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☆ 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's president launches carbon emissions credit trading
▼ + stars: | 2023-09-26 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +3 min

Indonesia's President Joko Widodo speaks about the planned new capital Nusantara, at Ecosperity Week in Singapore June 7, 2023. REUTERS/Edgar Su/File Photo Acquire Licensing RightsJAKARTA, Sept 26 (Reuters) - Indonesian President Joko Widodo on Tuesday launched the country's first carbon emission credit trading, with the aim of creating a market to fund cuts in greenhouse gas emissions and become a major participant in the global carbon trade. Jokowi, as the president is popularly known, said Indonesia has tremendous potential for carbon reduction efforts, particularly nature-based solutions, and its carbon market could grow to 3,000 trillion rupiah ($194.30 billion). Some of Indonesia's biggest coal power plants have begun trading emission allowances since February. Transactions in the emission trading system are recorded using blockchain technology, Luhut said.

Persons: Joko Widodo, Edgar Su, Jokowi, Luhut, Stefanno Sulaiman, Gayatri Suroyo, Martin Petty Organizations: Nusantara, REUTERS, Rights, Tuesday, Pertamina, Indonesia Stock Exchange, Bank Central Asia, Bank, Christian, Thomson Locations: Singapore, Rights JAKARTA, Indonesia, North Sulawesi, Paris

"Indonesia is not an easy market to do business on your own," said Kim, adding that, beyond government sales, VKTR was in talks with large domestic businesses to sell BYD EV buses. TAKING ON TESLAThai EV buyers contributed 24% of BYD's overseas sales in the second quarter, making it the Chinese automaker's largest foreign market, according to Counterpoint, whereas fewer than 1% of Tesla's sales are in Southeast Asia. BYD's Southeast Asia playbook and its embrace of dealerships contrasts with Tesla, whose direct-to-consumer approach is hard to replicate, since no other new EV brand has its buzz or the outsized media presence of its CEO Elon Musk. BYD and its partner Sime Darby Motors are experimenting with a new approach to draw young, tech-savvy consumers towards the Chinese brand in Singapore. The partnership has launched five "BYD by 1826" showrooms that double as white-tablecloth restaurants where dishes are named after BYD EV models.

Persons: Edgar Su, EVs, Tesla's, Soumen, BYD, Sime Darby, Indonesia's, Chee, Kiang Lim, Ayala, Antonio Zara, Rever, Alex Kim, Kim, VKTR, Tesla, Elon Musk, Darby, Jeffrey Gan, Devjyot Ghoshal, Stefanno Sulaiman, Jamie Freed Organizations: REUTERS, Rights, Counterpoint Research, Reuters, Commission, Ayala Corp, Thailand's, Urban Science, Brothers, Ayala Corp's, Motors, Thai EV, Asia playbook, Darby Motors, Sime, Sime Darby Motors, Thomson Locations: Singapore, Rights BANGKOK, JAKARTA, Southeast Asia, Thailand, Malaysia, Philippines, China, Shenzhen, Bangkok, Indonesia, Jakarta, Asia, Hong Kong, Macau

☆ Chinese EV major BYD's partnerships in Southeast Asia
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Nick Carey/File Photo Acquire Licensing RightsSept 19 (Reuters) - Chinese electric vehicle frontrunner BYD (002594.SZ) has taken an early lead in Southeast Asia's small but fast-growing EV market, partly on the back of distribution partnerships with large, local conglomerates. Here are details about some of its regional partners: MALAYSIA & SINGAPOREBYD cars are sold by Sime Darby Motors, the automotive arm of Malaysian trading and logistics giant Sime Darby (SIME.KL), in two of the region's wealthiest countries. The partnership started in 2019 when Sime Darby Motors began distributing BYD EVs in Singapore, where it now has a dealership network of seven outlets. Sime Darby Motors took on the distributorship for Malaysia in 2022 and currently has nine dealerships nationwide, with another 12 in the pipeline, the company said. INDONESIAIndonesia's Bakrie & Brothers (BNBR.JK), which is focused on the manufacturing and infrastructure sector, is a distributor for BYD's EV buses in Southeast Asia's largest economy.

