Tag Archives: Technology

First Marijuana-Based Medicine Is Approved for Sale in U.S.

The first-ever medical treatment derived from a marijuana plant will hit the U.S. market in a few months after regulators on Monday gave the epilepsy treatment the green light.

The Food and Drug Administration approved GW Pharmaceuticals Plc’s Epidiolex to treat two rare forms of childhood epilepsy, according to a statement from the agency. The liquid is made from a compound in the marijuana plant called cannabidiol, a different chemical from tetrahydrocannabinol, or THC, which gets users high.

GW Pharmaceuticals’ Epidiolex medication.

Photographer: Kathy Young/AP

Epilepsy patients and doctors have long had interest in marijuana’s therapeutic potential. The approval marks the first time patients will have access in the U.S. to a cannabis-derived drug that has undergone a safety and efficacy review by the FDA.

“The same principles around any prescription medication can now be applied to cannabis-based medications,” GW Pharma Chief Executive Officer Justin Gover said in an interview before the FDA’s decision. “That underlies the whole value of this. We now remove ourselves from being a special case and now meet the standard criteria for prescription medications.”

FDA Commissioner Scott Gottlieb issued a separate statement stressing the importance of proper research on medical uses of marijuana and cautioning other companies that might try to push their pot treatments.

“This is an important medical advance,” Gottlieb said of Epidiolex. “But it’s also important to note that this is not an approval of marijuana or all of its components.”

GW Pharma’s American depositary receipts fell less than 1 percent to $149.85 at 1:03 p.m. in New York. They had gained 15 percent this year through Friday’s close.

GW Pharma has to wait to sell Epidiolex until the Drug Enforcement Administration decides what restrictions to place on the drug to ensure that it reaches only the patients for whom it is intended. The DEA, which classifies marijuana as an illegal drug, is required to make that determination in 90 days, Gover said. FDA staff said at an April meeting on the drug with outside advisers that cannibidiol, known as CBD, “does not appear to have abuse potential.”

Severe Forms

Epidiolex is approved to treat Lennox-Gastaut and Dravet syndromes in patients age 2 or older. Both are considered severe forms of epilepsy that begin in childhood. They’re resistant to many existing treatments, and as many as 20 percent of children with Dravet syndrome die before reaching adulthood, according to the National Institutes of Health.

GW Pharma will make Epidiolex in the U.K., where the company is based, Gover said, and export the finished product to the U.S. As of last week, the company hadn’t determined the price but was in preliminary talks with insurance companies to make them aware Epidiolex is coming, he said.

While Epidiolex is the first approved medicine that comes from a pot plant, the FDA has allowed the use a few drugs made from synthetic cannabinoids, including Insys Therapeutics Inc.’s Syndros for loss of appetite in people with AIDS and nausea caused by chemotherapy. Insys is developing a cannabidiol oral solution for a severe type of epileptic seizure known as infantile spasms, and childhood epilepsy defined by staring spells where the child isn’t aware or responsive.

(Updates with FDA commissioner comments in fifth paragraph.)

    Read more: https://www.bloomberg.com/news/articles/2018-06-25/first-marijuana-based-medicine-wins-approval-for-sale-in-u-s

    When It Comes to Tipping, Millennials Are Cheapest

    U.S. millennials are quick to whip out their wallets for pricey avocado toast and craft beer. But when it comes to rewarding the waiters and bartenders who serve them, those wallets often stay closed.

    Ten percent of millennials don’t tip at all when dining out compared with only three percent among the older generations, according to a study released Monday by CreditCards.com, an online credit card marketplace.

    And those millennials who do tip at restaurants tend to leave a median gratuity of 15 percent, less than the overall average. Gen-Xers, baby boomers and the oldest Americans, the so-called Silent Generation, are more generous, leaving between 18 and 20 percent.

    “It was interesting to see that millennials are the worst tippers—because the typical restaurant worker a millennial,” CreditCards.com senior industry analyst Matt Schulz said in an interview. “It’s self-defeating.”

    The study was conducted for CreditCards.com by market-research firm GfK, which gathered data last month from 1,000 Americans aged 18 and older. Millennials were defined as between the ages of 18 and 37.

    Beyond those poor waiters, taxi drivers and baristas fared even worse with their millennial customers. Apparently even the suggestion that a tip is expected puts some of these young people off. Eighteen percent of millennials surveyed said they typically decline to leave any amount when presented with pre-entered tipping options—say if they’re in a taxi or taking a Lyft or Uber.

