Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Uber still in the dark on London taxi license renewal, three days before expiry

Published 11/22/2019, 08:03 AM
Updated 11/22/2019, 08:06 AM
Uber still in the dark on London taxi license renewal, three days before expiry

By Costas Pitas

LONDON (Reuters) - Uber (NYSE:UBER) is waiting to find out whether its taxi license in London, one of its most important markets, will be renewed, just three days before it is due to expire in the latest stage of a long-running battle with the city's transport regulator.

Transport for London (TfL) rejected a renewal request in 2017 due to shortcomings it said it found in the firm's approach to reporting serious criminal offences and driver background checks, prompting legal action.

A judge in 2018 then granted Uber a probationary 15-month license, after the Silicon Valley-based company had made several changes to its business model.

In September, TfL gave Uber just a two-month extension, far short of the maximum possible five years, and imposed further conditions covering ride-sharing, appropriate insurance and driver document checks.

Uber's license in London currently expires on Nov. 25. On Friday, both TfL and Uber declined to comment.

Ahead of the latest decision, Uber said it would introduce measures such as a discrimination button enabling drivers and riders to report abuse, enhanced safety training for drivers and a direct connection to the emergency services.

The taxi app's presence in London has angered the drivers of the city's iconic black cabs, who have previously blocked streets in protest, arguing the firm is a threat to their livelihoods.

The company says its roughly 45,000 drivers in the city enjoy the flexibility of their work and that it has taken several steps to improve safety.

But in a possible sign that the regulator wants to have more power over new entrants by granting shorter licenses, fellow ride-hailing service Ola gained only a 15-month right to operate earlier this year.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

TfL's latest decision will come less than three weeks before a general election and fewer than six months before Londoners decide whether to re-elect Mayor Sadiq Khan, who is also chairman of TfL.

He has criticized Uber, which was first licensed in London in 2012 during the tenure of his predecessor and now Prime Minister Boris Johnson.

"You will know my track record which is standing up to the big boys, and they are boys, and make sure everyone plays by the rules," Khan told listeners to a phone-in earlier this year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.