Road to approval for US biotech crops in China beset with massive delays, costing industry billions

China’s approval process for biotech crops is beset by regulatory hurdles and delays that have cost U.S. companies billions of dollars and added to challenges for American farmers. Industry groups and members of Congress have been urging the Trump administration to press China to make its regulatory process for approving agricultural biotech products more transparent and timely. Chinese regulatory policies on genetically modified organism seeds are seen as protectionist and favoring domestic dev


China’s approval process for biotech crops is beset by regulatory hurdles and delays that have cost U.S. companies billions of dollars and added to challenges for American farmers. Industry groups and members of Congress have been urging the Trump administration to press China to make its regulatory process for approving agricultural biotech products more transparent and timely. Chinese regulatory policies on genetically modified organism seeds are seen as protectionist and favoring domestic dev
Road to approval for US biotech crops in China beset with massive delays, costing industry billions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: jeff daniels, bloomberg, getty images
Keywords: news, cnbc, companies, billions, companies, industry, biotech, process, chinese, chinas, beset, predictable, costing, road, china, research, regulatory, massive, crops, talks, delays


Road to approval for US biotech crops in China beset with massive delays, costing industry billions

China’s approval process for biotech crops is beset by regulatory hurdles and delays that have cost U.S. companies billions of dollars and added to challenges for American farmers.

Industry groups and members of Congress have been urging the Trump administration to press China to make its regulatory process for approving agricultural biotech products more transparent and timely.

Last week’s high-level talks in Washington between Chinese and U.S. negotiators touched on a variety of nontariff barrier issues. A spokesman for China’s Ministry of Commerce, Gao Feng, told reporters Thursday the talks achieved “new progress,” adding that technology transfer and intellectual property were among the issues discussed.

Chinese regulatory policies on genetically modified organism seeds are seen as protectionist and favoring domestic development and commercialization of agricultural biotechnology, according to industry observers. Beijing is believed to have spent over $3.5 billion on biotech crop research to help develop its domestic industry.

“The GMO approvals protocols are very oblique and yet have been a huge problem for the U.S.,” said Joseph Glauber, a former U.S. Department of Agriculture chief economist and now a senior research fellow at the International Food Policy Research Institute in Washington.

The financial impact of delays in Chinese approval of U.S. biotech crops is estimated to have resulted in direct impact of nearly $5 billion over five years, according to a study commissioned by the industry trade group CropLife International. When including the “ripple effects” to the overall U.S. economy, the report by researcher Informa estimated impacts topping $14 billion.

In January, China’s Ministry of Agriculture and Rural Affairs approved five new biotech traits for imported crops, including varieties of soybeans from Bayer and DowDuPont. It was agency’s first approvals since mid-2017 and came during a round of trade talks in Beijing between U.S. and Chinese officials.

“We are encouraged that systemic improvements in the regulatory process in China remain an important focus in ongoing negotiations,” said Christi Dixon, a spokesperson for Bayer, which last year completed the acquisition of U.S. seed giant Monsanto. “We support the goal of these negotiations — enabling a predictable, timely, transparent and science-based process that fuels both global innovation and trade.”

Added Dixon, “A predictable global regulatory system is essential in ensuring companies can continue to deliver new innovations to farmers around the world in a predictable and timely way.”

Genetic traits in seeds have been developed to improve yields and be more resistant to pests, diseases and adverse weather conditions such as drought. Seed companies also have engineered crops to be resistant to weedkillers or herbicides.


Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: jeff daniels, bloomberg, getty images
Keywords: news, cnbc, companies, billions, companies, industry, biotech, process, chinese, chinas, beset, predictable, costing, road, china, research, regulatory, massive, crops, talks, delays


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Don’t blame China for unraveling US-Europe relations

That was nearly six years before Italy took up the promises of future business deals with China. In the process, German exports to China over the last five years came to a total of 380.9 billion euro. And well before China began talking to Italy about using the port of Trieste, Greece sold in April 2016 a controlling 67 percent stake to China in the port of Piraeus. In view of all that, how fair and reasonable is it to accuse Italy of breaking the EU ranks on China trade? And it is equally wrong


