DIRS.INFO The most relevant business & tech news

☆ 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

☆ TikTok obtaining Indonesia e-commerce permit - state media
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsJAKARTA, Nov 29 (Reuters) - Short video app TikTok is in the process of obtaining an e-commerce permit from Indonesia's government, state news agency Antara reported, citing the deputy trade minister. In September, Indonesia banned e-commerce transactions on social media, a major blow for TikTok, which had pledged to invest billions of dollars in Southeast Asia, including Indonesia, the region's biggest economy. Now they are taking care of it," deputy trade minister Jerry Sambuaga was quoted saying by Antara on Tuesday. It has been looking to translate the large user base into a major e-commerce revenue source. Reuters reported earlier this month that TikTok was in talks on possible partnerships with several Indonesian e-commerce companies, including GoTo's e-commerce unit (GOTO.JK) Tokopedia, Bukalapak.com (BUKA.JK) and Blibli (BELI.JK).

Persons: Dado Ruvic, Antara, Jerry Sambuaga, China's ByteDance, minister's, TikTok, Stefanno Sulaiman, Martin Petty Organizations: REUTERS, Rights, Reuters, GoTo's, Thomson Locations: Rights JAKARTA, Indonesia, Southeast Asia

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsJAKARTA, Nov 13 (Reuters) - TikTok has been holding talks with Indonesian e-commerce companies about possible partnerships, an Indonesian minister said on Monday, a month after Southeast Asia's largest economy banned online shopping on social media platforms. "Some e-commerce companies in Indonesia have talked to TikTok," he said in an interview, citing what the companies' executives told him. It was a particular blow to TikTok, which was forced to close its e-commerce service TikTok Shop. A TikTok Indonesia spokesperson was not available to comment. Until it stopped operations, TikTok Shop was delivering about 3 million parcels a day in Indonesia, sources have said.

Persons: Dado Ruvic, Teten Masduki, TikTok, Tokopedia, Bukalapak, Blibli, Joko Widodo, Shou Zi Chew, Teten, Indonesia's, SEA's, Stanley Widianto, Ananda Teresia, Edwina Gibbs Organizations: REUTERS, Rights, Indonesian, GoTo's, TikTok, YouTube, Meta, Google, Temasek Holdings, Bain & Co, HK, Lazada, Thomson Locations: Rights JAKARTA, Indonesian, Indonesia, Southeast, Singapore

☆ TikTok's Southeast Asia ambitions to take a major hit with Indonesia ban
▼ + stars: | 2023-09-29 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Aditya Aji | Afp | Getty ImagesTikTok's Southeast Asian ambitions will take a major hit after Indonesia bans shopping transactions on social media apps, analysts told CNBC. Indonesia has banned e-commerce transactions on social media platforms such as TikTok Shop and Facebook . Even if it can secure a separate license to operate, operating as a standalone app may still be challenging. "Even if it can secure a separate license to operate, operating as a standalone app may still be challenging," said Mittal. New social media rulesOn Saturday, Indonesia's President Joko Widodo called for social media regulations, saying such platforms impact micro-, small- and medium-sized companies and the economy.

Persons: Aditya Aji, Jonathan Woo, Sachin, Sachin Mittal, TikTok, Mittal, Joko Widodo Organizations: Facebook, Afp, Getty, CNBC, Phillip Securities Research, Sachin Mittal DBS Bank, U.S, DBS Bank, BMI, Momentum Works Locations: Bogor, West Java, Indonesia, Jakarta, China, Southeast Asia, U.S, Singapore, Montana, India

☆ Revenues of 'warung' operators grew after they signed up with us: Indonesian e-commerce company
▼ + stars: | 2023-06-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRevenues of 'warung' operators grew after they signed up with us: Indonesian e-commerce companyTeddy Oetomo, president of Bukalapak, discusses how it's helping Indonesian mom-and-pop stores make more money and expand their range of services.

