Sunday , February 19 2017
Breaking News


Indonesia & China agrees to increase economic partnerships

China Indonesia

JAKARTA: Indonesia and China will continue to increase and expand economic partnerships, particularly in investment and trade, the Foreign Ministry said in a statement. Indonesian Foreign Minister Retno Marsudi and her Chinese counterpart Wang Yi met on the sidelines of the G20 meeting in Bonn, Germany, to discuss the expansion of partnerships between the two nations as part of a ... Read More »

Unilever Indonesia’s net income surges 9.2% in 2016


JAKARTA: Consumer goods giant Unilever Indonesia booked a 9.2 percent increase in net income to Rp 6.4 trillion ($480 million) last year on the back of strong performance in its home and personal care business segment, the company said in a filing to the Indonesia Stock Exchange on Thursday (16/02). The company also booked Rp 40 trillion in net revenue ... Read More »

Indonesia Jan exports surge more than expected


JAKARTA: Indonesia’s exports rose at the fastest pace since September 2011, as shipments of commodities rose by value, data from the statistics bureau showed on Thursday (16/02). Exports rose 27.7 percent in January from a year earlier to $13.38 billion, as shipments of palm oil and coal increased. A Reuters poll had expected a growth of 21.73 percent. Imports were ... Read More »

Indonesia’s Bank Mandiri posts lowest annual profit


JAKARTA: Indonesia’s biggest bank by assets, Bank Mandiri, posted on Tuesday (14/02) a 32 percent drop in its 2016 net profit to the lowest in five years mainly due to an increase in provisions for bad loans. State-controlled Mandiri delivered a net profit of Rp 13.8 trillion ($1.04 billion) for the full year ended Dec. 31, versus Rp 20.3 trillion ... Read More »

Indonesia sets new tax rates for mineral exports


JAKARTA: Indonesia has set export taxes of up to 7.5 percent for semi-processed metals including lead, zinc, iron and copper concentrate, the finance ministry said on Monday (12/2), with rates depending on progress companies make in developing smelters. “The more advanced the physical development of processing facilities, the lower the export tax rate that will be applied,” the ministry said ... Read More »

Indonesia posts $4.5b surplus in 2016 balance of payments


JAKARTA: Indonesia had a $4.5 billion surplus in its balance of payments in the final quarter of 2016 as the capital and financial accounts’ surplus was sufficient to cover the gap in its current account, data from the central bank showed on Friday (10/02). The current account deficit in the fourth quarter was $1.8 billion, or 0.8 percent of gross ... Read More »

Indonesia’s current account deficit shrinks in Q4: Central Bank


MANILA: Indonesia’s current account deficit shrank to 0.8 percent of gross domestic product (GDP) in the fourth quarter of 2016, its smallest reading in five years, the central bank governor said on Wednesday, though he noted it may widen again in 2017. The current account deficit was 1.8 percent of GDP in the third quarter. Governor Agus Martowardojo told an ... Read More »

GDP growth to improve soon: Chief Economic Minister


JAKARTA: Indonesia’s growth rate will improve in the near future, with its 2016 pace signaling a recovery though at a slower rate than expected, the country’s chief economic minister said on Monday. “As the budget situation improves, we can also expect improving growth,” minister Darmin Nasution told reporters. Earlier on Monday, Indonesia reported that its gross domestic product grew 5.02 ... Read More »

IMF keeps positive assessment, outlook on Indonesia


JAKARTA: The International Monetary Fund has lauded Indonesia’s prudent mix of macroeconomic policies and structural reforms which have preserved stability amid challenging shifts in the global environment, an IMF end-of-mission statement released on Friday (03/02) said. The Indonesian government managed to keep a robust economic growth of 5 percent last year compared to 4.8 percent a year earlier on the ... Read More »

Economic growth slows to 4.94% in Q4


JAKARTA: Indonesia’s annual economic growth in the fourth quarter dipped below 5 percent again, weaker than expected and a second straight quarter of slowdown, the statistics bureau said on Monday (06/02). Southeast Asia’s largest economy grew 4.94 percent on an annual basis in October-December, data from the bureau showed. Growth in the July-September quarter was 5.01 percent, while the median ... Read More »

