Analyzing the Trends of Global Economic Expansion
Indonesia Tech Linchpin Shakes Up Top Ranks After Selloff
- GoTo Group struggling to reach profitability as growth slow
- Stock has plunged 65% since last year’s stock-market debut
- Indonesian ride-hailing and delivery giant GoTo Group is sidelining several key executives and switching up its board, undertaking its biggest management reshuffle after a steep market selloff over the past year.
The country’s biggest tech company announced Wednesday that group president Patrick Cao is relinquishing his post to run a company endowment fund, while Tokopedia chief William Tanuwijaya will no longer lead the local e-commerce pioneer he founded in 2009. Tanuwijaya will however remain a commissioner and cochairman of GoTo.
First Australian Coal Shipment to China in Two Years to Dock
- Shipment was just outside Zhanjiang harbor on Thursday morning
- Trade relations between Australia and China have been strained
- The first Australian coal shipment to China in more than two years is on the verge of docking, providing hard evidence of a major thaw in trade relations between the two countries following months of diplomatic talks.
- Bulk carrier Magic Eclipse was anchored off the southern port city of Zhanjiang on Thursday morning, according to Bloomberg shipping data. It’s carrying metallurgical coal mined in Australia and destined for the Chinese market. Zhanjiang is a center for steel production in China.
• Chinese state media, AI companies warn of risks in ChatGPT stock frenzy
- Chinese state media on Thursday cautioned against risks in chasing ChatGPT-concept stocks, while artificial
intelligence (AI) companies urged investors to be rational after their soaring share prices caught regulators’
attention.
• Frenzy around the ChatGPT chatbot has spurred speculative bets in China’s stock market, pumping up AI firms
such as TRS Information Technology Co Ltd (300229.SZ), Hanwang Technology Co Ltd (002362.SZ) and
CloudWalk Technology Co Ltd (688327.SS).