Connect with us

Business

Surrey councillors slam move to issue warnings to ride-hailing drivers – CityNews Vancouver

Published

 on


SURREY (NEWS 1130) – This is wrong and a waste of city resources: that’s the message from two Surrey city councillors after bylaw officers requested Uber rides through the app, then issued drivers warning tickets.

Councillor Linda Annis says she has “very, very significant concerns” about the reports.

“Using their time as paid staff members in Surrey to call ride-hailing companies and get drivers to come to Surrey only to issue them a warning,” she said. “Clearly this is not a good utilization of city resources.”

Genius Dog 336 x 280 - Animated

On Sunday, an Uber driver told NEWS 1130 he received a request through the app to pick someone up at the Safeway on King George Highway after having dropped someone off in the area. When he arrived, he said a woman waved him over and asked if he was from Uber. When he confirmed he was, he said two uniformed city officials showed up and handed him a slip of paper with a possible fine of $500 on it.

Annis doesn’t want companies or drivers to steer clear of her city, and says Surrey needs ride-hailing.

“We’re short on transportation, we don’t have enough buses, we don’t have enough taxis. Ride-hailing services are a very welcomed addition to Surrey,” she explained. “Surrey has more than 550,000 people — most of the people in Surrey want ride-hailing service. We all would welcome them and I do hope that they hear that message from us loud and clear.”

When she heard about bylaw officers reportedly baiting drivers, Annis says she was shocked. When she checked in with staff about the reports, she says she was told three officers had been directed to do so.

“In my mind this is clearly wrong and should not be happening,” she added, saying bylaw officers have more important tasks to conduct.

Councillor Jack Hundial echoes Annis’ concerns, and says he’s spoken to a driver who was handed a warning.

“As far as I know, only warnings have been issued so far,” he told NEWS 1130.

Currently, the City of Surrey doesn’t have a licensing system in place for ride-hailing. Uber and Lyft are currently only licensed by the City of Vancouver.

“What we’re doing is we’re trying to build out the first modern city of the 21st century here, and one of our core values in the city is innovation and looking forward to technologies to help propel our community forward,” Hundial said of Surrey. “And transportation and ride-share certainly is one of them.”

He adds this appears to be just another roadblock the city “doesn’t need.”

On whether he’s afraid what’s happening could have a chilling effect on drivers and companies, Hundial worries it could, but notes it’s not reflective of what the people want.

“It’s really not what our overall population has been asking,” he said. “My colleagues have received over 1,600 emails and communications from residents in Surrey that we want to have these options available for us. Even from a public safety perspective, it makes sense to have it. We don’t want to have impaired drivers on the road.”

NEWS 1130 has reached out to the mayor’s office for comment.

-With files from Lisa Steacy and Tarnjit Parmar

Let’s block ads! (Why?)



Source link

Continue Reading

Business

DoorDash laying off 1,250 people, about 6% of its workforce – CBC News

Published

 on


DoorDash Inc. said on Wednesday it was cutting about 1,250 jobs, or six per cent of its total workforce, as the food-delivery company looks to keep a lid on costs to cope with a slowdown in demand.

DoorDash went on a hiring spree to cater to a flood of orders from people stuck at home during the height of the pandemic, but a sudden drop in demand from inflation-wary customers has left the company grappling with ballooning costs.

“We were not as rigorous as we should have been in managing our team growth … That’s on me. As a result, operating expenses grew quickly,” chief executive Tony Xu said in a memo to employees that was posted on the company’s website.

Genius Dog 336 x 280 - Animated

“Given how quickly we hired, our operating expenses — if left unabated — would continue to outgrow our revenue.”

DoorDash has about 20,000 employees worldwide, and “some of the affected employees are based in Canada,” the company told CBC News in a statement, without elaborating.

The company joins a growing list of technology firms, including Amazon, Facebook-owner Meta, Twitter, Shopify and others that have laid off thousands of employees in recent weeks as they brace for a potential economic downturn.

British food delivery company Deliveroo said in late October that sales growth would be at the lower end of its previous forecast. In September, Winnipeg-based food delivery app SkipTheDishes laid off 350 workers.

Earlier this month, DoorDash reported a bigger-than-expected quarterly net loss of $295 million US, raising questions about the growth prospect of delivery firms as economies reopen. The company’s shares have lost two thirds of their value this year.

“Greater emphasis on its cost structure is a welcoming sign, especially given the potential for consumer spending to deteriorate faster than expected,” said Angelo Zino, analyst at CFRA Research.

Adblock test (Why?)



Source link

Continue Reading

Business

'I didn't ever try to commit fraud on anyone,' FTX founder Sam Bankman-Fried says – CBC News

Published

 on


The man at the centre of collapsed cryptocurrency exchange FTX made his first public appearance since the saga began, telling a New York audience on Wednesday that it was never his intention to commit fraud.

Sam Bankman-Fried, the 30-year-old founder of FTX, appeared at the New York Times’ Dealbook Summit on Wednesday, for an interview with journalist Andrew Ross Sorkin about what happened to cause his cryptocurrency firm to collapse into bankruptcy earlier this month.

The firm, once worth more than $32 billion US, entered bankruptcy protection on Nov. 11 after a whirlwind series of days that saw it go from trying to solve a liquidity crunch by merging with a rival, to having that deal fall apart and succumbing to a run on the bank as traders pulled out $6 billion in funds within three days.

