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On a trip to the sprawling factory in the port city of Haiphong in northern Vietnam, Widodo also sat behind the wheel of a VinFast electric car before wrapping up his three-day visit to Vietnam. The Vietnamese EV maker has said it will invest $1.2 billion in Indonesia and build a factory with the potential to make up to 50,000 vehicles every year. Green SM, an EV taxi operator that is mostly owned by VinFast’s founder, also announced an investment plan of $900 million in Indonesia. VinFast's plans to expand in Indonesia are part of their global goal of selling EVs in 50 markets worldwide. It is exporting EVs to the U.S. and also building a $4 billion EV factory in North Carolina, where production is slated to begin this year.

Persons: Joko Widodo, Widodo, GoTo, Tokopedia Tbk, Pham Nhat Vuong Organizations: Green SM, EV, VinFast’s, Group, AP Locations: HANOI, Vietnam, Indonesia, Haiphong, Vietnamese, Indonesian, North Carolina, India, Vingroup, Ukraine

Now Widodo also needs a free trade agreement (FTA) with the United States for Indonesian materials to qualify for the generous EV subsidies available under the Biden administration's Inflation Reduction Act (IRA). What it got after last week's bilateral meeting was a commitment "to develop a critical minerals action plan (...) with a view toward establishing the foundation to launch future negotiations on a critical minerals agreement". The joint statement included some pointers as to what the United States expects from that action plan in terms of environmental, social and governance (ESG) standards. A limited trade agreement on critical minerals could become an even more restricted deal if it were to apply only to non-Chinese material streams. South Korea has the advantage of having had an FTA with the United States since 2012.

Persons: Joko Widodo, Tesla, Widodo, Washington, Biden, Joe Manchin, Janet Yellen, Manchin, Trafigura, Emelia Sithole Organizations: Vale Tbk, U.S, Biden, GREEN, Benchmark Minerals, Australia, Greenpeace, of, Group, Minerals, Korea, Reuters, Thomson Locations: Sorowako, Indonesia's, Asian, United States, Indonesia, United, GREEN Indonesia, Philippines, Ulsan, South Korea, Morocco, South

☆ Nickel mining has to be a low-carbon process, says CEO
▼ + stars: | 2023-11-03 | 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 EmailNickel mining has to be a low-carbon process, says CEOFebriany Eddy, CEO and president director of PT Vale Indonesia Tbk, discusses its decarbonization plans.

Persons: Febriany Eddy Organizations: PT Vale Indonesia Tbk

☆ ASEAN green transition cannot happen without 'massive investments'
▼ + stars: | 2023-10-25 | 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 EmailASEAN's transition to sustainable energy cannot happen without massive investments: MedcoEnergi CEORoberto Lorato of PT MedcoEnergi Internasional Tbk says there is a need for direct government support and the "proactive involvement of multilateral agencies and financial institutions" in order for ASEAN's energy systems to make the green transition.

Persons: Roberto Lorato, Tbk

☆ 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

☆ Indonesia's delayed China-funded rail project beset by fresh problems
▼ + stars: | 2023-06-07 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +5 min

[1/2] An electric Multiple Unit high-speed train is seen during Hot Sliding Test in Tegalluar, Bandung, West Java province, Indonesia, May 19, 2023, in this photo taken by Antara Foto. China-backed consortium PT KCIC, Mott MacDonald, Umbra, CDB and China's embassy in Jakarta did not respond immediately to requests for comment. PT KCIC was awarded the project in 2015 after lodging a cheaper proposal than a Japanese rival, with completion expected in 2019. The planned 45-minute train ride between Jakarta and Bandung compares with a car journey of two to three hours or the current three-hour rail trip. Locating the stations in central Jakarta and Bandung would have been too costly, ministry official Seto said.