That was nearly six years before Italy took up the promises of future business deals with China. In the process, German exports to China over the last five years came to a total of 380.9 billion euro. And well before China began talking to Italy about using the port of Trieste, Greece sold in April 2016 a controlling 67 percent stake to China in the port of Piraeus. In view of all that, how fair and reasonable is it to accuse Italy of breaking the EU ranks on China trade? And it is equally wrong
Don’t blame China for unraveling US-Europe relations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-01  Authors: dr michael ivanovitch, christian minelli, nurphoto, getty images
Keywords: news, cnbc, companies, china, manufacturing, large, billion, road, countries, eu, port, useurope, dont, trade, italy, unraveling, relations, blame


Don't blame China for unraveling US-Europe relations

People with short memory and idiosyncratic agenda take Italy’s regal welcome to Xi during his visit Mar 21-23, and Rome’s acceptance to participate in China’s Belt and Road project, as a seminal event marking an irreparable breach of transatlantic union and solidarity.

That is mean nonsense. Similar breaches are legion.

What should one say, for example, of the beaming Chinese Premier Li Keqiang standing next to Chancellor Angela Merkel in May 2013 to celebrate a China-Germany “dream team,” as he was getting the technology for intelligent manufacturing to replace his smokestack factories?

That was nearly six years before Italy took up the promises of future business deals with China.

During that time, Germany kept selling to China its top technologies and companies, including one of its leading suppliers of robotics and system manufacturing. In the process, German exports to China over the last five years came to a total of 380.9 billion euro.

And well before China began talking to Italy about using the port of Trieste, Greece sold in April 2016 a controlling 67 percent stake to China in the port of Piraeus.

China’s cooperation with Central and East European countries — the 16+1 format — has been expanding rapidly since 2012 in areas of large infrastructure projects and investments in industrial machinery, chemical industries, energy and telecoms. The East Europeans have in large part embraced those new development opportunities because they found no takers among their EU partners.

All those examples are just fragments of a vast China-EU trade. According to the China Railway Corporation, freight trains, running along the Belt and Road itineraries, are now connecting 59 cities in China to 49 cities in 15 European countries. Last year, 6,363 freight train trips were made between China and Europe, a 73 percent increase from 2017.

In view of all that, how fair and reasonable is it to accuse Italy of breaking the EU ranks on China trade?

And it is equally wrong to blame China of driving a wedge among the EU countries. China is just diligently and smartly pursuing its business interests. Last year, China was the EU’s second-largest (after the U.S.) trade partner, with a surplus of 184 billion euro on a bilateral goods trade of 603.9 billion euro.


Company: cnbc, Activity: cnbc, Date: 2019-04-01  Authors: dr michael ivanovitch, christian minelli, nurphoto, getty images
Keywords: news, cnbc, companies, china, manufacturing, large, billion, road, countries, eu, port, useurope, dont, trade, italy, unraveling, relations, blame


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Critics of China’s Belt and Road initiative are ‘prejudiced’, the country’s top diplomat says

Xi’s Belt and Road Initiative, as it is formally called, envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending. “This obviously shows a lack of objectivity and fair understanding of the Belt and Road initiative. It is a misunderstanding, misjudgment and is even prejudiced,” wrote Yang, a former foreign minister and ambassador to Washington. China has stressed many times that the Belt and Road is to promote joint development, he


Xi’s Belt and Road Initiative, as it is formally called, envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending. “This obviously shows a lack of objectivity and fair understanding of the Belt and Road initiative. It is a misunderstanding, misjudgment and is even prejudiced,” wrote Yang, a former foreign minister and ambassador to Washington. China has stressed many times that the Belt and Road is to promote joint development, he
Critics of China’s Belt and Road initiative are ‘prejudiced’, the country’s top diplomat says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-30  Authors: buddhika weerasinghe getty images
Keywords: news, cnbc, companies, belt, diplomat, foreign, debt, chinas, prejudiced, yang, critics, minister, president, participating, development, countrys, initiative, road, countries


Critics of China's Belt and Road initiative are 'prejudiced', the country's top diplomat says

China has never forced debt upon participants of its new Silk Road project as “prejudiced” critics have suggested, the country’s top diplomat said on Saturday in a strongly worded defense of a key policy platform of Chinese President Xi Jinping.

