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☆ Grab cuts 1,000 jobs, its biggest round of layoffs since the pandemic
▼ + stars: | 2023-06-21 | by ( Audrey Wan | ) www.cnbc.com time to read: +1 min

The headquarters of Grab Holdings Ltd., in Singapore. Grab Holdings Ltd., reported its latest earnings on Feb. 23, 2023. Singapore-based Grab Holdings is cutting over 1,000 jobs, its CEO said Tuesday, in a bid to manage costs and reorganize the company in a competitive landscape. This is the group's largest round of layoffs since 2020, when it cut 360 jobs in response to Covid-19 pandemic challenges. Even without layoffs, Tan said Grab is on track to hit breakeven this year on group adjusted earnings before interest, taxes, depreciation, and amortization.

Persons: Anthony Tan, Tan Organizations: Grab Holdings Locations: Singapore

☆ CNBC Daily Open: Time to rethink the rally?
▼ + stars: | 2023-06-21 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on June 14, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rally haltedU.S. markets closed in the red Tuesday, halting a rally that drove stocks to their highest levels in more than a year. The dinner symbolizes the White House's — and corporate America's — turn to India at a time when U.S.-China ties are fraying.

Persons: Hong, Narendra Modi, Joe Biden, Biden, Tim Cook, Alphabet's Sundar Pichai, Satya Nadella, Raj Subramaniam, Anthony Tan, Alex Hungate, Goldman Sachs, Goldman Organizations: New York Stock Exchange, CNBC, Japan's Nikkei, U.S, House, CYVN Holdings, Reuters Locations: New York City, Asia, Pacific, Hong Kong, India, China, Abu Dhabi, Nio, Singapore

☆ Singapore's Grab informs staff of 1,000 layoffs
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: 1 min

SINGAPORE, June 20 (Reuters) - Singapore-based Grab Holdings (GRAB.O), Southeast Asia's leading ride-hailing and food delivery app, is cutting 1,000 jobs, or 11% of its workforce, its CEO said on Tuesday, citing the need to manage costs and ensure more affordable services long-term. In a letter sent to employees late on Tuesday and seen by Reuters, chief executive Anthony Tan said the cuts, the biggest since the start of the pandemic, were not "a shortcut to profitability" but a strategic reorganisation to adapt to a fast-changing business environment. Reporting by Xinghui Kok; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

Persons: Anthony Tan, Xinghui Kok, Martin Petty Organizations: Reuters, Thomson Locations: SINGAPORE, Singapore

The return of tourists to Southeast Asia, he says, bodes well for the group’s core mobility business in the second half. The next challenge is resetting investor expectations so that beats can shine through. Lower incentives helped it to cut its adjusted operating loss to $66 million from $287 million a year ago. It also narrowed its forecast for annual adjusted operating loss to $195 million-$235 million, from a previous forecast of $275 million-$325 million. China’s Alibaba on May 18 reported revenue of 208 billion yuan ($30.1 billion) in the three months to end-March, up 2% year-on-year.

☆ Singapore ride-hailing firm Grab beats on revenue, pulls forward profitability timeline
▼ + stars: | 2023-02-23 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Revenue for the fourth quarter of 2022 grew 310% to $502 million, up from $122 million a year ago. We should be getting back to pre-Covid levels by fourth quarter this year. The company said that it is bringing forward its group adjusted EBITDA breakeven guidance to the fourth quarter of 2023, half a year earlier than its previous guidance. Deliveries reboundDeliveries revenue increased to $268 million in fourth quarter 2022, up from $1 million in the same period in 2021. Incentives dropped to 8.2% of gross merchandise volume in the fourth quarter from 9.4% in the previous quarter.

☆ Exclusive: Grab to implement cost cuts, cites uncertain macroeconomic situation- CEO in memo
▼ + stars: | 2022-12-15 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

SINGAPORE, Dec 15 (Reuters) - Grab Holdings Ltd (GRAB.O), Southeast Asia's biggest ride-hailing and food delivery firm, is rolling out cost-cutting measures to cope with an uncertain macroeconomic situation, the Singapore-based company's chief executive told staff in a memo. Tan said in the memo that Southeast Asia has not, and will not, be spared from rising prices and interest rates, and the consequent effects on growth. Grab, which operates in 480 cities in eight countries, had about 8,800 staff at the end of 2021. The memo circulated on Wednesday said Grab would "freeze the majority of current open job requisitions which are not in offer stage". These measures, Tan said, had helped Grab get closer to its profitability goals.

☆ Grab pares losses by 24% in third quarter; deliveries segment breaks even earlier than expected
▼ + stars: | 2022-11-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Singapore-based ride-hailing and food delivery giant Grab narrowed losses and broke even in its deliveries segment for the first time since 2012, during the third quarter. The company posted an adjusted earnings before interest, taxes, depreciation and amortization loss of $161 million, a 24% improvement from the adjusted EBITDA loss of $212 million in the same period a year ago. Grab offers a range of services including ride-hailing, food delivery, package delivery, grocery delivery and mobile payments through GrabPay. Food deliveries also reported positive adjusted EBITDA in the third quarter, two quarters ahead of its previous guidance. "We achieved core food deliveries and overall deliveries segment-adjusted EBITDA breakeven ahead of guidance while narrowing our overall loss for the period significantly.

☆ New money is pouring into Singapore, but a series of recent multimillion-dollar real-estate transactions show the old status symbols are as popular as ever
▼ + stars: | 2022-10-07 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

Good Class Bungalows, or GCBs, are powerful status symbols for old and new money alike in Singapore. With land this scarce, the most elite level of property on the island is the Good Class Bungalow, or GCB. New money, old status symbolWith new money pouring into Singapore, a series of recent multimillion-dollar real-estate transactions show these old status symbols are as popular as ever. And in 2019, British billionaire inventor James Dyson purchased an SG$50 million bungalow opposite Singapore's Botanic Gardens, per the Straits Times. Moreover, some prospective Good Class Bungalow renters are not even living in these properties.

☆ Grab's steady steering offers a smoother ride
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Caroline ChiaHONG KONG, Sept 26 (Reuters Breakingviews) - A rising tide once lifted all of Southeast Asia's technology giants. With a global recession looming and markets in turmoil, their fortunes are starting to diverge. It's a sharp contrast to its $24 billion Singaporean rival Sea (SE.N), which is retrenching globally to achieve financial "self-sufficiency". With shares down over 60% this year, Grab's confident and careful hand at the wheel gives shareholders something to cheer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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