Uber is in advanced talks to buy Mideast rival Careem

Dubai: Uber Technologies Inc. is in advanced discussions to buy its Dubai-based rival Careem Networks FZ, a deal that would expand the ride-hailing giant’s operations in the Middle East, according to people familiar with the matter. The companies may announce a cash-and-shares transaction that values Careem at about $3 billion in the coming weeks, the […]

US threat looms over foreign firms trading with Cuba

HAVANA: US President Donald Trump’s administration is brandishing the threat of sanctions against foreign companies “trafficking” with Cuba, a move hitherto mothballed by Washington so as not to offend allies. The White House has broken with two decades of precedent in threatening to activate Title III of the Helms-Burton Act, which extended the US embargo […]

Automakers seek to electrify Geneva car show, fight off gloom

PARIS: The Geneva Motor Show kicks off this week with automakers eager to show off new electric models, even as they nervously eye a horizon coloured by trade wars and Brexit uncertainty. After years of growth and record profits, the sector took a sharp U-turn in mid-2018 amid an unexpected slowdown in China, which is […]

Egyptian Bank EFG-Hermes weighs South East Asian acquisition

EFG-Hermes Holding SAE is considering an expansion into South East Asia as Egypt’s biggest investment bank seeks to grow in emerging markets. The Cairo-headquartered company, which operates in 12 countries, is “looking at potentially one or two” new markets this year, Chief Executive Officer Karim Awad said in an interview with Bloomberg Television in Dubai […]