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Grab’s $40 bln Nasdaq debut to set tone for Southeast Asian tech listings

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Grab, Southeast Asia’s biggest ride-hailing and delivery firm, makes its market debut on Thursday after a record $40 billion merger with a special purpose acquisition company (SPAC), in a listing that will set the tone for other regional offerings.

The backdoor listing on Nasdaq marks the high point for the nine-year-old Singapore company that began as a ride-hailing app and now operates across 465 cities in eight countries, offering food deliveries, payments, insurance and investment products.

The biggest U.S. listing by a Southeast Asian company follows Grab’s April agreement to merge with U.S. tech investor Altimeter Capital Management’s SPAC, Altimeter Growth Corp and raise $4.5 billion, including $750 million from Altimeter.

There is scope for many players in the fragmented food delivery and financial services markets in Southeast Asia, a region of 650 million people, but the road to profitability could be a long one, analysts say.

Grab’s flotation “will provide a bigger cash buffer” to its “cash burn”, S&P Global Ratings said in a note. But the company’s “credit quality continues to be constrained by its loss-making operations, and free operating cash flows could be negative over the next 12 months.”

Southeast Asia’s internet economy is forecast to double to $360 billion in gross merchandise value by 2025, prompting Grab’s rivals, including regional internet firm Sea Ltd and Indonesia’s GoTo Group, to bulk up.

GoTo plans a local IPO in 2022 after completing an expected $2 billion private fundraising, sources have told Reuters. A U.S. listing will follow the Jakarta offering.

“Longer term, we’re really excited about Grab Financial Group,” a unit of the company, said Chris Conforti, partner at Altimeter Capital. “I think the bell curve on that is much wider in terms of what the outcome could be, but it could be extremely large.”

Bonanza for backers

Grab was founded by Anthony Tan, its chief executive, and Tan Hooi Ling, who developed the firm from an idea for a Harvard Business School venture competition in 2011. The two Tans are not related.

CEO Tan, 39, expanded Grab into a regional operation with a range of services, after launching it as a taxi app in Malaysia in 2012. It later moved its headquarters to Singapore.

“What we have shown to the world is that home grown tech companies can develop great technology that can compete globally, even when international players are in town,” Tan told Reuters in an interview on Wednesday. “We can compete and win.”

He will end up with 60.4% voting rights along with Grab’s co-founder, and president Ming Maa, but control only 3.3% stake with them.

To mark the New York listing, Grab and Nasdaq will hold a bell-ringing in a luxury hotel in Singapore in the middle of the Asian night. About 250 people, including executives from the exchange, Grab’s investors and other partners are to attend.

Grab’s listing brings a payday bonanza to early backers such as Japan’s SoftBank and Chinese ride-hailing giant Didi Chuxing, which invested as early as 2014.

They were later joined by the likes of Toyota Motor Corp, Microsoft Corp and Japanese megabank MUFG. Uber became a Grab shareholder in 2018 after selling its Southeast Asian business to Grab following a five-year battle.

In September, Grab cut its full-year adjusted net sales forecasts, citing renewed uncertainty over pandemic curbs on movement.

Third-quarter revenue fell 9% from a year earlier and its adjusted loss before interest, taxes, depreciation, and amortisation (EBITDA) widened 66% to $212 million. GMV in the quarter rose to a record $4 billion.

It aims to turn profitable on an EBITDA basis in 2023.

JPMorgan and Morgan Stanley were the lead placement agents on the fundraising, while Evercore and UBS were the co-placement agents.

Source: https://tuoitrenews.vn/news/international/20211202/grab-s-40-bln-nasdaq-debut-to-set-tone-for-southeast-asian-tech-listings/64502.html

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Japan PM Kishida evacuated unhurt after explosion at speech – media

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TOKYO – Japanese Prime Minister Fumio Kishida was evacuated unhurt after a suspect threw what appeared to be a smoke bomb at an outdoor speech in western Japan on Saturday, domestic media reported.

