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US investors show interest in three sectors in Indonesia

JAKARTA: A number of US investors have expressed interest in investing in the country’s creative economy and cold storage and health service sectors with planned investment of Rp 263 billion (US$20 million). Their interest was expressed through the Indonesia Investment Promotion Center (IIPC) , a representative office of the Investment Coordinating Board (BKPM) in New York. “The investors are interested ... Read More »

PT. Yusen Logistics Indonesia launches air import operation at Halim Airport

JAKARTA: PT. Yusen Logistics Indonesia has launched an own air import operation at Halim Perdanakusuma International Airport, Jakarta, Indonesia. In launching the new operation, PT. Yusen Logistics Indonesia is now able to offer end-to-end import services, from arrival at the airport to delivery to the customer. Services will include enhanced visibility and transport management controls, such as freight status tracking ... Read More »

BCA boosts profits with lower deposit rates

JAKARTA: A decrease in the cost of funds due to lower deposit rates propped up Bank Central Asia’s (BCA) profits amid an economic slowdown in 2015. The Djarum group-controlled lender reaped Rp 18 trillion (US$ 1.4 billion) in net profits, a 9.3 percent increase on the previous year. BCA president director Jahja Setiaatmadja explained that demand for loans had decreased ... Read More »

Bank Syariah Mandiri recovers profit through restructuring

JAKARTA: Amid a high non-performing financing (NPF) ratio, Bank Syariah Mandiri (BSM) has recovered performance, translating to an increase in its net income to Rp 290 billion (US$22 million) in 2015. President director Agus Sudianto acknowledged that the lender experienced poor performance in 2014 as its net income dropped to only Rp 72 billion. Burdened by bad financing, its margin ... Read More »

59 investments worth $8 billion up and running

JAKARTA: Fifty-nine of the 200 investors applying for a newly launched direct construction investment incentive (KLIK) have completed construction of their plants and are ready for production, the government said on Wednesday. They wield a combined Rp 108 trillion (US$8 billion) worth of investment in various sectors, including food, chemicals and pharmaceuticals, hotels and restaurants, power plants, rubber and metal ... Read More »

Indonesia to ease mineral export ban from 2017

JAKARTA: The government of Indonesia will relax next year its ban on partially processed minerals exports, including copper, nickel, zinc and bauxite ore order to prop up its economy. According to the country’s mining minister Sudirman Said, the review of the metal exports rule is part of a wider revision of the 2009 mining law that led to the export ... Read More »

BI sees consumer prices falling in February

JAKARTA: Bank Indonesia (BI) expects the consumer price index (CPI) to fall by around 0.13 percent in the course of February due to decreasing food prices. Meanwhile, year-on-year inflation is predicted to sit at 4.38 percent. BI executive director Juda Agung said that according to the latest survey conducted by the central bank, the expected monthly deflation in February was ... Read More »

Niaga’s profit lowered in 2015

JAKARTA: Publicly listed CIMB Niaga, part of Malaysia’s CIMB financial group, saw in its net profit decline last year due to the impacts of the country’s sluggish economy and global uncertainty. According to its financial report published on Wednesday, the bank posted Rp 428 billion (US$31.9 million) in consolidated net profit in 2015, an 81.7 percent drop from the Rp ... Read More »

Indonesia Customs foils attempt to smuggle baby turtles

JAKARTA: Customs at Soekarno-Hatta International Airport in Cengkareng, Banten, have thwarted the smuggling of thousands of protected baby turtles from Bekasi in West Java to Guangzhou, China. The turtles, consisting of 3,737 pig-nosed turtles and 883 snake-neck turtles, were put in boxes and then placed in the same container with boxes of clown fish as camouflage, Soekarno-Hatta’s customs law enforcement ... Read More »

Govt to cut spending, just not on infrastructure

JAKARTA: The government is seeking to maintain infrastructure funding at current levels while trimming other sectors’ funding amid a cash-strapped budget in a measure lauded by analysts. Coordinating Economic Minister Darmin Nasution said on Monday at the State Palace that the government had to step up efficiency measures when revising the 2016 state budget. The revision will be crucial to ... Read More »

Industry welcomes new foreign investment ruling

JAKARTA: Following the government’s announcement of a new investment list that includes the opening up of the cold-storage industry to foreign investors, sector players have welcomed the policy, predicting that the ruling will help woo related investors to develop the cold-storage business. The Indonesia Cold Storage Association (ARPI) said as most cold-storage components were imported, the government should follow up ... Read More »

Indonesian central bank cuts key rate to boost economy

JAKARTA: Indonesian central bank on Thursday trimmed its benchmark interest rate for the second time this year to spur the economy. Bank Indonesia Governor Agus Martowardojo disclosed that the lender reduced its basic policy rate by a quarter percentage point to 7.00 percent. The bank also cut both deposit facility and lending facility rates by 0.5 percent each to 7.5 ... Read More »

Indonesia sets banking credit growth target at 14% this year

JAKARTA: Indonesian central bank aims for a 14 percent growth in the country’s banking credit this year following its decision to ease its monetary policy, a top official said on Thursday. Perry Warjiyo, a deputy governor at Bank Indonesia, said in Jakarta that the recent policies from his office would boost access on financing, and the acceleration of the government ... Read More »

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

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

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 »