Bay City News Service Published 1:00 am, Friday, March 30, 2018 SAN FRANCISCO (BCN) A credit union that helped the city of San Francisco sell taxi medallions has sued a city agency over financial losses caused by the collapse in value of the medallions amid the rise of ride-booking services such as Uber and Lyft. The lawsuit was filed against the San Francisco Municipal Transportation Agency in San Francisco Superior Court on Tuesday by the nonprofit, member-owned San Francisco Federal Credit Union. It seeks $28 million in compensation plus an order requiring the city buy back unsellable medallions for the $250,000 purchase price. LATEST SFGATE VIDEOS Now Playing: Now Playing Bernal Heights hit-and-run San Francisco Chronicle Woman's car plunges 300 feet off cliff near Pacifica California Highway Patrol SF Brewing Co. Ghirardelli Square Virtual Tour San Francisco Chronicle The story behind You're Going to Die, SF's death-related open mike San … [Read more...] about Credit Union Sues City Agency Over Financial Losses In Collapse Of Taxi Medallion Market
The president of ride-sharing company Lyft said Tuesday the deadly crash in Arizona involving an Uber self-driving SUV could have been prevented. As Lyft continues trials of its own autonomous vehicles, its co-founder and president John Zimmer joined "CBS This Morning" to discuss how his own unique background influences the company's direction and what sets them apart from their main competitor. "I think everybody should take pause after what happened in Arizona, but it's important to zoom out and understand why companies are doing this and the fact is that 35,000 people every year are killed in a car accident. And the ultimate goal is to bring that to zero," Zimmer said. Should you worry about self-driving cars? His company's revenue crossed the billion-dollar threshold for 2017 – up 168 percent since the end of 2016, according to Lyft. "I think what's working well is our vision, which is to improve people's lives with the world's best transportation. … [Read more...] about Lyft president John Zimmer on self-driving cars and why his company is “better than Uber”
SAN FRANCISCO - Google's parent company is throwing its financial support behind ride-hailing service Lyft, deepening its rift with market leader Uber. Alphabet (GOOGL), which gets most of its money from Google's digital ad network, is leading a $1 billion investment in Lyft that values the privately held company at $11 billion. The investment is being made through Alphabet's CapitalG venture capital arm. Lyft is still far smaller and worth far less than Uber, another privately held company whose investors have valued it at nearly $70 billion. But Uber has been enmeshed in internal strife amid management upheaval and allegations of rampant sexual harassment. Uber also risks getting tossed out of one of its most important overseas markets after London's transportation regulator recently stripped the company of its license to operate in the city. In June, Uber co-founder and CEO Travis Kalanick resigned under pressure from Benchmark Capital, one of its venture capital backers. … [Read more...] about Google parent Alphabet leads $1B investment in Lyft
ALBANY, N.Y. -- The on-demand ride-sharing app Lyft planned to start limited service in New York City on Friday night after reaching agreement with officials to resolve regulatory issues that prompted a lawsuit by the state. New York's attorney general and Department of Financial Services said Lyft agreed to operate "in full compliance" with existing laws and regulations, and that it will start the new service with commercial drivers only. "Tonight, after making positive progress with local and state leaders, Lyft will launch in all five boroughs of New York City," company spokeswoman Katie Dally said. "We've finalized an agreement to offer immediate access to our friendly, affordable rides through a TLC-licensed model beginning at 7 p.m." Dally said Lyft would expand the limited service in the coming weeks. The New York City Taxi & Limousine Commission had posted a notice two weeks ago, in advance of the company's initial planned startup in Brooklyn and Queens, that its so-called … [Read more...] about CBS News Logo You can now catch a Lyft In New York City
Donald Trump has been clear about his stance on certain issues: Illegal immigration, build a wall. Jobs, keep ‘em local. Obamacare, repeal. What we don’t know much about yet are his views on a number of tech topics. Take the on-demand, or sharing, economy companies such as Uber, Lyft, Airbnb and TaskRabbit, which let people rent out their homes or cars or offer personal services through an app or website. Politicians’ stances on issues like regulation, trade and taxes can make or break these businesses. The people in office matter. Case in point: California lawmakers last month drove Uber’s self-driving car project out of the state because the company didn’t see a need to be regulated. Arizona welcomed the autonomous vehicles, saying Uber could do as it pleases. Then there’s Airbnb. While cities in New York, California and Washington have laid out strict rules curtailing the home rental company’s operations, states like … [Read more...] about CBS News Logo How will Uber, Lyft and Airbnb fare under Trump?