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☆ Brazil offers tax advantages via e-commerce compliance program
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBRASILIA, June 30 (Reuters) - Brazil's Finance Ministry announced on Friday an exemption from federal taxes on e-commerce purchases up to $50 for companies participating in a new compliance program by the tax revenue service. The program, starting Aug. 1, offers faster and cheaper customs treatment for e-commerce companies that voluntarily meet criteria set by the government, the ministry's statement said. Under the program, e-commerce companies must also inform consumers about the product's origin and the merchandise's total value, including federal and state taxes - procedures that are currently optional. The program will essentially relieve the revenue service of such tasks when e-commerce firms participate. The government had previously attempted to end exemptions on all shipments as some companies imported products as individuals to avoid higher rates.

Persons: Dado Ruvic, Alibaba Group's, Marcela Ayres, Emma Rumney Organizations: REUTERS, Brazil's Finance, HK, Thomson Locations: BRASILIA, AliExpress

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

HONG KONG/SINGAPORE, June 1 (Reuters) - Southeast Asian e-commerce and gaming giant Sea Ltd (SE.N) is winding down its investment arm, two people with knowledge of the matter said, amid a cooling investment environment globally as macroeconomic and market uncertainty weigh on valuations. The arm, Sea Capital, stopped new equity investing in 2022 with leadership moving on in May, while Sea itself is placing less priority on investing given market conditions, one of the people said. Singapore-based Sea launched Sea Capital in March 2021 with initial capital of $1 billion after buying Hong Kong's Composite Capital Management, founded by former Hillhouse Capital partner David Ma who became Sea's chief investment officer. One of the people said the decision to wind down Sea Capital was prompted by "less deal activity" resulting in fewer investment opportunities. Sea Capital had made at least three investments, including in 2021 into collapsed cryptocurrency exchange FTX.

Persons: David Ma, Ma, FTX, Kane Wu, Fanny Potkin, Sumeet Chatterjee, Christopher Cushing Organizations: Capital, Hong Kong's, Capital Management, Hillhouse, Sea, U.S, Asia's, Thomson Locations: HONG KONG, SINGAPORE, Asia, Japan, Singapore, New York, Sea, India, Europe, Hong Kong

HONG KONG/SINGAPORE, June 1 (Reuters) - Southeast Asian e-commerce and gaming giant Sea Ltd (SE.N) is winding down its investment arm, two people with knowledge of the matter said, amid a cooling investment environment globally as macroeconomic and market uncertainty weigh on valuations. The arm, Sea Capital, stopped new equity investing in 2022 with leadership moving on in May, while Sea itself is placing less priority on investing given market conditions, one of the people said. Singapore-based Sea launched Sea Capital in March 2021 with initial capital of $1 billion after buying Hong Kong's Composite Capital Management, founded by former Hillhouse Capital partner David Ma who became Sea Capital's chief investment officer. One of the people said the decision to wind down Sea Capital was prompted by "less deal activity" resulting in fewer investment opportunities. Sea Capital had made at least three investments, including in 2021 into collapsed cryptocurrency exchange FTX.

☆ This couple bootstrapped their way to a multimillion-dollar business. Here are their top tips for success
▼ + stars: | 2023-06-01 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +5 min

The duo shared three tips with CNBC Make It on how to run a successful business — in good and bad times. Putting customers firstWhen it comes to building a successful business, Hamilton has one guiding principle: you have to make products that people love. She launched the hair masque in 2018 when she saw a "mid-tier space" in hair care products that had yet to be filled — products of salon-grade quality, but at an affordable price. When people love one product, you can convert product love to brand love. "When people love one product, you can convert product love to brand love," Ostrowski shared.

