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☆ TikTok Shop is now open for business
▼ + stars: | 2023-09-12 | by ( Jennifer Korn | ) edition.cnn.com time to read: +4 min

New York CNN —TikTok is officially kicking off its US e-commerce efforts with the launch of TikTok Shop. TikTok Shop allows users to find and directly purchase products used in live videos, tagged in content shown on their algorithm-driven For You page, pinned on brand profiles or marketed in a new “Shop” tab. TikTok Shop features unveiled by the company on Tuesday. TikTok Shop is already available throughout parts of Asia and the United Kingdom. TikTok Shop, as launched Tuesday, has been in testing since November.

Persons: New York CNN — TikTok, TikTok, Instagram, Alibaba’s Organizations: New, New York CNN, Bloomberg, Meta, Facebook, YouTube, Shopify, Amazon, Reuters, Momentum Works, Shopee’s, Works Locations: New York, United States, ”, Asia, United Kingdom, Southeast Asia, Sea’s, Indonesia, States, Europe, China

☆ What ARM's expected debut means for the IPO market and SoftBank
▼ + stars: | 2023-08-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +8 min

Its debut will be a big deal for an IPO market that's been in the doldrums since 2022, but the company's listing has big implications for SoftBank as well. SoftBank agreed to acquire Arm in 2016 for $32 billion, which at the time was the biggest-ever purchase of a European technology company. The unit also swung to a 9.5 billion yen loss, having made a profit of 29.8 billion yen in the same period a year earlier. SoftBank said its Vision Fund booked an investment gain of 159.8 billion yen, its first gain in five consecutive quarters. In July, the company led a $65 million investment in U.K. insurance technology company Tractable.

Persons: Son, Tomohiro Ohsumi, SoftBank, It's, Rene Haas, Haas, Nvidia SoftBank, Arm, Grace Hopper, Didi, Uber, Yoshimitsu Goto, Leswing Organizations: SoftBank Group Corp, ARM Holdings, Bloomberg, Getty, Apple, reining, Acorn Computers, Acorn, Machines, VLSI Technology, CNBC, ARM, Nvidia, Vision, Investors, AMD, Vision Fund Locations: Tokyo, Cambridge, England, Switzerland, European, Europe, U.S, London, New York

☆ Sea pivoted to growth over profits as it faced rising competition from TikTok, Lazada, analysts say
▼ + stars: | 2023-08-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

But analysts said the pivot is a move to defend market share. Defending your market share is the right strategy in e-commerce. CEO Shou Zi Chew said in June that TikTok would invest billions of dollars in Southeast Asia over the next few years to gain market share. Sea's decision to accelerate ecommerce investments in growth is likely to materially weigh on its earnings and share price in the near-term. "Sea's decision to accelerate ecommerce investments in growth is likely to materially weigh on its earnings and share price in the near-term," said JPMorgan.

Persons: Forrest Li, GoTo, Sachin Mittal, Woo, Li, JPMorgan, Jonathan Woo, Shou Zi Chew, TikTok, Alibaba's Lazada, Sea's Shopee, Lazada's GMV Organizations: Sea Ltd, Bloomberg, Getty, Local, DBS Bank, Phillip Securities Research, JPMorgan, Momentum Works Locations: Singapore, Lazada, Southeast Asia

☆ Indonesia's GoTo narrows losses, says on track for profitability
▼ + stars: | 2023-08-15 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +2 min

JAKARTA, Aug 15 (Reuters) - Indonesia's biggest tech firm GoTo (GOTO.JK) on Tuesday said it had slashed underlying losses in the second quarter to 1.2 trillion rupiah ($78.25 million), down from 4.3 trillion rupiah a year earlier, helped by intense cost-cutting measures. Following positive results for the first half, GoTo revised its 2023 adjusted EBITDA outlook to a loss of between 4.5 trillion rupiah and 3.8 trillion rupiah, from a previously forecast loss of between 5.3 trillion rupiah and 4.6 trillion rupiah. Net revenues for the second quarter of 2023 rose to 3.6 trillion rupiah, up 86.7% from 2022, with the company's overall gross transaction value for the period reaching 143.7 trillion rupiah, it said. The company said it had slashed losses by 48% for the first half compared to a year earlier. Shares in GoTo, shorthand for GoTo Gojek Tokopedia, closed up 6.59% to 97 rupiah per share before the earnings announcement.

