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HOLY CRAP: ComfortDelGro to buy 51% of Uber's car rental business in SG!!!

micromachine

Lieutenant General
Loyal
SINGAPORE — Announcing its single largest deal to date, Singapore's largest taxi operator ComfortDelGro said on Friday (Dec 8) that it will pay S$642 million to acquire 51 per cent of Uber's car-rental business in the Republic.

The deal, which is subject to regulatory approval, will "create a path" for ComfortDelGro's cabbies to take on bookings via Uber's app.

Ms Tammy Tan, ComfortDelGro's group corporate communications officer, said this would happen "soon", but did not specify a start date.

"By working together, we will be able to benefit from each other's strengths. Uber will benefit from our fleet maintenance and management capabilities, while we will benefit from Uber's world-class technology," ComfortDelGro's chief executive Yang Ban Seng said in a joint statement from the two companies.

Friday's announcement came nearly four months after both companies entered into talks for a potential strategic alliance. ComfortDelGro has lost about 11 per cent of its value since announcing the negotiations, as investors lose patience over the secretive talks, Bloomberg reported on Thursday.

More at
ComfortDelGro to buy 51% of Uber's car rental business in SG
 

scroobal

Alfrescian
Loyal
Tells you that NTUC have totally given up. Imagine a local GLC who had virtually control of the market for 30 years have no clue what to do in its own market.
 

Merl Haggard

Alfrescian (Inf)
Asset
Tells you that NTUC have totally given up. Imagine a local GLC who had virtually control of the market for 30 years have no clue what to do in its own market.


Subsidiary of Uber, LCR must be laughing to the bank. Uber's business in S'pore is suffering and LCR is stuck with over 14,000 cars.

If Uber can't compete with Grab do you think Comfort can make a difference. CDG is jumping out of the frying pan and into the fire.
 

scroobal

Alfrescian
Loyal
Uber would not handover 51% if it’s not in a mess. There has been steady decline in its value in the last few years.



Subsidiary of Uber, LCR must be laughing to the bank. Uber's business in S'pore is suffering and LCR is stuck with over 14,000 cars.

If Uber can't compete with Grab do you think Comfort can make a difference. CDG is jumping out of the frying pan and into the fire.
 

Merl Haggard

Alfrescian (Inf)
Asset
Uber would not handover 51% if it’s not in a mess. There has been steady decline in its value in the last few years.


LCR is having great difficulty to find parking space for their huge number of unrented cars. Last financial year LCR lost $295m.
 

scroobal

Alfrescian
Loyal
Holy cow! That’s a lot of money.

I going to watch this space. These guys in the 90s made a fortune on the backs of taxi drivers and when queried about the huge pay and bonus to their one time MP CEO, the prick banned the reporter.

After 2015GE, the PAP and NTUC formed a high powered taxi association with MPs and Cabinet clown CCS to protect taxi drivers, now all abandoned.

LCR is having great difficulty to find parking space for their huge number of unrented cars. Last financial year LCR lost $295m.
 

scroobal

Alfrescian
Loyal
It’s a tried and tested strategy of Aunty Ho, and she has left a trail of these since she married the man. An absolute walking disaster from fashion to investment.

Sinkie no idea how to compete in business. Just throw money .
 

nayr69sg

Super Moderator
Staff member
SuperMod
It’s a tried and tested strategy of Aunty Ho, and she has left a trail of these since she married the man. An absolute walking disaster from fashion to investment.

Yes. Absolute disaster.

I predict that in 3 years. Singapore will collapse.
 

scroobal

Alfrescian
Loyal
Countries never collapse like companies despite years and years of abuse and corruption. Even if 50% of Singaporeans leave overnight, they will be rapidly filled by the usual nationalities. There might be loss of confidence amongst investors but political grip will remain as long as the leaders and their spouses and families have thick skin.

It explains why people migrate to the 1st world countries so the kids don't have to endure this sort of crap from underperforming leaders.

Yes. Absolute disaster.

I predict that in 3 years. Singapore will collapse.
 

chonburifc

Alfrescian (Inf)
Asset
555 This is proof sinkees fucked by PAPPIES and FT until assholes and head rot already.

you all know how much is 630 million dollar or not? KNNBCCB, you think rupees izzit? Like that also can woh? this limpeh call No heaven no sky aka. 無法無天
 

scroobal

Alfrescian
Loyal
Guess what, these clowns have disappeared overnight when Aunty Ho bought into Grab and NTUC taxi to idol. 20,000 cabbies joined this newly formed association which fell thru a whole within a year with LTA refusing to yield over Uber and Grab Drivers.

Imagine 6 PAP MPs, 2 of whom are cabinet ministers sitting in one association and the whole thing collapse in one year. The association remains with all 6 clowns refusing to her their names published when the ride hailing war started.

How can politicians run taxi association to advise cabbies?
April 25, 2016



By: 永久浪客/Forever Vagabond

It was reported in ST on Sunday (http://www.straitstimes.com/singapore/fare-cuts-by-uber-grab-will-hurt-sector-taxi-body) that the so-called National Taxi Association (NTA) is criticising about the recent price cuts by Grab and Uber, saying they not only hit their drivers’ earnings but, if left unchecked, could also hurt the taxi industry and commuters.
“It’s an unhealthy and unsustainable business strategy,” said NTA executive adviser Ang Hin Kee, who is also a PAP MP in Ang Mo Kio GRC.

