Author: yosefardi.com

AP 1-2 to Take Over Three Airports

State airport operator PT Angkasa Pura (AP) 1 will, effective Jan 1, 2019, take over management of Sentani airport in Jayapura. While AP 2 will take over management of Raden Inten 2 airport in Lampung and Fatmawati Sukarno airport in Bengkulu. AP 2 and AP 1 are expected to holds 51% ownership in said airports. Government allocates Rp270 billion for said 3 airports. Government will no longer allocates that funds after AP 2 and AP 1 taking over this...

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Intan Baruprana to Launch Rights Issue for Rp105.83 Billion

Financing firm Intan Baruprana Finance (IBFN) plans to laungh rights issue, for 264.57 billion new shares, representing 16.67% of its enlarged capital, priced at Rp400 per share, to raise Rp105.83 billion in total. Shareholders with five old shares are entitled to buy one new share. Alongwith, IBFN will issue 449.78 million warrants priced at Rp500, to raise Rp224.89 billion in...

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BI to Lower Hedging Cost via Swap Transaction

Central bank (Bank Indonesia/BI) plans to take measures to lower the cost of foreign currency hedging via swap transaction. The decision is followed President Joko Widodo’ instruction to bring more foreign currencies to the country. Lower cost is expected to attract more parties to hedging transaction, which in turn will help to stabilize the Rupiah. The main plan is to lower the premium for swap transaction with BI. The lack of activity in interbank swap market has left no option but for BI to take initiatives. One of the measures is lowering the minimum hedging transaction with BI to US$2 million from currently $10 million. Another plan is to set a ceiling on swap rate. BI has conduct three cross foreign exchange swap auctions last May, to maintain the availability of rupiah liquidity and stabilizing interest rates on the financial market. Previously, BI made two swap auctions in the last two weeks, and once a week throughout...

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Govt to Evaluate VAT Rate for Importers

Government of Indonesia plans to evaluate the income tax rate (VAT) of imports, aiming to control the level of current account deficits that exceed the level of 3% of gross domestic products (GDP) in the second quarter (Q2) of 2018. Previously, the government has evaluated income tax for export proceeds as an attempt to stabilize Rupiah exchange rate against US dollar. Finance Minister Sri Mulyani also said earlier, she ensures a reduction in a number of goods imported raw materials and consumer goods will be done by not disturb the momentum of economic growth. Reduction of import of materials needed to control the current account deficit...

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Palm Journal

Malaysian palm oil futures rose for a third straight session on Monday (Aug. 20), touching a one-week high on support from U.S. soyoil although a stronger ringgit weighed on the market. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 0.7% at RM2,254 a tonne at the close of trade. Media report that China wants to boost its CPO import from Malaysia also lift CPO price on Monday.

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The Government to Take Over TPPI?

In the period of June to July 2018, Indonesia saw a deficit in trade. Statistics Indonesia (BPS) notes that in July 2018 Indonesia saw a USD2.03 billion due to the 49 percent increase of oil and gas import in the preceding month. The Government has been trying to avoid this sort of situation by accelerating the development of refineries by Pertamina. A part of the plan is supposedly Pertamina’s acquisition of PT Trans Pacific Petrochemical Indotama (TPPI).

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Jokowi’s State Capitalism: 2019 Budget (1)

President Joko ‘Jokowi’ Widodo shows his consistency in accelerating infrastructure development with Rp420.5 trillion of budget for infrastructure next year, an increase of 2.46% from this year. Budget for viability gap fund (VGF) for infrastructure projects, meanwhile, jumped by 50% to Rp4.5 trillion. 

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Impressive Gain

After falling 4.3% last week, the composite index of the Indonesia Stock Exchange (IDX) made an impressive rebound or gain on Monday (Aug. 20) along with improving rist appetite ahead of China-U.S. trade talks due later this week.

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Revisiting Transcoal Pacific

Trading in shares of Transcoal Pacific (TCPI), engaging in marine transportation services, remains suspended since August 7, 2018. Earlier in July 23, the Indonesia Stock Exchange (IDX) management also halted trading in TCPI as the stock jumped over 3,077%, to Rp4,330 per share, from its IPO price of Rp138.

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Hanura’s Internal Conflict Continues

The battle for the chairmanship of the Hanura Party is far from over. The Hanura Party under the leadership of Vice Air Marshal (ret) Daryatmo and Sarifuddin Sudding has on Monday (Aug 20) publicly sent a sub-poena to Minister of Law & Human Rights, the General Election Commission (KPU), and the Election Supervisory Body (Bawaslu) for not obeying the verdict from the State Administrative Court (PTUN) of Jakarta No. 24/G/2018/PTUN.JKT, which cancelled the restructuring, repositioning, and revitalizing of Hanura Party’s Central Executive Body (DPP) under the other leadership of Oesman Sapta Odang.

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