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WhatsApp, Paypal invest in Indonesian payment and ride-hailing firm Gojek – The Journal Pioneer

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By Fanny Potkin

SINGAPORE (Reuters) – Facebook Inc messaging platform WhatsApp and Paypal Holdings Inc on Wednesday said they have invested in payment and ride-hailing firm Gojek as part of the Indonesian firm’s ongoing fundraising round.

WhatsApp and Paypal did not disclose the size of the investment or the stakes they would receive.

WhatsApp Chief Operations Officer Matt Idema in a blog post said the messaging platform would work with Gojek “to support the growth of millions of small businesses”.

Paypal said in a statement that its payment capabilities would be integrated into Gojek’s services.

Reuters reported in April that Facebook was in talks with Gojek about an investment and was working with three e-wallet operators in Indonesia, including Gojek’s GoPay, to launch mobile payment services in Southeast Asia’s largest economy.

The same month, WhatsApp invested $5.7 billion in the digital arm of India’s Reliance Industries Ltd .

Gojek was founded in 2010 as a ride-hailing firm and has since evolved into a one-stop app through which users can make online payments and order food and services. It is active in four markets and owns an e-wallet startup in the Philippines.

The firm is valued at $10 billion, sources have said. It closed a $1.2 billion funding round in March, showed to an internal memo reviewed by Reuters.

“With Facebook and WhatsApp being the dominant social and messaging platforms in Indonesia, this investment cements Gojek’s position as the leading super app for more than 300 million people,” said Hian Goh, partner at Openspace Ventures, which lead Gojek’s series A funding round in 2014.

Indonesia is one of WhatsApp’s five biggest markets, with over 100 million users.

(Reporting by Fanny Potkin; Editing by Himani Sarkar and Christopher Cushing)

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CN announces $105 million investment into Saskatchewan projects – moosejawtoday.com

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CN is pledging to invest approximately $105 million in Saskatchewan this year, in support of maintenance and infrastructure projects that are expected to expand supply chains and meet growing demand for prairie producers. 

The investments will be used largely on track infrastructure projects, including the replacement of rail ties and the maintenance of bridges, level crossings, culverts, signal systems, and more.

CN expects to see these projects create greater capacity and encourage more customers to use rail for long hauling products, which would reduce the transportation supply chain greenhouse gas (GHG) emissions by up to 75 per cent, and reduce traffic congestion and accidents on public roads.

“We take our essential role in the North American economy seriously and these investments in Saskatchewan are a key part of our strategy to support growth. The Company remains committed to help enable supply chains that fuel Saskatchewan’s growth as we are a critical part of getting everyday goods to markets and consumers,” said vice-president of the western region James Thompson, in a press release. 

Projects in southern Saskatchewan include replacing more than 65 miles of rail, installing over 145,000 new railroad ties, rebuilding 12 road crossings, and other maintenance and safety projects.

“Safety is a core value at CN and by investing in the maintenance and expansion of our track and capacity, we are providing customers with a safe and reliable solution at a time when fluid supply chains are more critical than ever,” continued Thompson. 

CN transports an estimated $250 billion worth of goods each year, with grains, fertilizers, and potash making up a large amount of the shipments handled by CN in the province. 

The newly announced investment funding is expected to continue expanding CN’s capabilities in moving goods through the intermodal terminals in Saskatoon, Regina, Bienfait and North Battleford onto major terminals and global markets all over North America.

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Bracing your investment portfolio for ongoing waves of volatility: Ask BNN Bloomberg – BNN

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With growing economic uncertainty during the COVID-19 pandemic, the financial landscape is shifting every day.

Whether it’s dealing with sudden unemployment, ballooning debt, or expenses related to working from home, BNN Bloomberg wants to help Canadians navigate these uncharted waters.

That’s why we created Ask BNN Bloomberg, where you can have your personal finance questions answered by industry professionals.

Email or send your questions via video to askbnnbloomberg@bellmedia.ca, and we will aim to answer them weekly.

Questions and answers have been edited for clarity. Last names will not be used.


Financial aid for Canadian contractors

Alex in Oshawa, Ont.:

My wife rents a commercial unit and is a sub-landlord to five hairstylists in her salon. These independent contractors pay a chair rental fee and are not on a payroll system. She pays rent to the landlord for the unit she leases it in her name.

My wife wants to know if she can apply for the rent relief program since she doesn’t think her landlord will participate in it and she wants to help her stylists out with rent.

Just trying to ease their pain. l keep hearing that we are all in this together. (May 12, 2020)

Mary Ng, minister of small business, export promotion and international trade:

Thank you, Alex. Like you said, we are all in this together – and we will continue working to support Canadians every step of the way through this crisis.

Although the tenant-landlord relationship is ultimately the responsibility of the provinces and territories, our government has stepped up to provide support through the tools that we have, the Canada Mortgage and Housing Corporation, so that small businesses can get the rent relief they need. We strongly urge all landlords to apply for the Canada Emergency Commercial Rent Assistance (CECRA) – it makes financial sense and will help all of us get through these tough times.

