Uber’s shares fell on a humiliating first day of trading in May and have closed above the $45 price of the initial public offering (IPO) on only two days since. The ride-hailing firm reported a $5.2bn loss for the three months to the end of June. Its biggest quarterly loss was weighed down by IPO expenses, but investors worry it might never make money.
Fatima, from Guinea-Bissau, wakes up in the early hours of the morning to be in with a chance of being able to use the bathroom at her small house in Stratford, east London, which she shares with nine strangers – some are Italian, she thinks, and some might be eastern European, but nobody socialises as they are all too busy working, so she can’t really be sure.
Debates about inflation in advanced economies have changed remarkably over the past decades. Setting aside (mis)measurement issues, concerns about debilitatingly high inflation and the excessive power of bond markets are long gone, and the worry now is that excessively low inflation may hinder growth.
Several big-name tech companies are set to enter the public market, and the speculation over the effects of a crush of overnight millionaires overwhelming the region has reached fever pitch.
Of all the ideologies spawned by Silicon Valley, that of techno-populism – the making of empty promises on the basis of seismic digital disruption – is the strangest. Promising a world of immediate and painless personal empowerment, techno-populism is ambiguous enough to unite big tech firms, startups, cryptocurrency aficionados and even some political parties.