Grab Crushes Earnings as Crypto Winter Chills GIC Portfolio and Japan Spends $46.9B Defending the Yen

Grab Holdings delivered the kind of quarter that makes you forget about fuel costs and geopolitics. The Southeast Asian ride-hailing giant posted Q2 net profit of US$252 million — a staggering 620 per cent jump from US$35 million a year earlier — fuelled in part by a US$307 million one-time gain from consolidating its Indonesian digital bank Superbank. Strip out the one-off and the core business still hummed: adjusted EBITDA rose 54 per cent to US$168 million, net...