Transport for London is to procure (at great expense to the tax payer) an automated predictive signalling system that adjusts traffic signal timings in response to short-term forecasts of traffic conditions.
This could be a disaster for London’s road users, remember that during the Olympics they said they would be tweaking the signal timings in real time to cut queues. Then realised after, they had no record of what the timings were originally to return to after the Olympics finished.
As ranks and highways officer for the UCG, I was invited along with colleagues to see the nerve centre of the operation, at Centre Coms in Palestra. When I asked questions about the then daily traffic congestion and why this system wasn’t being trialled we were hurried away.
When I later blogged about what we had seen, the deputy director of LTPH did her best, to get the article taken down. But my concerns were proved right and after the Olympics the tweaking had left London’s traffic phrasing in a right mess.
It is said this new system Is to PREDICT likely congestion and then take active steps to prevent it occurring, or minimise its effect. You have to wonder if these predictions will be done by the same people who had advance knowledge of the Hammersmith flyover closures.
TfL’s director of road space management, Alan Bristow, said the system would be “at the heart” of a new surface intelligent transport system (SITS) that will also see TfL’s existing urban traffic control (UTC) system replaced (read more at www.wta.edu.au/traffic-management-control-course-perth/).
This should be interesting, considering the mess on London’s road network which has been caused by a program of extensive road works and resurfacing, spearheaded by massive 24 hour congestion along the Victoria Embankment towards Tower Bridge (which itself is soon to be closed for a number of months).
Short-term traffic forecasting is an area of growing interest in road network management said Bristow. But then it would be, it makes their highly paid jobs seem worthwhile. Plus, when London grinds to a halt, they can always blame the computer.
London Taxi Driver Patrick O’Dowd, speaks out and gives his views on the desperate situation this trade currently finds itself in.
Patrick will be posting a series of video blogs over the next few weeks.
In this episode, Patrick talks about the power of social media and how important it can be if used correctly by drivers, in a united fight back against our Machiavellian licensing authority (TfL).
This is a heart felt statement of fact from a Taxi driver, who describes himself as a “Londoner Irishman” cabby whose forefathers were all cabbies.
A must watch.
You can subscribe to Patrick’s YouTube channel by clicking on >This Link < and checking the subscribe button.
Crime Watch Daily got three ex-cons to apply to be Uber X drivers
Will McCarthy served 10 years for burglary, Sebastian Montoya convicted of reckless driving, Jerri Newsome ‘tried to run over her ex-boyfriend’
None of them were asked to declare convictions or provide finger prints
Uber’s background check system only stretches back seven years
And an Uber representative told them convictions weren’t a problem
The investigation comes amid uproar over Uber’s flawed security checks
Three convicted criminals successfully applied to become Uber drivers in an undercover investigation being unveiled next month. To get over any criminal charges, find trusted defense lawyers right away and get the best legal help.
And when they told an Uber representative about their convictions, they were still encouraged to apply.
It is the result of a six-month investigation by Crime Watch Daily into the $50 billion ride-sharing service after a slew of horrific incidents involving drivers.
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Shocking: These three ex-cons, including Jerri Newsome (right) who allegedly tried to run over her boyfriend, were accepted by Uber’s online application service and were not required to declare their past convictions
Astonishing advice: An Uber representative spoke to Crime Watch Daily’s undercover producer on a forum…
…and said – despite their conviction – ‘I would apply’. It raises questions about Uber’s dedication to security
One passenger in Delhi was raped by her driver, and in Washington D.C. a driver choked a woman in what seemed to be a racially-motivated attack. They are just two of dozens of allegations leveled at the firm, raising questions about the quality of its background checks. You can also know More about the author and know what to do in case you need legal help.
Confirming the fears, Crime Watch Daily got three convicted criminals to apply to become drivers for Uber X, the lowest level of car – and all three were accepted.
One applicant, Will McCarthy, served 10 years in prison in the 1980s after being convicted of seven counts of burglary.
‘The last conviction that I had… I broke into a sporting goods store and stole 19 handguns,’ he told Crime Watch Daily.
Sebastain Montoya was convicted of reckless driving in 2005 and of driving with a suspended license in 2006.
And Jerri Newsome was charged with assault and harassment in 1997 after trying to run over her ex-boyfriend with a car.
During the application process, none of them were asked for finger prints or to declare any previous convictions.
They simply had to provide proof of their driver’s license, insurance, registration number, social security number, and date of birth – and Uber’s background check system only dates back seven years.
Crime Watch Daily unveils 6 month Uber X investigation
Surprised: Jerri Newsome, convicted of harassment, laughed when she saw that she had been accepted
Will McCarthy served 10 years in jail for seven counts of burglary, including stealing guns from a sports store
Sebastain Montoya was convicted of reckless driving in 2005 and of driving with a suspended license in 2006
Then a Crime Watch Daily producer engaged in an online chat forum with an Uber representative under the alias of ‘Cheryl’ and said: ‘I have previous convictions, what should I do?’
Astonishingly, the representative replied: ‘If I were in your shoes, I would apply.’
