Market Overview

Report: Uber Struggling To Secure New 5-Year License In London

Report: Uber Struggling To Secure New 5-Year License In London

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.

Related Links

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Uber Shares Rise, Analysts Largely Positive After First Quarterly Print

Posted-In: London ride hailing Sky NewsNews Contracts Media


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