Nickel rout is energy-transition warning for West 8 Mar 2024 Prices of the battery metal have halved in a year, leaving many mines unprofitable or mothballed. Indonesia’s China-backed industry now dominates. Piecemeal aid and a green premium push are unlikely to alter that. Absent smart planning, copper and lithium are vulnerable, too.
Indonesia votes for status quo, ups the ante 15 Feb 2024 Prabowo Subianto is the next president, polls show. He won after pledging to continue the policies of outgoing Joko Widodo. But the $1.4 trln economy, Southeast Asia's biggest, faces a slowing China and crashing nickel prices. He needs to pick a credible finance minister fast.
Indonesia’s nickel policy looks fragile 26 Jan 2024 Outgoing President Joko Widodo's push to embed the country into electric-vehicle supply chains is under scrutiny ahead of elections next month. Global companies face an anxious wait to see if the policy will be fine-tuned; beyond the polls other threats are piling up too.
Polls may imperil emerging Asia’s policy stability 18 Dec 2023 India and Indonesia have had a decade of relative predictability under leaders Narendra Modi and Joko Widodo. Elections in 2024 could upend that and undermine the lofty valuations of local stock markets. Global investors, and 1.7 bln people, should temper expectations.
TikTok works hard to keep Indonesia party going 11 Dec 2023 The ByteDance-owned short-form video app is merging its online shopping business in the archipelago with local rival GoTo’s Tokopedia unit. Its $1.5 bln funding and 75% stake in the new entity will allow TikTok to bypass a recent ban on e-commerce sales in the fast-growing market.
Asia’s tech giants lean toward desperate deals 30 Nov 2023 TikTok is in talks to tie up with Indonesia’s GoTo to avoid a ban on social media entities in e-commerce, per Bloomberg. China’s growth woes incentivises its companies to compromise as they push overseas. A share price rout means Southeast Asian foes could soon become friends.
Elections will test Indonesia’s economic progress 16 Oct 2023 President Joko Widodo’s second and final term ends next year. His administration has brought stability and fostered investment in everything from EV metals to infrastructure. A domestic and global slowdown and a potential China backlash could taint matters for his successor.
Indonesia spoils TikTok’s Southeast Asia party 28 Sep 2023 The region’s largest economy is banning social media outlets from hosting direct sales on their platforms. That’ll hit ByteDance’s short-form video app hard: it has 125 mln Indonesian users and the country is its main e-commerce market. So much for mixing business with pleasure.
Indonesia IPOs hitch a dicey electric-car ride 26 Jun 2023 New listings more than doubled to $3 bln this year, beating Hong Kong and London, as firms cash in on the nation’s growing status in electric-vehicle supply chains. But deals are marred by weak secondary market performance and political risks loom. The boom looks unsustainable.
GoTo’s new CEO has one key job: bring stability 9 Jun 2023 Patrick Walujo is replacing Andre Soelistyo atop the $10 bln Indonesian superapp. The private equity boss may want to more closely knit together GoTo’s disparate businesses. But after several high-level changes, cost cuts and stake sales, providing a steady hand comes first.
Nickel could sap electric cars’ climate batteries 31 Mar 2023 Although EVs are less emissions-intensive than gas guzzlers over a vehicle’s lifetime, their supply chains produce more greenhouse gases. Battery ingredient nickel is among the culprits. Car and cell makers may be exposed as investors and watchdogs scrutinise carbon footprints.
GoTo is back to facing less existential problems 21 Mar 2023 The $8 bln Indonesian superapp may not need to raise capital in a hurry. It expects to reduce its cash burn by up to 65% this year. Cost cuts are paying off but hard questions on future growth and competition with its financially stronger Singaporean rival Grab remain.
Nickel IPO puts Jakarta at centre of China EV boom 23 Nov 2022 China’s Lygend Resources, a trader-turned-producer of critical battery ingredients, is eyeing a $600 mln Hong Kong listing. A huge presence in Indonesia gives it an edge over rivals at home, where supply is scarce. That should help the company navigate a bumpy stock market.
Indonesia share sale contortion is necessary evil 4 Nov 2022 SoftBank-backed GoTo wants to coordinate pre-IPO investors offloading its stock when a lockup ends. The unusual move could limit further drops to its now-$15 bln market value and pull in long-term foreign owners. The driving force is too little local liquidity in a bear market.
Indonesia’s EV dream gets $15 bln spark of reality 20 Apr 2022 South Korea’s LGES, China’s CATL and partners plan to build comprehensive battery supply chains in the country. That’ll please Jakarta, whose bold electrification goals need industry buy-in. With supply chains stressed, it’s a well-timed boost for the wannabe production hub.
GoTo IPO will road-test range of tech rout 15 Mar 2022 The SoftBank-backed superapp is eyeing a $29 bln valuation in a Jakarta listing. Given rival Grab’s disastrous New York debut and Sea’s share price plunge, the timing may bruise its new backers. But waiting much longer risks eroding GoTo’s strong market position.
Southeast Asia still loves New York 10 Jan 2022 While U.S.-listed Chinese companies move home, Indonesian and Vietnamese startups are eyeing a berth in the Big Apple. Unlike their northern peers, these hopefuls are starting with home floats. Ensuring IPOs fill local coffers first is good politics and makes financial sense too.
Asian super-apps clear regulatory road – for now 14 Dec 2021 While Big Tech in the United States and China is on the defensive, startups from Grab to GoTo are keeping governments happy by bringing small businesses online and finance to the masses in Indonesia and beyond. That opens a fast lane for growth, but there may be tolls to pay.
Super-app Grab rides high into New York debut 1 Dec 2021 The Southeast Asian giant held firm in a difficult year. It’s on track to hit targets set from its record $31 bln SPAC merger, supporting a rich 13 times sales valuation multiple. Margins in its ride-hailing business show the promise of its food-delivery-to-fintech ambitions.
Three’s a good crowd in Indonesia telecoms deal 17 Sep 2021 Combining CK Hutchison’s local 3 unit with Ooredoo’s Indosat produces a $6 bln No. 2 player and synergies of $400 mln. If past industry tie-ups in similar markets are a guide, the Hong Kong and Qatari groups’ deal will also lift rivals’ revenue and cut their costs too.