Persons: GoTo, Japan's, Patrick Walujo, Walujo, Tokopedia, TikTok, GoTo Gojek Tokopedia, Stefanno Sulaiman, Fanny Potkin, Conor Humphries Organizations: Japan's SoftBank, Thomson Locations: JAKARTA

Japan’s Q2 GDP grows fastest in more than two yearsMarcel Thieliant, head of Asia-Pacific at Capital Economics, said the export-driven momentum in growth is unlikely to be sustained. Exports expanded 3.2% in the second quarter led by car exports and inbound tourism, while capital expenditure was flat. Strong U.S. and European demand has also supported exports while the post-COVID boom in foreign tourists has given the economy a much-needed tailwind. That boost in external demand, or net exports, added 1.8 percentage points to second quarter growth. It doesn't mean a strong recovery in Japanese economy," said Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute.

Persons: Kim Kyung, Marcel Thieliant, Thieliant, Takumi Tsunoda, Shigeyuki Goto, Goto, Tetsushi Kajimoto, Pasit Kongkunakornkul, Sam Holmes Organizations: REUTERS, TOKYO, Capital Economics, Private, U.S, Shinkin Central Bank Research Institute, The Bank of Japan, Thomson Locations: Tokyo, Japan, Asia, China

☆ Japan’s economic growth beats forecasts as exports zoom
▼ + stars: | 2023-08-14 | by ( ) edition.cnn.com time to read: +3 min

While the headline GDP data provides some relief to policymakers seeking to balance economic growth with sustainable inflation, it masks underlying weakness in the household sector. Marcel Thieliant, head of Asia-Pacific at Capital Economics, said the export-driven momentum in growth is unlikely to be sustained. Exports expanded 3.2% in the second quarter led by car exports and inbound tourism, while capital expenditure was flat. Strong US and European demand has also supported exports while the post-COVID boom in foreign tourists has given the economy a much-needed tailwind. That boost in external demand, or net exports, added 1.8 percentage points to second quarter growth.

Persons: Marcel Thieliant, ” Thieliant, ”, Takumi Tsunoda, Shigeyuki Goto, ” Goto Organizations: Tokyo Reuters, Capital Economics, Private, Shinkin Central Bank Research Institute, The Bank of Japan Locations: Tokyo, Asia, China

☆ SoftBank’s Arm-twisting fails to convince
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Shareholders already had good reason to take that with a pinch of salt. The Japanese conglomerate’s 478 billion yen ($3.3 billion) net loss, which missed analysts’ estimates, included an increase in the carrying value of chip designer Arm, even though revenue dipped. That allowed the company’s Vision Fund to post a $1.1 billion profit, its first in six quarters. But investors in the Japanese group will be waiting a long time for SoftBank’s new campaign to pay off. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Masayoshi Son, Yoshimitsu Goto, ’, Navneet, Arm’s, Antony Currie, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, SoftBank, Fund, Vision Fund, Twitter, Siemens, Thomson

☆ SoftBank posts surprise loss even as Vision Fund back in black after five quarters
▼ + stars: | 2023-08-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

SoftBank reported a surprise loss in the first quarter covering April-June, despite an investment gain from its massive tech-focused Vision Fund. Here's how the company did:The SoftBank group reported a net loss attributable to owners of the parent of 477.6 billion yen ($3.3 billion). The tech conglomerate, which engages in venture capital investing through its Vision Fund, has had its fair share of ups and downs. The brainchild of founder Masayoshi Son, SoftBank's Vision Fund comprises Vision Fund 1 and Vision Fund 2 and invests in high growth stocks. Misra was instrumental in the early days of the Vision Fund, which was launched in 2017.

Persons: SoftBank, GoTo, Masayoshi Son, Son, Yoshimitsu Goto, Rajeev Misra, Misra, — CNBC's Arjun Kharpal, Sheila Chang Organizations: Vision Fund, Vision, Silicon, Nvidia Locations: Alibaba, Indonesian, U.S

☆ Indonesia's GoPay has 130 million potential users, GoTo says
▼ + stars: | 2023-08-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndonesia's GoPay has 130 million potential users, GoTo saysHans Patuwo, president of fintech at GoTo, says that's an opportunity that's "really what we're trying to go after."

