Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
Daniel Povey, a professor who was fired by Johns Hopkins University, said he will no longer go work at Facebook after the company asked him to work as a contractor while it...Technologyread more
Markets would like Fed Chairman Jerome Powell to clarify whether the Fed sees itself at the beginning of a serious, longer-term rate cutting cycle.Market Insiderread more
In comparative terms, CEOs now make on average 278 times the average worker's salary, according to the Economic Policy Institute.Executive Compensationread more
The former cellmate's lawyer, Bruce Barket, told NBC that officials at the jailhouse said in an email that Tartaglione would face no charges or internal discipline now that...Politicsread more
Roger Stone and the Department of Justice have been sparring for a month over whether jurors can be shown a 4-minute-and-20-second clip from the film.Politicsread more
As part of his new proposal to combat hate and violence, O'Rourke wants to make social media companies liable for users' hateful content.Technologyread more
Ride-sharing challenger company Taxify is expanding into Western Europe in a bid to unseat Uber and bring greater competition to the market.
Taxify will launch in London at 10:00 a.m. local time on Tuesday, September 5, and will offer fares at a 50 percent discount for the rest of the month as it aims to steal a slice of Uber's dominance in the U.K. capital.
The Estonian start-up then plans to maintain prices at a discount to competitors by taking a lower commission: 15 percent compared with the 25-35 percent typically taken by other ride-sharing businesses.
This, in turn, will help the business attract and retain drivers, CEO Markus Villig told CNBC Monday.
"15 percent is enough to be a sustainable, profitable business in all markets," said Villig, who launched the business in Tallinn, Estonia, in 2013, and has since expanded into 19 countries across Central Europe and Africa. Currently the business serves 2.5 million customers.
"Taking a lower cut is much more sustainable than taking a higher one and having unhappy drivers," Villig noted.
Competitor Uber has faced wide-spread criticism for its poor working conditions and mistreatment of staff, which ultimately resulted in the resignation in June of its founder Travis Kalanick as CEO. He was replaced last week by ex-Expedia chief Dara Khosrowshahi.
Like Uber, Taxify's drivers are contractors who own their own vehicles and set their own hours, rather than being direct employees. However, Villig claims that offering drivers an alternative will allow "market forces" to play out and help drive up standards.
"With only one main app there were poor conditions, but London is one of the biggest ride-sharing markets in the world and there is room for more competition," he said.
When contacted by CNBC, Uber said it welcomed competition and supported drivers' freedom of choice.
"Competition is a good thing as it raises service levels across the board," an Uber spokesperson told CNBC via email.
"40,000 licensed drivers also use our app to make money on their own terms and have always been able to work with several operators."
So far, 3,000 drivers in London have signed up to the Taxify platform, up to six-times as many as the number seen in Taxify's other launches to date.
Villig said similar market conditions exist in Paris, which will likely be its next target for expansion.
The launch follows Taxify's partnership with Chinese ride-sharing company Didi Chuxing in August. The pair shares investment and technology, though Didi remains a minority stakeholder.