Shares of Bumi Resources (BUMI), the largest coal producer in Indonesia, jumped as much as 15% Wednesday (Oct 5) with over 1 billion shares exchanged hands, despite various issues in its financial report for the period ended December 31, 2015 and March 31, 2016.
Read MoreAlthough President Joko “Jokowi” Widodo said that he’d remain neutral and would not support any regional head candidate in the 2017 simultaneous regional elections, many believe that the President still prefers the incumbent Jakarta Governor Basuki “Ahok” Tjahaja Purnama to come out as the winner in the Jakarta’s 2017 gubernatorial race. Assuming that there is indeed such a preference, what bearing does it have in the election process?
Read MoreThe tax amnesty program is the big factor affecting economic growth in the country as the repatriation of funds would support the funding of local business players and industries. This might be one reason why some companies have postponed their plans to seek funds from stock market through launching the initial public offering (IPO) this year.
Read MorePresident Joko “Jokowi” Widodo has reportedly decided on who will be the new Minister of Energy and Mineral Resources (ESDM). The new Minister will take over the helm of ESDM leadership from the interim Minister Luhut Binsar Panjaitan (who is also the current Coordinating Minister of Maritime Affairs). Rumor that the President will reappoint Arcandra Tahar (who was previously dismissed due to dual citizenship row) has intensified in the past couple of days.
Read MoreRumors that some politicians were gearing up to replace the Speaker of the House of Representatives (DPR) Ade “Akom” Komaruddin have been making rounds ever since Novanto won the Golkar chairmanship race back in May 2016. So that is not news to us. We were, however, surprised to hear that the proposal is replace Akom with the once ousted speaker Setya Novanto. Novanto has not commented on this matter. In fact, Golkar politician Fayakhun Andriardi gave the assurance that Novanto had never asked for such a thing. But if the rumor is true, that some people are indeed planning to remove Akom and reinstate Novanto as speaker, and that Novanto is behind the idea, we can understand why.
Read MoreThe Corruption Eradication Commission (KPK) has been investigating the allegations of bribery in the Ministry of Public Works and Public Housing (Kemen-PUPR)’s Trans-Seram road project since early January 2016. The case has thus far brought down the former member of the House Commission V of the House of Representatives Damayanti Wisnu Putranti of PDI-P and several other members of the House Commission V, bringing the total of 7 suspects, 4 of whom have been convicted. But the investigation will continue. Thanks to the testimonies and confessions of the suspects and defendants during investigation, the KPK has expanded their investigation and began to examine new parties, mostly from the executive branch.
Read MoreThe composite index of the Indonesia Stock Exchange (IDX) gained 0.15% to close at 5,472 Tuesday but trade was volatile with the index moved at range of 5,461-5,483. Foreign investors booked net sell of Rp180.9 billion, cutting year-to-date net buy to Rp34.76 trillion. The rupiah strengthened to Rp12,988 against the U.S. dollar on Tuesday.
Read MoreOn September 8, 2016, Benny Tjokrosaputro the founder and President Director of PT Hanson International Tbk (MYRX) filed a tort lawsuit at the South Jakarta District Court against Goldman Sachs International and two other parties related to alleged illegal sales of Benny’s shares in MYRX. Two hearings have been held to date, but on October 4, 2016, the Panel of Judges postponed the third hearing and asked Benny and his legal counsel to revise their petition.
Read MoreCompetition to acquire geothermal assets of Chevron in Indonesia has narrowed down to six groups. A total of 14 investors initially expressed their interest, but only six companies submitted bid offers. One of them is PT Star Energy, a company co-owned by Mitsubishi Corp, EGCO, and Barito Group.
Read MoreThree foreign companies are reportedly looking for location to build aquatic feed factories in Indonesia. Two of them are Chinese giants seeking overseas production base to feed the mainland’s growing consumption.
Read More