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...Senior management, who have been spending time in Jakarta since the ban was imposed, have also held discussions with retail companies about partnerships, including with local technology champion GoTo....
...Shares in Tokopedia parent GoTo fell 20 per cent on Monday. This may reflect the view that TikTok has snagged a bargain at a time when GoTo’s net loss is narrowing. GoTo has a market value of $6.6bn....
...The joint venture with GoTo represents TikTok’s first such arrangement with a local company and could provide a framework for overcoming regulatory setbacks in other markets....
...TikTok gets to stay in Indonesia and GoTo gets a leg-up against its rivals,” said one person directly involved in the negotiations....
...Shares in GoTo fell more than 12 per cent on Monday following news of the TikTok takeover....
...“We are . . . so very close to being above the water now,” said Goto, referring to the Vision funds’ performance....
...“If dollar-yen trades above the 152 level, the risk of yen-buying intervention would rise significantly,” said Goto....
...Chief executive Andre Soelistyo will become a non-executive director or “commissioner”, GoTo said in a statement. GoTo has struggled to cut costs and compete with regional peers....
...Companies to have defaulted in February included US ferry and cruise operator Hornblower, US software group GoTo and UK cinema group Vue Entertainment International....
...It has moved into food delivery and is also competing hard in financial services, an area in which Grab and GoTo hope to grow. Still, some said GoTo and Grab might be spread too thinly....
...Goto said Son is “exploring AI strategy . . . but anything that he likes to do always leads to Arm”....
...That was caused by the rise of digital banks backed by regional tech giants, such as Indonesia’s GoTo and Singapore’s Sea, as well as fintech start-ups offering peer-to-peer lending, mobile wallets and other...
...“Going forward, as GoTo started to make their operational activities more efficient through some lay-off[s], we expect the non-variable expense, especially on employee salary, will decline and support GoTo...
...“It’s completely mind-boggling why there is no upgrade despite the fact that we clearly met the conditions that S&P laid out for an upgrade,” Goto said....
...Investors have watched Grab and regional competitors like GoTo scale rapidly during the pandemic, but the consumer services businesses have come under pressure to mature into profit-making enterprises....
...Indonesia’s new rules put such ambitions at risk, until TikTok Shop inked the deal with GoTo to preserve its presence in its most important market....
...Investors have watched Grab and regional competitors like GoTo scale rapidly during the pandemic, but the consumer services businesses have come under pressure to mature into profit making enterprises....
...It is, says finance chief Yoshimitsu Goto, intent on leading the AI revolution with Arm at the forefront....
...In his earnings presentation that included a slide of an image depicting light at the end of a tunnel, SoftBank’s chief financial officer Yoshimitsu Goto said the company was going to invest with caution...
...GoTo shares are trading almost 60 per cent below their IPO price....
...Yoshimitsu Goto, SoftBank’s finance chief, said during a results call that what happened with WeWork was “regrettable” and that the group needed “to accept the reality and learn lessons from it”....
...GoTo said in November it would cut 1,300 people, or nearly 12 per cent of its workforce, as it focuses on profitability....
...Indonesia’s biggest internet company GoTo will cut 1,300 jobs, about 12 per cent of its workforce, as it contends with global macroeconomic uncertainty....
...Despite an improvement in market conditions, Goto said the biggest source of uncertainty came from geopolitical tensions....
...After the rating agency warned on Tuesday of higher asset risk in SoftBank’s investment portfolio due to the massive sale of its Alibaba stake, Yoshimitsu Goto questioned the decision, saying its cash position...
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