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Wednesday , April 26 2017
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Indonesia

First Jakarta-Los Angeles cargo route launched in Tanjung Priok

Tanjung Priok port

JAKARTA: Indonesia’s main shipping gateway, Tanjung Priok Port in North Jakarta, launched the first ever route connecting Jakarta and Los Angeles in the United States to boost its strategic standing as an international seaport. The weekly route, which includes stops in Laem Chabang, Thailand, and Cai Cep, Vietnam, before ultimately arriving in the United States for stops in both Los ... Read More »

French CMA CGM aims to boost market share to 20% in 2017

CMA-CGM-Marseille-BIG

JAKARTA: France’s CMA CGM, the third biggest shipping company in the world, aims to increase its market share in Indonesia to 20 percent by year-end from the current 13 percent. “With aggressive marketing, as well as longer and more efficient routes, we believe we can have 20 percent of the market by end of 2017,” said the firm’s senior vice ... Read More »

Indonesia, U.S eyes to reduce trade barriers, enhance bilateral cooperation

USA and Indonesia

JAKARTA: Indonesia and the United States agreed to find ways to reduce barriers to US companies operating in Southeast Asia’s largest economy, visiting US Vice President Mike Pence and Jakarta’s investment chief say. The Trump administration has put Indonesia on a list of 16 countries whose trade surpluses with the US will be put under review. A series of disputes ... Read More »

Freeport Indonesia has initial approval to resume copper exports

An aerial view of a giant mine run by U.S. firm Freeport-McMoran Cooper & Gold Inc., at the Grassberg mining operation, in Indonesia's Papua province in this July 2005 file photo. REUTERS/Stringer/Files

JAKARTA: Freeport McMoRan Inc has received preliminary approval to resume copper concentrate exports from its Indonesian operation and hopes to lodge an application for an export permit this week, a company spokesman said. Indonesia halted Freeport’s copper concentrate exports in January under new rules requiring the Arizona-based company to adopt a special licence, pay new taxes and royalties, divest a ... Read More »

Indonesia can now take large container vessels at Tanjung Priok port

Indonesia - Tanjung Priok port

JAKARTA: Indonesian President Joko Widodo said large ships will be able to berth at Jakarta’s Tanjung Priok port after continued improvements in services by the port operator. “Soon or next week there will be ship measuring 10,000 TEUS to call at Tanjung Priok,” Jokowi said when officially commissioning an access toll road to the country’s largest port on Saturday. Dwelling ... Read More »

Indonesia`s imports up, trade surplus

high-stock-price-companies

JAKARTA: Indonesian imports rose 17.65 percent to US$13.36 billion in March from US$8.89 billion in February this year, the Central Bureau of Statistic (BPS) said here on Monday. BPS head Suhariyanto attributed the increase to 24.94 percent rise in the imports of commodities other than oil and gas to US$11.10 billion from US$8.86 billion in February, 2017. Imports of oil ... Read More »

Indonesia’s export rises 15.68% in March 2017

profit rises

JAKARTA: The Central Statistics Agency (BPS) releases the Trade Balance in March 2017. This month, the Trade Balance is surplus again—three times in a row. In March 2017, Indonesia’s exports stood at $14.59 billion. Compared to the previous month, exports rose by 15.68 percent. When compared to March 2016, there is a 23.53-percent increase in exports. Of the portions, the ... Read More »

Indonesia’s Pertamina plans to import up to 7.5mb of gasoline in May

Pertamina-Indonesia

JAKARTA: Indonesia’s Pertamina plans to import 6.8-7.5 million barrels (mb) of gasoline in May, down 11%-19% from the 8.4 million barrels estimated as April imports, according to market sources. This was another noticeable decrease month on month from an average of around 10.55 million barrel per month in the first quarter. May imports will comprise 4.7-5 million barrels of 88 ... Read More »

Indonesian tax amnesty scheme seems a blessing for private banks

tax-amnesty-scheme-1452626596-9201

JAKARTA: Indonesia’s tax amnesty could have been a real nightmare for the world’s top private banks. Instead, the scheme, which resulted in the disclosure of $365 billion in assets, has turned out to be a blessing in disguise resulting in limited actual outflows to Indonesia and providing a chance to wash away undesirable customers. Nearly 1 million Indonesians disclosed assets ... Read More »

Indonesian crude palm oil production, exports declined in February: GAPKI

Malaysian palm oil

JAKARTA: Crude palm oil (CPO) and palm kernel oil (PKO) production declined by 8 percent month-on-month (MoM) to 2.2 million tons in February, Indonesia Association of Oil Palm Producers (GAPKI) data shows. Exports of palm products, including oleo chemicals and biodiesel also dropped by 6 percent to 2.66 million tons in the corresponding period. “The drop in exports is more ... Read More »

