Unless a new license is granted by the city’s transport authority, Uber (NYSE:UBER) has just days left to operate in London, where it employs roughly 45,000 drivers. In 2017, Transport for London concluded that Uber wasn’t “fit and proper” to hold a license, saying the ride-hailing company failed to do adequate driver background checks and report serious criminal offenses. It also took issue with a software called Greyball that blocked government officials attempting to catch lawbreaking drivers.
Go deeper: Crispus Nyaga invests in Uber despite many problems.
Prepare for Disney’s (NYSE:DIS) sixth billion-dollar movie of 2019. Frozen II arrives in theaters today, five days ahead of the typical Thanksgiving release, giving the film some significant momentum with an anticipated opening of $120M to $140M. Happiest studio on earth? Disney already raked in more than $8B at the global box office since January, breaking its own record which it set in 2016. DIS +0.3% premarket.
Go deeper: Steven Mallas analyzes Disney+.
Drastically cutting costs to stabilize its business, WeWork (WE) has confirmed it will lay off 2,400 employees globally. The troubled office-sharing company will hold an all-hands meeting at 10 a.m. ET today to address the changes slated to come. WeWork pulled its IPO in September after investors balked at its mounting losses and unusual corporate governance structure, eventually securing an 11th-hour bailout deal from SoftBank (OTCPK:SFTBY).
Go deeper: ‘The SoftBank-WeWork End Game: Savior Economics Or Sunk Cost Problem?’ by Aswath Damodaran.
Almost three weeks into the job, ECB President Christine Lagarde is calling for regional governments to invest more in a “new European policy mix.” Monetary policy should not be “the only game in town,” she added, stating the central bank will undertake a “strategic review” in the near future. Uncertainties impacting eurozone growth have also “proven to be more persistent than expected,” and increasing trade seen during decades of globalization is “no longer an absolute certainty.”
Following three days of slight losses, U.S. stock index futures are edging up 0.2%, hoping to break out of the recent trend amid whipsawing expectations over reaching Phase One of a trade deal. China’s President Xi said overnight he wants to resolve core concerns – but is not afraid to “fight back” – while the WSJ reported that Beijing extended an invite to U.S. officials for a new round of face-to-face talks. Mixed PMI readings out of Europe further suggested the continent’s slowdown may have stabilized, though it’s unlikely to pick up significantly in the near-term.
With little time to spare before a midnight deadline, President Trump signed a short-term spending bill into law, funding the government through Dec. 20. That gives lawmakers more time to strike a long-term appropriations deal. Congress already passed a two-year agreement to set budget levels and suspend the U.S. debt ceiling, but lawmakers still need to approve where and how the money gets spent.
House Democrats and the Trump administration failed to reach an agreement on USMCA trade deal during a meeting on Thursday. House Ways and Means Committee Chairman Richard Neal said the two sides made progress, however, and it’s possible Congress could vote on the agreement by the end of the year. Mexico has already ratified the pact, while Canada is waiting to move in tandem with the U.S.
Institutional tranche and retail subscriptions to the Saudi Aramco (ARMCO) IPO have reached nearly $19.5B in less than a week, according to Samba Capital. This “demonstrates the confidence of investors,” Vice-Chairman Rania Nashar declared, adding that the levels are “unprecedented in scale.” They also suggest about 90% of the institutional part of the deal is covered, and 46% of the retail tranche.
The U.S. planemaker has settled more than half of the 118 claims related to the fatal Lion Air crash involving a 737 MAX aircraft, the first of two crashes that ultimately grounded the jet. Earlier cases in September were settled for at least $1.2M per claim, sources told Reuters at the time. Clifford Law Offices, which represents families of victims from the second Ethiopian Air crash, said 103 lawsuits have been filed against Boeing (NYSE:BA) so far, with 30 more cases expected to be filed soon.