Ride-hailing giant Uber is to sell its business in Southeast Asia to regional rival Grab in a move that signals another international retreat for the US firm.

Two years ago, two small firms Oppo and Vivo couldn’t crack the top five in China’s smartphone market. Now they outrank everyone after elbowing Apple aside, thanks to people like Cheng Xiaoning.

Saudi Arabia is not all that fond of competition — the kingdom has long reaped rich reward from its Opec membership.