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Why Did Uber Spend $3.1 Billion On A Middle Eastern Rival?

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After Uber’s disastrous IPO, 2019 proved to be a rough year for the ridesharing giant. But there was one bright spot for Uber – its $3.1 billion acquisition of the Dubai-based ridesharing service Careem. Acquiring its former competitor gives Uber a major win in the Middle East and North Africa region, where Careem has gained a loyal user base thanks to its deep knowledge of the local market.

2019 was a rough year for Uber. First there was the disastrous IPO, where the company’s share price declined straight out of the gate and never recovered. Then came a string of gigantic quarterly losses, leadership shakeups, and layoffs,further rattling investor confidence.

But a mere month and a half before things headed south, Uber announced a major acquisition, paying $3.1 billion for the Dubai-based ridesharing service Careem, giving many investors hope that the Middle East and North Africa could represent a major growth opportunity for the company.

Careem’s deep knowledge of the local market has helped it gain a loyal userbase of 33 million, and allowed it to expand into 87 cities in 14 countries, including places like Iraq and Palestine, where Uber previously had no presence.

Now, Uber is projecting profitability by 2021. If it’s going to get there, Careem and the greater Middle East and North Africa region may have an important role to play.

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Why Did Uber Spend $3.1 Billion On A Middle Eastern Rival?

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The U.S. Is Crazy For Phablets | Tech Bet | CNBC

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At first consumers scoffed at the size, now the mobile line is loved and taken on the name of phablet. What’s the future hold for the outsized smartphone line?
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The Race To Regulate AI

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Some businesses using new artificial intelligence tools have reported big gains in labor productivity. These AI assistants, backed by some of the biggest names in tech, could someday change how work gets done in the U.S. As the technology shuffles up white-collar work in the U.S., some policymakers are pitching ideas like 32-hour work weeks and robot taxes. Meanwhile, other countries are banning high-risk uses of AI in sectors like education and financial services.

Chapters:
0:00 Introduction
01:20 Chapter 1: Productivity and taxes
05:37 Chapter 2: Jobs
07:49: Chapter 3: Regulation

Produced and Edited by: Carlos Waters
Production assistance: Jack Hillyer
Animation: Jason Reginato
Supervising Producer: Lindsey Jacobson
Additional Footage: Getty Images, U.S. Congress
Additional Sources: The Brookings Institution, New York State Assembly, Nasdaq, National Bureau of Economic Research, New York Stock Exchange, Social Security Administration, TrackBill, White House

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Small Beats On Down Guidance Expected From Yahoo | Tech Bet | CNBC

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Yahoo reports earnings on Tuesday. CNBC’s Dominic Chu and Max Wolff of Manhattan Venture Partners discuss what to expect of its financials and more.
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New Relic CEO: Tech’s Secret Weapon | Mad Money | CNBC

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It is the secret weapon for companies like Under Armour, Airbnb and Dunkin Donuts. Jim Cramer spoke with the head honcho of New Relic.
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Why Kraft Heinz Is Warren Buffett’s Worst Bet

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Nine years after its megamerger, food behemoth Kraft Heinz is facing challenging times amid slumping sales, high inflation, a shift away from processed foods and stiff competition. Despite $27 billion in annual sales, the company must keep innovating if it wants to compete with private-label brands such as Costco’s Kirkland or Wegmans’ various brands which are quickly stealing market share as recent generations value lower prices over loyalty. With a new CEO, a renewed focus on core brands, and Brazilian private equity company 3G out of the picture, majority stakeholder Warren Buffett’s Berkshire Hathaway is betting it can make a comeback. But experts say it could be difficult.

Chapters:
0:00 Introduction
2:01 Chapter 1. A bad deal
7:40 Chapter 2. Turn around?
11:37 Chapter 3. Industry Risks

Produced and shot by: Natalie Rice
Edited by: Evan Lee Miller
Animation by: Christina Locopo, Jason Reginato
Senior Managing Producer: Tala Hadavi
Additional Sources: FactSet, Reuters
Additional Footage: Getty, AP Photos, The Kraft Heinz Company

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Why Kraft Heinz Is Warren Buffett’s Worst Bet

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