Uber valued at $82b in IPO priced at $45 per share

New York: Uber Technologies Inc priced its initial public offering on Thursday at the low end of its targeted range to value the company at $82.4 billion (Dh302.6 billion), hoping the conservative approach would let it avoid the market chaos suffered by rival Lyft. Uber, the most high-profile US listing since Facebook Inc seven years […]

Falling steel prices hit ArcelorMittal bottom line

PARIS: ArcelorMittal, the world’s largest steel firm, said Thursday its net profits plunged in the first quarter of the year due to a slide in prices, with competition from Chinese firms still weighing on the market. The net profit of $414 million (Dh1.52 billion; 370 million euros) was roughly a third of what the Luxembourg-based […]

Uber IPO opens on Friday

London, San Francisco: Uber’s initial public offering is set to open on Friday as drivers in London and major US cities held a series of strikes on Wednesday to protest the disparity between gig-economy conditions and the sums that investors are likely to make in Friday’s blockbuster stock market debut. Protests were sparsely attended in […]

Turkish central bank tightens lira supply

Istanbul Turkey’s central bank stepped in to tighten the supply of liras on Thursday by raising borrowing costs for lenders and making a series of changes to reserve requirements in an attempt to bolster the country’s battered currency. The regulator is ceasing to provide liquidity at its cheapest rate of 24 per cent by suspending […]

New burgers help Wendy’s beat profit forecasts

New York: Wendy’s Co reported better-than-expected quarterly revenue and profit on Wednesday, as the US burger chain benefited from higher royalty fees and the launch of its premium burgers that come with avocado, bacon and barbecue chicken. The company refreshed its offerings by introducing ‘Made to Crave’ line of fresh beef burgers that come with […]