Gojek CEO and co-founder Nadiem Makarim said on Monday he had resigned to join Indonesia’s cabinet, and the ride-hailing and payments company said two senior officials would jointly take over running operations of the $10 billion firm.
(Bloomberg) — Indonesian President Joko Widodo has offered the 35-year-old co-founder of the country’s biggest startup, Gojek, a position in his new cabinet, affirming the importance of the internet sector in propelling Southeast Asia’s largest economy.Nadiem Makarim on Monday told reporters he has accepted a cabinet post after resigning with immediate effect as chief executive officer of the ride-hailing giant he started nine years ago. That leaves the $10 billion startup, one of Southeast Asia’s largest, without its most visible leader at a time it’s pursuing funding to compete with arch-rival Grab Holdings Inc. Gojek said President Andre Soelistyo and …read more […]
The recent spate of bad news for Libra isn’t necessarily a death knell for the project, writes Mike J. Casey. …read more […]
Singapore state investor Temasek Holdings [TEM.UL] is offering to take control of Keppel Corp in a S$4.1 billion (2.32 billion pounds) deal that will shore up support for the conglomerate, which is battling difficult business conditions. Temasek, which directly owns 20.5% of Keppel, said in a statement that the pre-conditional offer is subject to it obtaining domestic and foreign regulator approvals, which could take many months. Keppel, whose businesses range from rig-building to property development, has been facing business challenges in its main sectors. …read more […]
Qantas Airways and Virgin Australia Holdings Ltd were awarded one slot each to operate flights at Tokyo’s Haneda Airport, according to a draft decision by Australia’s International Air Services Commission (IASC).
Asian stocks edged up on Monday as Chinese shares reversed early losses, supported by hopes for progress in resolving the U.S.-China trade war, while sterling slipped after the British parliament delayed a crucial vote on a Brexit withdrawal deal.
Oil prices eased on Monday amid persistent concerns about the global economic outlook and the impact on oil demand, while Russia again missed its target to cut oil output last month.
(Bloomberg Opinion) — WeWork’s valuation keeps sliding. SoftBank Group Corp., its largest outside investor, is now targeting $8 billion through a rescue package it’s putting together, according to Bloomberg News. But Masayoshi Son ought to be careful. While the deal may set a floor under WeWork, it could also diminish his standing along with SoftBank and its $100 billion Vision Fund.Mere months ago, WeWork was seeking an IPO at a $47 billion valuation, now withdrawn amid whispers that the real value should be closer to $15 billion. SoftBank’s new plan goes even further and represents an 83% haircut that means …read more […]
Boeing Co said on Sunday it understood the outcry over leaked messages from a former test pilot over erratic software behavior on its 737 MAX jet two years before recent crashes, and added it was still investigating what they meant.
Oct.21 — Joanne Lim, algorithmic and portfolio trader at Bernstein, discusses China’s Loan Prime Rate, markets and her outlook for the property sector. She speaks on “Bloomberg Markets: China Open.” …read more […]
Hong Kong’s businesses will likely foot the bill for vandalism inflicted over the past four months during the territory’s most violent protests in living memory as few of them bought insurance coverage for riot damage, industry insiders said. Businesses big and small have suffered smashed windows, graffiti and even fire for their perceived support of mainland China by activists concerned that the central government in Beijing is exerting increased control over the special administrative region at the cost of democratic freedoms. While businesses flood insurers with claims for such damage, few are likely to be fully compensated as …read more […]
The case is about the conduct of a group of companies in two Ohio counties, but far more than that is riding on the first federal trial on the opioid crisis, expected to open Monday in Cleveland. It’s really about an epidemic,” said Carl Tobias, a professor in the law school at the University of Richmond. State, local and tribal governments plus hospitals and others have filed a total of more than 2,600 lawsuits against drugmakers, distributors and pharmacies seeking to hold them accountable for the nation’s opioid crisis, which has been linked to more than 400,000 deaths …read more […]
Oct.21 — James McGregor, greater China chairman at APCO Worldwide, discusses the U.S.-China trade negotiations and his outlook for the Talks. He speaks on “Bloomberg Markets: China Open.” …read more […]
Oct.21 — Phillip Zhong, senior equity analyst at Morningstar Investment Management Asia, talks about China’s real estate market, the outlook for the developers and landlords. China’s home-price growth slowed for a fourth month in September, as cash-strapped developers cut prices to speed up sales. Zhong also discusses how the protests are affecting Hong Kong’s property market. He speaks with David Ingles and Yvonne Man on “Bloomberg Markets: Asia.” …read more […]
Oct.20 — Masanari Takada, cross-asset quantitative strategist at Nomura Securities, discusses how the political turmoil in the U.K. are affecting financial assets such as the British pound. He also discusses hedge funds’ exposure in global stock markets. He speaks with Yvonne Man and David Ingles on “Bloomberg Markets: Asia.” …read more […]
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