Just ask the folks running ride-hailing outfit Lyft (NASDAQ: LYFT). Although its customers love Lyft's service and the company still has some hopeful shareholders, Lyft's balance sheet remains in the red, with no end in sight. It's not too soon for investors to start asking tougher questions about the viability and longevity of its business model, particularly as long as much-bigger rival Uber Technologies (NYSE: UBER) remains in the picture.
(Bloomberg) -- New York City has arranged over $225 million in debt relief for more than 1,000 taxi medallion owners to aid an industry battered by competition from Uber Technologies Inc. and other app-based car services, Mayor Eric Adams said.Last month, the Adams administration finalized an agreement with Marblegate Asset Management, the largest medallion lender in the city, and the New York Taxi Workers Alliance that offers debt relief to more than 3,000 medallion owners. Many struggling driv
Hundreds of ride-hailing app drivers in Barcelona and other Spanish cities could lose their jobs on Saturday when a deadline for new rules covering these services expires, drivers and fleet owners told Reuters. Spain's regional governments were told to issue new rules for private cars transporting passengers hired through mobile platforms such as Uber, Bolt and local rival Cabify, after protests from taxi drivers over unfair competition. Some regions, such as Madrid and Andalusia, are allowing the drivers to continue to operate as before, but others, such as Barcelona, introduced more restrictive measures.