Business

Business (20)

Chinese e-commerce giant and data technology provider Alibaba Group aims to revolutionize offline retail spaces through a new technology that will enable customers to buy goods in cashier-less shops.

The new retail concept, which connects big data technology to optimize offline retailers and online stores, is being introduced through Alibaba's experimental cashier-less store called Tao Cafe at its 2017 Taobao Maker Festival in Hangzhou, China.

The government has decided to use moving block signaling -- a signaling system in which the blocks, or sections of track, are defined in real time by computers as protected zones around each train – for the Greater Jakarta light rail transit (LRT).

With a moving block system, trains can transport more passengers than when a fixed block system is used, said Transportation Minister Budi Karya Sumadi.

Budi said that by using moving block signaling, the LRT could transport up to 750,000 passengers per day while with fixed block it would only be able to transport 500,000.

Asia’s stock exchanges have had smoother starts to a week.

India’s National Stock Exchange, the country’s biggest bourse, suffered its longest ever halt on Monday after an unidentified glitch disrupted orders and price feeds, forcing the operator to freeze all equities and derivatives trading. Indonesia was also hit with a data issue and responded with its own shutdown. In both cases, brokers said that confusion reigned even after the venues had announced the suspensions.

It all added up to an unhappy Monday, with volume in Indonesia hitting its lowest level in a year while the benchmark index fell 0.7 percent. India’s NSE, already under pressure from an investigation into its practices toward high-speed trading, and with a proposed initial public offering seemingly in limbo, tried and failed to reopen its markets at least twice, before finally restarting after more than two-and-a-half hours.

“Lessons need to be learned from incidences like these and utmost precaution should be taken to avoid a recurrence,” said Dipan Mehta, an NSE member. “The bourse could also be efficient in communicating the issues, if they happen again, and minimise the chaos that prevails in these circumstances.”

NSE’s problems started soon after the open, when traders were unable to execute trades and prices were not updating, according to Arun Kejriwal, founder of Kejriwal Research and Investment Services. The bourse shut both the cash and derivatives segments at 9:55 a.m. local time and said premarket trading would resume at 10:45 a.m. Technical issues persisted, forcing it to delay the restart to 11 a.m. before it finally reopened at 12:30 p.m. A pricing display issue was still being addressed even after that.

Starbucks Indonesia clarified on Wednesday that the company had no affiliation with any political or ideological groups.

The clarification was made after Anwar Abbas, a leader of the country’s second largest Muslim organization Muhammadiyah, called for a boycott against Starbucks, saying that the coffee shop was pro-LGBT after Starbucks CEO Howard Schultz announced the company's support  for same-sex marriages.

Barack Obama has ended a five-day family holiday to Indonesia by visiting Yogyakarta, an ancient and artsy city around which his anthropologist mother spent years doing research into village life.

Barack Obama and his family are enjoying a holiday in Indonesia, spending time white-water rafting and visiting temples.

He arrived with his wife and two daughters on the island of Bali before visiting an ancient Buddhist temple in Java on Wednesday.

Thursday, 29 June 2017 15:10

Alibaba to invest US$1 billion in Lazada

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Chinese e-commerce giant Alibaba is planning to raise its stake in online mall Lazada to 83 percent from 51 percent at present in a bid to strengthen its foothold in Southeast Asia.

To do so, Alibaba plans to invest US$1 billion, which would bring its total investment in Lazada to $2 billion.

Eni Indonesia’s Muara Bakau working area is situated mainly in the Handil Baru Village, Samboja District, East Kalimantan, where the community comes from mixed ethnics. Despite this fact, traditional activities can barely be seen in the areas. Local youth and also elderly community leaders claimed that the lack of traditional events might be one of the factors. There is a concern whereby the traditions will vanish some more years from now.

Maritime Coordinating Minister Luhut Binsar Pandjaitan has offered investment opportunities in infrastructure projects to China during his visit to the country.

Luhut, who is scheduled to visit the country from June 15 to 17, met with Chinese Political and Legal Affairs Commission Secretary Meng Jianzhu on Thursday.

One member of a gang of robbers, known as the Lampung Gang, that police believe was behind the fatal shooting of Davidson Tantono, 30, in West Jakarta is reportedly a village head candidate and planned to use the stolen money to finance his campaign.

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