Xi’s Belt and Road Initiative, as it is formally called, envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending.

But it has proved controversial in many Western capitals, particularly Washington, which views it as merely a means to spread Chinese influence abroad and saddle countries with unsustainable debt through non-transparent projects.

The United States has been particularly critical of Italy’s decision to sign up to the plan this month, during Xi’s visit to Rome, the first for a G7 nation.

Speaking to the ruling Communist Party’s official People’s Daily, Yang Jiechi, who runs the party’s foreign affairs committee, said he had noted that some in the international community believed this was a geopolitical tool and would only bring debt traps for participating countries.

“This obviously shows a lack of objectivity and fair understanding of the Belt and Road initiative. It is a misunderstanding, misjudgment and is even prejudiced,” wrote Yang, a former foreign minister and ambassador to Washington.

China has stressed many times that the Belt and Road is to promote joint development, he added.

“The Belt and Road is open, inclusive and transparent. It does not play little geopolitical games. It does not engage in the exclusion of exclusive small circles.”

Yang noted that many countries, companies and ordinary people participating in the Belt and Road project had “publicly refuted rumors” about it being a debt trap.

Belt and Road projects, from their selection to their financing, go through careful risk assessments and the initiative’s principles stress sustainable development, he said.

“For cooperative partners who have debt difficulties, China’s principle is to appropriately resolve this through friendly consultations, and has never pushed or forced debt” on anyone, Yang added.

To date no participating country has faced a debt crisis — to the contrary many countries have been able to escape the “no development trap”, he wrote.

China will hold its second Belt and Road summit in Beijing in late April.

Yang said almost 40 foreign leaders would take part, but did not name them. Some of China’s closest allies have already confirmed they will come, including Russian President Vladimir Putin, Pakistani Prime Minister Imran Khan, Philippines President Rodrigo Duterte and Cambodian Prime Minister Hun Sen.


Company: cnbc, Activity: cnbc, Date: 2019-03-30  Authors: buddhika weerasinghe getty images
Keywords: news, cnbc, companies, belt, diplomat, foreign, debt, chinas, prejudiced, yang, critics, minister, president, participating, development, countrys, initiative, road, countries


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The story of Yelp – and why it’s struggling to survive

When Yelp went public in 2012, the popularity of the review site was quickly growing and its stock soared. But it’s been a rocky road since then as advertisers fled the platform and as competition has increased from Google, Facebook and others. Watch the video to hear the story of Yelp and learn why the company has lost its 5-star rating.


When Yelp went public in 2012, the popularity of the review site was quickly growing and its stock soared. But it’s been a rocky road since then as advertisers fled the platform and as competition has increased from Google, Facebook and others. Watch the video to hear the story of Yelp and learn why the company has lost its 5-star rating.
The story of Yelp – and why it’s struggling to survive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: dain evans, jin lee, bloomberg, getty images
Keywords: news, cnbc, companies, video, review, yelp, rocky, road, stock, survive, went, site, struggling, soared, rating


The story of Yelp – and why it's struggling to survive

When Yelp went public in 2012, the popularity of the review site was quickly growing and its stock soared. But it’s been a rocky road since then as advertisers fled the platform and as competition has increased from Google, Facebook and others.

Watch the video to hear the story of Yelp and learn why the company has lost its 5-star rating.


Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: dain evans, jin lee, bloomberg, getty images
Keywords: news, cnbc, companies, video, review, yelp, rocky, road, stock, survive, went, site, struggling, soared, rating


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The story of Yelp – and why it’s struggling to survive

When Yelp went public in 2012, the popularity of the review site was quickly growing and its stock soared. But it’s been a rocky road since then as advertisers fled the platform and as competition has increased from Google, Facebook and others. Watch the video to hear the story of Yelp and learn why the company has lost its 5-star rating.


When Yelp went public in 2012, the popularity of the review site was quickly growing and its stock soared. But it’s been a rocky road since then as advertisers fled the platform and as competition has increased from Google, Facebook and others. Watch the video to hear the story of Yelp and learn why the company has lost its 5-star rating.
The story of Yelp – and why it’s struggling to survive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: dain evans, jin lee, bloomberg, getty images
Keywords: news, cnbc, companies, video, review, yelp, rocky, road, stock, survive, went, site, struggling, soared, rating


The story of Yelp – and why it's struggling to survive

When Yelp went public in 2012, the popularity of the review site was quickly growing and its stock soared. But it’s been a rocky road since then as advertisers fled the platform and as competition has increased from Google, Facebook and others.

