Mark Mobius says he’s ‘very much’ concerned about populist promises ahead of Indian election

India is one of Mark Mobius’ top investment picks for 2019, but the prominent investor admitted he’s “very much” concerned that Prime Minister Narendra Modi’s economic reforms may take a back seat ahead of the general election. The national vote expected in April or May this year will see Modi seeking a second term in office. But his re-election not be an easy journey, especially after his Bharatiya Janata Party’s setback in regional elections late last year: The BJP lost its stronghold on three


India is one of Mark Mobius’ top investment picks for 2019, but the prominent investor admitted he’s “very much” concerned that Prime Minister Narendra Modi’s economic reforms may take a back seat ahead of the general election. The national vote expected in April or May this year will see Modi seeking a second term in office. But his re-election not be an easy journey, especially after his Bharatiya Janata Party’s setback in regional elections late last year: The BJP lost its stronghold on three
Mark Mobius says he’s ‘very much’ concerned about populist promises ahead of Indian election Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: yen nee lee, richard brian
Keywords: news, cnbc, companies, election, going, mark, indian, populist, ahead, india, farmers, concerned, hes, capital, national, promises, modi, mobius


Mark Mobius says he's 'very much' concerned about populist promises ahead of Indian election

India is one of Mark Mobius’ top investment picks for 2019, but the prominent investor admitted he’s “very much” concerned that Prime Minister Narendra Modi’s economic reforms may take a back seat ahead of the general election.

The national vote expected in April or May this year will see Modi seeking a second term in office. But his re-election not be an easy journey, especially after his Bharatiya Janata Party’s setback in regional elections late last year: The BJP lost its stronghold on three key states to the main opposition party, Indian National Congress.

The Indian National Congress reportedly promised farmers — which form a large voting bloc in India — that it would write off their loans in order to win their support in the coming polls. Mobius said he’s “very much” concerned that the Modi government would make similar populist moves, which would then derail reform plans and measures to keep India’s fiscal balance in check.

“Now, we’re holding our breaths to find out what Modi is going to do because if you want to get elected, you have to give something to the farmers,” Mobius, founding partner of Mobius Capital Partners, told CNBC’s “Capital Connection” on Tuesday. “So if this battle … continues, it’s not going to be very good for the budget.”


Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: yen nee lee, richard brian
Keywords: news, cnbc, companies, election, going, mark, indian, populist, ahead, india, farmers, concerned, hes, capital, national, promises, modi, mobius


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US troop withdrawals in Afghanistan are a major headache for India

President Donald Trump’s decision to withdraw about half of the U.S. troops in Afghanistan could have major security implications for India, which is highly vulnerable to internal instability in the war-torn country. A weaker American presence in the Islamic republic is widely expected to embolden local militant groups such as the Taliban, which ruled Afghanistan from 1996 to 2001 before losing power to a U.S.-led coalition. “A gradual descent into a civil war is likely as various regional stake


President Donald Trump’s decision to withdraw about half of the U.S. troops in Afghanistan could have major security implications for India, which is highly vulnerable to internal instability in the war-torn country. A weaker American presence in the Islamic republic is widely expected to embolden local militant groups such as the Taliban, which ruled Afghanistan from 1996 to 2001 before losing power to a U.S.-led coalition. “A gradual descent into a civil war is likely as various regional stake
US troop withdrawals in Afghanistan are a major headache for India Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-28  Authors: nyshka chandran, us marine corps photo, -harsh pant, observer research foundation
Keywords: news, cnbc, companies, american, india, kashmir, headache, wrote, widely, weekshould, troop, afghanistan, withdraw, week, taliban, implications, major, withdrawals


US troop withdrawals in Afghanistan are a major headache for India

President Donald Trump’s decision to withdraw about half of the U.S. troops in Afghanistan could have major security implications for India, which is highly vulnerable to internal instability in the war-torn country.

A weaker American presence in the Islamic republic is widely expected to embolden local militant groups such as the Taliban, which ruled Afghanistan from 1996 to 2001 before losing power to a U.S.-led coalition. “A gradual descent into a civil war is likely as various regional stakeholders try to reshape the battlefield in accordance with their own strategic priorities counting on American forces to eventually leave,” Harsh Pant, distinguished fellow at Indian think tank Observer Research Foundation, wrote in a note this week.

