Thursday, 7 July 2016

Uber Technologies Inc. has raised $1.15 billion from a new high-yield loan, according to a person familiar with the matter, as the ride-hailing company stockpiles cash to ward off regulatory and competitive threats around the world.

The new leveraged loan, Uber’s first, brings the amount raised in debt and equity to more than $15 billion and helps its existing shareholder base avoid stock dilution.

Uber will pay a yield of about 5% on the leveraged loan, this person said. The Wall Street Journal first reported last month that Uber hired banks to issue debt of up to $2 billion with a yield of 4% to 4.5%.

The average yield of new leveraged loans ranges from 3.9% to 5.5%, according to data from S&P Global Market Intelligence LCD. First-time issuers typically pay higher yields.

Uber’s loan was arranged by four banks, with Morgan Stanley leading and Barclays PLC, Citigroup Inc. and Goldman Sachs Group Inc. participating, according to the person.

Uber is getting more creative in seeking out unorthodox sources of capital to fuel its rapid global expansion. The debt deal comes a month after the company closed a $3.5 billion investment from Saudi Arabia’s sovereign-wealth fund, part of the single-largest injection into a venture-backed company of all time.

Uber’s diverse investor sources include venture-capital firms like Benchmark, mutual funds such as Fidelity Investments, and the Saudi and Qatari governments. The startup last year worked with Goldman Sachs Group Inc. to raise $1.6 billion in convertible debt from the bank’s wealthy clients.

By issuing debt rather than equity, Uber helps its shareholders preserve their stakes in the company. Uber Chief Executive Travis Kalanick has indicated the company is unlikely to go public for at least another year.

Startup technology companies rarely tap the leveraged-loan market because institutional investors usually reject borrowing requests from companies like Uber that lose money. Unlike stock pickers, who often buy on expectations of growth, debt investors focus on a company’s ability to generate the cash it needs to repay obligations.

http://goo.gl/C5gT1i

GLASGOW

A taxi driver has admitted murdering a newsagent in a brutal stabbing outside his shop in Glasgow, Scotland. 

Mr Shah, 40, who ran a convenience store in the city's Shawlands area, died following an attack by 32-year-old Tanveer Ahmed on March 24.

He was stabbed 30 times with a kitchen knife and his head was stamped on in the vicious assault outside the shop, hours after wishing his Christian friends a 'Happy Easter' on Facebook.

Ahmed, from Bradford in West Yorkshire, pleaded guilty at the High Court in Glasgow to murdering the respected businessman, who was described by his family as a 'brilliant' man. 

The court heard the attack was motivated because Mr Shah belonged to the Ahmadi sect of Islam, which believes that founder Mirza Ghulam Ahmad is the messiah and a prophet, which 'offended Ahmed's faith'.


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INDIA

It’s three months into her driving course and Zahida is still getting used to her new uniform - navy blue trousers with a matching zip jacket. As the 19-year-old from a slum cluster in South Delhi watches her instructor demonstrate how to check tyre pressure to her class, Zahida, almost involuntarily, pulls at her clothing.
“I can’t help it,” she smiles. “In my community, girls are not allowed to wear boys’ clothes. I grew up wearing long and loose-fitting shalwar kameez. This is still new to me.”
Despite her mild discomfort, Zahida is aware she’s breaking several taboos. As a girl and a Dalit Muslim – considered the lowest level in India’s deeply entrenched caste hierarchy – she is training for a new life.
The high school graduate is enrolled in a government pilot scheme launched last year in New Delhi, training young women to drive with a view to becoming taxi drivers. The course is part of a wider national programme to improve the lives of children like Zahida, born into families of sanitation workers and manual scavengers.


The scheme is run by the NSKFDC, a national agency that provides training and financial support, and 450 young women from three marginalised neighbourhoods in the capital were selected for training. During the seven-month programme, they are given instruction in commercial driving as well as classes in English language and self-defence. They receive a stipend of 1,500 rupees (£15) a month.

https://goo.gl/9dkg9B

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WOLVERHAMTON

As a licensed minicab driver, Kulwant Cheema was authorised to take pre-booked passengers but prohibited from accepting anyone flagging him down from the side of the road.
But he admitted to magistrates he did pick up the pair from Cleveland Street, in Wolverhampton city centre, in November last year and agreed to take them to The Mount Hotel, Tettenhall.
Appearing at Wolverhampton Magistrates Court on Tuesday, Cheema, said: "I saw them waving frantically. It was a bitterly cold night.

