NY Post : Uber loses nearly half a billion dollars

Uber’s race to expand comes at a high cost.
The fast-growing car-hailing recorded $470 million in operating losses on $415 million in revenue, according to a bond prospectus obtained by Bloomberg News.
The term sheet, which making the rounds as Uber tries to sell $1.2 billion in convertible bonds, doesn’t spell out the time period for those results, Bloomberg said.
An Uber spokeswoman told Bloomberg that the “old” numbers don’t reflect the company’s current business, yet she doesn’t explain why they would be referenced in this latest bond offering if that’s the case.
The company, led by CEO Travis Kalanick, has been notoriously tight-lipped about its finances. Uber is widely expected to go public at some point with its valuation pegged at a whopping $40 billion.
Meanwhile, the company has following a number of routes to raise cash. It is also negotiating a $2 billion credit line with banks. Earlier this year, it raised $1.6 billion in convertible debt, Bloomberg said.
Of course, not every is happy with Uber’s relentless drive. In New York, the City Council is holding a hearing on Tuesday that on whether to put a temporary cap on the number of vehicles that popular car services like Uber and Lyft are allowed to put on the road.

>>> IMF Statement on Greece payment

Statement by the IMF on Greece
Press Release No.15/310
June 30, 2015
Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), made the following statement today regarding Greece’s financial obligations to the IMF due today:
“I confirm that the SDR 1.2 billion repayment (about EUR 1.5 billion) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.
“I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece’s repayment obligation that fell due today, which will go to the IMF’s Executive Board in due course.”

FT : Tsipras prepared to accept all bailout conditions


Alexis Tsipras will accept all his bailout creditors' conditions that were on the table this weekend with only a handful of minor changes, according to a letter the Greek prime minister sent late Tuesday night and obtained by the Financial Times.

The two-page letter, sent to the heads of the European Commission, International Monetary Fund and European Central Bank, elaborates on Tuesday's surprise request for an extension of Greece's now-expired bailout and for a new, third €29.1bn rescue, writes Peter Spiegel.

Although the bailout's expiry at midnight Tuesday night means the extension is no longer on the table, Mr Tsipras' new letter could serve as the basis of a new bailout in the coming days.

Mr Tsipras' letter says Athens will accept all the reforms of his country's value-added tax system with one change: a special 30 per cent discount for Greek islands, many of which are in remote and difficult-to-supply regions, be maintained.

On the contentious issue of pension reform, Mr Tsipras requests that changes to move the retirement age to 67 by 2022 begin in October, rather than immediately. He also requests that a special "solidarity grant" awarded to poorer pensioners, which he agrees to phase out by December 2019, be phased out more slowly than creditors request.

"The Hellenic Republic is prepared to accept this staff-level agreement subject to the following amendments, additions or clarifications, as part of an extension of the expiring [bailout] program and the new [third] loan agreement for which a request was submitted today, Tuesday June 30th 2015," Mr Tsipras wrote. He added:

As you will note, our amendments are concrete and they fully respect the robustness and credibility of the design of the overall program.

Eurozone finance ministers are due to discuss Mr Tsipras' new proposal in a conference call at 5:30pm, Brussels time.

(BFW) Germany June Manufacturing PMI 51.9 vs Flash Reading 51.9

Germany June Manufacturing PMI 51.9 vs Flash Reading 51.9
2015-07-01 07:55:00.14 GMT


By Ainhoa Goyeneche
(Bloomberg) -- BME and Markit Economics release
manufacturing purchasing managers’ index for Germany in June.

* Index rises to 51.9 from 51.1 in May; Year ago 52
*
* Highest reading since April 2015
* Seventh consecutive month of expansion
* New Orders rise to 51.7 vs 50.9 in May
*
* Highest reading since April 2015
* Seventh consecutive month of expansion
* Last 3 years headline data {MPMIDEMA Index GP <GO>}


For Related News and Information:
First Word scrolling panel: FIRST <GO>
First Word newswire: NH BFW <GO>
Germany economic calendar: ECO GE <GO>
Germany economic forecasts: ECFC DE <GO>

To contact the reporter on this story:
Ainhoa Goyeneche in London at +44-20-3525-9287 or agoyenechecu@bloomberg.net
To contact the editor responsible for this story:
Mark Evans in London at +44-20-7330-7585 or mevans8@bloomberg.net