Persons: Emily Hamilton, Alexander Ostrowski, Coco, Tik, Ostrowski, Emily, Hamilton, Emily Hamilton Co, they're, —, it's, Alexander Ostrowski Co, there's, I've Organizations: CNBC, Hamilton, Eve, Coco Locations: Bali, Singapore, Covid

☆ TikTok Shop, a rising threat to Shopee and Lazada in Southeast Asia
▼ + stars: | 2023-05-26 | by ( Sheila Chiang | ) www.cnbc.com time to read: +7 min

CFOTO | Future Publishing | Getty ImagesTikTok Shop is a rising threat to major e-commerce players such as Shopee and Lazada in Southeast Asia. TikTok Shop is the e-commerce marketplace of short video app TikTok, which is owned by Chinese tech giant ByteDance. In 2022, TikTok Shop expanded to six Southeast Asian countries — Singapore, Malaysia, Indonesia, the Philippines, Vietnam and Thailand. TikTok is "focused on the continued development of TikTok Shop in Southeast Asia," said the spokesperson. To incentivize sellers to join the platform, TikTok Shop waived commission fees when it launched in Singapore in August.

Persons: TikTok, Shopee, Shawn Yang, Shop's, Sachin Mittal, Lazada's GMV, Jonathan Woo, Lazada, Shou Zi, Woo, bode Organizations: Blue Lotus Research Institute, Sea Group, DBS Bank, CNBC, Intelligence, Phillip Securities Research, TikTok, U.S, Merchants, SG, Phillip Securities Locations: Southeast Asia, India, Singapore, Malaysia, Indonesia, Philippines, Vietnam, Thailand, Southeast, GMV, U.S, Statista, Brazil, China, U.S ., Montana, Texas, Nomieo

☆ Brazil plans 'digital tax' on shipments from e-commerce giants
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, April 20 (Reuters) - Brazil's finance minister said on Thursday the country would implement a "digital tax" on shipments from e-commerce giants, after backtracking earlier this week from a decision to tax individual-to-individual shipments of up to $50. "We will follow the example of developed nations, a digital tax," Finance Minister Fernando Haddad told reporters. "Consumers will be exempt from any tax collection when they make the purchase, companies will collect it without passing on any additional cost." The source emphasized that the tax in question already exists and will be collected electronically prior to the shipment of goods. Alibaba Group's (9988.HK) AliExpress, Sea Ltd-owned (SE.N) Shopee and Shein were seen as the main targets of the measure.

☆ Brazil mulls 'digital tax' on shipments from e-commerce giants -minister
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, April 20 (Reuters) - Brazil's finance minister said on Thursday the country would implement a new "digital tax" on shipments from e-commerce giants, after backtracking earlier this week from a decision to tax individual-to-individual shipments of up to $50. "We will follow the example of developed nations, a digital tax," Fernando Haddad told reporters. He had already announced the government would look for administrative means and implement heightened oversight to close a tax loophole that Asian e-commerce giants were seen taking advantage of. Alibaba Group's (9988.HK) AliExpress, Sea Ltd-owned (SE.N) Shopee and Shein were seen as the main targets of the measure. Haddad previously said AliExpress and Shopee had agreed with the tax proposal before the government reversed it.

☆ Brazil targets Asian e-commerce giants, local companies in tax push
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, April 3 (Reuters) - Brazil will soon unveil tax measures, including a crackdown targeting Asian e-commerce giants and curbs on some company tax benefits, as it looks to raise more than 100 billion reais ($20 billion), Finance Minister Fernando Haddad said on Monday. The e-commerce measures come in response to complaints from local retailers about unfair competition from Asian giants such as AliExpress, Shein, and Shopee. He later told journalists that combating the practice, which Haddad called "smuggling", should generate 7 billion reais to 8 billion reais in new revenue for the government. The most significant impact will come from the government's move to seek approval from the Federal Supreme Court to disallow companies from receiving tax breaks from states on operating expenses, which result in them paying less federal tax. The tax reform proposal should be voted in the Lower House by July and in the Senate by October, Haddad said.

In a filing on Thurday, JD.com said it would continue to hold a stake of more than 50% in the units, JD Industrials and JD Property, upon completion of the proposed spin-off. JD.com said the size and structure of its units' initial public offerings had not yet been finalised. Two sources with knowledge of the floats said the two JD units are seeking to raise $1 billion each in the IPO. In their listing prospectuses filed later on Thursday, JD Industrials and JD Property disclosed annual revenues of 14.1 billion yuan ($2.05 billion) and 2.3 billion yuan, respectively. UBS and Citic Securities are the financial advisers for JD Industrials, while UBS is the financial adviser for JD Property.

