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Global Markets: Shakeup at Uber

By Commodity News Service Canada

WINNIPEG, June 21 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Prince Philip is in hospital being treated for infection. Buckingham Palace called it a precaution. Philip, Queen Elizabeth’s husband, is 96.

– A top-level shakeup continues at Uber this morning. Company chief executive officer and co-founder Travis Kalanick was pressured to resign by investors yesterday. He will remain on the board of directors. Uber developed software that co-ordinates unofficial taxi services with potential customers. The company is trying to transition from disrupter start-up into a steady and reliable profit maker.

– British Prime Minister Theresa May promised Wednesday to listen more closely to business concerns surrounding the country’s Brexit strategy to break away from the European Union. Following the recent election in the United Kingdom that left the ruling Conservative party short of a majority, May laid out a new, more consultative, government strategy.

– Sears Canada Inc. is likely to seek court protection soon, which would ultimately lead to the business being sold off in pieces, according to the Globe and Mail. Sears, once Canada’s largest retailer, has been closing stores to cut costs as consumers look more and more to online retailers. Shares have fallen 64 per cent this year. The company has posted losses of more than C$700 million in the past three years.

– A new report suggests Canada could boost its gross domestic product by C$150 million by 2026 by closing the gender gap and promoting women’s equality. That would be six per cent higher than standard estimates. Research by McKinsey & Co. surveyed 69 Canadian companies representing 500,000 employees. The report focussed on three areas of GDP growth: Labour force participation, number of hours worked and relative productivity.

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