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Bank Mandiri channels Rp 1t to Kalbe Farma


JAKARTA: State-owned lender Bank Mandiri has channeled Rp 1 trillion (US$73.09 million) worth of working loans to state pharmaceutical company Kalbe Farma. The credit is aimed at helping to fulfil the company’s cash flow needs in providing medicines for the country. Bank Mandiri is also providing a treasury line facility worth $8 million that Kalbe Farma can use to meet ... Read More »

BNN, customs bust alleged international drug smuggling ring


JAKARTA: The National Narcotics Agency (BNN) in cooperation with the Central Java and Yogyakarta customs and excise offices uncovered on Thursday the attempted smuggling of over 100 kilograms of crystal methamphetamine from China. BNN head Comr. Gen. Budi Waseso said his officers arrested eight people suspected to be part of an international drug smuggling network based in Pakistan. “Of the ... Read More »

Freeport’s export permit suspended


JAKARTA: Copper mining giant PT Freeport Indonesia will see its exports halted starting Friday after failing to realize its commitment to smelter development. The Energy and Mineral Resources Ministry’s mineral and coal director general, Bambang Gatot Ariyono, said his office had yet to issue a recommendation for the extension of Freeport’s export license as the company had yet to meet ... Read More »

Indonesia to pair 100 SMEs with South Korean SMEs


JAKARTA: The Indonesian and South Korean governments have agreed to pair 100 small and medium enterprises (SMEs), allowing Indonesian SMEs to promote products in South Korea and attract more investment from the country. South Korea’s Busan Indonesia Center (BIC) has prepared an exhibition center for Indonesian SME products and reliable marketers to promote the products, said the secretary to the ... Read More »

Govt urged to create a level playing field for e-commerce


JAKARTA: The government needs to create a level playing field regarding its plans to allow 100 percent foreign ownership of big e-commerce companies, a local e-commerce chairman said. “The intention is actually good as e-commerce is an open market and thus it may be hard for the government to limit the operation of big foreign e-commerce companies. As local players, ... Read More »

IDX eyes 200,000 more retail investors this year


JAKARTA: The Indonesia Stock Exchange (IDX) is looking to increase the number of individual investors in local equities by 200,000 this year. The IDX is pursuing a policy of persuading savers to invest in stocks in a country where only a miniscule proportion of the population invests in stocks. “We want to shift the trend in society from a ‘savings ... Read More »

BNI to offer Rp 11.5 trillion in micro loans


JAKARTA: State-owned lender PT Bank Negara Indonesia (BNI) will make available Rp 11.5 trillion (US$72 million) in its 2016 micro credit (KUK) program, a BNI banker has said. Credit allocations will be Rp 10 trillion for the retail sector, Rp1 trillion for workers and the remaining Rp 500 billion for micro loans, BNI business banking II director Sutanto said. “We ... Read More »

Indonesia imports electricity from Malaysia

electricity prices

JAKARTA: Indonesia, through its state power utility company PLN, has started importing electricity from Malaysia through Sesco, the Malaysian electricity firm, according to PLN spokesman Agung Murdifi. Indonesia began importing power from Malaysia after the interconnection power grid between the two countries was built on January 20, 2016. Agung remarked here the other that the power supply from Malaysia was ... Read More »

SMEs soon to access capital markets


JAKARTA: The Financial Services Authority (OJK) is set to finalize a rule that will allow small-scale enterprises to source funding from the capital market in a bid to boost economic activity. OJK chairman Muliaman D. Hadad said the financial regulator and the Indonesian Stock Exchange (IDX) were currently preparing the policy, which would allow small and medium enterprises (SME) to ... Read More »

Adhi seeks Rp 25 trillion of contracts, aims for 74 percent growth


JAKARTA: State-run construction companies are setting much more optimistic targets this year after struggling to meet initial new contracts targets last year, with Adhi Karya being the latest among four publicly-listed companies to announce its full-year performance projection. Adhi Karya is targeting to boost its new contracts by around 81 percent on an annual basis to Rp 25.1 trillion. The ... Read More »

