Uber (NYSE:UBER) news for Monday concerning a ruling in London has its stock on the rise.
Uber has been seeking to reclaim its taxi license in London after it was pulled due to the company being deemed not fit for it. The main issue from authorities were safety concerns, such as some drivers not having insurance.
Uber set out to correct these mistakes and it now checks drivers more thoroughly before letting them onto its platform. The company also apologized for the mistake and promises to do better in the future.
Following all of this, Tan Ikram, a deputy chief magistrate, restored the company’s taxi license in London. That license lasts for 18 months and the government will be keeping an eye on Uber to make sure it continues to maintain a good quality of service.
With that ruling, Uber can now safely continue its operations in London. However, it’s worth noting that it was still allowed to operate while it appealed the decision to pull its taxi license. Even so, holders of UBER stock clearly have a reason to celebrate the news today, reports The New York Times.
Here’s a passage from the Uber ruling, as collected from Barron’s.
“Despite their historical failings, I find them, now, to be a fit and proper person to hold a London private hire vehicle (PHV) operator’s license.”
UBER stock was up 3.4% as of Monday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.