Asia
Norway’s Telenor quits Myanmar over military coup
Norwegian telecoms group Telenor said Thursday it is selling its subsidiary in Myanmar, where it is one of the major operators, as a result of the military coup there.
The agreement to sell Telenor Myanmar to M1 Group for $105 million will ensure continued operations of its fixed and wireless networks, it said.
“The situation in Myanmar has over the past months become increasingly challenging for Telenor for people security, regulatory and compliance reasons,” Telenor chief executive Sigve Brekke was quoted as saying in a statement.
“We have evaluated all options and believe a sale of the company is the best possible solution in this situation,” he said.
Telenor was pushed deep into the red in the first quarter after it was forced to write down all of its assets in Myanmar, taking their value from 6.5 billion kroner ($769 million) to zero.
Telenor has had a commercial presence in Myanmar since 2014 and employs a workforce of around 750 in the country.
Myanmar has been rocked by massive protests and a brutal military response since the February coup that ousted civilian leader Aung San Suu Kyi and her government.
More than 880 civilians have been killed in a crackdown by the State Administration Council — as the junta calls itself — and almost 6,500 arrested, according to a local monitoring group.
The sale is subject to regulator approval by the authorities in Myanmar.
The junta has vested interests in swathes of the country’s economy, from mining to banking, oil and tourism.
NGOs have urged foreign companies to review their presence in Myanmar.
M1 Group is a holding company founded by former Lebanese prime minister Najib Azmi Mikati and his brother.
It holds a major stake in the MTN mobile operator that is a leader in Africa but which is also active in Asia.
M1 is also on the blacklist established by Burma Campaign UK, which monitors the business ties of international firms with the Myanmar military.
According to a 2019 report conducted by an international independent fact-finding mission presented the UN Human Rights Council on the economic interests of Myanmar’s military, the M1 Group has a stake in a company that rents mobile phone towers to the MEC, an army-owned firm that owns the Mytel mobile network.
— AFP
Asia
Up to 200 athletes tested for doping so far at Asian Games
Between 150 and 200 Asian Games athletes tested for doping, yielding no positive results. Anti-doping efforts emphasized for a clean event, focusing on record-breakers.
HANGZHOU, CHINA — Between 150 and 200 Asian Games athletes have already been tested for doping, the Olympic Council of Asia said on Monday, with no positive results so far.
Speaking at an anti-doping press conference on the second full day of the Games in the Chinese city of Hangzhou, the OCA said dope-testing was “gaining momentum” at the event.
Mani Jegathesan, an adviser to the OCA anti-doping committee, warned that drug cheats would be rooted out.
Up to 200 athletes have been tested so far, he said, but any positive results will take several days to come through.
“Every athlete participating in these Games must understand that they could be picked at any time,” Jegathesan warned.
“That is the best step to ensuring we have a clean event.”
There are about 12,000 athletes at the 19th Asian Games, more competitors than the Olympics, and Jegathesan admitted it would be impossible to test them all.
Instead, they will prioritise, including picking out those who break world or Asian records.
— AFP
Asia
Foodpanda’s restructuring amid sale speculations
Food delivery giant Foodpanda, a subsidiary of Delivery Hero, announces staff layoffs in the Asia-Pacific region, aiming for increased efficiency. This move coincides with ongoing talks about potentially selling parts of its 11-year-old business.
Foodpanda, a subsidiary of Delivery Hero, is initiating undisclosed staff reductions in the Asia-Pacific region, as discussions continue regarding the potential sale of a portion of its 11-year-old food delivery business.
In a memorandum circulated to employees on 21 September, Foodpanda CEO Jakob Angele conveyed the company’s intent to become more streamlined, efficient, and agile.
Although the exact number of affected employees was not disclosed, the emphasis was on enhancing operational efficiency for the future.
No mention was made in the memo regarding the reports of Foodpanda’s potential sale in Singapore and six other Southeast Asian markets, possibly to Grab or other interested buyers.
Foodpanda had previously conducted staff layoffs in February and September 2022. These actions come as the company faces mounting pressure to achieve profitability, particularly in challenging economic conditions.
The regulatory filings of Foodpanda’s Singapore entity for the fiscal year 2022, ending on 31 Dec, indicated a loss of S$42.7 million despite generating revenue of S$256.7 million.
Angele further explained that Foodpanda intends to review its organizational structure, including both regional and country teams, with some reporting lines being reassigned to different leaders. Additionally, certain functions will be consolidated into regional teams.
Expressing regret over the challenging decisions, Angele assured affected employees of a severance package, paid gardening leave, and extended medical insurance coverage where feasible.
Foodpanda will also forego the usual waiting period for long-term incentive plan grants, and vesting will continue until the last employment date. Employees will retain all vested shares as of their last day of employment.
Foodpanda, established in 2012 and headquartered in Singapore, became a part of Delivery Hero in 2016. The company operates in 11 markets across the Asia-Pacific region, excluding its exit from the Japanese market last year.
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