Uber Hong Kong warns proposed permit cap risks triggering 70% rise in fares

Uber Hong Kong has warned that a proposed cap of up to 15,000 ride-hailing permits could trigger a 70 per cent increase in fares and result in 40 per cent of peak-hour bookings being unsuccessful. In a paper submitted to the legislature ahead of a transport panel special meeting on Tuesday, the ride-hailing giant revealed it currently had more than 30,000 active drivers in the city. The proposed quota of 10,000 to 15,000 permits would slash their workforce by as much as 50 per cent. The platform...