Aug 8, 2017

Didi Chuxing backs ride-hailing company in the Middle East

Courtesy of Careem

Chinese transportation giant Didi Chuxing has invested an undisclosed amount of funding into Careem, a Dubai-based ride-hailing company that operates in the Middle East and North Africa, as part of a new partnership. Careem recently raised $500 million in funding from Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding, Daimler, DCM Ventures, and Coatue Management, among others, valuing the company at over $1 billion.

Didi's global game: Didi has already put money into Southeast Asia's Grab, India's Ola, 99 in Latin America, Taxify in Europe and Africa, and Lyft in the U.S. The company has been aggressively investing in and forging partnerships with local players, undoubtedly as part of its ambitions to "play a global game," as president Jean Liu said last year. This strategy also pits it against Uber, which operates in most parts of the world, and in which Didi has a stake thanks to a merger last summer with the company's Chinese operations.

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Photo: Brett Carlsen/Getty Images

Catch up on today's biggest news:

  1. Mike Bloomberg offers to release women from 3 NDAs
  2. Wells Fargo agrees to pay $3 billion to settle consumer abuse charges
  3. Bloomberg campaign says Tennessee vandalism "echoes language" from Bernie supporters
  4. Scoop: New White House personnel chief tells Cabinet liaisons to target Never Trumpers
  5. Nearly half of Republicans support pardoning Roger Stone

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.

Bloomberg offers to release women from 3 nondisclosure agreements

Mike Bloomberg. Photo: Brett Carlsen/Getty Images

Mike Bloomberg said Friday his company will release women identified to have signed three nondisclosure agreements so they can publicly discuss their allegations against him if they wish.

Why it matters, via Axios' Margaret Talev: Bloomberg’s shift in policy toward NDAs comes as he tries to stanch his loss of female support after the Las Vegas debate. It is an effort to separate the total number of harassment and culture complaints at the large company from those directed at him personally. That could reframe the criticism against him, but also protect the company from legal fallout if all past NDAs were placed in jeopardy.