Grab Enters Singapore Taxi Industry With 10-Year Licence
The Grab logo on a smartphone screen inside a vehicle.
Grab Holdings—the largest ride-hailing and food delivery company in Southeast Asia— will start its taxi service in Singapore after receiving a 10-year licence from the Land Transportation Authority.
Grab upended the taxi industry—whose fleet had dwindled from a peak population of almost 29,000 cars in 2014 to less than 13,000 currently—when it introduced its ride-hailing service a decade ago. Now, the Nasdaq-listed company said that its fleet of taxis, under GrabCab, will complement its private hire vehicles.
'This enables us to address unmet consumer demand and improve ride availability, particularly during peak hours, late nights and in areas only accessible by taxis,' Grab said in an emailed statement. 'It also positions us to better serve the anticipated growth in point-to-point rides in the coming years, while catering to consumers who prefer street-hailing.'
Grab's taxi licence comes nine months after it abandoned the proposed purchase of taxi operator TransCab. The deal was reported to be worth S$100 million ($75 million).
'GrabCab's entry into the street-hail sector brings the total number of taxi operators to six, providing drivers and commuters with more choices and is expected to boost taxi supply,' according to the LTA,
Under the LTA permit, the company will be required to maintain a minimum fleet of 800 taxis after three years. GrabCab plans to use a fleet of low-emission hybrid cars and electric vehicles.
The Singapore-based company is entering the taxi industry amid increasing contributions from its ride-hailing and food delivery businesses. The group's revenue rose 19% to $2.8 billion in 2024 from the previous year, while its annual net loss narrowed to $158 million from $485 million.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
Why Are Palantir (PLTR) Shares Jumping Today
June 13 - Defense stocks, including Palantir Technologies (NASDAQ:PLTR), climbed on Friday after Israel launched missile strikes on Iranian nuclear sites, missile facilities and senior military targets, stoking concerns of a broader Middle East clash. PLTR is 3% up on Friday afternoon trading as the defense sector drew investor interest amid escalating geopolitical tensions. Israeli Prime Minister Benjamin Netanyahu indicated further operations may follow as the country seeks to disrupt Iran's nuclear capabilities, while former President Trump urged Tehran to embrace a U.S.-brokered nuclear deal before it is too late. The unfolding military and intelligence action raised the specter of all-out war and intensified regional volatility. Investors moved toward safety, monitoring developments that could weigh on global markets and risk appetite. Oil futures surged about 13% on fears of supply disruptions, reflecting the heightened tension. Energy shares saw gains as traders assessed possible impacts on crude flows through key chokepoints. Market participants noted that defense-related stocks may attract attention if governments boost spending amid rising security risks. Observers will watch statements from officials and any shifts in diplomatic efforts. The situation remains fluid, with investors bracing for updates on potential retaliation and wider geopolitical fallout. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24 minutes ago
- Yahoo
T. Rowe Price Sees 3.8% Rise in AUM for May Despite Higher Outflows
T. Rowe Price Group, Inc. (NASDAQ:TROW) is one of the best stocks for a . On June 11, the company reported that its preliminary assets under management (AUM) totaled $1.62 trillion as of May 31. The firm also saw net outflows of $4.4 billion during May, offering a snapshot of recent investor activity and the company's current market standing. T. Rowe Price Group, Inc. (NASDAQ:TROW) is also known for its reliable dividend payments. It has been rewarding shareholders with growing dividends for the past 39 consecutive years. Currently, it pays a quarterly dividend of $1.27 per share and has a dividend yield of 5.34%, as of June 11. Established in 1937, T. Rowe Price Group, Inc. (NASDAQ:TROW) supports individuals and institutions in reaching long-term financial goals. Recognized for its strong investment performance, retirement expertise, and in-house research, the company operates with a client-first approach rooted in a culture of integrity. TROW has surged by over 1% in the past week. While we acknowledge the potential of TROW as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None.
Hamilton Spectator
26 minutes ago
- Hamilton Spectator
Nova Scotia's offshore wind transmission line could cost $10 billion: premier
HALIFAX - It could cost between $5 billion and $10 billion to build a transmission line that would connect Nova Scotia's proposed offshore wind farms with the rest of the country, Premier Tim Houston says. The rough estimate follows his announcement last week that Nova Scotia wants to license enough offshore turbines over the next 10 years to produce 40 gigawatts of electricity — eight times more than what was originally planned. 'It's a concept,' Houston said after a cabinet meeting Thursday, referring to the Wind West project. 'It's a very powerful concept .... My objective, initially, was to capture the imagination of Nova Scotians.' For context on the size of Houston's ambitions, Nova Scotia, with just over one million people, requires 2.4 GW at peak demand. The Brussels-based Global Wind Energy Council issued a 2025 report saying China's offshore wind turbines were producing just under 42 GW as of last year. The council says the global offshore wind energy industry added 11 GW in 2023 and 8 GW in 2024. Houston went on to say the project would require 'hundreds' of wind turbines to be built in water about 100 metres deep, about 25 kilometres offshore. A renewable energy expert, however, said it will take far more turbines to generate 40 GW of reliable electricity, assuming that a peak capacity of 66 GW would be required. Sven Scholtysik, a research director at Net Zero Atlantic, said that based on the current industry standard of using 15 megawatt turbines, Wind West would require construction of more than 4,000 offshore turbines. Despite that big number, Scholtysik said there would be ample room for them amid the 19,500 square kilometres within the five 'wind energy areas' selected in January by an independent committee appointed by the federal and Nova Scotia governments. When asked how long it would take to build such an ambitious project, Scholtysik said it would be difficult to come up with an accurate timeline. 'When we look at how long it takes to build an offshore wind park, that 10-year number is about right,' said Scholtysik, who's research focuses on electricity, clean fuels and modelling. 'But that ambition to install 66 GW is likely going to require multiple projects, not one single project.' Tina Northrup, a lawyer with the East Coast Environmental Law Association, said Houston's 10-year time frame does not seem feasible, given the need for consultations and environmental studies. 'It would be unrealistic to have that much offshore wind infrastructure out into the water in a short period of time,' she said. 'We understand this to be a vision that might be realized decades into the future. It wouldn't be an all-at-once kind of thing.' As for Houston, he has said he floated the idea on June 2 to get the attention of Prime Minister Mark Carney, who has asked provincial and territorial leaders to submit bids for infrastructure projects to help Canada withstand the trade turmoil caused by U.S. President Donald Trump. 'I think Nova Scotians are pretty inspired by what's possible,' Houston said. 'This would change Nova Scotia and Atlantic Canada and provide green, renewable energy that the world is looking for.' The Progressive Conservative premier has said he wants Ottawa to help cover the costs of Wind West, saying the excess electricity could supply 27 per cent of Canada's total demand. If his plan is successful, Nova Scotia would become an 'energy superpower' that no longer requires federal equalization payments, he said. 'We could get off of that transfer system over the next 20 years if we pursued the opportunities that are available to us.' Houston went on to say Nova Scotia's offshore is blessed with strong, remarkably steady winds. Scholtysik, whose research group gets most of its funding from provincial and federal governments, confirmed that the wind energy industry is well aware that Nova Scotia's offshore winds are among the strongest and most consistent in the world. A study from the wind energy research firm Aegir Insights, based in Denmark, found that Nova Scotia's offshore has a 'world-class wind resource,' with almost all areas recording consistent wind speeds between 9 and 11 metres per second. 'The consistent availability of good wind resources across the entire offshore territory means that wind speed will likely not be a restricting factor when it comes to siting offshore wind farms,' the 2020 study says. This report by The Canadian Press was first published June 13, 2025 Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
