SINGAPORE: Southeast Asia’s super-app Grab has turned a significant financial corner, reporting a profit of about S$20 million or US$15 million for the third quarter of 2024.
This turnaround marks a reversal from the US$99 million loss it experienced in the same quarter last year.
Several factors, including stronger group-adjusted earnings, a rise in net finance income, and a reduction in share-based compensation costs, underpinned the company’s shift into profitability.
In Q3 2024, Grab’s group-adjusted EBITDA—a key performance metric excluding certain expenses—jumped to US$90 million, reflecting a US$62 million increase from the previous year’s quarter.
Grab credits the rise in EBITDA to growth in On-Demand Gross Merchandise Value (GMV) and revenue across its segments.
Grab’s revenue for the quarter increased by 17% year-over-year to reach US$716 million. This growth was seen across all major business segments, underlining robust demand in its core markets.
The company’s On-Demand GMV also experienced substantial growth, climbing 15% year-over-year. This surge was largely driven by a 19% increase in Monthly Transacting Users (MTUs) and a 22% rise in transaction volumes.
SINGAPORE: Popular Singapore food chain Old Chang Kee has posted impressive financial results for the first half of its 2025 fiscal year, with net profit soaring by 42% year-on-year (YoY).
The company reported a net profit of $6.2 million for the six months ending 30 Sept, a significant increase from $4.4 million in the same period last year.
The company’s gross profit also saw notable growth, rising 7.9% YoY to reach $36 million, up from $33.3 million in H1 2024.
This performance was driven by a consistent increase in revenue across various business segments, showcasing the brand’s resilience and expansion strategy.
Revenue climbed 3.2% YoY to $52 million, compared to $50.2 million in the first half of 2024. This uptick was mainly attributed to stronger retail and non-retail sales.
Retail sales alone grew by 1.2% YoY to $0.5 million, supported by both new outlets and increased sales from existing locations, though partially offset by revenue losses from closed outlets.
Additionally, non-retail revenue, including services like delivery and catering, rose significantly by 19.3% or approximately $1.0 million.
Earnings per share for the period stood at $0.0512, reflecting the company’s improved profitability and operational efficiency.
SINGAPORE: DBS Group CEO Piyush Gupta recently sold 300,000 DBS shares, valued at approximately $12.6 million, amid plans for his upcoming retirement from Southeast Asia’s largest bank.
The share sale was documented in a filing with the Singapore Exchange, revealing the transactions were completed on Nov 7 and 8.
On Nov 7, Mr Gupta sold 100,000 shares at $41.7513 each. The following day, he sold an additional 200,000 shares at a slightly higher rate of $42.2023 per share.
The sale reduced Mr Gupta’s stake in DBS from 0.07% to 0.077%, leaving him with around 1.9 million shares, down from 2.2 million.
Interestingly, the profits from the sale of the shares this month exceed the $11.2 million pay he was slated to receive in 2023 – a pay package slashed by 27 per cent due to a string of service outages involving the banking giant.
This is not the first time Mr Gupta has made a substantial sum cashing out his DBS shares this year.
The November transactions follow Mr Gupta’s sale spree of DBS shares between May 3 and May 16, in which he sold more than 500,000 shares through a series of transactions at prices ranging from $35.40 to $35.90 per share.
In total, he sold over 500,000 shares of DBS in May alone, with the lucrative transactions earning him more than $17.8 million.
Gupta, who has led DBS for 15 years, first indicated his intention to retire by age 65 in 2021. In August, he formally announced that he would step down during the bank’s annual general meeting on March 28, 2025.
Tan Su Shan, DBS’s current deputy CEO, is set to succeed him, marking a new leadership phase for the bank.
SINGAPORE: The Ministry of Health and Singapore Medical Council (SMC) said in a joint statement on Nov 11 (Monday) that starting from Jan 1, 2025, nine more overseas medical schools will be receiving recognition.
This is part of SMC’s regular review of recognized medical schools in the city-state to ensure that medical doctors trained in another country and applied to practice locally have received training comparable to Singapore’s.
“The additions will allow Singapore to better meet the growing demand for doctors as our population ages, even as we increased the annual local medical school intake from around 400 students in 2013 to over 500 in 2023,” the statement reads.
Nine medical schools from Australia, Ireland, and the United Kingdom have been recommended by SMC to be added to the Second Schedule of the Medical Registration Act. MOH has accepted SMC’s recommendation.
This takes the total of recognized medical schools from 103 to 112.
A number of different factors, including the schools’ international rankings, doctors’ performance in the schools, and whether the schools’ language of instruction is compatible with local practice, were taken into consideration by SMC.
