Business

Uber accused of dissuading drivers from seeking compensation

Uber accused of dissuading drivers from seeking compensation

Business

Uber Technologies Inc., the renowned American ride hailing company, has reportedly been accused of attempting to discourage its drivers from asking for compensation for minimum wage payments as well as missed holiday following a landmark court ruling. 

The ride hailing app might have to pay more than £100 million to around 10,000 drivers involved in cases related to a ruling by the UK supreme court on Friday that said they should be categorized as workers. The firm had earlier argued that its 60,000 drivers in UK are independent self-employed contractors with no entitlement to any holiday pay, national minimum wage, or a company pension.

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TransferWise rebrands to Wise, unveils major hiring plans in Singapore

TransferWise rebrands to Wise, unveils major hiring plans in Singapore

Business

Leading digital payments company, TransferWise, has reportedly announced its rebranding, under which it is renaming itself to Wise. The company also announced plans to further strengthen its Asia-Pacific presence with the expansion of its office in Singapore.

More than 70 people would be hired in the Republic for roles including operations, product, engineering, and expansion in a bigger office space, adding to its present headcount of nearly 150 people. This move comes as the APAC region is becoming the firm’s most rapidly growing regions. 

Head of APAC expansion at Wise, Venkatesh Saha, stated that with the rapid growth of

Sentry secures USD 60 million in Accel-led Series D funding round

Sentry secures USD 60 million in Accel-led Series D funding round

Business

Leading application monitoring services provider Sentry has reportedly secured USD 60 million in a Series D funding round which was led by American venture capital firm Accel. The funding round also saw participation from Sentry’s existing stakeholder New Enterprise Associates and a new investor BOND.

The recent funding round totaled USD 127 million, with Sentry reaching USD 1 billion mark post-funding, sources claimed. It is to be noted that Accel was the first stakeholder in Sentry, leading its 2015 seed round, and has increased its stake with every subsequent funding round over the years.

These fresh investments would be used t

OCBC & Charge+ ink new deal to ‘green’ Singapore’s transport sector

OCBC & Charge+ ink new deal to ‘green’ Singapore’s transport sector

Business

Singapore-based financial services company, OCBC (Oversea-Chinese Banking Corporation), has reportedly inked a strategic partnership deal with Charge+, a renowned operator and purveyor of EV charging solutions, to accelerate the ‘greening’ of the land transport sector of Singapore.

The step further contributes to OCBC’s aim to build a $25 billion portfolio of sustainable finance by 2025, an objective that was announced last year in June.

On 15th February, the two firms signed a MOU (memorandum of understanding) that would spur the leading EV solution provider’s plans to install around 10,000 electric v

UK Queen and the Treasury to get £9B windfall from windfarm projects

UK Queen and the Treasury to get £9B windfall from windfarm projects

Business

The Queen and the Treasury of the UK are reportedly expected to receive windfall of nearly £9bn from offshore windfarms over next decade, as an auction of seabed plots has allured runaway bids from prominent energy companies, including the oil giant BP. These companies are apparently looking forward to building offshore windfarms along the coast of Wales and England.

According to the credible sources, the first auction of licenses of the crown estate’s seabed in over a decade is estimated to generate revenues of over £879m per year for the Queen’s property manager, for as far as 10 years. In addition, it will help in developing six new offshore wind

Warehouse workers of Amazon to start historic vote to unionize

Warehouse workers of Amazon to start historic vote to unionize

Business

The NLRB (National Labor Relations Board) on Friday reportedly rejected efforts from e-commerce giant Amazon to postpone a union vote set to start from Monday, February 08, 2021 onwards. For most, Amazon’s bid was thought to be a tactic to stall the vote, consisting a motion demanding votes to take place in person, a major health risk, as the coronavirus still poses a significant danger in the U.S. as well the rest of the world.

Now, the process of mail in voting would continue as planned and would eventually determine whether the Alabama warehouse of Amazon, which is known to employ nearly 6,000 workers would join the RWDSU, affiliated with AFL-CIO running since 193

Royal Dutch Shell profit spirals down as pandemic hits oil demand

Royal Dutch Shell profit spirals down as pandemic hits oil demand

Business

Multinational oil and gas company Royal Dutch Shell has reportedly suffered a net loss of USD 21.7 billion in 2020 as oil demand slumped due to the disruption caused by the COVID-19 pandemic. The news comes after two of its competitors, BP and Exxon, reported similar losses.

The company stated that it foresees significant uncertainty will continue to have a negative impact on demand for oil and gas products. In this context, the company added that certain measures need to be taken to cut production.

Last year in September, Shell declared that it would cut up to 9000 jobs to address the effects of the coronavirus pandemic. In January, it

Amazon CEO Jeff Bezos to step down, Andy Jessy to take over the role

Amazon CEO Jeff Bezos to step down, Andy Jessy to take over the role

Business

Jeff Bezos, billionaire founder of Amazon, has reportedly announced that he intends to step down as chief executive of the leading e-commerce giant, which he had started in his garage almost 30 years ago. Bezos would now take over the role of executive chairman; this would give him more time as well as energy to focus on other ventures. 

Bezos, who has a $200 billion fortune, would be replaced by Andy Jassy, who at present leads the cloud computing business of Amazon. Amazon stated that the change is likely to take place in the second half of 2021.

As per the Forbes' list of billionaires, Jeff Bezos accumulated a fortune of $19

UK rail union warns industrial action if 2-year pay freeze applies

UK rail union warns industrial action if 2-year pay freeze applies

Business

The UK’s rail union has reportedly announced that it will have “no hesitation” in supporting industrial action if ministers persevere with their plans to freeze the rail workers’ pay for two-years.

It has been reported that transport minister Chris Heaton-Harris has warned UK’s 22 passenger rail companies through a letter that there is no budget to increase wages for their 62,000 workers. He also stated that the subsidies being provided to the industry were not sustainable as passenger numbers have declined to about 15% of what would normally be expected, leading to a drastic fall in revenues.

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