Watch the video to hear the story of Yelp and learn why the company has lost its 5-star rating.


Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: dain evans, jin lee, bloomberg, getty images
Keywords: news, cnbc, companies, video, review, yelp, rocky, road, stock, survive, went, site, struggling, soared, rating


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‘More bumps in the road’ before US-China trade deal, former Treasury Secretary Jack Lew warns

A new round of trade talks between American and Chinese officials could help bring an end to the global trade war, former U.S. Treasury Secretary Jack Lew told CNBC on Monday, but resolving the remaining sticking points will be a rocky process. The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods over the past year, battering financial markets and souring business and consumer sentiment. Negotiations between Washington and Beijing have taken


A new round of trade talks between American and Chinese officials could help bring an end to the global trade war, former U.S. Treasury Secretary Jack Lew told CNBC on Monday, but resolving the remaining sticking points will be a rocky process. The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods over the past year, battering financial markets and souring business and consumer sentiment. Negotiations between Washington and Beijing have taken
‘More bumps in the road’ before US-China trade deal, former Treasury Secretary Jack Lew warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: sam meredith, vcg, visual china group, getty images
Keywords: news, cnbc, companies, warns, uschina, issues, trade, progress, think, bumps, told, making, treasury, beijing, worth, secretary, officials, road, deal, lew, jack


'More bumps in the road' before US-China trade deal, former Treasury Secretary Jack Lew warns

A new round of trade talks between American and Chinese officials could help bring an end to the global trade war, former U.S. Treasury Secretary Jack Lew told CNBC on Monday, but resolving the remaining sticking points will be a rocky process.

The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods over the past year, battering financial markets and souring business and consumer sentiment.

Negotiations between Washington and Beijing have taken longer-than-expected, with officials at times making contradictory comments on their progress.

“I suspect there are some more bumps in the road ahead as the most difficult issues get worked out,” Lew told CNBC’s Martin Soong in Beijing, China on Monday.

“There is no reason they shouldn’t be able to make progress so that you get something done in the window… (But) I don’t think it will resolve all issues for all time.”

“I think regardless of the language used to describe the agreement, there will still be core issues for the two countries to work through… The job is not to get it done once and for all, it is to keep making progress,” Lew said.


Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: sam meredith, vcg, visual china group, getty images
Keywords: news, cnbc, companies, warns, uschina, issues, trade, progress, think, bumps, told, making, treasury, beijing, worth, secretary, officials, road, deal, lew, jack


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Italy joining China’s Belt and Road project is ‘geopolitically unwise,’ former prime minister says

Italy’s former prime minister doesn’t approve of the current government’s newly inked partnership with China, calling the decision “unwise” during a conversation with CNBC Monday. “Politically, geopolitically, I deem (it) really unwise from the Italian government to take such a decision without coordination with the European Union and our allies,” Paolo Gentiloni, who served as prime minister from 2016 to 2018, told CNBC’s “Squawk Box Europe.” “Europe is showing its divisions toward China, and t


Italy’s former prime minister doesn’t approve of the current government’s newly inked partnership with China, calling the decision “unwise” during a conversation with CNBC Monday. “Politically, geopolitically, I deem (it) really unwise from the Italian government to take such a decision without coordination with the European Union and our allies,” Paolo Gentiloni, who served as prime minister from 2016 to 2018, told CNBC’s “Squawk Box Europe.” “Europe is showing its divisions toward China, and t
Italy joining China’s Belt and Road project is ‘geopolitically unwise,’ former prime minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: natasha turak
Keywords: news, cnbc, companies, belt, decision, unwise, energy, worth, xi, italy, italian, project, china, billion, road, geopolitically, joining, prime, chinas, minister


Italy joining China's Belt and Road project is 'geopolitically unwise,' former prime minister says

Italy’s former prime minister doesn’t approve of the current government’s newly inked partnership with China, calling the decision “unwise” during a conversation with CNBC Monday.

