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☆ A global gold rush for buried hydrogen is underway — as hype builds over its clean energy potential
▼ + stars: | 2024-03-26 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Geologic hydrogen, sometimes referred to as white, gold or natural hydrogen, refers to hydrogen gas that is found in its natural form beneath Earth's surface. Last year, researchers found what may be the world's largest geologic hydrogen deposit to date in France's eastern Lorraine region. The unexpected discovery further boosted interest in its clean energy potential. Some have expressed skepticism about the clean energy potential of natural hydrogen. Grey hydrogen — produced using natural gas and the most common form of hydrogen production — leads to large greenhouse gas emissions.

Persons: Alex Halada, Le, Canada's Hydroma, Ousmane Makaveli, Geoffrey Ellis, Ellis, we've, Minh, Energy's Le, Ana Maria Jaller, Makarewicz, Sebastien Salom Organizations: Geological Agency of, Ministry of Energy, Mineral Resources, Nurphoto, Afp, Getty, Research, Rystad Energy, CNBC, Energy Resources Program, . Geological Survey, U.S . Department of Energy, Institute for Energy Economics, videoconference, Carbon Trust Locations: Pute Jaya, Morowali Regency, Central Sulawesi Province, Indonesia, U.S, Canada, Australia, France, Spain, Colombia, South Korea, Gampern, Upper Austria, Mali's, Bamako, Malian, Bourakébougou, France's, Lorraine, Niger, Mali, gomis

☆ MH370 investigation: 10 years on, is the world any closer to finding Malaysia Airlines flight?
▼ + stars: | 2024-03-07 | by ( Chris Lau | ) edition.cnn.com time to read: +12 min

A helicopter takes off from Chinese warship Jinggangshan during an early search for the missing Beijing-bound Malaysia Airlines flight 370 on March 11, 2014. Beijing-bound Malaysia Airlines flight 370 dropped off the radar shortly after departing Kuala Lumpur in the small hours of March 8, 2014. Families of passengers from China and Malaysia on board MH370 during a remembrance event commemorating the 10th anniversary of its disappearance, in Subang Jaya, Malaysia, on March 3, 2024. Hasnoor Hussain/ReutersAviation experts tell CNN that improved detection technology will likely bring families closer to the missing plane than they ever have been, if a search were to be relaunched. Phoenix Autonomous Underwater Vehicle (AUV) Bluefin-21 is craned over the side of Australian Defense Vessel Ocean Shield in the search for missing Malaysia Airlines flight 370 on April 14, 2014.

Persons: MH370, Jiang Hui, ” Jiang, “, ”, Jiang Cuiyun, It’s, V.P.R Nathan, Anne Daisy, Hasnoor Hussain, Anthony Loke, Grace Subathirai Nathan, Adli Ghazali, Oliver Plunkett, it’s, ” Geoffrey Thomas, AirlineRatings.com, Leut Kelli Lunt, Richard Quest, Richard Godfrey, Godfrey, Fred Dufour, AirlineRatings’s Thomas, ” Godfrey, “ I’m, Sarah Bajc, Phil Wood, Bajc, Jiang Organizations: CNN, Malaysia Airlines, Reuters, Reuters Aviation, Malaysian, Transport, Malaysian Transport, Anadolu Agency, Getty, Boeing, Underwater, Australian Defense, Australia Department of Defence, CNN’s, Aviation, Radio, British Aerospace, MH370, British Locations: Beijing, China, Kuala Lumpur, Africa, Malaysia, Subang Jaya, United States, Madagascar, Putrajaya, Australia, Malaysian, Perth, AFP, Asia, Panama, Zhuji

☆ The $40 martini is in, and it's giving loud luxury
▼ + stars: | 2024-03-01 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +4 min

The maximalist martinis encapsulate the "loud luxury." Loud luxury, in contrast to quiet luxury, is about spending a lot and owning it. "Call it loud luxury," she wrote. Loud luxury, in contrast, isn't afraid to show off. It's not necessarily the logo that makes something loud luxury, but anything that stands out and signals "this is expensive."

