via Yandex.Taxi / Facebook

Uber is teaming up with Russian search company Yandex to form a standalone ride-hailing company, the companies announced on Thursday. It will operate in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus, and Georgia, covering 127 cities.

  • Uber made a similar move last August when it merged its Chinese business with Didi Chuxing, China's biggest ride-hailing company. The decision was effectively a capitulation in the face of Didi's much biggest market share, raising the question of how well Uber has been doing in Russia and surrounding areas.
  • In June, the companies reported a combined total of 35 million rides and $130 million in gross bookings.
  • Uber will invest $225 million and Yandex will put in $100 million into the new company, which will have a post-money valuation of $3.725 billion. Yandex will own 59.3%, Uber will have 36.6%, and employees will own 4.1% on a fully diluted basis. Tigran Khudaverdyan, currently the chief executive of YandexTaxi, will become CEO, while the new board will have four Yandex-appointed reps and three Uber-appointed reps. The local operations of Uber's food delivery business, UberEats, also will become part of the new company.

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Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

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Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.