Should the Taliban strengthen its grip in Afghanistan, its influence could subsequently spread to neighboring Pakistan and Kashmir, which would be bad news for India.

U.S. actions in Afghanistan have broad terror implications in Kashmir, K Rajendra Kumar, former director of police in the Indian-administered area of Jammu and Kashmir, said in a speech this week, as reported by NDTV.


Company: cnbc, Activity: cnbc, Date: 2018-12-28  Authors: nyshka chandran, us marine corps photo, -harsh pant, observer research foundation
Keywords: news, cnbc, companies, american, india, kashmir, headache, wrote, widely, weekshould, troop, afghanistan, withdraw, week, taliban, implications, major, withdrawals


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Foxconn to begin assembling top-end Apple iPhones in India in 2019: Source

Apple will begin assembling its top-end iPhones in India through the local unit of Foxconn as early as 2019, the first time the Taiwanese contract manufacturer will have made the product in the country, according to a source familiar with the matter. Importantly, Foxconn will be assembling the most expensive models, such as devices in the flagship iPhone X family, the source said, potentially taking Apple’s business in India to a new level. The work will take place at Foxconn’s plant in Sriperum


Apple will begin assembling its top-end iPhones in India through the local unit of Foxconn as early as 2019, the first time the Taiwanese contract manufacturer will have made the product in the country, according to a source familiar with the matter. Importantly, Foxconn will be assembling the most expensive models, such as devices in the flagship iPhone X family, the source said, potentially taking Apple’s business in India to a new level. The work will take place at Foxconn’s plant in Sriperum
Foxconn to begin assembling top-end Apple iPhones in India in 2019: Source Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: afp, getty images
Keywords: news, cnbc, companies, assembling, source, phones, iphones, models, apple, begin, tamil, investment, 2019, plant, iphone, topend, foxconn, india


Foxconn to begin assembling top-end Apple iPhones in India in 2019: Source

Apple will begin assembling its top-end iPhones in India through the local unit of Foxconn as early as 2019, the first time the Taiwanese contract manufacturer will have made the product in the country, according to a source familiar with the matter.

Importantly, Foxconn will be assembling the most expensive models, such as devices in the flagship iPhone X family, the source said, potentially taking Apple’s business in India to a new level.

The work will take place at Foxconn’s plant in Sriperumbudur town in the southern state of Tamil Nadu, this source added.

Foxconn, which already makes phones for Xiaomi Corp, will invest 25 billion Indian rupees ($356 million) to expand the plant, including investment in iPhone production, Tamil Nadu’s Industries Minister M C Sampath told Reuters.

The investment may create as many as 25,000 jobs, he added.

The other source declined to be named as this person is not authorized to speak to the media. A third source confirmed Foxconn planned to assemble iPhones in India.

The Hindu newspaper first reported on December 24 that the Foxconn plant would begin manufacturing various models of the iPhone. Reuters is first to report the size of the investment and the kind of phones to be assembled.


Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: afp, getty images
Keywords: news, cnbc, companies, assembling, source, phones, iphones, models, apple, begin, tamil, investment, 2019, plant, iphone, topend, foxconn, india


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Facebook will reportedly use cryptocurrency for transferring money through WhatsApp

Facebook is reportedly working on a cryptocurrency for global payments. Instead, the tech giant reportedly plans to use a “stablecoin,” a digital currency pegged to the U.S. dollar. The company’s hiring of former PayPal President David Marcus sparked rumors that Facebook would eventually dive into financial services. Marcus moved to Facebook to run its messenger app in 2014, and now runs the company’s secretive blockchain initiative. Facebook is one of many tech and financial services giants at


Facebook is reportedly working on a cryptocurrency for global payments. Instead, the tech giant reportedly plans to use a “stablecoin,” a digital currency pegged to the U.S. dollar. The company’s hiring of former PayPal President David Marcus sparked rumors that Facebook would eventually dive into financial services. Marcus moved to Facebook to run its messenger app in 2014, and now runs the company’s secretive blockchain initiative. Facebook is one of many tech and financial services giants at
Facebook will reportedly use cryptocurrency for transferring money through WhatsApp Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: kate rooney, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, cryptocurrency, technology, india, bitcoin, currency, cryptocurrencies, tech, plans, whatsapp, services, facebook, transferring, reportedly, money


Facebook will reportedly use cryptocurrency for transferring money through WhatsApp

Facebook is reportedly working on a cryptocurrency for global payments.

