JAKARTA: China’s TikTok has agreed to spend $840 million to buy most of Indonesian tech conglomerate GoTo’s e-commerce unit — a move that appears to allow it to restart its online shopping business in Southeast Asia’s largest economy.
It also said it will invest further in the business, Tokopedia, which is Indonesia’s biggest e-commerce platform, for a total outlay of $1.5 billion.
TikTok had been forced to close its relatively new e-commerce service, TikTok Shop, in Indonesia after the country banned online shopping on social media platforms in September, citing the need to protect smaller merchants and users’ data.
The new partnership will commence with a pilot period carried out in close consultation with and supervision by relevant regulators, the companies said in a joint statement.
“We are creating an Indonesian e-commerce champion, combining Tokopedia’s strong local presence with TikTok’s mass market reach and technological prowess,” GoTo CEO Patrick Walujo said in a statement.
“GoTo now sits on a much stronger foundation and we expect this partnership to bring many benefits not just for e-commerce, but for our on-demand services and fintech businesses as well,” he said.
GoTo’s businesses include ride-hailing, delivery and financial services.
Under the deal, TikTok, which is owned by China’s ByteDance, will buy 75.01 percent of Tokopedia and inject TikTok Shop’s Indonesia business into the enlarged Tokopedia entity.
Officials at Indonesia’s trade ministry did not respond to requests for comment.
Many of Indonesia’s more than 270 million people are active social media users and TikTok has been looking to translate its 125 million user base there into a significant source of e-commerce revenue.
TikTok Shop is currently available in only a few countries including the United States, Britain and Singapore, according to its website.
The deal will be concluded by the first quarter of 2024 and Tokopedia will receive a $1 billion promissory note from TikTok that can be used to fund working capital needs, the companies said.
Tokopedia competes with Shopee owned by Singapore-headquartered Sea and Lazada owned by Chinese e-commerce giant Alibaba.
It saw half-year gross revenue climb 14 percent to 4.5 trillion rupiah ($288 million) in August while its underlying loss narrowed sharply to 752 billion rupiah from 3.7 trillion rupiah a year ago.
Shares in GoTo, however, tumbled 13 percent on Monday — their biggest percentage decline in six months — as some investors took profits after the stock had rallied on expectations of a deal with TikTok.
Indonesia’s e-commerce industry is set to expand to be worth about $160 billion by 2030 from $62 billion this year, according to a report by Google, Singapore state investor Temasek Holdings and consultancy Bain & Co.
TikTok set to restart e-commerce in Indonesia with $1.5 bln Tokopedia investment
https://arab.news/weh54
TikTok set to restart e-commerce in Indonesia with $1.5 bln Tokopedia investment
- Acquisition is driven by Indonesia's ban on online shopping through social media platforms
- TikTok will assume control of Tokopedia, GoTo’s e-commerce unit, during a pilot period in consultation with regulators
Dubai ‘most reputable city’ as Middle East shows strong progress in Brand Finance Global City Index
- Emirati city moves up 4 places to 5th in overall global rankings, based on all measured attributes, behind London, New York, Paris, and Tokyo
- Riyadh and Jeddah climb 4 and 6 places respectively to rank 75th and 79th on the overall global list
LONDON: Dubai claimed the title of most reputable city in the world in the 2024 Brand Finance Global City Index, which revealed notable improvements across the region.
The brand valuation and strategy consultancy firm’s second annual global survey on city perceptions, the results of which were released on Thursday, placed Dubai fifth in the overall global rankings, which are based on all measured attributes, behind London, New York, Paris and Tokyo.
Last year, the Emirati city ranked ninth. This time, the survey found it had made substantial gains in terms of investment appeal and reputation, bolstered by strong governance and strategic investments.
Riyadh and Jeddah also improved, climbing four and six places respectively to rank 75th and 79th on the overall global list.
Riyadh enjoyed some impressive gains in specific attributes, moving up 37 places in the rankings in recognition of its high-profile sports teams and clubs, 24 places for its private schools, and 20 places for its shopping, dining and nightlife options, making it one of the fastest-growing cities by these measures.
Andrew Campbell, managing director of Brand Finance Middle East, attributed the rapid improvements in the regional rankings, particularly the success of Dubai, to strategic investments by governments in infrastructure, tourism and the business sector.
“The substantial improvements in Dubai’s consideration metrics further highlight the city’s increasing allure as a premier destination for visitors, residents, businesses and global investors,” he said.