Persons: Nick Carey, Sime Darby, Darby, Sime Darby Motors, BYD, INDONESIA Indonesia's, Devjyot, Jamie Freed Organizations: REUTERS, MALAYSIA, SINGAPORE, Sime, Sime Darby Motors, THAILAND Rever, EV giant's, Siam Motors Group, PHILIPPINES AC Motors, Ayala Corp, BYD's, Thomson Locations: Farnborough, Britain, Southeast, Singapore, Malaysia, THAILAND, BYD, Thailand, PHILIPPINES, Philippines, INDONESIA, Asia's, Jakarta, VKTR, Bangkok

☆ NFL Thursday Night Football: D’Andre Swift runs over Minnesota Vikings in Philadelphia Eagles win as Justin Jefferson makes history
▼ + stars: | 2023-09-15 | by ( Ben Morse | ) edition.cnn.com time to read: +6 min

CNN —D’Andre Swift put in a dominant performance as the Philadelphia Eagles punished an error-prone Minnesota Vikings on Thursday in 34-28 win. However, between Swift and quarterback Jalen Hurts, the Eagles were able to find enough explosive plays to keep Minnesota at bay. The Vikings’ quarterback was hit 10 times, including two sacks. “And our staff, we need to go back and continue to find ways to re-emphasize how important it is when you have the football in your hands playing for the Minnesota Vikings. Sue Ogrocki/AP Tampa Bay Buccaneers WR Deven Thompkins runs with the ball during the fourth quarter of a 20-17 win against the Minnesota Vikings at US Bank Stadium in Minneapolis.

Persons: CNN — D’Andre Swift, Swift, LeSean McCoy, ”, Nick Sirianni, “, Jalen, DeVonta Smith, Kirk Cousins, Terrell Edmunds, Fletcher Cox, Derik Hamilton, Kevin O’Connell, we’ve, ” O’Connell, I’ve, we’re, Aaron Rodgers, Leonard Floyd, Rodgers, Elsa, Christian McCaffrey, Justin K, Hayden Hurst, Richie Grant, Dale Zanine, Jakobi Meyers, Denver Broncos CB Damarri Mathis, Ron Chenoy, Joe Burrow, Grant Delpit, Sue Ogrocki, Deven Thompkins, Nick Wosika, JK Scott, Kirby Lee, Zay Flowers, Randy Litzinger, TJ Watt, Brock Purdy, Matt Freed, Patrick Mahomes, Jay Biggerstaff, Justin Jefferson, Jefferson, Odell Beckham Jr, Darius Slay, Michael Owens Organizations: CNN, Philadelphia Eagles, Minnesota Vikings, Eagles, Philadelphia, Detroit Lions, Research, Vikings, New York Jets, Buffalo Bills, NFL, Green Bay Packers, San Francisco 49ers, Pittsburgh Steelers, Acrisure, Getty Images Carolina Panthers, Atlanta Falcons, Benz, Falcons, USA, Network, Reuters Las Vegas Raiders, Denver Broncos CB, Raiders, Reuters, Cincinnati Bengals, Cleveland Browns, Browns, Tampa Bay Buccaneers, US Bank, Los Angeles Chargers, JK, Miami Dolphins, Chargers, Dolphins, Reuters Baltimore Ravens, Houston Texans, Baltimore, Texans, Getty Images Pittsburgh Steelers, Niners, Kansas City Chiefs Locations: Minnesota, Pennsylvania, Minneapolis, Missouri

☆ The raw materials for creating AI
▼ + stars: | 2023-09-15 | by ( Alistair Barr | Kali Hays | ) www.businessinsider.com time to read: +5 min

The AI models behind this technology are built using high-quality datasets from millions of different sources. These are the raw materials for model "training," in industry parlance. Nvidia GPUs are the main hardware required for AI model training. AdvertisementAdvertisementOver 8,000 authors, including Margaret Atwood and James Patterson, signed an open letter demanding compensation from AI companies for using their works to train AI without permission. Got a tip or insights about the leading AI companies OpenAI, Google, Microsoft and Meta?

Persons: ChatGPT, Nat Friedman, Ben Thompson, Friedman, There's, OpenAI, Reddit, Sarah Silverman, Margaret Atwood, James Patterson, JK Rowling's Harry Potter, Alistair Barr Organizations: Service, Nvidia, Tech, Amazon, LexisNexis, Meta, Google, Microsoft, Twitter Locations: Wall, Silicon, abarr@insider.com

☆ How Justin Roiland used his ‘Rick and Morty’ fame to pursue young fans, text messages show
▼ + stars: | 2023-09-13 | by ( Kat Tenbarge | ) www.cnbc.com time to read: +22 min

Roiland frequently followed and interacted with the starstruck "Rick and Morty" fans on social media and dating apps. "However, now that the legal case has ended, I'm determined to move forward and focus both on my creative projects and restoring my good name," Roiland wrote. Haha," Roiland wrote. Veronika Sweeney tweeted screenshots of direct messages Roiland sent her in 2014 when she was 22. "But I felt like you weren't okay," Roiland wrote in another text message.

