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☆ Uber to acquire Foodpanda's Taiwan business for $950 million, creating a potential monopoly
▼ + stars: | 2024-05-14 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

(Photo by Walid Berrazeg/SOPA Images/LightRocket via Getty Images)Uber Technologies will acquire the Taiwan business of Delivery Hero -owned Foodpanda for $950 million in cash, as Foodpanda focuses on other markets. In a separate agreement, Delivery Hero will sell $300 million in newly issued ordinary shares to Uber. Taiwan's food delivery market is dominated by Foodpanda and Uber Eats. Delivery Hero said in February it had ended talks to sell its Foodpanda business in selected Southeast Asian markets. Östberg told CNBC the same month that the firm was "happy" to hold on to its Foodpanda business in Southeast Asia "forever."

Persons: Walid Berrazeg, Niklas Östberg, Pierre, Dimitri Gore, Uber, Foodpanda, Östberg, – CNBC's Ryan Browne, Dylan Butts Organizations: Getty, Technologies, Coty, Foodpanda, CNBC Locations: TAIPEI, TAIWAN, Taipei, Taiwan, Asia, Singapore, Malaysia, Thailand, Philippines, Hong Kong, Southeast Asia

☆ Delivery Hero ends talks to sell Foodpanda in Southeast Asia after months of negotiations
▼ + stars: | 2024-02-22 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

Insulated food bags branded with the logo of Foodpanda, a meal-delivery service operated by Delivery Hero, sit at the company's operations center in Bangkok, Thailand, on Friday, March 16, 2018. German food delivery giant Delivery Hero announced it has ended negotiations with an undisclosed third party regarding the potential sale of its Foodpanda business in selected Southeast Asian markets, where it is attempting to downsize. In a press release on Wednesday, Delivery Hero said the relevant parties failed to agree on the terms. "The decision to terminate negotiations after months of discussions was taken after careful consideration," said Niklas Östberg, CEO and co-founder of Delivery Hero. Just last week, Östberg said he was happy to hold onto the Foodpanda brand, after the German company's share price plunged on reports that negotiations to sell the Southeast Asian units had collapsed.

Persons: Niklas Östberg, Östberg Locations: Bangkok, Thailand, Singapore, Malaysia, Philippines, Cambodia, Myanmar, Laos

☆ Delivery Hero CEO happy to keep Asia unit Foodpanda 'forever' after stock plunged on sale outlook
▼ + stars: | 2024-02-14 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Delivery Hero shares surged 11% Wednesday afternoon in European trading, extending gains from earlier in the day. Delivery Hero, one of Europe's largest food delivery apps, has faced recent pressure from investors over its ability to make a solid return on businesses it's wholly or partly acquired. Now, Delivery Hero is attempting to claw back from the brutal share price plunge, which brought the company's stock to its lowest level since 2022. That came after Delivery Hero announced a deal to divest its entire stake in the British food delivery company Deliveroo. Delivery Hero at the time denied the report and pushed back on speculation that a collapse in talks was imminent.

Persons: Niklas Ostberg, Foodpanda, Ostberg, breakeven Organizations: New Straits Times, CNBC, Foodpanda, Shareholders Locations: Southeast Asia, Deliveroo

☆ Delivery Hero says it hit 2023 sales growth targets in early results after 26% stock plunge
▼ + stars: | 2024-02-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Delivery Hero CEO Niklas Östberg speaking at the Noah tech conference in Berlin on June 13, 2019. Delivery Hero said the results were driven by healthy order growth in many of its geographies. Most notably, Delivery Hero also gave some rosy guidance for 2024, with the delivery company forecasting group GMV growth of 7-9% for the year, higher than its performance in 2023. Delivery Hero said it would publish additional preliminary numbers for the fourth quarter in a trading update slated for Feb. 14, when it was originally due to report numbers. Delivery Hero is one of the largest food delivery services globally with more 2.2 billion users.