Once registered, all three take to the road with real Uber users – and secretly record their reactions when they tell them about their criminal past.
The shocking investigation, screening on September 14, will pose renewed questions about Uber’s flawed security check system, which many blame for incidents involving rape, harassment and abuse at the hands of Uber drivers.
The firm’s meteoric rise has been assisted by the fact that it recruits hundreds of new drivers every week to minimize wait times and meet growing demand.
Reaction: This is the reaction of one Uber passenger filmed secretly as they hear of their driver’s convictions
Few riders are aware of the low level of scrutiny their driver goes through before taking to the road for Uber
The shocking investigation will pose renewed questions about Uber’s flawed security check system
There is even an option for New Yorkers to hail a normal yellow cab using the app.
But despite its success, Uber remained dogged by security issues.
In response to the investigation, an Uber spokesman defended their vetting system as ‘legal’.
‘The seven year requirment is actually the maximum allowed by law. We are going back as far as we possibly can. We cannot go back any further legally’ (click here for contact details to get the specialist’s consultation on the matter).
The spokesman added: ‘In 2014 at least 600 people who identified themselves as taxi drivers when signing up to use Uber in Los Angeles, San Francisco and San Diego failed our background check for crimes ranging from sexual offenses, DUIs, and assault.
‘While no system is 100 per cent we believe our background checks stack up well against others.’
Managing Director of surface transport at Transport for London, Leon Daniels has again been caught out misleading the Taxi trade, misleading the public and misleading the GLA transport committee.
First we had the farce of Uber’s land line!
Daniels proudly gave out a landline number saying that this was indeed the required number Uber needed to take bookings and comply with their operators licence.
The number given out by Mr Daniels later proved to be the personal number of Ubers London general manager, not a booking or customer service number.
Now we have the issue of Uber driver’s mythical on off hire and reward insurance:
It is our opinion that Daniels has used his position to personally accredit a commercial company which allows their drivers to illegally drive Private Hire vehicles, without the necessary Hire & Reward insurance.
In his most recent audience with the GLA transport committee, Daniels publicly stated that TfL have regularly check the validity of insurance and as these vehicles are cars, it’s perfectly within the law to “switch on and switch off” the hire and reward element.
Trade orgs have been complaining about this so called “on off” insurance for many months, saying it is no more than a myth, but Daniels has been adamant and defended Uber’s drivers at every opportunity, even though there have been multiple cases come to light through the media, where drivers have been shown to be uninsured at the time of major accidents.You can also read this post here to know how to claim compensation in case of accidents with the help of attorneys. Now a days drivers are always treated as vulnerable in every accidents. But drivers should be aware that they can also defend their case by consulting defense and injury lawyers practicing in Fayetteville.
On these occasions the company (Uber) turn their back on the passengers/third parties saying they must take it up with the driver as per their terms and conditions. In cases of accidents, if you need attorney after your bike accident case, then you can check them out from here!
If a driver is found not to have hire and reward at the time of an accident, while carrying a fare paying passenger, then the vehicle is uninsured.
The United Cabbies Group have today announced they have conformation from the Association of British Insurers that;
NO SUCH POLICIES EXSIST.
It is our opinion that for a civil servant to put the public at grave risk in this manner is not acceptable and Taxi Leaks believe Mr Daniels position at TfL is no longer acceptable. He should be given the opportunity to resign and if not, should be sacked with immediate affect.
Nobody knows how profitable these companies actually are.
Rising interest rates could cause the Unicorn bubble to pop.
How about that Unicorn bubble? “Unicorns,” as most investors now know, are Silicon Valley startups worth $1 billion or more in the private market. Once rare and mythical beasts, there are now more than 100 of these things.
Here’s the thing though – “unicorn math” is basically pure fiction. Like Enron math, but legal!
Here’s the secret to how Silicon Valley calculates the value of its hottest companies: The numbers are sort of made-up. For the most mature startups, investors agree to grant higher valuations, which help the companies with recruitment and building credibility, in exchange for guarantees that they’ll get their money back first if the company goes public or sells. They can also negotiate to receive additional free shares if a subsequent round’s valuation is less favorable…
Let’s say your cousin owns a junkyard. He wants to say it’s worth a million dollars so he can take out a big bank loan against it. So your cousin’s drinking buddy Fred officially buys one-half of one percent of the junkyard for $5,000, and the local podunk news station does a two minute story. Boom – million dollar valuation, confirmed by the media. Totally legit. And Fred has first dibs on scrap and title if there’s any question at all of getting his five grand back. Magnify that process by a couple orders of magnitude and hype and glitz, and you’ve got unicorn math.
It’s led to some pretty trippy places, as Zero Hedge and The Economist point out.
…the top 10 highest valued [Unicorns] have a combined private valuation of $156 billion, on just about $4 billion in revenues and employ a whopping 19.5 thousand people.
In other words, the universe’s combined historical Price/Sales ratio is 39x and each employee is worth about $8,000,000.