    Why are these American youth, many of whom work in tip-reliant industries, so cheap? The answer may be economic. “Millennials’ financial struggles are a big reason they tip less,” Schulz said.

    But other data point to a more cynical explanation. Millennials do tend to spend more of their disposable income eating out, according to 2017 data from Merrill Lynch. After all, that tip can pay for dessert.

    But twenty and thirty-somethings aren’t the only skinflint demographic. Men, southerners, westerners, parents with young children, lower earners and the less educated said they tip less in restaurants than the overall median of 18 percent, according to the study.

    Who, then, leaves the largest tips?

    The study found people who are college educated, over the age of 65, from the Northeast and Midwest, and women all reported leaving a median of 20 percent—an above average tip.

      Read more: https://www.bloomberg.com/news/articles/2018-06-18/when-it-comes-to-tipping-millennials-are-cheapest

      Ambien maker responds to Roseanne Barr: ‘Racism is not a known side effect’

      After the comedian partly blamed her controversial tweets on taking the sedative, drug-maker Sanofi released a statement

      The drug manufacturer Sanofi has clarified that one of its most popular medications, the sedative Ambien, does not cause racism. Sanofi tweeted: While all pharmaceutical treatments have side effects, racism is not a known side effect of any Sanofi medication.

      The companys statement came after Roseanne Barr partly blamed the drug for the series of racist tweets which led to her ABC sitcom being cancelled.

      Sanofi US (@SanofiUS)

      People of all races, religions and nationalities work at Sanofi every day to improve the lives of people around the world. While all pharmaceutical treatments have side effects, racism is not a known side effect of any Sanofi medication.

      May 30, 2018

      Early on Wednesday, a day after ABC cancelled her show, Barr tweeted: It was 2 in the morning and I was ambien tweeting it was memorial day too i went 2 far & do not want it defended it was egregious Indefensible. I made a mistake I wish I hadnt but…dont defend it please.

      The medication guide that comes with every bottle of Ambien lists potential activities that may occur under the influence of the drug. It does not mention Twitter outbursts, but does warn of a wide variety of other possible side effects: You may get up out of bed while not being fully awake and do an activity that you do not know you are doing. The next morning, you may not remember that you did anything during the night reported activities include: driving a car (sleep-driving), making and eating food, talking on the phone, having sex.

      In a separate tweet, Barr said she was not giving excuses for what I did but that she had previously cracked eggs on the wall at 2am after taking the drug.

      Replying to the radio host David Pakman, who had mocked her Ambien tweet, Barr also wrote: I have had odd ambien experiences on tweeting late at night-like many other ppl do. I BLAME MYSELF OK? its just an explanation not an excuse, Ok, bully?

      Barrs tweet led to Ambien quickly becoming a meme on social media. Many people suggested that other heinous acts in history were the result of taking the drug.

      Jason O. Gilbert (@gilbertjasono)

      (Chanting)
      WE! JUST! TOOK! AMBIEN! pic.twitter.com/esu3IMj8gu

      May 30, 2018

      Barr did not say whether her decade-long history of racially charged tweets and promotion of conspiracy theories also occurred under the influence of Ambien.

      Read more: https://www.theguardian.com/culture/2018/may/30/roseanne-ambien-racism-tweet-side-effect-response-sanofi

      Electric Buses Are Hurting the Oil Industry

      • About 279,000 barrels a day of fuel won’t be needed this year
      • China adds a London-sized electric bus fleet every five weeks

      Electric buses were seen as a joke at an industry conference in Belgium seven years ago when the Chinese manufacturer BYD Co. showed an early model.

      “Everyone was laughing at BYD for making a toy,” recalled Isbrand Ho, the Shenzhen-based company’s managing director in Europe. “And look now. Everyone has one.”

      Suddenly, buses with battery-powered motors are a serious matter with the potential to revolutionize city transport—and add to the forces reshaping the energy industry. With China leading the way, making the traditional smog-belching diesel behemoth run on electricity is starting to eat away at fossil fuel demand.

      The numbers are staggering. China had about 99 percent of the 385,000 electric buses on the roads worldwide in 2017, accounting for 17 percent of the country’s entire fleet. Every five weeks, Chinese cities add 9,500 of the zero-emissions transporters—the equivalent of London’s entire working fleet, according Bloomberg New Energy Finance.

