The Fed is expected to cut rates multiple times, but the reason behind those cuts could have vastly different implications for the market.Marketsread more
It's about time to write off high-growth tech stocks, Goldman warns, saying software carries the highest multiples since the tech bubble.Marketsread more
Iran will surpass the internationally agreed levels of its low-enriched uranium levels in 10 days, the country's atomic energy body said Monday.Politicsread more
"This is going to be the biggest thing that's happened to Facebook in years," says CNBC's Jim Cramer. "It will be vital."Investingread more
Boeing says the airline industry will need 44,000 new commercial airplanes by 2038. The market value of those planes would reach $6.8 trillion, up from $6.49 trillion...Airlinesread more
Apple is reportedly building three new iPhones for 2020, including two with 5G. It may also slightly change the screen sizes of the new iPhones.Technologyread more
Sotheby's announces it has signed an agreement to be acquired by BidFair USA, a venture owned by art collector Patrick Drahi.Marketsread more
Overall, extortion by email is growing significantly, according to the FBI's Internet Crime Compliant Center (IC3). Last year, these complaints rose 242% to 51,146 reported...Technologyread more
In a 7-2 ruling, over dissents from Justices Ruth Bader Ginsburg and Neil Gorsuch, the justices affirmed the so-called "dual sovereignty" exception to the Constitution's...Politicsread more
The chipmaker crush could persist and investors should be selective, but Nvidia looks like a clear buy, one market watcher says.Trading Nationread more
Target's nationwide cash register meltdown over the weekend created more than $16 million in buzz on the internet from news reports and other social media mentions, according...Retailread more
Indonesia's Go-Jek is in talks with Philippine authorities to get its ride-hailing service application reconsidered, after it was rejected this month by regulators, and hopes to be in the market soon, co-founder Kevin Aluwi said on Thursday.
The startup, whose backers include Alphabet's Google, suffered a setback to its regional expansion plans when its application to start ride-hailing services was rejected by Philippine authorities on the grounds that its domestic unit did not meet local ownership criteria.
"We are in conversation with all government agencies and are optimistic we will be in the market soon," said Aluwi, who also serves as Go-Jek chief information officer.
Having evolved from a ride-hailing service founded in 2011 to providing a one-stop app through which users can make online payments and order food and services such as massages, Go-Jek is now nursing ambitions for a larger share of the Southeast Asian market, currently dominated by Singapore-based Grab.
Aluwi said Go-Jek had seen transactions worth $12.5 billion "over its whole platform" in 2018, with "consistent and explosive growth".
The startup announced last week that it had acquired a majority stake in Philippine fintech company Coins.ph, which operates a mobile wallet with five million users.
News website Techcrunch cited two unnamed sources as saying the investment was worth $72 million.
Aluwi, who was speaking at the DealStreetAsia 2019 PE-VC Summit, declined to confirm the size of the investment, but said the firm saw "payments as a key part of the platform evolving".
Go-Jek has raised billions of dollars from investors such as Tencent Holdings, JD.com and Temasek Holdings in its race for market share.
Sources told Reuters in November that Go-Jek's valuation was between $9 to $10 billion.
Ride-hailing services in Southeast Asia are expected to surge to almost $30 billion by 2025 from $7.7 billion in 2018, according to a Google-Temasek report.
Asked about reports that Go-Jek was mulling the purchase of JD.com's Indonesia business, Aluwi said they "had no near or medium plans to enter the e-commerce space".