By Reuters Staff
1 Min Read
FILE PHOTO: Uber s logo is displayed on a mobile phone in London, Britain, September 14, 2018. REUTERS/Hannah Mckay
(Reuters) - A British competition watchdog said on Friday it was probing whether Uber’s takeover of UK tech firm Autocab, a provider of taxi booking and dispatch software, would substantially reduce competition in the country.
The Silicon Valley-based company is cooperating with the Competition and Markets Authority’s (CMA) inquiry, an Uber spokeswoman said in an email statement.
Uber bought Autocab for an undisclosed amount in August.
The acquisition will allow it to link people in locations where they cannot access Uber services. The new tool is expected to be rolled out in Britain before expanding into other countries.
Robinhood faces class-action lawsuit amid outrage over curbs on GameStop stock transaction
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Silicon Valley-based online trading app Robinhood, co-founded by Indian American Baiju Bhatt, now faces class-action lawsuit after a disgruntled user moved court against the company over the restrictions put on traders from buying shares of GameStop promoted by WallStreetBets, a popular Reddit group for investors.
The class-action lawsuit, reported filed in the Southern District of New York, claims that Robinhood s actions were done purposefully and knowingly to manipulate the market for the benefit of people and financial institutions who were not its customers.
It also claimed that the restrictions had denied retail investors the opportunity to make potential gains.
Sports performance and data science company Orreco will scale its operations in Ireland, the United States and UK following a €3 million (US$3.6 ) million investment round led by Silicon Valley-based venture firm True Ventures.