On April 14, Uber cut fares by an average of 15 per cent followed later by Grab, which slashed its prices by up to 14 per cent.

Mr Ang said cab companies are now under pressure to lower their fares but stated that “we don’t want to go down this road”. Mr Ang, only an adviser of NTA, has become its spokesperson.

NTA run by PAP politicians


According to its website (http://www.nta.org.sg/about-us/who-we-are.html), NTA is said to be affiliated to NTUC. “We welcome all taxi drivers in Singapore to join us,” its website stated.

The association appears to be run by a “council of advisors”, made up of PAP politicians:
1. Chan Chun Sing – Chairman (Tanjong Pagar GRC MP)
2. Ang Hin Kee – Executive (Ang Mo Kio GRC MP)
3. Ong Ye Kung (Sembawang GRC MP)
4. Edwin Tong (Marine Parade GRC MP)
5. Muhammad Faishal Ibrahim (Nee Soon GRC MP)
6. Seng Han Thong (former Ang Mo Kio GRC MP)

Except for Seng Han Thong, all the rest are current PAP MPs. Mr Seng, by the way, was attacked by a 74-year-old disgruntled ex-taxi driver some years ago. He felt that Mr Seng was not taking any action to help him regain his lost taxi licence. The old man, who was formerly with ComfortDelGro, punched Mr Seng leaving him with a bruised lip during a meet-the-people session.

Given that the council of advisors are politicians who haven’t even driven a taxi before, are they in a position to “advise” our Singaporean cabbies? It’s ironical, if not comical, to hear that an adviser to a taxi association was himself punched by a former taxi driver over taxi matters.

Cabby to MP Ang: You don’t speak for us

James Lim, who lost his job in his late fifties and couldn’t find a suitable one, became a taxi driver. He writes well and regularly blogs about his life as a cabby.

When ST put up a news report last year (‘Cabbies cry foul over rival drivers’, 30 May 2015), quoting NTA adviser Ang accusing transport app providers and rental car companies of “creaming off profits”, Mr Lim immediately wrote on his blog to refute MP Ang (http://cabby65.blogspot.sg/2015/05/thank-you-uber-grabtaxi-hailo-and.html).

He wrote, “In the first place, the news article reported mainly the opinions of a single person, Mr. Ang Hin Kee, who is NOT a cabby but an adviser of the National Taxi Association (NTA) and a Ang Mo Kio GRC, Member of Parliament. Undoubtedly, his views cannot be depictive of Singaporean cabbies in general.”

“To me, he seems more like a spokesman of COMFORT which Temasek has an interest than of Singaporean cabbies,” Mr Lim added.

“I think Mr. Ang is essentially saying that COMFORT is the only taxi operator whose profits from taxi booking is now being ‘creamed off’ by these companies because others taxi operators like Premier, Transcab, SMRT or Prime are not affected as they inherently have very few taxi booking jobs to begin with. Consequently, my heading for the news article would instead be ‘COMFORT cry foul over transport providers app’,” opined Mr Lim.

Mr Lim said that these 3rd party taxi booking apps has turned out to be the “best things that ever happened to Singaporean cabbies”. Opportunities and options to earn more are open to all taxi drivers. He noted that many COMFORT cabbies are using the 3rd party apps to do more booking jobs to earn more.

Mr Lim is also of the view that cabbies who have their own car can dump cab firms like COMFORT so as to use their own car instead.

He explained, “This is a disaster scenario for taxi owners like COMFORT. It is an expensive operation to constantly keep a large fleet of taxis on the streets of Singapore. COMFORT’s main source of revenue is what they receive from the rental fees of drivers, so if too many cabs stand empty for too long, COMFORT will not only had their profits ‘creamed off’ but will face bankruptcy.”

“Now, for the first time ever, taxi operators will have to give serious consideration to how their actions affect the lives of their drivers. If they are wise, they should think of how to improve the working conditions of their drivers – like reducing the 250 km minimum mileage, high rental, indiscriminate sacking, repair costs and so on,” he added.

Lastly, Mr Lim felt good that the mighty COMFORT for once has been brought to its knees.

Mr Lim asked in jest, “Hey, COMFORT, do you want your drivers to desert you? The days of your authoritarian, arrogant, uncaring and high-handed attitudes towards your drivers need to change. Remember, they are your partners not employees!”

Indeed, with technology and the Internet these days, even authoritarian regimes like those in the middle-east can be brought down to their knees.

Meanwhile, it’s not known NTA, “advised” by 6 PAP politicians would be brought to its knees by these 3rd party transport app providers.
 

nayr69sg

Super Moderator
Staff member
SuperMod
Countries never collapse like companies despite years and years of abuse and corruption. Even if 50% of Singaporeans leave overnight, they will be rapidly filled by the usual nationalities. There might be loss of confidence amongst investors but political grip will remain as long as the leaders and their spouses and families have thick skin.

It explains why people migrate to the 1st world countries so the kids don't have to endure this sort of crap from underperforming leaders.

Sorry. I think I should have said the Singapore currency will collapse.
 

Narong Wongwan

Alfrescian (Inf)
Asset
So CDG spent $642 million to buy uber’s loss making car rental subsidiary just so their taxis can get to use uber’s app?

So CDG taxis will compete with grabtaxi head on?
 

nayr69sg

Super Moderator
Staff member
SuperMod
So stupid right? Spend money give to foreigners to buy over. Then fight between each other (both sinkie companies) as "competition".
 
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