Hello Betamax, It feels like merger rumors have swirled around Grab and GoTo forever. The deal seemed like a match made in heaven, but there have been several setbacks, if not jiltings at the altar. This will-they-won't-they story has yet another hurdle: Telkomsel, one of GoTo's shareholders, has reportedly refused to sell its stake at current valuations. One factor complicating matters is that Telkomsel is an Indonesian state-owned company. It does not want its investment to be seen as a failure, or worse, cause losses to the state if it sells its shares at a lower price. In Indonesia, executives at state-owned enterprises have been arrested over their alleged involvement in investments deemed to have harmed the state. In the tech sector, some may recall the arrests of the CEO of MDI Ventures and the former CEO of BRI Ventures. Today's first top story explores the country's "state-loss" doctrine, where it can be difficult to determine where normal business risk ends and state losses begin. Rules intended to protect public assets have instead become a source of legal uncertainty, and they have made Telkomsel's 2% stake in Gojek a huge stumbling block. While Grab finds its shopping plans slowed in Indonesia, AI in ecommerce could be adding items to cart faster than ever. In our second top story, my colleague Scott examines how AI agents could reshape online retail in Southeast Asia. Major companies like OpenAI and Google have launched features that allow consumers to buy directly through their chat windows without having to visit ecommerce platforms. Among the many changes they may bring is lower fees for merchants, but will that be enough to lure SMEs away from Shopee and Lazada? Jofie Yordan, journalist | 
