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Investor group calls on Lyft to scrap dual-class Share construction plan: FT – NEWPAPER24

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Investor group calls on Lyft to scrap dual-class Share construction plan: FT

2019-03-16 18:21:28

An electrical scooter from the trip sharing firm Lyft is proven on a downtown sidewalk in San Diego, California, U.S., March 15, 2019. Newpaper24/Mike Blake

(Newpaper24) – A gaggle of buyers has known as on Lyft Inc’s board to scrap a proposed dual-class Share construction, because the trip hailing firm pitches its preliminary public providing to buyers subsequent week, the Monetary Occasions reported on Saturday.

San Francisco-based Lyft’s deliberate IPO features a dual-class inventory construction, with one class of shareholders getting 20 votes per Share and one other getting one vote per Share.

The investor group, in a letter addressed to the corporate’s administrators, mentioned it ought to persist with its single class of shares with one vote every, the report mentioned.

If the corporate’s board fails to resolve the difficulty, it ought to undertake a “sundown” provision to section out the additional voting rights inside seven years, the letter mentioned, in keeping with the newspaper.

The letter was signed by buyers from Britain’s Native Authority Pension Fund Discussion board, BNP Paribas Asset Administration, pension funds representing public workers in New York, Los Angeles, Chicago and Ohio, the Teamsters union and United Auto Employees union retirees, the newspaper mentioned.

Lyft didn’t instantly reply to a Newpaper24 request for remark.

“With a dual-class construction, Lyft is principally shielding itself and firm insiders towards shareholders who deserve a voice. Outsized management amongst an unaccountable few is an pointless danger — and Lyft ought to return to the drafting board,” New York Metropolis Comptroller Scott Stringer mentioned, in keeping with the Monetary Occasions. Stringer oversees town’s pension funds.

Reporting by Akshay Balan in Bengaluru; Modifying by Invoice Berkrot

Our Requirements:The Thomson Newpaper24 Belief Ideas.

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This Hong Kong start-up provides flat homeowners a hassle-free strategy to faucet the co-living development – NEWPAPER24

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This Hong Kong start-up provides flat homeowners a hassle-free strategy to faucet the co-living development

2019-03-19 05:36:49




In crowded Hong Kong, co-living operators have made good enterprise matching the wants of renters and landlords round shared residing ideas involving large areas.However a brand new entrant, which went reside earlier this month, is searching for to push into an space that has up to now been neglected: serving to younger folks supply housing in flats shared with a small variety of tenants.Michelle Chau Wang-yu, one in all 4 co-founders of the Chinese languagelanguage web site coliving.hk, which went reside on March 6, says her…

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Embattled pay TV operator i-Cable makes one other try to show round a decade of losses with Guangdong community tie-up – NEWPAPER24

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Embattled pay TV operator i-Cable makes one other try to show round a decade of losses with Guangdong community tie-up

2019-03-19 22:45:04




I-Cable Communications, Hong Kong’s largest pay TV operator, on Tuesday formalised a partnership with Guangdong Radio and Tv (GRT) that may permit it to air programmes to the Chinese language TV group’s clients.However analysts are circumspect about the advantages of the tie-up on i-Cable’s backside line, saying it’s unlikely to yield any long-term “materials” profit.Irene Leung Shuk-yee, chief working officer of i-Cable, mentioned that the take care of GRT additionally includes joint manufacturing of TV exhibits,…

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How AI, facial recognition applied sciences are revolutionising bodily safety in Asia – NEWPAPER24

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How AI, facial recognition applied sciences are revolutionising bodily safety in Asia

2019-03-19 22:00:15




The aged man contained in the doorway of the residential constructing, tucked in a tiny nook together with his cup of tea, crumpled newspaper and transistor radio, is a standard sight for residents in Hong Kong’s many high-rise flats.Often in his 60s or 70s, he’s generally the doorman, generally offers instructions, nearly all the time gruff, and is mostly tasked with guaranteeing safety for the constructing. He’s additionally an endangered species.“Younger individuals received’t wish to sit there studying a newspaper all day, and even…

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