The Presidential Daily Brief


  1. uber china shutterstock 422838592

    Uber Gives Up on China, Sells Operations to Didi Chuxing

    Sometimes, the global market disrupts you. Uber’s been trying to establish itself in China for three years, but never made a profit — and now it’s reportedly cut a deal with the much-larger homegrown rival ride-hailing app. Uber’s local operations will go to Didi in exchange for a $1 billion investment and a 20 percent stake in the Chinese company. China’s just legalized ride-hailing apps — and will institute new regulations in November forbidding below-cost pricing, which may have spurred the deal.

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