Uber exits SE Asia in new retreat from global markets

Uber sold its Southeast Asian business to rival Grab on Monday, ending a bruising battle between the ride-hailing behemoths and marking the US firm's latest retreat from international markets. Singapore-based Grab is taking over the ride-sharing and food delivery operations of Uber in the region, with the California-headquartered company to receive a 27.5 percent stake in the business in return. The sale is Uber's latest withdrawal from a market where it had faced tough competition, as new chief executive Dara Khosrowshahi seeks to stem huge losses and move past a series of scandals.

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