      All this is starting to make an observable reduction in fuel demand. And because they consume 30 times more fuel than average sized cars, their impact on energy use so far has become much greater than the passenger sedans produced by companies from Tesla Inc. to Toyota Motor Corp.

      Keeping It in the Ground

      Cumulative global fuel displacement by e-buses and passenger EVs

      Source: Bloomberg New Energy Finance

      For every 1,000 battery-powered buses on the road, about 500 barrels a day of diesel fuel will be displaced from the market, according to BNEF calculations. This year, the volume of fuel not needed may rise 37 percent to 279,000 barrels a day because of electric transport including cars and light trucks, about as much oil as Greece consumes, according to BNEF. Buses account for about 233,000 barrels of that total.

      “This segment is approaching the tipping point,” said Colin McKerracher, head of advanced transport at the London-based research unit of Bloomberg LP. “City governments all over the world are being taken to task over poor urban air quality. This pressure isn’t going away, and electric bus sales are positioned to benefit.”

      China is ahead on electrifying its fleet because it has the world’s worst pollution problem. With a growing urban population and galloping energy demand, the nation’s legendary smogs were responsible for 1.6 million extra deaths in 2015, according to non-profit Berkeley Earth.

      Putting It Back

      Global fuel demand displaced by e-buses

      Source: Bloomberg New Energy Finance

      A decade ago, Shenzhen was a typical example of a booming Chinese city that had given little thought to the environment. Its smog became so notorious that the government picked it for a pilot program for energy conservation and zero emissions vehicles in 2009. Two years later, the first electric buses rolled off BYD’s production line there. And in December, all of Shenzhen’s 16,359 buses were electric.

      BYD had 13 percent of China’s electric bus market in 2016 and put 14,000 of the vehicles on the streets of Shenzhen alone. It’s built 35,000 so far and has capacity to build as many as 15,000 a year, Ho said.

      A worker charges an electric bus in Shenzhen.
      Photographer: Qilai Shen/Bloomberg

      BYD estimates its buses have logged 17 billion kilometers (10 billion miles) and saved 6.8 billion liters (1.8 billion gallons) of fuel since they started ferrying passengers around the world’s busiest cities. That, according to Ho, adds up to 18 million tons of carbon dioxide pollution avoided, which is about as much as 3.8 million cars produce in each year.

      “The first fleet of pure electric buses provided by BYD started operation in Shenzhen in 2011,” Ho said by phone. “Now, almost 10 years later, in other cities the air quality has worsened while—compared with those cities—Shenzhen’s is much better.”

      Driving the Revolution

      China electric bus sales

      Source: Bloomberg New Energy Finance

      Other cities are taking notice. Paris, London, Mexico City and Los Angeles are among 13 authorities that have committed to only buying zero emissions transport by 2025.

      London is slowly transforming its fleet. Currently four routes in the city center serviced by single-decker units are being shifted to electricity. There are plans to make significant investments to the clean its public transport networks, including retrofitting 5,000 old diesel buses in a program to ensure all buses are emission-free by 2037.

      A BYD Co. double-decker electric bus at the EV Trend Korea exhibition in Seoul on April 12.
      Photographer: SeongJoon Cho/Bloomberg

      Transport for London, responsible for the city’s transport system, declined to comment for this article because of rules around engaging with the media ahead of May local government elections.

      Those goals will have an impact on fuel consumption. London’s network draws about 1.5 million barrels a year of fuel. If the entire fleet goes electric, that may displace 430 barrels a day of diesel for each 1,000 buses going electric, reducing U.K. diesel consumption by about 0.7 percent, according to BNEF.

      Ramping Up

      Top-10 European electric bus fleets, 2017

      Across the U.K. there were 344 electric and plug-in hybrid buses in 2017, and BYD hopes to be picked to supply more. It has partnered with a Scottish bus-maker to provide the batteries for 11 new electric buses that hit the city’s roads in March.

      Falkirk-based manufacturer Alexander Dennis Ltd. began making electric buses in 2016 and has quickly become the European market leader with more than 170 vehicles operating in the U.K. alone.

      More work is on the horizon, with London’s transport authority planning a tender to electrify its iconic double-decker buses, Ho said.

      “The tech is ready,” Ho said. “We are ready, we have our plants in China, and Alexander Dennis in Scotland is geared up for TfL. Once we’re given the word, we are ready to go.”