The social media giant plans to use a digital currency to focus on small payments in India, Bloomberg reported citing people familiar with the matter.

But it’s not using bitcoin. Instead, the tech giant reportedly plans to use a “stablecoin,” a digital currency pegged to the U.S. dollar. Cryptocurrencies have been marked by volatility this year, often seesawing 10 or 15 percent in a single day. Stablecoins however mirror the price of a government-backed currency and could solve the issue of volatility.

Facebook did not immediately respond to CNBC’s request for comment.

The company’s hiring of former PayPal President David Marcus sparked rumors that Facebook would eventually dive into financial services. Marcus moved to Facebook to run its messenger app in 2014, and now runs the company’s secretive blockchain initiative.

Facebook is one of many tech and financial services giants at least exploring blockchain, the technology underlying bitcoin and other cryptocurrencies. Amazon, J.P. Morgan, Walmart and IBM are among other well-known companies testing the technology. Its potential has been compared to the internet but so has its hype.

Still, few established U.S. companies have embraced cryptocurrencies themselves. CEOs from Jamie Dimon to Warren Buffett have bashed bitcoin and warned investors of the speculative bubble as it ushered in retail buyers last year. The world’s largest cryptocurrency is down more than 70 percent in 2018 alone, according to data from CoinDesk.

Facebook-owned WhatsApp has gained traction in India, where remittance payments are big business. According to the World Bank, people sent $69 billion from other countries into India last year.

— Read the entire Bloomberg report here.


Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: kate rooney, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, cryptocurrency, technology, india, bitcoin, currency, cryptocurrencies, tech, plans, whatsapp, services, facebook, transferring, reportedly, money


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How Kabaddi became India’s fastest growing sport

“It was a sport that was not embraced by urban India, (they) completely overlooked the sport.” said Siddharth, before adding, “The settings of the sport was such that it use to be played on dusty bowls.” Four years later and kabaddi, a body contact sport of raiding and defending between two teams, is now the second most watched sport in India behind cricket. And while it’s still second to India’s premier cricket competition the Indian Premier League, the Pro Kabaddi League has managed to attract


“It was a sport that was not embraced by urban India, (they) completely overlooked the sport.” said Siddharth, before adding, “The settings of the sport was such that it use to be played on dusty bowls.” Four years later and kabaddi, a body contact sport of raiding and defending between two teams, is now the second most watched sport in India behind cricket. And while it’s still second to India’s premier cricket competition the Indian Premier League, the Pro Kabaddi League has managed to attract
How Kabaddi became India’s fastest growing sport Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: tom chitty, hindustan times
Keywords: news, cnbc, companies, indian, watched, kabaddi, indias, india, pro, siddharth, league, sport, tv, teams, growing, fastest


How Kabaddi became India's fastest growing sport

‘Kabaddi on television? Completely unheard of. Why would somebody watch it? How are they going to present it?’

These were the questions, according to Star Sports creative director Siddharth Sharma, that people across India were asking when the Indian TV network bought the rights to the Pro Kabaddi League (PKL) back in 2014.

“It was a sport that was not embraced by urban India, (they) completely overlooked the sport.” said Siddharth, before adding, “The settings of the sport was such that it use to be played on dusty bowls.”

Four years later and kabaddi, a body contact sport of raiding and defending between two teams, is now the second most watched sport in India behind cricket.

From 2016 to 2017, the PKL increased its TV viewership India by almost 100 million people. And while it’s still second to India’s premier cricket competition the Indian Premier League, the Pro Kabaddi League has managed to attract more Indian viewers than soccer’s World Cup, one of the world’s most watched sporting events.

In December, the sport underlined its growing popularity after three Pro Kabaddi League games enjoyed higher TV ratings than the Indian cricket team’s recent Test match win against Australia.


Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: tom chitty, hindustan times
Keywords: news, cnbc, companies, indian, watched, kabaddi, indias, india, pro, siddharth, league, sport, tv, teams, growing, fastest


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These are the best tech companies to work for in India

Of the 15 leading companies named in this year’s list, the majority were multinationals — including the top five. Just three companies on the list originate from India. To be sure, big name companies have a certain allure for aspiring techies the world over. “Apart from competitive remuneration, companies that work to make their employees feel like they work with, and not for the company, create a culture of ownership and instill a sense of loyalty in their employees,” he added. CNBC Make It too


Of the 15 leading companies named in this year’s list, the majority were multinationals — including the top five. Just three companies on the list originate from India. To be sure, big name companies have a certain allure for aspiring techies the world over. “Apart from competitive remuneration, companies that work to make their employees feel like they work with, and not for the company, create a culture of ownership and instill a sense of loyalty in their employees,” he added. CNBC Make It too
These are the best tech companies to work for in India Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: karen gilchrist, peter adams, the image bank, getty images, imagesbazaar, images bazaar, vcg, visual china group, jim young, manjunath kiran
Keywords: news, cnbc, companies, work, tech, list, employees, world, techies, took, best, companies, workplace, 15, india


These are the best tech companies to work for in India

Of the 15 leading companies named in this year’s list, the majority were multinationals — including the top five. Just three companies on the list originate from India. Some of the international companies that made it into the list include names like Microsoft, SAP and Apple.

To be sure, big name companies have a certain allure for aspiring techies the world over. However, Sashi Kumar, managing director of Indeed India, said in a news release that the findings also indicate a desire among employees to work for a business with clear progression structures in place and a positive overall workplace environment.

“In addition to strategic and meaningful workplace programs, companies that have focused on people management and contributed to creating a conducive environment for their employees have been highly rated by job seekers,” said Kumar.

“Apart from competitive remuneration, companies that work to make their employees feel like they work with, and not for the company, create a culture of ownership and instill a sense of loyalty in their employees,” he added.

CNBC Make It took a look at the top 15 tech companies in India and how they made the list.


Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: karen gilchrist, peter adams, the image bank, getty images, imagesbazaar, images bazaar, vcg, visual china group, jim young, manjunath kiran
Keywords: news, cnbc, companies, work, tech, list, employees, world, techies, took, best, companies, workplace, 15, india


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Sudden departure of India’s central bank chief raises questions

The sudden departure of India’s central bank governor Urjit Patel on Monday has raised a number of questions about the Reserve Bank of India’s ongoing struggles. Patel was reportedly criticized by the government for the central bank’s relentless push to clean up India’s banking sector. Patel’s resignation comes less than three years after his predecessor Raghuram Rajan was not confirmed for a second term as central bank governor in 2016, likely due to growing tensions between him and India’s gov


The sudden departure of India’s central bank governor Urjit Patel on Monday has raised a number of questions about the Reserve Bank of India’s ongoing struggles. Patel was reportedly criticized by the government for the central bank’s relentless push to clean up India’s banking sector. Patel’s resignation comes less than three years after his predecessor Raghuram Rajan was not confirmed for a second term as central bank governor in 2016, likely due to growing tensions between him and India’s gov
Sudden departure of India’s central bank chief raises questions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: seema mody, dhiraj singh, bloomberg, getty images
Keywords: news, cnbc, companies, sudden, raises, questions, indias, modi, senior, chief, rbi, policy, say, investors, departure, bank, central, india


Sudden departure of India's central bank chief raises questions

The sudden departure of India’s central bank governor Urjit Patel on Monday has raised a number of questions about the Reserve Bank of India’s ongoing struggles.

The primary focus for investors is whether Patel resigned due to growing pressure from India’s government to lower rates and conduct looser monetary policy as the countdown to next year’s general election kicks off. Patel was reportedly criticized by the government for the central bank’s relentless push to clean up India’s banking sector.

“Investors’ concerns over the independence of the RBI are now higher than ever, but it is unlikely that the government will name another figure with a reputation for independence to lead the Bank,” said Sasha Riser-Kositsky, a senior analyst at Eurasia Group.

Patel’s resignation comes less than three years after his predecessor Raghuram Rajan was not confirmed for a second term as central bank governor in 2016, likely due to growing tensions between him and India’s government.

“Investor confidence will be roiled due to this (losing two independently minded central bank governors within one term is not a great image for foreign investors),” said Akhil Bery, a senior research associate in McLarty Associates’ India & South Asia practice.

Experts say the timing of Patel’s departure from his post as central bank governor comes at a challenging time for two reasons.

