NXP's CEO to retire this year, insider Sotomayor to take over
NXP Semiconductors NV said on Monday that its CEO Kurt Sievers will retire by the end of the year, and Rafael Sotomayor, currently a Vice President at the chipmaker, will succeed him.
Shares of the Eindhoven, Netherlands-based company fell nearly 7 per cent in extended trading.
Sotomayor will take on the role of the president effective Monday and will assume the role of chief executive in October.
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Business Times
43 minutes ago
- Business Times
Grab denies reports of US$7 billion GoTo acquisition
SOUTHEAST Singapore-based ride-hailing and delivery company Grab said on Monday it was not in any talks on a potential deal with smaller Indonesian rival GoTo. Reuters reported last month that Nasdaq-listed Grab was looking to strike a deal to buy GoTo in the second quarter and had hired advisers to work on the proposed deal, citing two sources with knowledge of the matter. A deal could value GoTo at around US$7 billion, according to a separate source with knowledge of the matter. 'There have been media reports that we are engaged in discussions for a potential transaction with PT GoTo Gojek Tokopedia Tbk. The parties are not involved in any discussions at this time and Grab has not entered into any definitive agreements,' Grab said in a stock exchange filing. Bloomberg reported on Friday, citing unnamed sources, that Indonesia's sovereign wealth fund Danantara was considering a role in Grab's planned US$7 billion acquisition of GoTo. Danantara's managing director of investment, Stefanus Ade Hadiwidjaja, told Indonesian online media outlet Tempo, in a statement on Monday, that there have been no such discussions. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up GoTo, in a statement to the Jakarta bourse on Monday, reiterated its previous statements that there has been no agreement with any party about a potential transaction. 'We will continue to maintain a high hurdle rate when deploying our capital and will have a balanced approach to investing for organic, profitable growth and be highly selective on inorganic opportunities, in line with our capital allocation framework,' Grab said in its filing. 'Indonesia continues to be an important country in serving our mission as we continue to outserve our Indonesian customers, driver- and merchant-partners,' it added. Media reports, citing unnamed sources, have appeared on and off for a few years about a possible merger between Grab and GoTo. In a separate statement, Grab said its on-demand gross merchandise value grew 19 per cent in April and May from a year earlier, while the number of mobility rides for April and May rose 23 per cent. REUTERS
Straits Times
4 hours ago
- Straits Times
DBS tops US$100 billion market value in Singapore Exchange first
South-east Asia's top lender closed 0.8 per cent higher at $45.49 in Singapore trading on June 9, giving it a market capitalisation of $129.36 billion. ST PHOTO: LIM YAOHUI SINGAPORE – DBS Group Holdings became the first listed company in Singapore to top US$100 billion (S$128.6 billion) in market value, helped by a weaker US dollar that amplified gains on the local stock market. South-east Asia's top lender closed 0.8 per cent higher at $45.49 in Singapore trading on June 9, giving it a market capitalisation of $129.36 billion (US$100.6 billion), extending its gains this year to more than 4 per cent. The advance in DBS's share price in US-dollar terms was driven by the weaker greenback. So far this year, the Singapore dollar has appreciated about 6 per cent against the US dollar. In local currency terms, DBS has eased slightly from its record closing high of $46.67 on Feb 26. At the current market value, DBS ranks about 22nd among global banks, according to data compiled by Bloomberg. That's ahead of Tokyo-based Sumitomo Mitsui Financial Group, but half that of HSBC Holdings. Some of Asia's biggest banks like Commonwealth Bank of Australia and India's HDFC Bank have bigger market capitalisations. The milestone comes after Singapore banks pledged in recent months to hand over billions of dollars in surplus capital to investors, encouraged by record-high earnings in 2024. DBS in particular, has benefited from increases in lending and wealth fees. Other than DBS, Singapore-based Sea that is listed in New York reached this valuation before. DBS chief executive officer Tan Su Shan took charge of the bank in March from Piyush Gupta after his 15-year leadership. Ms Tan said at her first earnings call in May that the bank seeks to benefit from supply-chain changes undertaken by its clients and increased demand for hedging foreign exchange exposure amid US President Donald Trump's tariff moves. 