Genius Dog 336 x 280 - Animated

Filings show the company owes almost $10 billion to various creditors, and at least $1 billion worth of customer deposits are missing. 

Among numerous allegations, customer deposits at FTX appear to have been used as capital and collateral for loans for an investment firm called Alameda affiliated with him — an allegation that amounts to fraud, and one that he pushed back against strongly.

‘Deeply sorry’ 

“I didn’t ever try to commit fraud on anyone,” he told Sorkin, “I didn’t knowingly co-mingle funds.”

While he acknowledged mistakes were made, Bankman-Fried rejected repeated attempts to characterize what happened at his cryptocurrency firm as being in any way malicious or illegal.

“I am deeply sorry about what happened,” he said. “I was excited about the prospects of FTX a month ago, I saw it as a thriving, growing business.”

Bankman-Fried has seen his personal net worth evaporate in the debacle, from more than $26 billion a year ago to “close to nothing” today — and he insisted that he doesn’t have any of the money that has vanished.

“I don’t have any hidden funds here. Everything I have, I am disclosing,” he said. 

“I’m down to one working credit card … [and] hundreds of dollars or something like that, in a bank account.”

WATCH | Former regulator weighs in on FTX debacle: 

Former regulatory executive weighs in on FTX collapse

19 days ago

Duration 4:04

Charley Cooper, a former executive at commodities regulator the CFTC, says the collapse of FTX is a good lesson of the inherent dangers of the cryptocurrency space.

He says, to his knowledge, there are enough funds at FTX to give users their money. But his hands are tied since he no longer has a formal role at the company since it entered bankruptcy proceedings.

“I believe that withdrawals could be opened up today and everyone could be made whole,” he said.

John Jay Ray III, the restructuring expert who has been handling FTX’s bankruptcy proceedings has said in legal filings that Bankman-Fried appears to have treated the company as his “personal fiefdom” and has called the fiasco a “complete failure of corporate controls.”

Bankman-Fried has been active on Twitter since the debacle first started, but his appearance on Wednesday marks his first public appearance since the saga began.

There was speculation he was going to appear in person, but ultimately he appeared via video link from the Bahamas, where he lives.

Legal problems

Sorkin asked Bankman-Fried if he did not appear in person because he is worried about being within the reach of U.S. agencies including the Department of Justice and the Securities and Exchange Commission, both of which are probing what happened at FTX.

Bankman-Fried appeared to side-step that question, remarking instead that, to his knowledge, he can still legally enter the U.S. 

“I’ve seen a lot of the hearings that have been happening [and] would not be surprised if some time I am out there talking about what happened,” he said, adding that he “does not personally think” he has any criminal liability to worry about.

That being said, he said his legal team is “very much not” supportive of his decision to appear at the summit and speak publicly about what happened at FTX. His lawyers advice was “to recede into a hole,” he joked.

Adblock test (Why?)



Source link

Continue Reading

Business

Investors focus on Powell's comments which put gold back into rally mode – Kitco NEWS

Published

 on


Today gold futures are trading solidly higher as market participants react to Chairman Jerome Powell’s speech at the Hutchings Center on Fiscal and Monetary Policy, held at the Brookings Institution in Washington. Market participants focused intently on his remarks which alluded to a dynamic change in the Federal Reserve’s monetary policy.

“Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down … The time for moderating the pace of rate increases may come as soon as the December meeting.”

However, it must be noted that the reaction by investors at large seems to focus on what they had hoped to hear which is the Fed will begin to raise rates at a slower pace rather than his nuanced message that the time required for the Federal Reserve to achieve their goal will take much longer.

Genius Dog 336 x 280 - Animated

“It is likely that restoring price stability will require holding policy at a restrictive level for some time … History cautions strongly against prematurely loosening policy. We will stay the course until the job is done.”

As of 6:16 PM EST gold futures basis of the most active February, 2023 Comex contract is fixed at $1784.60 After factoring in today’s double-digit advance comprised of dollar weakness, buyers in the market along with the rollover from the December to February contract month.

Chairman Powell’s speech today diminished the concern of investors as they reacted to other members of the Federal Reserve who have been extremely vocal about upcoming interest rate hikes. Specifically, recent remarks by James Bullard underscored the hawkish intent of the Federal Reserve. Last week he commented on the need for the Federal Reserve’s benchmark rate to go as high as 7% to deal with inflation. This week he said that “the Federal Reserve will likely need to keep its benchmark policy rate north of 5% for most of 2023 and into 2024 to succeed in taming inflation.”

Chairman Powell’s statements were not in conflict in any way with those made earlier by James Bullard and other members of the Federal Reserve in his prepared speech. However, the chairman was able to deliver this message in a much softer tone. Chairman Powell in essence cemented a 50-basis point rate hike at the December FOMC meeting. However, he stressed that slowing the pace of rate hikes would require that the Fed maintains a restrictive monetary policy for a longer period.

Gold’s recent rally from $1621 to just shy of $1800 is a reflection of a major change in the market sentiment of investors. It suggests that investors are focusing intently on inflation and that lowering inflation to restore price stability will be a multi-year process.

For those who would like more information simply use this link.

Wishing you as always good trading,

Adblock test (Why?)



Source link

Continue Reading

Trending