The Regional Representatives Council (DPD) is expected to hold its plenary session this afternoon (Oct. 11) with the agenda of electing the new speaker of the DPD to replace Irman Gusman. Irman has been officially dismissed from the speakership of the DPD following the KPK’s decision to name him as a graft suspect. So, who will participate in the election? Who will become the new speaker of the DPD?
Read MoreRecently, the Deputy Chief of the Corruption Eradication Commission (KPK) Saut Situmorang told the press that the KPK would question Golkar Chairman Setya Novanto in connection with the allegations of graft in the procurement of electronic identity card (e-KTP). But to this day, the KPK still have not announced when they’d question Novanto; instead the KPK have summoned several other government officials and Novanto’s colleague.
Read MoreEnergy stocks gained worldwide Monday (Oct 10) as WTI crude oil jumped 3.1% to US$51.35 per barrel, the highest closing value since July 2015. ExxonMobil and Chevron gained 1.96% and 1.67% respectively in New York, while BP advanced 1.74% in London. Santos Ltd followed with almost 5% gain in Sydney this morning.
Read MoreDjan Faridz’s faction in the PPP party, which was once a part of the Red-and-White opposition group (KMP) with Gerindra and PKS, have decided to pledge their support for the incumbent Jakarta Governor Basuki “Ahok” Tjahaja Purnama and Vice Governor Djarot Syaiful Hidayat in the capital city’s 2017 gubernatorial race. The other PPP faction led by Romahurmuziy, the faction that is legally acknowledged by the Government and is a part of Jokowi’s ruling coalition, on the other hand decided to group with the Democratic Party, PAN, and PKB in order to endorse Susilo Bambang Yudhoyono (SBY)’s eldest son Agus Harimurti Yudhoyono and his running mate Sylviana Murni. In the meantime, more Golkar politicians have decided to challenge their party’s decision to endorse Ahok.
Read MoreThe Central Bank, Bank Indonesia (BI), reported slower growth in business activity for the third quarter of 2016 compared to the previous quarter, with limited growth occurring in the processing industry. The sub-sectors experiencing slower growth were food industry, beverage and tobacco due to seasonal reason. Manufacturing index also contracted to 48.74% from 52.38% in the second quarter.
Read MoreDomestic cement sales in September reached 5.64 million tons only, down 3.3% year-on-year due to persistent weakness of property market. September sales was the second highest monthly sales this year, down 5.5% from the previous month. Indonesian Cement Association (ASI) then revised down its full year sales growth target from 5% to 3-4% only.
Read MoreAhmad Raja Siregar, lawyer for three minority shareholders of PT MAXpower Indonesia, dismissed allegations about their involvement in the bribery case being investigated in the United States of America, Bisnis Indonesia reported. The lawyer, however, revealed internal conflicts in the Company controlled by Standard Chartered Private Equity.
Read MoreNickel returned to US$10250/ton in London Metal Exchange (LME) last Friday after dropping to below US$10,000 earlier due to negative sentiments from possible relaxation of mineral ore exports by Indonesian government. Nickel stockpile in LME continued to decline to its new low, supporting the price. But, even if the export ban will be kept, nickel supply from Indonesia is poised to grow in the coming months.
Read MoreFairfax Asia Limited has acquired 80% shares of general insurance firm PT Asuransi Multi Artha Guna Tbk (AMAG) from Panin Group for Rp2.2 trillion. Fairfax will then merge AMAG with PT Fairfax Insurance Indonesia to make one of the largest general insurance firms in the country and cut further Panin Group’s ownership in the new entity.
Read MoreAfter months of delay related to disbursement of loans from China, MCC17 Group, member of the Metallurgical Corporation of China (MCC) Ltd, has last week commenced construction of Cileunyi-Sumedang-Dawuan toll road in West Java province. This is one of projects under the trans-Java toll road program.
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