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April 11, 2019updated 10 Apr 2019 2:59pm

US Senate committee holds Space Force hearing / New World Bank President holds press conference / Investors could get first look at Uber IPO

By Luke Christou


Good morning, here’s your Thursday morning briefing to set you up for the day ahead. Look out for these three things happening around the world today.

US Senate committee holds Space Force hearing

The United States Senate Armed Services Committee will today hold a hearing on the proposed United States Space Force.

President Donald Trump first proposed the new military branch back in June in a bid to secure “dominance in space”.

After a full legislative proposal was submitted to Congress in February, the committee will now discuss whether a new branch would be the best way of competing with the likes of Russia and China in space.

The committee will hear from the likes of Acting Secretary of Defense Patrick Shanahan, Secretary of the Air Force Heather Wilson, Chairman of the Joint Chiefs Of Staff Joseph Dunford Jr. and Commander of the United States Strategic Command John Hyten today.

The hearing is taking place at the Dirksen Senate Office Building in Washington D.C., starting at 9:30am local time (2:30pm London time).

New World Bank President holds press conference

David Malpass, the new head of the World Bank, will holds his first press conference today after starting his term on Tuesday.

Malpass, as a previous member of the Trump administration and the President’s nomination for the World Bank role, will undoubtedly face questions about how he plans to lead the organisation. However, despite Trump’s views on climate change, Malpass has insisted that the World Bank will maintain its commitment to tackling the issue.

“Climate change is a key problem facing people,” Malpass said. “It presents specific problems and we are addressing them through adaptation and through meeting our climate change action plan. My expectation is that the bank continues the direction it has been pursuing in terms of those goals.”

The press conference will be held at the IMF Headquarters in Washington D.C., starting at 8:45am local time (1:45pm London time).

Investors could get first look at Uber IPO

Investors could get their first look at Uber’s initial public offering (IPO) prospectus today according to Bloomberg, as the ride-hailing giant gears up for its $100bn IPO.

The Silicon Valley startup is expected to begin its IPO roadshow this month ahead of a May listing, which it hopes will raise as much as $10bn. This would be the United States’ largest listing of 2019 and among the 20 biggest of all time globally.

However, the early struggles of its ride-hailing competitor Lyft, which listed last month, will have raised concerns. One expert told Verdict that investors’ desire to invest in new technology is prematurely inflating the value of tech startups.

Investors will be keen to hear Uber’s explanation on stalling growth numbers before handing over their money. The company saw gross bookings increase by 45% last year, but just $3bn of its $11.4bn revenue for the year came in the last quarter, equating to year-over-year growth of just 2%.

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