London authority decides not to renew Uber's license
Transport for London, the city's transport authority, has decided not to renew Uber's license to hire private drivers in the city after discovering that more than 140,000 of the company's drivers were lacked insurance. The decision comes at the end of a probationary period during which Uber was asked to address various issues highlighted by the transport authority, which it failed to address completely.
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Former Uber security chief faces criminal charges for hiding 2016 breach
Federal prosecutors have charged former Uber security chief Joe Sullivan with obstruction of justice for hiding a 2016 data breach from Federal Trade Commission investigators. The criminal complaint, filed Thursday, suggests that Uber's then-CEO Travis Kalanick was aware of the breach and Sullivan's efforts to cover it up. But it argues that Sullivan kept others involved in Uber's FTC response in the dark about the incident.
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Arstechnica
Uber’s attempt to buy Grubhub facing challenges
According to the reports, Uber's attempt to build the largest meal delivery company in the US by buying its rival Grubhub has immediately come under fire from lawmakers, city officials, and antitrust experts. Uber and Grubhub, currently the second and third-largest US meal delivery companies by market share behind DoorDash, are in talks over a tie-up as the coronavirus crisis accelerates consumer demand for delivery services.
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Arstechnica
Warren Buffett's Berkshire Hathaway sold more than $6 billion in stock in April
The billionaire investor's company was widely expected to deploy a chunk of its $128 billion cash pile last quarter, but instead its reserves grew to $137 billion by the end of March. "The amount of investment gains/losses in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules,"
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Businessinsider
Jobless claims may reach 30 million in six weeks as COVID-19 layoffs continue to soar
If the latest weekly total matches estimates, it will mean 30 million Americans have applied for unemployment in just six weeks, a breathtaking number that exceeds all the jobs created since the Great Recession. While new claims are expected to continue to slow, Pantheon Macroeconomics wrote in a research note that it thinks job losses are "unlikely to fall below one million per week until late May."
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