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DBS Indonesia’s net profit surges 75% in Q1

DBS

JAKARTA: PT Bank DBS Indonesia, a subsidiary of Singapore-based DBS Bank, has reported a 75 percent year-on-year (yoy) increase in its net profit during the first quarter of 2017 to Rp263 billion. The net profit increase was supported by a 16 percent yoy increase in revenue, which reached Rp1 trillion in the first quarter this year. Its net interest income ... Read More »

Indonesia`s forex reserves down $1.86b: BI

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JAKARTA: Indonesia’s foreign exchange reserves fell US$1.86 billion to US$123.09 billion in late June 2017 from US$124.95 billion a month earlier as banks withdrew foreign currency liquidity to meet needs during Idul Fitri holiday’s, according to Bank Indonesia (BI). The drop in foreign exchange reserves will be temporary as the banks used the foreign currency liquidity in June 2017 as ... Read More »

Indonesia palm oil group worries EU nations will follow French restriction

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JAKARTA: Indonesia’s palm oil association said on Friday it is worried that a French plan to reduce the use of palm oil in biofuels will prompt other European countries to follow suit, damaging exports of the important commodity. France’s environment minister has said the government would take steps to restrict the use of palm oil in biofuels in order to ... Read More »

Indonesia proposes to raise 2017 budget deficit to close to legal limit

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JAKARTA: Indonesia’s government has proposed to parliament to hike 2017 spending and cut the revenue target, resulting in a wider budget deficit that almost reaches the legal limit, according to a government document. By Indonesian law, the combined budget deficits of the central and regional governments in one year could not exceed 3 percent of gross domestic product (GDP). The ... Read More »

Indonesian diaspora can help boost exports, foreign investment: Jokowi

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JAKARTA: During a recent meeting with representatives of the Indonesian Diaspora Global Network’s executive committee, President Joko “Jokowi” Widodo conveyed his hope that the Indonesian diaspora could strengthen their role in supporting the government overseas. “The president hopes that the Indonesian diaspora can work together with the government in terms of improving exports and attracting foreign investment to Indonesia,” Foreign ... Read More »

Indonesia tightens tax policy, taxes Google

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JAKARTA: Indonesia’s government has tightened its tax collection policy on high-technology enterprises in the country, starting with the US-based technology giant Google, as the companies have not paid enough to the government despite their expansion. Last week, the country reached a tax settlement with Google for 2016, following a month-long block over allegations that the firm had not made enough ... Read More »

Tanjung Priok Port Police thwart smuggling of hundreds of reptiles

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JAKARTA: Tanjung Priok Port Police secure hundreds of protected reptiles from KM Dobonsolo motorship at the passenger terminal of Tanjung Priok Port on Friday (06/16/2017). IR (27) from Ujung Pandang, South Sulawesi carried goods containing 279 kinds of reptiles from Papua including 20 snakes of Condro Python and nine Panama lizards of Sulawesi. The reptiles according to plan are going ... Read More »

Indonesia’s tax amnesty boosts bond appeal

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JAKARTA: Indonesia’s tax amnesty brought in revenue, which lowered the fiscal deficit and enhanced the appeal of government bonds, says Allianz Global Investor’s David Tan. “The tax amnesty in Indonesia has been impressive,” said David Tan, portfolio manager and chief investment officer for Asia Pacific fixed income. “It yielded a high amount of tax revenues, leading to low fiscal deficit ... Read More »

Indonesia to get access to its taxpayers’ financial data in Hong Kong

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JAKARTA: Indonesia and Hong Kong have agreed to share financial information that will give the Indonesian tax office access to data on taxpayers who have accounts in the wealth management hub, Indonesia’s finance ministry said on Friday. The government of Southeast Asia’s biggest economy, which is eager to ramp up tax collection to narrow its budget deficit and fund infrastructure ... Read More »

Pelni reviews offer to purchase German ship

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JAKARTA: State-owned shipping operator PT Pelayaran Nasional Indonesia (PT Pelni) is reviewing an offer to procure a German ship, Pelni President Director Elfien Guntoro stated. “The purchase is intended to replace their old fleet. However, the proposed price is not financially feasible,” Guntoro revealed after a meeting. Pelni had earlier signed a memorandum of understanding (MoU) with Meyer Werfl to ... Read More »

