• About us
  • Donate
  • WADR
  • Contact us
  • Live Stream
Tuesday, February 7, 2023
Loud Silence News
Advertisement
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
No Result
View All Result
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
No Result
View All Result
Loud Silence News
No Result
View All Result
Home US News US Business

Grab CEO on ride-hailing, transport business outlook

Loud Silence Staff by Loud Silence Staff
April 16, 2020
in US Business
0
Grab CEO on ride-hailing, transport business outlook
1
SHARES
6
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

[ad_1]

Southeast Asia’s ride-hailing giant Grab saw its transportation business take a hit due to the coronavirus outbreak, but CEO Anthony Tan predicts that his company will have enough liquidity to tide through a recession.

“In some countries, our transport GMV is down by double-digit percentage,” Tan told CNBC’s Nancy Hungerford in an interview. 

GMV is a commonly tracked metric by internet companies that measures the total value of sales for goods and services sold on their platforms.

He explained that the company’s diversified business model, which includes food and grocery delivery among others, has helped Grab weather some of the coronavirus impact. Grab has adjusted to the new environment by scaling up some of its non-transport business segments to meet demand spikes and moving its supplies around to ensure drivers on the platform can still have income opportunities, the CEO said.

We are fortunate to have ample liquidity to tide us through, whether it’s a 12-month recession or 36-month recession.

Still, the uptick in delivery services has not completely offset the impact on the transport business but Tan appeared optimistic about the outlook. 

“Looking ahead, though, I know that transport is a mass-market essential service, so we anticipate it will recover strongly once people start commuting again post lockdown,” he said. 

Grab operates in 339 cities across eight countries in Asia, including Singapore, Malaysia, and Indonesia.

All of those countries have implemented some forms of social distancing measures, some stricter than others, and more people started staying at home in recent months due to the virus outbreak. It has reduced the demand for transportation. 

Globally, more than 2 million people have been infected and the International Monetary Fund has predicted the worst economic downturn since the Great Depression.

That has affected the income of many drivers on Grab’s platform, including some who have contracted Covid-19, the disease caused by the coronavirus. In response, the company said it invested close to $40 million in financial assistance across the region and introduced additional support measures in places like Singapore, where it is headquartered.

“They can focus on recovering rather than worrying about putting food on the table,” Tan said.

When asked about the company’s overall financial health, he explained that most of Grab’s costs are variable and they decline when demand is down. 

“Because of our strong investor base, we are fortunate to have ample liquidity to tide us through, whether it’s a 12-month recession or 36-month recession,” Tan added. 

Grab counts the likes of SoftBank, Singapore’s state investment firm Temasek Holdings and Chinese ride-hailing giant Didi Chuxing as its investors. It has raised $9.9 billion to date, according to Crunchbase data, including an investment commitment from Japan’s Mitsubishi UFJ Financial Group for $706 million in February. 

[ad_2]

This content first appear on cnbc

You might also like

Billionaire Mark Zuckerberg loses $5.9bn in a day as Facebook faces rare outage, whistleblower testimony

Global cases top 3.6 million, Trump says more deaths inevitable

Supreme Court says Justice Ruth Bader Ginsburg underwent treatment for gallbladder condition

Tags: Asia Economybusiness newschinaCoronavirus: BusinessIndonesiaInternetMalaysiaSingaporeSoftBank Group CorptechnologyTransportation
Previous Post

Obesity Ups Severe COVID-19 Risk in Young Patients

Next Post

Coronavirus: Papa Owusu Ankomah in stable condition – Ghana’s Mission in UK

Loud Silence Staff

Loud Silence Staff

Related Posts

US Business

Billionaire Mark Zuckerberg loses $5.9bn in a day as Facebook faces rare outage, whistleblower testimony

by News Reporter
October 5, 2021
Global cases top 3.6 million, Trump says more deaths inevitable
US Business