Here are the nine medical schools now recognized in Singapore:
Australia
University of Newcastle, School of Medicine and Public Health
Ireland
University College Cork – National University of Ireland, School of Medicine
University College Dublin – National University of Ireland School of Medicine
Royal College of Surgeons in Ireland National University of Ireland, School of Medicine
The United Kingdom
The Queen’s University of Belfast, School of Medicine, Dentistry and Biomedical Sciences
University of Aberdeen, School of Medicine, Medical Sciences and Nutrition
University of Leeds, School of Medicine
University of Newcastle upon Tyne, Faculty of Medical Sciences
University of Warwick, Warwick Medical School
This also means that from next year onward, would-be medical students who wish to study overseas may apply to any of the 112 recognized medical schools.
When they graduate and return to Singapore, they can practice medicine.
Other graduates from these schools may also practice medicine in the city-state, regardless of nationality.
Those who graduated before 2025 may also apply to SMC to practice medicine in Singapore, as long as they comply with the current requirements of the SMC.
“SMC will continue to assess foreign-trained medical doctors in their initial years through a supervisory framework to ensure high standards of medical practice.
SINGAPORE: With iOS 18.2, Apple users can share a secure location link of an AirTag or Find My network accessory with others through a new feature called Share Item Location to find missing items, including luggage.
Additionally, in the months to come, over 15 airlines, including Singapore Airlines, British Airways, and United Airlines, will also accept Find My Item locations as part of their customer service process for locating mishandled or delayed bags.
Screengrab/apple.com
The tech giant announced in a press release on Tuesday (Nov 12) that Share Item Location is meant to help users find misplaced items by easily and securely sharing the location of an AirTag or Find My network accessory.
The new feature will be available in almost all regions around the globe when users of iPhone X and later models update to iOS 18.2.
Apple says the Find My feature was created with “privacy and safety at its core.”
Screengrab/apple.com
As soon as a user gets their item back, the shared location will be disabled. It automatically expires after seven days; furthermore, owners may stop it anytime.
“Find My is an essential tool for users around the world to keep track of and find their belongings,” said Eddy Cue, Apple’s senior vice president of Services.
“The Find My network and AirTag have proven to be a powerful combination for users while travelling, providing invaluable location information when bags have been misplaced or mishandled.
With Share Item Location, we’re excited to give users a new way to easily share this information directly with third parties like airlines, all while protecting their privacy,” he added.
How to use the new feature
Users may generate a Share Item Location link through the Find My app on their iPhone, iPad, or Mac.
Screengrab/apple.com
Those who receive this link can view a website that shows the item’s location on an interactive map.
Screengrab/apple.com
When a new location for the item becomes available, the site automatically updates and shows a timestamp of the most recent update.
Aside from the airlines mentioned above, Aer Lingus, Air Canada, Air New Zealand, Austrian Airlines, Brussels Airlines, Delta Air Lines, Eurowings, Iberia, KLM Royal Dutch Airlines, Lufthansa, Qantas, Swiss International Air Lines, Turkish Airlines, Virgin Atlantic, and Vueling will also be accepting Find My item locations in the coming months.
Apple added that more airlines will follow suit. The company has worked directly with airlines to privately and securely accept Share Item Location links.
Only a limited number of people will be given access to the shared links, and recipients will be required to authenticate to view the link through their Apple Account or partner email address.
“We know many of our customers are already travelling with AirTag in their checked bags, and this feature will soon make it easier for them to share location information with us safely and securely, helping our customer service agents work more efficiently and giving our customers added peace of mind,” Apple quoted David Kinzelman, United’s chief customer officer, as saying. /TISG
SINGAPORE: In a move set to ease the financial burden on struggling businesses, Singapore is making it simpler and more cost-effective for companies to file for insolvency.
The government has introduced reforms to the Simplified Insolvency Programme (SIP), making the process more accessible and efficient for smaller companies.
Lower costs, simplifying the process
According to a Singapore Business Review report, under the Insolvency, Restructuring, and Dissolution (Amendment) Bill, two key initiatives—the Simplified Debt Restructuring Programme (SDRP) and the Simplified Winding Up Programme (SWUP)—will undergo significant changes to reduce complexity and costs for companies facing financial distress.
One of the key updates is the unification of eligibility criteria. The SDRP and SWUP will now require companies to have total liabilities of no more than $2 million, a substantial reduction from the previous multiple criteria.
This change is expected to widen access to these simplified processes, enabling more businesses to use these streamlined options for resolving insolvency.
The new bill also aims to simplify the application process.
For companies opting for the SDRP, only key supporting documents will be required at the outset, with the possibility of additional documentation requested by Insolvency Practitioners (IPs) for verification.