India’s government lead by Prime Minister Narendra Modi is facing reelection next year. One factor that helped Modi in 2014 was the backing of investors who supported his pro-business policies. However analysts say Patel’s departure could have an impact on Modi’s image.

On Tuesday, results from four state elections in India will shed light on whether Modi is losing support from his base ahead of the national election in April 2019.

At same time, India is trying to attract new investors and companies while also fending off competition from China. Analysts say any uncertainty in India’s governance of monetary policy could be a setback.

Alyssa Ayres, a senior fellow at the Council on Foreign Relations and author of “Our Time Has Come: How India is Making Its Place in the World,” told CNBC over email: “The widely-discussed allegation that the Modi government is pushing for greater authority over the RBI and diminishing its traditional independence is further cause for concern. The Indian economy has done well with an RBI that functions independently and through its own economic, not political, decisions. It should be allowed to continue without political interference.”

The next monetary policy meeting in India is set for Friday.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: seema mody, dhiraj singh, bloomberg, getty images
Keywords: news, cnbc, companies, sudden, raises, questions, indias, modi, senior, chief, rbi, policy, say, investors, departure, bank, central, india


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India keeps rates on hold; to gradually reduce SLR

The monetary policy committee (MPC) kept the repo rate unchanged at 6.50 percent on Wednesday as predicted by 64 of 70 analysts in a Reuters poll. All six members of the MPC voted to keep the rates on hold. The central bank said starting in the January-March quarter of 2019 it would begin to lower banks’ mandatory bond holding ratios by 25 basis points each quarter until it reaches 18 percent of deposits. The so-called statutory liquidity ratio (SLR) currently stands at 19.50 percent and the mov


The monetary policy committee (MPC) kept the repo rate unchanged at 6.50 percent on Wednesday as predicted by 64 of 70 analysts in a Reuters poll. All six members of the MPC voted to keep the rates on hold. The central bank said starting in the January-March quarter of 2019 it would begin to lower banks’ mandatory bond holding ratios by 25 basis points each quarter until it reaches 18 percent of deposits. The so-called statutory liquidity ratio (SLR) currently stands at 19.50 percent and the mov
India keeps rates on hold; to gradually reduce SLR Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: arun sharma, hindustan times, getty images
Keywords: news, cnbc, companies, inflation, india, statementthe, quarter, policy, hold, lower, slr, gradually, central, rates, banks, keeps, mpc, bond, reduce


India keeps rates on hold; to gradually reduce SLR

The monetary policy committee (MPC) kept the repo rate unchanged at 6.50 percent on Wednesday as predicted by 64 of 70 analysts in a Reuters poll. The central bank also retained its “calibrated tightening” stance as expected.

All six members of the MPC voted to keep the rates on hold.

“Even as inflation projections have been revised downwards significantly and some of the risks pointed out in the last resolution have been mitigated, especially of crude oil prices, several uncertainties still cloud the inflation outlook,” said the MPC in its statement.

The central bank said starting in the January-March quarter of 2019 it would begin to lower banks’ mandatory bond holding ratios by 25 basis points each quarter until it reaches 18 percent of deposits.

The so-called statutory liquidity ratio (SLR) currently stands at 19.50 percent and the move to lower the SLR should prod banks to lend more rather than park their cash in safe-haven government securities.

After the RBI policy announcement, India’s 10-year benchmark bond yield fell to 7.48 percent from 7.54 percent before the policy statement.

The Indian rupee strengthened to 70.46 to the dollar from 70.50 before the policy statement, while the broader NSE stock index was down 0.68 percent at 0905 GMT.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: arun sharma, hindustan times, getty images
Keywords: news, cnbc, companies, inflation, india, statementthe, quarter, policy, hold, lower, slr, gradually, central, rates, banks, keeps, mpc, bond, reduce


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Netflix’s valuation hinges on international growth, but breaking into India hasn’t been easy

Despite a share pullback in recent months from more than $400 to about $285, Netflix has a trailing price-to-earnings ratio of more than 100 and an enterprise value-to-EBITDA ratio of about 70. Viacom’s valuation ratios are both around 7. This gaudy valuation is largely predicated on its international growth forecast. But Netflix hasn’t had an easy time spreading through India since it launched there in 2016. Faced with competition from local players and Amazon Prime Video, Netflix is facing an