Persons: GoPay, GoTo, Hans Patuwo, that's

China's application, by far the biggest economy, is next in line if they are dealt with in the order they were received, although that is not a given. The free trade agreement has its roots in the U.S.-backed Trans-Pacific Partnership, developed in part to counter China's growing economic dominance. I think that is completely wrong," Tim Groser, a former New Zealand trade minister and chief trade negotiator said. For CPTPP members, China's application is not the only political dilemma. Taiwan is also seeking to join the pact, in a move opposed by China that member trade negotiators remain unsure about.

Persons: Chris Hipkins, Shigeyuki Goto, Damien O’Connor, Trade Kemi, Damien O'Connor, Donald Trump, Henry Gao, couldn't, Tim Groser, CPTPP, Graham Zebedee, Britain's, New Zealand Wang Xiaolong, Hopes, Wang Huiyao, Antony Blinken, Natalie Black, Lucy Craymer, Joe Cash, Jamie Freed Organizations: New Zealand, Economic, New, Trade, Export, State, Business, Malaysian, Beijing, Pacific, New Zealand's Trade, Pacific Partnership, Communist Party, Singapore Management University, Ministry of Foreign Affairs, World Trade Organization, Australia, Center for, Political, Comprehensive Economic, U.S, Asia Pacific, Thomson Locations: British, Trade Kemi Badenoch, Taiwan, AUCKLAND, BEIJING, China, Pacific, Britain, Auckland, Ukraine, Costa Rica, Uruguay, Ecuador, U.S, Japan, Australia, Canada, Beijing, New Zealand, SOEs, Mexico, Center for China, Wellington, Asia

Deutsche Bank's emerging market carry strategy index had its best year on record in the 12 months to May. Reuters GraphicsOVERCROWDING FEARSInvestors, however, are becoming concerned the carry trade might be becoming too popular for its own good. "You have to be worried about some of these more crowded positions," said Stephen Gallo, European head of FX strategy at BMO Capital Markets. "I think that is big enough to offset any carry trade income," said Yujiro Goto, head of FX strategy for Japan at Nomura. A hypothetical $50,000 invested in a short Norwegian crown, long dollar carry trade in the first three weeks of July would have lost $3,000, according to Refinitiv.

Persons: Refinitiv, Kamakshya Trivedi, Goldman Sachs, Stephen Gallo, Gallo, James Athey, Yujiro Goto, Oliver Brennan, Brennan, Robin Winkler, Goldman's Trivedi, Geoff Yu, BNY Mellon, Harry Robertson, Alun John, Ankur, Rae Wee, Bernadette Baum Organizations: LONDON, Bank of America, FX, Deutsche, Federal Reserve, European Central Bank and Bank of Japan, BMO Capital Markets, Nomura, BNP Paribas, Bank of England, Bank of Japan, Reuters Graphics, Federal, Deutsche Bank, Swiss, Reuters, Korean, BNY, Thomson Locations: SINGAPORE, Japan, European, U.S, America, Asia, London, Singapore

TOKYO, July 7 (Reuters) - Ukraine has submitted a formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to New Zealand, Japanese and New Zealand authorities said on Friday. New Zealand, which performs the legal depositary functions for the partnership, had received a formal accession request from Ukraine on May 5, a New Zealand foreign ministry spokesperson said. The CPTPP includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, with Britain becoming the 12th member state. China, Taiwan, Ecuador, Costa Rica and Uruguay all also have requests pending to join. Japan's economy minister, Shigeyuki Goto, told a regular press conference that Japan, as a CPTPP member, "must carefully assess whether Ukraine fully meets the high level of the agreement" in terms of market access and rules.

Persons: Shigeyuki Goto, Kantaro Komiya, Jacqueline Wong, Robert Birsel Organizations: Trans, Pacific, ., Thomson Locations: TOKYO, Ukraine, New Zealand, Zealand, Auckland, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, Vietnam, Britain, China, Taiwan, Ecuador, Costa Rica, Uruguay

☆ Southeast Asia's IPO market is an investor favorite amid global headwinds, Deloitte says
▼ + stars: | 2023-07-07 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

Firdaus Wajidi | Anadolu Agency | Getty ImagesSoutheast Asia's initial public offering market is showing promising signs despite a global IPO slowdown in the first half of 2023, according to a new Deloitte report. In the last six months, Southeast Asia's market saw 85 IPOs raising $3.3 billion in proceeds, versus the 73 IPOs in the same period last year which raised $3.1 billion. That's a 16% increase in the number of IPOs and a 5% increase in proceeds for the first half of 2023. Indonesia's rising starIndonesia raised 70% of the total IPO proceeds in Southeast Asia for the first half of 2023. Indonesia "looks set to have its best year ever in terms of listing proceeds with 44 IPOs in 2023 H1," said Deloitte.

