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☆ A fluffy, $85 toy is taking Asia by storm and sparking legions of knockoffs. Inside the meteoric rise of Labubu.
▼ + stars: | 2024-11-15 | by ( Aditi Bharade | Erin Liam | ) www.businessinsider.com time to read: +9 min

The Labubu and Pop Mart phenomenonLabubu dolls at the opening of a Pop Mart store in Bangkok. AdvertisementIn a statement to BI, a representative from Pop Mart said that Labubu has gained a strong global fan base. Advertisement"There's a bit of a 'FOMO' feeling," said Sim, 31, who owns around six Labubu toys. She has around 17 Labubu toys and said she spent over $10,000 on them. Once, she even camped outside a Pop Mart store for the latest drop.

Persons: —, Grace Lee, Lee, ─, Joey Khong, Khong, Bangkok . Sun Weitong, Lung, it's restocked, Tony Lee, Mart doesn't, Taobao, Erin Liam, Lisa, Juda, Kanaprach, Gen Zers, They're, Labubu, It's, Sim Pei Yi, Sim, Ana Gonzales, she's, Gonzales, Tracy Hsu, Lisa —, Hsu Organizations: Service, Getty, Business, Pop, Pop Mart, Daxue Consulting, Southeast, Insight, Singapore, Mart Locations: Asia, Bangkok . Sun, Xinhua, Hong Kong, Beijing, Singapore, Pop, Southeast Asia, Japan, South Korea, China, Philippines, New Jersey, California, Canada

☆ 10 analysts just hiked their price targets on these 3 stocks — including a Big Tech AI firm
▼ + stars: | 2024-10-21 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

A slew of Wall Street analysts last week turned even more bullish on three stocks ahead of their quarterly earnings reports. CNBC Pro screened for stocks in the MSCI World Index that have received share price target upgrades from Wall Street analysts over the past seven days. Despite raising their price target, Phillip Capital analysts have a "neutral" rating on the stock. The median price target of 17 analysts points to 18% upside potential. The company's share price is correlated to the price of gold , and also copper to a lesser degree.

Persons: Barrick, Jeffrey Wlodarczak, Wlodarczak, Zuckerberg, Helena Wang Organizations: Street, Ltd, Barrick Gold, CNBC Pro, Wall Street, Facebook, Research, Limited, New York Stock Exchange, Phillip Capital Locations: U.S, Singapore, SeaMoney, Canada

☆ Buy top tech stocks like Apple ahead of their results before it's too late, Bank of America says
▼ + stars: | 2024-07-27 | by ( Michael Bloom | ) www.cnbc.com time to read: +4 min

The investment bank says stocks like Apple are table-pounding buys ahead of quarterly results this week. CNBC Pro combed through Bank of America research to find buy-rated tech stocks with more room to run. Apple Bank of America recently raised its price target on the iPhone maker to $256 from $230. Shopify Time to buy shares of the Canadian provider of websites for businesses, according to Bank of America. Analyst Brad Sills recently upgraded Shopify to buy from neutral as a "more balanced growth & margin profile" take hold.

Persons: Wamsi Mohan, Apple, Mohan, GenAI, Brad Sills, Sills, Shopify, Sachin Salgaonkar, Mark Murphy, Satya Kumar, Samir Organizations: Bank of America, CNBC, Microsoft, Apple, Micron Technology, Sea, Apple Bank of America, Apple Vision, Micron Locations: Bank, Shopify, U.S, Singapore, Southeast Asia, Asia, Brazil, Boston, New York

☆ E-commerce firm Shopee agreed to adjust its practices in Indonesia after watchdog says it violated competition law
▼ + stars: | 2024-06-26 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

(Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)Shopee and its courier service Shopee Express agreed to adjust its current practices after admitting to breaching a competition rule in Indonesia, the country's watchdog said on Wednesday. "Shopee and Shopee Express admitted that they had violated Law no. KPPU said Shopee proposed adjustments to its current practices on June 20 which were approved by the commission council. "Shopee Indonesia attended a meeting with KPPU on 25 June to discuss points of the integrity pact that was shared by KPPU last week. Last month, KPPU revealed its preliminary investigation found that Shopee allegedly prioritized Shopee Express in every package delivery to consumers.

