THE ASIAN REPORTER
July 3, 2023
C O M M U N I T Y
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DRIVERS DOWNSIZED. Passengers wait for a Grab car in Kuala
Lumpur, Malaysia, in this March 26, 2018 file photo. Singapore ride-hail-
ing firm Grab Holdings said it is cutting more than 1,000 jobs or 11% of
its workforce to cut costs and keep the company competitive, in its big-
gest round of job cuts since the pandemic. (AP Photo/Vincent Thian, File)
Ride-hailing firm Grab slashes 1,000
jobs in biggest layoff since pandemic
Continued from page 5
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Iconic HK dragon boat races are back
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Grab’s shares on NASDAQ were up more than 5% in
premarket trading, but declined nearly 1.5% midday.
The Singapore-based company started out as a
taxi-hailing service in Malaysia in 2012, before later
expanding to ride-hailing, food delivery, and financial
services across eight countries in Southeast Asia,
including Indonesia, Malaysia, and the Philippines. In
2018, it acquired rival Uber’s Southeast Asian operations
after years of price wars to carve out market share.
Grab has been slower than other technology firms in the
region in slashing jobs. The company initially said last
September that it had no plans for massive job cuts.
Last year, Singapore-based gaming and online retail
firm Sea Ltd. axed 7,000 jobs or about 10% of its
workforce. Grab’s rival, Indonesian ride-hailing firm
GoTo, had cut 12% of its workforce last year and cut
another 600 jobs in March.
Although Grab reported a 130% rise in revenue to $525
million for its quarter ended March, it also clocked a loss of
$250 million from the same time last year.
Grab is potentially grappling with slowing growth amid
higher inflation rates and costs of living, as well as stiff
competition from rivals such as GoTo. Its gross
merchandise value — which calculates the total dollar
value of transactions by Grab users — rose just 3% for the
quarter. Spending per user was down 4% compared to the
same time last year.
In February, Grab brought forward its profitability
goal, expecting to break even in the final quarter of 2023.
It previously expected to turn profitable in the second half
of 2024.
Security Code:
“Wherever there’s fishermen, there’s dragon boats,”
said Cheng Man-Tat, a second-generation fisherman from
a local fishing family. “There have been dragon boat
competitions in every fishing port during the Tuen Ng
Festival every year.”
Some 45 teams — made up of fishermen, secondary
school students, mixed-gender, and all-men and
all-women teams — joined 28 races this year at Aberdeen.
Participants compete in either traditional wooden boats
or standard glass-fiber dragon boats.
Shelly Chan, a paddler who joined the race for the 10th
year, said the hardest part of the races is how tiring it gets.
Races often last two to three minutes, but can go to 10
minutes or longer depending on the course.
“You can’t stop, once the competition starts, you will
need to keep it going,” she said. “If it’s a long-distance race,
it relies on your stamina.”
Races were also held at five other areas across Hong
Kong’s shores.
AP writer Zen Soo contributed to this report.