Persons: —, Boon, Jaya Saxena, Punch —, Kendall Roy, HBO's, Lauren Saria, Punch, Martini Organizations: Service, Ilis Locations: New York, San Francisco, San Francisco and New York, Manhattan, there's, Ilis, Miami

More than 8.5 million abandoned homes in rural Japan are creating a "ghost town" problem. There are more than 8.5 million akiya , or abandoned homes, in rural Japan, according to the country's 2018 Housing and Land Survey, its most recent on record. The institute predicts akiya could exceed 30% of homes in Japan by 2033. As Richard Koo, the chief economist at NRI, told them at the time, the Japanese countryside has been hollowing out since the mid-'90s. Why aren't more Japanese people buying abandoned countryside homes?

Persons: —, who've, Richard Koo, There's, Chris McMorran, Koo, Douglas Southerland, McMorran, Natasha Durie, Durie, Eric McAskill, McAskill, Jaya Thursfield, Chihiro, Kurosawa, Joey Stockermans, akiya Organizations: Service, Survey, Nomura Research Institute, Business Insider's, NRI, National University of Singapore, of Anthropology, Ethnography, Oxford University, Canadian Real Estate Association Locations: Japan, Business Insider's Singapore, Gifu, Vancouver, Canada, Nagano Prefecture, England, Ibaraki Prefecture, London, North America, Kyushu, akiya

☆ People are buying cheap, abandoned homes in Japan and living their dreams free of financial burden
▼ + stars: | 2024-01-14 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

Japan has more than 8 million abandoned homes, with no restrictions on foreign buyers. Homeownership in Japan isn't the same path to financial freedom as in other countries. AdvertisementTake Kurosawa spent summers in Japan as a kid, and always dreamed of owning property there. In January, Kurosawa and Stockermans launched Akiyamart , a website to help foreigners find and purchase abandoned homes in Japan. It's a money-maker that has worked in the US but isn't necessarily a surefire way to generate income in Japan.

Persons: —, Kurosawa, Joey Stockermans, Stockermans, It's, Eric McAskill, McAskill, Jaya Thursfield, Chihiro, Eric McAskill Anton Wormann, Bethany, Bitsii, Nakamura, homeownership, Bethany Nakamura, Jordan Pandy Organizations: Foreigners, Service, Survey, Business Locations: Japan, Homeownership, Beppu, Kyushu, Santa Cruz , California, Nova Scotia, Canada, Italy, Portugal, —, California, Bali, Nagano Prefecture, Jaya, Ibaraki Prefecture, London, America, jpandy@businessinsider.com

The endorsement of Jokowi, who commands approval ratings of 80%, will have direct bearing on who wins February's election. Days later Golkar and PAN announced support for Prabowo, giving him the largest party support base. Jokowi has also lent support to Ganjar, deploying teams and volunteer groups to work on his campaign, four sources said. Jokowi has also engaged in talks about vice presidential picks for both Ganjar and Prabowo, three sources said. "Ganjar and Prabowo are 'Jokowi's men' but who knows after Jokowi steps down," he said.

Persons: Indonesia's, Joko, Subianto, Sana Jaffrey, Jokowi, Ganjar, Prabowo, Megawati Sukarnoputri, kingmaker, nepotistic autocrat, Suharto, It's, ANU's Jaffrey, Gibran Rakabuming Raka, Jokowi's, Kaesang Pangarep, Bobby Nasution, Yoes, Kate Lamb, Ananda Teresia, Kanupriya Kapoor, William Mallard Organizations: Australia's National University, Democratic Party of Struggle, Prabowo, Golkar, National Mandate Party, PAN, PDI, Constitutional, Indonesian Solidarity Party, Atma Jaya University, Thomson Locations: JAKARTA, Jakarta, Jokowi, Surakarta, Medan, Indonesia's

☆ Jokowi, Indonesia's Kingmaker, Works to Keep Influence After Election
▼ + stars: | 2023-10-13 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +6 min