CECRA is just one of a wide range of other emergency supports we’ve bought in to help businesses and all Canadians. The Canada Emergency Response Benefit (CERB) could help your wife and her stylists if they’ve seen their income reduced, and the $40,000 interest-free loan CEBA (Canada Emergency Business Account) can help business owners like your wife keep up with non-deferrable expenses, like rent and utilities – which is available at your local bank or credit union. (June 30, 2020)

Choosing between CERB and CESB

Jenny from Montreal:

Hello BNN Bloomberg,

Thank you so much for taking the time to answer my questions concerning my personal financial situation.

I am a student who just graduated this winter semester. I was working part-time at school during the school year and with the pandemic, I stopped working there as the school was (and is still), closed.

I applied for CERB from mid-March till June, as I have earned more than $5,000 in 2019. On the side, I had a smaller part-time job that earns about $200 per month so I am also well-below the $1,000 maximum as income per month for CERB.

My question is, can I keep taking CERB instead of Canada Emergency Student Benefit (CESB)?

I have not returned to work at school but seeing that summer is here, I normally would have had to sign a new contract with the school for a part-time job as the winter semester is officially done.

Thank you so much for your clarification! (June 15, 2020)

Tim Cestnick, co-founder and CEO of Our Family Office Inc.:

Choosing between CERB and CESB

Tim Cestnick, co-founder and CEO of Our Family Office Inc., answers a viewer question on whether they can claim CERB even if their part-time job ended during the winter semester and it hasn’t been renewed.

There’s still a lot of confusion around the Canada Emergency Response Benefit and also the Canada Emergency Student Benefit and particularly which can you claim and when.

Now just to share with you one story; one student was working during the school year on a part-time basis, now that work was supposed to come to an end at the end of April but she was working part-time during school and had earned over $5,000 in the last year so she was fine that way. When her job came to an end because of COVID-19, she did qualify for the CERB and has been claiming that benefit. Her question was “What about the summer months?”

So in the summer months, she had no guaranteed work for the summer months, it’s not like there was a contract already in-place, she had a job for the summer, it was guaranteed and now she lost it because of COVID-19.

If that had been the case she would be able to continue claiming the CERB, but that wasn’t the case. Now she’s left looking for a job like many other students are this summer. If she has trouble finding that work for the summer, she could claim CESB.

Now it’s going to take a separate application, it’s not as generous as the CERB but it’s still not bad, it’s free money so don’t hesitate to apply for it. But keep in mind as well that the government will not let you claim both the CERB and CESB in respect to the same period of time so you can’t double dip.

But still if you do qualify make sure apply, because it is free money and it’s going to help you. (June 29, 2020)

Managing your portfolio amid ongoing waves of volatility

Roland from Toronto:

I’m finding it really difficult to sit and watch our (risk adverse) mutual funds fluctuate so greatly.

The advice we get from the bank from the on-set (early to mid-March) is that it will return to the original value and to be patient. Even when everyone was selling and things started to slide, we were told to hold on versus protecting our assets.

While we still haven’t recovered from initial losses from March, I wonder if it’s too late to protect what we already have in event there is another downturn this fall.

What types of guaranteed investments can we move our mutual fund money to until we get over this hurdle? (June 29, 2020)

Frank Settino, investment counsellor at Kerr Financial:

You are in good company because most investors find it difficult to deal with the volatility that comes with investing in equity markets. However, with the added volatility there is the prospect of generating rates of return that are well above guaranteed investments over the long-term. The long-term is measured in years and not months.

If you feel uncomfortable with the fact that the value of your investments has fallen below the original value, we suggest that you review your risk tolerance and time horizon. As a result, you may discover that based on your investor profile your current investments are not suitable for you.

If this is the case you may want a much smaller allocation to equities that typically exhibit greater volatility, and a larger allocation to bonds and guaranteed investment products that provide stable income and preserve capital. In reducing your exposure to investment risks tied to equities, you should also expect to generate lower returns over the long-term. (June 30, 2020)

To have your personal finance question answered an industry professional, send an email to askbnnbloomberg@bellmedia.ca.

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Proposed provincial corporation looks to expand investment activity – Calgary Herald

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A new bill presented in the Alberta legislature by the UCP government on Tuesday aims to attract investment in the province’s key industries to help repair the damage done by the COVID-19 crisis.

Economic Development, Trade and Tourism Minister Tanya Fir presented Bill 33, the Alberta Investment Attraction Act, which would create an arm’s length corporation responsible for stimulating national and international investments primarily in the energy, agriculture and tourism industries to fuel growth in the economy.

If passed, the act would see an $18-million, three-year commitment from government, and would also look at “pursuing investment opportunities in high-growth industries such as technology, aviation and aerospace and financial services,” a statement on the proposed bill read.

“Our government realizes we must redouble our efforts to generate new sources of revenue to keep our economy moving,” Fir said during a news conference Tuesday. “As we recover from COVID-19, Alberta’s economic recovery will count heavily on new, private capital investment to help restore and stabilize business growth.”

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