Persons: Niklas Östberg, Britain's Deliveroo Organizations: Noah, Analysts Locations: Berlin, Indonesia

☆ Goldman Sachs says this global delivery platform’s shares are set to soar over 100%
▼ + stars: | 2023-10-03 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

Shares of German food delivery platform Delivery Hero are set to double over the next 12 months, according to analysts from Goldman Sachs. Goldman remains bullish on Delivery Hero even as investors remain concerned about its free cash flow trajectory. "Delivery Hero operates in more favorable markets [compared to its] peers in terms of macro and unit economics. Several food delivery platforms emerged during the height of the pandemic when countries around the world imposed social distancing restrictions. She expects Delivery Hero to register the largest improvements this year in terms of EBITDA as a percentage of gross transaction value.

Persons: Goldman Sachs, Goldman, Lisa Yang, Deliveroo, Goldman's Yang, — CNBC's Michael Bloom Organizations: The, U.S Locations: The U.S, Asia, Southeast Asia, British

☆ Foodpanda confirms layoffs, says it's in talks to sell part of Asia food delivery business
▼ + stars: | 2023-09-22 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

A courier for Foodpanda, a meal-delivery service operated by Delivery Hero AG, checks his smartphone while sitting on a motorcycle at the company's operations center in Bangkok, Thailand, on Friday, March 16, 2018. Bangkok's famed love affair with food is spilling over to meal-delivery apps, a fledgling sector that Foodpanda projects will surge in 2018 as competition intensifies. Photographer: Brent Lewin/Bloomberg via Getty ImagesSingapore-headquartered food delivery service Foodpanda on Friday confirmed to CNBC that it is conducting its latest round of layoffs as the need to be "more agile remains critical." "Our company priority right now is to become leaner, more efficient and even more agile. This is Foodpanda's third round of layoffs since job cuts in February and September last year amid macroeconomic headwinds, according to media reports.

Persons: Bangkok's, Brent Lewin, Jakob Sebastian Angele Organizations: Bloomberg, Getty Images Singapore, CNBC Locations: Bangkok, Thailand

☆ Delivery Hero confirms talks on partial sale of Asian business
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] Andreas Harte, a Foodora delivery cyclist poses in front of Delivery Hero headquarters in Berlin, Germany, June 2, 2017. Foodora is part of the Berlin-based company Delivery Hero, one of Europe's largest internet start-ups. REUTERS/Fabrizio Bensch Acquire Licensing RightsBERLIN, Sept 20 (Reuters) - Delivery Hero (DHER.DE) confirmed talks on a partial sale of its Asia business on Wednesday, adding that the deal's value is still under negotiation. Delivery Hero has been focusing on reaching profitability while maintaining growth as investor confidence in the company started to wane after a pandemic-driven boost. Grab makes most of its sales from its food delivery business and has recently seen strong growth in its ride-share business.

Persons: Andreas Harte, Foodora, Fabrizio Bensch, Niklas Oestberg, Rachel More, Andrey Sychev, Matthias Williams, Kirsten Donovan Organizations: REUTERS, Rights, Thomson Locations: Berlin, Germany, Asia, Singapore, Cambodia, Laos, Malaysia, Myanmar, Philippines, Thailand

☆ Exclusive: Line Man Wongnai targets listing as early as 2025 -exec
▼ + stars: | 2023-09-01 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

The logo of Thailand Stock exchange is pictured at an exhibition hall in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha/File Photo Acquire Licensing RightsTOKYO, Sept 1 (Reuters) - Thai food delivery startup Line Man Wongnai has begun appointing advisors to prepare for an initial public offering and is targeting a listing as soon as 2025, according to a senior executive at the Southeast Asian unicorn. Line Man Wongnai competes with Singapore-based Grab (GRAB.O), Foodpanda, and the food delivery business of Siam Commercial Bank. It was formed in 2020 from a merger of Line Man, the Thai food delivery business of Line, and restaurant aggregator Wongnai. "We are in a position to really help digitalise Thailand," said Chung, a former Goldman Sachs banker from South Korea who previously worked for Line, adding that the food delivery business is gaining market share.

Persons: Athit, Wongnai, Young Chung, Chung, Goldman Sachs, Sam Nussey, Yantoultra Ngui, Stephen Coates Organizations: Thailand Stock, REUTERS, Rights, Reuters, Siam Commercial Bank, Siam Cement, FoodStory, Thomson Locations: Bangkok, Thailand, United States, Asia, Singapore, Siam, South Korea

☆ How an empathy-first approach can help businesses increase profitability
▼ + stars: | 2023-08-29 | by ( Sponsor Post | Created Insider Studios With Paypal | ) www.businessinsider.com time to read: +8 min

78% of global consumers said they will be more loyal to businesses that help them through difficult times. of global consumers said they will be more loyal to businesses that help them through difficult times. These activities not only help make businesses more competitive, they also show workers that employers care about their professional growth. Here are three strategies businesses are using to help consumers navigate economic instability. 5 Le Parisien, Carrefour launches an online 'anti-inflation button' to help consumers buy cheaper, Nov 2022.