Indonesia govt to create holding company for mining SOEs this year


JAKARTA: The government is targeting to create a holding company of state-owned mining firms by the end of 2016 and has created a committee to study options for the consolidation scheme in March. Four state-owned enterprises (SOE) have sent representatives as member of the committee, namely PT Bukit Asam, PT Timah, PT Aneka Tambang and PT Indonesia Asahan Alumunium, according ... Read More »

Indonesia issues permits to import 968,143 MT of raw sugar in Q1 of 2016


JAKARTA: Indonesia has issued permits to import 968,143 metric tons of raw sugar in the first quarter of 2016, a trade ministry official said on Friday. The government is currently reviewing how often it needs to issue import permits for raw sugar, said acting director general of foreign trade, Karyanto Suprih. Previously, the government had said it was planning to issue ... Read More »

Indonesia imports electricity from Malaysia


JAKARTA: Indonesia, through its state power utility company PLN, has started importing electricity from Malaysia through Sesco, the Malaysian electricity firm, according to PLN spokesman Agung Murdifi. Indonesia began importing power from Malaysia after the interconnection power grid between the two countries was built on January 20, 2016. Agung remarked on Thursday that the power supply from Malaysia was channeled through ... Read More »

Indonesia’s export value to Switzerland in 2015 reaches $1 bln


JAKARTA: Indonesia`s export value to Switzerland in 2015 reached US$1 billion. This is an increase by almost 000 percent compared to 2014’s US$133 million. Nus Nuzulia Ishak the Trade Ministry’s director general of national export development, said that the biggest export contributor was jewelry goods. The export of jewelries, including gold and silver, amounted to US$765 million dollar, accounting for ... Read More »

Indonesia`s exports to Switzerland surge to US$1 billion


DAVOS: Indonesias exports to Switzerland shot up to US$1 billion in 2015 from only US$133 million in 2014, an official said. Director General of National Export Expansion Nus Nuzulia Ishak said gold and silver ornaments contributed the largest or US$765 million to the total export value in 2015. “Demand for Indonesian ornaments in Switzerland grew,” Nus, who is attending a ... Read More »

Indonesia’s Bulog to import 100,000 tons of corn

bulog to import

JAKARTA: Indonesia’s Bulog will import 100,000 tonnes of corn this month, a director at the state food procurement agency said on Tuesday, in its first shipment of the maize in a decade. Southeast Asia’s largest economy, which imports corn mainly from Argentina and Brazil, temporarily stopped issuing corn import permits to feedmills last year, with the government making a broad ... Read More »

Indonesia plastic exports decline 18.5% in 2015


JAKARTA: Indonesia’s exports of plastics and plastic products fell 18.5 percent year-on-year (y/y) in 2015 to USD $2.25 billion from USD $2.76 billion in the preceding year. This decline was caused by weak global demand for plastic, falling selling prices and the low competitiveness of Indonesia’s plastics and plastic products. Also in terms of volume Indonesia’s plastic exports declined. Based ... Read More »

Govt to boost exports through trade deals

bilateral trade

JAKARTA: The government aims to increase non-oil and gas exports in the coming years through trade deals and deregulation policies in an effort to reverse the recent export decline. Trade Minister Thomas Lembong said on Monday that his ministry targeted to boost the non-oil and gas export value by 9 percent this year and to accelerate export growth to an ... Read More »

Indonesia to export lesser palm oil in 2016

India palm oil

KUALA LUMPUR: Indonesia will export lesser palm oil this year as it uses more of the commodity at home to blend into biodiesel, an industry group said, putting the country on track for its first drop in overseas sales of the tropical oil in five years. The world’s top producer and exporter of palm oil is seen shipping out 23-24 ... Read More »

Indonesia exports first ever warship


JAKARTA: State-owned shipbuilder PT PAL Indonesia launched two warships on Monday, one of which will be the first naval vessel exported by the domestic ship-building industry. The two ships launched in Tanjung Perak Port in Surabaya, East Java, were Missile Destroyer (PKR)-1 and Strategic Sealift Vessel (SSV)-1. PT PAL president director M. Firmansyah said the PKR-1 was ordered by Indonesia’s ... Read More »