It was announced that Uber lost their license to operate in London due to its possibility to endanger “public security and safety” This will surely reduce the success that Uber has had over the past couple of years, but how will this affect the U.K. economy?

2017 has been an obstacle for Uber: from the #DeleteUber trend in January, to the resignations of former CEO Travis Kalanick. Despite their multiple controversies, Uber remains one of the most prominent companies today, with a $10 billion increase in revenue over the past year and their ability to operate in 84 countries worldwide.

Uber driver and blogger Harry Campbell shared that most of his riders are under the age of 30 and going to an event with alcohol. As I consider myself as a loyal Uber customer under 30, the thought of losing the ability of immediately contacting a safe and reliable driver whenever and wherever gives me anxiety. I wouldn’t want to go out or spend time with my friends as often.

It is likely that the loss of Uber in a major city could be risky to many service businesses: clubs, restaurants, and areas where people usually go to when they need an Uber. After speaking to multiple friends who reside in London, most have depended on Uber to get to social events, run errands or get home after a night out.

London is amongst the top 10 largest Uber used cities and is their largest source of income in their European market. With 3.5 million users and over 40,000 taxi drivers, losing their license in London could cost them a large proportion of their profits. Not only could this be a loss for Uber, but also to the economy and other London-based businesses. Fortunately, their unemployment rate remains at 2.1%, much lower than most regions; could the loss of Uber change this?

In contrast, this controversy could in fact be a gain for the British, who’s public transportation accounts for 6.9% of the UK’s GDP. As London is known for having a large taxi and subway system, it is certain that more people will begin using public transport which can increase their GDP.

The final verdict? Clearly for Uber, this is a loss. They are guaranteed to lose a proportion of market share, and a significant amount of revenue. But for the U.K. economy, there are its pros and cons: for the tertiary sector, it could possibly be a downfall, but for the transportation industry, it is certainly an economy booster. Personally, I feel for Londoners. Moving to Vancouver, without Uber is tough; I’ve had to develop my trust and adapt to public transport daily.

Thanks God for free transport!

Works Cited

[GIF of Jimmy Kimmel saying “You know what Uber is, right?”]. (n.d.). Retrieved September 25, 2017, from https://media.tenor.com/images/1157cf065dc4ee4a3b16cf0083979643/tenor.gif

Campbell, H. (2015, June 11). Have We Become Too Dependent On Uber? Retrieved September 25, 2017, from https://www.forbes.com/sites/harrycampbell/2015/06/09/have-we-become-too-dependent-on-uber/#2d2b6e17758b

Kirka, D. (2017, September 22). Uber to lose licence to operate in London. Retrieved September 25, 2017, from https://www.thestar.com/news/world/2017/09/22/uber-to-lose-licence-to-operate-in-london.html

Murgia, M. (2017, September 24). Uber launches effort to save crucial London market. Retrieved September 25, 2017, from https://www.ft.com/content/9e315c30-a137-11e7-9e4f-7f5e6a7c98a2

Rozario, D. (2017, July 12). The Mayor of London and the London Assembly. Retrieved September 25, 2017, from https://data.london.gov.uk/apps_and_analysis/labour-market-update-for-london-july-2017/

Taylor, K. (2017, July 05). Millennials are reviving Uber during the darkest time in company history. Retrieved September 25, 2017, from http://www.businessinsider.com/uber-makes-major-gains-among-millennials-2017-7

Picture taken from FTI Journal’s “Is “Business Ethics” an Oxymoron?”^[1]

How does one know whether an action is considered ethical, whether it has to do with school, daily life, or in this case – business activity? For instance, when a company has to make employees redundant. It may be ethical for the success of the company by allocating costs more efficiently, but could also be unethical for those made jobless. Two questions are raised in these scenarios: do all business decisions have to be ethical to succeed, and can businesses be ethical towards all stakeholders when making decisions?

It is important for businesses to consider their associated parties to succeed in any industry. This is why every business must conduct a code of practice. Executives have to keep in mind of ethical principles, such as honesty, integrity, and loyalty, to maintain and sustain performance. Otherwise, the fate of the business could be at stake.

American network Nickelodeon’s parent company, Viacom International Media Networks, announced their plans to build a 100 hectare underwater theme park in El Nido, Philippines. Although proposing to prioritize “ocean conservation focus”^[2], immediate backlash from those of Greenpeace, and Philippine environmental activist Grizelda Mayo-Anda have thought otherwise, regarding the project as “sad and alarming”^[3]

One must be aware of the unethical harm that this could cause towards marine life in the Philippines. With this comes a relevant discussion: environment versus profit.

From the perspective of Filipino, building a theme park would disrupt the distinct and natural features that contribute towards the environmental beauty of the Philippines. This disappoints not only environmentalists, but also the residents of Palawan. Thus, this can be considered unethical, right?

Think about other stakeholders: employees, the local community and the government. Wouldn’t this development create thousands of job opportunities in a third world country that is the Philippines? The answer to that is, certainly. Boosting Philippines’ tourism rates and increasing revenue sounds like an ego-booster for the Philippine economy. Unfortunately, with every ethical decision, comes unethical consequences.

The possibilities of being ethical whilst simultaneously satisfying the needs and wants of all stakeholders in any business are minute. A beneficial choice does not necessarily mean that it is ethical. Achieving success requires the ability to take risks and be spontaneous, some that could be immoral. In fact, 24% of Wall Street executives from the US and UK think that it is essential “to engage in unethical or illegal conduct in order to be successful.” ^[4]

Everyone has the opportunity and need to be unethical, selfish, or immodest. In today’s society, competition is shooting, and with this change, comes the need for greed. It is not about being either ethical or successful, but instead sacrificing ethical values to succeed, and sacrificing success to be ethical.

Written by Marga Chan

Works Cited

[1]       Holder, Frank L. “Green Stop Sight with the Quote ‘Is ‘Business Ethics’ an Oxymoron?”.” FTI Journal, FTI Consulting Inc., Feb. 2014, www.ftijournal.com/article/is-business-ethics-an-oxymoron.

[2]       Affairs, G. N. (2017, January 10). Nickelodeon to build underwater theme park in Palawan. Retrieved September 12, 2017, from http://www.gmanetwork.com/news/lifestyle/travel/595288/nickelodeon-to-build-underwater-theme-park-in-palawan/story/

[3]       Manila, A. F. (2017, August 23). Nickelodeon abandons Philippine resort plan after backlash. Retrieved September 12, 2017, from https://www.theguardian.com/world/2017/aug/23/nickelodeon-abandons-philippine-resort-plan-after-backlash

[4]       Plaue, N. (2012, July 10). A Quarter Of Wall Street Executives Say You Have To Be Unethical To Succeed. Retrieved September 12, 2017, from
http://www.businessinsider.com/a-quarter-of-wall-street-executives-think-unethical-activity-is-required-to-succeed-2012-7

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