Economy

Can Lyft pass Uber with $1B boost from Alphabet?

Can Lyft pass Uber with $1B boost from Alphabet?

If the reports about the potential Alphabet investment are true, then Lyft seems to be cooling down on its earlier statement, in which it said that there would be no fresh round of fundraising before its IPO, notes Reuters.

This Alphabet investment might be aimed at keeping Lyft on its side amid the legal battle with Uber. Waymo alleged in February that Uber had stolen trade secrets from it when former Google engineer Anthony Levandowski left the firm to join the ride-hailing company. The investment could come from Google or CapitalG, Alphabet's investment division.

News of this possible investment may deepen the rift between Alphabet and Uber. Lyft and Waymo both confirmed back in May that the two will be combining efforts to create self driving vehicles. Lyft's most recent financing, a $600 million round that closed in April, was led by KKR.

Real Madrid extends Isco's contract until end of 2022 season
The 29-year-old Brazil worldwide full-back signed for Real from Fluminense in 2007 and has helped Los Blancos win three Champions League titles and four LaLiga titles.

Alphabet has actually been an investor in Uber through GV, its venture capital arm, since 2013. For example, Google has sent out press invites, for the launch of Pixel 2 smartphone, asking the attendees if they'd like to receive a promotional code for a Lyft ride to the event.

Last month, Uber chose Dara Khosrowshah to be the new chief, replacing Travis Kalanick.

Neither Alphabet/Google or Lyft have commented on the rumor.

Five dead at Florida nursing home after Irma cuts power
On Tuesday 6.8 million people remain without power in the steamy-late summer heat - about a third of Florida's population. More than half of the 15,000 residents at Century Village retirement community in Pembroke Pines are now without power .

Ride hailing services have exploded on the scene the last couple of years with Uber and Lyft now the two largest in the U.S. The services link drivers with riders through an app online and prices for rides are much less expensive than normal taxi fare.

Although these conflicts with Alphabet have not been earning a good name for Uber, it still has big brand recognition in and outside San Francisco and Los Angeles. It would allow the company to expand its technology and services.

Paul Ryan wants to 'start 2018 with a new tax system'
House Speaker Paul Ryan is backing off months of promises that the Republicans' tax plan won't add to the nation's ballooning deficit.


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