Bank MNC plans to buy off banks to strengthen financial unit


JAKARTA: Bank MNC International, a listed lender controlled by business conglomerate MNC Group, is planning to acquire several banks to strengthen its financial unit, the group’s chief executive Hary Tanoesoedibjo said on Friday (03/02). “We’re working on a plan to merge several banks with Bank MNC International to boost its performance,” Hary told the press at the Indonesia Stock Exchange ... Read More »

Indonesia may soon revise land ownership taxes: Minister


JAKARTA: Indonesia may soon revise the way it taxes land ownership as part of a push to reduce wealth inequality and increase state revenue in Southeast Asia’s largest economy, the chief economic minister said. Among the proposed measures is a progressive tax on land ownership, and a capital gains tax that would replace existing taxes on land transactions, Coordinating Economic ... Read More »

Alleged Indon people smuggler in court


JAKARTA: An alleged kingpin of Indonesia’s people smuggling network has faced court over organising a boat on which Australian officials allegedly paid crew more than $US30,000 ($A39,633) to turn back from New Zealand. Captain Bram’s involvement with the boat at the centre of the cash for turn-back scandal began when he met the alleged “mastermind” of the failed journey in ... Read More »

Indonesia plans to set up Jakarta halal economic zone


JAKARTA: The world’s most populous Islamic country, Indonesia, in its quest to broaden the Islamic economy in the country, is considering the establishment of a halal economic zone in the capital Jakarta, according to the National Development Planning Board. Such a zone could include Islamic banks and financial institutions, as well as halal restaurants, hotels, malls, halal fashion boutiques and ... Read More »

Indonesia Eximbank to boost SME exports


JAKARTA: State-owned Indonesia Eximbank will play a pivotal role in boosting small and medium enterprise (SME) exports through export based people’s business credit (Kurbe) and an incubator program. Indonesia Eximbank acting president director Suswijono Moegiarso said it already disbursed Rp 1 trillion (US$74.95 million) Kurbe in 2016, a cross subsidy between big debtors and SMEs. For 2017, the Financial Service ... Read More »

Indonesian navy foils smuggling attempt from Singapore


JAKARTA: The Western Fleet Quick Respons team (WFQR) of Tanjungpinang navy base has foiled attempt to smuggle goods allegedly originating from Malaysia and Singapore. Commander of the Lantamal IV/Tanjungpinang First Admiral S Irawan said here on Sunday the smuggled goods were transported aboard motor vessel Bima Sakti. “We detained them last night,” Irawan said. The Indonesian-flagged vessel had become the ... Read More »

Indonesia’s palm oil export tax at USD $18/tonne in Feb


JAKARTA: Indonesia, the world’s largest producer and exporter of crude palm oil (CPO), set the export tax for its CPO shipments at USD $18 per metric ton for February 2017, significantly higher than the USD $3 per metric ton export tax in the preceding month. Indonesia’s benchmark February CPO price was set at USD $815.5 per ton, rising further above ... Read More »

Former police officer shot dead in North Sumatra while smuggling attempt

Indonesian Police

JAKARATA: A former police officer was shot dead in North Sumatra reportedly while attempting to smuggle drugs as part of a transnational narcotics syndicate. Asahan Police chief Senior Commander Tatan Dirsan Atmaja said that the former officer, identified only by the initials BT, was involved in a Malaysia-Medan-Jakarta drug ring and had become the target of a police operation. Tatan ... Read More »

Bank Indonesia estimates oil price increase to $47 per barrel


JAKARTA: Bank Indonesia (BI) estimates average global crude oil prices to rise to $47 per barrel this year. There are concerns that the price increase may trigger fuel oil prices adjustments in Indonesia, and affect inflation rate. “The rise of global oil prices will affect commodities directly, and prices in general,” said Agus Martowardojo, Governor of Bank Indonesia on Wednesday. ... Read More »

Indonesia probes arms smuggling by soldiers


JAKARTA: Indonesia will yesterday send a team to Sudan to investigate allegations that its peacekeepers stationed there with the United Nations tried to smuggle arms out of the country, officials said. Authorities in Sudan last week stopped 139 Indonesian police officers from flying out of the Darfur region after security scans found guns and ammunition in luggage believed to belong ... Read More »