A loud explosion was heard, but the premier took cover and was unharmed while police subdued a man at the scene, public broadcaster NHK said. There were no injuries, NHK said, citing police.

“Police are investigating the details of the loud explosive sound at the previous speech venue,” Kishida said when he resumed his campaign speeches, in video broadcast by NHK. “I am sorry for causing many people to be concerned. We are in the middle of an important election for our country. We must carry this on together.”

Former Prime Minister Shinzo Abe, the longest-serving leader of modern Japan, was assassinated with a homemade gun last July while campaigning for a parliamentary election, shocking the nation and prompting a review of security for politicians, who routinely press the flesh with the public.

Japanese Prime Minister Fumio Kishida attends his outdoor speech at Saikazaki fishing port in Wakayama,Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
Japanese Prime Minister Fumio Kishida attends his outdoor speech at Saikazaki fishing port in Wakayama,Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters

By-elections in various regions for the lower house of Japan’s parliament are to be held on April 23.

The incident late on Saturday morning incident occurred at the Saikazaki fishing harbour in Wakayama prefecture, some 65 km (40 miles) southwest of Osaka city.

Kishida was being served local speciality seafood just before the explosion, media reported. News video showed Kishida looking behind him in surprise as shouts filled the area.

A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters

A man identified by the Asahi newspaper as a staffer of the fishery cooperative grabbed a young man in a headlock as police swarmed the suspect and dragged him to the ground. Moments later, an explosion and cloud of smoke could be seen near where Kishida had been standing.

NHK video showed the thrown object, which appeared to be a metal cylinder.

NHK footage showed crowds running away as several police officers appeared to pin a man to the ground before removing him from the scene. The man appeared to be in his 20s or 30s, media said.

A representative of Wakayama’s prefectural police headquarters told Reuters he could not answer questions about the incident. Police arrested a 24-year old male suspect from Kawanishi city, Kyodo reported.

A woman on the scene told NHK that she saw an object flying overhead and “it gave me a bad feeling, so we ran away unbelievably fast. Then we heard a really loud noise. It made my daughter cry.”

Kishida is to host a Group of Seven (G7) summit in Hiroshima next month. Japan’s foreign ministry said after the incident there would be no change to the security plan for a G7 foreign ministers’ meeting starting on Sunday in the resort city of Karuizawa.

A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters

TOKYO – Japanese Prime Minister Fumio Kishida was evacuated unhurt after a suspect threw what appeared to be a smoke bomb at an outdoor speech in western Japan on Saturday, domestic media reported.

A loud explosion was heard, but the premier took cover and was unharmed while police subdued a man at the scene, public broadcaster NHK said. There were no injuries, NHK said, citing police.

“Police are investigating the details of the loud explosive sound at the previous speech venue,” Kishida said when he resumed his campaign speeches, in video broadcast by NHK. “I am sorry for causing many people to be concerned. We are in the middle of an important election for our country. We must carry this on together.”

Former Prime Minister Shinzo Abe, the longest-serving leader of modern Japan, was assassinated with a homemade gun last July while campaigning for a parliamentary election, shocking the nation and prompting a review of security for politicians, who routinely press the flesh with the public.

Japanese Prime Minister Fumio Kishida attends his outdoor speech at Saikazaki fishing port in Wakayama,Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
Japanese Prime Minister Fumio Kishida attends his outdoor speech at Saikazaki fishing port in Wakayama,Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters

By-elections in various regions for the lower house of Japan’s parliament are to be held on April 23.

The incident late on Saturday morning incident occurred at the Saikazaki fishing harbour in Wakayama prefecture, some 65 km (40 miles) southwest of Osaka city.

Kishida was being served local speciality seafood just before the explosion, media reported. News video showed Kishida looking behind him in surprise as shouts filled the area.

A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters

A man identified by the Asahi newspaper as a staffer of the fishery cooperative grabbed a young man in a headlock as police swarmed the suspect and dragged him to the ground. Moments later, an explosion and cloud of smoke could be seen near where Kishida had been standing.

