The Survivors of Nothingness — Episode (I)    Oil prices fall on Monday    Gold prices rise on Monday    Asian stocks climb on Monday    PM Madbouly chairs meeting on public-private partnerships in tourism    Egypt launches project to upgrade export environment, streamline port procedures    Gulf investors turn to Egypt's real estate market as strategic gateway for growth    At Aswan Forum, Egypt's FM urges reform of UN Security Council, finance bodies    Tensions rise in Gaza as Israel violates ceasefire agreement    Egypt, WHO sign cooperation strategy to strengthen health system through 2028    EHA, Arab Hospitals Federation discuss cooperation on AI, sustainable healthcare    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt's FM joins Sahel region roundtable at Aswan Forum    Egypt successfully hosts Egyptian Amateur Open golf championship with 19-nation turnout    Africa can lead global recovery, Egypt's Sisi tells Aswan Forum    Health ministers adopt 'Cairo Call to Action' to tackle breast cancer across Eastern Mediterranean    Egypt, India hold first strategic dialogue to deepen ties    Egypt: Guardian of Heritage, Waiting for the World's Conscience    Egypt, Qatar sign MoU to boost cooperation in healthcare, food safety    Egypt, UK, Palestine explore financing options for Gaza reconstruction ahead of Cairo conference    Egypt will never relinquish historical Nile water rights, PM says    Al Ismaelia launches award-winning 'TamaraHaus' in Downtown Cairo revival    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Egypt's Sisi warns against unilateral Nile actions, calls for global water cooperation    Egypt unearths one of largest New Kingdom Fortresses in North Sinai    Egypt unearths New Kingdom military fortress on Horus's Way in Sinai    Egypt Writes Calm Anew: How Cairo Engineered the Ceasefire in Gaza    Egypt's acting environment minister heads to Abu Dhabi for IUCN Global Nature Summit    Egyptian Open Amateur Golf Championship 2025 to see record participation    El-Sisi boosts teachers' pay, pushes for AI, digital learning overhaul in Egypt's schools    Syria releases preliminary results of first post-Assad parliament vote    Karnak's hidden origins: Study reveals Egypt's great temple rose from ancient Nile island    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Egypt aims to reclaim global golf standing with new major tournaments: Omar Hisham    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Uber's Huffington still ‘optimistic' SoftBank mega-deal will happen
Published in Amwal Al Ghad on 26 - 10 - 2017

Uber's board member Arianna Huffington is still "optimistic" that a big investment by SoftBank into the ride-hailing app will happen, saying on Thursday the problems faced by the company will not affect its valuation.
The Japanese giant run by Masayoshi Son is seeking to invest $10 billion into Uber for a fairly substantial stake. But so far, talks have hit roadblocks as both sides are yet to decide on the pricing of shares.
On October 16, Huffington said that the deal would be "very likely" to close in the next week. That time frame has now passed and no deal has been announced.
At the Future Investment Initiative, a summit held in Saudi Arabia, the media mogul said she was still positive a deal would happen.
"We have to wait and see what the negotiations will bring. But we are all optimistic and we will just have to wait to see how long it's actually going to take," Huffington said during a CNBC-hosted panel at the event.
When asked in a follow-up TV interview with CNBC whether many of the scandals and issues Uber has faced will affect the start-up's valuation, she said "no".
Masayoshi Son and Uber CEO Dara Khosrowshahi were both at the investment conference in Saudi Arabia. But Huffington did not give a timeline for when the investment could close.
"There are ongoing conversations so I'm sure you will be hearing as soon as we hear at the board level," Huffington told CNBC.
SoftBank's investment will be $1 billion to $1.25 billion at the company's last reported valuation of $69 billion, sources told CNBC. SoftBank also hopes to buy a 14 to 17 percent stake of shares from existing shareholders at a discount, the sources said. Thus potentially bringing the stake to around $10 billion.
Earlier this month, Uber's board voted to accept the investment from SoftBank.
The Japanese giant has been writing big paychecks to start-ups across the world. An investment of this scale will likely be one of its largest to-date for Uber, and give it firepower to continue aggressively expanding.
Uber has had a tough few months with founder Travis Kalanick stepping down as chief executive following a number of scandals. Former Expedia CEO Dara Khosrowshahi took the helm at Uber in August and has had to tackle more issues including a ban in London for the ride-hailing service, as well as battles in the boardroom with Kalanick.
Huffington addressed the culture of "hyper-growth" at Uber during the summit.
"What was important to also recognize that when you are in the culture of hyper-growth you cannot protect top performers. Top performers have to live by all the same standards as everyone else. And also, the company needs to stand for something more than growth," Huffington said.
She also said that "a crisis" can be a "catalyst for change" and improvement.
"That's definitely what we are seeing at Uber right now," Huffington said.
The entrepreneur also said that the problems at Uber have not hit the company's bottom line.
"We have had incredible results, growing in multiple cities ... So clearly all the changes that have happened in the last few months have made it very clear to riders that we are serious about change that we have accepted all of the mistakes of the past and that all the work that's being done ... have made that very clear that the transformation is happening," Huffington told CNBC.
Source: CNBC


Clic here to read the story from its source.