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☆ Scores of world figures urge Putin to free Navalny in open letter
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

April 28 (Reuters) - Scores of famous figures, including writers and actors, have signed an open letter urging Russian President Vladimir Putin to free opposition politician Alexei Navalny and to end what they called his torture in prison. Russian authorities say Navalny and his supporters are extremists with links to the U.S. CIA intelligence agency intent on trying to destabilise Russia. They have outlawed his movement and Navalny himself is facing new charges that could add years to his prison sentence. Navalny's supporters have grown increasingly worried about his health in recent weeks, saying they fear he could die in jail. The Kremlin denied trying to kill him and said there was no evidence he was poisoned with a nerve agent.

☆ 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.

The firm debut by Harita Nickel could boost sentiment surrounding upcoming IPOs in Indonesia, which is one of the world's hottest IPO markets this year on a drive by the government to privatise some state-owned enterprises. Harita Nickel's stock opened at 1,285 rupiah per share, slightly higher than its initial public offering (IPO) price of 1,250 rupiah a share, on the Indonesian stock exchange. The IPO comes at a time when nickel-rich Indonesia steps up efforts to become a major player in the electric vehicle industry. Harita Nickel's peer Merdeka Battery Materials is scheduled to debut on the local bourse next, on April 18, after raising 8.75 trillion rupiah. Harita Nickel's IPO was the largest in Indonesia in almost a year after the $1.1 billion listing of tech firm GoTo (GOTO.JK) in April.

☆ Warner Bros. Discovery is bringing Harry Potter back as it closes in on a deal for a new TV series, report says
▼ + stars: | 2023-04-04 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Warner Bros. Discovery is close to a deal for a new Harry Potter TV series, per Bloomberg. The people, who asked not to be identified because the deal is yet to be announced, said Warner Bros. Warner Bros. Meanwhile, the overall Harry Potter franchise which includes books, toys, and games has earned $15 billion, Insider reported in 2021.

☆ Trump's Indonesia partner launches tourism complex on Java
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

JAKARTA, March 31 (Reuters) - Indonesian property firm PT MNC Land (KPIG.JK) launched on Friday a 1,040 hectare (2,570 acre) tourism complex on Java island, where former U.S. President Donald Trump's company will operate a hotel and a golf course. It was not clear whether the Trump Organization would also benefit from tax breaks, which include a tax holiday for corporate tax for 10 to 20 years based on the investment value. MNC Land said it fully owned the project in Lido, which includes a movie studio called Movieland, while the Trump Organization will operate an 83-hectare golf course opening this year and a five-star hotel. Indonesian tycoon and chairman of MNC Group, Hary Tanoesoedibjo, has said Movieland will become a creative hub and Indonesia's version of Hollywood. The Trump Organization is also partnering with MNC on another project in Bali.

☆ Ford signs $4.5 bln deal with Vale Indonesia, Huayou for EV battery material plant
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

SOROWAKO, Indonesia, March 30 (Reuters) - U.S. carmaker Ford Motor Co (F.N) signed a final investment agreement with PT Vale Indonesia (INCO.JK), and China's Zhejiang Huayou Cobalt on Thursday to build nickel processing plant, valued at around $4.5 billion. Indonesia, which has the biggest nickel reserve in the world, has been trying to develop downstream industries for the metal, with ambitions to eventually produce batteries and electric vehicles. Vale and Huayou commenced construction of the plant in November. Thursday's signing was a follow up to a non-binding memorandum of cooperation for the plant that the three companies had signed last year. Indonesia's government has from 2020 banned export of unprocessed nickel ore to ensure supply for existing and potential investors.

☆ 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.

☆ Middle East pivot to Asia is strategic this time
▼ + stars: | 2023-03-14 | by ( Una Galani | ) www.reuters.com time to read: +6 min

Xi Jinping has brokered a deal the United States would have found hard to secure, despite its traditional military influence in the Middle East. The Middle East has trained its financial sights on Asia before. At current rates of growth, emerging Asia will become the top trade partner for the Gulf countries by 2028, per Asia House, surpassing advanced economies. As U.S.-China relations continue to sour, the Asian financial centre is looking to the Middle East to find new foreign companies to trade in the territory. Delegations from the two Middle East countries held talks in Beijing between March 6 and 10, the statement added.

