Shares of palm oil producers opened mixed in the region Wednesday (Oct 12) despite 3% gain of crude palm oil (CPO) in the futures market Tuesday. Felda and Sime Darby down 0.85% and 0.38% respectively in Kuala Lumpur, while First Resources lost 0.8% in Singapore. In Jakarta, most plantation shares were in green, but modest gains.
Read MoreOil prices on Tuesday retreated from one-year highs, after OPEC said it was trying to reach a global agreement to cap production for at least six months amid doubts about how much that would reduce a crude glut, Reuters reported. Oil has rallied than 13% in less than two weeks since OPEC proposed its first production curbs in eight years. Still, prices remain about half of mid-2014 highs above $100 a barrel. On Tuesday, Brent crude settled down 73 cents, or 1.4%, at $52.41 a barrel, retreating from a one-year high of $53.73 hit on Monday. While Nymex’s crude oil rose 0.2% to US$50.89 per barrel in Asian trading this morning.
Read MoreIn the afternoon of October 11, 2016 the National Police Headquarters and the Jakarta Metropolitan Police conducted a raid at the Ministry of Transportation. The raid was done following reports of extortion in the Ministry. What’s interesting is that Minister of Transportation Budi Karya Sumadi was the one who reported the extortion in his ranks.
Read MoreAsian shares flirted with three-week lows on Wednesday after a dour start to Wall Street’s corporate earnings season knocked U.S. stocks, while the dollar and Treasury yields rose on growing expectations of a U.S. rate hike in December, Reuters reported. The composite index of the Indonesia Stock Exchange (IDX) regained Tuesday (Oct 11) with late buying helping. Trading, however, remained fluctuative. The index moved at range of 5,345-5,385 during day trading. Domestic investors dominated the buying in local stocks yesterday, while foreign investors booked net sell of Rp207.4 billion, cutting year-to-date net buy to Rp33.89 trillion. The rupiah meanwhile weakened to Rp12,992 against the U.S. dollar on Tuesday.
Read MoreThe term of the current Chief of the Financial Transaction Reports and Analysis Centerr (PPATK) Muhammad Yusuf and his Deputy Chief Agus Santoso will end on October 26, 2016. As such, in the coming weeks, the President has to appoint the new chief and deputy chief of the anti-money-laundering agency to serve until 2020. President Joko “Jokowi” Widodo has received the names of the candidates for both the chief and deputy chief position. Who will the President choose?
Read MoreCompared to where we started, development of trans-Sumatra and trans-Java toll road has been significantly faster in the past two years. Physical construction of Medan-Binjai toll road in North Sumatra, for example, has reached almost 30% by September 30 against 23% in late July.
Read MoreMore, and more graft practices in state-funded projects and programs are being revealed. Politicians from various political parties are implicated in said cases. But instead of seriously addressing the problem, the Government and political parties at the House of Representatives (DPR) decided to increase the financial assistance fund for political parties in the State budget (APBN). As if the glaring number of unraveled corruption means nothing.
Read MoreThe Commercial Court of the Central Jakarta District Court terminated the bankruptcy proceeding of PT Dayaindo Resources International Tbk (KARK) and its subsidiary PT Daya Mandiri Resources Indonesia (DMRI) on October 10, 2016. The decision was made after the team of curators claimed that they could not find the company’s assets. Dayaindo was declared bankrupt since 2013 because it was unable to resolve its debt dispute.
Read MoreActing minister for energy & mineral resources Luhut Binsar Pandjaitan, one of trusted aides of President Joko ‘Jokowi’ Widodo, said the government has dropped a plan to resume export of nickel ores to protect investments in the domestic processing facilities (smelters).
Read MoreToto Hermijanto, founder of Shinta Group, one of the largest garment and textile players in the country, passed away on July 30, 2016 in Singapore. On Tuesday, October 11, Lontoh & Partners Law Office, published a warning letter regarding the transfer/transaction of Toto’s inheritance.
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