NHK video showed the thrown object, which appeared to be a metal cylinder.

NHK footage showed crowds running away as several police officers appeared to pin a man to the ground before removing him from the scene. The man appeared to be in his 20s or 30s, media said.

A representative of Wakayama’s prefectural police headquarters told Reuters he could not answer questions about the incident. Police arrested a 24-year old male suspect from Kawanishi city, Kyodo reported.

A woman on the scene told NHK that she saw an object flying overhead and “it gave me a bad feeling, so we ran away unbelievably fast. Then we heard a really loud noise. It made my daughter cry.”

Kishida is to host a Group of Seven (G7) summit in Hiroshima next month. Japan’s foreign ministry said after the incident there would be no change to the security plan for a G7 foreign ministers’ meeting starting on Sunday in the resort city of Karuizawa.

A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters

Source: https://tuoitrenews.vn/news/international/20230415/japan-pm-kishida-evacuated-unhurt-after-explosion-at-speech-media/72648.html

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Fire in a children’s shelter in Brazil leaves at least 4 dead, 13 injured

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At least four people died and 13 were injured in a fire at a shelter for children and adolescents in Northeastern Brazil on Friday, the local fire department said.

Firemen were called to fight a fire at the Lar Paulo de Tarso charity institution in Recife, capital of the Pernambuco state, at around 4:20 a.m.

A mattress is seen behind a civil defence tape outside Lar Paulo de Tarso shelter for children, after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
A mattress is seen behind a civil defence tape outside Lar Paulo de Tarso shelter for children, after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

A boy and a woman died at the site of the fire, the firemen said, while the other two victims died on the way to the hospital.

Recife Mayor Joao Campos offered his condolences on social media.

Lar Paulo de Tarso shelter for children is seen with civil defence tape after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
Lar Paulo de Tarso shelter for children is seen with civil defence tape after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

“The moment is one of pain and solidarity. … The NGO has been providing shelter to children and adolescents in situations of social risk for more than 30 years. We remain mobilized to provide full support in this very difficult time,” he said on Twitter.

A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

Governor of Pernambuco Raquel Lyra also took to Twitter to mourn the tragedy.

A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

“Pernambuco is in mourning with what happened this early morning in Recife. … Firefighters and police are already working, as well as our health teams. I leave here my condolences to the families of the victims in this moment of pain,” Lyra said.

At least four people died and 13 were injured in a fire at a shelter for children and adolescents in Northeastern Brazil on Friday, the local fire department said.

Firemen were called to fight a fire at the Lar Paulo de Tarso charity institution in Recife, capital of the Pernambuco state, at around 4:20 a.m.

A mattress is seen behind a civil defence tape outside Lar Paulo de Tarso shelter for children, after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
A mattress is seen behind a civil defence tape outside Lar Paulo de Tarso shelter for children, after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

A boy and a woman died at the site of the fire, the firemen said, while the other two victims died on the way to the hospital.

Recife Mayor Joao Campos offered his condolences on social media.

Lar Paulo de Tarso shelter for children is seen with civil defence tape after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
Lar Paulo de Tarso shelter for children is seen with civil defence tape after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

“The moment is one of pain and solidarity. … The NGO has been providing shelter to children and adolescents in situations of social risk for more than 30 years. We remain mobilized to provide full support in this very difficult time,” he said on Twitter.

A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

Governor of Pernambuco Raquel Lyra also took to Twitter to mourn the tragedy.

A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

“Pernambuco is in mourning with what happened this early morning in Recife. … Firefighters and police are already working, as well as our health teams. I leave here my condolences to the families of the victims in this moment of pain,” Lyra said.

