Daily Business Wrap - Uber buys rival Careem - video Dailymotion

Gulf News

Careem, founded in 2012, has a larger presence than Uber in the Middle East, North Africa, Pakistan, and Turkey, operating in 98 cities there compared with Uber's roughly 23 locations.

Transcript

00:00Hello and welcome to Gulf News Daily Business Wrap.

00:04Uber is planning to buy Kareem for $3.1 billion in stock and cash.

00:11The company will pay about $1.4 billion in cash and $1.7 billion in convertible notes

00:18to Kareem founders.

00:20So how this will change life for you and me?

00:22Currently the branding will stay as well as the app.

00:25Why Uber wants to buy Kareem?

00:27It's basically the reach.

00:30Uber is present in only 23 locations in the Middle East compared to 96 locations that

00:36Kareem is operating in.

00:38And why now?

00:39That's a million dollar question.

00:41Uber is planning to file for an IPO and analysts say that company could be valued by as much

00:46as $100 billion.

00:48Amid falling iPhone sales, Apple is planning to reintroduce itself as the entertainment

00:52and financial services company.

00:54They plan to launch Apple Plus TV, that's the video streaming service, as well as credit

01:00card services, as well as a gaming arcade.

01:04All this will be available on the App Store.

01:06We don't know the pricing as of now, neither do we know when this will be available for

01:10customers.

01:11Airbus has secured $35 billion worth of deal from China because Chinese President Xi Jinping

01:18is in Paris currently and he's talking to French President Emmanuel Macron.

01:24This would deal a blow to Boeing, which is already grappling with its grounded, best-selling jet.

01:30Airbus share prices rose as much as 1.9% in trade today.

01:34Remember that Airbus has gained about 38% so far in the year compared to 15% gains that

01:40we have seen in Boeing shares.

01:42That's it from me and thanks for watching.

01:43For more, you can log on to gulfnews.com slash businessnews.

Daily Business Wrap - Uber buys rival Careem

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