Indonesia’s forex reserves rise by $1.9b in March

money-copy-8-7

JAKARTA: Indonesia’s foreign-exchange reserves increased by $1.9 billion in March due to proceeds from tax collection, state revenue from the oil and gas sector, the issuance of global bonds and the sales of Bank Indonesia foreign exchange bills. The reserves surged to $121.8 billion last month from $119.9 billion a month earlier, according to a statement issued by the central ... Read More »

Indonesia targeting $10b investment from UAE

01uae-with-indonesia

JAKARTA: Indonesia is targeting $10 billion (Dh36.7 billion) investments from the UAE in a wide range of sectors including oil and gas, hospitality and power generation, the country’s ambassador, Husin Bagis, told Gulf News in an interview on Thursday. Currently a number of UAE-based companies are investing in Indonesia including Mubadala Petroleum, Lulu Group, DP World and Dubai Islamic Bank. ... Read More »

Indonesian Police nabs 2 Taiwanese over drug trafficking

drugs

JAKARTA: Two Taiwanese nationals were arrested at the international airport in Jakarta, Indonesia in mid-March after they were found trying to smuggle nearly 4 kilograms of amphetamine into that country, Taiwan’s Criminal Investigation Bureau (CIB) said Wednesday. The bureau said the arrests were the result of cooperation between Taiwanese and Indonesian police, who discovered a total of 3,776 grams of ... Read More »

Freeport Indonesia gets temporary export permit

Freeport-Mining-site

JAKARTA: Indonesia’s Energy and Mineral Resources Ministry on Tuesday said it has granted the local unit of U.S. miner Freeport-McMoRan a temporary permit to resume exports of copper concentrate. Freeport and the government will also continue to negotiate a deal over the future of one of the world’s largest copper mines, the ministry said. Freeport Indonesia, which operates the massive ... Read More »

Indonesia’s annual inflation rate cools in March

INFLATION

JAKARTA: Indonesia’s annual inflation rate eased to 3.61 percent in March, the statistics bureau said, against expectations for it to stay steady near February’s 3.83 percent pace. A Reuters poll had forecast an annual rate of 3.84 percent for March. Consumer prices fell 0.02 percent on a monthly basis in March, with those of rice, chilli and eggs declining, as ... Read More »

Indonesia to widen crackdown on tax cheats as amnesty closes

INDONESIA

JAKARTA: With Indonesia’s tax amnesty coming to an end, authorities are now setting their sights on those who didn’t participate and continue to evade taxes. Officials plan to scrutinise credit-card data from banks and compare those with tax reports after the amnesty program uncovered more than US$353 billion in previously undeclared assets. While the participants in the amnesty would be ... Read More »

Indonesian Navy seizes smuggled cigarettes, fuel in Tanjung Pinang

indonesian-navy

JAKARTA: The Indonesian Navy’s Tanjung Pinang Western Fleet Quick Response unit apprehended two vessels allegedly attempting to smuggle fuel and cigarettes from Singapore to the border areas in separate operations over the weekend. The Tanjung Pinang Navy Commander Commodore S. Irawan said the two Indonesian-flagged vessels did not have any relation to one another but were arrested on the same ... Read More »

Garuda Indonesia reports net income US$9.35m for 2016

Garuda Indonesia

JAKARTA: Indonesian national airline PT Garuda Indonesia (Persero) Tbk and its subsidiaries maintained positive performance throughout 2016 with a net profit of US$9.36 million, or the equivalent of IDR 124.5 billion (exchange rate IDR 13.300 per US$), while carrying a total of 35 million passengers on both Garuda Indonesia and Citilink Indonesia. The positive achievement was detailed in the Group’s ... Read More »

Indonesia’s crude palm oil exports slip in February

palm oil

JAKARTA: Indonesia’s crude palm oil (CPO) output likely dropped in February, extending the decline into a third straight month. CPO production in the world’s top producer of the widely used oil likely slipped to 2.80 million tons in February from 2.95 million tons in January, according to the median estimate in a survey of two industry associations and a state ... Read More »

Indonesian Police foils attempt to smuggle 7kg crystal meth. at Tunon Taka Port

Indonesian Police foils attempt to smuggle 7kg crystal meth. at Tunon Taka Port

JAKARTA: The Nunukan Police foiled an attempt to smuggle 7 kilograms of crystal methamphetamine in an operation at Tunon Taka Port, Nunukan, North Kalimantan. The crystal meth was allegedly carried by a man who traveled from Tarakan on Pelni passenger ship KM Lambelu and arrived in Nunukan. “We notice the passenger was behaving suspiciously,” Nunukan Police chief Adj. Sr. Comr. ... Read More »