Today's business and finance round up 13th July 2022
Euro approaches parity with the dollar for first time in 20 years
13th July 2022
Bite-sized business news from the UK and beyond
Good morning As we all try to keep cool in the sweltering heat, a friendly reminder the jumping off Tower Bridge into the Thames is not the way to go.
Today's stories
Euro approaches parity with the dollar for first time in 20 years
Leaked Uber documents reveal shady business
EUROPEEuro approaches parity with the dollar for first time in 20 years
Energy concerns – the fallout from the war in Ukraine has highlighted how dependent Europe is on Russian energy supplies. There are growing fears that reducing the reliance on Russia will mean Europe faces an energy crisis this winter that could hamper economic output and tip the region into a recession.
Federal Reserve policy – The US central bank has signalled that it will hike interest rates to control soaring consumer prices in the country. In comparison the European Central Bank has been slower to signpost any changes to its monetary policy. This has increased demand for dollars and thereby its strength against the euro.
Other stories to keep you in the loop
Race to replace prime minister turns ugly
Retail sales fall at fastest rate since lockdown
Google slows hiring amid economic uncertainty
Boohoo introduces return charges
Peloton to halt in-house production of exercise bikes in latest U-turn
Lego to end all operations in Russia
Spotify buys 'Wordle' rival
TECHLeaked Uber documents reveal shady business
What happened?This week a leaked trove of documents revealed Uber’s secretive lobbying tactics, including undisclosed meetings with top government officials in the UK, US and France, illuminating a murky area in which the worlds of big tech and policy-making meet.How did we get here?An ex-Uber executive leaked over 124,000 emails, texts and messages that reveal questionable behaviour among management as the ridesharing giant expanded.The files date back to 2013-17 when co-founder Travis Kalanick ran the company and include interactions with governments in over 40 countries. Here are some of the big takeaways:
In the UK, the company labelled Boris Johnson as the ‘ultimate target’ during his time as Mayor of London. Uber saw the capital as a key market but faced backlash from black cab drivers over its expansion. Uber also met other top MPs like former health secretary Matt Hancock, former chancellor Sajid Javid and home secretary Priti Patel. Critics argue that these meetings should have been declared and expose loopholes in the rules set out for ministers call the ministerial code.
In France, back when current president Emmanuel Macron was economy minister, he allegedly bent over backward to help Uber grow in Paris by arranging a secret deal with ministers who opposed its expansion.
In 2015, 80 Uber drivers were reportedly attacked in clashes with taxi drivers across Europe. But the docs show the company saw that violence as something to leverage to get public support and legislative wins.
What did Uber say?The company admitted to “mistakes and missteps” in the past, but said it’s transformed into a “different” company since Kalanick resigned in 2017. Kalanick says he never authorised actions that would “obstruct justice” and that he never suggested taking “advantage of violence at the expense of driver safety.”
Stat of the day
A new survey found that over 4m UK households are cutting back on showers and buying lower-quality food to try to make ends meet
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