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Jokowi asks Facebook, Google to support Indonesia’s digital economy


JAKARTA: President Joko “Jokowi” Widodo has asked Facebook and Google for their support for Indonesia’s goals of more technopreneurs and a digital economy worth billions of US dollars. Jokowi and Indonesian delegates visited Silicon Valley in San Francisco, the US, on Wednesday to meet with a number of technology companies. In a meeting with Mark Zuckerberg, founder and CEO of ... Read More »

Foreign investment expected to boost business growth


JAKARTA: Indonesian E-commerce Association (idEA) chairman Daniel Tumiwa welcomed the government’s measure, saying e-commerce “should have never been included in the DNI [negative investment list] in the first place”. He explained that the presence of foreign investors would help the country’s e-commerce business, which has grown rapidly in the last three years. “We appreciate the intensive efforts of the government ... Read More »

Indonesia posts small trade surplus in Jan

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JAKARTA: Indonesia posted a small trade surplus in January, confounding expectations for a third monthly deficit, due largely to a slump in imports from persistently weak domestic consumption. Sliding prices for oil, gas and other commodities have led to a sharp drop in export earnings for Southeast Asia’s largest economy, and deteriorating global demand could push the central bank to ... Read More »

ADB to lend another $10 billion to Indonesia


JAKARTA: The Asian Development Bank (ADB) will boost lending to Indonesia to about US$10 billion within the next five years to finance the country’s infrastructure projects. The Japan-backed bank will increase loans to Indonesia from the $740 million annually received from 2010 to 2014 to $2 billion per year or $10 billion over the next five years, annouced ADB president ... Read More »

INKA gets loan to export railway cars


JAKARTA: The Indonesian Export Financing Agency (LPEI), also known as Indonesia Eximbank, has signed a loan agreement with state-owned train manufacturer Industri Kereta Api (INKA) to export railway cars to Bangladesh. The state-run financing firm was appointed by the government to provide working capital loans worth Rp 270 billion (US$20.1 million) to INKA, which will use the funds to finance ... Read More »

Indonesia’s Ministry of Finance imposes Customs duty on Jackup KS Java Star

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JAKARTA: KS Energy Limited (the Company and together with its subsidiaries, the Group) reported Thursday that PT Java Star Rig (PT JSR), held by a joint venture company of KS Drilling Pte Ltd. (KS Drilling), has received notice from the Ministry of Finance of the Republic of Indonesia – Directorate General Customs and Excise (the DGC) that the importation of ... Read More »

Freeport to get export permit despite failure to pay deposit


JAKARTA: PT Freeport Indonesia has received a recommendation from the Energy and Mineral Resources Ministry for the extension of its export permit although the gold and copper mining giant has yet to pay a roughly US$530 million deposit as a guarantee for its development of a smelting plant. “We have issued a recommendation for Freeport to get a permit extension ... Read More »

Revenue loss from oil slump may top Rp 100t


JAKARTA: State revenues are estimated to fall between Rp 67 trillion (US$4.91 billion) and Rp 100 trillion this year, as declining global oil prices gnaw away at the state’s coffers. Finance Minister Bambang Brodjonegoro said recently that the ministry had calculated the potential loss faced by the country as a result of slumping oil prices. “According to our preliminary calculations, ... Read More »

Plan to join Trans-Pacific group may face hurdles at House

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JAKARTA: The government’s plan to join the US-led Trans-Pacific Partnership (TPP) trade deal in the next two or three years may face a bumpy road ahead because in order to do so, the government must first obtain approval from the House of Representatives to revise at least 12 laws related to the partnership’s ambitious demands. House Commission VI chairman Achmad ... Read More »

Slowest rate in 6 years: Indonesia’s economy grew 4.70% in 2015


JAKARTA: Southeast Asia’s largest economy, Indonesia, witnessed 4.79 per cent growth rate, which is the slowest pace for six years in 2015. The rate of Indonesia’s economy has fallen first time below five percent since 2009 at the height of the global financial crisis, and well short of the government’s seven percent target. It grew 5.02 percent in 2014. However, ... Read More »

Pertamina to buy domestic crude oil to boost supply


JAKARTA: Pertamina will buy crude oil from several oil contractors operating in the country in a bid to secure the national energy supply, with the state oil company now negotiating a lower price. Under an existing production sharing contract (PSC) scheme, the output from oil fields is divided between the government and the companies operating the fields. The government is ... Read More »

Major banks start cutting lending rates


JAKARTA: Major lenders have begun to trim their lending rates following the central bank’s decision to cut its benchmark rate last month amid a risk of tightening liquidity in the banking system. With Bank Indonesia (BI) cutting its key rate by 25 basis points (bps) in January, the banks are able to reduce their time deposit rates and in turn ... Read More »

XL offers shares in rights issue to pay $500m loans


JAKARTA: Telecommunications provider XL Axiata is set to hold a rights issue to cover its foreign debts as part of massive efforts to reduce its currency exposure and slim down debts. XL is looking to offer up to 2.75 billion of new shares, representing around 24 percent of the company’s enlarged capital, in a rights issue planned to be executed ... Read More »

Waskita set to double revenue, profits


JAKARTA: State-run construction company Waskita Karya is planning to double both its revenue and net profits this year, thanks to a number of prospective infrastructure projects that are expected to help the company see a surge of new contracts. Waskita Karya president director M. Choliq said over the weekend that his company wrapped up last year with Rp 14.1 trillion ... Read More »

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 »