Persons: Justin Roiland, Michael Kovac, Rick, Morty, McDonald's, Roiland, he'd, Andrew Brettler, I'm, Elon Musk —, Ruby, influencers, Janna Waters, Waters, it's, Roiland messaged, Rick Sanchez, …, Jesus Christ, Hailey Long, Long, Veronika Sweeney, Sweeney, wasn't, Uber, RICK, MORTY, Justin, Roiland texted, texted, dicks Organizations: San Diego Comic, NBC News, Squanch Games, NBC, Illinois, biiiiitch, Con, Facebook, Twitter, YouTube Locations: Los Angeles, Roiland, Orange County , California, Boston, Tinder, Roiland's, Massachusetts, San Diego, Raleigh , North Carolina, Pennsylvania

CNN —New York Jets quarterback Aaron Rodgers will miss the rest of the 2023 NFL season after suffering a complete tear of his left Achilles tendon, according to multiple sources. CNN has reached out to the Jets and Rodgers’ representatives for details. He was attended to by Jets medical staff before being helped off the field at MetLife Stadium in East Rutherford, New Jersey. Quarterback Aaron Rodgers, making his debut with the New York Jets, is sacked by Buffalo Bills defensive end Leonard Floyd. The Jets built absolutely everything in their team, in their season, the entire organization shaped around Aaron Rodgers and he deserved it.

Persons: Aaron Rodgers, Rodgers, Robert Saleh, Leonard Floyd, Quarterback Aaron Rodgers, Elsa, Christian McCaffrey, Justin K, Hayden Hurst, Richie Grant, Dale Zanine, Jakobi Meyers, Denver Broncos CB Damarri Mathis, Ron Chenoy, Joe Burrow, Grant Delpit, Sue Ogrocki, Deven Thompkins, Nick Wosika, JK Scott, Kirby Lee, Zay Flowers, Randy Litzinger, TJ Watt, Brock Purdy, Matt Freed, Patrick Mahomes, Jay Biggerstaff, Zach Wilson, Xavier Gipson, Mike Greenberg, Seth Wenig, ” Greenberg, ” Organizations: CNN, New York Jets, Jets, ” Jets, Buffalo Bills, Bills, MetLife, NFL, Green Bay Packers, San Francisco 49ers, Pittsburgh Steelers, Acrisure, Getty Images Carolina Panthers, Atlanta Falcons, Benz, Falcons, USA, Network, Reuters Las Vegas Raiders, Denver Broncos CB, Raiders, Reuters, Cincinnati Bengals, Cleveland Browns, Browns, Tampa Bay Buccaneers, Minnesota Vikings, US Bank, Los Angeles Chargers, JK, Miami Dolphins, Chargers, Dolphins, Reuters Baltimore Ravens, Houston Texans, Baltimore, Texans, Getty Images Pittsburgh Steelers, Niners, Kansas City Chiefs, Detroit Lions, ESPN Locations: East Rutherford , New Jersey, Pennsylvania, Minneapolis, Missouri, New York City , Washington, DC, Shanksville , Pennsylvania

☆ Indonesia's Pertamina Geothermal in talks to buy KS Orka unit for up to $1 bln - sources
▼ + stars: | 2023-09-08 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

Geothermal developer KS Orka had earlier this year appointed DBS to explore the sale of Sorik Marapi, the sources said, declining to be identified as the matter is private. Pertamina Geothermal and KS Orka did not immediately respond to requests seeking comment on Friday. If the deal materialises, it could mark one of the biggest by Pertamina Geothermal since its domestic initial public offering in February. KS Orka acquired a majority share of the company in mid-2016, the website showed, without disclosing the value. Besides Sorik Marapi, KS Orka's other projects include PT Sokoria Geothermal Indonesia in East Nusa Tenggara, KS Orka's website showed.

Persons: Sorik Marapi, Sorik, Yantoultra Ngui, Fransiska Nangoy, Kane Wu, Jacqueline Wong Organizations: Pertamina Geothermal, Pertamina Geothermal Energy, KS Orka Renewables, KS Orka, DBS, KS Orka's, Orka, Kaishan, Sokoria Geothermal, Thomson Locations: SINGAPORE, Indonesia, Southeast, Mandailing Natal, North Sumatra, Sokoria Geothermal Indonesia, East Nusa Tenggara, KS, Singapore

Indonesia imported 53,864 metric tons of nickel ore in the first half of 2023, up from 22,503 tons for all of 2022, Indonesian trade data showed. But imports from the Philippines only started in May, and all arrived at Morowali port in a huge nickel processing park run partly by Chinese nickel giant Tsingshan Group, the Indonesian data showed. "But the ore is cheaper by comparison with domestic ore currently and so this will offset some of the rising costs," Mitchell said. The Philippines mined 360,000 tons of nickel in ore in 2022, or 11% of global supplies, according to INSG. Philippines 1.3% grade ore landed at China's Lianyun port surged 20.6% in the past month to $41 a ton, the highest since March, Mysteel data showed.

