Investors could pump $1bn into Uber self-driving cars

An Uber self-driving car drives down 5th Street in San Francisco, California. (AFP)
Updated 14 March 2019

Investors could pump $1bn into Uber self-driving cars

  • SoftBank’s Vision Fund and other investors are weighing up a minority stake in Uber’s self-driving vehicle unit
  • Uber has been in a race with Google-owned Waymo and a host of other companies to develop self-driving vehicles

SAN FRANCISCO: A group of investors including SoftBank Group are in talks to invest $1 billion or more into Uber’s self-driving car unit, The Wall Street Journal reported on Wednesday.
Word of a potential infusion of cash valuing the Uber autonomous vehicle division at from $5 billion to $10 billion comes as the ride-hailing startup steers toward a hotly-anticipated stock market debut.
Under terms being discussed, SoftBank’s Vision Fund and other investors, including a car maker, would take a minority stake in Uber’s self-driving vehicle unit, according to the Journal.
Led by Japan’s Masayoshi Son, the Vision Fund is heavily invested by Saudi Arabia.
The Journal described the “late-stage” talks as fluid, with the possibility a deal might not be reached.
Uber has been in a race with Google-owned Waymo and a host of other companies, including major automakers, to develop self-driving vehicles.
Waymo said this month that it would sell a key innovation to companies that don’t compete with its autonomous cars.
The California-based unit of Google parent Alphabet will offer its lidar sensors, which measure distance with pulses of laser light, to companies in robotics, security, agricultural technology and other sectors.
The move could offer a new revenue stream for Waymo as it invests in bringing “robo taxis” to market, broadening the availability of the 3D lidar sensors it has been developing since 2011.
Uber is aiming beyond car rides to becoming the “Amazon of transportation” in a future where people share, instead of own, vehicles.
If all goes to plan, commuters could ride an e-scooter to a transit station, take a train, then grab an e-bike, share a ride or take an e-scooter at the arriving station to complete a journey — all using an Uber app on a smartphone.
Uber’s platform moves cargo as well as people, with a “Freight” service that connects truckers with shippers in a way similar to how drivers connect with people seeking rides.
Uber is also seeing growing success with an “Eats” service that lets drivers make money delivering meals ordered from restaurants.


Yemen’s Safer oil company resumes pumping to Arabian Sea terminal

Updated 16 October 2019

Yemen’s Safer oil company resumes pumping to Arabian Sea terminal

  • Yemen’s oil output has collapsed since after the Iran-backed Houthi militia overthrew the internationally recognized government
  • Yemen produced an average of 50,000 bpd of crude in 2018 compared with around 127,000 bpd in 2014

DUBAI: Yemen’s Safer oil company resumed pumping oil from its fields in Shabwa in southern Yemen to a terminal on the Arabian sea for export abroad, a company official told Reuters on Wednesday.
Safer, owned by the internationally recognized government of Yemen, is currently pumping at a rate of 5,000 barrels per day and expects to ramp up pipeline throughput to 15,000 barrels per day, the official said.
Yemen’s oil output has collapsed since after the Iran-backed Houthi militia overthrew the internationally recognized government of Abd-Rabbu Mansour Hadi in Sanaa.
Hadi’s government controls the oil-producing provinces of Shabwa and Hadramout, while the Houthi group controls the capital Sanaa and the oil terminal of Ras Issa on the Red Sea coast.
Yemen produced an average of 50,000 bpd of crude in 2018 compared with around 127,000 bpd in 2014. Last year it exported some quantities of oil.
Safer’s official said the company will use tankers to ship the crude from Iyad field (Block 4) to the Arabian Sea pipeline in Shabwa to avoid the Ras Issa terminal.

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