Uber confidentially files IPO papers, but will myriad controversies and operational losses drag it down?
Cab aggregators Uber and Lyft have taken their fierce rivalry a step further as both companies filed for IPOs on Thursday. While Lyft made the filing first, Uber confidentially filed its papers afterwards, and is eager to beat the former to the bourses.
The two companies have been known to match each other in service offerings as well as prices. In its last private financing, Uber was valued at US$ 76 billion, and its IPO is expected to fetch it a value of US$ 120 billion and be the largest IPO in 2019, when a number of Silicon Valley companies like apartment-renting firm Airbnb Inc and workplace messaging firm Slack are expected to also launch their IPOs.
But before all this, CEO Dara Khosrowshahi has to cater to some major pending issues that include settlement with US states over breach of data and the data theft accusation against it by Alphabet’s self-driving car unit Waymo. Besides, Khosrowshahi will also be battling some of the controversies left over by his predecessor Travis Kalanick, including sexual harassment charges, securing of medical records of a woman who was raped by an Uber driver in India as well as allegations of bribery and data breach.
Uber confidentially files IPO papers, but will myriad controversies and operational losses drag it down? | dkoding |dkodingnewsline
The IPOs will be a test of how public market investors perceive the ride-hailing business, which has grown at a brisk pace but hasn’t made money.
Uber itself had losses of US$ 1.07 billion in Q3, on revenue of US$ 2.95 billion, which grew by 5% yoy. Given these realities, an IPO could be an extremely risky proposition for the company at this stage.
PwC gets extension gets temporary relief from the Supreme Court in Satyam fraud case | dkoding |dkodingnewsline
Price Waterhouse has been granted permission by the Supreme Court to continue its operations in India till March 31, 2019 or till the disposal of its appeal by the Securities Appellate Tribunal (SAT), whichever comes later. Securities & Exchange Board of India (SEBI) had passed an order to stop Price Waterhouse from providing its audit services to any listed companies or securities market intermediaries in India for alleged collusion with Satyam Computers in fudging accounts.
The capital market regulator had passed an order against PW barring it from offering auditing services to any listed companies or Securities Market intermediaries for two years. Price Waterhouse had submitted two appeals against the order asking for permission to continue operations till March 2020, after which SAT gave it an extension till March 2019. But SAT upheld the 2-year ban after March 2019.
The audit firm had then appealed against the SAT’s refusal to extend the deadline beyond this date, arguing that this would lead to major business losses for the company with existing clients changing auditors, even as the firm has stopped taking new customers.
E-commerce firms going through a ‘pink’ revolution, after being stung by disloyalty among male staffers
A wave of change is sweeping across the e-commerce industry at the moment, with firms increasingly hiring women for delivery services. Within a year, the number of women in the delivery industry has doubled to 40,000.
For Amazon in particular, the change is truly transformational, from 20 women in 2016 to 800 at present. The e-commerce giant has also set up three women-only delivery centres in India in Chennai, Chandigarh and Dhule (Maharashtra).
Swiggy plans an additional 1,500 delivery women over the next six months and Mumbai-based startup HeyDeedee is looking at 1,500 delivery women on its rolls by March 2019 from 300 currently.
Companies cite low attrition and huge potential workforce as the major reasons for the change. Paul Duipis, MD, Randstad India comments that the last-mile delivery is currently witnessing attritions of almost three figures, which implies a lot of difficulty in offering services.
E-commerce firms going through a ‘pink’ revolution, after being stung by disloyalty among male staffers |dkoding |dkodingnewsline
The ratio is apparently lower among women in frontline posts, which is why they could account for 20–26% of total delivery roles by 2021. Their salary structures are also similar, at Rs 15,000–30,000 with incentives.
Companies are also mindful of safety of the staff. For instance, Amazon limits delivery hours for women till 6 pm and has separate toilets and safe zones for them.
Traders say format of filing forms not available, Government agrees to extend GST Filing date to March 31, 2019
The government has agreed to extend the final deadline for filing of annual GST return — FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C to March 31, 2019 according to a statement by the Central Board of Indirect Taxes and Customs (CBIC). Previously, the deadline for filing was December 31, 2019. The Confederation of All India Traders (CAIT) had requested finance minister Mr Arun Jaitley to approve an extension.
They pointed out that the format for filing returns is in itself not available on any website, and it will be therefore difficult for traders to meet the deadline. Pryajit Ghosh, Partner, KPMG India, added, “The first time annual compliances are new and many nuances are not too well understood even by many large taxpayers. The extended timeline would provide a big relief to the taxpayers to understand the issues and the Government to run and effective awareness campaign and resolve the open points.”
The law states that companies will have to pay a fine of Rs 200 per day if they fail to file the return by the due date, limited by 0.25% of the turnover of the financial year in question.
India’s batsmen take crucial advantage over Australia on Day 3 |dkoding |dkodingnewsline
Day 3 of the first test match between India and Australia started with a delay due to rain, and ended with India in a strong position to literally dictate terms hereon. Australia continued batting from their overnight score of 191/7 and their last three wickets could only add 44 runs, taking the team’s final first innings total to 235 all out; thereby handing a slim but psychologically important lead of 15 runs to India.
Travis Head, who led the Australian challenge was the 9th wicket to fall at 72 (167 balls, 6×4). In response, India’s openers KL Rahul and Murali Vijay stitched together an important half century partnership for the first innings before Vijay lost his wicket for 18 (53 balls) with the score at 63. Rahul departed shortly after scoring a quick 44 (67 balls, 3×4, 1×6).
Cheteshwar Pujara then continued from where he left off in the first innings, adding 71 runs with captain Virat Kohli (34 of 104 balls, 3×4) before the latter was caught at short leg off the bowling of Nathan Lyon. By the end of the day, Pujara remained unbeaten on 40 (127 balls, 4×4) with Ajinkya Rahane at the other end at 1. India’s total at stumps stood at 151/3, taking the visitors’ lead to 166. Australia would look for some first blood or perhaps a really long spell of unfriendly weather for any chance of saving the match.
Statistics reveal that the last time Australia successfully chased a 200+ score in the fourth innings at Adelaide was 1902.
Isha Ambani Begins Pre-Wedding Celebrations With “Anna Seva” In Udaipur |dkoding |dkodingnewsline
After Priyanka Chopra and Nick Jonas completed their nuptials, it’s time for another high profile wedding — this time of Isha Ambani, daughter of India’s richest man Mukesh Ambani and industrialist Anand Piramal on December 12.
The Ambanis started the celebrations in a unique way by feeding 5,100 people thrice a day, many of which have special abilities in the Udaipur city of Rajasthan.
This custom, called ‘Anna Seva’ will be held from December 7–10. Mukesh and Nita Ambani were present at the function with Ajay and Swati Piramal. Among the functions, a Swadesh Bazaar is also planned to showcase 108 traditional arts and crafts from across India.
These include textiles and weaves like Kanjeevaram, Patola, Chikankari and Bandhani along with ancient painting forms like Gond, Madhubani, Phad, Warli and Thangka. Pre-wedding rituals are planned to be held during the weekend. Three days of song, dance and pre-wedding rituals like mehendi are also lined up over the weekend.
Celebrity guests have started coming in as well, including actor Anil Kapoor, filmmaker David Dhawan and fashion designer Manish Malhotra. Over a hundred chartered flights are expected to land in Udaipur airport for the function.
The wedding will be held in Mumbai and feature a dance performance by international popstar Beyonce.
Nita Ambani Isha Ambani Begins Pre-Wedding Celebrations With “Anna Seva” In Udaipur |dkoding |dkodingnewsline
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