In major blow to TikTok, Indonesia bans e-commerce transactions on social media

News Snapshot:

Summary Companies Ban takes effect immediately Govt says aims to protect offline trade TikTok invested in Southeast Asia to build e-commerce JAKARTA, Sept 27 (Reuters) - Indonesia has banned e-commerce transactions on social media platforms, the trade minister said on Wednesday, in a blow to short video app TikTok, which is doubling down on Southeast Asia's biggest economy to boost its e-commerce business. The government said the move, which takes effect immediately, is aimed at protecting offline merchants and marketplaces, adding that predatory pricing on social media platforms is threatening small and medium-sized enterprises. The move comes just three months...