'A lot of DBS's out-performance has been due to the larger growth of its wealth management, which is really starting to challenge top players in Asia,' said Michael Makdad, a senior analyst at Morningstar, adding he sees the business continuing to grow. 'Despite Trump's tariffs, the environment remains relatively benign for Singapore banks which are increasing share dividends and buybacks more than we would've expected a year ago.' DBS is the third-largest wealth manager in Asia, excluding mainland China, according to data compiled by industry publication Asian Private Banker. Net new money for its business catering to the rich came in at $21 billion last year, demonstrating the strong inflows that have exceeded $20 billion for the past three years through 2024. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
5 hours ago
- Straits Times
Grab says it's not in talks to buy Gojek parent GoTo ‘at this time'
Grab, the largest of South-east Asia's ride-hailing and delivery firms, has been locked in fierce competition with GoTo for almost a decade. PHOTO: ST FILE Grab says it's not in talks to buy Gojek parent GoTo 'at this time' SINGAPORE – Grab Holdings said it isn't in talks to acquire Gojek parent GoTo Group 'at this time,' signalling it's halting or at least pausing a planned US$7 billion (S$9 billion) acquisition of its South-east Asia internet peer. 'The parties are not involved in any discussions at this time and Grab has not entered into any definitive agreements,' Grab said in a statement on June 9. 'Indonesia continues to be an important country in serving our mission as we continue to outserve our Indonesian customers, driver- and merchant-partners.' Singapore's Grab and Indonesia's GoTo had made headway on a potential deal structure, but the pace of talks had slowed recently over concerns about potential regulatory demands, Bloomberg News reported previously. Indonesia's antitrust agency said in May it would look into potential risks and urged the companies to ensure any deal won't create a monopoly. Shares of Grab dropped 3.9 per cent to US$4.98 in US trading on June 9. The stock has advanced 41 per cent in the past 12 months as Grab's profitability improved, but remains down more than 50 per cent since its listing in New York through a merger with a blank-cheque firm in late 2021. Grab, which is backed by Uber Technologies, has held on-and-off talks with GoTo for years. But a merger never materialized, partly because of antitrust concerns likely to arise from combining South-east Asia's two dominant ride-hailing and food-delivery companies. Uber left the region in 2018 in exchange for a stake in Grab, and smaller competitors haven't eaten significantly into Grab and GoTo's market share in Indonesia and Singapore. Indonesia's sovereign wealth fund Danantara has been considering a role in the combination, possibly helping to assuage concerns in the government resulting from the sale of the national tech champion, Bloomberg News reported last week. A potential sale of GoTo has sparked worries among Indonesia's political leadership about the loss of independence and developer and engineer jobs. Some have also expressed concerns that ride-hailing and food-delivery prices would rise if Grab becomes dominant in a tough economy where consumers are already facing hardship. Grab, the largest of South-east Asia's ride-hailing and delivery firms, has been locked in fierce competition with GoTo for almost a decade. The Singapore-based company is the leading provider in its home market and countries including Malaysia and Thailand. While the companies' rivalry has weighed on their efforts to reach consistent profitability, they have benefited from user growth in the emerging economies they operate in. On-demand transactions – including meal delivery – grew 19 per cent in the two-month period covering April and May, versus a year earlier, Grab said in a separate release on June 19. GoTo has pulled out from countries including Thailand and Vietnam after a fierce cost-cutting drive, but remains a formidable player in Indonesia – the region's biggest market. Acquiring GoTo would give Grab a stronger position in the country of more than 275 million. 'We will continue to maintain a high hurdle rate when deploying our capital, and will have a balanced approach to investing for organic, profitable growth, and be highly selective on inorganic opportunities, in line with our capital allocation framework,' Grab said in its statement. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
