SG Morning Highlights | Grab Cuts Over 1,000 Staff in Biggest Layoff Since Pandemic
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened flat on Wednesday
●Grab cuts over 1,000 staff in biggest layoff since pandemic
●Stocks to watch: Keppel, ValueMax, Nio
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened flat on Wednesday.
Advancers / Decliners is 67 to 79, with 81.69 million securities worth S$107.27 million changing hands.
Breaking News
Grab is retrenching over 1,000 employees, or 11 per cent of its workforce, as it grapples with an increasingly challenging operating landscape amid the downturn.
In a letter sent late on Tuesday (Jun 20) night and seen by The Business Times, Grab chief executive Anthony Tan cited a business re-organisation and the need to optimise efficiency as reasons for the cuts.
"We believe fundamental step-changes in our operating model and cost structure are needed to build our competitive moat for the longer term. The primary goal of this exercise is to strategically re-organise ourselves, so that we can move faster, work smarter, and rebalance our portfolio in line with our longer term strategies," said Tan.
Singapore has, for the first time, become the most expensive city for high-net-worth individuals (HNWIs) to live well, said a report by Swiss private bank Julius Baer on Tuesday (Jun 20).
In its Global Wealth and Lifestyle Report 2023, Asia remains the costliest region for HNWIs to live well for the fourth year in a row. Shanghai, the most expensive city in the ranking last year, took second place, while Hong Kong rose a spot to take third place in the Lifestyle Index ranking of 25 cities.
The Lifestyle Index is based on a basket of 12 consumer goods and eight services that represent discretionary purchases by HNWIs. The data was collected between November 2022 and March 2023.
Stocks to Watch
$Keppel(BN4.SG$: Keppel Corporation has been awarded a contract by the Urban Redevelopment Authority (URA) to design, build, own and operate a new large-scale district cooling system (DCS) plant for 30 years located in the Jurong Lake District (JLD). The contract is expected to generate about $950 million for Keppel, comprising payments from real estate developers, owners and occupants for the design and building of the DCS, as well as the supply of chilled water and operations and maintenance of the DCS over 30 years.
$ValueMax(T6I.SG$: ValueMax launched on Tuesday (Jun 20) an issue of unsecured commercial paper in digital securities at an interest rate of 5.15 per cent with a maturity of three months.
The mainboard-listed group, offering pawnbroking and secured moneylending services, and engaging in the retail and trading of jewellery and gold, said in a bourse filing on Tuesday that it expects to raise S$10 million to S$20 million from accredited and institutional investors from the issuance, to be listed on the SDAX digital platform.
The issuance is part of a S$100 million multi-series unsecured commercial paper facility programme launched by ValueMax on the digital platform on Tuesday.
$NIO Inc. USD OV(NIO.SG$: The government of Abu Dhabi is taking a 7% stake in Nio Inc. and will gain a board seat, giving the electric carmaker a capital infusion as it contends with losses and uncertain demand in China’s competitive EV market.
CYVN Holdings LLC, an investment entity controlled by Abu Dhabi, agreed to buy about 85 million newly issued Class A shares for $738.5 million in cash, or $8.72 apiece, according to a statement Tuesday. CYVN is acquiring another 40 million shares from Chinese internet giant Tencent Holdings Ltd. to achieve the 7% stake.
Latest Share Buy Back Transactions
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