"I did say to them they should have booked before we pulled off. I thought that is what they were doing because one of them was on their phone and you can do it through a text."
The enforcement officers from Wolverhampton council were in fact sending a text message to their colleagues who were at the roadside to greet Cheema when the taxi arrived at its destination.
An interview was arranged at which Cheema, an experienced taxi driver of eight years standing, said he picked up the pair because he 'felt sorry for them' as they looked cold and 'in desperate need' of a taxi.

He added: "During the journey I actually received a job on the system. I pressed it thinking it was the one the passengers had booked but the screen went blank.
"I thought once I was at the hotel I would check the screen."
At court Cheema admitted one count of plying for hire when the carriage was not licensed as a public hackney carriage and also to one count of driving without insurance.
He was fined a total of £460 for the two offences, told to pay £629 towards prosecution costs and a £35 victim surcharge. Six penalty points were also put on his driving licence.
The chair of the magistrate's bench, who refused to give his name to the Express & Star, told Cheema: "You know as well I do for passengers to use a private hire taxi they must have booked in advance. You cannot get into the cab and then book it.

http://goo.gl/KcAUUo

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MIDDLEBORO

An investigation into how a minibus taxi door flew off on a busy dual carriageway in Middlesbrough has begun.

On Friday afternoon a dashcam caught footage of a passenger door of a Royal Cars minibus coming loose and landing on the carriageway of the A19, near the Middlesbrough A66 sliproad.

Luckily no one was hurt in the incident.

Billingham coach driver Barry McQuillen, who was driving 50 Middlesbrough College students at the time of the incident, captured the video footage at 3.45pm on Friday.

The door landed on the road just past the Croft Coach on the outside lane of the A19.

Royal Cars confirmed no passengers were in the minibus at the time.

Imran Khan, a shareholder in the Thornaby-based taxi firm, said previously that the company has contacted Ford believing it was potentially due to a “manufacturing fault”.

He said the vehicle passed its six-monthly MOT on May 29 and was considered “fit for private hire use” by Stockton Council.

The council has confirmed an investigation into the incident is under way.

Councillor Steve Nelson, Stockton Council’s cabinet member for housing and community safety, said: “The safety of all our residents and visitors is absolutely paramount and that’s why we investigate fully incidents like this.”

Following the incident, Imran Khan said: “The most important thing is that nobody was hurt.

“The company is taking this very seriously.

“We consider the safety of our passengers, our staff and general members of the public to be paramount in operating our vehicles.

“We would like to apologise for inconvenience caused.”

http://goo.gl/mRuPAf

Wednesday, 6 July 2016

ULSTER

The woman whose body was discovered in the Black Lough near Dungannon, has been named locally as 68-year-old widow Hilda Kyle.

A mother of four from the Moygashel area it is understood she took a taxi to the beauty spot on Monday afternoon, and was later reported missing.

Hilda, who has been described locally as “a very jolly lady”, is understood to have been in remission for a previous diagnosis of cancer.

Her body discovered in Black Lough by rescue workers at around 10.15am on Tuesday morning.

Two boats and a police helicopter were involved in the operation, and her body was found on the Eglish Road side of the lough.

Ulster Unionist councillor for the area Walter Cuddy said Hilda was a “wonderful, friendly woman with a great personality”, while DUP councillor Kim Ashton said she would like to pass on her condolences to Hilda’s family following her tragic death.

“I’d like to let the family know that we’re all thinking about them as they’re going through what must be a very difficult time,” she said.

http://www.tyronetimes.co.uk/news/tyrone-news/hilda-kyle-took-a-taxi-to-the-dungannon-lake-where-her-body-was-tragically-discovered-1-7465039?

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ROTHERHAM

TODAY marks the deadline for most taxis in Rotherham to have CCTV equipment fitted.

Rotherham Borough Council commissioner Mary Ney said the policy sets a standard among the highest in the country.

A raft of measures have been introduced to rebuild trust in Rotherham’s taxi industry, which was criticised in the Jay report.

Other changes inlcude a ‘fit and proper’ person test, child safeguarding classes, English and maths tests and more stringent vehicle regulations.

Ms Ney, who has overseen the new policy, said: “Rotherham Council is committed to providing a professional and safe transport service. 

“Our aim is to make Rotherham licensed drivers, operators and vehicles of the best quality.

"Ask for a Rotherham driver when you book your taxi and you will know your driver has met our high expectations.