Persons: Kate Lamb, Ananda Teresia, Indonesia's, Joko, Subianto, Sana Jaffrey, Jokowi, Ganjar, Prabowo, Megawati Sukarnoputri, kingmaker, nepotistic autocrat, Suharto, It's, ANU's Jaffrey, Gibran Rakabuming Raka, Jokowi's, Kaesang Pangarep, Bobby Nasution, Yoes, Kanupriya Kapoor, William Mallard Organizations: Australia's National University, Democratic Party of Struggle, Prabowo, Golkar, National Mandate Party, PAN, PDI, Constitutional, Indonesian Solidarity Party, Atma Jaya University Locations: Ananda, Ananda Teresia JAKARTA, Jakarta, Jokowi, Surakarta, Medan, Indonesia's

☆ Singapore’s birth rate is at a record low — but ‘throwing money’ at the problem won’t solve it
▼ + stars: | 2023-09-18 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +6 min

Mai Yo | Klaud9 | Getty ImagesSINGAPORE — Almost two decades ago, Loh and her husband made a decision not to have children. Singapore's birth rate hit a record low in 2022, after years of decline. "There is a sense of instability is dragging people further away from having children," Zheng told CNBC. Shrinking labor forceA declining birth rate, coupled with an aging population, will have repercussions on Singapore's labor force. "Having fewer children means you have a smaller workforce that can contribute to the economy.

Persons: Mai Yo, Loh, Jaya Dass, " Dass, Wen Wei Tan, EIU's Tan, Tan, Mu Zheng, Zheng, Tan Poh Lin, Lee, Carlina, Dass Organizations: Institute of Policy Studies, Getty, SINGAPORE, CNBC, Singapore Department of Statistics, Ranstad's, Women, Getty Images Government, Economist Intelligence Unit, EIU, National University of Singapore, Lee Kuan Yew, of Public Locations: Singapore, Jaya, Jaya Dass Asia, Pacific, Covid, Ranstad's Asia, —, New York City, Singapore's

☆ Demand for the world's smelliest fruit has soared 400%, fueled by China’s ‘craze’
▼ + stars: | 2023-09-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Different varieties of durian fruits on display at a durian stall in Petaling Jaya, Selangor, Malaysia,. Global demand for polarizing fruit soared 400% year-on-year, according to HSBC which said it's largely bolstered by a "craze" for the fruit in China. "Bucking global trends, durian demand is surging by 400% year-on-year led solely by a craze in China," a report released by the bank on Monday said. Over the past two years, China imported $6 billion worth of durians — accounting for 91% of global demand, HSBC's ASEAN Economist Aris Dacanay said in the report. While the boom in China's durian demand started as early as 2017, the uptick in demand only picked up from late 2022, according to data from HSBC.

Persons: it's, Aris Dacanay Organizations: Global, HSBC, ASEAN Locations: Petaling Jaya, Selangor, Malaysia, China

Malaysia's opposition bloc includes Islamist party PAS, which promotes a strict interpretation of sharia law and opposes LGBTQ rights. Another PAS leader urged the government to cancel a concert by Coldplay because the band supports queer rights. DISCRIMINATION, THREATSAnwar vowed this year that Malaysia would never recognise LGBTQ rights. His government has banned books for "promoting the LGBT lifestyle", detained demonstrators expressing support for queer rights and confiscated Pride-themed watches made by Swiss watchmaker Swatch. Asked about the government's position on LGBTQ rights, government spokesperson and communications minister Fahmi Fadzil told Reuters: "Whatever the prime minister has said is the position."

Persons: Carmen Rose, Hasnoor Hussain, Rose, Anwar Ibrahim's, Anwar, Anwar doesn't, James Chin, Rezki Rohaizad, Malaysia's, Fahmi Fadzil, Thilaga Sulathireh, Sulathireh, I'm, Rozanna Latiff, Miral Organizations: REUTERS, PAS, Coldplay, University of Tasmania, Swatch, Reuters, Sisters, Thomson Locations: Malaysian, Singapore, Petaling Jaya, Malaysia, KUALA LUMPUR, Australia, Swiss

☆ Japan has millions of cheap abandoned homes. Here's what to know before you buy one.
▼ + stars: | 2023-08-04 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +5 min

With the population in Japan shrinking and Japanese buyers vastly preferring new over used homes, older homes are often abandoned when owners die or younger generations refuse to inherit them. The Japanese government estimated in 2018 that there were nearly 8.5 million abandoned homes in the country. Jaya Thursfield and his wife, Chihiro, moved from London to Japan after buying an abandoned Japanese farmhouse in Ibaraki, a Japanese prefecture about an hour's drive northeast from Tokyo. With many Japanese buyers preferring newly built houses, some homes are demolished after only 20-30 years. And while houses in the US typically appreciate in value, houses in Japan tend to gradually depreciate in value over time.

