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☆ Layoffs aren't the only way to optimize costs, DBS Bank says of GoTo
▼ + stars: | 2022-11-22 | 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 EmailLayoffs aren't the only way to optimize costs, DBS Bank says of GoToSachin Mittal of DBS Bank discusses the level of competition in e-commerce and recent layoffs in the tech sector.

☆ Shares of Indonesia's GoTo fall 6% as nine-month loss swells
▼ + stars: | 2022-11-22 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Indonesia's GoTo Group reported its nine-month accumulated losses surged from a year ago, even as quarterly losses shrank as the company cut costs. GoTo accumulated a loss of 20.32 trillion rupiah ($1.29 billion) between January and September, far more than the 11.58 trillion rupiah loss reported a year ago. For the third quarter, GoTo reported an adjusted EBITDA loss of 3.7 trillion rupiah (about $235 million), about 11% smaller than the 4.2 trillion rupiah adjusted EBITDA loss posted a year ago. That's also 10% narrower than the 4.1 trillion rupiah EBITDA loss reported for the second quarter and marks the third consecutive quarter of shrinking losses. GoTo Group is the result of a merger between two of Indonesia's largest tech companies — ride-hailing, food delivery and payments giant Gojek and e-commerce marketplace Tokopedia.

☆ 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.

☆ Indonesian Tech Giant GoTo Axes 1,300 Employees
▼ + stars: | 2022-11-18 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

HONG KONG—Indonesian ride-hailing, e-commerce and financial-services company GoTo Group is laying off 12% of its employees, or 1,300 people, as it seeks to cut costs and chart a course through a difficult period for global technology companies, its chief executive told staffers. The Jakarta-based company is seeking to give priority to core products and businesses and make its organizational structure more efficient, Chief Executive Andre Soelistyo said, adding that while savings had been made across the group’s operations, job cuts were necessary because of the uncertain market conditions created in large part by the pandemic.

☆ Indonesia’s GoTo to cut 1,300 jobs — or about 12% of its headcount
▼ + stars: | 2022-11-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

A GoTo logo seen displayed on a smartphone screen and in the background. Indonesian tech giant GoTo Group announced Friday that it is laying off 1,300 people, or around 12% of its total headcount. GoTo is the merged entity of ride-hailing company Gojek and online marketplace Tokopedia. The company announced Friday that "a reduction in staffing levels that will sadly affect 1,300 people or approximately 12% of employees, across the GoTo group." Previous reports by local and foreign media said that GoTo, which went public on the Indonesia Stock Exchange in April 2022, was planning to cut 10% of its total workforce amid economic headwinds.

☆ 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.

☆ IPO funds raised by Southeast Asian companies fall amid economic headwinds
▼ + stars: | 2022-11-16 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Photographer: Dimas Ardian/Bloomberg via Getty ImagesThe funds raised by public listings in Southeast Asia fell by 52% this year compared to a year ago, data from Deloitte showed. Initial public offering (IPO) funds raised by companies in the region reached $6.3 billion from the January to Nov. 11 period, the management consulting company said. The findings also revealed that only eight large and medium-sized companies listed in 2022, less than half of the 19 large- and medium-sized companies that were listed in 2021. IPO activity in Southeast Asia was lower this year, with only two blockbuster IPOs — Indonesia's GoTo which raised $1.1 billion and Thai Life Insurance with $1 billion raised. This could mean that the bigger companies are holding out and postponing their listings in anticipation of better market conditions, Deloitte said.

[1/3] A cargo ship and containers are seen at an industrial port in Tokyo, Japan, February 15, 2022. The world's third-biggest economy has struggled to motor on despite the recent lifting of COVID curbs, and has faced intensifying pressure from red-hot global inflation, sweeping interest rate increases worldwide and the Ukraine war. GLOBAL RISKSHowever, the risks to Japan's outlook have risen as the global economy teeters on the brink of recession. Economy Minister Shigeyuki Goto said a global recession could hit households and businesses. "As for 2023, Japan will be dragged into a mild recession in H1 by a global downturn that will weigh on exports and business investment."

