HOMEGROWN property search startup 99.co has acquired Indonesia's UrbanIndo - said to be the largest property portal in Indonesia with over 1.2 million active listings - for an undisclosed amount.With the acquisition, 99.co is believed to be among the largest property listing portals in Singapore and Indonesia. Property consumers in both countries can now access 99.co for all property-related transactions.99.co said on Monday that acquiring UrbanIndo will be a "key cornerstone" to its continual growth to become the No 1 property technology company in Indonesia.Darius Cheung, co-founder and chief executive officer of 99.co, said: "The UrbanIndo team has built up critical leadership in product, listings and consumer demand that will put us on a 10 times growth trajectory in Indonesia."Petra Barus, chief technology officer of UrbanIndo, added that both teams will deliver "exciting new products" to serve buyers, agents and developers.99.co first entered the Indonesian market in 2016 as part … [Read more...] about Singapore startup 99.co buys Indonesia property portal UrbanIndo
Indonesia
Indonesia signals no more rate cuts as inflation risks rise
[JAKARTA] Indonesia's central bank signalled the end of monetary policy easing as it focuses on inflation risks, such as rising food and oil costs.After keeping the benchmark interest rate at 4.25 per cent - as forecast by all 24 economists surveyed by Bloomberg - Assistant Governor Dody Budi Waluyo indicated there's limited room for rate cuts after eight reductions in the past two years."The monetary stance remains neutral," he said in Jakarta on Thursday. "We will bring inflation to meet the target of 3.5 per cent. Future risks remain, but we see the window for cutting rates is closing." Economists are split on whether Bank Indonesia will cut, hold or raise interest rates this year. The bank has been on hold since October, and while it's still concerned by lacklustre credit demand and economic growth that's stuck at about 5 per cent, it's guarding now against higher inflation - in particular rising food costs, with rice gaining 6.1 per cent in the past two months.The central … [Read more...] about Indonesia signals no more rate cuts as inflation risks rise
Indonesia signals no more rate cuts as inflation risks rise
[JAKARTA] Indonesia's central bank signalled the end of monetary policy easing as it focuses on inflation risks, such as rising food and oil costs.After keeping the benchmark interest rate at 4.25 per cent - as forecast by all 24 economists surveyed by Bloomberg - Assistant Governor Dody Budi Waluyo indicated there's limited room for rate cuts after eight reductions in the past two years."The monetary stance remains neutral," he said in Jakarta on Thursday. "We will bring inflation to meet the target of 3.5 per cent. Future risks remain, but we see the window for cutting rates is closing." Economists are split on whether Bank Indonesia will cut, hold or raise interest rates this year. The bank has been on hold since October, and while it's still concerned by lacklustre credit demand and economic growth that's stuck at about 5 per cent, it's guarding now against higher inflation - in particular rising food costs, with rice gaining 6.1 per cent in the past two months.The central … [Read more...] about Indonesia signals no more rate cuts as inflation risks rise
Google and Temasek are investing in Indonesia’s Go-Jek as ride-hailing rivalry deepens: sources
Google, Singapore investor Temasek and China’s Meituan-Dianping are investing in Go-Jek as part of a $1.2 billion fundraising round, bolstering the Indonesian ride-hailing firm in its battle with deep-pocketed rivals Grab and Uber, sources said.The investments by Alphabet Inc’s Google – its first in a ride-hailing firm in Asia – and the other prominent investors underscore both the potential of the business in Southeast Asia, a region of 640 million people, and the insatiable appetite for funds at ride-hailing businesses.These businesses have been spending heavily to attract both riders and drivers, with discounts and promotions that have drained their cash. They have frequently courted deep-pocketed investors for funds.Grab and Uber are backed by Japan’s SoftBank Group, while Go-Jek has secured investments from Chinese technology giants Tencent Holdings Ltd and JD.com Inc.“As a strategic investor, Google can add a lot to Go-Jek’s … [Read more...] about Google and Temasek are investing in Indonesia’s Go-Jek as ride-hailing rivalry deepens: sources
Indonesia exchange walkway collapse due to “building failure” -initial report
[JAKARTA] Loose or corroded joints may have caused the sudden collapse of a mezzanine floor at the Indonesian Stock Exchange building this week that sent visiting students plunging to the ground, a preliminary report by the public works ministry has found.More than 70 people were injured in Monday's incident, which was captured on dramatic CCTV footage that showed a walkway giving way under the students, some of whom were trapped beneath slabs of concrete and other debris.The accident in Jakarta's plush financial district has shocked even a country that is used to natural and manmade disasters and where safety standards are often loosely enforced.The ministry's report said the suspended walkway fell because several cables broke away from the ceiling due to a "concentration of weight" in one spot where nearly 100 university students visiting the exchange had gathered."The burden could not be borne by the ... structure and triggered a building failure," said the report, which was … [Read more...] about Indonesia exchange walkway collapse due to “building failure” -initial report