Persons: Firdaus, — GoTo, Joko Widodo, Harita Nickel Organizations: Anadolu Agency, Getty, Deloitte, Nasdaq, EV, PT Merdeka Battery Materials, Pertamina Geothermal, Indonesia, Harita Locations: JAKARTA, INDONESIA, Jakarta, Indonesia, Southeast Asia, Australia, Thailand, Malaysia, China

☆ SPECIAL REPORT-Inside the subsea cable firm secretly helping America take on China
▼ + stars: | 2023-07-06 | by ( Joe Brock | ) www.reuters.com time to read: +23 min

Reuters is revealing details of the Diego Garcia project and SubCom’s deepening ties with the Pentagon. SubCom’s loyalty is especially important because it is the only major U.S. subsea cable company. Rather, they carefully obscured the U.S. military component within a larger private-sector cable project, according to four subsea cable industry sources with knowledge of the arrangement. That project, known as the Oman Australia Cable, was spearheaded by SUBCO, a Brisbane-based subsea cable investment company owned by Australian entrepreneur Bevan Slattery. Once the Navy project was complete, AT&T’s submarine cable project morphed into a commercial business, the former employees said.

Persons: Diego Garcia, SubCom, Cerberus, Stephen Feinberg, Donald Trump, Feinberg, Joe Biden, Biden, Eckhard Bruckschen, They’ve, ” Bruckschen, Trump, Brad Smith, –, Mao Ning, ”, Jacob Helberg, Bevan Slattery, SUBCO’s, Richard Payne, Payne, “ We’re, ” Payne, Alex Kerska, Catherine Creese, Creese, David Coughlan, Coughlan, Slattery, SubCom’s Coughlan, Rich, Australia West Express –, John Mariano, Anthony Albanese, Albanese, Caesar, Kellee Wicker, ” Wicker Organizations: CS, SubCom, Google, Microsoft, Meta, ., U.S, Navy, Cerberus Capital Management, U.S . Navy, President’s Intelligence, Board, U.S . Navy’s Pacific Fleet, U.S . Pacific Fleet, U.S ., Pentagon, America Inc, Cable Consultancy, Reuters, Japan’s NEC Corporation, France’s Alcatel Submarine Networks, China’s HMN, U.S . Department of Defense, White, U.S . Department of Justice, Foreign, Oracle, China Economic, Security, Commission, U.S . Department of Transportation, Department of Defense, government’s, Cable Security Fleet, Oman Australia Cable, SUBCO, The, The U.S . Pacific Fleet, SUBCO’s Oman Australia Cable, Facebook, Defense, Intelligence, SubCom’s, London Stock Exchange Group, U.S . Coast Guard, Naval, Cable, Office, Tyco Telecommunications, Australian, Financial, Australia West Express, GoTo Networks, couldn’t, Netflix, AT, Tyco International, Tyco, New, Washington, Science, Technology, Wilson, “ Cables Locations: Diego, Indian, China, New Jersey, United States, U.S, Soviet, Washington, New York, Philippine, South China, Beijing, America, American, Hong Kong, Switzerland, Eatontown , New Jersey, British, Britain, Australian, Australia, Oman, Brisbane, Southeast Asia, The U.S, SUBCO’s Oman, Perth, SubCom, Guam, U.S . Pacific, Republic of Djibouti, of Africa, Djibouti, Sri Lanka, Scotland, Newfoundland

☆ Inside the subsea cable firm secretly helping American take on China
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +24 min