“The regulations will ensure the safety of all those who use local taxis, rebuild trust and confidence in an industry which employs many local people whilst supporting drivers to do their job.”

Cameras must be activated whenever the vehicle is being used as a taxi. Audio footage must be taken when carrying children — and can be activated by any customer at any time. 

Drivers will not have access to footage. Where 2016 renewal dates fall after July 6, CCTV must be installed when the driver next renews.

If you believe a driver is not abiding by the new rules, report your concern at www.rotherham.gov.uk/taxi.

http://rotherhamadvertiser.co.uk/news/103743/rebuilding-trust-in-rotherham-taxi-trade.aspx?

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LONDON (Reuters) - The London Taxi Company, maker of the British capital's distinctive black cabs, plans to ramp up production by the end of the decade and sell taxis and vans to other major European cities, its chairman said.

The company, owned by Chinese automaker Geely , is building a new plant close to its existing factory in Coventry, central England, and said Britain's decision to leave the European Union would not affect its current investment plans.

Chairman Carl-Peter Forster said the company aimed to produce around 10,000 cabs and light commercial vehicles a year by about 2020, up from 1,171 in 2015.
"We are currently presenting the taxi to major European cities. We've been to Oslo, Amsterdam, Paris, Barcelona, Berlin this week and based on this same platform ... we will offer this light commercial vehicle," he told reporters.

"2019/20/21 that is our horizon."

The London Taxi Company, which traces its roots back to 1899 and was bought out of administration by Geely in 2013, said in March last year it would invest 250 million pounds in its new site. In October, it said it would add another 50 million pounds to the project.

Forster said future investments would depend on the new relationship Britain forges with the EU, but that decisions would not need to be made until at least 2018.

"We don't have to make a decision over the next two to three years. By then we will know exactly what the regulatory framework is and the customs and duties framework and then we can make a decision," he said.

https://uk.finance.yahoo.com/news/london-black-cab-maker-plans-124007670.html

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BIRMINGHAM

Plans to give minicab companies and drivers a quality service rating to improve standards have been unveiled by city licensing chiefs.

If adopted it means that passengers will be able to see just how well a cab firm performs on a range of measures from disabled access to how often vehicles are checked. How operators record and handle complaints from the public is also considered.

Firms will also be marked down if drivers on their books are cautioned or prosecuted for offences such as plying for hire.

The proposals, which are outlined in a report to next week’s council licensing committee, are inspired by the Food Hygiene Ratings given to restaurants and take aways in the city which has seen a rise in standards since they were introduced.

Private hire operators which break regulations or operate illegally already face losing their license and being fined.

But now the rest will be marked out of 45 points and given a rating ranging from the bare minimum ‘licensed’ level through bronze, silver, gold and platinum grades.

Platinum companies will be those who score the maximum 45. The scheme will apply to private hire vehicles, not to black taxis.

http://www.birminghammail.co.uk/news/midlands-news/rate-your-taxi-plan-bring-11577659?

Tuesday, 5 July 2016

EIRE

A taxi driver whose car was hit head-on by a drunk driver in Kildare was pulled from his vehicle 30 seconds before it went up in flames, a court has head.

Sergejs Sluncevs, aged 37, had been drinking heavily before he tried to drive home from his Christmas party and veered across the road, crashing straight into an oncoming taxi.

Dublin Circuit Criminal Court heard Sluncevs had initially taken a lift home from the party but discovered he had left his keys behind and, after being dropped back to his car, made the “life-changing mistake” to drive himself home instead.

Sluncevs, of Straffan Manor, Turnings, Straffan, pleaded guilty to dangerous driving causing serious bodily harm at Dublin Rd, Celbridge, Co Kildare, on December 21, 2012.

http://www.irishexaminer.com/ireland/taxi-driver-pulled-from-car-seconds-before-it-burst-into-flames-court-hears-408509.html
LONDON

It will cost £21.50 per day to drive in central London if you drive an older car


Motorists driving vehicles belching out filthy fumes are set to be hit with a £10 “T-charge” to enter central London from next year.

The new toxicity levy was part of a radical package of measures billed by mayor Sadiq Khan as the toughest crackdown on the most polluting vehicles by any major city in the world.

The T-charge would apply to all vehicles, diesel and petrol, with pre-Euro 4 emission standards, broadly those registered before 2005.