Dubai’s appeal in terms of business and innovation, along with a stable economy and favorable corporate tax policies, were credited with moving it four spots higher in the overall rankings than a year ago. It also achieved significant improvements in its rankings for local working (from 16th to 8th) and remote working (from 24th to 4th).
The index is based on a survey of more than 15,000 respondents. It measures factors related to familiarity, reputation and consideration to assess how desirable a city is viewed for living, working, studying, visiting, retiring and investing.
Abu Dhabi ranked 30th on the overall global list, the same as last year, but improved in terms of science, technology and economic appeal.
Other cities in the Middle East and North Africa that appear on the list include Cairo (63rd place in the overall rankings), Doha (69th), Casablanca (73rd) and Tel Aviv (83rd), which dropped six places amid ongoing conflicts.
Saudi stories pique audience interest, says Bloomberg Media MD
- Visiting the Athar Festival of Creativity in Riyadh, Amit Nayak told Arab News: “We’ve seen a real appetite from our global audiences for content from here”
RIYADH: Stories and articles about Saudi Arabia and the region are among the most widely read by audiences, according to Bloomberg Media’s managing director in the Middle East and Africa.
Visiting the Athar Festival of Creativity in Riyadh, Amit Nayak told Arab News: “We’ve seen a real appetite from our global audiences for content from here.”
He said that with such a large and diverse team based in the Middle East, Bloomberg Media was able to bring local insights and perspectives to provide content based on what audiences wanted.
“We remain focused on deeply understanding our Middle Eastern audience, fostering direct relationships, and delivering trusted news and insights tailored to their needs,” he said.
“We work with leading entities across the region, such as Saudi Tourism Authority and Red Sea Global, using custom content across different platforms to help tell their stories to regional and global audiences.”
The use of smart technology has been big part of Bloomberg’s strategy for over a decade, with The Bulletin being a predominant feature on the app. Launched by Bloomberg’s Media Innovation Lab in 2018, it provides single-sentence summaries of the top three stories.
“We leverage first-party subscriber data through our AI-powered Audience Accelerator platform,” added Nayak. “This allows us to precisely target key demographics to inform machine learning models that predict the population of users on the site, enhancing campaign performance and building brand credibility.”
In 2022, Bloomberg Media Studios opened a regional studio in Dubai and earlier this year launched “Bloomberg Horizons: Middle East & Africa,” a flagship morning program.
Bloomberg News also launched the Mideast Money newsletter, which focuses on “the intersection of wealth and power, and the impact of regional sovereign investors and dealmakers in global finance.”
Evolving as a commercial team that, 10 years ago, predominantly sold advertising, Nayak said that as clients became more sophisticated and keener to reach global audiences, Bloomberg Middle East was fostering internal talent to better collaborate with them.
“We were well placed because we have invested heavily in our teams on the ground here — whether that’s expanding sales, building a client marketing team, or hosting events on the ground in the region,” he said.
Tunisia influencers sentenced to jail over content: media
- Some Internet users condemned the spread of crude language and obscene images on social media, while others saw the move as a new restriction on freedoms
TUNIS: Four influencers on Instagram and TikTok have been sentenced to jail in Tunisia for content authorities deemed immoral, local media reported Wednesday.
The Business News outlet said an Instagrammer known as Lady Samara, with about one million followers, was sentenced to three years and two months in prison on Tuesday.
TikToker Khoubaib received four years and six months, while Instagrammer Afifa was sentenced to a year and six months and her husband Ramzi to three years and six months.
On October 31, as part of the same investigation, an Instagrammer known as Choumoukh was sentenced to four and a half years’ jail on similar charges.
The private radio station Mosaique FM also reported a series of sentences ranging from 18 months to four and a half years, without identifying those being sent to prison.
It said they were being prosecuted for “public indecency, dissemination of content contrary to good morals or adopting immoral positions, using inappropriate language or adopting inappropriate behavior that undermines moral and social values and risks negatively influencing the behavior of young users of these platforms.”
The investigation was opened after the justice ministry on October 27 urged prosecutors to “take necessary judicial measures and launch investigations against anyone producing, displaying or publishing data, images, and video clips with content that undermines moral values.”
The decision sparked widespread debate, both on social media and in the media.
Some Internet users condemned the spread of crude language and obscene images on social media, while others saw the move as a new restriction on freedoms.
Online magazine Nawaat, which frequently criticizes the Tunisian government, said the arrests come amid “a climate marked by repressive restrictions on freedoms.”