Persons: Diego Garcia, SubCom, Cerberus, Stephen Feinberg, Donald Trump, Feinberg, Joe Biden, Biden, Eckhard Bruckschen, They’ve, ” Bruckschen, Trump, Brad Smith, –, Mao Ning, ”, Jacob Helberg, Bevan Slattery, SUBCO’s, Richard Payne, Payne, “ We're, ” Payne, Alex Kerska, Catherine Creese, Creese, David Coughlan, Coughlan, Slattery, SubCom’s Coughlan, Rich, Australia West Express –, John Mariano, Anthony Albanese, Albanese, Caesar, Kellee Wicker, ” Wicker, Joe Brock, Mohammad Kawoosa, Edgar Su, Catherine Tai Design, Eve Watling, Marla Dickerson Organizations: CS, SubCom, Google, Microsoft, Meta, ., U.S, Navy, Cerberus Capital Management, U.S . Navy, President’s Intelligence, Board, U.S . Navy’s Pacific Fleet, U.S . Pacific Fleet, U.S ., Pentagon, America Inc, Cable Consultancy, Reuters, Japan’s NEC Corporation, France’s Alcatel Submarine Networks, China’s HMN, U.S . Department of Defense, White, U.S . Department of Justice, Foreign, Oracle, China Economic, Security, Commission, U.S . Department of Transportation, Department of Defense, government’s, Cable Security Fleet, Oman Australia Cable, SUBCO, The, The U.S . Pacific Fleet, SUBCO’s Oman Australia Cable, Facebook, Defense, Intelligence, SubCom’s, London Stock Exchange Group, U.S . Coast Guard, Naval, Cable, Office, Tyco Telecommunications, Australian, Financial, Australia West Express, GoTo Networks, couldn’t, Netflix, AT, Tyco International, Tyco, New, Washington, Science, Technology, Wilson, “ Cables Locations: Diego, Indian, China, New Jersey, United States, U.S, Soviet, Washington, New York, Philippine, South China, Beijing, America, American, Hong Kong, Switzerland, Eatontown , New Jersey, British, Britain, Australian, Australia, Oman, Brisbane, Southeast Asia, The U.S, SUBCO’s Oman, Perth, SubCom, Guam, U.S . Pacific, Republic of Djibouti, of Africa, Djibouti, Sri Lanka, Scotland, Newfoundland

☆ Indonesia's Pertamina, Electrum sign battery packs development deal
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, June 27 (Reuters) - Indonesia's state energy company Pertamina said late on Monday it plans to develop battery packs for electric motorcycles with Electrum, a firm that aims to put millions of electric two-wheelers on the roads of the Southeast Asian country. The agreement was signed during a groundbreaking ceremony for Electrum's electric scooter plant on Friday, where the company, which is a joint venture between coal miner TBS Energi Utama (TOBA.JK) and giant tech firm GoTo Gojek Tokopedia (GOTO.JK), aims to produce 250,000 units of electric scooters per year. The planned battery packing facility run by Pertamina's renewables unit and Electrum could cover a capacity of about 300 megawatts, Pertamina official Dicky Septriadi said. Indonesia has the world's largest reserves of nickel - a key element in electric vehicle (EV) batteries - and is keen to utilise the mineral to create a full supply chain for the industry. Reporting by Fransiska Nangoy, Bernadette Christina; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: Pertamina, GoTo Gojek Tokopedia, Dicky Septriadi, Fransiska Nangoy, Bernadette Christina, Kanupriya Kapoor Organizations: TBS, Utama, Thomson Locations: JAKARTA, Indonesia

TOKYO, June 21 (Reuters) - SoftBank Group (9984.T) CEO Masayoshi Son said on Wednesday that his tech investing conglomerate plans to shift its stance to "offence mode" amid excitement over advances in artificial intelligence. "The time has come to shift to offence mode," Son told shareholders at the group's annual general meeting. SoftBank reported a net loss of 970 billion yen ($6.85 billion) for the year ended March 31, cushioning losses at the Vision Fund unit by selling down its stake in Alibaba (9988.HK). SoftBank's liquid assets, which include cash, cash equivalents and an undrawn commitment line, rose to 5.1 trillion yen at March-end compared to 2.9 trillion yen a year earlier. SoftBank aims to list Arm on Nasdaq later this year and is seeking to raise between $8 billion and $10 billion, Reuters has reported.

