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'Bloomberg Technology' Full Show (12-13-2019)

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REDMI 8 A REVIEW BY ELECTRONIC TECH.

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Uber offloads Indian food delivery business to Zomato in all-stock deal

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Uber has offloaded its Indian Uber Eats business to local rival Zomato, one month after reports first emerged that the U.S. company was in advanced talks to move away from food delivery in India after failing to gain sufficient traction.

The all-stock transaction sees Uber gain a 9.99% stake in Zomato. It also represents part of a wider trend across Uber’s business that has seen it consolidate its various businesses through divestments and acquisitions.

While Uber continues to cut its losses in the push for profitability, Uber Eats represents its fastest growing unit, with sales growing 64% in the past year thanks to a customer base of well over 90 million active users globally. But Uber faces significant competition both domestically and abroad. Since its Indian debut back in May, 2017, Uber Eats has struggled against local players including well-funded Swiggy and Zomato — just last week, Gurgaon-based Zomato raised a fresh $150 million in financing from Alibaba’s Ant Financial at a $3 billion valuation.

For Uber, it makes little sense hemorrhaging cash chasing larger and longer-established local players when it can instead focus its efforts on markets where it is a market leader. It’s also worth noting that Uber remains one of the top ride-hailing companies in India, so this move also lets it concentrate more on the transport side of its business. Moreover, as a future IPO-contender, owning a near-10% stake in Zomato could prove very fruitful in the long run for Uber.

“Our Uber Eats team in India has achieved an incredible amount over the last two years, and I couldn’t be prouder of their ingenuity and dedication,” noted Uber CEO Dara Khosrowshahi, in a statement. “India remains an exceptionally important market to Uber and we will continue to invest in growing our local rides business, which is already the clear category leader.”

The Zomato transaction is one of several similar deals Uber has pursued in recent years as it has sought to turnaround its business. In the ride-hailing realm, Uber sold its Chinese business to local etaxi giant Didi Chuxing in a $35 billion deal back in 2016, which was followed by a merger with Yandex.taxi in Eastern Europe a year later. Elsewhere, Uber unfurled the white flag on its Southeast Asian adventure in 2018 when it folded its business into Singapore-based rival Grab. But it’s not all about selling — last year, Uber confirmed plans to acquire Middle Eastern competitor Careem for $3.1 billion, a deal that closed just a few weeks ago.

From today, Uber Eats in India is effectively no more, and all restaurants, delivery drivers, and Uber Eats customers will be directed toward Zomato’s platform.



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Facebook to create 1,000 jobs in London

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A Facebook exec has claimed that the social media giant helped Trump get electedImage copyright
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Facebook is to create 1,000 new jobs in London by the end of the year.

The new posts will take the tech giant’s total number of UK employees to more than 4,000.

More than half of them will be technology-focused, with roles in software engineering, product design and data science, the company is to announce at an event in London.

Facebook has more than 35,000 employees worldwide, with the capital its biggest engineering hub outside the US.

Facebook said many of the new jobs would be in its Community Integrity (CI) division, which builds the tools and technology the company uses to detect and remove harmful content from its platforms.

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Facebook’s chief operating officer Sheryl Sandberg will unveil the jobs boost in London later

Sheryl Sandberg, Facebook’s chief operating officer, is due to unveil the jobs later on Tuesday at an event for small and medium-sized UK businesses.

She will say: “The UK is a world leader in both innovation and creativity.

“Many of these high-skilled jobs will help us address the challenges of an open internet and develop artificial intelligence to find and remove harmful content more quickly.

“They will also help us build the tools that help small businesses grow, compete with larger companies and create new jobs.”

Ms Sandberg will also stress that Facebook is committed to investing in the UK for the long term.

Facebook’s new London employees will be deployed on tasks including the development of products such as Workplace and WhatsApp.

The company said its London CI teams are responsible for everything from fighting spam and abuse to addressing violence and personal safety.



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