24 Mar, 23
Welcome back to Strait Up, our weekly newsletter that makes sense of what’s going on in Southeast Asia.
So much for teamwork making dreams work. This week, we explore how Southeast Asia’s alliances run up against walls, crumble when faced with obstacles, or sputter out as challenges mount.
We take a look at tech giant GoTo, the merged entity of Indonesian ride-hailing group Gojek and e-commerce platform Tokopedia. After losing 70% of its valuation since its April initial public offering (IPO), the group could be staring at a suspension as a last resort.
We also talk about a power couple’s breakup: Manila Electric Company (Meralco) and San Miguel Corp. together control nearly 50% of the Philippine electric power grid. But as downed gas plants and rising coal prices take a toll on their business, their relationship was put to the test when they went to court.