Global cases top 3.6 million, Trump says more deaths inevitable

by Loud Silence Staff
May 6, 2020
Supreme Court says Justice Ruth Bader Ginsburg underwent treatment for gallbladder condition
US Business

Supreme Court says Justice Ruth Bader Ginsburg underwent treatment for gallbladder condition

by Loud Silence Staff
May 6, 2020
US Business

United Airlines service workers sue over schedule cuts after airline got federal coronavirus aid

by Loud Silence Staff
May 5, 2020
Disney reports quarterly earnings, and TikTok gains more influence
US Business

Disney reports quarterly earnings, and TikTok gains more influence

by Loud Silence Staff
May 5, 2020
Next Post
Coronavirus: Papa Owusu Ankomah in stable condition – Ghana’s Mission in UK

Coronavirus: Papa Owusu Ankomah in stable condition – Ghana’s Mission in UK

Recommended

Galamsey’ queen’ Aisha Huang re-arrested and remanded by Accra Court

Galamsey’ queen’ Aisha Huang re-arrested and remanded by Accra Court

September 5, 2022
Time to reflect a ‘blessing in disguise’ for Lions’ Whiteley

Time to reflect a ‘blessing in disguise’ for Lions’ Whiteley

April 20, 2020

Categories

  • African Business
  • African Education
  • African Health
  • African News
  • African Politics
  • African ShowBiz
  • Education
  • Ghana Business
  • Ghana News
  • Ghana ShowBiz
  • Ghana Sports
  • Human Interest Stories
  • News
  • Opinion
  • People
  • ShowBiz
  • Social Trends
  • US Business
  • US Education
  • US Health
  • US News
  • US Politics
  • US Showbiz
  • WADR
  • World Business
  • World News
  • World Politics
  • World Showbiz
  • World Sports

Don't miss it

Minority makes a strategic change of leadership in parliament with Ato Forson as Minority leader.
Ghana News

Minority makes a strategic change of leadership in parliament with Ato Forson as Minority leader.

January 24, 2023
Kusi Boateng’s JNS has never paid taxes neither have they ever filed annual tax returns – Okudzeto Ablakwa
Ghana News

Kusi Boateng’s JNS has never paid taxes neither have they ever filed annual tax returns – Okudzeto Ablakwa

January 23, 2023
Akufo Addo Spent ¢10bn of Covid-19 funds on ‘budget support’ – Auditor-General’s report
Ghana News

Akufo Addo Spent ¢10bn of Covid-19 funds on ‘budget support’ – Auditor-General’s report

January 23, 2023
OSP Kissi Agyebeng Protects NPA Boss Mustapha Hamid Over Illegal Contract
Ghana News

OSP Kissi Agyebeng Protects NPA Boss Mustapha Hamid Over Illegal Contract

January 22, 2023
Hon. Okudzeto Ablakwa Exposes Serious Criminal conduct Of Kusi Boateng Who is the Secretary of the Board of Trustees of Akufo Addo’s Cathedral
Ghana News

Hon. Okudzeto Ablakwa Exposes Serious Criminal conduct Of Kusi Boateng Who is the Secretary of the Board of Trustees of Akufo Addo’s Cathedral

January 16, 2023
It’s so late deserting the already Sunk ship – Mahama jabs Alan, Afriyie Akoto
Ghana News

It’s so late deserting the already Sunk ship – Mahama jabs Alan, Afriyie Akoto

January 13, 2023

About Us

LOGO

Loud Silence Radio & TV Network and is a multi media production company focusing on Ghanaian and African news.

Contact

  • Alexandria, Virginia, USA
  • +1 212-602-9641
  • loudsilenceradio@gmail.com
Facebook Twitter Youtube Linkedin

Download App

google play store

© 2021 Loud Silence Media. All rights reserved.

  • About us
  • Contact us
  • Donate
  • Live Stream
  • Privacy Policy
  • Terms of Use
Menu
  • About us
  • Contact us
  • Donate
  • Live Stream
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.