      (Corrects fifth paragraph to clarify total attributable to buses. )

      Read more: http://www.bloomberg.com/news/articles/2018-04-23/electric-buses-are-hurting-the-oil-industry

      Facebook Scans the Photos and Links You Send on Messenger

      • System aims to detect content that violates standards
      • Company on the defensive about how it handles private data

      Facebook Inc. scans the links and images that people send each other on Facebook Messenger, and reads chats when they’re flagged to moderators, making sure the content abides by the company’s rules. If it doesn’t, it gets blocked or taken down.

      The company confirmed the practice after an interview published earlier this week with Chief Executive Officer Mark Zuckerberg raised questions about Messenger’s practices and privacy. Zuckerberg told Vox’s Ezra Klein a story about receiving a phone call related to ethnic cleansing in Myanmar. Facebook had detected people trying to send sensational messages through the Messenger app, he said.

      “In that case, our systems detect what’s going on,” Zuckerberg said. “We stop those messages from going through.”

      Some people reacted with concern on Twitter: Was Facebook reading messages more generally? Facebook has been under scrutiny in recent weeks over how it handles users’ private data and the revelation struck a nerve. Messenger doesn’t use the data from the scanned messages for advertising, the company said, but the policy may extend beyond what Messenger users expect.

      Read more: Zuckerberg’s date with Congress is set

      The company told Bloomberg that while Messenger conversations are private, Facebook scans them and uses the same tools to prevent abuse there that it does on the social network more generally. All content must abide by the same "community standards." People can report posts or messages for violating those standards, which would prompt a review by the company’s “community operations” team. Automated tools can also do the work.

      “For example, on Messenger, when you send a photo, our automated systems scan it using photo matching technology to detect known child exploitation imagery or when you send a link, we scan it for malware or viruses,” a Facebook Messenger spokeswoman said in a statement. “Facebook designed these automated tools so we can rapidly stop abusive behavior on our platform.”

      Messenger used to be part of Facebook’s main service, before it was spun off into a separate application in 2014. Facebook’s other major chat app, WhatsApp, encrypts both ends of its users’ communications, so that not even WhatsApp can see it — a fact that’s made it more secure for users, and more difficult for lawmakers wanting information in investigations. Messenger also has an encrypted option, but users have to turn it on.

      The company updated its data policy and proposed new terms of service on Wednesday to clarify that Messenger and Instagram use the same rules as Facebook. “We better explain how we combat abuse and investigate suspicious activity, including by analyzing the content people share,” Facebook said in a blog post.

      Facebook is on the defensive after revelations that private information from about 50 million users wound up in the hands of political ad-data firm Cambridge Analytica without their consent. Zuckerberg has agreed to testify before the House next week and is holding a conference call on Wednesday afternoon to discuss changes to Facebook privacy policies. (Follow the call on the TOPLive blog.)

      The company is working to make its privacy policies clearer, but still ends up with gaps between what it says users have agreed to, and what users think they actually agreed to.

      The Messenger scanning systems “are very similar to those that other internet companies use today,” the company said.

      For more on Facebook, check out the   podcast:

      Read more: https://www.bloomberg.com/news/articles/2018-04-04/facebook-scans-what-you-send-to-other-people-on-messenger-app

      Saudis, SoftBank Plan World’s Largest Solar Project

      • Venture may cost $200 billion, add 100,000 jobs in the kingdom
      • Plan envisions 200GW of solar capacity in Saudi Arabia by 2030

      Saudi Arabia and SoftBank Group Corp. signed a memorandum of understanding to build a $200 billion solar power development that’s exponentially larger than any other project.

      SoftBank founder Masayoshi Son, known for backing ambitious endeavors with flair, unveiled the project Tuesday in New York at a ceremony with Saudi Crown Prince Mohammed Bin Salman. The powerful heir to the throne of the world’s largest crude exporter is seeking to diversify the economy and wean off a dependence on oil.

      The deal is the latest in a number of eye-popping announcements from Saudi Arabia promising to scale up its access to renewables. While the kingdom has for years sought to get a foothold in clean energy, it’s was only in 2017 that ministers moved forward with the first projects, collecting bids for a 300-megawatt plant in October.