Persons: Antara, Aneka, Tsingshan, Wood Mackenzie, Andrew Mitchell, Mitchell, Mai Nguyen, Siyi Liu, Fransiska, Enrico dela Cruz, Dominique Patton, Kim Coghill Organizations: PT Vale Indonesia, REUTERS Acquire, Nickel, Tsingshan Group, Study, Imports, Thomson Locations: Sorowako, South Sulawesi, Indonesia, Philippines, Jakarta, Morowali, China, China's, Hanoi, Beijing, Manila

☆ Malaysia's Permodalan Nasional weighs $2.15 bln automakers merger in EV push - sources
▼ + stars: | 2023-08-24 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

PNB holds 60.6% of industrial group UMW Holdings (UMWS.KL), which in turn owns 38% of Perodua, the country's biggest automaker by market share. PNB, Sime Darby, UMW and Perodua declined to comment. Elsewhere in Southeast Asia, Vietnam has EV maker VinFast , while Indonesia has nickel producers including Merdeka Battery (MBMA.JK) and Trimegah Bangun (NCKL.JK) supplying the key battery metal in the global EV supply chain. Sime Darby Motor has been pushing for the adoption of EVs in Malaysia. Perodua is also eyeing breaking into the EV market and embarked last year on a study to build its first hybrid vehicle.

Persons: Otomobil, Sime Darby, PNB, Trimegah, Yantoultra Ngui, Tom Hogue, Sonali Paul Organizations: Malaysia EV, EV, Sime Darby, Permodalan, Darby Motors, State, Sime, Sime Darby Motors, UMW Holdings, country's, Daihatsu, MBM Resources, Mitsui & Co, VinFast, Merdeka, Sime Darby Motor, Thomson Locations: Malaysia, Malaysia SINGAPORE, Permodalan Nasional, Malaysian, Southeast Asia, Perodua's, Perodua, UMW, Vietnam, Indonesia, The Selangor, Peninsular Malaysia

☆ 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

☆ Indonesia gives automakers more time to qualify for EV credits in investment bid
▼ + stars: | 2023-08-10 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +3 min

[1/5] A worker stands near a Mini Cooper Electric car, that is displayed during the Gaikindo Indonesia International Auto Show in Tangerang, near Jakarta, Indonesia, August 10, 2023. REUTERS/Willy KurniawanTANGERANG, Indonesia, Aug 10 (Reuters) - Indonesia said on Thursday it would give automakers two more years to qualify for electric vehicle incentives in Southeast Asia's largest auto market, a move followed by investment commitments by China's Neta EV brand and Mitsubishi Motors. The moves announced at the Jakarta auto show come as Indonesia races Thailand and India to build out an EV industry as an alternative to China, the world’s largest producer. Indonesia is Southeast Asia’s largest auto market and its second-largest production hub behind Thailand. Until now, only two manufacturers have shifted enough production to Indonesia to qualify for full incentives: Wuling Motors (0305.HK) and Hyundai (005380.KS).

Persons: Willy Kurniawan TANGERANG, Agus Gumiwang Kartasasmita, ” Agus, Wuling, Hiroyuki Ueda, Stefanno Sulaiman, Kevin Krolicki, Conor Humphries Organizations: Cooper, REUTERS, China's, Mitsubishi Motors, Toyota, Daihatsu, Honda, Mitsubishi, New Energy Automobile, Wuling Motors, HK, Hyundai, Wuling, Air EV, Reuters, Gaikindo, Auto Show, Astra Motor, PT Astra International, Thomson Locations: Indonesia, Tangerang, Jakarta, Thailand, India, China, Southeast, Neta, Gaikindo Indonesia

☆ 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

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

☆ 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

☆ Stellantis SPAC deal has suitably decent airbags
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 12 (Reuters Breakingviews) - Carmakers are in a race to lock in battery metals like lithium. For shareholders, the risk is that they tie up capital in expensive supply deals, or mines in far-flung locations with poor governance. Stellantis’s (STLAM.MI) investment in a London-based special purpose acquisition company deal looks like a neat fix to those challenges. In a complex deal, halfway between an IPO and a SPAC takeover, it will buy the Serrote and Santa Rita mines in east Brazil for $1.1 billion. Besides the original SPAC investors, the bulk of that will likely come from a public offering, and new anchor investors like Stellantis.

