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Grab setup $700 million for car rental business

Grab setup US$700 million for business expansion in rental vehicles. The technology company on Friday announced a fundraiser that allows it to build fleet from scratch, build partnerships with several local service providers or may acquire as part of its subsidiaries.

The on-demand transport service announces plan for expansion in the car rental business with an investment value of US$700 million to continue to compete Uber and Go-Jek in Southeast Asia. So far Grab has not revealed details of what strategy they will apply to start expanding this new business.

The new fund allows Grab to collect fleets from scratch, build collaboration with several local service providers in each country in Southeast Asia or also acquire as subsidiaries. Grab in Indonesia has collaborated with PT. Teknologi Pengangkutan Indonesia (TPI) to recruit drivers who do not yet own a car.

The Grab and TPI collaboration allows drivers to rent a car for Rp200,000 (US$14.8) per day including modem, cover seats, in…

CEFC, Vestas, Tesla, Windlab and Eurus built hybrid power

Australia's Clean Energy Finance Corporation (CEFC) announced the collaboration of Vestas Wind Systems A/S, Tesla Inc., Windlab Limited and Eurus Energy Holdings Corporation in wind, hybrid wind, solar and storage projects. Queensland Kennedy Energy Park is the world's first hybrid power project with 60 MW plant.

Clean Energy Finance Corporation (CEFC) on Thursday confirmed the development of wind power, solar, and hybrid energy of 60 MW in Australia. The AU$160 million Kennedy Energy Park project will be built in central North Queensland by Australia's Windlab and Japan's Eurus Energy joint ventures.

"This is a landmark project for Queensland and Australia, creating a new model for renewable energy that brings together the benefits of wind, solar and battery storage to overcome intermittency and improve reliability," CEFC Wind Sector Lead Andrew Gardner said.

Kennedy Energy Park will be the first wind, solar and storage hybrid generator connected to Australia…

Star Jets International accepts bitcoin payments

Star Jets International LLC accepts bitcoin payments. The private jet company owned by Advanced Defense Technologies, Inc. announces a policy that allows customers to use cryptocurrency to take advantage of all the benefits of more than 20,000 jets worldwide.

The New York-based company is opening a bitcoin transaction in an effort to actualize services in the future. Star Jets CEO, Ricky Sitomer, says bitcoin is becoming an increasingly used payment method and companies will not be negligent to get involved.

"Bitcoin is becoming an increasingly accepted method of payment and we want customers to have the flexibility to pay through the exchange," said Sitomer.

Star Jets strives to take measures aimed at improving profitability and staying competitive in the digital age. Not many big players in the airline industry are starting to accept bitcoin. In May, Peach Aviation Ltd began accepting bitcoin payments as the first airline to receive digital currency in Japan.

Star Jets wil…

Meituan Dianping raised $4 billion in valuations $30 billion

Meituan Dianping announced it has raised US$4 billion of Series F financing led by Tencent Holdings, Sequoia Capital and Priceline Group. The food platform, retail up to movie tickets based in Beijing has just become the fourth most valuable startup in the world in valuations US$30 billion under Uber, Didi Chuxing and Xiaomi.

Meituan Dianping announced a new fund of US$4 billion to develop artificial intelligence technology, delivery using drones and global expansion. Canada Pension Plan Investment Board, Trustbridge Partners, Tiger Global Management, Coatue Management and Singapore's GIC also participated in the latest funding.

Meituan Dianping is a company founded by Tao Zhang in 2003 to serve food to buyers' homes, sell groceries and movie tickets, provide restaurant reviews, and market discounts to consumers using the smartphone platform.

The company has experienced mergers by and in 2015 that created leading players for Internet-based services book…

Omer Bar-Yohay: The future is to meet Uber and Tesla in sky

Eviation Aircraft Ltd said the company's vision to build electric flight-sharing ecosystem was soon realized. Eviation Aircraft CEO, Omer Bar-Yohay, said it would not be long before booking a cheap aircraft service using a smartphone would be as easy as ordering Uber's landline service.

Eviation Aircraft is building an autonomous jet aircraft for the mission "meeting Uber and Tesla in the sky". Bar-Yohay says users use Uber services to regional airports, then smartphone apps call Eviation's electric plane for cheap travel to destinations hundreds of miles away.

"What will happen if Uber meets Tesla in the sky? I think the super-commuter is not so super anymore, you just go.That's the future," said Bar-Yohay.

The Israel-based startup took its debut at the Paris Air Show earlier this year with a small-scale prototype and intends to re-build a full-scale electric jet to carry passengers by 2019. The aircraft is designed to accommodate up to nine passeng…

Qudian rose 48 percent in IPO on US stock exchange

Qudian Inc. (NYSE:QD) shares rose 48 percent in its market debut on Wednesday on US stock exchange. The online microcredit startup headquartered in Beijing raised the US$11.67 billion valuation. The Qudian IPO was priced at US$24 per American depository share (ADS) and raised up to US$900 million by sales of 35.63 million shares.

Qudian is supported by Alibaba Group's Ant Financial in running a mobile platform that allows students and young workers borrow amounts as low as US$60 to buy clothing, concert tickets or smartphones. The company is targeting hundreds of millions of unbankable young people in China who need small credit access.

Qudian was founded by Shuang Liu and Min Luo in 2014 and has generated loan sales of US$5.6 billion in the first half of 2017 to 7 million active borrowers. Profits rose eight-fold to US$144 million in the last six months on June 30, where revenues increased fivefold to US$270 million.

Qudian claims to be a fintech innovator in applying artificial i…