And there could be a long road ahead.

By Reuters
October 9, 2017

Transport for London (TfL), which runs and regulates the British capital’s transport system, shocked Uber in September by deeming the Silicon Valley firm unfit to run a taxi service in London and stripping its license.

The ride-hailing company’s CEO, Dara Khosrowshahi, apologized in an open letter, and met TfL Commissioner Mike Brown last week for discussions that both sides described as “constructive.”

A list of events that followed TfL’s decision to revoke Uber’s license:

  • Sept. 22: TfL strips Uber of its license to operate in London after deeming it unfit to run a taxi service. Uber says will challenge decision.
  • Sept. 23: Greg Hands, U.K. government’s minister for London, criticizes the decision. “At the flick of a pen, Sadiq Khan is threatening to put 40,000 people out of work and leave 3.5 million users of Uber stranded,” Hands tweets.
  • Sept. 23: Half a million people sign an online petition backing Uber’s bid to stay on London roads.
  • Sept. 25: Uber CEO Khosrowshahi apologizes to Londoners for the taxi app’s “mistakes” and pledges to make changes. “It’s … true that we’ve got things wrong along the way. On behalf of everyone at Uber globally, I apologize for the mistakes we’ve made,” Khosrowshahi writes in an open letter to Londoners.
  • Sept. 25: TfL publishes details of meetings with executives of Lyft, Uber’s closest U.S. rival, over the past year.
  • Sept. 27: Uber hires headhunter to fill new position of U.K. chairman.
  • Sept. 28: U.K. Prime Minister Theresa May says the decision to stop Uber from operating in London is “disproportionate” and has put thousands of jobs at risk.
  • Sept. 29: Uber says Khosrowshahi will meet the head of London’s transport system to try to retain the license for its service in London.
  • Oct. 2: Uber’s U.K. boss Jo Bertram will leave the company, according to an email seen by Reuters.
  • Oct. 4: Uber CEO meets TfL Commissioner Mike Brown. Both describe the meeting as “constructive” with the dialog set to continue.
  • Oct. 5: Mayor Khan welcomes the humility shown by Uber’s CEO, but once again criticizes the company’s London management.

“What gives me confidence about the TfL decision is the fact that the global chief executive officer for Uber apologized to London,” Khan tells LBC Radio.

Uber says that 2016 revenue in Britain rose 59% to 37 million pounds ($49 million) and its pretax profit jumped 65% to 3 million pounds, according to its filing posted on Britain’s Companies House website.

SPONSORED FINANCIAL CONTENT

You May Like