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Jun 15 2018

Chinese truckers demonstrate over high fuel costs, truck-hailing app Manbang

SHANGHAI/BEIJING - Chinese truck drivers are demonstrating against higher fuel costs and the dominance of local truck hire platform Manbang which they said is squeezing incomes, a potential headache for the firm backed by SoftBank Group Corp and Alphabet Inc.

 

Since late last week, demonstrations by truck drivers have been seen in over a dozen locations around China, according to Hong Kong-based China Labour Bulletin, which tracks labour action in mainland China. On social media, photos and videos circulated showing long lines of parked trucks adorned with banners.

 

The demonstrations come as oil prices hit their highest level since 2014 in recent weeks, scraping $80 per barrel and stoking cost increases for businesses and consumers, especially in large oil-importing nations such as China.

 

The truck drivers also cited a squeeze on haulage rates due to the dominance of Manbang, formally known as Full Truck Alliance Group. Manbang raised $1.9 billion in April from Japan’s Softbank and Alphabet’s venture capital fund CapitalG. Read more

 

 

Source: REUTERS