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Indonesia

Indonesia`s foreign debts up 7 percent to US$372.9 billion

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Indonesia`s foreign debts rose 7 percent year-on-year to US$372.9 billion as of late November 2018, according to Bank Indonesia. The debts comprised the government`s and the central bank`s debts worth US$183.5 billion and private and state companies` debts worth US$189.3 billion, the central bank said in its foreign debt statistics published. Compared to October 2018, Indonesia`s foreign debts increased US$12.3 ... Read More »

Indonesia targets 7 percent growth in agroindustry

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The Industry Ministry has targeted an increase of 7.1 percent in the agroindustry in 2019, higher than last year’s 6.93 percent, following a surge in domestic demand. “In this political year, there are several sectors that will enjoy great opportunities, including the food and beverage industry,” the Industry Ministry’s acting director general of agroindustry, Achmad Sigit Dwiwahjono, said in a ... Read More »

Indonesian fishermen plead guilty to smuggling shark fins

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HONOLULU: US prosecutors in Hawaii are accusing the owners and officers of a Japanese fishing boat of helping Indonesian fishermen smuggle nearly 1,000 shark fins, worth about $58,000 on the black market. It’s against US law to remove the fins of sharks at sea. Prosecutors say the fishermen harvested fins from sharks that were still alive, and then discarded their ... Read More »

Indonesia to rely on trade agreements to boost exports: Minister

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Indonesia’s trade deficit this year, which reached US$7.5 billion in November, has forced the government to find a way to boost exports. Trade Minister Enggartiasto Lukita said on Thursday the government could not increase exports significantly this year because of various barriers, particularly the high tariffs imposed on Indonesian products that made them less competitive than the products produced by ... Read More »

Indonesia books $2.05 billion trade deficit in Nov

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Indonesia’s trade deficit reached US$2.05 billion in November, Statistics Indonesia (BPS) announced on Monday. The figure is higher than the $2.03 billion recorded in July, which was then the highest deficit in the last five years. The increase was triggered by a $1.46 billion monthly deficit in oil and gas trade despite declining oil prices, both in international indexes and ... Read More »

Indonesia woos Chinese investors with US$60b menu of Belt and Road projects

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JAKARTA: Indonesia is offering new projects worth up to US$60bil to Chinese investors in a bid to capitalise on Beijing’s Belt and Road initiative, a senior official said, despite growing concern about the strings tied to some of the loans worldwide. Despite Indonesia’s strategic location, Southeast Asia’s largest economy has not been among the biggest beneficiaries of China’s trillion-dollar push ... Read More »

Divided over Indonesian removal of levy on palm oil exports

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JAKARTA: An Indonesian government decision to lower the levy on crude palm oil (CPO) exports to zero would remove incentives for local refiners, a palm industry refiner body said. Facing low palm prices, the government on Monday said it will temporarily lower export levies on CPO and palm oil products to zero, from a range of $20 to $50 per ... Read More »

Indonesia records US$1.82 billion trade deficit in October

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Indonesia has booked another monthly deficit in October after it enjoyed a $230 million surplus in the previous month, Statistics Indonesia (BPS) announced on Thursday. The October deficit was recorded at US$1.82 billion, the second-highest deficit this year after a five-year high deficit of $2.03 billion in July. BPS head Suhariyanto said global price fluctuations in several commodities had affected ... Read More »

Indonesia sentences eight Taiwanese drug smugglers to death

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Jakarta: Eight Taiwanese drug smugglers were sentenced to death by an Indonesian court Thursday after being nabbed with around a ton of crystal methamphetamine in a country that has some of the world’s toughest anti-drug laws. The men were arrested during raids last July, when the drug network’s suspected leader was killed in a shootout with Indonesian police. “The defendants ... Read More »

Indonesia detains vessel for suspected fuel smuggling

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The Indonesian navy held a vessel illegally importing 5,000 tonnes of high-speed diesel – used as automotive fuel – last week. The Mongolia-flagged vessel, captained by an Indonesian national, did not have any import document or proper sailing permit when it was intercepted in waters off Batam last, Rear-Admiral Yudo Margono told reporters in Batam last Saturday. MV Eastern Glory ... Read More »

