Shares of Champion Pacific (IGAR), a packaging material producer, soared 25% Wednesday (June 29) with significant trading volume upon confirmation about acquisition of majority shares by Japanese investors. Rally in the stock continued with another 25% gain Thursday morning, also with significant trading volume.
Read MoreAs Brexit factor eased and Wall Street gained more than 1%, investors aggressively collected Indonesian stocks, lifting up the composite index of the Indonesia Stock Exchange (IDX) by 97.9 points or 2%, to close at 4,980 on Wednesday (June 29), nearly reaching 5,000 point level. The rupiah also strengthened further to Rp13,166 against the US dollar. Asia markets opened higher Thursday, tracking Wednesday’s global rally as markets recovered from their post-Brexit plunge, Cnbc.com reported.
Read MorePT Sugih Energy Tbk (SUGI) has just released its full year 2015 results with some suspicious changes made in the fourth quarter related to its oil trading business. In the quarter, SUGI placed Sugih Energy International Pte Ltd, the oil trading subsidiary, as non-current assets held for sale.
Read MoreAdditional capital injection for state-owned EPC firm PT Hutama Karya of Rp2 trillion from the Revised 2016 State Budget allows the Company to proceed with construction of trans-Sumatra toll road. It is smaller than the previously approved amount of Rp5 trillion, but given lackluster revenue side of the Budget, this is enough to keep going.
Read MoreMost analysts predicted Brexit would drag down commodities. Crude oil was predicted to move closer to US$40 per barrel. They seemed right when crude oil fell 5% the day market get confirmation about UK’s decision to leave European Union. Metals were losing ground as well. Interestingly, two days later commodities regained grounds with crude oil moves closer to US$50 per barrel.
Read MorePT Perusahaan Listrik Negara (PLN), the state electricity provider, has just released its full 2015 financial results. PricewaterhouseCoopers (PwC), the auditor, gave qualified opinion to the financial report due to PLN’s rejection to apply accounting standard ISAK 8 related to future liabilities to independent power producers (IPPs). Other than that, there are some key takeaways from the report.
Read MoreIn a move to limit the usage of plastic bags, the Ministry of Environment and Forestry has been testing a policy on paid plastic bags for retails business since February 2016. The first phase of the trial was over on May 31, 2016. The Ministry subsequently issued a new circular on the implementation of the second phase of the trial to be applied nationally. Where is this trial today, and what’s the future planned by the Government?
Read MorePT Bumi Resources Tbk (BUMI) once again had to postpone the vote on the peace proposal prepared for their Suspension of Debts Payment (PKPU) process. Several major creditors claimed that they were still studying the proposal, hence the delay. Said major creditors have requested for an extension of debt restructuring period for up to 3 months.
Read MoreYet another victory for President Joko “Jokowi” Widodo. Yesterday (June 28), the House of Representatives (DPR) approved of the revised 2016 budget (RAPBN-P) and passed the Tax Amnesty Bill into law (with the PKS faction, the PDI-P faction, and the Democratic Party faction asking for their concerns to be noted nonetheless). What was interesting was that President Jokowi summoned the Minister of State-Owned Enterprises (SOEs) Rini Mariani Soemarno, the CEO of the state-owned electricity company PT PLN Sofyan Basir, and the CEO of the state-owned oil & gas company PT Pertamina Dwi Sucipto to the State Palace on the day before. Many began to wonder whether the President was preparing for a cabinet reshuffle.
Read MoreThe Corruption Eradication Commission (KPK) has caught a member of the House of Representatives (DPR) Commission III and three other people involved in a bribery transaction last night (June 28). The Commission III lawmaker arrested is a lawmaker from the Democratic Party, a political party led by the sixth President Susilo Bambang Yudhoyono (SBY).
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