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Uber Technologies Inc (NYSE:UBER) stands a "next to no chance" of being granted a five-year permit to operate in London, a source told Sky News.
What Happened
Uber holds a temporary license to operate in London and will expire on Sept. 25, according to Sky News. The company already applied to renew its license and hopes to be granted a permanent five-year permit. Instead, sources close to the matter told the U.K.-based publication the company is more likely to be awarded a second 15-month temporary permit to operate in the city.
Uber was given a set of 14 conditions it must match to be awarded a full permit. Some of the conditions include improved transparency in relation to regulatory probes, and improved criminal reporting, Sky News wrote.
Why It's Important
If Uber's request for a five-year permit is declined, a new temporary permit "would not be a disaster" for the company, a source told Sky News. The temporary permit would be consistent with what rival ride-hailing companies received in the city this year, including Ola and Viavan.
Uber is likely to receive a decision either way before the end of September. The likelihood of Uber being completely shut out of London is "highly unlikely," a source said.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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