☆ Japan's economy shrinks for first time in a year
▼ + stars: | 2022-11-14 | by ( ) edition.cnn.com time to read: +3 min

Japan’s economy unexpectedly shrank for the first time in a year in the third quarter, stoking further uncertainty about the outlook as global recession risks, a weak yen and higher import costs took a toll on household consumption and businesses. The world’s third biggest economy has struggled to motor on despite the recent lifting of Covid curbs, and has faced intensifying pressure from red-hot global inflation, sweeping interest rate increases worldwide and the Ukraine war. “But the three key pillars of demand - consumption, capital expenditure and exports - remained in positive territory, if not robust, so demand is not as weak as the headline figure shows.”Global risksHowever, the risks to Japan’s outlook have risen as the global economy teeters on the brink of recession. Economy Minister Shigeyuki Goto said a global recession could hit households and businesses. The Bank of Japan has also maintained its ultra-loose monetary stimulus program to help revive the economy.

☆ Japan's SoftBank books hefty Vision Fund loss but returns to quarterly profit
▼ + stars: | 2022-11-11 | by ( Kiyoshi Takenaka | ) www.reuters.com time to read: +1 min

TOKYO, Nov 11 (Reuters) - Japan's SoftBank Group Corp (9984.T) on Friday unveiled a loss at its sprawling Vision Fund investment arm for the third straight quarter, even as the tech company posted a net profit from selling some of its stake in China's Alibaba (9988.HK). Vision Fund upended the world of venture capital with splashy bets on startups, but it has been hammered in recent quarters by a global tech rout, prompting SoftBank Chief Executive Masayoshi Son to sharply scale back fresh investments. Investment losses at flagship unit Vision Fund were 1.38 trillion yen ($9.75 billion) in the three months to September 30 as the value of its portfolio continued to slide. At SoftBank itself, net profit came to 3.03 trillion yen in the July-September second quarter. In the first quarter the group had posted a 3.16 trillion yen loss.

☆ Japan's SoftBank returns to quarterly profit but unveils more Vision Fund pain
▼ + stars: | 2022-11-11 | by ( ) www.cnbc.com time to read: +2 min

SoftBank's Vision Fund, the brainchild of the company's founder Masayoshi Son, has faced a number of headwinds including a slump in technology stocks as a result of rising interest rates, a tough China market and geopolitics. Japan's SoftBank Group Corp reported its first quarterly profit in three quarters, buoyed by the sale of some of its stake in China's Alibaba even as its massive Vision Fund posted another heavy quarterly loss. Investment losses at flagship unit Vision Fund were 1.38 trillion yen ($9.75 billion) in the three months to September 30 as the value of its portfolio continued to slide. At SoftBank itself, net profit came to 3.03 trillion yen in the July-September second quarter. In the first quarter, the group had posted a 3.16 trillion yen loss.

☆ 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.

☆ SoftBank faces tech stock weakness at Q2 earnings
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Nov 7 (Reuters) - SoftBank Group Corp (9984.T) is expected to face further weakness in tech stocks when it reports second-quarter earnings on Friday, after two brutal quarters that have shaken Masayoshi Son's tech conglomerate. The Vision Fund investing arm booked $50 billion in losses in the six months to end-June as valuations slid. Founder and Chief Executive Son has moved to cut headcount and refocus the second fund on managing its existing portfolio. Alibaba (9988.HK), , which SoftBank has been selling to raise cash, has fallen more than 40% year-to-date. "For most/all funding needs, SBG will use Alibaba shares to defend its balance sheet or stock price," Goyal wrote.

The initial public offering of the ride-hailing-to-online-shopping giant at a $28 billion market capitalisation in April was a landmark deal on the back of relaxed listing rules. Now GoTo will have to manage a big contortion in the $570 billion stock market. At a stretch, GoTo’s involvement might prevent a further price slump on the company’s current $15 billion market value. The company sold nearly $1 billion of stock at a multiple of 17 times forecast revenue for 2023. The meddling in the secondary market looks like a necessary evil.

☆ Japan's economy could do better than other advanced economies next year, says Nomura
▼ + stars: | 2022-10-28 | 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 EmailJapan's economy could do better than other advanced economies next year, says NomuraYujiro Goto of the financial services firm says that's because inflation in the country is "relatively limited."

☆ Japan Prime Minister Fumio Kishida appoints former health minister Goto as next economy minister
▼ + stars: | 2022-10-25 | by ( ) www.cnbc.com time to read: +1 min

A photo of former health minister Shigeyuki Goto at the prime minister's official residence on October 04, 2021 in Tokyo, Japan. Japan's Prime Minister Fumio Kishida on Tuesday appointed former health minister Shigeyuki Goto as the next economy minister after the incumbent abruptly resigned amid criticism over his links to a controversial religious group. Japan's Prime Minister Fumio Kishida on Tuesday appointed former health minister Shigeyuki Goto as the next economy minister after the incumbent abruptly resigned amid criticism over his links to a controversial religious group. Speaking to reporters on Tuesday, Kishida said he picked Goto based on his "political experience, high presentation skills and passion for economic and social reforms." Goto's appointment comes as the government faces the urgent task of compiling an economic stimulus package and a fresh extra budget.

