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September 01, 2020 1:25pm
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Uber loses license to operate in London

The markets traded lower during the midday with the Dow losing 28 points to 22,330. Nasdaq slipped 2 points to 6,420.


Uber's license to operate in London was not renewed by the capital of England's taxi regulator agency, Transport for London. The ride hailing app will appeal the decision but continue to provide service to its 3.5 million users in the interim. Transport for London cited Uber's approach to reporting criminal offenses, obtaining of medical certificates and checking driver backgrounds as reasons for denying the license renewal.


Hewlett Packard Enterprises will eliminate approximately 10% of its global workforce by the end of the year as part of its plans to lower expenses. The company will shutter underperforming units and direct its resources to its cloud computing services. HPE is transforming itself from a servers and storage provider to an enterprise cloud company.


After a disappointing quarter, Time said that it was exploring the potential sale of certain assets. The publisher of People, Sports Illustrated and Time may sell Time Customer Service and other businesses that represent nearly 17% of its total annual revenue. Magazine circulation and advertising revenue both tumbled 12% in the second quarter.


In the broad market, advancing issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 held steady at 2,500. Bitcoin tumbled $67 to $3,586.


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