Rivals team up against Uber
Uber Technologies Inc is facing another alliance of rivals as smaller operators team up across different regions for ride-hailing services. Careem Inc, a Dubai-based service that is valued at about US$1 billion, is to partner with China’s Yidao Yongche (易到用車網) and share resources, according to a statement. They plan to use London-based start-up Splyt Technologies Ltd to coordinate their fleets and payments so that passengers using one app can travel abroad to use the drivers of others without downloading new software. Uber has been able to build leadership in ride-hailing with a single app that customers can use to get a ride around the world. Splyt holds local bank accounts in regional currencies and makes its money by charging a commission on the currency exchange.
Adani eyes Australia mine
India’s Adani Enterprises said work on a giant coal mine near Australia’s Great Barrier Reef would begin in August despite mounting opposition to the long-delayed project, local media outlets reported on Sunday. The controversial US$16 billion Carmichael mine has encountered numerous regulatory and legal hurdles, leading to more than six years of delays. Company chairman Gautam Adani said his board was expecting final approvals from the Australian government by May or June, after which construction could begin in Queensland State. The project still faces several legal challenges, with a final investment decision by Adani reportedly pending. The plan is for a massive open-cut and underground coal mine 160km northwest of Clermont in central Queensland, and a 189km rail link to a port. The coal would be exported to India.
Chang quits Morgan Stanley
Morgan Stanley banker Peter Chang, a managing director who worked on South Korea mergers and acquisitions, has resigned after 18 years with the US firm, according to people familiar with the matter. Chang, head of Morgan Stanley’s transaction development group and restructuring in the Asia-Pacific region excluding Japan, is to stay on for a few months before departing officially, the sources said. Morgan Stanley Hong Kong-based spokesman Nick Footitt declined to comment. While Chang was not part of the firm’s mergers and acquisitions (M&A) team in his most recent role, he assisted with originating and executing specific M&A deals. Morgan Stanley’s mergers advisory business in Asia outside Japan pulled in record fees last year and the firm gained market share in equities, helping to partially shield it from an investment-banking contraction that prompted competitors like Goldman Sachs Group Inc to cut jobs.
Onyx to buy Hansteen arm
Blackstone Group LP and M7 Real Estate Ltd venture agreed to acquire Hansteen Holdings PLC’s continental European properties as an improving economy boosts demand for logistics assets. The Onyx venture is to pay about 1.3 billion euros (US$1.4 billion) to Hansteen for the properties in Germany and the Netherlands, London-based Hansteen said in a statement yesterday. The price is a premium of about 76 million euros, or 6 percent, to the firm’s valuation at the end of last year. “This is a compelling opportunity to crystallize both the revaluation gains from these German and Dutch assets achieved by our active asset management and the gains from foreign exchange movements,” Hansteen joint chief executive officers Morgan Jones and Ian Watson said in the statement.