☆ Indonesia tech firm GoTo to cut 600 more jobs - statement
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Indonesia's biggest tech firm PT Goto Gojek Tokopedia (GOTO.JK) announced on Friday another round of layoffs aimed at streamlining the organisation and boosting the company's profitability. About 600 roles will be affected, the company said in a statement, following 1,300 jobs that were cut late last year. The company has previously said the laysoffs are aimed at making the company more "agile" and maintaining growth amid challenging global economic conditions. GoTo said last month that adjusted EBITDA is expected to turn positive in the last quarter of 2023 due to its cost management measures. Reporting by Stefanno Sulaiman, Writing by Bernadette Christina Munthe; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Fact Check-J.K. Rowling tweet thanking LGBTQ community for ‘Hogwarts Legacy’ game sales is fabricated
▼ + stars: | 2023-03-01 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Author J.K. Rowling did not tweet a post thanking the LGBTQ community for sales of the ‘Hogwarts Legacy’ computer game, despite a screenshot circulating online. A spokesperson for JK Rowling, Rebecca Salt, told Reuters that no such tweet was published. A Twitter advanced search via Rowling’s account did not reveal the tweet (archive.is/wip/PmBkF). Archived versions of Rowling’s Twitter account saved on Feb. 24 did not reveal the tweet either (here). No such tweet was posted by J.K. Rowling.

☆ Harry Potter video game 'Hogwarts Legacy' has done $850 million in sales so far, despite calls for a boycott after JK Rowling's anti-trans comments
▼ + stars: | 2023-02-24 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +2 min

Warner Bros. Discovery said "Hogwarts Legacy" has sold 12 million units so far, worth $850 million. The game's success comes despite protests over "Harry Potter" author JK Rowling's comments that many say are anti-trans. Many have called her comments transphobic, and "Harry Potter" film stars like Daniel Radcliffe, Emma Watson, and Rupert Grint have denounced her stance. Many gamers criticized the release of "Hogwarts Legacy" in light of Rowling's comments.

☆ 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 tech firm GoTo expects positive adjusted EBITDA in Q4, 2023
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Feb 16 (Reuters) - Indonesia's biggest tech firm PT GoTo Gojek Tokopedia (GOTO.JK) said on Thursday that adjusted EBITDA is expected to turn positive in the last quarter of 2023 due to its cost management measures. GoTo also said its group contribution margin will turn positive this quarter, four quarters earlier than previous guidance. GoTo said gross transaction value (GTV) in the last quarter of 2022 stood at 162 trillion rupiah ($10.69 billion), up by 18% annually. GTV for the full 2022 year was 613 trillion rupiah, up by a third from the previous year on a proforma basis. GoTo said, without giving further details, that gross revenue in both the fourth quarter and full year was at the upper end of guidance.

Arm technology powers most global smartphones and the company counts Apple Inc (AAPL.O) and Qualcomm Inc (QCOM.O) as customers. The China business is the exclusive distributor of Arm chip technology in China and develops and sells its own chip designs based on Arm. In 2021, the China business paid Arm about $500 million, the two sources said. “The Arm Ltd IP business part of Arm China is performing very well and we are positioned for continued growth going forward. SoftBank and Arm China did not respond to requests for comment.

Arm technology powers most global smartphones and the company counts Apple Inc (AAPL.O) and Qualcomm Inc (QCOM.O) as customers. The China business is the exclusive distributor of Arm chip technology in China and develops and sells its own chip designs based on Arm. “The Arm Ltd IP business part of Arm China is performing very well and we are positioned for continued growth going forward. SoftBank and Arm China did not respond to requests for comment. Wu is credited with expanding the China business, according to two sources familiar with the company.

☆ The Harry Potter video game 'Hogwarts Legacy' is here, and topping sales charts — despite the JK Rowling controversy
▼ + stars: | 2023-02-10 | by ( Travis Clark | ) www.businessinsider.com time to read: +3 min

"Hogwarts Legacy" was at the top of the Steam PC and PlayStation Store sales charts on Friday. The early success comes despite backlash over Harry Potter creator J.K. Rowling's anti-trans comments. The game's early success is in the face of some calls for a boycott over Harry Potter creator J.K. Rowling's past anti-trans comments. Warner Bros. Games, which released "Hogwarts Legacy," wrote on the game's FAQ page that Rowling was "not directly involved in the creation of the game." Discovery CEO David Zaslav in November expressed an interest in doing "something with J.K. on Harry Potter going forward."

☆ Hogwarts Legacy breaks record before official release, despite controversy
▼ + stars: | 2023-02-09 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +4 min

Hogwarts Legacy – the new open-world video game by Avalanche and Warner Bros. Hogwarts Legacy is based on Harry Potter but is set in the late 1800s, well before the action in the Harry Potter books take place, and opens the Harry Potter World beyond Hogwarts Castle. Videogamesnewyork, a New York City store that sells modern and retro video games, is ordering just enough games to their store based on pre-orders. Some gamers also are boycotting Hogwarts Legacy over the controversy. The company says J.K. Rowling is not involved in the Hogwarts Legacy game.