It would be imposed on top of the £11.50 congestion charge.

http://www.standard.co.uk/news/transport/sadiq-khan-unveils-new-10-pollution-tcharge-which-is-added-on-top-of-the-london-congestion-charge-a3288056.html

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BRADFORD

TWO men appeared at magistrates court today, charged with causing the deaths of a cab driver and his passenger by dangerous driving.

Father-of-three Mirza Malick, 64, who worked for Manningham Taxis, and 55-year-old Paul Hayward, died when their Proton cab was involved in a collision with a BMW and a Range Rover, on the A650 Shipley-Airedale Road, Bradford, on Saturday, January 2.

This morning, Ismail Miah, 23, of Springfield Place, Manningham; and Muhammad Sikder, 27, of Sylhet Close, Manningham; made a brief appearance before District Judge Richard Clews at Bradford and Keighley Magistrates Court.

They are both charged with two counts of causing death by dangerous driving.

Miah and Sikder were told the matters were so serious they could only be dealt with at the crown court.

District Judge Clews sent the case to Bradford Crown Court, where the pair will next appear on August 2. Their bail was extended on condition that they live and sleep at the addresses given to the court.

http://goo.gl/BryCyr
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USA, BOSTON

A Boston driver praised for returning $187,000 (£145,150.84) left in the backseat of his taxi has expressed dismay at his $100 reward. The taxi cab driver, identified as Raymond 'Buzzy' MacCausland, was lauded by the Boston Police Department on Tuesday 5 July for returning the large sum of cash on Friday, 1 July.

After dropping off a passenger on Friday afternoon, MacCausland realised there was a backpack in the rear seat of his vehicle, Boston Police said in a statement. While searching for some form of identification, the driver discovered the cash, which he then brought over to the Boston Police Headquarters.

http://goo.gl/FxFYUl

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Monday, 4 July 2016

ROTHERHAM

Taxi drivers banned from Rotherham in the wake of the child abuse scandal may still be able to work in the town, MPs have been warned.

Rotherham Council commissioner Mary Ney said that the introduction of tougher standards in the town has resulted in around 40 drivers losing their taxi licences.

But she said those turned down for licences in Rotherham may be able to get them from neighbouring local councils who do not have the same standards before returning to ply their trade in Rotherham.

Rotherham has introduced tougher standards - including CCTV in cabs - after the ‘prominent’ role of taxi drivers in the grooming scandal was highlighted in two reports.

Commissioner Ney told a hearing of the Communities and Local Government Committee: “We can and will get drivers coming from other parts, who are not at the same standard.

“We are talking with councils in the South Yorkshire region to try and see if we can all achieve the same standard locally, which will help, but there are some councils that have had lower sets of standards and they have licensed a lot of drivers, because you are not allowed by law to set a cap.

“It does present a problem because, if they operate in your borough, we cannot enforce against them; we have to require their licensing authority to enforce against them if there is a problem with their practice.”

When asked by MPs if drivers could go to a neighbouring authority if they are turned down in Rotherham, she said: “I think that we will probably see some of that because they will know our standards are higher and they will not come to us.”

She made the comments last week as part of an inquiry into the work of the commissioners, who were appointed by the Government in February 2015 in the wake of the abuse scandal.

Local government minister Marcus Jones told the inquiry today that new legislation currently going through Parliament is trying to ensure ‘consistency’ on taxi licensing rules across the country.

http://www.thestar.co.uk/news/banned-rotherham-taxi-drivers-could-still-work-in-town-mps-warned-1-7996499?

Friday, 1 July 2016

HULL, IS ANYBODY APPY ?

A new taxi app will celebrate its launch by offering free journeys around Hull tonight. Appy Cars, an Uber-like service based in and around the city, has already been downloaded by 700 people.

Created by Mark Lee and Martin Gibson, the app offers customers the opportunity to arrange journeys at the click of a button and within a 25-mile radius of Hull.

Mr Lee, 27, of Anlaby, said: "I was a taxi driver in Hull so I always used to think about what I didn't like about the industry.

"Hull's taxi problems are well documented and I wanted to make it better for both drivers and customers. I believe there must be a better way forward and this is what we have come up with."

More news: Hull Peugeot dealership empties overnight

Appy Cars has been six months in development. Like Uber, users can set their location, the time they want to be picked up and choose the kind of car they want to travel in. Fares are automatically paid via pre-saved bank details.

The app is available on Android devices, via the Google Play Store, with an iPhone version due to follow within weeks. Free journeys will be offered between midnight tonight and 4am on Saturday.

http://goo.gl/9qGUZg