price-recovery

Daimler’s MyTaxi to merge with Hailo to take on Uber: sources

Daimler will deepen its European footprint in the ride-hailing business when its MyTaxi smartphone app unveils an all-share merger deal with U.K. rival Hailo as soon as Tuesday, three sources briefed on the matter told Reuters. It is the latest push by traditional carmakers to enter the taxi ride hailing services market dominated by technology companies like Uber [UBER.UL]. In similar deals earlier this year, Volkswagen took a $300 million stake in Gett and General Motors invested $500 million into Lyft.

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Daimler’s MyTaxi to merge with Hailo to take on Uber: sources

price-recovery

Renewed oil weakness sparks demand fears

U.S. oil prices topped $50 a barrel in June, boosting optimism a two-year price rout might end. Mounting fears that demand has fallen short of expectations as production increases and rig counts rise has analysts believing that any oil price recovery may be a year or more in the future.

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Renewed oil weakness sparks demand fears