Persons: Rafael Henrique, Shopee, Persaingan Usaha, KPPU Organizations: Getty, Shopee, Shopee Express, KPPU, CNBC, Express Locations: BRAZIL, Indonesia, Shopee Indonesia, Republic of Indonesia

☆ Stocks making the biggest moves midday: GameStop, U.S. Cellular, Nvidia, Norwegian Cruise Line and more
▼ + stars: | 2024-05-28 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Check out the companies making the biggest moves midday: GameStop — Shares jumped nearly 23% following the video game retailer's announcement on Friday that it made about $933 million from a stock sale. U.S. Cellular — Shares added 7% after the telecom company announced T-Mobile will acquire its wireless operations and 30% of spectrum assets for $4.4 billion. T-Mobile was up less than 1%, while Telephone and Data Systems , which owns 84% of U.S. Cellular, slipped 2%. Norwegian Cruise Line — The cruise stock rose 3% after an upgrade to buy from neutral at Mizuho. Zscaler — The cybersecurity company shed nearly 4% following a downgrade at Wells Fargo to equal weight from overweight.

Persons: Agios, vorasidenib, —, Duolingo Max, Semler, Elon, Zscaler, Airbnb, Eli Lilly, Macheel, Pia Singh, Hakyung Kim, Jesse Pound Organizations: GameStop, . Illinois, U.S, Cellular, Mobile, Telephone, Data Systems, U.S . Cellular, . Food, Drug, Pharmaceuticals, Royalty Pharma, Nvidia, Cruise, Mizuho, Sarepta Therapeutics, RBC Capital Markets, RBC, Sea, Reuters, —, Energy Capital Partners, Wedbush, FDA Locations: U.S, Norwegian, Wells

☆ Here are Monday's biggest analyst calls: Apple, Nvidia, Tesla, Meta, Amazon, Microsoft, Spotify, Ferrari & more
▼ + stars: | 2024-04-22 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley reiterates Apple as overweight Morgan Stanley lowered its price target on the stock to $210 per share from $220 but says it's sticking with Apple. Bank of America reiterates Amazon as buy Bank of America said it's bullish heading into Amazon earnings next week. Bank of America reiterates Tesla as neutral Bank of America said it's sticking with its neutral rating on Tesla shares. Morgan Stanley upgrades Alcoa to equal weight from underweight Morgan Stanley said it sees a more balanced risk/reward for shares of Alcoa. Bank of America reiterates Apple as buy Bank of America says Apple is a top pick at the firm.

Persons: Goldman Sachs, Goldman, Morgan Stanley, it's, Piper Sandler, Piper, Apple, Q, Q revs, Papa, Stifel, Papa John's, Jefferies, Mizuho, JPMorgan, Raymond James downgrades, Raymond James, TD Cowen, BRBR, BMO downgrades, Tesla, Oppenheimer Organizations: Nvidia, NVIDIA, RBC, Apple, Microsoft, Meta, Bank of America, JPMorgan, Cisco, Deutsche Bank, Realty Trust, Deutsche, Brands, BMO, of America, Alcoa, Kymera Therapeutics, " Bank of America Locations: Singapore, Asia, Brazil

☆ Singapore's Sea Limited posts first profitable year amid efforts to defend market share against Lazada, TikTok
▼ + stars: | 2024-03-05 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

Southeast Asian tech giant Sea Limited on Monday posted its first profitable year amid efforts to defend market share against Alibaba -owned Lazada and TikTok. Net income in 2023 was $162.7 million, as compared to a net loss of $1.7 billion in 2022. Sea's e-commerce arm Shopee made a "meaningful gain in market share" in 2023 despite "intensified competition in Southeast Asia," the firm said on Monday. Sea also said Shopee's market share in the region has "solidified" and the firm intends to "maintain our market share in 2024." Tokopedia merged with TikTok Shop in Indonesia to form an enlarged Tokopedia entity, in which TikTok will take a controlling stake of 75.01%.

