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Indonesia

Member of Bali Nine drug smuggling gang dies in prison

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A member of the Bali Nine drug smuggling gang has died of stomach cancer, an Indonesian justice ministry official has said. Tan Duc Thanh Nguyen, 34, was serving a life sentence for his role in trying to traffic heroin from the resort island to Australia in 2005. The group’s ringleaders, Myuran Sukumaran and Andrew Chan, were executed by firing squad ... Read More »

8 Taiwanese sentenced to death in Indonesia for smuggling drugs

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An Indonesian court sentenced eight Taiwanese to death for trying to smuggle 1 ton of crystal methamphetamine into the country from China. Five were convicted in one trial, and the other three in a separate trial, before the South Jakarta District Court. “The defendants have been found legally and convincingly guilty of committing an evil conspiracy…by importing 1 ton of ... Read More »

Indonesia stock market slumps 2.5% as trade resumes

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JAKARTA: Indonesian shares slumped 2.5% their sharpest intraday fall in nearly two months, after trade resumed following a long holiday for Eid Al-Fitr celebrations. Global equity markets saw a selloff during the Eid holiday and Indonesia is expected to play catch-up, driven by stocks with high foreign ownership such as Bank Central Asia and Bank Mandiri, according to a Trimegah ... Read More »

Indonesia tries to get companies to hold more rupiah to stem weakness

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JAKARTA: Over the past couple of decades, Indonesian companies have developed a tried and tested strategy to cope with the periodic plunges in the rupiah: retain dollars to protect their profits. But their behaviour can add to downward pressure on the currency, exacerbating problems for policymakers in southeast Asia’s biggest economy, especially given its relatively open nature compared to neighbours ... Read More »

Indonesia, India Upgrade Ties With 15 Agreements

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JAKARTA, INDONESIA (AP) — Indonesia and India agreed Wednesday to upgrade bilateral relations by signing more than a dozen agreements on a broad range of areas including defense, maritime affairs, trade and investment. After meeting with visiting Indian Prime Minister Narendra Modi, President Joko “Jokowi” Widodo said they agreed to make their economies open and hoped a comprehensive economic partnership ... Read More »

Indonesia’s currency is spiraling. It’ll have to make sacrifices to save it

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Indonesia’s rupiah has been growing worryingly weak, and the country’s central bank has seen little success after multiple attempts to prop up the currency. Now, Bank Indonesia said it will meet again on Wednesday — and speculations are rife that the central bank has more tricks up its sleeve. The rupiah has been one of the worst-hit Asian currencies as ... Read More »

Government to increase biodiesel mix to 25%

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The government is planning to issue a regulation on the production of 25-percent biodiesel ( B25 ) early next year. Once issued, the policy will replace the current regulation on 20-percent biodiesel ( B20 ) production. The 5-percent increase in biodiesel is expected to save US$1 billion in oil imports a year, in addition to supporting clean energy. Energy and ... Read More »

Jakarta Asian Games to Cost $3.2b to Indonesia Economy

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JAKARTA: This year’s Asian Games in Jakarta and Palembang will cost $3.2 billion to the Indonesian economy, a new survey has estimated. Indonesia’s National Development Planning Agency (Bappenas) claims Jakarta Palembang 2018 will have a multibillion dollar impact on the local economy along with another major event to be held in the country this year, the meeting of International Monetary ... Read More »

Indonesia violence: Samurai sword-armed men target police station

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Four men who attacked a police station with samurai swords in Indonesia have been shot dead, authorities say. The group began the assault by ramming a car into the police headquarters in the town of Pekanbaru in Riau province. A police officer was killed and one of the assailants arrested. The Islamic State (IS) group has claimed the attack via ... Read More »

China Contributing $500 Million to Trump-Linked Project in Indonesia

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The Chinese government is extending a $500 million loan to a state-owned construction company to build an Indonesian theme park that will feature a Trump-branded golf course and hotels. A subsidiary of Chinese state-owned construction firm Metallurgical Corporation of China (MCC) signed a deal last week with the Indonesian firm MNC Land to build an “integrated lifestyle resort,” as part ... Read More »

