Waching daily Mar 26 2018

I'm exploring parts of Southeast Asia where the ride-hailing giant, Grab is

everywhere you look. Grab is headquartered in Singapore.

It offers ride-hailing and logistic services throughout Southeast Asia which

boasts a total population of more than 600 million. One of its biggest

businesses here, is ride-sharing on motorbikes, a common mode of

transportation in many parts of the region. In major cities like

Bangkok and Jakarta, traffic can be quite intense and motorbikes allow you to save time.

Grab was started in 2012 with just 10 employees.

Today, it has more than 3,000. This is its new headquarters in Singapore, supporting

the growth of a company that now claims more than four million daily rides.

Grab spans:

The company was started by Anthony Tan, the son of a family that operates

a Nissan distributor in Malaysia.

Tan came up with the company during his time studying at Harvard Business School and

launched it with his former classmate, Tan Hooi Ling.

We actually serve more than 2.4 million drivers and we're continuously growing

because we've only

been here for five years.

In Indonesia, which has a total population of more than 250 million alone,

Grab competes with homegrown tech company, GoJek.

One driver I met says he likes to switch between driving on Grab and GoJek, but

he said many drivers like Uber specifically for its surge pricing.

My drive right now here in Indonesia is about 20 minutes and on the Grab app,

that's going to cost about two U.S. dollars.

Grab is venturing beyond ride-sharing, adding bike-sharing to its portfolio

and recently scaling its payments platform, GrabPay and even launching

Grab Financial, in which it will offer loans and insurance.

For more infomation >> Inside Grab, Southeast Asia's massive tech company | CNBC Reports - Duration: 2:00.

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Seoul and Washington agree 'in principle' on FTA amendment - Duration: 2:41.

South Korea's trade minister says Seoul has reached an agreement with Washington 'in principle'

on how the two sides will amend their free trade agreement.

Korea has also secured a permanent exemption from America's new tariffs on steel.

Kim Hyesung reports.

Right after he reported to the Cabinet, South Korea's Trade Minister, Kim Hyun-jong, held

a press conference Monday to explain the results of the negotiations on the Korea-US.

Free Trade Agreement.

"Uncertainty has been growing in the global market following the U.S. plan to impose sanctions

on China, and the latest agreement has removed two of those uncertainties.

One, South Korea is exempt from the steel tariff.

Second is the Korea-U.S. Free Trade Agreement.

"

Kim, Seoul's pointman on trade talks, said South Korea is the first country to receive

an indefinite exemption from Washington's 25-percent steel tariff measures.

Currently, five countries, including Canada and Mexico, plus the EU, received a temporary

exemption from the U.S. import duties on steel and aluminum that went into effect last week.

In exchange, the U.S. will introduce a steel import ceiling.

South Korea's quota will be set at 2-point-6-8 million tons of steel exports a year, or 70%

of its average annual shipments to the U.S. between 2015 to 2017.

Seoul has also agreed to lift some of the regulations the local auto sector, enabling

U.S. automakers to ship Korea up to 50-thousand vehicles each, up from 25-thousand previously.

Tariffs imposed on Korean pickup trucks exported to the U.S will be extended by 20 years to

2041.

South Korea on the other hand, secured revisions to the investor-state dispute settlement clause

and other areas it has demanded since start of the trade talks.

We defended the red line.

There is no further opening of agricultural markets or mandatory use of U.S. auto parts.

In addition, the two sides agreed to improve the transparency of the trade dispute settlement

process, which covers issue like anti-dumping duties.

The tentative agreement comes less than three months since the first round of trade talks

began.

U.S. Treasury Secretary Steven Mnuchin also described the agreement as an absolute win-win

in an interview with Fox News Sunday, local time.

South Korea's trade ministry said working-level officials are ironing out the details so that

Seoul and Washington can finalize their amendments to the six-year-old trade deal soon.

Kim Hyesung, Arirang News.