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2023-09-21 16:30 | Report Abuse
SINGAPORE, Sept 21 (Reuters Breakingviews) - The Singapore giant is the obvious buyer for its rival’s Southeast Asian food business, a potential $1 bln purchase. It has extended its lead before by gobbling up operations of retreating Western firms. Investors are tepid on the tech recovery but Grab has the muscle for a deal.
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2023-09-21 16:25 | Report Abuse
When contacted by The Business Times, foodpanda would only say that the discussions with several parties are still in the “preliminary stages”, declining to provide further details. Grab did not respond to a request for comment.
The development comes as food delivery companies globally face growing pressure to turn profitable. A regulatory filing of foodpanda’s Singapore entity shows a loss of S$42.7 million in FY2022 ended Dec 31, on the back of S$256.7 million in revenue. The company had previously laid off staff, citing a “critical need” to cut costs.
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2023-09-21 16:23 | Report Abuse
GERMANY-BASED Delivery Hero is in talks for a potential sale of its foodpanda business in Singapore and six other South-east Asian markets. A media report had cited Grab as a potential buyer.
On Thursday (Sep 21), Delivery Hero confirmed that it is in negotiations to sell foodpanda’s businesses in Singapore, Malaysia, the Philippines, Thailand, Cambodia, Myanmar and Laos. The negotiations were earlier reported by business magazine
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2023-09-21 16:23 | Report Abuse
Foodpanda could be sold in Singapore and other markets; report cites Grab as potential buyer
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2023-09-21 14:53 | Report Abuse
Chinese electric vehicle maker Nio Inc launched its first mobile phone on Thursday, in hopes that better software and connectivity will boost the appeal of its EV cars amid a fierce price war in China.
Chief Executive William Li, a big driver of the project, unveiled the Nio Phone in the commercial capital of Shanghai, highlighting features such as the ability to control multiple cars with one device, or to unlock a car even when switched off.
Plans for the device had fuelled concern among some investors, however, as Nio doubled down on investment in self-developed technologies for key components such as chips and batteries, despite rising losses amid the pricing battle.
Nio posted a net loss of 6.12 billion yuan ($839.51 million) in the second quarter, versus a loss of 2.75 billion yuan in the corresponding period a year ago.
By the end of June, it held cash and cash equivalents of $4.3 billion. It received an investment of $1.1 billion in July from CYVN Holdings and offered a $1-billion convertible bond on Monday.
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Stock: [TOPGLOV]: TOP GLOVE CORPORATION BHD
2023-09-21 20:00 |
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