Persons: Antara, Al Farisi, Joko Widodo, Teuku Rezasyah, Mott MacDonald, Mahendra Vijaya, Hario, PwC, Sutanto Soehodho, Seto, Stefanno Sulaiman, Devjyot Ghoshal, Jamie Freed Organizations: REUTERS, Initiative, Padjadjaran University, Reuters, PT, China Development Bank, CDB, PT KCIC, KCIC, University of Indonesia, Thomson Locations: Tegalluar, Bandung, West Java, Indonesia, REUTERS JAKARTA, China, Jakarta, Indonesian, Southeast Asia's, Independence, PwC, CDB, China's

☆ Indonesia's GoTo reports narrower Q1 loss, expects core profit in Q4
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

Like many other tech companies, GoTo has been reducing its spending and laying off staff this year to ride out the global economic uncertainty. Group CEO Andre Soelistyo said in a statement the company was halfway towards becoming adjusted EBITDA positive in the fourth quarter. "A lower cost base will provide us with additional flexibility to allocate capital for the acceleration of growth in the future," GoTo Group CFO Jacky Lo said. GoTo posted a net loss of 3.9 trillion rupiah in the first three months of 2023, versus a loss of 6.6 trillion rupiah a year earlier. GoTo shares closed up 4.21% at 99 rupiah per share on Thursday before the earnings announcement.

☆ Ford Invests in $4.5 Billion Indonesia Facility to Secure Nickel for EV Batteries
▼ + stars: | 2023-03-30 | by ( Jon Emont | ) www.wsj.com time to read: 1 min

Ford Motor Co. is investing in a $4.5 billion nickel processing facility in Indonesia as the auto maker seeks to secure a supply of key minerals used in electric-vehicle batteries. The project also involves PT Vale Indonesia TBK, which controls a large nickel-mining area on Indonesia’s Sulawesi island, and China’s Zhejiang Huayou Cobalt Co., a leading refiner.

☆ Indonesia's Merdeka Battery plans to build two nickel HPAL plants
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

Companies Merdeka Copper Gold Tbk PT FollowJAKARTA, March 30 (Reuters) - Indonesia's Merdeka Battery Materials plans to build two nickel processing plants to make products used in batteries for electric vehicles with a combined capacity of 240,000 tonnes, its chief executive said on Thursday. "We are planning to build two HPAL plants with 120,000 tonnes capacity each," Devin said, adding China's stainless steel giant Tsingshan Holding Group will be a strategic partner to develop an industrial park to house the HPAL projects. Development of the initial 60,000 tonnes capacity of the firs HPAL plant is underway, with $1.28 billion investment, and it is expected to start operations in 2025, he said. The company is now in negotiation with a potential partner for the second HPAL plant. Merdeka Battery would be the second nickel company to launch an IPO in Indonesia this year after PT Trimegah Bangun Persada, which is expected to raise $647 million through the shares sale.

☆ Grab forecasts 2023 revenue above estimates on demand boom
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Grab Holdings Ltd (GRAB.O), Southeast Asia's biggest ride-hailing and food delivery firm, on Thursday forecast its annual revenue above estimates on bets that consumers will continue to rely on its services following a pandemic-driven demand boom. Decade-old Grab, a household name in eight Southeast Asian countries, forecast its 2023 revenue between $2.20 billion and $2.30 billion. Analysts have forecast annual sales to scale $1.97 billion, according to Refinitiv data. Grab also delivered an about four-fold revenue surge in the fourth quarter to $502 million, helped by higher demand and a reduction in incentives. Reporting by Nivedita Balu in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Grab forecasts 2023 revenue above estimates, brings forward profit target
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

Feb 23 (Reuters) - Grab Holdings Ltd (GRAB.O), Southeast Asia's biggest ride-hailing and food delivery firm, on Thursday forecast upbeat 2023 revenue and pulled forward its profitability timeline on hopes that consumers will continue to rely on its services. New York-listed shares of a decade-old Grab, a household name in eight Southeast Asian countries, gained 6% in premarket trading. The company forecast its 2023 revenue between $2.20 billion and $2.30 billion. For the year, Grab forecast loss before interest, taxes, depreciation, and amortization between $275 million and $325 million. Grab also delivered an about four-fold revenue surge in the fourth quarter to $502 million, helped by higher demand and a reduction in incentives.