☆ China's JD.com to spin off industrial, property units in Hong Kong float
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 30 (Reuters) - Chinese e-commerce firm JD.com Inc (9618.HK) said on Thursday it planned to spin off its property and industrial units and list them on the Hong Kong Stock Exchange. Upon completion of the proposed spin off of JD Industrials and JD Property, JD.com said it would continue to indirectly hold more than 50% of the shares in both the units, which will remain as subsidiaries of the company. The size and structure of JD.com units' initial public offerings have not yet been finalised. The e-commerce firm, which missed fourth-quarter revenue forecasts, said earlier this month that rebuilding consumer confidence would take time after the lifting of strict pandemic-related curbs late last year. Reporting by Twinnie Siu in Hong Kong and Tiyashi Datta in Bengaluru; Editing by Sharon Singleton and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ These tech giants are still making money, but layoffs are coming hard and fast
▼ + stars: | 2023-03-24 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Here are some of the more prominent global tech firms that have axed staff despite earning big money. 30 despite a "dynamic environment," CEO Satya Nadella said in the tech giant's annual report. Despite that, Microsoft announced in January that it's laying off 10,000 workers as the firm braces for slower revenue growth. The enterprise software company also returned to positive operating profit growth of 2%. However, SAP announced in January that it's cutting up to 3,000 jobs, as the leadership seeks to steer the company toward double-digit profit growth in 2023.

☆ China's JD.com reports higher fourth-quarter adjusted profit
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

March 9 (Reuters) - Chinese e-commerce firm JD.com Inc (9618.HK), reported a higher quarterly adjusted profit on Thursday as China lifted strict pandemic-related curbs late last year. JD.com's net income attributable to ordinary shareholders in the fourth quarter was 3 billion yuan ($430.92 million), compared with a net loss of 5.2 billion yuan a year earlier. Revenue rose 7.1% to 295.4 billion yuan in the three months ended December, missing analysts' estimates of 296.17 billion yuan, according to Refinitiv data. Parts of China remained under strict lockdown for most of the December quarter, with shoppers holding back on spending amid continued economic uncertainty. On an adjusted basis, the Beijing-based company earned 4.81 yuan per American depositary share in the reported quarter, compared with 2.21 yuan per share a year earlier.

☆ Singapore's Sea Group turns profitable for the first time
▼ + stars: | 2023-03-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Sea Limited's e-commerce arm, Shopee, turned positive adjusted EBITDA for the first time in the fourth quarter of 2022. The group also posted its first-ever positive net income in the quarter. The chairman and group CEO of Sea Limited, said on Tuesday that 2022 was "another year of evolution for us." Shopee and SeaMoneyMeanwhile, e-commerce business Shopee and digital payments arm SeaMoney continued to see strong growth in 2022. Positive EBITDA, or earnings before interest, taxes, depreciation and amortization, refers to the company operating at a profitable level.

☆ Sea sails past growth vs. profitability debate
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 8 (Reuters Breakingviews) - Singapore technology giant Sea (SE.N) on Tuesday reported its first ever quarterly profit, beating regional tech firms like GoTo (GOTO.JK) and Grab (GRAB.O) to the punch. The almost $1 billion swing from a fourth-quarter loss in 2021 to a $423 million profit in the final three months of last year is largely down to cost cuts. The company run by Forrest Li slashed sales and marketing expenses alone by $745 million, a whopping 62% drop. Whether that’s sustainable is unclear, though Li pointed out that the company had sold, closed or downsized a number of non-core operations and investments. It’s a welcome sign that upstart tech companies don’t always have to sacrifice profitability for growth.

☆ Goldman Sachs has added 3 stocks to its conviction buy list, giving one 100% upside
▼ + stars: | 2023-03-06 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Goldman Sachs has this year added a number of stocks to its conviction list — buy-rated stocks it expects to outperform — giving them further share price upside. Rio Tinto Its most recent addition was Australian miner Rio Tinto on March 3. It comes as Goldman Sachs turns bullish on commodities such as iron ore on the back of an expected recovery in China. It gave Rio Tinto a price target of $140, or upside of 10% from the Friday close. Goldman also raised the price target for Alibaba to $138, giving it over 50% potential upside from its U.S.-listed stock's Thursday close.