Persons: Forrest Li, Li, Sea's, Shopee Organizations: Alibaba Locations: MariBank, Singapore, Sea's New York, Southeast Asia, Indonesia

Elsewhere, Bank of America raised its price target on Nvidia, calling for more than 25% upside. 7:07 a.m.: Deutsche Bank deals latest blow to regional bank after earnings disappoint Deutsche Bank joined the post-earnings dogpile on New York Community Bank . Analyst Bernard von-Gizycki downgraded the regional bank to hold from buy and slashed to price target to $7 from $15. Analyst Alicia Yap upgraded the consumer internet stock to buy from neutral and raised her price target by $6 to $50. — Alex Harring 5:45 a.m.: Bank of America hikes Nvidia price target Don't expect Nvidia to lose momentum anytime soon, according to Bank of America.

Persons: Goldman Sachs, Bernard von, Gizycki, — Alex Harring, There's, Alicia Yap, Sea's, Shopee, Alex Harring, what's, Tim Cook, Brandon Nispel, AAPL's, AAPL, Morgan Stanley, Erik Woodring, we're, Tim Long, Piper Sandler, Harsh Kumar, Meta, Ross Sandler, Benjamin Black, Mark Kelley, Bernstein, Mark Shmulik, LSEG, Rufus, Eric Sheridan, Brian Nowak, outsized, Brad Erickson, Vivek Arya, Fred Imbert Organizations: CNBC, Apple, Bank of America, Nvidia, Deutsche Bank, New York Community Bank, von, Investors, Traders, Citi, Nasdaq, Conference, Barclays, Vision, Meta, Wall Street, Amazon, RBC Capital, Enterprise, SAP, VMWare, Dell Locations: Wall, New, Thursday's, Friday's premarket, China, genAI, CY25

☆ From livestreaming to 'shoppertainment,' Gen Zers lead the way in Singapore's online shopping space
▼ + stars: | 2024-01-15 | by ( Audrey Wan | ) www.cnbc.com time to read: +5 min

Logos of online social media and social networking sites displayed on a smartphone screen on August 01, 2023 in Bath, England. Many social media sites have introduced e-commerce features on their platforms, providing an alternative to popular online shopping sites like Lazada and Shopee. For example, users can purchase directly from TikTok shop or Facebook Marketplace without navigating outside of the application. Creators promoting products can also appeal to Gen Zers' preference for credibility by using livestreaming functions on social media platforms. As Gen Zers are digitally savvy, they rely a lot on social media nano-influencers to guide their purchasing decisions, he said.

Persons: Matt Cardy, Zers, Gen Zers, TikTok, Lawrence Loh, Tracy Loh, Wu Zu, Wu, Loh, millennials, Gen, SMU's Loh, Cristiano Ronaldo, Gen Zs Organizations: Getty, SINGAPORE, Meta, Bain & Company, Research, Social, Facebook, National University of Singapore's, Business, Singapore Management University, SMU, NUS, National University of Singapore Business, CNBC Locations: Bath, England, Singapore, Zers, Southeast Asia

☆ 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

☆ Fierce e-commerce war leaves Sea in stormy waters
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

In August, CEO Forrest Li declared that Sea (SE.N) would ramp up spending to fight off intense competition. Perhaps that’s because Sea had just reset its strategy over the past year. It had retreated from overseas markets, slashed marketing costs and shed thousands of jobs to claw its way to profitability. Li on Tuesday stressed that the company would prioritise investments to increase its market share, encouraged by its cash pile of about $8 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Forrest Li, Li, taints, Cameron, Francesco Guerrera, Thomas Shum Organizations: Reuters, Alibaba, HK, X, Thomson Locations: SINGAPORE, New York, Singapore

