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☆ Asia’s tech giants lean toward desperate deals
▼ + stars: | 2023-11-30 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

TikTok CEO Shou Zi Chew arrives for a dinner, on the eve of the Paris Peace Forum at the Elysee Palace in Paris, France, November 9, 2023. TikTok CEO Shou Zi Chew was feted in Indonesia where it has 125 million monthly active users when he pledged in June to invest billions of dollars in the region. But the global giant failed to anticipate regulatory hurdles in its biggest market for online shopping. TikTok’s viral video app would provide Tokopedia with a powerful new growth avenue for its online shopping and payments business. Yet as tech companies from the People’s Republic to Indonesia pull out all the stops to lift growth amid waning investor support, desperate new alliances are bound to emerge.

Persons: Shou Zi Chew, Gonzalo Fuentes, TikTok, China’s, GoTo, Patrick Walujo, Indonesia’s GoTo, Una Galani, Thomas Shum Organizations: Paris Peace, REUTERS, Rights, Reuters, Companies, Google, Temasek, Bain &, Reuters Graphics Reuters Graphics, Tokopedia, HK, Global Digital, Djarum, Bloomberg, Thomson Locations: Paris, France, Rights SINGAPORE, Southeast Asia, Indonesia, Reuters Graphics Reuters Graphics Jakarta, Tokopedia, Lazada, Singapore, Indonesian, Thailand, People’s Republic, China

☆ Middle East pivot to Asia is strategic this time
▼ + stars: | 2023-03-14 | by ( Una Galani | ) www.reuters.com time to read: +6 min

Xi Jinping has brokered a deal the United States would have found hard to secure, despite its traditional military influence in the Middle East. The Middle East has trained its financial sights on Asia before. At current rates of growth, emerging Asia will become the top trade partner for the Gulf countries by 2028, per Asia House, surpassing advanced economies. As U.S.-China relations continue to sour, the Asian financial centre is looking to the Middle East to find new foreign companies to trade in the territory. Delegations from the two Middle East countries held talks in Beijing between March 6 and 10, the statement added.

☆ Stocks of Indonesia’s GoTo surge 5% as it says profit targets will be met ahead of time
▼ + stars: | 2023-02-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

GoTo Group expects group contribution margin, which shows revenue after variable costs, to become positive by first quarter of 2023 - a year ahead of schedule. Shares of Indonesian tech giant GoTo Group surged as much as 4.96% on Friday morning a day after the group said it will hit its profitability targets earlier than expected. GoTo, which is made up of ride-hailing giant Gojek and e-commerce marketplace Tokopedia, went public in April last year. GoTo said in a Thursday release that adjusted earnings before interest, taxes, depreciation and amortization will likely "become positive within the fourth quarter of 2023." The company expects group contribution margin, which shows revenue after variable costs, to become positive by March — that's four quarters ahead of previous guidance.

☆ Indonesia’s GoTo to cut 1,300 jobs — or about 12% of its headcount
▼ + stars: | 2022-11-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

A GoTo logo seen displayed on a smartphone screen and in the background. Indonesian tech giant GoTo Group announced Friday that it is laying off 1,300 people, or around 12% of its total headcount. GoTo is the merged entity of ride-hailing company Gojek and online marketplace Tokopedia. The company announced Friday that "a reduction in staffing levels that will sadly affect 1,300 people or approximately 12% of employees, across the GoTo group." Previous reports by local and foreign media said that GoTo, which went public on the Indonesia Stock Exchange in April 2022, was planning to cut 10% of its total workforce amid economic headwinds.

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