☆ Dan Niles is positive on this corner of tech, names two global stocks to buy
▼ + stars: | 2022-12-14 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

U.S. tech stocks have been a minefield for investors this year, but hedge fund manager Dan Niles is optimistic on the sector elsewhere. Niles, who is founder and senior portfolio manager of the Satori Fund, told CNBC's "Street Signs Asia" Friday that his fund just bought some international tech stocks. It has short positions in tech stocks with advertising exposure. On the flip side, he warned investors off cloud computing and software stocks with "consumption-based models that will be hurt by tech company layoffs." So everybody needed to buy software, cloud computing resources, make sure their business survived," Niles told CNBC's "TechCheck" separately last week.

☆ UBS expects this global tech stock to see a 60% upside despite headwinds and reopening challenges
▼ + stars: | 2022-12-14 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

UBS is bullish on GoTo Group , and changed its 12-month rating for Indonesian e-commerce and ride-hailing giant from "sell" to "buy." GoTo shares surged as much as 33% during Tuesday trading after the Swiss investment bank did a double upgrade of the stock. Despite subsidy reductions and tough macro conditions, GoTo has been growing quarter-on-quarter in key segments, UBS said in its report. UBS Still, UBS lowered its 12-month price target for GoTo by 33% to 160 rupiah, from a previous target of 240 rupiah. "The expiry of lock-up and steady progress towards profitability in end-2023 should help the stock re-rate, in our view," said the UBS report.

☆ Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways
▼ + stars: | 2022-12-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Lauryn Ishak | Bloomberg | Getty ImagesMore tech startups in Southeast Asia laid off workers this year, as macro headwinds widened losses and venture capitalists pushed startups to extend their runways. Jia Jih Chai RainforestThey join Sea Group and other companies in the region in downsizing headcount. Sea Group, according to local media, laid off more than 7,000 employees over the past six months. Tech startups in Southeast Asia are still largely unprofitable, with names like Sea Group and Grab amassing billions of losses annually. Existing investors in the company are also actively advising founders to prepare for winter, Jussi Salovaara, Antler's co-founder and managing partner for Asia, told CNBC.

☆ One global tech stock that was a top performer last week could surge 63% more, analysts say
▼ + stars: | 2022-11-21 | by ( Weizhen Tan | ) www.cnbc.com time to read: +1 min

It's been a muted week for global stocks. The MSCI World index was down about 0.7% for the past week, tracking U.S. stocks, which also declined last week. Here are the 10 global stocks under MSCI World that rose more than 10% over the past week ending Nov. 18. One top performer was global tech company Sea , which surged 15% over last week. Ross Stores was another top performer for the week, with Credit Suisse naming the company its top pick in off-price retail .

☆ 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.

☆ Sea Limited stock jumps as much as 41% as company renews focus on profitability
▼ + stars: | 2022-11-16 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Shares of Sea Limited jumped as much as 41% following Tuesday's announcement of its third-quarter financial results, after the company said it will renew its focus on profitability instead of outright, blistering growth. In early morning Asia time, the stock was trading at about $62.70 in after hours trade. The company fell deeper into the red in the third quarter ending September, as adjusted EBITDA loss widened to $358 million. That's compared to the $166 million loss in the same period last year. In September, its top management also announced it will forgo salaries "until the company reaches self-sufficiency."

☆ Sea is turning the tide
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 16 (Reuters Breakingviews) - The loss-making Southeast Asian technology giant’s decision to ditch its growth-at-all-costs strategy is showing results. The $28 billion U.S. listed games-to-payments company Sea (SE.N) has been exiting some markets and slashing jobs and discounts. Overall group revenue grew 17% to $3.2 billion in the quarter, beating analyst estimates. Sea is now working toward achieving Shopee’s adjusted EBITDA breakeven by the end of 2023. The improvements will shore up support for its decision to remain in Brazil, a big emerging market.

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