“Politically, geopolitically, I deem (it) really unwise from the Italian government to take such a decision without coordination with the European Union and our allies,” Paolo Gentiloni, who served as prime minister from 2016 to 2018, told CNBC’s “Squawk Box Europe.”

“Europe is showing its divisions toward China, and this is not something that will strengthen our position even on trade.”

The Italian government stirred up fresh controversy over the weekend as it officially agreed to join China’s massive Belt and Road Initiative (BRI), becoming the first EU and Group of 7 country to do so.

Chinese President Xi Jinping’s visit to Rome saw a total of 29 deals signed, altogether worth 2.5 billion euros ($2.8 billion). They were focused on agricultural, finance and energy sectors, and opened up new access to the Chinese market for major Italian energy and engineering firms.


Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: natasha turak
Keywords: news, cnbc, companies, belt, decision, unwise, energy, worth, xi, italy, italian, project, china, billion, road, geopolitically, joining, prime, chinas, minister


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Italy Di Maio first EU country to join China Belt and Road initiative

The raft of investment deals that Italy’s leadership has just signed with Beijing as part of its massive Belt and Road program is “nothing to worry about,” Italian Deputy Prime Minister Luigi Di Maio told CNBC. But the contents of the MOU (memorandum of understanding) that we are signing tomorrow contains nothing for them to worry about, nothing relating to 5G or any agreement on strategic telecommunications,” Di Maio told CNBC’s Joumanna Bercetche on Friday just before the signing. Italy on Sat


The raft of investment deals that Italy’s leadership has just signed with Beijing as part of its massive Belt and Road program is “nothing to worry about,” Italian Deputy Prime Minister Luigi Di Maio told CNBC. But the contents of the MOU (memorandum of understanding) that we are signing tomorrow contains nothing for them to worry about, nothing relating to 5G or any agreement on strategic telecommunications,” Di Maio told CNBC’s Joumanna Bercetche on Friday just before the signing. Italy on Sat
Italy Di Maio first EU country to join China Belt and Road initiative Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-24  Authors: natasha turak, antonio masiello, getty images, christian minelli, nurphoto via getty images
Keywords: news, cnbc, companies, italy, belt, italian, road, maio, initiative, told, energy, tell, join, worry, signed, visit, european, di, country, eu, china


Italy Di Maio first EU country to join China Belt and Road initiative

The raft of investment deals that Italy’s leadership has just signed with Beijing as part of its massive Belt and Road program is “nothing to worry about,” Italian Deputy Prime Minister Luigi Di Maio told CNBC.

“We are maximizing all precautionary measures, and I want to tell the U.S., and I will tell them as well in next week’s visit, that they are our allies, and that we understand their concerns. But the contents of the MOU (memorandum of understanding) that we are signing tomorrow contains nothing for them to worry about, nothing relating to 5G or any agreement on strategic telecommunications,” Di Maio told CNBC’s Joumanna Bercetche on Friday just before the signing.

Italy on Saturday became the first European Union and Group of 7 country to join China’s expansive Belt and Road Initiative (BRI), drawing concern from the U.S. and European allies.

Chinese President Xi Jinping’s visit to Rome saw a total of 29 deals signed, altogether worth 2.5 billion euros ($2.8 billion). They were focused on agricultural, finance and energy sectors, and opened up new access to the Chinese market for major Italian energy and engineering firms.


Company: cnbc, Activity: cnbc, Date: 2019-03-24  Authors: natasha turak, antonio masiello, getty images, christian minelli, nurphoto via getty images
Keywords: news, cnbc, companies, italy, belt, italian, road, maio, initiative, told, energy, tell, join, worry, signed, visit, european, di, country, eu, china


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Lyft will reportedly launch road show for up to $2 billion IPO

Ride-hailing platform Lyft will launch the investor road show for its initial public offering on Monday, March 18, according to people familiar with the matter. Lyft will be seeking to convince investors to make large commitments to its IPO, rather than hold out for its larger rival Uber Technologies, which is planning to launch its own public offering next month, the sources said. Lyft will meet with investors across the United States before pricing the IPO and listing on the Nasdaq at the end


