The NY Times and Business Insider report that Uber is holding acquisition talks with food delivery startup Postmates. Earlier this year Uber was reported to be holding acquisition talks with Grubhub. But those talks reportedly fell through. In mid-June Grubhub announced it was merging with Just Eat. Postmates is smaller than Grubhub, and would be more amenable to a take-over.
Just Eat Takeaway, a food-delivery service based in Europe, bought Grubhub. According to Gizmodo, while sales have spiked, operation costs have also been high. The acquisition of Grubhub makes it the largest digital food delivery service operator outside of China. Stories analyzing the deal pointed out a European deal was less likely to get blocked by antitrust regulators. Before Just Eat Takeaway acquired Grubhub, Uber wanted to also buy the food-delivery service.
Travis Kalanick is the founder of Uber. He was recently kicked out of the company. Business Insider reports that Kalanick founded CloudKitchens, a delivery-only restaurant operation. Kalanick says the company is the victim of arson. On Twitter, the company said two fires were started. They posted video evidence of the intruders. The company is worth more than $7 billion. It's funded from Kalanick's Uber wealth as well as Saudi Arabia.
Wall Street plummeted Thursday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the U.S. Federal Reserve. Fred Katayama reports on the market action.
Uber will concentrate on its core businesses in ride-hailing and food delivery and cut 23% of its workforce in an attempt to become profitable despite the coronavirus pandemic, Chief Executive Officer Dara Khosrowshahi said in an email to employees on Monday. This report produced by Yahaira Jacquez.
United Airlines has warned of booking declines and potential furloughs due to new travel restrictions in an internal presentation to the carrier's employees, a person with knowledge of the matter told Reuters. Fred Katayama reports.
The Cleveland Indians followed the lead of the NFL's Washington Redskins as the Major League Baseball club said it too will consider changing a team name that has been in place for 105 years. Fred Katayama reports.
The European Commission said Friday it had given conditional approval for the use of antiviral drug remdesivir in severe COVID-19 patients. As Fred Katayama reports, that makes it the region's first authorized therapy to treat the virus.
CBC reported that McDonald’s ended its Canadian trial of Beyond Meat in April with no plans to continue. According to Business Insider, the plant-based burger dropped as much as 10% because of the news. While Beyond Meat said in an email they were “pleased with the test,” a JPMorgan analyst said usually if a test goes well, it doesn’t end. Beyond Meat CEO Ethan Brown said the plan with McDonald’s hasn’t changed. Despite the recent drop, Beyond Meat is up more than 90% year-to-date.
McDonald Black franchisees say they earn less per month than average. According to Business Insider they're right. As of late 2019, McDonald's Black franchisees netted $68,000 less a month when compared to McDonald's overall franchisee average. The gap has more than doubled in recent years. Some insiders say McDonald's is making new efforts to address inequalities.
McDonald's intends to hire 260,000 workers in the summer. Business Insider reports that the hiring boom will come as states and counties continue the reopening process. McDonalds adopted 50 new safety procedures during the pandemic. The company did fever screenings after employees were upset about pay and safety protections. Employees have the chance to participate in Archway Opportunity, McDonald's education assistance, and career advising program.
A New York police officer was suspended on Sunday after a video posted online appeared to show him rendering a Black man unconscious in a chokehold during an arrest, a few days after city council members voted to make it a crime for police to use the grip. Freddie Joyner has more.
Uber is reportedly in talks to acquire Postmates in a potential multibillion dollar deal. The news comes as the company also considers going public as food delivery services rise in popularity amid the..