Feb 16, 2018

Uber looking to sell Southeast Asia business to rival company

The logo of transport network company Grab is seen inside a mall in Manila, Philippines on Saturday, May 27, 2017. Photo: Richard James Mendoza/NurPhoto via Getty Images

Uber is reportedly preparing to sell its Southeast Asian operations to Grab, its rival in the region that's also backed by investor Softbank, in exchange for a stake in the company, according to CNBC.

Why it makes sense: The deal would be similar to what Uber did with its Chinese operations in 2016, which put an end to the $1 billion it was spending per year there. Earlier this week, Uber CEO Dara Khosrowshahi called the company's spending to compete in regions like Asia "optional," adding that its ride-hailing business in developed markets like North America and Europe is financially sustainable.

Grab declined to comment and Uber has not returned a request for comment.

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Updated 1 hour ago - Politics & Policy

Pentagon watchdog sidelined by Trump resigns

Fine testiying before the Senate Judiciary Committee in 2017. Photo: Drew Angerer/Getty Images

Glenn Fine, the Pentagon's principal deputy inspector general, submitted his resignation on Tuesday.

Why it matters: President Trump removed Fine as the Pentagon's acting inspector general in April 7 after a group of independent federal watchdogs selected him to lead the Pandemic Response Accountability Committee, which was set up to oversee the rollout of the $2 trillion coronavirus relief bill.

New York reports lowest number of daily coronavirus deaths since March

The number of daily new coronavirus cases and deaths reported in New York was the lowest since the state started its lockdown in March, Gov. Andrew Cuomo said Tuesday, calling Memorial Day a "pivot point" for New York.

By the numbers: 73 New Yorkers died from coronavirus in the past 24 hours, and 200 people tested positive. Hospitalizations and intubations also decreased.