Indonesia’s forex reserves hit record highs in May 2017

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JAKARTA: The Governor of Bank Indonesia Agus DW Martowardjojo mentioned that Indonesia’s foreign exchange (forex) reserves as of the end of May 2017 hit record highs at $124.95 billion. “Foreign exchange reserves are also now holding the highest record, due to record highs in last August 2011,” said Agus in his office on Friday (6/9/2017). The position of foreign exchange ... Read More »

Royal IHC cooperating with shipping company PT Humpuss‎ for dredging of Indonesian waterways

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AMSTERDAM: The Dutch dredger Royal IHC signed a memorandum of understanding with the Indonesian shipping company PT Humpuss‎ on cooperation in the field of dredging projects in Indonesia. PT Humpuss‎ intends to expand its shipping business, for which it will be necessary, with the help of the specialized fleet of IHC, to bring the depths along the shipping waterways of ... Read More »

Indonesia sells 14 trillion rupiah of bonds, above target

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JAKARTA: Indonesia sold 14 trillion rupiah ($1.05 billion) of bonds at an auction, above the indicative target of 12 trillion rupiah, the finance ministry’s financing and risk management office said. The government sold t-bills maturing in September 2017 with a weighted average yield of 4.95300 percent. The T-bills maturing in June 2018 had a weighted average yield of 5.82984 percent. ... Read More »

Indonesia seeks to rejoin Opec, but not cut output

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JAKARTA: Indonesia has sent a letter to the Organization of the Petroleum Exporting Countries (Opec) requesting to reactivate its membership in the group as long as it can avoid output cuts, energy ministry officials said. “Yes, it’s true,” Energy and Mineral Resources Ministry spokesman Sujatmiko said when asked to confirm the letter had been sent. Mr Sujatmiko, who goes by ... Read More »

Indonesian companies hunt funds after S&P upgrade

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JAKARTA: Indonesian companies are striving to utilise a window of opportunity to raise funds on better terms that has opened after Standard & Poor’s long-awaited upgrade of the country’s credit rating to investment grade. Before its May 19 upgrade of Indonesia’s sovereign credit outlook to BBB- from BB+, S&P had held out for more than five years from matching the ... Read More »

Indonesia, Philippines start to open banking industry

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MANILA: The Bangko Sentral ng Pilipinas (BSP) on Friday said it is signing a letter of intent (LOI) with the central bank of Indonesia, Otoritas Jasa Keuangan (OJK), an initial step to allow qualified commercial banks to operate in each other’s markets. “The BSP welcomes the signing of a Letter of Intent with OJK of Indonesia. This will be done ... Read More »

Indonesia April palm, palm kernel oil exports rise 4%

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JAKARTA: Indonesia’s palm and palm kernel oil exports rose 4 percent in April from the month before, the Palm Oil Association (GAPKI) said in a statement late on Wednesday. Indonesia exported 2.57 million tonnes of palm and palm kernel oils in April, up from 2.47 million tonnes in March. Shipments were up 23 percent compared with April 2016. Following is ... Read More »

Indonesia looking to increase crude imports from Nigeria

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JAKARTA: Indonesia is looking to increase its crude purchases from Nigeria, state oil firm Nigerian National Petroleum Corp. said. Harry Purwanto, Indonesia’s ambassador to Nigeria, said during a meeting with NNPC group managing director Maikanti Baru in Abuja that the Asian country was seeking to increase crude imports to meet its surging energy needs, the NNPC said in a statement. ... Read More »

Indonesia’s 2017 growth rate could top govt target

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JAKARTA: Indonesian Finance Minister Sri Mulyani Indrawati said on Tuesday that economic growth this year could top the current official target, thanks to better trade numbers and investment than in 2016. Indrawati said growth of 5.3 percent is possible, and the government plans to revise the 2017 state budget to change the current target of 5.1 percent. Still, the minister ... Read More »

Indonesian port operator places order for eight Konecranes Gottwald Mobile Harbor Cranes

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JAKARTA/JAVA: Konecranes has won its hitherto biggest order for Konecranes Gottwald Mobile Harbor Cranes in the Asia-Pacific region. In the course of 2017 and at the beginning of 2018, Java-based port operator PT Berlian Jasa Terminal Indonesia (PT BJTI) will add eight more cranes to its existing fleet of eight Konecranes Gottwald machines. For particularly eco-efficient operation, the new cranes ... Read More »