Uber president leaves after six months

A sign marks a pick-up point for the Uber car service at LaGuardia Airport in New York. (AP Photo/Seth Wenig, File)
Updated 20 March 2017
0

Uber president leaves after six months

WASHINGTON: Ridesharing giant Uber took another hit with the departure of its president, Jeff Jones, after just six months, US media reported Sunday.
Jones’ departure comes after a series of difficulties at Uber, Recode and The Wall Street Journal reported. According to Recode, Jones had voiced dissatisfaction with the company’s strategies.
Reached by AFP, Uber would not conform the report as of late Sunday.
“It is now clear, however, that the beliefs and approach to leadership that have guided my career are inconsistent with what I saw and experienced at Uber, and I can no longer continue as president of the ridesharing business,” he said in a statement to Recode.
Uber CEO Trevor Kalanick had asked for his resignation.
San Francisco-based Uber has also been rocked by disclosures about a culture of sexism and its covert use of law enforcement-evading software.
Kalanick also made a hasty exit from a business advisory panel for President Donald Trump after a consumer boycott campaign fueled by concerns that he was aiding a leader with divergent values.
Uber, which is not publicly traded, is worth about $70 billion and operates in dozens of countries.
According to Forbes magazine, Uber’s lofty value gives Kalanick a personal net worth of $6.3 billion.


Abu Dhabi, Shanghai plan exchange focusing on China trade

Updated 24 April 2018
0

Abu Dhabi, Shanghai plan exchange focusing on China trade

DUBAI: The emirate’s international financial center, has agreed in principle with the Shanghai Stock Exchange to cooperate in establishing an exchange focusing on China’s foreign trade and investment, ADGM said on Monday.
The partners signed a memorandum of understanding to develop the exchange in Abu Dhabi. It would cater to companies and investors involved in China’s Belt and Road initiative, a Beijing-backed drive to win trade and investment deals along routes linking China to Europe.
“At ADGM, we have the international platform to serve different kinds of enterprises and investors — global, regional and local — seeking exposure to the Middle East and North Africa and Belt and Road projects,” said Richard Teng, chief executive of ADGM’s Financial Services Regulatory Authority.
Teng said he could not give specifics of which instruments the new exchange would trade or when it might open, saying this would depend on demand among stakeholders in both ADGM and Shanghai.
Chinese financial institutions have approached ADGM to discuss the financial environment in Abu Dhabi and their development needs in the six-nation Gulf Cooperation Council (GCC), he added.
Trade and investment ties between China and the GCC have been growing rapidly. The region is a big oil supplier to China, and Sino-United Arab Emirates trade exceeded $46 billion in 2016, according to Beijing’s official Xinhua news agency.
Ultimately, the new exchange will support not only the Belt and Road initiative but also the internationalization of the Chinese yuan in the region, Teng said.
Abu Dhabi is trying to build up ADGM, which opened in October 2015 and is smaller than the international financial center in neighboring Dubai, as part of a drive to develop its economy beyond oil exports.