      At 200 gigawatts, the Softbank project planned for the Saudi desert would be about 100 times larger than the next biggest proposed development and more than double what the global photovoltaic industry supplied last year, according to data compiled by Bloomberg New Energy Finance.

      “It’s a huge step in human history,” Prince Mohammed said. “It’s bold, risky and we hope we succeed doing that.”

      Over The Top

      SoftBank-Saudi solar vision dwarfs other planned PV projects

      Source: Bloomberg New Energy Finance; SoftBank

      If built, the development would almost triple Saudi Arabia’s electricity generation capacity, which stood at 77 gigawatts in 2016, according to BNEF data. About two thirds of that is generated by natural gas, with the rest coming from oil. Only small-scale solar projects working there now.

      Son said he envisions the project, which runs the gamut from power generation to panel and equipment manufacturing, will create as many as 100,000 jobs and shave $40 billion off power costs. The development will reach its maximum capacity by 2030 and may cost close to $1 billion a gigawatt, he said.

      “The kingdom has great sunshine, great size of available land and great engineers, great labor, but most importantly, the best and greatest vision,” Son told reporters at a briefing.

      Deepening Ties

      The agreement deepens SoftBank’s ties with the Saudi Arabia, and advances the crown prince’s ambition to diversify its economy.

      “SoftBank seeks investment and Saudi needs energy, so it may make sense to sort the financing out in a large block and then separately hammer out the phases and the technical details,” said Jenny Chase, head of solar analysis at BNEF. “It is worth noting that many of these memorandums of understanding do not result in anything happening. ”

      SoftBank was said to be planning to invest as much as $25 billion in Saudi Arabia over the next three to four years. That’s a boost for Prince Mohammed, who’s been at the forefront of the Vision 2030 campaign to diversify the kingdom’s economy away from oil by that year. SoftBank is said to have aimed to deploy as much as $15 billion in a new city called Neom, which the crown prince plans to build on the Red Sea coast.

      The Japanese company’s Vision Fund is also said to plan investments of as much as $10 billion in state-controlled Saudi Electricity Co. as part of efforts to diversify the utility into renewables and solar energy.

      Vision, Investments

      Son, who is known as a savvy investor with a flair for the spotlight, has been promoting clean energy since the 2011 Fukushima nuclear disaster and recently completed a 50-megawatt wind power farm in Mongolia. He has also pushed a plan dubbed “Asia Super Grid,” a plan to connect Asian nations by grids and undersea cables to distribute clean energy.

      The kingdom’s deal-making has quickened as it pursues Prince Mohammed’s diversification goals. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, which has more than $224 billion in assets, spent about $54 billion on investments last year. The sale of about a 5 percent stake in oil giant Saudi Arabian Oil Co. is expected to provide more funds.

      Saudi Arabia also plans to build at least 16 nuclear reactors over the next 25 years at a cost of more than $80 billion. Electricity demand in the country has risen by as much as 9 percent a year since 2000, according to BNEF.

      Read more: http://www.bloomberg.com/news/articles/2018-03-28/saudi-arabia-softbank-ink-deal-on-200-billion-solar-project

      Uber Agrees on Southeast Asian Sale to Grab

      Uber Agrees on Southeast Asian Sale to Grab

      Updated on

      • Uber is said to announce sale, for a stake of 25% to 30%
      • A deal will mark Uber’s exit from yet another major market

      Uber Technologies Inc. has reached an agreement to sell its Southeast Asian ride-hailing business to rival Grab and could announce the deal as early as Monday morning in Singapore, people familiar with the matter said.

      The agreement — which includes all of Uber’s operations in Southeast Asia as well as Uber Eats in the region — gives the U.S. company a stake of between 25 percent and 30 percent in the new combined business, the people said, asking not to be identified ahead of an official announcement. The deal, which Bloomberg outlined earlier this month, marks Uber’s operational exit from yet another major market and hands a victory to Grab as it battles local competitor Go-Jek.

      SoftBank Group Corp., a major backer of Grab’s and Uber’s as well as China’s Didi Chuxing, has pushed consolidation to improve the profitability of a global ride-hailing business that bleeds billions of dollars a year. New entrants and the strength of second-place regional players such as Lyft Inc. in the U.S. have complicated those efforts.

      Representatives for Grab and Uber declined to comment.

