The Big Story: Grab to roll out cost-cutting measures to cope with uncertain macroeconomic situation

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Grab Holdings, South-east Asia’s biggest ride-hailing and food delivery company, is rolling out cost-cutting measures to cope with an uncertain macroeconomic situation, the company’s chief executive told staff in a memo.

The measures include a freeze on most hirings, salary freezes for senior managers and cuts in travel and expense budgets, according to the memo, whose contents were confirmed by a company spokesman.

Separately, retrenchments in Singapore increased in the third quarter of this year, up from the previous quarter’s record low, while the overall tightness in the labour market eased with job vacancies dropping for a second straight quarter.