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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.

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Marine Park Trainer in China Puts Lipstick on Beluga Whale, Sparks Outrage

She did it to make the whale look “prettier.”

Being viral is what everybody wants to be, especially for businesses and wanna-be celebrities. People will do even the craziest things just to get famous online. A marine park trainer pulls a stunt possibly to make the park's videos viral, but it earned her so much more.

The park in question is Sun Asia Ocean World in Dalian in North Eastern China. In one of the videos that featured the park's attractions, a female trainer was seen putting on bright red lipstick on a beluga whale's lips.

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Kim Jong-un Brought Personal Toilet To Protect His Stools During Sit-Down With Trump

Kim Jong-un took “keeping one’s privacy” to the next level.

Kim Jong-un took “keeping one’s privacy” to the next level. North Korean officials made sure that he will have a safe arrival for his sit-down with President Donald Trump in Singapore for the Trump-Kim summit. To make this possible, they used two decoy airplanes to protect the Supreme Leader's stools. Yes, you read that right.

Bringing his own bodyguards and food supply is definitely nothing out of the ordinary. However, tagging a portable toilet along certainly dropped a lot of jaws. Kim's security team brought the bathroom fixture to Singapore in an effort to “deny determined sewer divers insights into the supreme leader's stools.”

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Fear Grips India As Rare Virus Continues To Claim Lives, May Become Global Epidemic

The disease is suspected to be caused by infected fruit bats.

Several people in southern India have died after they have been infected with a virus that causes flu-like symptoms at first and develops into something more agonizing as the disease progresses. What is more alarming is that, according to health officials, the rare disease may even become a global epidemic if it is not contained.

Emergency measures are being taken in the southwestern state of Kerala in India after almost 50 people have been infected with the Nipah virus. While those infected only experience flu-like symptoms at the onset, the agony aggravates as the symptoms progress to encephalitis, a condition characterized by the swelling of the brain.

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