      Read more: Grab Is Said to be Close to Deal for Uber’s Southeast Asia Business

      The deal represents another major retreat from international markets for Uber. Travis Kalanick, its former chief executive officer, sold Uber’s business in China in 2016 in return for a 17.5 percent stake in Chinese ride-hailing leader Didi Chuxing. Then the ride-hailing giant agreed to sell its Russian business to Yandex — just before Dara Khosrowshahi took over as chief executive.

      Khosrowshahi has been pushing to clean up the company’s financials in preparation for an initial public offering next year. Pulling out of markets like Southeast Asia would boost profits at a company that has burned through $10.7 billion since its founding nine years ago. Khosrowshahi signaled during a trip through Asia last month that he is committed to key markets such as Japan and India.

      Grab CEO Braces for a Fight of Biblical Proportions With Uber

      For Grab co-founder and CEO Anthony Tan, the truce would bring to an end a bruising battle for leadership in a Southeast Asian ride-hailing market forecast to reach $20.1 billion by 2025. The companies have been locked in a struggle for control of as many cities as possible across Southeast Asia, home to 620 million people.

      Grab, which started out as a taxi-hailing app in Kuala Lumpur in 2012, became the region’s dominant ride-hailing service in past years with $4 billion raised from investors. It was most recently valued at $6 billion, according to CB Insights. Grab, which has more than 86 million mobile app downloads, currently offers services in more than 190 cities across Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia.

      Read more: http://www.bloomberg.com/news/articles/2018-03-25/uber-is-said-to-reach-agreement-on-southeast-asian-sale-to-grab

      Uber Pulls Out of Southeast Asia, Selling Operation to Rival Grab

      Uber Pulls Out of Southeast Asia, Selling Operation to Rival Grab

      • Grab to buy ride-sharing, food delivery businesses in region
      • Uber gets 27.5% stake in rival, CEO to join Grab’s board

      Uber Technologies Inc. has agreed to sell its Southeast Asian operations to Grab, withdrawing from yet another fast-growing region to end a war of attrition with a fierce local rival.

      Under the agreement, Grab will acquire all of Uber’s operations in a region of 620 million people, including food delivery service UberEats. The U.S. ride-hailing behemoth in return gets a 27.5 percent stake in a combined entity and its chief executive officer will join the board of the Singapore-based company. Bloomberg News reported over the weekend that the two companies had finalized a deal.

      The cease-fire marks a victory for Grab as well as SoftBank Group Corp., the biggest shareholder in both companies. Masayoshi Son’s firm is pushing to reduce competition in a Southeast Asian ride-hailing market forecast to reach $20.1 billion by 2025. Uber and Grab, together with two other SoftBank-backed ride-hailing firms — India’s Ola and China’s Didi Chuxing — provide about 45 million rides a day, according to SoftBank presentation material in February.

      For San Francisco-based Uber, pulling out of running its own business in Southeast Asia cuts back on losses ahead of a planned initial public offering in 2019. But the deal marks the latest retreat by the world’s most valuable startup from a rapidly expanding arena: Uber sold its business in China to Didi in 2016 after a battle in which both burned through cash to court drivers and riders with rich subsidies. Uber negotiated a similar move in Russia last year.

      “Today’s acquisition marks the beginning of a new era. The combined business is the leader in platform and cost efficiency in the region,” Grab CEO Anthony Tan said in a statement.

      Read more: Uber CEO Targets Profitability by 2022 After Years of Losses

      Uber CEO Dara Khosrowshahi has been pushing to burnish the financials of a company that’s burned through $10.7 billion since its founding nine years ago. Khosrowshahi signaled during a trip through Asia last month that he’s committed to other key markets such as Japan and India. But its latest exit suggests Uber is more than ever dependent on its home market of North America, not unlike Khosrowshahi’s previous U.S.-centric employer, Expedia Inc.

      For Grab’s Tan, the truce brings to an end a bruising battle for leadership in Southeast Asia.

      Read more: Grab CEO Braces for a Fight of Biblical Proportions With Uber

      Grab, which started out as a taxi-hailing app in Kuala Lumpur in 2012, became the region’s dominant ride-hailing service in past years with $4 billion raised from investors. It was most recently valued at $6 billion, according to CB Insights. Today, with more than 86 million mobile app downloads, it offers a wide range of ride-hailing services in 191 cities across Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia.

      Read more: https://www.bloomberg.com/news/articles/2018-03-26/uber-cedes-southeast-asia-to-chief-rival-grab-in-latest-pullout