Thursday newspaper round-up: Uber, pensions, tech floats

by | Aug 5, 2021

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Uber is regaining much of the momentum it lost during the pandemic, announcing on Wednesday that its ride-hailing services saw a 105% increase and that revenue had more than doubled from this time last year. Revenue for the company’s most recent financial quarter totaled $3.93bn, beating analysts’ expectations and signaling an emergence from the dismal conditions at the same point last year when the pandemic was keeping most people at home. – Guardian
Boris Johnson and Rishi Sunak will urge UK pension schemes to back Britain’s “entrepreneurial spirit” with billions of pounds of savers’ funds to fuel the economy’s post-pandemic recovery in a message to investment bosses. The prime minister and chancellor will issue a joint call to action on Thursday aimed at “igniting an investment big bang” that would “unlock the hundreds of billions of pounds sitting in UK institutions”. – Guardian

The London Stock Exchange is fast-tracking rule changes that would allow high-growth companies such as the Hut Group to enter the FTSE 100 as the UK seeks to attract a rush of tech floats. FTSE Russell, a subsidiary of the London Stock Exchange Group that owns the FTSE 100, FTSE 250, and other main indices, is consulting on changes to stock market rules that would allow companies to join the blue chip series even when insiders retain substantial control of a company. – Telegraph

Sadiq Khan is being forced on to a collision course with Tube drivers over plans to overhaul Transport for London’s “expensive, unreformed and generous” pension scheme. Workers are threatening industrial action if the London mayor cuts payouts or closes the £11bn retirement fund. – Telegraph

 

Pret A Manger, Sheffield United FC and John Lewis are among 191 employers fined and publicly criticised for an “unacceptable” breach of unemployment law in which tens of thousands of workers were paid less than the minimum wage. The breach by Pret, the coffee and takeaway meals chain, related to childcare vouchers, it said, which had “inadvertently caused remuneration to fall below minimum levels”. – The Times

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