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Greece to cut bank rescue fund managers' pay by 40 percent

Cash-strapped Greece will cut the pay of bank bailout fund executives by 40 percent because their salaries are a “provocation” during a time of austerity cuts elsewhere, the finance ministry said on Friday. The Hellenic Financial Stability Fund (HFSF), financed by the country’s bailout package, is the rescue vehicle that recapitalised Greece’s big banks and covered the costs of winding down others deemed non-viable. “The minister (Yanis Varoufakis) understands that

French court upholds ban on unlicensed taxis, hitting Uber

France’s highest administrative court on Friday backed restrictions on unlicensed taxi services in a decision adding to U.S. start-up Uber’s legal troubles. The San Francisco-based company, which connects drivers with passengers through a smartphone app, faces legal challenges in several European countries where licensed taxis drivers have protested against what they see as unfair competition. France’s constitutional council said that unlicensed taxis had to return to their bases after dropping

China's Didi Kuaidi ups stakes in taxi apps war

By Paul Carsten BEIJING (Reuters) – China’s dominant taxi-hailing firm Didi Kuaidi will spend 1 billion yuan ($161.39 million) on promotions, the company said on Friday, in an aggressive expansion that will help lure in riders and fend of rivals like U.S. firm Uber Technologies Inc. Alongside the basic cab calling function, users of the Didi Kuaidi app will have access to premium cars, carpooling, designated drivers and a service

Uber in talks with banks for $1 billion credit facility: WSJ

(Reuters) – Uber Technologies Inc is seeking a $1 billion credit line from banks, the Wall Street Journal reported, citing people familiar with the matter. The cab-hailing company is in talks with a number of large banks for the loan, asking them how much they would commit and at what terms, the Journal reported, citing the people. An initial public offering is not imminent, the Journal reported, adding that one