Recent Articles
The Problems surrounding Sritex
The trials on the Suspension of Debt Payment (PKPU) lawsuits against the textile giant PT Sri Rejeki Isman Tbk (SRIL or Sritex) continue. On May 6, 2021, the Panel of Judges granted the lawsuit filed by CV Prima Karya, despite rejections from other parties. The other lawsuit filed by PT Bank QNB Indonesia Tbk (BKSW) is to be decided on May 10, 2021. The lawsuits and decision are unfortunate for Sritex, but the court examinations are not the only problems the Company has to face.
Business
Market Snapshots
Global stock markets ended mostly higher on Thursday, with United States (US) stocks notching another record high buoyed by the current robust US economic growth. At the same time, strong earnings momentum and a successful vaccine rollout continued to feed risk appetite. Recent job figures reinforced such a view, with weekly jobless claims falling more than expected to a new year low, planned layoffs in April at their lowest level since 2000, and first-quarter labor productivity growth beating market consensus.
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Pertamina Establishes New Sub-holding Shipping
Energy holding company, PT Pertamina has establised a new sub-holding for shipping, PT Pertamina International Shipping by integrating assets and shipping business lines. Currently, the new sub-holding having six ports, five...
BP Indonesia Prepares an Investment US$4B in Bintuni Bay
BP Indonesia prepares an investment values of US$4 billion for Ubadari field to explore proven gas reserves in the block. BP plans to develop Ubadari field to support Tangguh LNG refinery and and Carbon Capture, Utilization and...
Cement Sales Volume Improves in Q1
Sales volume of cement producers in Indonesia showed an improvement in the first quarter (Q1) of 2021. State cement maker Semen Indonesia (SMGR) reported that sales volume increased 2.1% to 9.69 million tons (MT) year on year...
Profiles
Adiguna Sutowo passes away
Adiguna Sutowo, co-founder of MRA, a diversified business group with interest in media, hospitality, retail, consumer electronics, and automotive, has passed away. Adiguna is son of the late Ibnu Sutowo, the controversial former CEO of state oil and gas company Pertamina, whose family controls Nugra Santana Group.