“Following the systematic dismantling of judicial power, the prosecution of opponents and journalists, and the repression of civil society, social media influencers — regardless of the quality of their content — are now in the regime’s crosshairs,” said an article.
Tunisia’s opposition and civil society have condemned what they call an “authoritarian drift” by President Kais Saied, who was re-elected on October 6 with a sweeping majority but low turnout.
Trump Media reports $19 million loss in third quarter on TV streaming costs
- Trump Media & Technology Group said the figure includes $12.1 million in legal fees
- It also reported $3.9 million in research and development spend
Former US President Donald Trump’s media company reported a net loss of $19.2 million in the third quarter, due to legal fees and costs tied to its TV streaming deal.
Trump Media & Technology Group said the figure includes $12.1 million in legal fees in the quarter, stemming from its acquisition of TV streaming technology in August and residual fees related to its SPAC deal in March.
It also reported $3.9 million in research and development spend.
Shares of the company reversed earlier losses in extended trading and were last trading about 2 percent higher.
The report comes as the US presidential election is in the final stretch, with polls showing Trump and current vice president Kamala Harris running neck and neck, as the world awaits the results of one of the most unusual elections in modern US history.
Shares of Trump Media, which operates the Truth Social media platform, have seen wild swings in recent days with the stock serving as something of a proxy for Trump’s chances of election.
Trump Media said its revenue was $1 million for the quarter ended September and had cash and cash equivalents of $672.9 million, including short-term investments, with no debt.
BBC staff in open letter accuse broadcaster of pro-Israel bias
- Over 100 employees demand corporation ‘recommit to fairness, accuracy and impartiality’
- Letter signed by more than 230 figures in UK’s media industry, other sectors
LONDON: More than 100 BBC employees have accused the British broadcaster of pro-Israel bias in its coverage of the Gaza war.
The claim was made in an open letter signed by more than 230 figures in the UK’s media industry and other sectors, who said the public broadcaster has failed to provide “fair and accurate” coverage of the conflict. It was sent to Tim Davie, director general of the BBC.
The letter, first seen by The Independent, said the BBC must “recommit to fairness, accuracy and impartiality.”
The BBC employees who signed the letter did so anonymously, with one telling The Independent that “so many of us feel paralysed by levels of fear.”
They added: “Colleagues have left the BBC in recent months because they just don’t believe our reporting on Israel and Palestine is honest.”
Prominent members of Britain’s political, media and academic class signed the letter, including Sayeeda Warsi, a Muslim member of the House of Lords; historian William Dalrymple; actress Juliet Stevenson; Dr. Catherine Happer, a senior lecturer in sociology and director of media at the University of Glasgow; Rizwana Hamid, director at the Centre for Media Monitoring; broadcaster John Nicolson; and columnist Owen Jones.
The BBC must “robustly challenge Israeli government and military representatives in all interviews,” the signatories said.
In September, BBC Chairman Samir Shah said the board would “seriously consider” a review into the broadcaster’s Middle East coverage.
It followed claims by Jewish groups that the BBC is suffering from an “extreme” anti-Israel bias and that it is failing to properly manage complaints.
The open letter calls on the BBC to make new editorial commitments, including “reiterating that Israel does not give external journalists access to Gaza; making it clear when there is insufficient evidence to back up Israeli claims; making clear where Israel is the perpetrator in article headlines; and including regular historical context predating October 2023.”
One example of a “dehumanizing and misleading headline” cited by signatories related to Israel’s killing of 6-year-old Hind Rajab in January this year. The BBC headline read: “Hind Rajab, 6, found dead in Gaza days after phone calls for help.”
The letter to the BBC said: “This was not an act of God. The perpetrator, Israel, should have been in the headline, and it should have been clear that she was killed.”
Another anonymous BBC employee told The Independent: “Palestinians are always treated as an unreliable source and we constantly give Israel’s version of events primacy despite the IDF’s (Israel Defense Forces) well-documented track record of lying.
“We often seem to prefer to leave Israel out of the headline if at all possible or cast doubt on who could be to blame for airstrikes.
“The verification level expected for anything related to Gaza hugely outweighs what is the norm for other countries.”
In response to the letter, a BBC spokesperson said the broadcaster holds itself “to very high standards,” adding: “This conflict is one of the most polarising stories to report on, and we know people feel very strongly about how this is being reported.
“The BBC receives almost equal measure of complaints asserting that we are biased towards Israel, as we do asserting we are biased against it.
“This does not mean we assume we are doing something right, and we continue to listen to all criticism — from inside and outside the BBC — and reflect on what we can do better.”
