UBER EXEC QUITS; IN­VESTOR SUES

The Denver Post - - BUSINESS - — The As­so­ci­ated Press

DETROIT» Uber Tech­nolo­gies Inc. faced a fresh round of tur­moil Thurs­day, with its global op­er­a­tions chief re­sign­ing and a ma­jor in­vestor su­ing the ride­hail­ing com­pany’s former CEO. Ryan Graves told the Uber staff in an email Thurs­day that he will tran­si­tion out of his role as se­nior vice pres­i­dent of global op­er­a­tions in Septem­ber. Graves will re­main on the board.

That board — and its sup­port for former CEO Travis Kalan­ick — was the sub­ject of a law­suit filed Thurs­day in Delaware Chancery Court by Bench­mark Cap­i­tal Part­ners.

Bench­mark holds 13 per­cent of Uber’s stock. It claims Kalan­ick is try­ing to pack Uber’s board with his al­lies and even­tu­ally re­turn to his post as CEO. The ven­ture cap­i­tal firm says that would harm Uber’s share­hold­ers, em­ploy­ees, driv­ers and cus­tomers.

A spokesper­son for Kalan­ick said the law­suit is “com­pletely with­out merit and rid­dled with lies and false al­le­ga­tions.”

Snapchat’s woes help In­sta­gram.

Face­book’s In­sta­gram Sto­ries, a clear Snapchat clone, has more daily users than Snapchat it­self — and Snap Inc. should be very wor­ried. Both com­pa­nies’ Sto­ries fea­ture lets peo­ple share videos and snap­shots in a con­tin­u­ous 24-hour loop. It has proven to be a hit at In­sta­gram, such that daily use of that fea­ture is more than all of Snapchat. Snap’s lat­est earn­ings re­port isn’t help­ing, as the com­pany says sec­ond-quar­ter growth was a pal­try 4 per­cent.

OPEC misses tar­get.

Pro­duc­tion of crude oil across all OPEC coun­tries rose again in July, to above the level the car­tel has agreed would be the up­per limit — and above the es­ti­mated level of global de­mand. The car­tel said Thurs­day in a mar­ket re­port that its coun­tries’ pro­duc­tion rose for a third month in July, by 173,000 daily bar­rels, to an av­er­age of 32.9 mil­lion bar­rels a day. That puts it above the 32.5 mil­lion bar­rels a day the group had agreed in Novem­ber would be their limit. The price of crude has largely hov­ered around or be­low $50 a bar­rel in re­cent months.

Good, bad news for Blue Apron.

Blue Apron has re­ported strong sec­ond-quar­ter rev­enue growth, but the meal-kit seller is hav­ing un­ex­pected de­lays at a new plant. It also pro­vided a weak rev­enue fore­cast for the sec­ond half of the year. The com­pany re­ported a big­ger-than-ex­pected quar­terly loss.

O’Reilly starts daily on­line show.

Ousted Fox News Channel star Bill O’Reilly has launched an ex­per­i­men­tal video come­back with a daily on­line show.

The ini­tial half-hour was posted on his web­site Wed­nes­day for pre­mium sub­scribers, orig­i­nat­ing from what he called a “new pro­to­type stu­dio.” Among other top­ics, O’Reilly dis­cussed Pres­i­dent Trump’s “fire and fury” com­ments about North Korea and a move­ment that calls for Cal­i­for­nia to se­cede from the union. He spoke by Skype with po­lit­i­cal com­men­ta­tor Michael Smer­con­ish.

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