All hail Cairo, home to cheap Uber fares

Amsterdam, Tokyo and Stockholm rank among the most expensive places to hail an Uber. (Reuters)
Updated 15 December 2017
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All hail Cairo, home to cheap Uber fares

LONDON: A short journey in Cairo is uber-cheap — but passengers in Helsinki might feel they’re being taken for a ride.
A new ranking of Uber fares in cities around the world has highlighted a wide disparity in rates.
Cairo was rated the cheapest city in the world for a 3km Uber ride, which costs just 63 British pence (84 cents).
A similarly short trip in Helsinki, Finland will set travelers back £13.92 ($18.60), while the rate in Dublin stands at £13.43.
Amsterdam, Tokyo and Stockholm were all ranked in the top 10 most expensive places to hail an Uber ride.
RaceChip, which makes products to enhance car performance, said it studied the cost of an Uber ride in 37 cities.
Despite the Middle East boasting some of the cheapest Uber fares on the market, the study said it works out cheaper to hail a local cab. It found that local taxis in Cairo are 49 percent cheaper than Uber rides.

Local taxis are also 42 percent cheaper in Dubai and 22 percent cheaper in Istanbul.
It also found that the Middle East region offered some of the world’s cheapest public transport rates. A 3km public transport ride costs just 5 pence in Cairo, 62 pence in Dubai and 82 pence in Istanbul.
A similar ride on public transport in Stockholm, Sweden, will hit the wallet much harder at around £4.


Pompeo says China is engaging in ‘predatory economics 101’

Would China have allowed America to do to it what China has done to America asked US Secretary of State Mike Pompeo. (AP)
Updated 18 June 2018
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Pompeo says China is engaging in ‘predatory economics 101’

  • He said China’s recent claims of “openness and globalization” are “a joke.”

DETROIT: China is engaging in “predatory economics 101” and an “unprecedented level of larceny” of intellectual property, Secretary of State Mike Pompeo told a business audience Monday.
Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the US and China. Both nations started putting trade tariffs in motion that are set to take effect July 6.
He said China’s recent claims of “openness and globalization” are “a joke.” He added that China is a “predatory economic government” that is “long overdue in being tackled,” matters that include IP theft and Chinese steel and aluminum flooding the US market.
“Everyone knows ... China is the main perpetrator,” he said. “It’s an unprecedented level of larceny.”
“Just ask yourself: Would China have allowed America to do to it what China has done to America?” he said later. “This is predatory economics 101.”
The Chinese Embassy in Washington did not immediately respond to a request for comment.
Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.
“I reminded him that’s not fair competition,” Pompeo said.
President Donald Trump has announced a 25 percent tariff on up to $50 billion in Chinese imports. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey. Trump also has slapped tariffs on steel and aluminum imports from Canada, Mexico and European allies.
Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle the economic growth achieved during Trump’s watch. Gary Cohn, Trump’s former top economic adviser, said last week that a “tariff battle” could result in price inflation and consumer debt — “historic ingredients for an economic slowdown.”
Pompeo on Monday described US actions as “economic diplomacy,” which, when done right, strengthens national security and international alliances, he added.
“We use American power, economic might and influence as a tool of economic policy,” he said. “We do our best to call out unfair economic behaviors as well.”