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.Most Read from BloombergGazprom Halts Gas Supplies to Italy in Latest Energy BattleGet Ready for Another Bear-Market Rally, Strategist Emanuel SaysIndonesia Soccer Stampede Kills 131 as Use of Tear Gas QueriedCredit Suisse CEO Seeks to Calm as Default Swap
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.