Indian ride-hailing firm Ola starts operations in Britain

Ola was launched in 2011 and claims to handle around a billion rides a year across India’s major centers and seven cities in Australia. (Reuters)
Updated 20 August 2018
0

Indian ride-hailing firm Ola starts operations in Britain

  • Britain is Ola’s second venture into a foreign market
  • Ola and Uber are locked in an aggressive fight for a greater share of India’s taxi-app market

LONDON: Indian ride-hailing company Ola began operating in south Wales on Monday ahead of a planned expansion across Britain by the end of the year, intensifying its battle with US rival Uber.
Britain is Ola’s second venture into a foreign market after it started operations in Australia in February.
Unlike Uber, the company offers customers the option of private hire vehicles and taxis on one platform.
Ola “looks forward to providing passengers with a dynamic, new responsible service,” Ben Legg, managing director of Ola UK, said in a statement.
Legg emphasized Ola’s screening processes for drivers and safety features such as 24/7 voice support and an option to share ride details with emergency contacts.
Ola was launched in 2011 and claims to handle around a billion rides a year across India’s major centers and seven cities in Australia.
Ride-hailing apps are booming in India despite stiff opposition from traditional taxi firms and some initial concerns about passenger safety.
Ola and Uber are locked in an aggressive fight for a greater share of India’s taxi-app market, which is estimated to be worth around $10 billion.


Stronger US dollar unlikely to derail bullish view on commodities — Goldman Sachs

Updated 5 min 5 sec ago
0

Stronger US dollar unlikely to derail bullish view on commodities — Goldman Sachs

  • The dollar has been lifted by a stronger-than-expected US economy, the world’s largest
  • A stronger greenback makes the purchase of dollar-denominated international commodities more expensive for holders of other currencies
BENGALURU: Goldman Sachs said a stronger dollar is unlikely to derail its bullish view on commodities, which are likely to find support from physical shortages.
The dollar has been lifted by a stronger-than-expected US economy, the world’s largest, and that’s a positive sign for global growth, the US investment bank said.
The US dollar index has lost more than 1 percent this week, but this follows months of strong demand over US-China trade-related tensions, as investors bet the greenback would gain at the expense of riskier currencies.
“The risk aversion this summer created significant emerging market destocking, particularly in China, as consumers attempted to avoid a strong dollar and tariffs by liquidating inventories,” Goldman said in a note dated on Thursday.
A stronger greenback makes the purchase of dollar-denominated international commodities more expensive for holders of other currencies, making buyers and users more likely to draw on any stored materials in preference to imports.
“This liquidation, however, has a physical limit with Chinese destocking having already created significant increases in physical (premiums) for oil and metals – a sign of physical shortages.”
Going forward, oil had a strong fundamental outlook helped by US demand growth, supply losses and disruptions, and still constrained US shale output, Goldman said.
The bank said its near-term Brent crude oil price target remained at $80 a barrel.
The bank said it was moderating its bullish view for gold due to a sell-off in emerging markets, and it lowered its 12-month price forecast for the metal to $1,325 per ounce, down from $1,450 an ounce earlier.