☆ Indonesia GoTo's Jan-Sept 2022 net loss at $1.3 bln, despite improving Q3 results
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Nov 21 (Reuters) - Indonesian tech firm PT GoTo Gojek Tokopedia Tbk (GOTO.JK) reported a net loss of 20.32 trillion rupiah ($1.29 billion) between January and September 2022, according to financial statements published on Monday, amid a sell-off in tech stocks. Losses widened from the same period last year, when the firm reported a 11.57 trillion rupiah net loss, according to the statements. GoTo said in a press statement following the result that it saw financial improvements in the April-June 2022 period and expected to see more over the coming quarters. In Q3 2022 alone, GoTo's gross revenue was up 30% from the same period last year to 5.9 trillion rupiah and its adjusted EBITDA loss narrowed by 11% year-on-year to 3.7 trillion rupiah. Shares of GoTo closed at 210 rupiah per share on Monday, down 5.41% in intra-day trade.

☆ Indonesia's GoTo to cut 1,300 jobs to step up cost cutting
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

GoTo said it has achieved around 800 billion rupiah ($51 million) in cost savings in the first half of this year through efficiency measures in technology, marketing and outsourcing. GoTo, which offers ride-hailing and financial services, went public in April with a $1.1 billion stock sale. Its shares are trading 44% below its initial public offering price, as investor sentiment on the tech sector sours amid soaring inflation and interest rates. Shares in GoTo rose 2.8% on Friday after announcing the job cuts. In recent months, Southeast Asia's largest-ecommerce firm Shopee cut jobs in various countries and shut some overseas operations as parent Sea (SE.N) struggle with losses.

☆ China's Silk Road Fund to invest in Indonesian pharma firms
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Nov 13 (Reuters) - China's Silk Road Fund (SRF) and Indonesia's INA sovereign fund INA invest in two state-owned Indonesian pharmaceuticals companies in a deal worth about 1.86 trillion rupiah ($120 million), a deputy minister said on Sunday. "We hope the investment partnership can improve the pharma firms' digital services, product development and also repair (their) capital structure," he said. SRF was set up in 2014 and is backed by China's foreign exchange reserves, China Investment Corp, the Export-Import Bank of China and the China Development Bank. In July INA and SRF signed an investment framework agreement under which the Chinese fund aims invest up to 20 billion yuan ($2.8 billion) in Southeast Asia's biggest economy. ($1 = 15,490.0000 rupiah)($1 = 7.1066 Chinese yuan renminbi)Reporting by Stefanno Sulaiman Editing by Martin Petty, Kanupriya Kapoor and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Indonesia's Adaro signs MoU with Hyundai for aluminium supply
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

NUSA DUA, Indonesia, Nov 13 (Reuters) - Indonesian metals company PT Adaro Minerals Indonesia, Tbk has signed a memorandum of understanding (MoU) with South Korea's Hyundai Motor Company on aluminium supply for automobile manufacturing, Adaro said in a statement on Sunday. The MoU was signed on the sidelines of the G20 summit in Bali, Indonesia. Under the MoU, Hyundai would secure the right to purchase aluminium produced by Adaro's subsidiary PT Kalimantan Aluminum Industry at an early stage of production, the statement said. Adaro Minerals is a unit of Indonesia's second-largest coal miner Adaro Energy. Reporting by Fransiska Nangoy and Ananda Teresia; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Indonesia's GoTo considering secondary offering of shares
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Oct 24 (Reuters) - Indonesia's biggest tech firm PT GoTo Gojek Tokopedia Tbk (GOTO.JK) is exploring a coordinated secondary offering of shares held by pre-IPO shareholders after a lock-up period ends late next month, the company said on Monday. It said it would not issue or sell new shares, so there would be no dilution of GoTo's shares. The remaining shares are held by some of GoTo's executives and shareholders, each with ownership of less than 5%. Shares of GoTo closed at 190 each on Monday, a drop of 5%. GoTo debuted on April this year, raising $1.1 billion in an IPO by selling around 4% of its shares at 338 rupiah each.

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