May 19, 2020

Uber continues to dominate ride-sharing for professionals, sets its sights on retail and grocery

Walmart
Amazon
whole foods
Uber
hotmaillogin
2 min
Uber continues to dominate ride-sharing for professionals, sets its sights on retail and grocery

Expense-tracking firm Certify announced that ride-sharing app Uber was the most expensed brand by North American business travellers in 2018. Certify’s Q3 2018 SpendSmart report, which tracks the most common expense claims made through the company, found that Uber was the most utilized brand in the region, accounting for 11% of the 10mn total transactions studied.

Uber accounted for 73% of all car rides purchased in Q3, with competitor Lyft claiming 20%, and traditional taxi services accounting for 7%. Uber’s market share represents a 300% increase in comparison to the company’s figures from Q3 of 2017.

Founded in 2009, the San Francisco ride-sharing company is currently the most valuable startup in the US, with a market cap of $7.5bn, according to Forbes. On the heels of Certify’s report, which highlights Uber’s dominance of the transportation for business sector, Uber “has extensive ambitions to become a major player in groceries.”

Forbes reports that Uber is currently in the process of hiring for a new Head of Grocery Product role. The position will center around Uber’s plans to “"build the organization and globally scale a brand new product offering which will fundamentally evolve how people purchase their groceries."

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In 2017, Amazon acquired organic, upscale supermarket Whole Foods for US$13.7bn. With a total revenue of $641bn last year, the US grocery market is “attracting considerable interest and investment”, Forbes reports.

“The model is fairly basic”. Companies like Walmart and Amazon are adapting the digital model that sees customers splitting time between shopping for products in-store and ordering online for delivery or collection.

Uber’s strategy to “fundamentally evolve how people purchase their groceries”, has yet to be revealed. But, according to Forbes, “what's certain is this: Companies other than traditional grocery retailers can and will severely disrupt the future of grocery retailing.”

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Jun 10, 2021

G7 Summit guide: What it is and what leaders hope to achieve

G7
G7Summit
Sustainability
EU
3 min
Business Chief delves into what the G7 is and represents and what its 2021 summit hopes to achieve

Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration. 

 

Who are the G7?

The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like. 

The merry band comprises:

  • Canada
  • France
  • Germany
  • Italy
  • Japan
  • The United Kingdom
  • The United States

Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.

 

Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda. 

 

When was the ‘G’ formed?

Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s. 

 

Why does the G7 exist?

At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted. 

 

The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability. 

 

It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations. 

 

Where is the 2021 G7 summit?

This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall. 
 

What will be discussed this year? 

After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”

 

The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values. 

 

According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.” 

 

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