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Today’s Pickup: Uber is looking to spinoff financial technology services

Good day,

With Uber now being a publicly traded company, it is imperative for the cab-hailing giant to at least break even in the near future to keep its shareholders happy. Uber is reportedly contemplating a jump into financial technology services, with plans to provide financial services for drivers and independent contractors. A CNBC report explained that the company could also look at launching bank accounts within its ecosystem, aside from its existing Uber Cash app and branded credit card system. Nonetheless, Uber would still be late to the party, as its Asian rivals like Ola, Grab and Go-Jek are already deep into the financial services niche, spinning off payment services that have gained a lot of traction over the years.

Did you know?

In the wake of renewed U.S.-China trade tensions, the combined inbound loaded containers at the ports of Los Angeles and Long Beach fell 6.3 percent in May from a year ago, and combined exports at the two ports fell by 7.4 percent.

Quotable

“China is pretty big geographically, so it may make sense to have factories in other parts of China in order to reduce logistics costs. The faster you scale, the more cash you have.”

– Elon Musk, at Tesla’s annual shareholder meeting, while discussing the possibilities of manufacturing expansion in China.

In other news

Oil prices jump after tanker attacks in Middle East

Brent crude soars more than 3 percent, a rebound from heavy selling pressure a day earlier. (Wall Street Journal)

Tesla shares turn negative despite Musk’s prediction of ‘a record quarter on every level’

CEO Elon Musk said at the annual shareholder meeting that he believes the electric automaker has a “decent shot at a record quarter on every level.” (CNBC)

Nevada bans employers from refusing to hire those who fail marijuana tests

Starting in 2020, Nevada employers cannot refuse to hire a job applicant for failing a marijuana screening test, making it the first state to pass such a law. (CNN)

How the Sahara Desert can power the entire world

Theoretically, the Sahara Desert has huge potential to be the world’s biggest renewable energy source by being converted into a large solar farm. (Oilprice)

Deutsche Bahn’s only option to steady debt is asset sales

Deutsche Bahn must plug a financial hole running into the billions of euros through asset disposals because it cannot expect more state funding nor can it increase borrowing. (Reuters)

Final Thoughts

In a historic first, Aramco, the Saudi Arabian state-run oil company, will be holding an earnings call this August on its performance in the first half of 2019. Before this year, Aramco’s financial prowess and its oil reserves have never been out in the open. However, the company has been taking steps to quell skepticism by revealing results from an independent audit on the depth of its oil reserves. It also put out its profit margins from 2018, which stands at an astounding $111 billion, making it the world’s most profitable company by a mile.

Hammer down everyone!

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Vishnu Rajamanickam, Staff Writer

Vishnu writes editorial commentary on cutting-edge technology within the freight industry, profiles startups, and brings in perspective from industry frontrunners and thought leaders in the freight space. In his spare time, he writes neo-noir poetry, blogs about travel & living, and loves to debate about international politics. He hopes to settle down in a village and grow his own food at some point in time. But for now, he is happy to live with his wife in the middle of a German metropolitan.

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