|3 THINGS THAT WILL CHANGE THE WORLD TODAY|
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.
Uber unveils stock price ahead of IPO
Ride hailing app Uber is expected to confirm the price of its shares ahead of its hotly anticipated initial public offering (IPO) tomorrow. It is reportedly targeting a range of $48 to $55, which would give the 10-year old firm a valuation of up to $100bn and make it the biggest IPO of the year.
Investors will have been closely following Uber rival Lyft, which went public three weeks ago but has seen its share price fall to $59.41 from its $74 IPO price. Uber controls nearly 68.5% of the US ride-sharing market, while Lyft has 28.9%. Additionally, Uber has branched into other areas such as food delivery, logistics and its own driverless cars.
Uber generated $11.27bn in revenue in 2018 but reported $1.85bn in losses. The public listing comes as its drivers stage protests around the world over worker rights.
SoftBank announces Q4 results
Japanese tech giant SoftBank Group will today report its fourth quarter results, with modest gains expected.
It is widely anticipated that the company will report a 1% rise in operating profit.
However, what may prove more enticing to investors is the potential discussion of an IPO for the company’s Vision Fund. With a value of almost $100bn, the Saudi-backed Vision Fund is the world’s largest technology fund, backing many of the best known unicorn startups, including Uber and WeWork owner The We Company.
Rumours of a potential IPO of the Vision Fund have cropped up in the last few days in the run up to SoftBank’s results, suggesting the company may address the idea in its report.
The results will be livestreamed on the company’s website from 4pm JST (8am London time).
IoG discusses Brexit negotiations
With the date the UK is due to leave the EU now postponed until October 2019, the UK must now negotiate its long-term relationship with the European Union once it has formally left.
Drawing on its recent publication on the post-Brexit talks and what should happen next, the Institute for Government is today holding an event to discuss the challenges in the withdrawal negotiations and the wider issue of the ongoing relationship with the EU, which are now under even greater time pressure.
The event will take place at the Institute of Government in London, and the panellists will include Lords EU Select Committee member Lord Ricketts and Global Counsel executive director Stephen Adams. The discussion will be chaired by Jill Rutter, Programme Director at the Institute for Government.