Persons: Jaya Thursfield, Chihiro, Richard Koo, Koo, Bethany Nakamura, Nakamura, it's Organizations: Service, Privacy, Japan, Japan's Ministry of Land, Transport, Tourism, YouTube, Law, Nomura Research Institute Locations: Wall, Silicon, Japan, Infrastructure, London, Ibaraki, Tokyo, Jaya, America

CNN —Indian authorities have arrested three railway officials as part of an investigation into one of the deadliest train crashes in the country’s history. The Central Bureau of Investigation (CBI) said in a statement that they had arrested three Department of Railways officials on Friday. The move follows the deaths of at least 275 people in a three-way crash involving two passenger trains and a freight train in eastern Odisha state on June 2. The railways minister Ashwini Vaishnaw has previously said the accident had occurred “due to a change in electronic interlocking” and that an investigation would show “who was responsible” for that. According to senior railway officials, the crash took place when the Coromandel Express, a high-speed train traveling from Kolkata to Chennai, was diverted onto a loop line and slammed into a heavy goods train idled at Bahanaga Bazar railway station.

Persons: ”, Narenda Modi, Ashwini Vaishnaw, Jaya Varma Sinha, Naveen Patnaik, Modi, Modi’s Organizations: CNN, Central Bureau of Investigation, of Railways, Indian, Howrah Locations: Odisha, Kolkata, Chennai, Bahanaga Bazar, Bangalore

The company, Marion Biotech, bought the ingredient — propylene glycol (PG) — from trader Maya Chemtech India, as reported by Reuters. "Marion bought commercial-grade propylene glycol," said a second source, an investigator, who declined to be named while the inquiry is ongoing. International standards allow only trace amounts of EG and DEG in pharmaceutical-grade propylene glycol. The toxins were found in cough syrups exported to Gambia by the other Indian company, Maiden Pharmaceuticals. India made it mandatory for companies to have their cough syrups tested before export from June.

Persons: Marion, Deepak Sharma, Max, Vijay Kumar, Tuhin Bhattacharya, Mool Singh, Atul Rawat, Jaya Jain, Sachin Jain, Rohan Gupta, syrups, Maiden, Saurabh Sharma, Krishna, Jennifer Rigby, Olzhas, Sara Ledwith, Michele Gershberg, Deepa Babington Organizations: Reuters, Marion Biotech, Indian, EG, World Health Organization, Authorities, . Police, Marion, Court, Maya, Maiden Pharmaceuticals, WHO, Thomson Locations: DELHI, Uzbekistan, India, Delhi, Marion, Uttar Pradesh, Allahabad, Gambia, Indonesia, London, Almaty

Indian and international media have previously reported that a possible malfunction in the automated signalling system may have led to the crash. However, details of the frequent malfunctions at the nearby rail-road barrier and its possible connection to a manual bypass of the signalling system are reported by Reuters for the first time. A spokesman for Indian Railways said "repair works keep happening as per requirements" but tampering with the automated system is not allowed. "(Indian) Railways believes the system was tampered with," said the second source, who has access to briefings on the investigation. The Indian Railways spokesman did not directly address the authorisation issue and only said it is not allowed under Indian Railways rules.