Streamlined transition
Meanwhile, for the SWUP, companies with incomplete financial records can now submit a director’s declaration confirming eligibility, with strict enforcement measures to deter false claims.
Additional changes to the SDRP include significantly reducing the number of creditors required to vote on the debt repayment plan, which dropped from three classes to just one.
Court intervention will be limited to cases where disputes arise based on clearly defined grounds.
The new system also introduces a streamlined transition to liquidation for companies deemed unviable during the debt restructuring process, making it easier to dissolve businesses that cannot recover.
The SWUP will also see cost savings.
Previously, companies were required to publish notices in the Government e-Gazette and newspapers.
Under the new rules, publication on the Ministry of Law’s website will only be necessary, reducing the administrative burden and associated costs.
The bill also includes changes to the creditor moratorium period in the SDRP, shortening the initial pause on creditor actions from 90 days to 30 days.
Moreover, companies that fail to complete the program will face a five-year restriction on reapplying, encouraging more efficient resolution of insolvency cases.
Strengthen SG’s position as int’l. business hub
These changes are part of Singapore’s broader efforts to enhance its insolvency and restructuring framework, ensuring businesses facing financial challenges have access to affordable, streamlined processes for recovery or orderly dissolution.
The reforms are expected to strengthen the country’s position as a global business hub by offering a more flexible, efficient system for dealing with financial distress.
With these proposed changes, Singapore is taking a significant step forward in modernizing its insolvency laws, creating a more conducive environment for businesses to navigate financial difficulties while ensuring greater transparency and accountability.
SINGAPORE: Despite high levels of job satisfaction, a significant number of Singaporean workers are still considering leaving their roles, according to new data from ManpowerGroup.
The report featured in the Singapore Business Review highlights the evolving dynamics of the local labour market and finds that 60% of employees in Singapore are satisfied with their jobs.
Yet, nearly half—41%—are contemplating a job change within the next six months.
Discontent and desire for change
The findings suggest that while satisfaction plays a role in retention, it’s not the sole factor keeping employees engaged.
Key issues such as daily stress and limited career growth opportunities drive the desire for change.
Nearly half of the respondents (48%) cited daily stress as a major concern, while 21% pointed to a lack of career advancement options contributing to their discontent.
The shortage of advancement opportunities was particularly pronounced among white-collar workers, with 32% reporting that their organizations offered limited prospects for career progression.
While 67% of workers believe their companies offer opportunities for skill development, the report highlights a disconnect when it comes to actual training and mentorship.
Just 44% of employees received formal training in the last six months, and only 41% were provided with mentorship during the same period.
Meaningful career advancement opportunities
Even for hybrid workers, who often prioritize flexibility and work-life balance, these factors alone aren’t enough to keep them engaged.
The report revealed that 43% of hybrid workers are still considering leaving their current positions, suggesting that a flexible work environment, while important, does not address all of the factors driving employee turnover.
These insights underscore the growing importance of companies focusing not only on satisfaction but also on providing meaningful career development opportunities and support systems to manage workplace stress.
As the job market remains competitive, businesses must innovate beyond traditional benefits to retain talent and stay ahead of the curve.
MALAYSIA: A viral TikTok video comparing Johor’s Stulang Laut to Thailand’s Koh Samui beach has annoyed local residents, as outsiders park their vehicles along narrow roads.
Crowds would then take photos and videos of the seaside view, creating traffic and parking problems in the area, The New Paper reports.
16-year-old Muhammad Farhad Ali Khan, a local secondary school student, explained that since the video went viral, many people have been parking their vehicles along Jalan Perdana.
He said that most visitors come in the late evenings on Fridays, Saturdays, and Sundays to take photos of the sunset. On these days, there is often a long line of cars and motorcycles waiting for their turn.
Farhad, who has lived in the area his whole life, said, “It does not look anything like Koh Samui.”
66-year-old retiree Mr Lee added that it became difficult for residents to drive their cars along the road, as it was crowded with parked cars and motorcycles, which “is becoming a nuisance.”
“The road has become narrower as these vehicles, some of which are parked in the middle of the road,” he said.
Mr Lee mentioned that the area has been busier than usual for about a week, with many visitors coming from places like Kulai and Kota Tinggi.
According to him, they like coming to the area because “they can also see the ongoing construction of the Rapid Transit System (RTS) Link rail bridge linking with Singapore.”
He noted that once the RTS project is completed in a couple of years, more people will visit the Stulang Laut area regularly.
Johor Bahru Mayor Datuk Mohd Noorazam Osman has urged visitors to park responsibly.
Aware of the viral situation in the area, he said that while people are welcome to enjoy the view, they should avoid blocking roads or causing problems for residents.