Indonesia to auction Rokan Oil Block in July

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The Energy and Mineral Resources Ministry plans to auction Rokan Oil Block in Riau in July as the contract between the government and Chevron Pacific Indonesia is slated to end in 2021. The ministry’s oil and gas director general, Djoko Siswanto, said it was understandable that the block attracted many investors as it was highly productive. “If there are many ... Read More »

Freeport Indonesia Divestment Still Targeted for This Year, Inalum Says

Seorang wanita melintasi layar elektronik pergerakan saham di Bursa Efek Indonesia, Jakarta, Jumat (6/10). Pada penutupan perdagangan akhir pekan, IHSG ditutup naik 3 poin atau 0,06 persen ke 5.905. ANTARA FOTO/Akbar Nugroho Gumay/NZ/17

Nusa Dua, Bali. Freeport-McMoRan’s divestment of a controlling interest in Indonesia’s Grasberg mine is still planned for 2018, even though the price and some contract terms are still to be agreed, the head of state mining holding company Inalum said. Inalum, which is arranging funding for the deal, already has a “committed” loan for the transaction with Freeport and Rio ... Read More »

Australia’s Crown Group Announces First, $500m Project in Indonesia

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Jakarta. The Crown Group, a Sydney-based property developer, has joined forces with Pembangunan Jaya Ancol, a public company controlled by the Jakarta provincial government, to develop a Rp 7 trillion ($500 million) waterfront apartment complex in North Jakarta. The Crown Group was founded by Indonesian-born Iwan Suwito and Paul Sathio in 1994. The company has had a presence in Indonesia ... Read More »

Indonesia to keep crude palm oil cocoa export taxes unchanged in May

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JAKARTA:  Indonesia will keep its export tax for cocoa unchanged at 5 percent in May and will again not charge tax on shipments of crude palm oil, the trade ministry said on Thursday. That will mark the second month with the tax on cocoa at 5 percent as the government’s reference price is seen remaining between $2,000 and $2,750 per ... Read More »

Indonesians keen to invest in Bangladesh

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JAKARTA: Indonesian entrepreneurs are keen to invest in joint venture projects in Bangladesh’s energy, power, transportation, infrastructure and tourism sectors, said Rina P Soemarno, ambassador of the Southeast Asian nation in Dhaka, yesterday. She said Bangladesh and Indonesia have already signed a primary deal on importing liquefied natural gas (LNG) and setting up an LNG-based 1,400-megawatt power plant in Kutubdia ... Read More »

Financial System Remains Stable says Bank Indonesia

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JAKARTA: The financial system remains stable and the bank intermediation function continues to improve, Bank Indonesia (BI) Executive Director for Communications Agusman stated. “Maintained stability in the financial system is reflected in the high Capital Adequacy Ratio (CAR) of the banking industry, reaching 23.1 percent, and liquidity ratio, 23 percent, in February 2018,” Agusman noted in a statement on Monday. ... Read More »

Indonesia to boost Malaysia to slowdown biodiesel exports

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JAKARTA: Indonesian biodiesel makers are gearing up to boost exports after the European Union removed anti-dumping duties on shipments from some producers in the country, but rival suppliers in Malaysia are bracing for a slowdown in the wake of the move. After legal proceedings at the European Court of Justice, the EU last month removed duties on biodiesel imports for ... Read More »

Indonesia to boost biodiesel exports

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JAKARTA: Indonesian biodiesel makers are gearing up to boost exports after the European Union removed anti-dumping duties on shipments from some producers in the country, but rival suppliers in Malaysia are bracing for a slowdown in the wake of the move. After legal proceedings at the European Court of Justice, the EU last month removed duties on biodiesel imports for ... Read More »

Importers to gain from 22% dip in Indonesia coal prices

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JAKARTA: Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augurs well for plants that import fuel. China has restricted coal imports at many ports and plans to phase out a large number of thermal plants, hurting demand.  Experts said prices are expected to fall further, ... Read More »

Indonesian furniture attracts Dubai market

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JAKARTA: Indonesia`s premium quality furniture products exhibited at INDEX Exhibition at the Dubai World Trade Center, Dubai, United Arab Emirates (UAE), have attracted the markets and have been sold out at the fair. The Head of Indonesian Trade Promotion Center (ITPC) in Dubai, Heny Rusmiati, stated that ITPC facilitated Jatra Design Furniture to participate in the exhibition, which was attended ... Read More »