Softbank gets Uber A-OK for $9 BEEELLION investment cash splurge

SoftBank to buy chunk of Uber

Uber to sell stake to Softbank for $10bn

"We've entered into an agreement with the consortium led by SoftBank and Dragoneer [of San Francisco] on a potential investment, a statement from Uber said. Upon closing, it will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance".

Taxi-hailing company Uber has said it's struck a deal that may eventually lead to a massive investment in the company by a consortium led by Japanese conglomerate SoftBank and Dragoneer of San Francisco.

The Financial Times added that Softbank could walk away if other investors declined to sell the $9bn worth of shares, amounting to a 14 per cent stake in Uber, that the Japanese firm is seeking.

But over the weekend London Mayor Sadiq Khan recognised that Uber had apologised for mistakes and appeared ready to change after Transport for London refused to renew its licence in September, saying that it was not a fit and proper private vehicle hire operator.

Pak Army Captain, sepoy martyred in cross-border attack from Afghanistan
Four Pakistani soldiers were wounded in the attack on a military post in the northwestern region of Bajaur, the army said. The incident comes days after a similar attack on a checkpost at the border in Rajgal Valley left one sepoy martyred.

The purchase of existing shares will be conducted through a tender-offer process, which could take at least a month to finalize.

The deal may also help to get former Uber chief exec Travis Kalanick out of a hole.

SoftBank did not immediately respond to a request for comment.

The two parties reportedly reached an agreement on control of board seats, which included Benchmark putting its lawsuit on hold-while Kalanick will allow directors to vote on his future appointments to the three seats he oversees. Son has spearheaded the new round of investment in Uber.

Poland decides to join EU's PESCO defense project
He said Europe spends 50 percent as much as the United States on defense yet only has 15 percent of its military efficiency. In all just five member nations failed to sign up to the process, known as permanent structured cooperation, or PESCO.

In October, Uber's board made sweeping reforms within the company proposed by new Uber CEO Khosrowshahi and Goldman Sachs, which set the SoftBank deal and the 2019 IPO plans in motion.

Benchmark agreed to drop the lawsuit in return for Kalanick's board power being diluted but its co-operation depends on the Softbank investment going through.

New cars come equipped with safety systems.

Benzema: Ronaldo is more selfish than me
Both Cristiano Ronaldo and Karim Benzema have been ineffective for Real Madrid in the current campaign so far. He likes to play with one touch of the ball. "He could have come to Real, and that would have been good".

Latest News