Overview of TOP weekly news 4.5.2022

04 / 05 / 2022
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Uber forecasts positive future

Uber Technologies Inc had better than expected operating revenue and are forecasting even stronger second quarter. They took the opportunity and said that company does not need to pay their drivers more to keep up with the demand, opposite from their rival Lyft. Company is also on a good track to come back to pre-pandemic levels of customers, which also CEO confirmed in the speech. He said that Uber’s driver base is on a post-pandemic high and is more engaged on their platform than on any other.

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Movement of Uber’s stocks since coming to the market. (Source: Trading Economics)

Tesla’s Shanghai Giga factory back at work

As it has been reported, Tesla had to halt the production in one of their Giga factories in Shanghai. However, operations at the plant returned to 80% functionality. There are still some rules they need to oblige, but it seems that the production will continue as usual. Not only that, but Tesla plans also to build another car manufacturing site in Shanghai, which will be capable of producing 450.000 vehicles annually and will make it the world’s largest vehicle export hub. In its current Giga factory, Tesla was able to produce around 484.000 vehicles in a year.

Russia avoids default for now

Four sources told Reuters that Russia was on the verge of a financial default after delayed payments on two of its sovereign Eurobonds were issued to creditors. According to a person acquainted with the payment procedure who spoke on the condition of anonymity, cash were paid to certain bondholders the day before on Tuesday. Two creditors who held the bonds verified that the funds had appeared in their accounts. A senior US official acknowledged on Monday that Moscow completed the payment without utilizing US reserves that had been blocked, although the source of the cash was unknown.

Volvo reports 25% sales drop

Volvo Car Group’s monthly sales decreased 24.8% year on year in April, the Swedish manufacturer said on Wednesday, citing Chinese factory lockdowns and worldwide supply chain issues. However, the Gothenburg-based business stated that demand remained robust, with the percentage of completely electric vehicles increasing to 10% from 9% in March. It intends to sell 50 percent of its vehicles as pure electric vehicles by the middle of this decade. Volvo stated in a statement that in April, Covid-19 lockdowns in eastern China disrupted retail deliveries in China and presented further obstacles.

Deliveroo will not cut salaries of UAE delivery drivers

Following a rare protest over the weekend, delivery firm Deliveroo put plans to decrease pay and lengthen working hours for its drivers in the United Arab Emirates on hold on Monday. In an email to restaurants, the Amazon-backed firm stated that it has postponed proposed changes to its rider compensation structure and that it will communicate with its riders in the coming weeks and months. Deliveroo had previously informed eateries that riders are striking and refuse to attend their shifts or deliver orders, and that it would defend Deliveroo rider wages to stay the most competitive.

What to watch this week:

  • On Thursday important monetary policy summary in Great Britain
  • On Friday unemployment rate and employment change data from USA

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