Maybank gives first ever syariah hedging loan in Indonesia

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PETALING JAYA: Malayan Banking Bhd’s (Maybank) Indonesian unit has provided the first-ever syariah hedging financing in the country worth US$128mil to PT Sarana Multi Infrastruktur (PT SMI). With the Islamic hedging product, PT SMI is expected to mitigate the risk of foreign-exchange volatility within the period which it needs to pay its obligation. This may be in the form of ... Read More »

Indonesia’s state-owned surveyor eyes Vietnamese market

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State-owned surveyor PT Surveyor Indonesia is looking into the possibility of entering Vietnam next year, following in the footsteps of state-cement producer PT Semen Indonesia (SI). PT Surveyor Indonesia president director Dian M. Noer said he had been inspired by Semen Indonesia’s successful expansion into the country, which began when it acquired majority shares of a Vietnamese cement factory in ... Read More »

Indonesia’s competitiveness improves, but still well below Singapore, Malaysia

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Indonesia’s economic competitiveness has stepped up, according to the recently released Global Competitiveness Report by the World Economic Forum (WEF). Under the newly introduced Global Competitiveness Index 4.0, Indonesia has a score of 64.9 points and is ranked at 45th, up two places compared to the previous index. Neighboring countries Singapore, Malaysia and Thailand, however, place higher in second place ... Read More »

Indonesia detains vessel for suspected fuel smuggling

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The Indonesian navy held a vessel illegally importing 5,000 tonnes of high-speed diesel – used as automotive fuel – last week. The Mongolia-flagged vessel, captained by an Indonesian national, did not have any import document or proper sailing permit when it was intercepted in waters off Batam, Rear-Admiral Yudo Margono told reporters in Batam last. MV Eastern Glory was coming ... Read More »

Two men sentenced to death for smuggling cannabis

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The West Jakarta District Court handed down the death penalty to Rizky Albar, 29, and Rocky Siahaan, 37, for their roles in smuggling 1.3 tons of cannabis to Jakarta from Aceh in December last year. The verdicts were read in two separate hearings. “There are no mitigating factors. The defendant is sentenced to death,” presiding judge Agus Setiawan said as ... Read More »

Indonesia imports more fuel in 2018

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State-owned energy holding company Pertamina’s oil imports stood at an average of 393,000 barrel per day (bpd) up to August, 6 percent higher than in the entire year of 2017, when it imported 370,000 bpd on average. The company’s official presentation, circulated among the media on Wednesday, shows that Pertamina’s gasoline imports stood at 316,000 bpd, or 83 percent of ... Read More »

Indonesia eyes foreign firms for more mergers

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JAKARTA: Indonesia has almost 2,000 banks and a currency that has plunged 11% since January, a combination overburdened regulators hope will prove irresistible to foreign acquirers. The country’s lenders are in much better shape than during the Asian financial crisis of 1997-98, and have stood up well to the weakening of the rupiah this year, said Fauzi Ichsan, chief executive ... Read More »

Indonesia sentences eight Taiwanese drug smugglers to death

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JAKARTA: Eight Taiwanese drug smugglers were sentenced to death by an Indonesian court after being nabbed with around a tonne of crystal methamphetamine in a country that has some of the world’s toughest anti-drug laws. The men were arrested during raids last July, when the drug network’s suspected leader was killed in a shootout with Indonesian police. “The defendants have ... Read More »

Indonesia charges Pole suspected in Papua arms smuggling plot

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JAKARTA: A Pole detained in Indonesia late last month could face life imprisonment having been charged with plotting against the state after being named as a suspect in a conspiracy to smuggle arms to separatists in Papua, a police spokesman said on Monday. Jakub Fabian Skrzypski was detained on Aug. 26 and is being held at police headquarters in the ... Read More »

Man who spent 18 years in Indonesian jail for smuggling hash returns to France

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A Frenchman detained for 18 years after trying to smuggle drugs into Bali arrived in Geneva and was on his way home after being deported in a case that sparked outrage in France over Indonesia’s tough narcotics laws. Police arrested Michael Blanc on the day after Christmas in 1999 at the tropical island’s airport with 3.8 kilogrammes (8.4 pounds) of ... Read More »