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He said the valuation and focus of the business had changed since the deal was announced in February and “no longer stands for commercial reasons”. “Not having the distractions of integrating other businesses allows us to focus on our core business,” said Gray. Zip submitted its fourth-quarter results update early Thursday, pledging to reduce its offshore footprint, including exiting Singapore immediately and closing its lending business unit. Revenue jumped 27 percent compared with a year ago to $160.1 million and margin on cash transactions increased to 2.4 percent from 2.3 percent in the third quarter. “In line with its strategic objective to focus on the core markets of Australia and New Zealand and the US, this quarter Zip continued to make changes and decisions to precisely measure its global footprint and reduce the group’s cash outlays,” chief executive and founder Larry Diamond said in a statement. The news sent Zip shares up another 3 percent to 68¢ early Thursday, for a tota

When rideshare giant Uber first launched in Australia in 2012, it was greeted with enthusiasm from customers who were tired of waiting long and not arriving from taxis. Key points: Customers say Uber cancellations have increased over the past few months Uber says it’s not the fault of the drivers, who are struggling amid rising fuel prices Demand rises as “Queenslanders returns to pre-pandemic travel patterns” Ten years later, frustration is growing among Uber customers with very similar complaints. Uber drivers say rising fuel costs are to blame, while the company cites increased demand as travelers revert to pre-pandemic habits. Leigh Macey is a regular Uber driver in Cairns, but she says the increase in cancellations keeps her from going out for a drink. “It’s like a struggle to try and get home,” he said. “When you go out and want to go home, you want to go home – not two hours later. “If you get a driver who actually shows up without canceling, it’s like winning the lottery.” Ms M