Persons: Nat Rothschild’s Vallar, Artem Volynets, Neil Unmack, Xavier Niel, George Hay, Oliver Taslic Organizations: Reuters, Twitter, Brookfield, Thomson Locations: London, Santa, Brazil, Teck, 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

☆ Russian legislators are targeting transgender people. It's the latest move that copies GOP talking points from the US
▼ + stars: | 2023-05-30 | by ( Chris Panella | ) www.businessinsider.com time to read: +3 min

Russian legislators are targeting transgender people in a move that mirrors US GOP politics. A new bill in Moscow would ban gender affirming care for any reason other than birth defects. According to state media, the bill would also ban gender changes in public record information. The bill, put forward on Tuesday, would ban gender-affirming surgeries and care, according to Russian state media outlet TASS. Seventy-eight bills targeting transgender care have passed this year, while 373 bills are currently being actively considered, according to Trans Legislation Tracker.

☆ Singapore Airlines, Garuda Indonesia plan JV to boost passenger capacity
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

May 29 (Reuters) - Singapore Airlines Ltd (SIAL.SI) and Garuda Indonesia (GIAA.JK) plan to enter into a joint venture (JV) to increase passenger capacity between the two countries, the flag carriers said on Monday, as post-COVID tourism in Southeast Asia ramps up. The proposed JV would allow the carriers to potentially synchronise schedules, improving passengers' connectivity and convenience, and explore new initiatives, including joint fare products and an alignment of corporate programmes, they said. The plan will cover routes between Singapore and Denpasar, Jakarta, and Surabaya, and deepen the existing cooperation between the two carriers. "This joint venture ... reflects our firm commitment to grow the aviation markets in Indonesia and Singapore, facilitating a greater level of business and people connections and promoting both countries as regional tourism destinations," said Goh Choon Phong, chief executive officer of Singapore Airlines. Reporting by Upasana Singh in Bengaluru; Editing by Nivedita Bhattacharjee and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

JAKARTA, May 3 (Reuters) - Indonesia has cut tax incentives to limit investment in lower quality nickel products as it aims to extract as much value as possible from its rich nickel reserves and push for further downstream investment, a cabinet minister said on Wednesday. Investment Minister Bahlil Lahadalia said the government will no longer provide tax holidays for investment into NPI. "Downstreaming must at least reach 60% to 70% nickel content in Indonesia and not only for intermediate products," Bahlil said in an interview with Reuters. The International Nickel Study Group (INSG) is forecasting a surplus of 239,000 tonnes, the largest in at least a decade. Merdeka currently has capacity of 38,000 tonnes of NPI and a third smelter with 50,000 tonnes capacity is expected to start operations in the second half of the year.

JAKARTA, May 3 (Reuters) - Indonesia has cut tax incentives to limit investment in lower quality nickel products as it aims to extract as much value as possible from its rich nickel reserves and push for further downstream investment, a cabinet minister said on Wednesday. Since banning nickel ore exports in 2020, Indonesia has seen a surge in investment into smelters but most output is ferronickel or nickel pig iron (NPI), used in stainless steel, that typically only contains 30% to 40% of nickel. Investment Minister Bahlil Lahadalia said the government will no longer provide tax holidays for investment into NPI. "NPI investment can reach break even in four to five years, why would we give 10-year tax holidays? Merdeka currently has capacity of 38,000 tonnes of NPI and a third smelter with 50,000 tonnes capacity is expected to start operations in the second half of the year.

☆ US Senator Rubio seeks probe of Ford's Chinese partnership on nickel plant
▼ + stars: | 2023-05-03 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Senator Marcio Rubio on Wednesday asked the Biden administration to investigate Ford Motor Co's (F.N) plan to partner with PT Vale Indonesia (INCO.JK) and China's Zhejiang Huayou Cobalt in a $4.5 billion nickel processing plant in Indonesia. Indonesia, which has the world's biggest nickel reserves, has been trying to develop downstream industries for the metal, ultimately aiming to produce batteries and electric vehicles. Vale and Huayou began construction of the plant in November and commercial operation is expected to start in 2026. He had already asked the Biden administration to review the deal to use technology from CATL. Rubio wants to block tax credits for electric vehicle batteries produced using Chinese technology, in a bid to prevent Chinese companies from benefiting.

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