Author: yosefardi.com

NICE Actimize Transforms BCA Anti-Money Laundering Compliance Operations 

NICE Actimize, a NICE business and the leader in Autonomous Financial Crime Management, has been chosen by Bank Central Asia (BCA) to transform its anti-money laundering compliance and case management operations. To more effectively meet the needs of its regulators and support its growing customer base, BCA will implement NICE Actimize’s recently launched Suspicious Activity Monitoring (SAM9) solution, as well as Actimize ActOne, an investigation management system utilizing intelligent automation that will serve as the financial institution’s next generation alert and case management...

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Bank Mandiri Raises $207 Million from Bond Sale

Bank Mandiri (BMRI) raised Rp3 trillion from selling five-year bond at a coupon of 8.5% per annum. BMRI received bids of Rp4.1 trillion, or 1.36 oversubscribed in the offering. The bond proceeds will be used for loan expansion in order to develop the bank’s operation. The lender has appointed six securities firm as underwriters namely Mandiri Sekuritas, Bahana Sekuritas, BCA sekuritas, BNI Sekuritas, Danareksa Sekuritas and Trimegah...

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Govt Issues Mandatory L/C Rules for Four Import Products

Ministry of Trade issues Ministerial Regulation Trade Number 94 Year 2018 concerning the provisions on the use of letters of credit (L/C) for minerals, coal, palm oil and natural oil and gas imports. This regulation is promulgated on Sept. 7 and will apply on Oct. 7, 2018. The decision has been made based on Presidential Decree Number 29 Year 2017, Article 4, paragraph (3) concerning Ways Payment of Goods and How to Deliver Goods in Export and Import Activities, where the ministry is given the authority to regulate the method of payment of certain goods exports. The new regulation stipulated the main points of regulation, namely the obligation to pay for exports certain items with L/C, the obligation to use foreign exchange from the local banks or local institutions export financing established by the government, the obligation to include the method of payment of L/C on Goods Export Notification, the obligation to submit a stamped statement verification obligations by surveyors, as well as the obligation to submit export realization reports equipped with the final L/C price. In addition, it is also regulated in relation to price determination, which is the price listed in the most L/C low equal to world export prices. If there is no, then the price used will be determined by the government or export destination...

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Govt Develops Bintuni Bay Industrial Zones for Petrochemical Industry

Government boost the development of the Bintuni Bay industrial Zones in West Papua to produce petrochemical products. The steps to be taken are through the Public Private Partnerships (PPP) scheme. Malaysian-based Genting Energy Ltd, which is currently developing a gas block in Bintuni, West Papua, has unveiled its plan to develop a petrochemical complex in the area as well, in cooperation with an investor from China. Other company, South Korea’s LG International Corp., join with its local partner PT Duta Firza has announced to develop petrochemical plant in the West Papua. Minister of Industry Airlangga Hartarto said that the government will focusing the Bintuni Bay as an area for the development of the petrochemical industry. This industrial area will play an important role in advancing industry in Indonesia, including deepening its manufacturing structure. Bintuni Bay has a big prospect for the development of industrial zones cause has potential of natural resources. The Bintuni Bay Region is estimated to have 23.7 trillion cubic feet of natural gas...

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Corporate Actions to Watch

Bumi Resources Minerals (BRMS) starts its partnership with NFC China to develop the zinc project in Dairi, North Sumatera. As previously reported, BRMS sold its 51% share in PT Dairi Prima Mineral (DPM) to NFC for approximately US$198 million.

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The 2019 Race: Gorontalo

Gorontalo is one of the smallest provinces in Indonesia with around 1.1 million people. This is also one of the provinces that President Joko “Jokowi” Widodo lost to Prabowo Subianto back in the 2014 race by quite a substantial margin. At the time, Prabowo secured 378,735 votes (63.10%) whereas Jokowi collected 221,497 votes (36.90%). Will things change now?

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Yulie Sekuritas v. Former Shareholder and Bank Mandiri

In April 2018, PT Yulie Sekuritas Indonesia Tbk (YULE) published an announcement on the series of General Meeting of Shareholders (RUPS) and Extraordinary General Meeting of Shareholders (RUPSLB). The announcement mentions the agenda to demand directors’ accountability for the disbursement of company-owned deposits in February 2018 and the appointment of a new board of commissioners and directors. The Company unfortunately did not immediately publish details, until last week. As reported by several national media outlets, the Company’s shareholders had sent subpoenas and filed a police report against PT Bank Mandiri Tbk (BMRI).

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The 2019 Race: South Sulawesi

South Sulawesi is the most populous province in the eastern part of Indonesia with 8 million people. This is one of the provinces that President Joko “Jokowi” Widodo won in the 2014 presidential race by a significant margin from Prabowo Subianto. At the time, Jokowi and his running mate Jusuf Kalla secured 3,037,026 votes (71.43%), whereas Prabowo collected 1.214,857 votes (28.57%). Will Jokowi repeat this success?

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Market Selloff

Global stock markets retreated on Monday (Sep 24) amid concerns over the potential wider impact of a trade spat between China and the United States, while oil prices rallied to a four-year high after OPEC ignored U.S. calls to raise supply. China cancelled trade talks with the U.S. as a 10% tariff came into effect. Investors were also factoring in a widely expected interest rate hike by the Federal Reserve at its two-day meeting that begins on Tuesday, Reuters reported. China and the United States, the world’s two biggest economies, imposed a new round of tariffs on each other’s goods on Monday, showing no signs of backing down from an increasingly bitter trade dispute that is expected to knock back global economic growth. Brexit, as Britain’s planned exit from the European Union is known, also weighed on sentiment. Fed rate hike would undermine market sentiment. Stocks will have to navigate the Fed’s rate hike on Wednesday (Sep. 26), and its new economic forecast and statement, which is expected to sound more hawkish than dovish, Cnbc.com reported. Oil prices jumped more than 3% to a four-year high after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply. U.S. crude rose 2.12% to US$72.28 per barrel on Monday and Brent was last at US$81.47, up 3.39%....

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Edy Wartono Passes Away

Edy Wartono, one of the heirs of Sukun Cigarette Group, has passed away in Kudus, Central Java on September 17, 2018. He leaves behind a wife and four children. His brother Rindho Wartono, then director of the group, passed away two years ago.

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