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Uber to Exit Southeast Asia for Stake in Rival Company Grab

Uber’s stake could become smaller.

Uber Technologies Inc. has reached an agreement in principle to sell its operations in Southeast Asia to local rival Grab Inc. This exit comes in exchange of as much as 30% stake in Grab, according to reports. Uber and Grab have yet to issue official statements.

The two companies are reportedly ironing out the details of the deal and a final agreement may be reached soon. It is still possible that Uber’s stake could become smaller. The deal will involve Uber’s major assets in the region, but it could possibly exclude small pieces of the Southeast Asian operations. It will be similar to the deal Uber made with Chinese ridesharing company Didi Chuxing in 2016.

The competition between the two has been costly.

Source: Pixabay

Reports say Uber was spending about $200 million annually to take on Grab and another upstart in the region, PT Go-Jek Indonesia, a motorcyle-taxi service. Uber has reportedly spent over $10 billion since it was founded in 2009.

According to a report from Alphabet Inc.’s Google and Singapore state-investment firm Temasek Holdings, the Southeast Asia’s ride-hailing market is expected to grow more than five times to $13.1 billion by 2025 from $2.5 billion in 2015.

The move can help Uber shore up its finances in time for its planned 2019 initial public offering.

Source: Grab

Last year, Uber posted a net loss of $4.46 billion on sales of $7.36 billion. Uber’s chief executive, Dara Khosrowshahi, was previously quoted as saying:

“The economics of that market are not what we want them to be.”

Grab, on the other hand, is valued at $6 billion. It has operations in 178 cities in Southeast Asia, and its app has been downloaded over 80 million times. The company is also reportedly in talks with potential investors, including Japan’s SoftBank, which also holds stakes in Uber, Didi, and India’s Ola.


Threats Of A Mysterious Deadly Infection Emerges In Australia After Typhoon’s Rage

People can get the infection through direct contact with floodwater or droplets in the air.

Facing a typhoon, hurricane or cyclone is a dreadful experience, particularly in areas prone to flooding and landslides. The strong winds and heavy rain could pose an imminent danger to the residents. More so, the aftermath of the typhoon could lead to the rise of various diseases and infections.

A deadly airborne disease is rising from the ground which has led to the death of three people in Australia. Dozens of people have already been infected during the 2018 wet season.

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The Mountain From ‘Game of Thrones’ Breaks Deadlift World Record at 1041lbs

Now you know why he is The Mountain.

Most of us knew Hafþór Björnsson as The Mountain in HBO’s hit TV series “Game of Thrones.” Apparently, this guy is not just muscles and flexes. He actually lives up to his screen name in real life. That is because he recently showed to the world how strong he really is. And by strong, we mean deadlifting a massive barbell!

While competing at this year’s Arnold Strongman Classic, Cersei Lannister’s silent yet extremely dangerous bodyguard broke his own raw deadlift world record. And mind you, we are talking 1,041 pounds here. That is not an easy task to do, no?

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Hostage Grabs Gun, Kills 7 Taliban Captors

He was lucky to be alive.

It takes a big deal of courage to stand up for oneself, especially when faced with imminent danger. An Afghan hostage taken hostage by the Taliban bravely escaped the hands of his captors.

Awal Khan made a dramatic escape as he grabbed the gun of one of his kidnappers and opened fire, killing seven enemies and wounding 18 others.

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