The biggest unicorn of them all, ride-share startup Uber (Pending:UBER), recently saw valuation numbers hit a new breakout high of $51 billion. The only other private market startup to break $50 billion was Facebook (NASDAQ:FB)… and Uber did it two years quicker.
Uber Technologies Inc. has completed a new round of funding that values the five-year-old ride-hailing company at close to $51 billion, according to people familiar with the matter, equaling Facebook Inc.’s record for a private, venture-backed startup.
Uber raised close to $1 billion in the round, one of the people said, bringing the San Francisco company’s total funding to more than $5 billion. Uber had briefed investors on a plan to raise between $1.5 billion and $2 billion in the round, The Wall Street Journal reported in May.
Why would investors still be piling into Uber at the +$50 billion valuation mark?
For one thing, we are talking about relatively small amounts per investor in comparison to total investor size. These are big institutionals, Sovereign Wealth Funds, large corporate entities, and so on. Microsoft, for example, was said to invest $100 million in Uber. That is chump change. Back when he was CEO, Steve Ballmer could have flushed that much down the toilet by lunchtime on a typical day. Then too, a lot of investors remember Facebook, and the pain of regret for not stepping up when Facebook was in the tens of billions. And on top of that, you just don’t have that many compelling areas for growth. These Unicorns are like Picassos – the supply is fixed while the buyer’s pool capital has expanded.
But here is the funny thing. Nobody even knows if Uber is profitable… or how much money they’ll actually make.
Uber reputedly had more than $400 million – in REVENUE – last year. And they are supposed to do more than $2 billion in revenue for 2015. But how much are they spending?
There is an argument that Uber is “subsidizing drivers” – paying out big extra dollars to maintain position or jumpstart growth in competitive markets. According to Kevin Kinsella of Avalon Ventures, there are rumors Uber is spending $10 million per WEEK on driver subsidies in just one city – San Francisco. Then you have the huge cost of public relations and fighting political battles… even bigger subsidies in other growth markets… it’s no wonder that Uber has seemed to be raising another billion every time someone turns around. They are burning through capital like dry leaves in a bonfire.
The idea is that, at some point, Uber becomes so big and so dominant that they own the global rideshare market. At a certain point they will have their app saturated in all or most of the important cities around the globe, and then they will make a ton of money. Supposedly.
But how MUCH money will they make? How profitable is the rideshare business, really, when you back out all the costs? And what happens when drivers stop getting subsidized – how deep is the moat?
A Unicorn valuation in bubble times can be whatever Silicon Valley wants it to be… or rather whatever crazy price the last guy into the pool is willing to pay for his tiny piece (like spending $100 on a slice of pizza two inches wide). But in the real world, after all the smoke and mirrors go away, a business is only worth cash on the barrelhead – the dollar amount that some other purchaser would actually give up to acquire the business, in exchange for its stream of cash flows and strategic value.
By this reckoning, it’s not at all implausible – certainly not guaranteed, but plausible – that Uber’s valuation could fall by 90 percent (still allowing smart early VCs to get their money back!). A 90% valuation haircut for Uber, while not a prediction, is not as crazy as it sounds: If Uber’s valuation got smoked in the private market, to the extent that 90 percent was vaporized, the company would STILL be worth more than five billion dollars. That’s still a lot… more than double the current market cap of YELP, for instance, which trades at a goofball valuation.
And then there is Airbnb (Pending:AIRB), worth more than $25 billion (according to Unicorn math). How much money are these guys really making? What kind of defensive moat can they maintain? What does the cash flow stream REALLY look like? Who knows – they’re still burning up all the cash.
Kevin Kinsella points out that there is a “magic business model” type euphoria going on. Put something on a smartphone app… strip out the employee and logistics costs… boom, infinitely expandable revenue stream! Except it’s not that simple.
…there has to be some adult supervision of the expansion and the marketing plans and the world dominance visions of some of these people. I think mobile web enabled services can be great business but A): it doesn’t apply to everything, I think the markets will ultimately get a bit fragmented when the crunch stars to happen. And the other thing is, B): it doesn’t necessarily work with everything.
I heard a pitch from some Stanford Business School grads in a café in Palo Alto. So they were smart guys – late 20’s, early 30’s. They had great academic credentials, Stanford Business School, knew a lot about entrepreneurship and all that sort of stuff, but what they were proposing to do was, taking the metaphor you’re talking about which is ‘you don’t have any inventory, you don’t have any employees, you just take a cut of these transactions.’ So they had this great idea that they were going to solve the on-time, on-demand delivery for pharmaceuticals.
So I said let’s analyse that a minute. First of all, for venture capital, one of the original principles is people you want to invest in are people who’ve done it before with someone else’s money. Not people who’ve just came out of business school.
Kinsella thinks that rising interest rates could trigger the implosion of the Unicorn bubble.
At some point cash becomes worth more than zero… and overinflated stock markets start declining… and that last guy willing to buy his Unicorn slice at ever nuttier valuations finally stops hitting the bid.
If only there was a way to make a massive put options bet on the San Fran property market…
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