The daily business briefing: January 21, 2020

Uber sells its India food delivery business, Boeing asks lenders for loans as 737 Max crisis drags on, and more

An Indian Uber Eats delivery driver
(Image credit: CHANDAN KHANNA/AFP via Getty Images)

1. Uber sells India food delivery business to local rival

Uber agreed Tuesday to sell its Uber Eats food delivery business in India to local rival Zomato. Under the deal, Uber will get a 9.99 percent stake in Zomato, a startup recently valued at $3.55 billion. Uber Eats' drivers and customer information will be transferred to the Indian startup, and the Uber app will send customers who click on "Get Food Delivery" to Zomato for six months. The deal was the latest in a series of moves by Uber to shed money-losing businesses as investors increase pressure on the company to show profit. Uber Eats has been growing rapidly but strong competition from local companies in international markets has forced Uber to offer costly subsidies and promotions to attract customers.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.