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Indonesia’s state-owned surveyor eyes Vietnamese market

State-owned surveyor PT Surveyor Indonesia is looking into the possibility of entering Vietnam next year, following in the footsteps of state-cement producer PT Semen Indonesia (SI). PT Surveyor Indonesia president director Dian M. Noer said he had been inspired by Semen Indonesia’s successful expansion into the country, which began when it acquired majority shares of a Vietnamese cement factory in ... Read More »

Indonesia’s competitiveness improves, but still well below Singapore, Malaysia

Indonesia’s economic competitiveness has stepped up, according to the recently released Global Competitiveness Report by the World Economic Forum (WEF). Under the newly introduced Global Competitiveness Index 4.0, Indonesia has a score of 64.9 points and is ranked at 45th, up two places compared to the previous index. Neighboring countries Singapore, Malaysia and Thailand, however, place higher in second place ... Read More »

Indonesia detains vessel for suspected fuel smuggling

The Indonesian navy held a vessel illegally importing 5,000 tonnes of high-speed diesel – used as automotive fuel – last week. The Mongolia-flagged vessel, captained by an Indonesian national, did not have any import document or proper sailing permit when it was intercepted in waters off Batam, Rear-Admiral Yudo Margono told reporters in Batam last. MV Eastern Glory was coming ... Read More »

Two men sentenced to death for smuggling cannabis

The West Jakarta District Court handed down the death penalty to Rizky Albar, 29, and Rocky Siahaan, 37, for their roles in smuggling 1.3 tons of cannabis to Jakarta from Aceh in December last year. The verdicts were read in two separate hearings. “There are no mitigating factors. The defendant is sentenced to death,” presiding judge Agus Setiawan said as ... Read More »

Indonesia imports more fuel in 2018

State-owned energy holding company Pertamina’s oil imports stood at an average of 393,000 barrel per day (bpd) up to August, 6 percent higher than in the entire year of 2017, when it imported 370,000 bpd on average. The company’s official presentation, circulated among the media on Wednesday, shows that Pertamina’s gasoline imports stood at 316,000 bpd, or 83 percent of ... Read More »

Indonesia eyes foreign firms for more mergers

JAKARTA: Indonesia has almost 2,000 banks and a currency that has plunged 11% since January, a combination overburdened regulators hope will prove irresistible to foreign acquirers. The country’s lenders are in much better shape than during the Asian financial crisis of 1997-98, and have stood up well to the weakening of the rupiah this year, said Fauzi Ichsan, chief executive ... Read More »

Indonesia sentences eight Taiwanese drug smugglers to death

JAKARTA: Eight Taiwanese drug smugglers were sentenced to death by an Indonesian court after being nabbed with around a tonne of crystal methamphetamine in a country that has some of the world’s toughest anti-drug laws. The men were arrested during raids last July, when the drug network’s suspected leader was killed in a shootout with Indonesian police. “The defendants have ... Read More »

Indonesia charges Pole suspected in Papua arms smuggling plot

JAKARTA: A Pole detained in Indonesia late last month could face life imprisonment having been charged with plotting against the state after being named as a suspect in a conspiracy to smuggle arms to separatists in Papua, a police spokesman said on Monday. Jakub Fabian Skrzypski was detained on Aug. 26 and is being held at police headquarters in the ... Read More »

Man who spent 18 years in Indonesian jail for smuggling hash returns to France

A Frenchman detained for 18 years after trying to smuggle drugs into Bali arrived in Geneva and was on his way home after being deported in a case that sparked outrage in France over Indonesia’s tough narcotics laws. Police arrested Michael Blanc on the day after Christmas in 1999 at the tropical island’s airport with 3.8 kilogrammes (8.4 pounds) of ... Read More »

Scott Morrison visit expected to restart ministerial meetings with Indonesia

Scott Morrison arrived in Indonesia on Thursday night, starting his first overseas visit hoping to grow the $16.2 billion trade relationship and establish regular ministerial cooperation with Joko Widodo’s administration. The two countries are expected to sign a formal agreement to conclude long-running free trade negotiations and announce formation of a Strategic Partnership between Canberra and Jakarta, restarting ministerial-level meetings ... Read More »