Ride-hailing platform Lyft will launch the investor road show for its initial public offering on Monday, March 18, according to people familiar with the matter. Lyft will be seeking to convince investors to make large commitments to its IPO, rather than hold out for its larger rival Uber Technologies, which is planning to launch its own public offering next month, the sources said. Lyft will meet with investors across the United States before pricing the IPO and listing on the Nasdaq at the end
Lyft will reportedly launch road show for up to $2 billion IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: gabjones, bloomberg, getty images
Keywords: news, cnbc, companies, month, sources, reportedly, uber, launch, ridehailing, public, offering, lyft, road, billion, ipo, seeking, saidlyft


Lyft will reportedly launch road show for up to $2 billion IPO

Ride-hailing platform Lyft will launch the investor road show for its initial public offering on Monday, March 18, according to people familiar with the matter.

Lyft will be seeking to convince investors to make large commitments to its IPO, rather than hold out for its larger rival Uber Technologies, which is planning to launch its own public offering next month, the sources said.

Lyft will meet with investors across the United States before pricing the IPO and listing on the Nasdaq at the end of the month, the sources said. It will be pitching itself as a more focused bet on ride-hailing to differentiate itself from Uber, which has diversified to areas such as food delivery and freight hauling and expanded around the world, the sources said.

Uber is seeking a valuation as high as $120 billion at its IPO, although some analysts have pegged it closer to $100 billion based on selected financial figures it has disclosed. Neither Uber nor Lyft are profitable.

Lyft’s IPO will give provide a funding boost as it continues to subsidize rides with promotions to attract passengers. The windfall from the IPO will also help finance investments in areas such as autonomous driving, the sources said.

Lyft declined to comment.


Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: gabjones, bloomberg, getty images
Keywords: news, cnbc, companies, month, sources, reportedly, uber, launch, ridehailing, public, offering, lyft, road, billion, ipo, seeking, saidlyft


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Lyft will reportedly launch road show for up to $2 billion IPO

Ride-hailing platform Lyft will launch the investor road show for its initial public offering on Monday, March 18, according to people familiar with the matter. Lyft will be seeking to convince investors to make large commitments to its IPO, rather than hold out for its larger rival Uber Technologies, which is planning to launch its own public offering next month, the sources said. Lyft will meet with investors across the United States before pricing the IPO and listing on the Nasdaq at the end


Ride-hailing platform Lyft will launch the investor road show for its initial public offering on Monday, March 18, according to people familiar with the matter. Lyft will be seeking to convince investors to make large commitments to its IPO, rather than hold out for its larger rival Uber Technologies, which is planning to launch its own public offering next month, the sources said. Lyft will meet with investors across the United States before pricing the IPO and listing on the Nasdaq at the end
Lyft will reportedly launch road show for up to $2 billion IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: gabjones, bloomberg, getty images
Keywords: news, cnbc, companies, month, sources, reportedly, uber, launch, ridehailing, public, offering, lyft, road, billion, ipo, seeking, saidlyft


Lyft will reportedly launch road show for up to $2 billion IPO

Ride-hailing platform Lyft will launch the investor road show for its initial public offering on Monday, March 18, according to people familiar with the matter.

Lyft will be seeking to convince investors to make large commitments to its IPO, rather than hold out for its larger rival Uber Technologies, which is planning to launch its own public offering next month, the sources said.

Lyft will meet with investors across the United States before pricing the IPO and listing on the Nasdaq at the end of the month, the sources said. It will be pitching itself as a more focused bet on ride-hailing to differentiate itself from Uber, which has diversified to areas such as food delivery and freight hauling and expanded around the world, the sources said.

Uber is seeking a valuation as high as $120 billion at its IPO, although some analysts have pegged it closer to $100 billion based on selected financial figures it has disclosed. Neither Uber nor Lyft are profitable.

Lyft’s IPO will give provide a funding boost as it continues to subsidize rides with promotions to attract passengers. The windfall from the IPO will also help finance investments in areas such as autonomous driving, the sources said.

Lyft declined to comment.


Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: gabjones, bloomberg, getty images
Keywords: news, cnbc, companies, month, sources, reportedly, uber, launch, ridehailing, public, offering, lyft, road, billion, ipo, seeking, saidlyft


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