Persons: Masayoshi Son, Son, SoftBank, Yoshimitsu Goto, ChatGPT, Astro, Tezuka Osamu, Sam Nussey, Anton, Muralikumar Anantharaman, Sonali Paul Organizations: SoftBank, Vision Fund, Vision, HK, Astro Boy, Nasdaq, Reuters, Intel, Thomson Locations: TOKYO, Alibaba

☆ Japan to open up Apple- and Google-dominated phone apps to competition
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar/File PhotoTOKYO, June 17 (Reuters) - Japan plans to stoke competition in smartphone app payments, dominated by Apple (AAPL.O) and Google, by banning major app store operators from forcing software developers to use the operators' own payment systems, a government panel said. Apple's iOS and Android from Alphabet's (GOOGL.O) Google roughly split Japan's mobile OS market. Apple allows users to download iPhone apps only through its own app store, while both Apple and Google require software developers to use proprietary payment systems that charge commissions of up to 30%. Members of the government panel include Industry Minister Yasutoshi Nishimura and Economy Minister Shigeyuki Goto.

Persons: Mike Segar, Yasutoshi Nishimura, Shigeyuki Goto, Kiyoshi Takenaka, Lincoln Organizations: Apple, REUTERS, stoke, Google, Asahi Shimbun, Industry, Thomson Locations: Manhattan, New York City, TOKYO, Japan

JAKARTA, June 15 (Reuters) - Short video app TikTok, owned by China's ByteDance, said on Thursday it would invest billions of dollars in Southeast Asia over the next few years, as it doubles down on the region amid intensifying global scrutiny over its data security. Southeast Asia, a region with a collective population of 630 million - half of them under 30 - is one of TikTok's biggest markets in terms of user numbers. "We're going to invest billions of dollars in Indonesia and Southeast Asia over the next few years," TikTok CEO Shou Zi Chew said at a forum it organised in Jakarta to highlight the social and economic impact of the app in the region. Chew said TikTok has 8,000 employees in Southeast Asia, and 2 million small vendors selling their wares on its platform in Indonesia, the region's biggest economy. The app has not faced major bans on government devices in Southeast Asia, but it has been under scrutiny over its content.

Persons: China's ByteDance, Shou Zi Chew, Chew, TikTok, Stanley Widanto, Miyoung Kim, Christopher Cushing, Jamie Freed Organizations: HK, Thomson Locations: JAKARTA, Southeast Asia, Sea's, Indonesia, Jakarta, Beijing, Britain, New Zealand, Vietnam

☆ TikTok to invest billions of dollars in Southeast Asia amid growing scrutiny over data security
▼ + stars: | 2023-06-15 | by ( ) edition.cnn.com time to read: +3 min

Short video app TikTok, owned by China’s ByteDance, said on Thursday it would invest billions of dollars in Southeast Asia over the next few years, as it doubles down on the region amid intensifying global scrutiny over its data security. TikTok did not provide a detailed breakdown of the spending plan but said it would invest in training, advertising and supporting small vendors looking to join its e-commerce platform TikTok Shop. TikTok has 8,000 employees in Southeast Asia and 2 million small vendors selling their wares on its platform in Indonesia, the region’s biggest economy, he added. E-commerce transactions across the region reached nearly $100 billion last year, with Indonesia accounting for $52 billion, according to data from consultancy Momentum Works. The app has not faced major bans on government devices in Southeast Asia, but it has been under scrutiny over its content.

Persons: China’s ByteDance, Alibaba’s, “ We’re, ”, Shou Zi Chew, Chew, TikTok, Matt McClain Organizations: Momentum Works, Shopee’s, Washington Post Locations: Southeast Asia, Sea’s, Indonesia, Jakarta, TikTok, Washington ,, Beijing, Britain, New Zealand, Vietnam

☆ TikTok to invest billions of dollars in Southeast Asia, CEO says
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: +1 min

Short video app TikTok, owned by China's ByteDance, said on Thursday it would invest billions of dollars in Southeast Asia over the next few years, as it doubles down on the region amid intensifying global scrutiny over its data security. Southeast Asia, a region with a collective population of 630 million — half of them under 30 — is one of TikTok's biggest markets in terms of user numbers. "We're going to invest billions of dollars in Indonesia and Southeast Asia over the next few years," TikTok CEO Shou Zi Chew said at a forum it organised in Jakarta to highlight the social and economic impact of the app in the region. TikTok did not provide a detailed breakdown of the spending plan, but said it would invest in training, advertising and supporting small vendors looking to join its e-commerce platform TikTok Shop. Chew said content on its platform was becoming more diversified as it adds more users and expands beyond advertising into e-commerce, allowing consumers to purchase goods through links on the app during livestreaming.

