Recent Articles
Development on Corruption in PT Timah
The investigation into the case of alleged corruption related to the tin trading system carried out in the Mining Business License (IUP) area owned by PT Timah Tbk (TINS) continues. The process initially started as an ordinary routine and we all know that the mining sector is prone to corruption. But, as the investigation went on and the Attorney General's Office (AGO) finally found sufficient evidence, we learned that the scheme was supposedly created by the former President Director of PT Timah, Mochtar Riza Pahlevi Tabrani, his directors, and several other parties. That said, this is not an ordinary case. The case finally received attention after the AGO reportedly searched the residence of the controversial Helena Lim. This week, the AGO named the latest suspect, Harvey Moeis. Harvey is the missing link in the case and for some, this is a long-overdue announcement.
Business
Reality check for Merdeka Battery
Revenues from nickel sales surged 192% to US$1.33 billion last year, but Merdeka Battery Materials (MBMA) posted gross profit of US$77.5 million only, an increase of 74.5% from 2022. The nickel producer suffered more in the fourth quarter due to falling prices in international market on oversupply from Indonesia and softened demand.
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Asian Markets Mixed on Wednesday
Asian equity markets were mixed on Wednesday, taking cues from a weak lead on Wall Street overnight as investors took some profits and reassessed market valuations following a historic rally to record levels. Investors also...
Palm Oil Extends Losses Ahead of Holiday
Malaysian palm oil futures traded below MYR 4,150 per tonne, slipping for the second session due to a decline in rival edible oils and a further drop in crude oil prices. The contracts are heading for the biggest one-day fall in...
Eurozone Economic Sentiment Improves in March
The economic sentiment indicator in the Euro Area increased to a three-month high of 96.3 in March 2024, marking an uptick from February’s revised figure of 95.5 and aligning with market expectations. Notably, the gauge...
Profiles
Erna Djuhadi passes away
Erna Hartany Djuhadi (Tan Bie Swan) has just passed away at the age of 87. Erna, wife of the late Subijanto Djuhadi, the second generation of cigarette producer, PT Nojorono Tobacco International, leaves one of the richest families in the country.