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Uber in talks to buy Dubai riding-hailing rival Careem

Ride-hailing company Uber is in talks to buy Dubai-based rival Careem for about $2 billion to $2.5 billion, Bloomberg reported here on Monday, citing people familiar with the matter. No final decisions have been made, and the companies may decide against the transaction, according to Bloomberg. Uber and Careem held preliminary talks in July to combine their Middle Eastern ride-hailing services, hoping to resolve a costly rivalry in the region, Bloomberg had previously reported. Both Careem and Uber did not…

Erdogan tells Turks to buy plunging lira as Trump turns the screws

ISTANBUL/ANKARA: President Tayyip Erdogan told Turks on Friday to exchange their gold and dollars into lira, with the currency in free fall as President Donald Trump escalated a feud with Ankara by doubling tariffs on metals imports. The lira has long been falling on worries about Erdogan’s influence over monetary policy and worsening relations with the United States. That turned into a rout on Friday, with the lira diving as much as 18 percent at one point, the biggest one-day drop since Turkey’s 2001 financial crisis.…

Southeast Asia’s Grab in talks to buy into Uber’s regional business: source

SINGAPORE: Southeast Asia’s biggest ride-hailing firm, Grab, is in advanced negotiations to buy parts of Uber’s business in the region, said a source with knowledge of the talks, in what would be Uber’s second retreat from an Asian market. Ride-hailing firms have raised billions of dollars to help compete in Southeast Asia where they have been forced into losses partly due to hefty incentives to drivers and discounts to riders. Grab has a dominant position in several markets in the region of about 640 million people,…

Sanofi digs deep to buy US haemophilia group Bioverativ for $11.6 billion

PARIS: French healthcare group Sanofi has agreed to buy US haemophilia specialist Bioverativ for $11.6 billion, its biggest deal for seven years, which it said would strengthen its presence in treatments for rare diseases. Sanofi shares fell 3.4 percent by 0920 GMT, making the stock the worst performer on France’s benchmark CAC-40 index and several analysts deemed the deal expensive. The move comes at a time of renewed interest by large drugmakers in smaller biotech firms and predictions by some experts that 2018 will…

Erdogan says US can’t buy Turkish support on Jerusalem

ISTANBUL: President Tayyip Erdogan told the United States on Thursday it could not buy Turkey’s support in a vote at the United Nations on Jerusalem, and said he hoped the world would teach Washington a lesson. “Mr. Trump, you cannot buy Turkey’s democratic will with your dollars”, Erdogan said after US President Donald Trump threatened to cut aid to countries that support a draft UN resolution calling for the United States to withdraw its decision to recognize Jerusalem as Israel’s capital. Read More: Erdogan says…

Disney to buy Fox film, TV businesses for $52 billion

Walt Disney on Thursday agreed to buy film, TV and international assets from Rupert Murdoch’s Twenty-First Century Fox for $52.4 billion as Disney seeks greater scale to tackle growing competition from Netflix and Amazon.com. Under the terms of the all-stock deal, Disney acquires significant assets from Fox, including the studios that produced the blockbuster Marvel superhero pictures and the “Avatar” franchise, as well as hit TV shows such as “The Simpsons”. Read More: Fox held talks to sell most of company to Disney:…

Apple confirms deal to buy music discovery app Shazam

SAN FRANSICO: Apple on Monday confirmed it had reached a deal to acquire Shazam Entertainment, the UK-based app that lets users identify songs by pointing a smart phone at the audio source. Apple did not give a price for the acquisition. Technology news website TechCrunch reported the deal on Friday with a price of as much as $400 million, far short of the most recent $1 billion valuation for privately held Shazam. Apple in talks to acquire music identification app Shazam: source Company said Shazam would be a…

Qatar signs $8-bn deal to buy 24 Typhoon fighters from UK

DOHA: Qatar signed a multi-billion-dollar deal Sunday to buy 24 Typhoon fighters from Britain, its second major defence agreement this week, which comes during the worst political crisis in the region for years. The $8-billion (6.8-billion-euro) deal was signed in Doha by Qatar's Defence Minister Khalid bin Mohammed al-Attiyah and his British counterpart, Gavin Williamson. Williamson said it was the biggest order for Typhoons in a decade, and it follows a billion-dollar deal signed by Qatar on December 7 to buy 12…

SoftBank offers to buy Uber shares at 30 percent discount

SAN FRANCISCO: Japan’s SoftBank Group is offering to purchase shares of Uber Technologies at a valuation of $48 billion, a 30 percent discount to its most recent valuation of $68.5 billion, a person familiar with the matter said on Monday. The investment, which was approved by the Uber board in October, would also trigger a string of governance changes at Uber that would limit some early shareholders’ voting power, expand the board from 11 to 17 directors and cut the influence of former Chief Executive Travis Kalanick.…