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

☆ Alibaba's Lazada is courting sellers affected by Indonesia's e-commerce ban on social media
▼ + stars: | 2023-10-06 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Lazada is the third-largest e-commerce player in Indonesia, after Sea Limited's Shopee and Tokopedia, according to Momentum Works. Lazada, a Southeast Asian e-commerce marketplace owned by Alibaba , is courting sellers affected by Indonesia's latest e-commerce regulation, its Indonesia CEO James Chang told employees in a town hall meeting on Friday. In recent weeks, Indonesia has cracked down on social media platforms facilitating e-commerce, such as TikTok, in a bid to protect domestic businesses. Indonesia banned social media purchases and set a one-week deadline last week for TikTok to become a standalone app, without any e-commerce feature, or face closure. In response, TikTok Indonesia said Tuesday that it will comply with local laws and stop facilitating e-commerce purchases.

Persons: Lazada, James Chang, Chang, Joko Widodo Organizations: Works, CNBC, TikTok Locations: Indonesia, TikTok Indonesia

REUTERS/Athit Perawongmetha/ File Photo Acquire Licensing RightsBANGKOK, Oct 4 (Reuters) - Thailand will close legal loopholes relating to firearm classification and online sales in its gun control efforts, its police chief said on Wednesday, a day after a teenager was arrested following a deadly shooting at a mall that left two people dead. Existing Thai laws on the possession of illegal firearms carry a prison sentence of up to 10 years and a fine of up to 20,000 Thai baht($539.67). Laws have tightened after mass shootings in recent years in Thailand, including a requirement for a medical evaluation for those who want to buy a gun or renew their gun license. And in 2020, a soldier shot and killed at least 29 people in another northeastern Thai city. "The government should learn the lessons from past mass shooting incidents, review the proposed solutions and quickly implement them," Krisanaphong said.

Persons: Athit, Torsak Sukvimol, Torsak, Lazada, Krisanaphong, Panu, Poppy McPherson, Devjyot Ghoshal, Bernadette Baum, Alexandra Hudson Organizations: REUTERS, Rights, Authorities, Thailand's Channel, Rangsit University, Reuters, Singapore's, Alexandra Hudson Our, Thomson Locations: Siam, Bangkok, Thailand, Rights BANGKOK, Southeast Asia, Thai

☆ 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

☆ Indonesia spoils TikTok’s Southeast Asia party
▼ + stars: | 2023-09-28 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

Sandy Saputra, 19, who is one of TikTok's biggest Indonesian stars, uses his smartphone to record a video using the app in Jakarta, Indonesia, July 24, 2020. REUTERS/Willy Kurniawan - RC2PMI9KGQ5Q Acquire Licensing RightsSINGAPORE, Sept 28 (Reuters Breakingviews) - June must now feel like an alternate reality to TikTok CEO Shou Zi Chew. On Wednesday, though, President Joko Widodo’s administration banned e-commerce transactions on social media platforms. Indonesia is key to TikTok’s hopes of growing its e-commerce sales in Southeast Asia. CONTEXT NEWSIndonesian authorities on Wednesday announced new regulations that bar social media companies from conducting direct e-commerce sales on their platforms.

Persons: Sandy Saputra, Willy Kurniawan, Shou Zi Chew, Joko, Zulkifli Hasan, TikTok, “, GoTo, Antony Currie, Katrina Hamlin Organizations: REUTERS, Rights, Reuters, Trade, HK, Wednesday, Thomson Locations: Indonesian, Jakarta, Indonesia, Rights SINGAPORE, Southeast Asia, Singapore

[1/4] Bening Widayati, 40, sells clothes live on a social media platform inside her stall at the International Trade Center (ITC) mall in Jakarta, Indonesia, September 27, 2023. The government said the move, which takes effect immediately, is aimed at protecting offline merchants and marketplaces, adding that predatory pricing on social media platforms is threatening small and medium-sized enterprises. The move comes just three months after TikTok pledged to invest billion of dollars in Southeast Asia, mainly in Indonesia, over the next few years in a major push to build its e-commerce platform TikTok Shop. He warned of letting social media become an e-commerce platform, shop, and bank all at the same time. Indonesia Deputy Trade Minister Jerry Sambuaga earlier this month named TikTok's live streaming features as an example of people selling goods on social media.

