Grab Announces Massive Layoffs Amid Pandemic

Ride-hailing, food delivery and financial services giant Uber raised its revenue forecast in February, but still faced slow user growth as consumers adjust to rising prices. Gross merchandise value growth was only 3.0% over three months ended March; per-user spending had decreased by 4.0%. Grab Announces Massive Layoffs Amid Pandemic Ride-hailing, food delivery and financial services giant Uber raised its revenue forecast in February, but still faced slow user growth as consumers adjust to rising prices. Gross merchandise value growth was only 3.0% over three months ended March; per-user spending had decreased by 4.0%. Grab's largest round of layoffs ever was achieved this time, surpassing an earlier effort in 2020 which reduced staff by around 5%. What is a Breaking News Story? Breaking news stories are topics that are developing quickly and require coverage as soon as possible, such as an accident or terrorist attack that needs immediate coverage, but could also include human interest pieces or unexpected developments around the globe that need regular updates from reporters both on air and online. Breaking news stories typically feature a graphic or phrase to indicate they are broadcast live and should be immediately reported upon. They are frequently seen on news broadcasts, radio broadcasts, newspapers and even magazines - with 24-hour cable news channels often using this term to refer to seemingly trivial events (car chases or weather changes, for instance). Breaking news is vitally important because it enables media outlets to report stories that would otherwise go unreported. When broadcast media was predominantly comprised of radio and television channels, breaking news allowed these stations to interrupt regular programming for an important development that required immediate coverage - this principle continues today as news increasingly comes via internet delivery systems. Media organizations sometimes face difficulty reporting accurately on breaking news stories that take place in remote or emergency situations. To provide accurate coverage, they should utilize reliable sources and ensure someone present is present to confirm details and give context - such as previous developments or potential impacts of an event. Grab is one of several global tech firms to announce massive layoffs due to slowing consumer demand and uncertain macroeconomic conditions. CEO Tan Siow Hoon wrote in a letter to staff that Grab would freeze most hiring and cut travel and expense budgets, prioritizing its core e-payment business while decreasing its Southeast Asian operations where they lead food delivery and taxi hailing services. What is a Breaking News Report? Breaking News is a term commonly used in broadcast journalism to refer to stories that are recent events that are currently being covered, or those which could potentially have significant significance - often within politics or crime stories, this allows newscasters to fill airtime by reporting something of interest for viewers. Tech firms that increased hiring during the pandemic have begun cutting workers rapidly as conditions return to pre-pandemic levels. Ride-hailing giant Grab, present in eight Southeast Asian countries, announced earlier this month it would lay off 360 workers or about five percent of its region-wide workforce, or approximately 5 percent. They explained this move was to eliminate non-core projects while asking those affected for their understanding, according to Reuters reports. On Thursday, Tan Hooi Ling will make her decision to step down as CEO from Grab, the ride-hailing firm she co-founded with her brother in 2012. This move comes amid struggles to reduce losses and combat competition within its core ride-hailing business. Grab's CEO Anthony Tan stated in a memo sent out on Wednesday and reviewed by Reuters, that Grab will implement measures necessary in response to its current economic environment and rising costs, including freezing job requisitions not yet in offer stage, not awarding raises for senior managers, cutting travel and expense budgets, reviewing processes and taking measures to "improve them." These actions are necessary due to current economic factors as well as rising costs. Grab is currently leading Southeast Asia's ride-hailing market, but has struggled to reach profitability as competitors such as Sea Ltd of Singapore, Indonesia's Gojek and Berlin-based Delivery Hero Foodpanda have gained ground. While Grab's 2022 earnings report indicated a narrower loss, GMV growth slowed as consumers dealt with rising prices - according to PYMNTS consumer inflation sentiment studies three quarters of consumers are spending less on on-demand convenience services overall - Grab has attempted to reduce costs through closing businesses and cutting incentive programs as well as testing self-driving cars for experimentation purposes. What is a Breaking News Coverage? Breaking news refers to information that has recently come to light that has yet to be widely reported on. Breaking stories are typically short, often featuring real-time updates as events unfold. Although the term is used loosely across media outlets (including some with strong journalistic credentials such as Matt Drudge's The Drudge Report), media outlets and journalists such as Matt Drudge take great pride in having broken certain stories such as Clinton-Lewinski scandal. Furthermore, "breaking news" often appears as filler during slow periods by TV/radio news shows which refer to events which hasn't fully developed into full stories yet. As such, "breaking news" has come to be synonymous with short-form reporting that covers everything from severe weather incidents and crime incidents in local neighborhoods to local shootings and killings. Radio and TV stations use breaking news coverage during