Persons: Joanne Hsu, upskilling, there's, that's, Agrobank, PwC, Kantar Organizations: PayPal, TrendWatching, Consumers, University of Michigan, Carrefour, Entrepreneurship, Insider Studios Locations: verticals, Malaysia

☆ Food delivery apps Grab and Foodpanda expand into dine-in services as explosive growth stalls
▼ + stars: | 2023-08-03 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Bryan van der Beek | Bloomberg | Getty ImagesSINGAPORE — Singapore-based food delivery apps Grab and Foodpanda are expanding into the dine-in space, as consumers look to eat out more post-pandemic. Foodpanda was the first food delivery companies in Singapore to introduce dine-in features in 2021. Food delivery is currently still Foodpanda's largest business, followed by grocery delivery, he said. In June, food delivery service AirAsia Food launched dine-in services in collaboration with restaurant reservation platform eatigo. Food delivery apps want to help [restaurants] get some business in terms of dining in and booking.

Persons: Bryan van der Beek, Bernstein, Foodpanda, Jakob Sebastian Angele, Jonathan Woo, Phillip Securities Research Angele, TabSquare, Jein, GrabFood's, Tay, Woo, Sachin Mittal Organizations: Central Business District of Singapore, Bloomberg, Getty, SINGAPORE —, CNBC, Phillip Securities Research, AirAsia Food, DBS Bank Locations: SINGAPORE, SINGAPORE — Singapore, Singapore, Thailand, Indonesia, Malaysia, Philippines, Vietnam, Hong Kong, Pakistan, Bangladesh, Asia Pacific

☆ Gig workers are ‘here to stay': Singapore minister on why they shouldn't be left behind
▼ + stars: | 2023-07-17 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +3 min

watch nowSINGAPORE — Gig workers in Singapore face "vulnerabilities" that need to be addressed, said the country's senior minister of state for manpower. Gig workers face 'significant management control'The minister clarified that a legal mandate for gig workers is "not exactly the same as a union." That includes changes in matching and pricing algorithms on platforms that may affect the livelihood of gig workers. The expense-to-income ratio of gig workers was 112% in May — "significantly higher" than the median customer's 57%, DBS said. "Tripartism involves both government, platform companies in this case, and also platform workers in the unions … the three parties working closely together will form the foundation for that relationship of trust."

Persons: Koh Poh Koon, Koh, Singapore's Organizations: DBS, for, Workers, Singapore National Employers Federation Locations: SINGAPORE, Singapore

☆ Singapore's gig workers are its most financially stretched group, DBS study says
▼ + stars: | 2023-07-14 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +1 min

A DBS study conducted in May 2023 found that gig workers were the most financially stretched, with relatively less stable income flows and savings declining year on year to an "unhealthy range." High inflation and interest rates have diminished the purchasing power of Singaporeans — and gig workers and low-income individuals are the most affected. That's according to a new DBS study conducted in May 2023, which analyzed its database of about 1.2 million customers. In Singapore, gig workers are generally self-employed. The expense-to-income ratio of gig workers was 112% in May 2023 — "significantly higher" than the median customer's 57%, DBS said.

Persons: — Organizations: DBS, Central Provident Fund Locations: Singapore

☆ Meituan’s KeeTa joins Hong Kong's food delivery race — but analysts are skeptical
▼ + stars: | 2023-07-04 | by ( Sheila Chiang | ) www.cnbc.com time to read: +6 min

HONG KONG, CHINA - MAY 22: A poster promoting 'KeeTa' is seen on May 22, 2023 in Hong Kong, China. "I'm not very optimistic about Meituan's expansion in Hong Kong," Shawn Yang, managing director of Blue Lotus Research Institute, told CNBC. The food delivery service — named KeeTa — launched on May 22 in two residential areas: Mong Kok and Tai Kok Tsui. Stiff competitionThe penetration rate of food delivery in Hong Kong is not particularly high. The food delivery market in Hong Kong remains lukewarm, even during the pandemic, with moderate growth rates.

