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Driver’s flight drives TVDE prices skyrocketing

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More than half of drivers quit their jobs at Uber, Bolt and Free Now during the pandemic and never returned, unlike customers.

More patience and more balance on the map. Those who have had to call a car using the app in recent months have already noticed that using the Uber, Bolt and Free Now platforms is more difficult.

The scenario will continue in the coming months, with more and more drivers abandoning the Passenger Carriage of Uncharacterized Vehicle (TVDE) activities. The revision of the law will take place only after the adoption of a new constitution by the Assembly of the Republic.

“Before covid, the car was parked at every corner and was always at the client’s door. Due to the limited and lack of demand, there were many refusals of drivers and bankruptcies of partner companies. This created a supply deficit, ”he explains. JN / Dinheiro Vivo is the representative of the TVDE Drivers’ Union.

According to the numbers, “of the approximately 30,000 certified drivers, most of them had to look for alternatives because they could not afford the fuel and maintenance costs,” which in TVDE’s business are on the side of drivers and companies, the leader adds. the union of urban road workers in Portugal Fernando Fidalgo.

Even though they are not driving, TVDE driver certified drivers can return to work at any time. The document is valid for five years from the date of its issue by the Institute for Mobility and Transport (IMT).

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The lack of supply cannot respond to the rise in demand that has occurred since Easter this year. Whoever calls the car must now wait at least five minutes and pay more for the ride, especially during rush hours. The platforms have tried to lower tariffs with cheaper options in the metropolitan areas of Lisbon and Porto.

Dynamic bid doubles the price

However, in this situation, the client has to wait even longer: fewer and fewer drivers are willing to pay so little for a trip – platforms save 20% to 25% of the price in commissions, excluding travel costs.

“Low fares are one of the reasons drivers leave,” defended Antonio Fernández.

Passengers are penalized even more if they need to use TVDE on Thursday, Friday and Saturday nights. Platforms use a dynamic fare to respond to peak demand and can, at the most, double the price of a trip over the normal cost.

JN / Dinheiro Vivo, Uber and Free Now suggest they have had to activate their dynamic plan more often in recent months.

“We noticed that the recovery in demand was faster than on the supply side, which means that in many cases the dynamic rate is active to balance supply and demand and ensure the service is available 24 hours a day,” cites an official Uber source.

Free Now takes the same message: “As demand greatly outstrips supply, it will eventually become increasingly dominated by dynamic tariffs that contribute to this overall feeling of price increases.”

Bolt says it has a “development team working daily to improve the pricing algorithm and create more cost-effective and sustainable options” for customers.

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Economy

The protests in China sent Wall Street into the red. Europe falls after Lagarde speech – Markets in a minute

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European markets are in the red.  Interest on Portugal's debt hits 2.5% - Markets in a minute

Euribor climbs three, six and 12 months to new highs in nearly 14 years.

Euribor rates rose today to new highs since early 2009 in three, six and 12 months.

The six-month Euribor rate, most used in Portugal for home loans and entering positive territory on June 6, rose today to 2.436% plus 0.062 points, a new high since January 2009.

The six-month average Euribor rose from 1.596% in September to 1.997% in October.

The six-month Euribor has been negative for six years and seven months (from November 6, 2015 to June 3, 2022).

The three-month Euribor, which entered positive territory for the first time since April 2015 on July 14, also rose today, setting a new high since February 2009 at 1.954% plus 0.032 points.

The three-month Euribor was negative between 21 April 2015 and 13 July last year (seven years and two months).

The three-month average Euribor rose from 1.011% in September to 1.428% in October.

In the same sense over a 12-month period, Euribor rose today, settling at 2.892%, up 0.032 points from Friday and a new high since January 2009.

After rising to 0.005% on April 12, positive for the first time since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.

The average Euribor rate for 12 months increased from 2.233% in September to 2.629% in October.

Euribor began to rise more significantly from February 4, after the European Central Bank (ECB) acknowledged that it could raise key interest rates this year due to rising inflation in the eurozone, and the trend accelerated with the onset of the Russian crisis. Invasion of Ukraine on February 24th.

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On October 27, to curb inflation, the ECB raised three key interest rates by 75 basis points, the third consecutive increase this year, after raising three interest rates by 50 basis points on July 21. growth after 11 years, and on September 8 by 75 basis points.

Changes in Euribor interest rates are closely linked to increases or decreases in ECB key interest rates.

Three-, six- and 12-month Euribor rates hit record lows respectively: -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.

Euribor rates are set at the average rate at which a group of 57 eurozone banks are willing to lend money to each other in the interbank market.

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Economy

Credit Suisse loses almost a billion euros in one day – Banking and finance

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Credit Suisse CEO says employees will never return to office

Credit Suisse lost almost 1 billion Swiss francs in just one session. The market capitalization of the Zurich giant fell from 10,328.24 million Swiss francs (10,497.2 million euros at current exchange rates) to 9,369.5 million francs, down 957.85 million Swiss francs (974.42 million euros).

The bank, which is in the middle of a restructuring plan, again hit a historic low for the second consecutive session, touching 2.97 Swiss francs, meanwhile ending the day with relief, but even with a drop of 4.16% against the Swiss franc. 3.01,.

Shares have fallen for ten consecutive days, the worst losing streak since 2011, shedding 27% year-to-date (0.82%).

Credit Suisse’s stock market performance was impacted by news that its “core” business, wealth management, is losing funds and customers to competitors. In addition, the bonds were punished by the fact that the sale of guaranteed capital products to Apollo Global Management – as part of a restructuring plan – was poorly received by analysts, who criticized the lack of details about the agreement.

Also under this “strategic” plan, the bank is implementing a capital increase of 4 billion francs (4.06 billion euros), with the first operation being for institutional investors, after which the National Bank of Saudi Arabia took 9.9% of the shares. capital of the Zurich financial institution, as expected.

In addition, from this Monday until December 6, subscription rights are being negotiated for the bank’s shareholders wishing to purchase new shares in order to complete the capital increase. The bank expects to raise about 2.24 billion Swiss francs (2.27 billion euros).

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Economy

A platform for terminating telecommunications contracts already exists. See how it works – IVF

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A platform for terminating telecommunications contracts already exists.  See how it works - IVF





A platform for terminating telecommunications contracts already exists. See how it works – IVF































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