☆ Japan PM appoints ex-health min Goto as next economy minister
▼ + stars: | 2022-10-25 | by ( Kantaro Komiya | ) www.reuters.com time to read: +1 min

TOKYO, Oct 25 (Reuters) - Japanese Prime Minister Fumio Kishida on Tuesday appointed former health minister Shigeyuki Goto as the next economy minister after the incumbent abruptly resigned amid criticism over his links to a controversial religious group. Speaking to reporters on Tuesday, Kishida said he picked Goto based on his "political experience, high presentation skills and passion for economic and social reforms." Register now for FREE unlimited access to Reuters.com RegisterYamagiwa became the first minister to resign from Kishida's government and the highest profile political casualty thus far from a widening scandal sparked by the killing of former Prime Minister Shinzo Abe in July. The suspect in the killing bore a grudge against the Unification Church, alleging it bankrupted his mother, and blamed Abe for promoting it. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kentaro Sugiyama Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Indonesia e-commerce group Blibli plans up to $528 mln IPO next month
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Oct 17 (Reuters) - Indonesian e-commerce group Blibli, backed by of one of the country's biggest conglomerates Djarum Group, plans to launch an initial public offering next month to raise as much as 8.17 trillion rupiah ($528.29 million), the company said. Blibli's operator PT Global Digital Niaga plans to sell as many as 17.77 billion shares, 15% of total capital, at a price range of 410 rupiah to 460 rupiah a piece in a share sale offering set for Nov. 1-3, it said in a prospectus. The listing plan follows the $1.1 billion IPO of GoTo Group, Indonesia's biggest tech firm, earlier this year and the 2021 $1.5 billion IPO of competitor BukaLapak. Blibli will use 5.5 trillion rupiah of the proceeds to pay back bank loans, with the rest to be used as working capital to develop its platform. ($1 = 15,465.0000 rupiah)Register now for FREE unlimited access to Reuters.com RegisterReporting by Gayatri Suroyo and Fransiska Nangoy Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

Helen Wong, Group CEO of OCBC Bank poses for a portrait during an interview with Reuters in Singapore October 10, 2022. And while OCBC earned nearly half of its operating profit from Singapore, Greater China was the next-largest contributor, followed by Malaysia. She added that OCBC benefited from having both a brick-and-mortar and a strong digital footprint. This has increased attention on OCBC, which has the strongest capital position among Singapore banks. Sanford Bernstein analysts said in a report in June that OCBC had S$4.8 billion that could be used for acquisitions without the need to raise capital.

Like its rivals, it has benefited from a boom in food services during the COVID-19 pandemic, while ride-hailing suffered. read moreHungate, a veteran of the financial services, logistics and food sectors, has spearheaded a push away from low-margin business lines as Grab races to turn profitable. "The other area where we've really tightened our strategic intent is in financial services where we were growing payments, wallets and non-bank financial lending quite significantly off-platform and on our platform," said Hungate. Grab is betting on growing financial services by offering banking and other products with partner Singapore Telecommunications (STEL.SI) in key markets. read moreHungate said Grab would provide details of its progress towards profitability and other metrics at its first investor day on Tuesday.

"Today, there's much stronger appetite for India and Southeast Asia," Joel Thickins, co-managing partner at TPG Capital Asia, told Reuters. The enthusiasm persists despite due diligence for startups that requires many months while valuations are under pressure, investors said. But although funds were diversifying, investors said the region's vastly different markets meant a uniform investing strategy was not ideal. One area that I constantly notice that everybody is very interested in is Southeast Asia. "There are still individual U.S. cities where startups are raising more money than all of the startups in Southeast Asia," said Julie Ruvolo, managing director of venture capital at Global Private Capital Association, which says its 300 members manage assets of more than $2 trillion.

The new Experian Go service allows "credit invisibles" to create a credit report instantly. You'll get actionable steps for building your credit score, such as becoming an authorized user on a credit card. Read more: Experian Boost reviewAfter linking your accounts, you'll receive a credit score in minutes. Not only does a good credit score make it easier to qualify for a credit card, mortgage, or auto loan, but a good credit score can lower your interest rates whenever you do take out a loan. For college students, immigrants, and others with zero credit history, getting started can be a challenge.

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