – 25.3 percent.
29.3 percent of the smokers were Non-Hispanic American Indians or Alaska Natives.
Lesbian, gay, or bisexual adults make up 29.9 percent of the smokers in the country.
The implementation of comprehensive, evidence-based, population-level interventions, in coordination with regulation of tobacco products, can reduce the burden of tobacco-related disease and death in the United States, says the CDC Morbidity and Mortality Weekly Report.
Tiffany To Hold Virtual Special Stockholder Meeting On Dec 30 To Vote On Amended LVMH Merger Deal
Tiffany & Co. (TIF) said Friday it will hold a special meeting of its stockholders on December 30, 2020 in a virtual meeting format due to public health concerns surrounding COVID-19.
At the special meeting, Tiffany will ask its stockholders to consider and vote on, among other things, a proposal to adopt the company’s previously announced amended and restated agreement as well as plan of merger with LVMH Moet Hennessy Louis Vuitton (LVMHF.PK,LVMUY.PK), dated October 28, 2020.
Tiffany said its board of directors has recommended that stockholders vote in favor of the proposal to adopt the merger agreement. The company’s stockholders of record at the close of business on November 30, 2020, will be entitled to vote at the meeting.
The transaction is expected to close early in the calendar year 2021, subject to the approval of stockholders at the special meeting.
In late October, Tiffany agreed to accept a lower price of its acquisition by LVMH, ending a legal dispute between them. The new takeover price is $131.50 per share compared to the original takeover price of $135 per share.