The State collected Rp617 billion of revenues from redemptions paid by taxpayers participating in the first three weeks of the second phase of tax amnesty program (October-December 2016). A total of Rp61.4 trillion worth of assets were declared, including Rp4.5 trillion of offshore assets.
Read MoreBefore a political party becomes officially recognized as a legal entity, it has to pass the Ministry of Law & Human Rights’ verification process. But if one is keen on forming a political party without having to go through the hassle, one can avoid the verification process by acquiring a political party that has passed the verification process. This is what media mogul Hary Tanoesoedibjo did with his Perindo and the youngest son of the late President Soeharto Hutomo Mandala Putra a.k.a. Tommy Soeharto did with his Berkarya Party.
Read MoreAs we thought would happen, the Central Government decided to extend the broadcasting license of the10 major television (TV) stations in Indonesia, namely, RCTI, Global TV, MNC TV/TPI, TV One, ANTV, SCTV, Indosiar, Trans TV, Trans 7, and Metro TV.
Read MoreMore than a year has passed since the Corruption Eradication Commission (KPK) began investigating the graft cases involving the disgraced Governor of North Sumatera Gatot Pujo Nugroho. Gatot is allegedly involved in four different cases, and he’s been facing trial for two of said cases. On October 20, 2016 the Corruption Court of the Medan District Court was supposed to hear the prosecutors’ demands for Gatot’s abuse of the social assistance funds of North Sumatera, but the hearing was postponed to November 10, 2016.
Read MoreThe banking industry is performing well this year as it posted a 9.14% growth in profit for January-August 2016 period, supported by improved efficiency, mainly on cost of funds. The Financial Services Authority (OJK) reported on Wednesday (Oct 19) that the banking sector booked net interest income of Rp223.21 trillion. It grew 12.07% year on year as interest expense only increased slightly (1.1%) to Rp228.34 trillion.
Read MorePresident Jokowi has on Thursday (Oct 20) given clear instructions to newly appointed energy and mineral resources minister Ignasius Jonan about the development of Masela Block in Maluku province. The President asked Jonan to speed up development of the block, which has been delayed for years due to policy changes and other issues.
Read MoreThe former chairman of the Constitutional Court (MK) Akil Mochtar was arrested on October 2, 2013 for his involvement in bribery. Since then, the Corruption Eradication Commission (KPK) has named thirteen suspects connected to Akil Mochtar’s corrupt tenure. But just as we thought that that Akil’s case had faded into history. On October 19, 2016 the KPK issued a warrant of inquisition (Sprindik) for the Regent of Buton Samsu Umar Abdul Samiun. Samsu is the fourteenth suspect connected to Akil Mochtar.
Read MoreShares of Medco Energi (MEDC), which recently acquired gold and copper miner PT Newmont Nusa Tenggara, closed higher by 1.91% to Rp1335 Thursday (Oct 20). At this price, MEDC only has market cap of Rp4.45 trillion or US$342 million, not even half of its equity.
Read MoreSteel is among the best performing product with almost 50% gain in the past 12 months or so. This contributed to rally in iron ore prices, which advanced almost 5% this month and 11.3% since October 2015. Tin, zinc, and lead also followed with double digit gains in the period, but copper lost ground.
Read MoreThe Central Bank (Bank Indonesia/BI) decided on Thursday (Oct 20) to cut its key interest rate (BI 7-day Reverse Repo Rate) by 25 bps to 4.75% following a 25bps cut in September. BI also lowered its lending facility rate by 25bps to 5.5% and reduced its overnight deposit facility rate by 25bps to 4.0%.
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