Bank Permata, a joint venture between Astra International (ASII) and Standard Chartered Bank, suffered net loss of Rp6.48 trillion last year against profit of Rp247 billion in 2015. The bank was badly hit by ballooning bad loans.
Read MoreThe benchmark May 2017 contracts of crude palm oil (CPO) lost RM42 to RM2926 per ton on the Bursa Malaysia Derivatives Thursday due to fading impact of El Nino and positive outlook for soybean crop in South America. January output of Malaysian companies was lower than December, but grew significantly year-on-year.
Read MorePresident Joko ‘Jokowi’ Widodo held a special cabinet meeting about acceleration of development in East Nusa Tenggara (NTT) province Thursday (Feb 16). Other than development of infrastructure to support agriculture and fisheries, which make up 30% of the province’s GDP, Jokowi instructed faster development of infrastructure to support tourism industry.
Read MoreIndonesia booked trade surplus of US$1.4 billion in January 2017, jumped by 33.4% from December 2016 and skyrocketed from US$14 million only in January 2016. Higher average prices of commodities contributed to US$1.93 billion of surplus in non oil and gas, while higher volume of import resulted in expanded deficit in oil and gas.
Read MoreMayor (ret.) Agus Harimurti Yudhoyono, the son of former President Susilo Bambang Yudhoyono (SBY), has lost the Jakarta gubernatorial election. To participate in the race, Agus had to resign from the military. That was a big bet. Now that he’s lost the race and no longer a soldier, what’s next for him?
Read MoreAgus Harimurti, the son of former President Susilo Bambang Yudhoyono (SBY), conceded the Jakarta gubernatorial election yesterday after the results of the quickcount conducted by nine pollsters showed him positioned at a distant third in the polls. Incumbent Ahok-Djarot and their contender Anies-Sandi will go head-to-head in the runoff to be held in April. So, what will happen next?
Read MoreThe investigation into the alleged bribery involving the former Justice of Constitutional Court Patrialis Akbar continues. The Corruption Eradication Commission (KPK) decided to extend the suspects’ detention time and has so far examined several witnesses including Constitutional Justices. In addition to that, two suspects decided to apply for the status of Justice Collaborator. This has triggered suspicion that the case may actually involve something bigger.
Read MoreIt has been more than a year since the Commercial Court of the Central Jakarta District Court declared the corrugated carton company PT Wirajaya Packindo bankrupt, but the process of the Company’s insolvency continues. The team of curators previously announced that the Company owned three factories in two different locations, and recently the team of curators said they succeeded in auctioning one factory. But until today, the team of curators is still struggling to determine the amount of bills to be paid to the preferred creditors.
Read MoreThe stock market in Indonesia was closed for public holiday on Wednesday (Feb 15) as the country held the direct election of governors, regent, and mayors (Pilkada) simultaneously in 101 regions including Jakarta, the capital. The market sentiment has been hit by concern over any chaos following the result of votes. On Tuesday (Feb 14), the composite index of the Indonesia Stock Exchange (IDX) fell 0.53% to close at 5,380. Foreign investors booked net sell of Rp384.2 billion. The rupiah was traded flat at Rp13,330 against the U.S. dollar.
Read MoreShares of companies controlled by Hary Tanoesoedibjo’s MNC Group ended mostly lower ground Tuesday (Feb 14) with substantial trading volume. Some were worried about possible impact of yesterday’s testimony from Antasari Azhar, former chief of the Corruption Eradication Commission (KPK), related to Hary’s alleged role as ‘messenger’ of then president Susilo Bambang Yudhoyono (SBY) to block detention of Aulia Pohan, former director of Bank Indonesia, in corruption case. Aulia is father in law of SBY’s son Agus Yudhoyono, one of candidates for Jakarta governor.
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