Uber Yandex Russia

Here’s what you should know today:

1. RedMart hired ex-Amazon and Facebook exec as Chief Product Officer

Singapore-based RedMart has appointed Patrick Teo as its new Chief Product Officer (CPO) and Executive VP Engineering. Teo is hailed from Silicon Valley where he previously posted in as Head of Tech and Site Leader for Amazon.

His impressive CV also including Head of Engineering for Facebook’s Local and Entities division, VP Engineering for Shutterfly. Under his stewardship, the startup went public for IPO in 2006.

RedMart’s President, Vikram Rupani said that Teo’s appointment is “a stamp of validation for Singapore’s maturing tech ecosystem and the quality of our own engineering core.”

Read the full story here.

2. Uber fled Russia after $3.7 billion merger agreement

Uber and Yandex are merging their ride-hailing businesses in Russia. The former will invest $225 million and take a 36.6% stake in the new venture, leaving Yandex with a controlling stake of 59.3%.

“This deal is a testament to our exceptional growth in the region and helps Uber continue to build a sustainable global business,” said Pierre-Dimitri Gore-Coty, Uber’s Chief for Europe, Middle East and Africa.

Together, Uber and Yandex handle 35 million rides a month. The yet-to-be-named venture will be valued at $3.73 billion and the deal is expected to close in the last quarter of 2017.

Read the full story here.

3. CashCashPinoy shuts down in the Philippines

Founded in 2010, CashCashPinoy announced on its website that it’s “taking some time out from the spotlight.” The online company used to be a discount site offering its members bargains from various merchants.

The company has been the subject of numerous complaints of selling fake and low quality products as well as allegations of scams, leading to their payment partners like PayPal and BDO to pull the plug on the transactions coming from the site.

It is not clear yet as what to led to the shutdown of the business, although there has been a report about the company’s filing for bankruptcy posted on business rating and reviews site Jabber.

Read the full story here

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