Despite a share pullback in recent months from more than $400 to about $285, Netflix has a trailing price-to-earnings ratio of more than 100 and an enterprise value-to-EBITDA ratio of about 70. Viacom’s valuation ratios are both around 7. This gaudy valuation is largely predicated on its international growth forecast. But Netflix hasn’t had an easy time spreading through India since it launched there in 2016. Faced with competition from local players and Amazon Prime Video, Netflix is facing an
Netflix’s valuation hinges on international growth, but breaking into India hasn’t been easy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: alex sherman, getty images, sushil kumar, hindustan times
Keywords: news, cnbc, companies, breaking, netflix, growth, valuation, viacoms, netflixs, ratio, hinges, easy, india, video, triple, uncertain, international, valuetoebitda, valued


Netflix's valuation hinges on international growth, but breaking into India hasn't been easy

Netflix is currently valued much higher than other media companies. Despite a share pullback in recent months from more than $400 to about $285, Netflix has a trailing price-to-earnings ratio of more than 100 and an enterprise value-to-EBITDA ratio of about 70. For comparison, Disney has a P/E ratio of about 14 and an EV-to-EBITDA ratio of about 11. Viacom’s valuation ratios are both around 7.

This gaudy valuation is largely predicated on its international growth forecast. Breaking into India is critical for the company to double or triple its subscribers over the next 10 to 15 years, as many analysts have estimated. But Netflix hasn’t had an easy time spreading through India since it launched there in 2016. Faced with competition from local players and Amazon Prime Video, Netflix is facing an uncertain future in a country with more than 1.3 billion people.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: alex sherman, getty images, sushil kumar, hindustan times
Keywords: news, cnbc, companies, breaking, netflix, growth, valuation, viacoms, netflixs, ratio, hinges, easy, india, video, triple, uncertain, international, valuetoebitda, valued


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Uber’s India business has topped $1.6 billion in annualized bookings, according to internal email

Uber has been selling off its local businesses in big emerging markets like China and Southeast Asia. In an email obtained by CNBC, Uber’s India head Pradeep Parameswaran told company executives, including CEO Dara Khosrowshahi and CFO Nelson Chai, that Uber India reached an annualized bookings rate of $1.64 billion in the third quarter. Parameswaran wrote that Uber will close the year in its “strongest position ever — as the ride-sharing leader in India.” India marks Uber’s last stand in Asia.


Uber has been selling off its local businesses in big emerging markets like China and Southeast Asia. In an email obtained by CNBC, Uber’s India head Pradeep Parameswaran told company executives, including CEO Dara Khosrowshahi and CFO Nelson Chai, that Uber India reached an annualized bookings rate of $1.64 billion in the third quarter. Parameswaran wrote that Uber will close the year in its “strongest position ever — as the ride-sharing leader in India.” India marks Uber’s last stand in Asia.
Uber’s India business has topped $1.6 billion in annualized bookings, according to internal email Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: deirdre bosa, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, local, india, billion, internal, according, email, bookings, company, sold, asia, southeast, ubers, stake, business, topped, uber, annualized


Uber's India business has topped $1.6 billion in annualized bookings, according to internal email

Uber has been selling off its local businesses in big emerging markets like China and Southeast Asia. But the company’s India unit isn’t going anywhere.

In an email obtained by CNBC, Uber’s India head Pradeep Parameswaran told company executives, including CEO Dara Khosrowshahi and CFO Nelson Chai, that Uber India reached an annualized bookings rate of $1.64 billion in the third quarter.

Parameswaran wrote that Uber will close the year in its “strongest position ever — as the ride-sharing leader in India.” He said the company doubled its engineering team as of the third quarter and plans to double again next year in its two big hubs of Bangalore and Hyderabad.

India marks Uber’s last stand in Asia. The San Francisco-based company spent billions of dollars building its business across the region, before ultimately consolidating with local players. In 2016, Uber sold off its China operations to Didi Chuxing for a 20 percent stake in its former rival, and in March of this year Uber sold its business in eight countries across Southeast Asia for a 27.5 percent stake in regional leader Grab. Uber also merged its Russian business with Yandex in 2017.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: deirdre bosa, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, local, india, billion, internal, according, email, bookings, company, sold, asia, southeast, ubers, stake, business, topped, uber, annualized


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