weather events as filler material while other channels utilize it to highlight important current issues such as government shutdown or military actions in war zones. COVID-19 may prompt Grab and Gojek, Indonesia's two decacorn ride-hailing firms, to scale back some non-core services as they reconsider their ambition of becoming one-stop apps that offer transport, food delivery, financial services and hotel booking - in effect creating one stop shops that meet user needs in all areas. They had been on an ambitious race toward becoming such omnibus apps; now however they must focus on core operations due to slower growth and rising costs, reports PYMNTS. Grab Inc recently announced quarterly results showing that its gross merchandise value, or amount consumers purchase from Grab, had only increased 3% year over year while spending per user remained flat despite competition from rivals Gojek and Foodpanda, as well as rising prices in certain of its markets. To address these trends, the company announced several cost-cutting measures in an internal memo sent out to staff. These included freezing most hiring activities, salary freezes for senior managers and reduced travel and expense budgets. CEO Tan assured his employees that these moves still put Singapore-based tech firm on track for profitability by 2023. What is a Breaking News Coverage Format? News organizations need to act fast when something significant takes place in order to break it first, which is known as breaking news. Although news stories involving an emergency situation require immediate reporting, their urgency may result in overplayed or inaccurate accounts; reporters rushing may fail to fully investigate facts where details remain uncertain or vague. As such, media have an intricate relationship with breaking news events. While the PEJ News Coverage Index indicates that these types of events receive the most coverage on broadcast television, much of this reporting may often be inaccurate due to multiple news organizations competing to be first with an exclusive story and an apparent belief that being first will make their organization seem more authoritative. As soon as an important event takes place, news outlets will halt current programming in order to report it. They typically alert viewers that they will be interrupting with an announcement graphic and voiceover outlining its significance and asking viewers to standby for more information. In some instances, networks may use countdown timers so their affiliated stations may switch over to their feed quickly. Once programing has been interrupted by breaking news, an anchor typically announces it and informs viewers that additional details will be available during later segments of a local or national newscast, or on morning network newscast (if applicable). Programming at this time may either resume where it left off or be continued from its place where interruption occurred. Grab, a tech unicorn valued at over US$40 billion, has seen extraordinary growth across Southeast Asia since its debut in 2012. Over time it has expanded to provide bike, car and electric vehicle rentals on demand, taxi bookings, food delivery as well as financial services such as loans and insurance policies. Grab's largest round of layoffs ever was achieved this time, surpassing an earlier effort in 2020 which reduced staff by around 5%. What is a Breaking News Story? Breaking news stories are topics that are developing quickly and require coverage as soon as possible, such as an accident or terrorist attack that needs immediate coverage, but could also include human interest pieces or unexpected developments around the globe that need regular updates from reporters both on air and online. Breaking news stories typically feature a graphic or phrase to indicate they are broadcast live and should be immediately reported upon. They are frequently seen on news broadcasts, radio broadcasts, newspapers and even magazines - with 24-hour cable news channels often using this term to refer to seemingly trivial events (car chases or weather changes, for instance). Breaking news is vitally important because it enables media outlets to report stories that would otherwise go unreported. When broadcast media was predominantly comprised of radio and television channels, breaking news allowed these stations to interrupt regular programming for an important development that required immediate coverage - this principle continues today as news increasingly comes via internet delivery systems. Media organizations sometimes face difficulty reporting accurately on breaking news stories that take place in remote or emergency situations. To provide accurate coverage, they should utilize reliable sources and ensure someone present is present to confirm details and give context - such as previous developments or potential impacts of an event. Grab is one of several global tech firms to announce massive layoffs due to slowing consumer demand and uncertain macroeconomic conditions. CEO Tan Siow Hoon wrote in a letter to staff that Grab would freeze most hiring and cut travel and expense budgets, prioritizing its core e-payment business while decreasing its Southeast Asian operations where they lead food delivery and taxi hailing services. What is a Breaking News Report? Breaking News is a term commonly used in broadcast journalism to refer to stories that are recent events that are currently being covered, or those which could potentially have significant significance - often within politics or crime stories, this allows newscasters to fill airtime by reporting something of interest for viewers. Tech firms that increased hiring during the pandemic have begun cutting workers rapidly as conditions return to pre-pandemic levels. Ride-hailing giant Grab, present in eight Southeast Asian countries, announced earlier this month it