Singapore’s property search start-up 99.co has acquired Indonesia’s UrbanIndo – said to be the largest property portal in Indonesia, with more than 1.2m 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 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.
Singapore Exchange said it allow companies with dual-class share structures to list, a month after Hong Kong announced a similar proposal, as competition between markets for technology listings becomes increasingly fierce. SGX will consult on the rules this quarter and expects the first listing “soon after,” CEO Loh Boon Chye said. The moves by the two Asian exchanges come as some of the world’s largest technology companies from Alibaba Group to Facebook use stock with enhanced voting power to protect the influence of their founders and management. Such structures have faced opposition from investors, who fear their rights could be eroded amid corporate governance concerns.
Indonesian authorities are investigating the use of bitcoin in Bali, amid warnings by the central bank over the risks posed by virtual currencies. BI found out from some postings on social media that Bali appeared to have become a haven for bitcoin transactions, adding that BI officials and police went undercover at the end of 2017 to investigate scores of businesses in Bali advertising online that offered bitcoin payment services. The team found two cafes still using bitcoin as a means of payment, but 44 businesses including car rental outlets, hotels, travel companies and jewelry stores, previously offering the service, had now stopped. BI will impose heavy sanctions on any payment system providers that facilitate financial transactions in cryptocurrencies. BI fears that such virtual currencies have been forming bubbles due to the lack of control by responsible authorities and the absence of underlying asset backing, which can affect financial stability and cause social harm.
The chief spokesperson for SMRT, Mr Patrick Nathan, has resigned amid talk of leadership changes in the embattled transport operator, following a recent string of high-profile incidents. Several high-profile incidents in the past year, including a tunnel flooding at Bishan and a train collision at Joo Koon, have put Mr Nathan in the hot seat. Commuters have also taken the rail operator to task for not providing timely information during major incidents and multiple train breakdowns. For example, it took SMRT some three hours to publish its first joint statement with the Land Transport Authority (LTA) after the Joo Koon collision last November.
There are “good reasons” to be optimistic about global economic growth this year, but Monetary Authority of Singapore managing director Ravi Menon cautioned that policymakers will need to watch out for inflation, protectionism and financial instability risks — or the three bears that could derail the current Goldilocks economy. Mr Menon noted that many analysts have characterised the healthy growth, low inflation, and easy financial conditions as a Goldilocks scenario: A global economy that is “chugging along, not too hot, not too cold”. He said: “The Goldilocks scenario – at least for this year – is a reasonable baseline view. But we need to be watchful of the three bears who may show up at the front door any time.” 2017 was described as a good year for the global economy, with the world gross domestic product estimated to have grown by 3.8%, “significantly higher” than the 3.2% in 2016.
We would like to invite Singaporeans to meet with Ambassador Anil Kumar Nayar for a discussion on consular services provided by the Singapore Embassy in Jakarta.
Date: Saturday, 27 January 2018
Time: 3.00 pm to 5.00 pm
Venue: Embassy of the Republic of Singapore, Jakarta
Jln H R Rasuna Said, Block X/4, Kav No. 2,
Kuningan, Jakarta Selatan 12950
Parking: Available at the Embassy on a first-come-first-served basis for the first 20 guests. Alternative parking can be found at Menara Karya (a four-minute walk from the Embassy).
Please RSVP by Wednesday, 24 January 2018 by dropping us an email at email@example.com with your name, NRIC, mobile number and vehicle registration number (if any).
Alternatively you can give us a call at +62 21 2995 0400 to indicate your interest.
Please do not reply to this computer-generated SMS.
We look forward to meeting you!
Singapore Embassy in Jakarta
The Indonesian Directorate General of Immigration has advised that holders of the ABTC are exempted from Indonesia’s Visit Visa requirements so long as they are not engaged in any employment in Indonesia. They can remain in Indonesia for up to 60 days (which cannot be extended). Currently there are 17 airports (4 with dedicated ABTC Gates and the other 13 without) as well as seaports including Batam in Indonesia, which holders of the ABTC who are travelling to Indonesia for business purposes can use. The current list of approved airports and seaports is attached. As the list may change, holders of the ABTC are advised to visit www.imigrasi.go.id under “Info Publik” for the latest list.
More details please click on link below
Credit Suisse Group AG and Morgan Stanley are calling the end of Singapore’s property downturn, after a second consecutive quarterly increase in private residential prices. Home prices may rise as much as 10 per cent this year, according to analysts at Credit Suisse, while Morgan Stanley and OCBC Investment Research expect as much as an 8 per cent increase, according to reports from the brokerage firms. Private residential prices rose for a second straight quarter in the period which ended on Dec 31, reinforcing signs that the city-state’s property market is emerging from a four-year slump.
The Jakarta bourse has set a target of listing 35 new companies this year, on the back of improving economic growth and upcoming regional elections that are expected to boost consumption in the country. Companies planning to go public this year is expected to exceed the official target of 35. There are several challenges this year in the domestic market, including hype surrounding the biennial multi-sport event Southeast Asian Games, regional elections and the International Monetary Fund and World Bank meeting in Bali. Communication construction service LCK Kedaton, solar panel manufacturer Sky Energy Indonesia, coal producer Borneo Olah Sarana Sukses and local shariah lender BTPN Syariah are expected to go public in the first quarter this year. Kioson Komersial was the first startup to go public in 2017 which raised Rp45bn and its share price has risen more than eight-fold since. Integrated offshore shipping company Pelayaran Tamarin Samudera was recorded as the highest gainer last year among the newly-listed 36 companies. Its share price jumped more than 13 times.