Day: August 16, 2016

Key Takeaways from 2017 Budget

The government opted an expansion of budget deficit to 2.41% next year as State revenues are predicted to decline 2.7%, while spending will down slightly by 0.6% to Rp2070 trillion next year. Tax revenues are set at Rp1496 trillion, down 2.8% from the revised 2016 budget. Interestingly, spending for infrastructure is set at Rp346.6 trillion, an increase of 9.3% from the revised 2016 budget.

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Lesson for Jokowi

The blunder of appointing Arcandra Tahar, who turned out to be a citizen of the United States of America—as Minister of Energy and Mineral Resources (ESDM) made President Joko “Jokowi” Widodo and his administration the butt of jokes. But this is hardly the first of such blunders. By now, the President should’ve learned his lesson.

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Arcandra’s Successor: Speculations

Last night, the Minister of State Secretary Pratikno, who is also one of President Joko “Jokowi” Widodo’s trusted aides, announced the President’s decision to dismiss the Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar and name the Coordinating Minister for Politics, Law & Security affairs as acting Minister of ESDM. And quickly after the announcement was made, rumors spread that Johan Budi Sapto Prabowo would be appointed as the new Minister of ESDM.

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2017 Banten Election: Incumbent’s Options

The incumbent Governor of Banten Rano Karno, who has secured PDI-P’s nomination to run for his re-election in the 2017 gubernatorial race, has not yet decided on who he will have as his running mate. Several names have been mentioned as potential running mate for Rano, who is likely to go head-to-head against Wahidin Halim and his running mate Andika Hazrumy. Wahidin Halim and Andika Hazrumy are backed up by a coalition of political parties led by Democratic Party and Golkar Party.

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Binamitra Sumberarta v. RCI and Uletbulu Mining

PT Binamitra Sumberarta, a subsidiary of PT Delta Ultima Coal (Delta Coal) is facing a lawsuit on Suspension of Debts Payment (PKPU) filed by two of its business partners: PT RPP Contractors Indonesia (RCI) and PT Uletbulu Mining. But in the ongoing mediation process, Binamitra stated that the debt dispute appeared because the two partners were in default, a situation that caused losses to Binamitra. In defense of its claim therefore Binamitra filed a civil lawsuits against RCI and Uletbulu Mining separately through two different district courts.

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Lippo Group’s Disputes and the Case of Bribery Continues

On August 15, 2016 the trial of Doddy Arianto Supeno, an employee of PT Artha Pratama Anugerah (APP), which is a subsidiary of Lippo Group, continues. Doddy was caught bribing the Registrar of the Central Jakarta District Court Edy Nasution. Present as a witness at the hearing was the former Secretary of the Supreme Court Nurhadi Abdurrachman, who is also being investigated in the same case.

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Samko Timber Divests SLJ Global

Samko Timber Ltd, SGX-listed company controlled by the families of Putera Sampoerna and Aris Sunarko, has entered into a conditional agreement with Amir Sunarko, brother of Aris, regarding 24.63% shares of Samko Timber in PT SLJ Global Tbk (SULI).

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Market & Fund Raisings

Foreign investors continued buying local stocks, as Monday (August 15) they booked further net buy of Rp354 billion, bringing year-to-date net buy to Rp37.87 trillion. While domestic investors opted to realize gain after an impressive recent rally. The composite index of the Indonesia Stock Exchange (IDX) dropped 1.05% to close at 5,320 yesterday. The country’s weak trade data released by Indonesia’s Statistics Agency (BPS) yesterday also prompted the selling in stocks.

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New Procedures for the Treatment of Repatriated Assets (Part II)

Just a few weeks after being appointed to replace Bambang Brodjonegoro, the Minister of Finance Sri Mulyani Indrawati published the final technical and implementing regulation on the implementation of the Tax Amnesty program. The Regulation of the Minister of Finance (PMK) No. 122/PMK.08/2016 regulates the Procedures for Transfer of Taxpayer’s Assets into the Territory of Indonesia and its Placement in the Investment Instruments outside of the Financial Markets. Here is a brief overview of the PMK 122.

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