Persons: China's ByteDance, Alibaba's, Shou Zi Chew, Chew Locations: Southeast Asia, Sea's, Indonesia, Jakarta, TikTok

☆ New GoTo CEO Walujo may not stay in top job long - sources
▼ + stars: | 2023-06-14 | by ( Fanny Potkin | ) www.reuters.com time to read: +2 min

SINGAPORE, June 14 (Reuters) - Incoming GoTo (GOTO.JK) CEO Patrick Walujo is planning to head the Indonesian technology company only temporarily and resign after improving profitability, as he splits his time between it and a private equity firm he co-founded, according to sources. The prominent Indonesian dealmaker, whose private equity firm Northstar Group was one of the earliest backers of GoTo's ride hailing business Gojek, was named as the CEO of GoTo last week. GoTo was created in 2021 through a merger of Gojek and e-commerce firm Tokopedia. Walujo, who will continue to manage Northstar, does not plan to stay for a full three-year term as GoTo CEO, said three sources, including people briefed by him and company investors. The sources said the timing of Walujo's tenure was likely to depend on how quickly he can trim spending and improve profits.

Persons: GoTo, Patrick Walujo, Walujo, Goldman Sachs, Fanny Potkin, Miyoung Kim, Robert Birsel Organizations: Northstar Group, Northstar, Reuters, Thomson Locations: SINGAPORE, Indonesian, Gojek, HK, The Jakarta, U.S, Singapore

The draft plan, which was presented at Kishida's top economic advisory panel on Wednesday, underscored the challenge for the leader, who is seen as a fiscal hawk, to strike a balance between economic growth and fiscal consolidation. The closely-watched policy framework will be approved by Kishida's cabinet this month, along with a separate action plan on his "new capitalism" agenda. "We will not abandon the flag of fiscal reform," Economy Minister Shigeyuki Goto told reporters after the panel's meeting. "There's no change to the government stance of striving to achieve a primary budget surplus in fiscal 2025," Goto added. The framework said the government will conduct a review of any progress of its fiscal reform in the fiscal year 2024 so as to create a medium-term economy and fiscal scheme.

Persons: Fumio Kishida's, Takahide Kiuchi, Shigeyuki Goto, Goto, largesse, Kishida Organizations: Nomura Research Institute, Liberal Democratic Party, LDP ₎, International Monetary Fund, Bank of Japan, Thomson Locations: TOKYO, Japan

☆ SoftBank shares swept up in AI chip frenzy ahead of Arm IPO
▼ + stars: | 2023-06-02 | by ( Sam Nussey | ) www.reuters.com time to read: +1 min

TOKYO, June 2 (Reuters) - SoftBank Group Corp (9984.T) shares jumped 5% in early Friday trade as the technology investor - which is preparing an initial public offering of chip designer Arm - was caught up in a frenzy for semiconductor and artificial intelligence-related stocks. The Japanese conglomerate, which has been hit by the slumping value of its tech portfolio, has seen its shares gain 17% since last week's close. On Friday, SoftBank passed the psychological level of 6,000 yen for the first time since February. "We expressed a view that SBG stock will rally ahead of the ARM IPO later in the year... "He feels that 'finally my time has come'," SoftBank Chief Financial Officer Yoshimitsu Goto told reporters at an earnings briefing last month.

Persons: SoftBank, Jefferies, Atul Goyal, Masayoshi Son, Yoshimitsu Goto, Sam Nussey, Jacqueline Wong, Christopher Cushing Organizations: SoftBank Group Corp, U.S, Nvidia Corp, Semiconductor, ARM, Advantest Corp, Tokyo Electron, Thomson Locations: TOKYO, Philadelphia

Kishida has vowed to double childcare spending over the next three years in a bid to help reverse the country's dwindling birth rate. The government had previously estimated that it needed to secure around 3 trillion yen per year to cover the expansion of childcare allowances and other related benefits. Kishida unveiled the increased size of spending at a meeting of ministers, including Finance Minister Shunichi Suzuki, Goto said. The economy minister also attended the meeting. "Prime Minister Kishida told us to consider expanding childcare measures by around 3.5 trillion yen in the process of compiling the annual budget," Goto told reporters.

Persons: Fumio Kishida, Shigeyuki Goto, Kishida, Shunichi Suzuki, Goto, Kyodo newsagency, Yoshifumi Takemoto, Himani Sarkar Organizations: Finance, Kyodo, Thomson Locations: TOKYO, Japan

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