Grab to cut 5 per cent of employees in another setback for backer SoftBank as Covid-19 impacts economy

Grab Holdings, the leading ride-hailing company in Southeast Asia, said it will cut 360 employees, or just under 5 per cent of its total, as it reduces expenses to deal with an economic downturn and slow recovery from the coronavirus pandemic.Chief Executive Officer Anthony Tan said the virus has had a broad impact on businesses and the economy, and it is taking steps to adjust to the challenges. In addition to the job cuts, the Singapore-based company plans to eliminate some non-core projects,…