Persons: Teddy Oetomo, Bukalapak Locations: Indonesian

☆ E-commerce firm Blibli up nearly 5% in Indonesia stock debut
▼ + stars: | 2022-11-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: 1 min

Shares of Indonesian e-commerce company Blibli rose 4.9% in its Indonesian stock market debut Tuesday, in what was the country's second-largest initial public offering this year. Shares of PT Global Digital Niaga Tbk, which owns Blibli, climbed as high as 472 rupiah in early trading, up from its IPO price of 450 rupiah per share. In early afternoon trade, the stock was trading at about 452 rupiah. Blibli is the latest tech company to list in Southeast Asia since Indonesian unicorns Bukalapak's $1.5 billion share sale in August 2021 and GoTo's $1.1 billion IPO in April. Blibli, an online marketplace selling a range of household and lifestyle goods, was founded in 2011 and is owned by the Indonesian e-commerce group PT Global Digital Niaga which also runs an online travel business and supermarket chains.

The initial public offering of the ride-hailing-to-online-shopping giant at a $28 billion market capitalisation in April was a landmark deal on the back of relaxed listing rules. Now GoTo will have to manage a big contortion in the $570 billion stock market. At a stretch, GoTo’s involvement might prevent a further price slump on the company’s current $15 billion market value. The company sold nearly $1 billion of stock at a multiple of 17 times forecast revenue for 2023. The meddling in the secondary market looks like a necessary evil.

☆ Indonesia e-commerce group Blibli plans up to $528 mln IPO next month
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Oct 17 (Reuters) - Indonesian e-commerce group Blibli, backed by of one of the country's biggest conglomerates Djarum Group, plans to launch an initial public offering next month to raise as much as 8.17 trillion rupiah ($528.29 million), the company said. Blibli's operator PT Global Digital Niaga plans to sell as many as 17.77 billion shares, 15% of total capital, at a price range of 410 rupiah to 460 rupiah a piece in a share sale offering set for Nov. 1-3, it said in a prospectus. The listing plan follows the $1.1 billion IPO of GoTo Group, Indonesia's biggest tech firm, earlier this year and the 2021 $1.5 billion IPO of competitor BukaLapak. Blibli will use 5.5 trillion rupiah of the proceeds to pay back bank loans, with the rest to be used as working capital to develop its platform. ($1 = 15,465.0000 rupiah)Register now for FREE unlimited access to Reuters.com RegisterReporting by Gayatri Suroyo and Fransiska Nangoy Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

☆ Shopee rolls out spending caps for all employees, including economy-only flights and $30 meals, as the company braces for layoffs and financial trouble
▼ + stars: | 2022-09-20 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

On September 15, Shopee CEO Forrest Li told employees the company would be restricting expense policies. Layoff conversations began September 19, affecting a low-single-digit percentage of Shopee employees. Forrest Li, the company's billionaire founder, chairman, and CEO, told employees a tightened expense policy would be instituted from October 1 onwards. Li's memo came a few days before conversations began to lay off a low single-digit percentage of Shopee employees. Singapore-based Shopee was launched in seven Southeast Asia markets in 2015 and now operates in 13 countries across Southeast Asia, Latin America and Europe, including Brazil, Poland, and China.

☆ Shopee, southeast Asia's answer to Amazon, is closing shop in 4 countries and laying off staff days after its billionaire founder said he'd forgo a salary
▼ + stars: | 2022-09-19 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

Ecommerce platform Shopee is laying off HR, regional ops, marketing, engineering staff. Shopee was launched in seven Southeast Asia markets in 2015 and now operates in 13 countries. Shopee reported a loss of $931.2 million in the second quarter of 2022, widening significantly compared to 2021. Shopee reported a loss of $931.2 million in the second quarter of 2022, widening significantly from a net loss of $433.7 million in the second quarter of 2021, according to Sea Limited's financial statements. However, in Brazil, Shopee's revenues rose by 270% year-on-year in the second quarter of 2022, the quarterly statements show.

Search resuls for: "Bukalapak"

10 mentions found