Uber Loses London

Uber got an unpleasant surprise when London, its most lucrative European market, decided not to extend its license for cab services. Regulators said the ride-hailing company had played fast and loose with safety guidelines and allowed unauthorized drivers to carry thousands of passengers. It’s another headache in a long and painful year for Uber, which has suffered from executive turnover and several rounds of layoffs after its disappointing initial public offering last spring. Uber will be allowed to continue operating in London while the decision is appealed. But the real question is, when will it clean up its act? London authorities had revoked Uber’s license in 2017 for poor oversight of drivers, among other concerns.

Image Credit... Till Lauer

What’s Next? (Dec. 1-7)

Vague Expectations

Both the Trump administration and Chinese officials hinted at progress toward a “Phase 1” trade deal early last week. But then President Trump signed legislation to protect pro-democracy protesters in Hong Kong, a move that China denounced on Thursday as illegal interference in its political affairs. It may just be blustering, though. The clock is ticking toward Mr. Trump’s next round of tariff increases on Chinese goods, scheduled for Dec. 15, an escalation that neither side wants. Still, it’s unclear what this preliminary deal will accomplish, and more important, whether a more substantial, “Phase 2” agreement could ever follow.

Opioids in Trouble, Again

More bad news for those who got rich off deadly opioids: They’re under criminal investigation. Federal prosecutors have subpoenaed five drugmakers and one distributor for information about why they shipped large quantities of painkillers to regions and communities where the pills were being widely abused. (Federal law requires them to stop or report drug orders that seem suspicious.) Five of those six companies are also defendants in more than 2,000 civil lawsuits filed by state and local governments. They are accused of using reckless marketing and distribution methods that contributed to the opioid crisis, which has been linked to more than 400,000 deaths in the United States since 2000.

A Family Reunion

Why overcomplicate your vast entertainment empire? The Redstone family, which controls both CBS Corporation and Viacom, is expected to reunite the two companies in a megadeal that closes on Wednesday, about 14 years after Sumner Redstone split them into separate, more focused businesses. His daughter, Shari Redstone, will serve as chairwoman of the combined entity, which will command a 22 percent share of the American television audience and more than $28 billion in revenue . Some investors are wary of what the merger will achieve beyond initial cost reductions from shedding redundant employees. But Ms. Redstone has called the skepticism “very motivating,” and the move will free up resources to focus on streaming services.