Day: February 21, 2017

Possible End of Freeport in Grasberg (2)

Posted by | Feb 21, 2017 | , ,

Government is flooded with support from politicians, including those from opposition parties, and community leaders in responding threats from Freeport to take the disputes to international court of arbitration. Leaders of the so-called Cipayung Group, consisted of various students associations, for example expressed their support in a meeting with President Joko ‘Jokowi’ Widodo Tuesday (Feb 21). While minister of energy and mineral resources Ignasius Jonan continued his nationwide campaign to get public support, telling audiences that Freeport’s contribution to the State is significantly smaller than Telkom (the state telecommunication company).

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A More Efficient BTPN

Posted by | Feb 21, 2017 | ,

Bank Tabungan Pensiunan Nasional (BTPN), controlled by Sumitomo Mitsui Banking Corporation, booked net profit of Rp1.75 trillion last year, relatively flat from 2015. The bank streamlined its operations last year, but managed to grow significantly its assets by 12.7% to Rp91.37 trillion.

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Optimism on Toll Road Projects

Posted by | Feb 21, 2017 | ,

Public have every reason to be optimistic about toll road projects in Java, Sumatra, Sulawesi, and Kalimantan. The Solo-Ngawi toll road (90 KM), for example, will be functional during this year’s exodus for Lebaran holidays because physical construction of Colomadu-Karanganyar (20.9 KM) has reached 97.21% this week.

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A New Era for PDIP in West Papua?

Posted by | Feb 21, 2017 |

The change of executive leadership will also happen in the resource-rich province of West Papua, home to Tangguh LNG and many other strategic development projects. The Democratic Party of Susilo Bambang Yudhoyono (SBY) has been controlling the province for the past decade. But PDIP may end that era soon. The result of official counting of the General Election Commission (KPU) so far points to the victory of governor candidate Dominggus Mandacan and his running mate Mohamad Lakotani. The pair entered the West Papua election with the backing of a coalition led by PDIP.

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The End for Irman Gusman?

Posted by | Feb 21, 2017 |

The Corruption Court of the Central Jakarta District Court read their verdict on the trial of the former Chairman of the Regional Representatives Council (DPD) Irman Gusman on February 20, 2017. The Panel of Judges found Irman guilty of receiving bribes in connection to the distribution of additional quota of sugar for West Sumatera. The Panel of Judges also granted the public prosecutors’ request to have Irman’s political rights revoked.

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Palm Oil Journal No.6/2017: Results & Outlook

Posted by | Feb 21, 2017 | ,

The palm oil market is currently in its low production cycle, but as effects of the El Nino drought have receded, most expect that somewhere during the second half of 2017, the market will see a very strong output with higher yields per hectare. Contracts for April 2017 and beyond are already reflecting a massive discount.

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Leadership Change in Maluku Tenggara Barat & the Masela Block

Posted by | Feb 21, 2017 |

The result of the official counting of votes conducted by the General Election Commission (KPU) pointed to the surprising defeat of the incumbent Petrus Paulus Werembinan Taborat in the Maluku Tenggara Barat (MTB) regency’s regional election. The incumbent is supported by the ruling party PDIP but they ended up in a distant third, whereas the victor of the election is Petrus Fatlolon, a candidate endorsed by the Democratic Party, the political party led by former President Susilo Bambang Yudhoyono (SBY). How will this change of leadership affect the future of the Masela Block?

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The Insolvency of PT Megalestari Unggul

Posted by | Feb 21, 2017 |

The Corruption Eradication Commission (KPK) continues to investigate the allegations of graft in the procurement of electronic identity card (E-KTP), which was held over the period of 2011-2012. The process, however, is getting more complicated. In early October 2016, PT Biomorf, a company based in the United States, who’s the sub-contractor of the winning consortium, claimed that the Government of Indonesia owed them US$90 million. In the same month, another company in the consortium, i.e., PT Sandipala Arthaputra filed for a pre-trial on a separate investigation, one conducted by the Criminal Investigation Unit of the National Police’s Headquarter (Bareskrim Mabes Polri). And now, one of the sub-contractors of the project, PT Megalestari Unggul, is bankrupt after failing to convince its creditors to peacefully resolve their debt dispute in a Suspension of Debts Payment (PKPU) process.

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Possible End of Freeport in Grasberg

Posted by | Feb 21, 2017 | , ,

Shares of Freeport McMoRan (FCX) ended lower by 1.06% in New York last night even when copper prices advanced 3.3% to US$2.74 per pound. Some investors were nervous about conflict between Freeport and the government of Indonesia regarding operation of Grasberg, Papua, which is one of the world’s largest and most profitable gold-copper mines.

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Market & Concern over Yet Another Anti-Ahok Rally

Posted by | Feb 21, 2017 |

Trading in stock market was thin on Monday (Feb 20) with transaction only reaching Rp4.99 trillion, below its average daily trading value of Rp6.56 trillion, as most investors opted to take no position on renewed worries over a new rally against Jakarta Governor Basuki “Ahok” Tjahaja Purnama planned for today (Tuesday).

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