Persons: Chen Yongnnuo, Shawn Yang, KeeTa —, Mong Kok, Tai Kok Tsui, KeeTa, Sham, Meituan, Kai Wang, ChinaIRN, doesn't, it's, Wang, Yang, Blue, Ryan Lai, Lai Organizations: China News Service, Getty, Blue Lotus Research Institute, CNBC, Yau, Morningstar, Morningstar Asia, Blue Lotus Research, Blue Lotus, Foodpanda, Hong, HK Locations: HONG KONG, CHINA, Hong Kong, China, Mong, Morningstar Asia, Mong Kok, Hong, Deliveroo, Foodpanda Hong Kong

☆ These tech giants are still making money, but layoffs are coming hard and fast
▼ + stars: | 2023-03-24 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Here are some of the more prominent global tech firms that have axed staff despite earning big money. 30 despite a "dynamic environment," CEO Satya Nadella said in the tech giant's annual report. Despite that, Microsoft announced in January that it's laying off 10,000 workers as the firm braces for slower revenue growth. The enterprise software company also returned to positive operating profit growth of 2%. However, SAP announced in January that it's cutting up to 3,000 jobs, as the leadership seeks to steer the company toward double-digit profit growth in 2023.

☆ Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways
▼ + stars: | 2022-12-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Lauryn Ishak | Bloomberg | Getty ImagesMore tech startups in Southeast Asia laid off workers this year, as macro headwinds widened losses and venture capitalists pushed startups to extend their runways. Jia Jih Chai RainforestThey join Sea Group and other companies in the region in downsizing headcount. Sea Group, according to local media, laid off more than 7,000 employees over the past six months. Tech startups in Southeast Asia are still largely unprofitable, with names like Sea Group and Grab amassing billions of losses annually. Existing investors in the company are also actively advising founders to prepare for winter, Jussi Salovaara, Antler's co-founder and managing partner for Asia, told CNBC.

☆ Singapore's gig workers to get work injury, pension coverage
▼ + stars: | 2022-11-24 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 24 (Reuters) - Singapore will extend work injury insurance and pension coverage to food delivery and ride-hailing workers under proposed legislative changes that it aims to implement as early as late 2024, the Manpower Ministry said. The new rules will affect about 73,000 workers who deliver food or drive passengers for companies such as Grab (GRAB.O) , Gojek (GOTO.JK), Deliveroo (ROO.L) and Delivery Hero's (DHER.DE) Foodpanda. Workers would gain coverage under the national pension system, which collects contributions from both workers and companies, and receive work injury insurance covering medical expenses, income loss, and lump sum compensation for permanent disability or death. Gig workers would not, however, be considered full-time employees entitled to paid leave and other benefits. Reporting by Chen Lin in Singapore; Editing by Xinghui Kok and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Grab, Gojek are 'supportive' of Singapore's move to expand job protection for gig workers
▼ + stars: | 2022-11-24 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Southeast Asian tech giants Grab and Gojek said they are "supportive" of recommendations made by an advisory committee to expand gig worker protection in Singapore starting in 2024. In Singapore, platform or gig workers, often ride-hailing or food delivery drivers, have thus far been considered self-employed. As a result, they do not receive employer contributions to the Central Provident Fund, the national pension savings scheme. As of 2020, the city-state's Ministry of Manpower estimated that such workers made up about 3% of the resident workforce, or 79,000 people. Under the CPF measure, both platform workers and platform companies such as Grab, Gojek, Foodpanda and Deliveroo will need to make contributions at the same rate as employees and employers.

Mental health as a spectrumChew said he was inspired to try to popularize mental healthcare after battling a panic attack when he was 16 years old. Justin Kim, CEO and co-founder of Ami, another digital mental healthcare start-up based in Singapore and Jakarta, agreed that there’s a need to scale mental health offerings. Alistair Carmichael, an associate partner at McKinsey & Company, said employers will benefit from better mental health in their workforce. “Mental health has long had a stigma across Asia, whereby traditionally we’ve seen it as a clinical issue, a crisis,” he said. “We see mental health just as important as physical health.

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