Author: yosefardi.com

Investment Update

China ENFI Engineering Corp., together with local partners PT Freeport Indonesia (PTFI) and PT Indonesia Asahan Aluminium (MIND ID), plans to develop a copper smelting project in FakFak, West Papua. The investment plan was marked by the signing of a memorandum of understanding between the chairman of the investment coordinating board, Bahlil Lahadalia, and ENFI president Liu Cheng, on Monday (April 12).

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Market Data

Global stock markets were mixed on Wednesday (April 14) as investors remained cautious about the roll-out of COVID-19 vaccines. Wall Street eased from record levels, and the yield on the benchmark 10-year Treasury note was little changed at 1.63% on Wednesday, close to 3-weeks low, as bond demand continues to be strong. 

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Projection Cut

The International Monetary Fund (IMF) has lowered Indonesia’s economic growth to 4.3% this year compared to the February projection at 4.8% and 6.1% projected in October last year. The IMF also estimated that the five largest developing countries in Southeast Asia would collectively grow by 4.9% in 2021, down from the previous projection of 5.2%.

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Cabinet Reshuffle Rumors (3)

Rumors of an upcoming cabinet shake-up concerns the National Research & Innovation Body (BRIN). But many wonder whether President Joko “Jokowi” Widodo would also take such an opportunity to completely overhaul his cabinet. Of the ministers whose appointment has been challenged, for one reason or another, are Nadiem Makarim and Bahlil Lahadalia. It so happens that their respective institution will undergo a change of nomenclature. Will they stay or will they go?

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Cabinet Reshuffle Rumors (2)

The Expert Staffer of the Presidential Staff Office (KSP) Ali Mochtar Ngabalin, who is also a Golkar Party politician, told Kompas that President Joko “Jokowi” Widodo will announce changes to the cabinet this week. If that’s true, it would be the second round of cabinet reshuffle in Jokowi’s second term. 

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On North Sumatera DPRD Graft Case : The End?

In April 2018, the Corruption Eradication Commission (KPK) named 38 former members of the North Sumatera Regional Legislative Council (DPRD) as suspects of graft. The development came as a result of investigation into the case of corruption that brought down the disgraced Governor of North Sumatera Gatot Pujo Nugroho. The KPK had previously named 12 politicians suspects in the same case over the span of 2015 and 2016. The trials of the suspects ended in August 2019, but the KPK continued its investigation. Entering 2020, the KPK announced that it had named 14 new suspects in the case. All of whom are former members of the DPRD. The trials of all remaining suspects started in the same year. The trial ended this week as the court read the decisions for all the remaining suspects.  

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Lawsuits against Bukalapak

One of the largest e-commerce companies in Indonesia, PT Bukalapak.com, was sued at the South Jakarta District Court. The trial started this week. The cause of the dispute between the parties is not yet clear. Apart from this lawsuit, Bukalapak has another lawsuit on trial in the same court.

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Corporate Actions & Results

Hospital operator Sarana Meditama Metropolitan (SAME), operator of Omni Hospitals, suffered a loss of Rp449 billion in 2020, widening from a loss of Rp114 billion in 2019 as operating profit loss widened to Rp263 billion from 28 billion. Revenue also declined 4.1% year on year (y/y) to Rp508 billion. But in the fourth quarter (Q4) of 2020, SAME turned to profit (Rp8 billion), compared to Rp410 billion loss in Q3 of 2020.

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Global Growth Gaining Momentum

Global demand picks up amid progress on the COVID-19 vaccination around the world. Still, re-lockdown in Europe and the United States due to pandemic re-escalation may impede global production recovery and the global supply shortage. China may benefit from said situations in Europe and the United States (US), as China’s exports grew at a brisk pace in March, jumping 30.6% while imports rose 38.1% in US Dollar terms compared to a year ago.

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Market Snapshots

Global stock markets were mixed on Tuesday (April 13) amid the development of the coronavirus vaccination. United States (US) stocks were mixed on Tuesday, with the Dow Jones falling slightly and the S&P 500 little changed, while the Nasdaq edged up as the Food and Drug Administration called for a pause in the use of Johnson & Johnson coronavirus vaccine. 

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