Persons: Amitabh Sharma, Sharma, Soubhagya Ranjan Sarangi, Narendra Modi's, Jaya Varma Sinha, Sinha, Sandeep Mathur, Mathur, Sudhanshu Mishra, Krishn Kaushik, Jatindra, Sarita Chaganti Singh, YP Rajesh, Angus MacSwan Organizations: Railways, Reuters, of Railway Safety, CRS, Railway Board, Railways Ministry, Indian Railways, police’s Central Bureau of Investigation, CBI, Coromandel Express, Express, YP, Thomson Locations: India, DELHI, Bahanaga Bazar, Balasore, Odisha, Bahanaga, Niranjan, Chennai, Kolkata, New Delhi

The "Dana Desa" village fund introduced by President Joko Widodo in 2015 and valued at $4.7 billion this year has long been criticised as prone to corruption. "So it's reasonable if the use of the village fund is somewhat loose and anyone can do what they want with it." ILLEGAL ARMSIt is unclear how much of the $337 million in village funds allocated for the Papua region in 2023 is being diverted into arms. "I have never seen a project funded by the village fund, not at all," said Bernadus Kobogau, a tourism official in Intan Jaya. In Papua's highlands, village funds are treated like a "revolutionary tax", he said, commandeered either via intimidation and coercion, or given willingly by supporters of independence.

Persons: Dana, Joko Widodo, Phillip Mehrtens, Ignatius Benny Ady Prabowo, Dana Desa, Faizal Ramadhani, Sebby Sambom, Bernadus Kobogau, Deka Anwar, Anwar, Latifah Anum Siregar, makan tuan, Stefanno Sulaiman, Lincoln Organizations: Reuters, Indonesia Corruption Watch, West Papua National Liberation Army, Free Papua Movement, Institute for, Democracy Alliance for Papua, Thomson Locations: JAKARTA, Indonesian, Papua, New Zealand, Jakarta, Indonesia, Nduga, Intan Jaya, Nabire

☆ India rail crash probe focuses on track management system
▼ + stars: | 2023-06-04 | by ( Yp Rajesh | ) www.reuters.com time to read: +3 min

NEW DELHI, June 4 (Reuters) - Investigators are probing an electronic track management system that they suspect malfunctioned and caused India’s deadliest train crash in more than two decades, railways officials said on Sunday. In their first detailed briefing on the crash, Indian Railways officials said that failure of the track management system was the main focus of investigations. The computer-controlled track management system, called the “interlocking system”, directs a train to an empty track at the point where two tracks meet, Sandeep Mathur, principal executive director for signalling, told reporters. It also coordinates and controls the signal to an oncoming train, indicating whether the train has to move straight or switch to a new track, he said. The interlocking system should not have allowed the Coromandel Express to take the loop track, Sinha said.

Persons: Sandeep Mathur, ”, Jaya Varma Sinha, Sinha, Adnan Abidi, Frances Kerry Organizations: Indian Railways, Railway Board, REUTERS, Express, YP, Thomson Locations: DELHI, Odisha, Balasore district, Coromandel, Chennai, Kolkata, India, Howrah

Nearly 1,200 people were injured when a passenger train hit a stationary freight train, jumped the tracks and hit another passenger train passing in the opposite direction near the district of Balasore. The drivers of both passenger trains were injured but survived, she said. RESTORATIONWorkers with heavy machinery were clearing the damaged track, wrecked trains and electric cables, as distraught relatives looked on. More than 1,000 people were involved in the rescue, the Railway Ministry said on Twitter. "The target is by Wednesday morning the entire restoration work is complete and tracks should be working," Vaishnaw said.

Persons: Pradeep Jena, Ashwini Vaishnaw, Narendra Modi, stringently, Modi, Jaya Varma Sinha, Stringer, Sinha, Vaishnaw, Kanchan Choudhury, Jatindra Dash, Rajesh, Jayshree Upadhyay, Ira Dugal, Robert Birsel, Sonali Paul, William Mallard, Nick Macfie Organizations: Railways, India's Railway Board, Central Bureau of Investigation, Railway, Express, Railway Ministry, Twitter, Wednesday, Thomson Locations: BAHANAGA, India, Odisha, Balasore, Chennai, Kolkata, du, Inde, Howrah

Rescue workers gather around damaged carriages during search for survivors at the accident site on Saturday. With the rail routes still blocked, family members of deceased passengers are having to find their way by other means to the crash site, to help identify the dead. India’s extensive rail network, one of the largest in the world, was built more than 160 years ago under British colonial rule. Decaying infrastructure is often cited as a cause for traffic delays and numerous train accidents in India. An ambitious National Rail Plan, announced in 2021, envisages that all major cities in north, west and south India should be connected by high-speed rail.