He added that visitors can park in public parking areas along Stulang Laut, not in residential areas.
The mayor also mentioned that the area is monitored by CCTV cameras linked to the Johor Bahru Integrated Operation Command Centre which can be monitored by the Johor Bahru City Council (MBJB).
“If they cause congestion or block people’s houses, we usually use speakers to ask the vehicle owners to remove their cars or motorcycles,” he explained.
He added that if visitors don’t comply, “the city council (MBJB) can do it for them,” with the tow truck available 24/7. /TISG
KOREA: As reported by Koreaboo, EDAM Entertainment, IU’s agency, has initiated legal proceedings against numerous individuals accused of harassing the singer online.
On Nov 11 (KST), EDAM issued a statement detailing their response to extreme harassment that qualifies as criminal.
This includes threats, defamation through false information, baseless plagiarism accusations, death threats, privacy violations, and the creation and spread of deepfake content featuring IU, among other offences.
Photo: Instagram/IU
Cyberbullied IU
The agency stated they have filed complaints against approximately 180 individuals, with additional cases pending.
So far, six cases have led to fines under summary prosecution, while other rulings include conditional suspensions with mandatory education or probation.
In one instance, a defendant who cyberbullied IU with false allegations, causing defamation and issuing death threats, was fined ₩3.00 million KRW (around $2,140 USD).
The defendant has, nevertheless, appealed the decision.
EDAM disclosed that one of those involved in the plagiarism accusations is thought to be IU’s former middle school classmate. Despite the ongoing investigation, this individual allegedly continues to harass IU.
“Apparently, one of them was a fellow student at IU’s middle school. Despite the ongoing case, they continue to harass IU, so we are responding,” EDAM stated.
The plagiarism accusations against IU became a major controversy last year, prompting EDAM to take a firm stand in support of their artist.
Awaiting prosecution
Furthermore, investigators have identified a person who accused IU of espionage. This individual reportedly ignored multiple summons but is now awaiting prosecution as the case progresses.
EDAM Entertainment reiterated its commitment to pursuing legal action against those making malicious posts about IU.
IU, whose real name is Lee Ji Eun, is a multi-talented artist known for her music, acting and popularity. She’s a talented singer-songwriter with a distinctive voice and a wide range of musical styles.
Her most well-known tunes include “You & I,” “Good Day,” and “Palette.”
IU has demonstrated her acting abilities by starring in a number of popular dramas, including “Hotel del Luna” and “Moon Lovers: Scarlet Heart Ryeo.”
KOREA: According to Soompi, tvN’s new drama Love Your Enemy has unveiled the intense rivalry between Kim Kap Soo and Lee Byung Joon!
This romance drama follows “arch-enemies” Seok Ji Won (played by Ju Ji Hoon) and Yoon Ji Won (Jung Yu Mi), born on the same day, sharing the same name, and belonging to families that have clashed for generations.
Kim Kap Soo portrays Yoon Ji Won’s grandfather, Yoon Jae Ho, the former chairman of Dokmok High School, while Lee Byung Joon plays Seok Ji Won’s father, Seok Kyung Tae, chairman of Seokban Construction.
Photo: Instagram/tvN
Contrasting family dynamics
Recently released stills show the contrasting family dynamics of Yoon Jae Ho and Seok Kyung Tae. Yoon Jae Ho is depicted affectionately feeding a cherry tomato to his granddaughter Yoon Ji Won as she readies for work, suggesting their warm, supportive relationship.
Meanwhile, Seok Kyung Tae is seen celebrating with his son, Seok Ji Won, snapping photos to mark his son’s new role as Dokmok High School’s chairman.
Yet, this familial warmth quickly shifts to hostility when Yoon Jae Ho and Seok Kyung Tae encounter each other. The images capture Yoon Jae Ho rising from his seat, pointing accusingly at Seok Kyung Tae during a board meeting, with Seok Kyung Tae standing firm.
This scene hints at the deep-seated animosity between the two, sparking intrigue about the origins of their family feud and building anticipation for the confrontation between these opposing family lines.
Intense rivalry
The production team shared, “Kim Kap Soo and Lee Byung Joon will bring an intense rivalry that complements the chemistry of Joo Ji Hoon and Jung Yu Mi. Expect a mix of heartwarming family moments and powerful enemy tension.”
On Nov 23, Love Your Enemy will make its debut and be accessible on Viki. Don’t miss it!
Ju Ji Hoon is a renowned South Korean actor and model. He first gained prominence with his role in the popular drama “Princess Hours” in 2006. Since then, he has starred in numerous successful films and TV series, showcasing his versatile acting skills.