Source: https://tuoitrenews.vn/news/international/20230415/fire-in-a-children-s-shelter-in-brazil-leaves-at-least-4-dead-13-injured/72646.html

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Peruvian archaeologists unearth 500-year-old Inca ceremonial bath

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LIMA — Archaeologists in the Peruvian Andes have discovered an Inca bathing complex built half a millennia ago, which they believe may have served the elite of the sprawling empire that once dominated large swathes of South America.

Found near the “House of the Inca” in the Huanuco Pampa archaeological zone in central Peru, local archaeologists believe that the bath may have served a religious purpose for high-ranking members of the Inca empire, which 500 years ago extended from southern Ecuador to the center of Chile.

The remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, are pictured in Huanuco, Peru April 5, 2023. Peru Culture Ministry/Handout via Reuters
The remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, are pictured in Huanuco, Peru April 5, 2023. Peru Culture Ministry/Handout via Reuters

Luis Paredes Sanchez, project manager at Huanuco Pampa, said the structure was similar to “more hierarchical, restricted and sacred spaces within the Inca administrative centers, because rather than having a utilitarian or hygienic function, they also served for religious functions and worshiping ancestors.”

The “finely carved” bath averages some two-meters in depth, with independent pools and spillways and a central passage taking water into a drainage duct that divides the room into two small platforms, or “benches” for the Inca, Peru’s culture ministry said in a statement.

Archaeologists work in the remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, in Huanuco, Peru March 20, 2023. Peru Culture Ministry/Handout via Reuters
Archaeologists work in the remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, in Huanuco, Peru March 20, 2023. Peru Culture Ministry/Handout via Reuters

The Huanuco Pampa archaeological site is part of the Qhapaq Nan project, a complex 25,000-kilometer-long road network that linked Ecuador, Colombia, Peru, Bolivia and Argentina. The road system was declared a World Heritage Site in 2014.

Peru is home to hundreds of archaeological sites across the country, including the Machu Picchu citadel in the Inca capital of Cusco, and the Nasca lines, massive designs drawn in Ica’s coastal desert region over 1,500 years ago.

LIMA — Archaeologists in the Peruvian Andes have discovered an Inca bathing complex built half a millennia ago, which they believe may have served the elite of the sprawling empire that once dominated large swathes of South America.

Found near the “House of the Inca” in the Huanuco Pampa archaeological zone in central Peru, local archaeologists believe that the bath may have served a religious purpose for high-ranking members of the Inca empire, which 500 years ago extended from southern Ecuador to the center of Chile.

The remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, are pictured in Huanuco, Peru April 5, 2023. Peru Culture Ministry/Handout via Reuters
The remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, are pictured in Huanuco, Peru April 5, 2023. Peru Culture Ministry/Handout via Reuters

Luis Paredes Sanchez, project manager at Huanuco Pampa, said the structure was similar to “more hierarchical, restricted and sacred spaces within the Inca administrative centers, because rather than having a utilitarian or hygienic function, they also served for religious functions and worshiping ancestors.”

The “finely carved” bath averages some two-meters in depth, with independent pools and spillways and a central passage taking water into a drainage duct that divides the room into two small platforms, or “benches” for the Inca, Peru’s culture ministry said in a statement.

Archaeologists work in the remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, in Huanuco, Peru March 20, 2023. Peru Culture Ministry/Handout via Reuters
Archaeologists work in the remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, in Huanuco, Peru March 20, 2023. Peru Culture Ministry/Handout via Reuters

The Huanuco Pampa archaeological site is part of the Qhapaq Nan project, a complex 25,000-kilometer-long road network that linked Ecuador, Colombia, Peru, Bolivia and Argentina. The road system was declared a World Heritage Site in 2014.

Peru is home to hundreds of archaeological sites across the country, including the Machu Picchu citadel in the Inca capital of Cusco, and the Nasca lines, massive designs drawn in Ica’s coastal desert region over 1,500 years ago.

Source: https://tuoitrenews.vn/news/international/20230415/peruvian-archaeologists-unearth-500yearold-inca-ceremonial-bath/72645.html

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