Captain’s Log, Nov 10: Uber CEO thinks SEA ride-hailing market is “over-capitalised”

Anisa Menur
Captain’s Log, Nov 10: Uber CEO thinks SEA ride-hailing market is “over-capitalised”

Toutiao acquires Musical.ly, Singapore launches Skills Framework for ICT, and Angkas forced to shut down operation

Uber CEO thinks SEA market “over-capitalised,” dismisses consolidation prospect

 

Uber CEO Dara Khosrowshahi dismissed the prospect of a consolidation of the company’s business in the Southeast Asian region, Reuters reported.

“The economics of that market are not what we want them to be … I think it’s over-capitalied at this point. We’re going in, and we’re leaning forward. But I‘m not optimistic that market is going to be profitable any time soon,” he said.

Despite existing challenges, Khosrowshahi said that there will be no merger deals struck in the region that is similar to what the company has done in China and Russia.

Speaking at the New York Times DealBook conference in New York, the newly appointed CEO also stated that its US operation has been unprofitable.

Singapore launches new skills framework for ICT industry

 

Singapore’s Minister of Communications and Information Dr. Yaacob Ibrahim today launched the new Skills Framework (SF) for ICT industry.

The framework was jointly developed by the Infocomm Media Development Authority (IMDA), SkillsFuture Singapore (SSG) and Workforce Singapore (WSG), through extensive consultation with over 150 industry leaders from various organisations, industry associations, training providers and unions.

Launched in support of the TechSkills Accelerator (TeSA), the framework is a comprehensive guide on the ICT skills and employment opportunities. It also maps out career pathways across seven tracks: Security, support, infrastructure, data, professional services, software and applications, and sales and marketing.

The framework also covers 119 job roles and over 80 existing and emerging skills within the ICT sector, and across other industry domains such as retail, logistics, finance, and healthcare.

At the launch, 11 companies have been recognised as early adopters of the framework. These companies are Accenture, Aptiv8, Cyber Security Agency, DBS Bank, GovTech, Integrated Health Information Systems (IHiS), i-SPRINT, PSA Corporation, Quann, Singtel and UrbanFox.

Also Read: Captain’s Log, Nov 09: Singtel Innov8 joins Qubole’s US$25M funding; Goldman Sachs to invest US$876M in Japanese startups

China’s Toutiao acquires Musical.ly

 

Lip-synching app Musical.ly has been acquired by Toutiao, the news aggregator service owned by ByteDance, for an undisclosed sum.

Anonymous sources told TechCrunch that ByteDance will pay between US$800 million and US$1 billion to buy Musical.ly.

Musical.ly will continue to operate independently following the acquisition, though it will benefit from Toutiao’s network and technology.

Philippines’ ride-hailing startup Angkas closed down by authority

 

The Philippines’ Land Transportation Franchising and Regulatory Board (LTFRB) announced on Thursday that motorbike-based ride-hailing startup Angkas is “considered closed,” Rappler reported.

LTFRB board member Aileen Lizada cited lack of permit as the reason behind the take-down, following arrests of 19 drivers in Manila.

Angkas is being given three days to explain why they should be allowed to continue operating.

e27 was able to confirm that by the time this article is published, users can still use the Angkas app to register and book for rides.

Image Credit: kojinaka / 123RF Stock Photo

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