Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
Uber said Tuesday evening that it would comply with an order from the Philippines' transport regulator to temporarily stop operations after a motion for reconsideration was denied.
The U.S.-based ride-hailing company had briefly ignored a cease and desist order issued Monday by the country's Land Transportation Franchising and Regulatory Board (LTFRB). Instead, Uber filed a motion for regulatory reconsideration of the regulator's decision to suspend the platform's accreditation for a month.
Uber said it filed the motion because of "overwhelming rider and driver demand." In a Facebook post at the time, Uber said operations would continue until the motion was resolved.
But local media reports said the regulators rejected the appeal and that Uber drivers were still not allowed to pick up passengers. The regulators were not immediately available for comments when contacted by CNBC.
Uber yielded to the ruling in a new Facebook post on Tuesday evening, where it said it was "disappointed with the LTFRB's decision" to deny the appeal. It also said it was looking to resolve the matter as soon as possible.
Meanwhile, Asia-based Uber rival Grab said its operations were still up and running after it complied with the regulators' July 26 order to stop accepting and accrediting new drivers. The regulators had ordered both Grab and Uber to deactivate new drivers who came on board after June 30.
"In light of the recent order of the Land Transportation Franchising and Regulatory Board, we find ourselves in a unique situation. We ask the patrons of ride-sharing to bear with us as there has naturally been an increase in bookings made on the Grab platform," said Brian Cu, head of Grab Philippines in a media statement.
With Uber drivers out of commission, it is likely that Grab could see a surge in demand from its ride-hailing services.
The decision to suspend Uber's operations came amid an ongoing dispute between the LTFRB and ride-hailing services. Reuters reported that the regulatory disputes have prompted investigations by both chambers of the Philippine Congress.
In July, media reports said the regulators fined both Uber and Grab 5 million pesos ($97,570.50) each for letting some drivers operate without permits.
Last year, the regulators suspended the processing of applications of ride-hailing services that included Uber and Grab in order to review existing policies on how to regulate the industry better. That meant new drivers who signed up with either operator would not have a legal permit from the authorities.
In its Monday advisory, the LTFRB said it "strongly recommended" Uber to extend financial assistance to "its affected peer-operators during the period of suspension." The notice called it an "expression of good faith" toward competitors that suffered due to Uber's "predatory actions."
In April, Uber resumed its ride-hailing services in Taiwan after a two-month suspension that followed fines from the government.
— Reuters contributed to this report.