Uber in the crosshairs as Japan's SoftBank helps rivals raise $9 billion

Jul 26, 2017 | News On Japan

Jul 26, 2017 (Japan Times) - Uber Technologies Inc. is at risk of losing out on another big chunk of the global market.

Grab, the leading provider of ride-hailing services in Southeast Asia, said Monday it raised $2 billion from SoftBank Group Corp. and China's Didi Chuxing and expects to receive another $500 million from new and existing backers.

The money will help Grab, which already dominates the region, defend its turf against Uber in one of the San Francisco company's most important global markets after retreats from China and Russia.

Uber's rivals are piling on a company in crisis. While a series of scandals at Uber culminated in the ouster of Chief Executive Officer Travis Kalanick in June, its competitors in China, India, Brazil and Singapore have raised a total of about $9 billion to accelerate their expansions. The money, primarily from Masayoshi Son's SoftBank, jeopardizes Uber's push for global dominance and its $69 billion valuation.

International markets have proven brutal. Uber sold its business in China to Didi after a fierce battle that saw each company burning through more than a billion dollars a year at one point as they fought for drivers and riders with rich subsidies. Uber negotiated a similar move in Russia this month as it seeks to narrow losses.

Now, Uber is trying to compete with its leadership in turmoil. Kalanick stepped aside after a lawsuit by Alphabet Inc.'s Waymo over trade secrets, a U.S. criminal probe over a software tool for evading regulators and an investigation into alleged sexual harassment and discrimination. Several lieutenants, including ally Emil Michael, have also left.

Typhoons No. 28 and 29 Bring High Waves to Japan's Pacific Coast

Two typhoons moving across the Pacific southeast of Japan are expected to remain well away from the Japanese mainland, but powerful swells could bring rough seas to a wide stretch of the country's Pacific coastline throughout the three-day holiday weekend, according to forecasts updated at 3 a.m. on October 10.

Cyberattacks Spread Across Japan

A series of cyberattacks has disrupted business operations and exposed millions of customer records across Japan, with a ransomware attack on a cloud service provider affecting 495 companies and local governments nationwide, while convenience store operator Lawson has disclosed a separate breach involving more than 2.15 million personal information records.

Japan's First 360-Degree Projection Mapping Opens in Osaka

Japan's first 360-degree projection mapping show will open at the Osaka City Museum of Fine Arts on October 10, transforming the historic building into an immersive world of light, music, and seasonal imagery, with organizers hoping the attraction will also help stimulate the city's nighttime economy.

Tokyo University Professor Wins Nobel Prize in Chemistry

Tokyo University of Science professor emeritus Kenzo Soai has been awarded this year's Nobel Prize in Chemistry together with French chemist Henri B. Kagan for discoveries that transformed scientists' understanding of how chemical reactions can favor one of two mirror-image forms of a molecule.

US Military Halts All Okinawa Operations for 48 Hours

The US military suspended activities by all forces stationed in Okinawa for 48 hours from noon on October 7, an unusual measure following the arrest of a US Marine in connection with a robbery and murder case that has renewed scrutiny of crimes involving American service members.

MEDIA CHANNELS

MORE Society NEWS

Most Sightings of Fugitive Yoichi Hatta Reported in Kanto

Police in Oita Prefecture have revealed that the Kanto region accounts for the largest number of reported sightings of Yoichi Hatta, a fugitive wanted in connection with a fatal hit-and-run incident in Beppu in 2022, with authorities preparing to distribute new wanted posters nationwide from November as the search enters its fifth year.