Indonesia urges exporters to use FX earnings to support rupiah

JAKARTA: Indonesia’s government has made a fresh appeal to the country’s exporters to exchange their holdings of foreign currencies to help support the tumbling rupiah, as Turkey’s financial crisis sparks fears of emerging market contagion. The rupiah slipped another 0.2% on Thursday to 14,625 to the dollar, quickly shrugging off a surprise rate increase by the central bank the previous ... Read More »

Foreign exchange reserve declines to US$118.3b

Indonesia’s foreign exchange reserve declined by US$1.5 billion to $118.3 billion in July, Bank Indonesia (BI) reported on Tuesday, lower than $119.8 billion reserve in June as the central bank continues its market intervention to prevent the rupiah from sliding further against the US dollar. “The foreign exchange reserve decline in July was primarily due to payment of the government’s ... Read More »

Indonesian police bust people-smuggling network bringing ‘fake Rohingya refugees’ to Australia

The revelation comes as real Rohingya refugees took to the water to escape persecution in Myanmar and crowded camps over the border in Bangladesh, the ABC News reported. Brigadier General Herry Rudolf Nahak said the men were, in fact, Bangladeshis working in Malaysia who were convinced by the people smugglers that they would earn more money in Australia. Indonesian police ... Read More »

Man who spent 18 years in Indonesian jail for smuggling hash returns to France

A Frenchman detained for 18 years after trying to smuggle drugs into Bali arrived in Geneva and was on his way home after being deported in a case that sparked outrage in France over Indonesia’s tough narcotics laws. Police arrested Michael Blanc on the day after Christmas in 1999 at the tropical island’s airport with 3.8 kilogrammes (8.4 pounds) of ... Read More »

Member of Bali Nine drug smuggling gang dies in prison

A member of the Bali Nine drug smuggling gang has died of stomach cancer, an Indonesian justice ministry official has said. Tan Duc Thanh Nguyen, 34, was serving a life sentence for his role in trying to traffic heroin from the resort island to Australia in 2005. The group’s ringleaders, Myuran Sukumaran and Andrew Chan, were executed by firing squad ... Read More »

8 Taiwanese sentenced to death in Indonesia for smuggling drugs

An Indonesian court sentenced eight Taiwanese to death for trying to smuggle 1 ton of crystal methamphetamine into the country from China. Five were convicted in one trial, and the other three in a separate trial, before the South Jakarta District Court. “The defendants have been found legally and convincingly guilty of committing an evil conspiracy…by importing 1 ton of ... Read More »

Indonesia stock market slumps 2.5% as trade resumes

JAKARTA: Indonesian shares slumped 2.5% their sharpest intraday fall in nearly two months, after trade resumed following a long holiday for Eid Al-Fitr celebrations. Global equity markets saw a selloff during the Eid holiday and Indonesia is expected to play catch-up, driven by stocks with high foreign ownership such as Bank Central Asia and Bank Mandiri, according to a Trimegah ... Read More »

Indonesia tries to get companies to hold more rupiah to stem weakness

JAKARTA: Over the past couple of decades, Indonesian companies have developed a tried and tested strategy to cope with the periodic plunges in the rupiah: retain dollars to protect their profits. But their behaviour can add to downward pressure on the currency, exacerbating problems for policymakers in southeast Asia’s biggest economy, especially given its relatively open nature compared to neighbours ... Read More »

Indonesia, India Upgrade Ties With 15 Agreements

JAKARTA, INDONESIA (AP) — Indonesia and India agreed Wednesday to upgrade bilateral relations by signing more than a dozen agreements on a broad range of areas including defense, maritime affairs, trade and investment. After meeting with visiting Indian Prime Minister Narendra Modi, President Joko “Jokowi” Widodo said they agreed to make their economies open and hoped a comprehensive economic partnership ... Read More »

Indonesia’s currency is spiraling. It’ll have to make sacrifices to save it

Indonesia’s rupiah has been growing worryingly weak, and the country’s central bank has seen little success after multiple attempts to prop up the currency. Now, Bank Indonesia said it will meet again on Wednesday — and speculations are rife that the central bank has more tricks up its sleeve. The rupiah has been one of the worst-hit Asian currencies as ... Read More »