☆ SoftBank tumbles to loss as Vision Fund in red for fourth straight quarter
▼ + stars: | 2023-02-07 | by ( Kiyoshi Takenaka | ) www.reuters.com time to read: +4 min

The Vision Fund, which upended the world of technology with its big bets on startups, reported an investment loss of 730.36 billion yen ($5.52 billion) in the fiscal third quarter. At SoftBank itself, the net loss totalled 783.42 billion yen, compared with a 29.05 billion yen profit a year earlier. SoftBank said the Vision Fund unit had significantly curtailed new investments and was continuing to sell some older ones as part of "prudent defensive financial management" amid the challenging market environment. GOOD ARMThe bulk of the loss at the Vision Fund unit came from a steep decline in the valuation of investments in unlisted companies. Son invested heavily in artificial intelligence and other high-tech startups through the Vision Fund in recent years, delivering both record profits and heady optimism about future valuations.

☆ SoftBank posts loss as Vision Fund in the red for fourth straight quarter
▼ + stars: | 2023-02-07 | by ( Kiyoshi Takenaka | ) www.reuters.com time to read: +2 min

TOKYO, Feb 7 (Reuters) - SoftBank Group Corp (9984.T) on Tuesday booked a net loss for October-December, as its giant Vision Fund investment unit remained in the red for a fourth straight quarter while a global tech sell-off battered valuations of its portfolio companies. The Vision Fund, which upended the world of technology with its big bets on startups, reported an investment loss of 730.36 billion yen ($5.52 billion) in the latest quarter. At SoftBank itself, the net loss totalled 783.42 billion yen, compared with a 29.05 billion yen profit a year earlier. SoftBank said the Vision Fund unit had significantly curtailed new investments and was continuing to sell some older ones as part of "prudent defensive financial management" amid the challenging market environment. The bulk of the loss at the Vision Fund unit came from a steep decline in the valuation of investments in unlisted companies.

☆ Investments in Indonesia's nickel industry
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +4 min

Here are some of the major investment deals involving nickel in Indonesia:Jan. 2020: Indonesia bans exports of unprocessed nickel to attract investment in downstream processing. Dec. 2020: Indonesia's investment ministry signs an MOU with LG Energy Solution (373220.KS) on integrated EV battery investment with total investment of $9.8 billion. 2021: Indonesia establishes the Indonesia Battery Corporation (IBC), a joint venture of state owned enterprises to cooperate with foreign investors in developing an EV battery supply chain. Jan. 2022: Indonesia's Investment Ministry signs an MoU with Foxconn (2317.TW), Gogoro Inc, IBC and Indika Energy (INDY.JK) for investment in electric vehicle and battery development. Sept 2022: Vale Indonesia signs an agreement with Zhejiang Huayou to build a second plant to produce nickel MHP with 60,000 tonnes capacity.

☆ Indonesia's Bakrie Group seeks nickel mine, partners up for $9 bln EV project
▼ + stars: | 2023-01-20 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +2 min

Gilarsi W. Setijono, chief executive of Bakrie Group's EV distributor unit PT VKTR Teknologi Mobilitas, said the Indonesian company plans to acquire a nickel mine in Central or Southeast Sulawesi to supply the park. It also aims to produce 20 GWh worth of EV batteries per year by 2028 for both domestic and export markets, he said. The consortium will launch a pre-feasibility study in March and firm up each company's investment afterwards, Gilarsi said, noting that Bakrie Group hopes to become a controlling stakeholder. Separately, Bakrie's VTKR plans to launch a $60 million initial public offering in the first half of 2023 to invest in its own EV production, Gilarsi said. Indonesia is keen capitalise on its rich nickel reserves to develop battery and EV industries.

☆ This is what I want to buy from Twitter's HQ auction
▼ + stars: | 2023-01-18 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Twitter headquarters is seen in San Francisco, California, United States on October 28, 2022 Tayfun Coskun / Anadolu Agency1. $44 billion for Twitter — going once, going twice, sold. But a 6-ft. @ symbol, office chairs, a pizza oven, and more remain on sale from the Twitter San Francisco headquarters. Corvette, Corvette, hop in an electric jet by jet. Email dsiu@insider.com or tweet @diamondnagasiu) Edited by Matt Weinberger (tweet @gamoid) in San Francisco and Hallam Bullock (tweet @hallam_bullock) in London.

☆ The upcoming Harry Potter game is already a top seller, despite JK Rowling controversy and boycott calls
▼ + stars: | 2023-01-10 | by ( Travis Clark | ) www.businessinsider.com time to read: +4 min

"Hogwarts Legacy" is topping charts on Steam and the PlayStation Store, a month from its release. Warner Bros. has suggested it wants to cooperate with Rowling on future Potter-related content. "Hogwarts Legacy" is an open-world role-playing game set in the Harry Potter universe during the 1800s, and the player will play as a student at Hogwarts during that time. Warner Bros. Games representatives did not respond to requests for comment from Insider on whether Rowling will be compensated for "Hogwarts Legacy." But Rowling has far-reaching control over Harry Potter.

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