Persons: Widayati, Willy Kurniawan, TikTok, China's ByteDance, Zulkifli Hasan, Zulkifli, Jerry Sambuaga, Fahmi, Edri, Dewi Kurniawati, Stefanno Sulaiman, Fransiska Nangoy, Stanley Widianto, Johan Purnomo, Kanupriya Kapoor, Alexandra Hudson, Miyoung Kim, Mark Porter Organizations: International Trade Center, REUTERS, Indonesia Trade, Wednesday, Reuters, Indonesia Deputy Trade, Research, BMI, HK, Lazada, Momentum Works, Thomson Locations: Jakarta, Indonesia, Southeast Asia, JAKARTA, Shop, TikTok, Europe, United States

☆ Indonesia bans e-commerce transactions on social media in major blow to TikTok
▼ + stars: | 2023-09-27 | by ( ) edition.cnn.com time to read: +3 min

Jakarta Reuters —Indonesia has banned e-commerce transactions on social media platforms, the trade minister said on Wednesday, in a blow to short video app TikTok, which is doubling down on Southeast Asia’s biggest economy to boost its e-commerce business. TikTok, owned by China’s ByteDance, has 125 million active monthly users in Indonesia and has been looking to translate the large user base into a major e-commerce revenue source. He warned of letting social media become an e-commerce platform, shop and bank all at the same time. Indonesia Deputy Trade Minister Jerry Sambuaga earlier this month named TikTok’s live streaming features as an example of people selling goods on social media. E-commerce transactions in Indonesia amounted to nearly $52 billion last year and of that, 5% took place on TikTok, according to data from consultancy Momentum Works.

Persons: TikTok, China’s ByteDance, “, Zulkifli Hasan, Zulkifli, Jerry Sambuaga, Sea’s Shopee, Fahmi, ” Organizations: Jakarta Reuters —, Indonesia Trade, Wednesday, Reuters, Indonesia Deputy Trade, Research, BMI, Momentum Works Locations: Jakarta, Jakarta Reuters — Indonesia, Southeast Asia, Indonesia, Shop, TikTok, Europe, United States

☆ 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

☆ JPMorgan says AI's 'democratization' could put these 2 U.S.-listed Asian stocks at risk
▼ + stars: | 2023-08-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

JPMorgan warned that rapid growth in artificial intelligence is no guarantee of sustained earnings increase — and could leave many companies at risk. However, this does not guarantee sustained earnings growth and [return on equity] expansion," JPMorgan analysts led by Ranjan Sharma wrote in a note to clients on Aug. 9. According to JPMorgan, AI costs are also expected to continue dropping in light of lower computing costs and the development of more open-source AI models. The company owns the e-commerce platform Shopee, the fintech platform SeaMoney and the game development studio Garena. "In our view, SE's gaming business could face increased competitive risks as GenAI reduces barriers for entry in game development.

Persons: OpenAI's ChatGPT, Ranjan Sharma, TDCX, CNBC's Naman Tandon Organizations: JPMorgan, Sea Ltd, NYSE Locations: New York, Singapore

☆ 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

☆ Sea sails recklessly into choppy e-commerce waters
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

Singapore-based Sea Limited Chairman and CEO Forrest Li, speaks during an interview with CNBC following his company's IPO on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 20, 2017. REUTERS/Brendan McDermid Acquire Licensing RightsHONG KONG, Aug 16 (Reuters Breakingviews) - Sea's (SE.N) boss Forrest Li has picked a turbulent time to rock the boat. But Li's declaration on Tuesday that it's time to "ramp up" investments again risks wiping out the hard-earned investor goodwill. Despite Li's assurances that Sea will keep emphasising self-sufficiency and cost efficiencies, investors promptly erased some $10 billion, or 29%, in market value. In July, the latter injected $845 million into its Southeast Asian arm, signalling a price war may be on the horizon.

