As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
DoubleLine CEO Jeffrey Gundlach said the Federal Reserve might need to embark on quantitative easing to increase the money supply.Marketsread more
Wall Street economists think the Fed will cut rates by 25 basis points at its September meeting but have differing views about what will happen in the future.Marketsread more
Federal prosecutors and commodity regulators have broadened their investigation into spoofing activity after receiving information from traders questioned for spoofing-related...Marketsread more
General Motors announced on Wednesday that it plans to temporarily lay off 1,300 workers at its final assembly plant in Oshawa, Canada due to a slowdown at U.S. plants during...Autosread more
Trump said he "is revoking" a federal waiver that allowed the state to craft its own rules on greenhouse gas emissions from vehicles.Politicsread more
FedEx CEO Fred Smith mentioned Amazon as one of his competitors during Tuesday's earnings call, a shift in stance for a company that's long downplayed Amazon's move into the...Technologyread more
DoubleLine Capital's Jeffrey Gundlach spoke to CNBC on Wednesday ahead of the Federal Reserve's decision on interest rates.Marketsread more
Shares of Roku fell on Wednesday after Comcast announced a new deal on its connected boxes and Facebook launched a new Portal TV device.Technologyread more
J.P. Morgan Chase chief Dimon says he doesn't think the U.S. is close to recession and called the Fed's Powell "a quality human."Marketsread more
Uber's European rival Bolt is now taking it on in the streets of London.
The Estonian ride-hailing company formerly known as Taxify announced its launch in the U.K.'s capital city Tuesday. It joins a growing list of start-ups trying to take market share from Uber in the London metropolitan area.
"We see this as quite a monumental thing for both the company and the ride-hailing industry as a whole," Bolt CEO Markus Villig told CNBC in an interview. "London is one of the biggest, most profitable markets for Uber globally and one where it didn't have a serious competitor."
Villig, who founded the company in 2013, said more than 20,000 drivers have already signed up with Bolt ahead of Tuesday's launch. There were an estimated 87,900 private hire vehicles licensed in London as of March 2018, according to the Department for Transport.
Bolt operates in 30 countries and 100 cities with 25 million customers globally. The Estonia-based company reached a valuation of $1 billion last year, entering an exclusive club of European tech unicorns. Villig said Bolt has won over drivers and passengers with lower fees and commissions across Europe and Africa.
"We focus on markets where Uber used to have a monopoly and then we come in with a much better offering for drivers," he said.
Bolt takes a 15% commission from drivers per ride, which it says allows drivers to earn over 10% more on average compared to other platforms. Last month, some Uber drivers in London went on strike demanding that the company lower its commissions from 25% to 15%.
Uber went public last month at a valuation of nearly $80 billion. The stock's performance has been volatile since then as investors try to determine if — and when — the company will turn a profit. Uber reported a $1.01 billion net loss in the first quarter of 2019.
London dealt a blow to Uber when city regulators revoked its license in the city in 2017, citing a "lack of corporate responsibility." Uber appealed the ruling and was granted a 15-month license with some broad conditions.
Villig said it took "more than one year" for Bolt to receive its London license. The company had started offering rides in the city in 2017 but was shut down quickly when Transport for London said it had failed to obtain an operating license.
Passengers will be able to request rides through the Bolt app starting Tuesday morning.