would lay off 360 workers or about five percent of its region-wide workforce, or approximately 5 percent. They explained this move was to eliminate non-core projects while asking those affected for their understanding, according to Reuters reports. On Thursday, Tan Hooi Ling will make her decision to step down as CEO from Grab, the ride-hailing firm she co-founded with her brother in 2012. This move comes amid struggles to reduce losses and combat competition within its core ride-hailing business. Grab's CEO Anthony Tan stated in a memo sent out on Wednesday and reviewed by Reuters, that Grab will implement measures necessary in response to its current economic environment and rising costs, including freezing job requisitions not yet in offer stage, not awarding raises for senior managers, cutting travel and expense budgets, reviewing processes and taking measures to "improve them." These actions are necessary due to current economic factors as well as rising costs. Grab is currently leading Southeast Asia's ride-hailing market, but has struggled to reach profitability as competitors such as Sea Ltd of Singapore, Indonesia's Gojek and Berlin-based Delivery Hero Foodpanda have gained ground. While Grab's 2022 earnings report indicated a narrower loss, GMV growth slowed as consumers dealt with rising prices - according to PYMNTS consumer inflation sentiment studies three quarters of consumers are spending less on on-demand convenience services overall - Grab has attempted to reduce costs through closing businesses and cutting incentive programs as well as testing self-driving cars for experimentation purposes. What is a Breaking News Coverage? Breaking news refers to information that has recently come to light that has yet to be widely reported on. Breaking stories are typically short, often featuring real-time updates as events unfold. Although the term is used loosely across media outlets (including some with strong journalistic credentials such as Matt Drudge's The Drudge Report), media outlets and journalists such as Matt Drudge take great pride in having broken certain stories such as Clinton-Lewinski scandal. Furthermore, "breaking news" often appears as filler during slow periods by TV/radio news shows which refer to events which hasn't fully developed into full stories yet. As such, "breaking news" has come to be synonymous with short-form reporting that covers everything from severe weather incidents and crime incidents in local neighborhoods to local shootings and killings. Radio and TV stations use breaking news coverage during weather events as filler material while other channels utilize it to highlight important current issues such as government shutdown or military actions in war zones. COVID-19 may prompt Grab and Gojek, Indonesia's two decacorn ride-hailing firms, to scale back some non-core services as they reconsider their ambition of becoming one-stop apps that offer transport, food delivery, financial services and hotel booking - in effect creating one stop shops that meet user needs in all areas. They had been on an ambitious race toward becoming such omnibus apps; now however they must focus on core operations due to slower growth and rising costs, reports PYMNTS. Grab Inc recently announced quarterly results showing that its gross merchandise value, or amount consumers purchase from Grab, had only increased 3% year over year while spending per user remained flat despite competition from rivals Gojek and Foodpanda, as well as rising prices in certain of its markets. To address these trends, the company announced several cost-cutting measures in an internal memo sent out to staff. These included freezing most hiring activities, salary freezes for senior managers and reduced travel and expense budgets. CEO Tan assured his employees that these moves still put Singapore-based tech firm on track for profitability by 2023. What is a Breaking News Coverage Format? News organizations need to act fast when something significant takes place in order to break it first, which is known as breaking news. Although news stories involving an emergency situation require immediate reporting, their urgency may result in overplayed or inaccurate accounts; reporters rushing may fail to fully investigate facts where details remain uncertain or vague. As such, media have an intricate relationship with breaking news events. While the PEJ News Coverage Index indicates that these types of events receive the most coverage on broadcast television, much of this reporting may often be inaccurate due to multiple news organizations competing to be first with an exclusive story and an apparent belief that being first will make their organization seem more authoritative. As soon as an important event takes place, news outlets will halt current programming in order to report it. They typically alert viewers that they will be interrupting with an announcement graphic and voiceover outlining its significance and asking viewers to standby for more information. In some instances, networks may use countdown timers so their affiliated stations may switch over to their feed quickly. Once programing has been interrupted by breaking news, an anchor typically announces it and informs viewers that additional details will be available during later segments of a local or national newscast, or on morning network newscast (if applicable). Programming at this time may either resume where it left off or be continued from its place where interruption occurred. Grab, a tech unicorn valued at over US$40 billion, has seen extraordinary growth across Southeast Asia since its debut in 2012. Over time it has expanded to provide bike, car and electric vehicle rentals on demand, taxi bookings, food delivery as well as financial services such as loans and insurance policies.
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