Persons: Forrest Li, Brendan McDermid, HONG KONG, Li, China's Alibaba, Robyn Mak, Exor’s Philips, Bain, BoE, Antony Currie, Thomas Shum Organizations: CNBC, New York Stock Exchange, REUTERS, Reuters, HK, Twitter, FC Barcelona’s, Messi, Thomson Locations: Singapore, New York, U.S, HONG, York

☆ Singapore's Sea misses Q2 revenue estimates on weak e-commerce sales
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

Southeast Asian e-commerce and gaming group Sea Ltd's sign is pictured at its office in Singapore, March 5, 2021. Tepid spending amid a challenging macroeconomic outlook pressured Sea's e-commerce business Shopee and caused a steep decline in its mobile gaming business. After a meteoric run in 2020 and part of 2021, with multiple quarters of triple-digital revenue increases, Sea's growth tapered as the pandemic-fueled boom in e-commerce and digital entertainment waned. Revenue grew over 5% from a year earlier to $3.10 billion, compared with analysts' estimate of $3.20 billion, according to Refinitiv data. E-commerce revenue, which contributes about two-thirds of the company's top-line, grew about 21% to $2.1 billion from a year earlier, but missed expectations of $2.25 billion.

Persons: Edgar Su, Sea's, Shopee, Yuvraj Malik, Krishna Chandra Organizations: REUTERS, Technology, Sea Ltd, Asia's, Revenue, Thomson Locations: Singapore, India, Europe, Bengaluru

☆ Exclusive: TikTok in talks to gain Indonesian payments licence
▼ + stars: | 2023-08-04 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +3 min

A spokesperson for TikTok confirmed on Friday that the talks were taking place, adding that an Indonesian payments licence would help local creators and sellers on its platform. A representative for the central bank, Bank Indonesia, did not respond to a request for comment. A payments licence would enable TikTok to benefit from transaction fees and put it more directly in competition with Southeast Asian e-commerce giants, Sea's (SE.N) Shopee and Alibaba's (9988.HK) Lazada. Douyin, the Chinese counterpart to TikTok that is also owned by ByteDance, obtained a Chinese payments licence in 2020. It was not immediately clear if TikTok has obtained a payments license elsewhere in the world.

Persons: Dado Ruvic, TikTok, Shou Zi Chew, Stefanno Sulaiman, Josh Ye, Edwina Gibbs Organizations: REUTERS, Reuters, TikTok, Bank Indonesia, HK, Lazada, ByteDance, Momentum, Thomson Locations: JAKARTA, Indonesia, U.S, Southeast Asia, Europe, TikTok, China, United States, Montana, Australia, Canada, Hong Kong

☆ Brazil's Ebanx partners with Nubank to offer payment service to customers
▼ + stars: | 2023-07-11 | by ( Carolina Pulice | ) www.reuters.com time to read: +1 min

MEXICO CITY, July 11 (Reuters) - Brazilian financial technology company Ebanx said on Tuesday it has signed a deal to partner with digital bank Nubank to offer more payment services for customers as it tries to consolidate and expand operations in Latin America. Ebanx will now offer corporate customers the option of paying via NuPay, an alternative payment method developed by Nubank for international purchases. Alternative payment methods have helped drive the growth of e-commerce in Latin America and already account for 39% of the total digital commerce volume in the region, Ebanx said. In April last year, Ebanx announced a partnership with digital commerce platform VTEX (VTEX.N) to enable cross-border payments to Brazilian companies operating in Latin America. Ebanx also plans to kick off operations in eight African countries by the end of the year, the company said in a statement.

Persons: Ebanx, Paula Bellizia, Matthew Lewis Organizations: MEXICO CITY, Nubank, Reuters, Carolina, Thomson Locations: MEXICO, Latin America, NuPay, Mexico

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