Persons: –, Ashwini Vaishnaw, ”, Dibyangshu Sarkar, Jaya Varma Sinha, ” Sinha, Mansukh Mandaviya, Mandaviya, Naveen Patnaik, Patnaik, “, Narenda Modi, Narendra Modi, Volodymyr Zelensky, Vladimir Putin, Joe Biden, Rishi Sunak, Fumio Kishida, Antonio Guterres, Pope Francis, Modi, Modi’s, Albright Organizations: Hong Kong CNN, Howrah, Bangalore . Rescue, Getty, Jaya, India’s Health, Sunday, Odisha’s, Public Relations Department, Indian, Rapid, Force, British, United Nations, National Crime Records, Group, Rail Plan, Bharat Locations: New Delhi, London, Hong Kong, Balasore, Odisha, Indian, Kolkata, Chennai, Bazar, Bangalore, AFP, Tamil Nadu, Russian, India, Jammu, Kashmir

☆ Why E. Jean Carroll Will Always Tell You She Is ‘Fine, Fabulous’
▼ + stars: | 2023-05-05 | by ( Ginia Bellafante | ) www.nytimes.com time to read: +2 min

Taking the witness stand, she recalled that Ms. Carroll had phoned her immediately after the alleged incident with Mr. Trump “breathless, hyperventilating, emotional,” but that the subject did not come up between them again for another quarter century. Carroll is a very up person; she is not a victim,” Ms. Birnbach said. In the mid-1990s, decades after the sexual revolution, nearing the declining days of the AIDS crisis and the heyday of elite media, New York seemed to belong to women like E. Jean Carroll. A pair of big media personalities — Ms. Carroll was a well-known advice columnist by then — meeting so unexpectedly to do something vaguely conspiratorial. At the outset, the story seemed so paradigmatically “New York,” Ms. Carroll explained in her testimony.

☆ Bilingualism May Stave Off Dementia, Study Suggests
▼ + stars: | 2023-04-28 | by ( Jaya Padmanabhan | ) www.nytimes.com time to read: +1 min

Speaking two languages provides the enviable ability to make friends in unusual places. A new study suggests that bilingualism may also come with another benefit: improved memory in later life. Studying hundreds of older patients, researchers in Germany found that those who reported using two languages daily from a young age scored higher on tests of learning, memory, language and self-control than patients who spoke only one language. The findings, published in the April issue of the journal Neurobiology of Aging, add to two decades of work suggesting that bilingualism protects against dementia and cognitive decline in older people. “It’s promising that they report that early and middle-life bilingualism has a beneficial effect on cognitive health in later life,” said Miguel Arce Rentería, a neuropsychologist at Columbia University who was not involved in the study.

☆ Employee surveillance is on the rise — and that could backfire on employers
▼ + stars: | 2023-04-24 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +8 min

[Employee surveillance] has increased excessively over the last few years … largely under the guise of ensuring workplace safety and confidentiality and protecting the business. It therefore comes as no surprise that demand for employee monitoring software has skyrocketed since the pandemic. Veriato is one of many employee monitoring software companies worldwide whose sales boomed because of the pandemic. When you're looking at your contract, you're not looking for those clauses — you're looking at how much am I going to get paid? "When you're looking at your contract, you're not looking for those clauses — you're looking at how much am I going to get paid?

☆ Want a fixer-upper in Japan? You could nab one of millions of country houses for sale for just $25,000.
▼ + stars: | 2023-04-17 | by ( Eliza Relman | ) www.businessinsider.com time to read: +3 min

Japan has a glut of abandoned homes in rural areas and small towns. Japan has a glut of older, abandoned homes in rural areas, as Insider has previously reported. The country has at least 8.5 million such "akiya," the Japanese word for unoccupied home, according to government data from 2018. They're increasingly buying up these houses and restoring them, the New York Times reported. In 2020, he co-founded a real estate consultancy, called Akiya & Inaka, that markets and sells akiya and other traditional homes, the Times reported.

☆ 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.

☆ 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.

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