Uber’s new loan program could trap drivers in cycles of crushing debt

THE GUARDIAN

Under the guise of giving its drivers more access to the banking and financial system, Uber has quietly been developing a loan program that may have the potential to trap drivers in cycles of debt, making them easier for the company to exploit.

In early September, a number of Uber drivers in the US received a notification through their Uber app informing them that the company was developing an “exciting new financial product” to help them “in a time of need”. “If Uber provided access to affordable loans,” an accompanying questionnaire asked, “how likely are you to take advantage of this product?” read more »

Uber is set to lose $1 billion in market value after it reported 6,000 sex assault cases

MARKET INSIDER

Uber is set to lose just over $1 billion from its market cap after the ride-sharing company said that roughly 6,000 sexual assault cases took place in its cars over the last two years.

At 5 a.m. in New York, Uber's stock fell 2.2% in premarket trading.

That translates to about $1.1. billion off a market cap of $48.9 billion. read more »

Ex-investment banker sentenced to 2 years in prison

AP NEWS

A former investment banker sentenced to two years in prison Tuesday for insider trading says fledging companies looking for advice still trust him with their secrets.

Sean Stewart made the comment before U.S. District Judge Jed Rakoff announced the sentence in Manhattan.

The Yale-educated Stewart had already served over a year of a three-year prison term before his first conviction was overturned on appeal.

A retrial resulted in conviction again on charges including securities fraud and conspiracy to commit wire fraud. read more »

Culture of impunity: how Australia dropped the ball on policing the banks

THE GUARDIAN

Westpac’s money laundering and child exploitation crisis has rocked the bank and thrown harsh light on the behaviour of the rest of the financial services sector.

It’s also raised questions about why Australia lags in enforcing rules about monitoring potentially dodgy transactions.

According to allegations by Austrac, Australia’s financial intelligence agency, Westpac broke the law more than 23 million times in transactions worth more than $11bn. read more »

Boeing says delays on 737 MAX grounding could force it to halt production

REUTERS

Significant additional regulatory requirements or delays in returning Boeing Co’s 737 MAX to commercial service could cause it to cut or temporarily halt production of the aircraft, it said in a letter seen by Reuters on Thursday.

Boeing’s letter was a response to requests from the SEC to clarify its comments in earlier financial filings on the 737 MAX grounding related to revenue and production. read more »