Author: yosefardi.com

UPDATE: Jakarta’s 2014 Budget

The Jakarta city council (DPRD DKI) has yet again failed to perform its most crucial duty: to pass the Jakarta city budget on time. The Government of the Special Province of Jakarta (Pemprov DKI) submitted its draft 2014 budget in October 2013 for DPRD DKI’s consideration with the expectation of a budget approval by December 2013 at the latest. But for some of the reasons we will talk about below, approval of the 2014 budget may take a little more time.

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Finding Jokowi’s Match

Jakarta Governor Joko “Jokowi” Widodo has really cemented the perception that he is a demigod presidential candidate. In a survey released by Kompas, the largest newspaper in the country, on Wednesday (Jan. 8) Jokowi is yet again the man at the top of the ranking. Failure to endorse Jokowi would only mean that PDI-P is insane. The numbers in Kompas’ survey clearly show that Jokowi is no match for the rest in the list. But for some, a presidential race dominated by Jokowi is not a good race. Jokowi must meet his match. The question is, is there anyone who can compete with Jokowi?

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Competing Interests for New Airport

Frustrating! Airplanes have to wait one-two hours for takeoff and landing at Soekarno-Hatta International Airport in Cengkareng, Banten province. Everybody agrees that Jakarta, West Java, and Banten provinces need at least one new international airport to serve around 70 million population of fast growing middle class.

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Permata Hijau Sawit vs Banks & The State

Then minister of finance Sri Mulyani Indrawati disclosed four years ago about tax scandal implicating PT Permata Hijau Sawit. The police had imposed red notice against its leader and owner. Sri Mulyani’s successor Agus Martowardojo then asked for ‘political support’ from the House of Representatives (DPR) to investigate the palm oil producer and trader.

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Market Snapshots & Corporate Actions

Regional sentiments might weigh further gain on Indonesia Stock Exchange (IDX) today. Nikkei 225 drops 1.5% this morning to tracking Dow Jones Industrial Average (DJIA). While Bank Indonesia is expected to keep its benchmark BI rate at 7.5% and that government would relax export ban policy on minerals, property developers might bracing for substantial land tax hike in Jakarta.

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UPDATE: Higher Jakarta Land Tax for 2014

The Province Government of the Capital City of Jakarta (locally refered to as Pemprov DKI) will increase the sales value of tax object (NJOP) for land in a number areas in the city. The increase will vary from 120 to 240 percent depending on the area. This is a major development given that NJOP for land and NJOP for building are components for calculating land and/or building tax (PBB) that property owners must pay per year.

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Paper Manufacturers Revisited (3)

While some continue to expand production capacities, others have yet to find ways out of their troubles. The court has declared PT Surabaya Agung Industri Pulp and Kertas (SAIP) Tbk bankrupt in April 2013. Strange that few months later national police said due to the bankruptcy ruling, investigators found difficulties in collecting evidences to prosecute two former tax officers allegedly took bribe from commissioner of SAIP. How about Prabowo’s Kertas Nusantara?

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Paper Manufacturers Revisited (2)

In September-October 2012, share price of Suparma (SPMA) surged from below Rp250 to Rp450 following market rumors about acquisition of 45% shares by world paper giant Stora Enso. Rumors were JP Morgan Securities had been hired by Stora Enso for the transaction, reportedly with target price of Rp600. We all know that Suparma’s share price immediately retreated to Rp250 in just few days of trading and closed at Rp210 on Wednesday (Jan 08, 2014).

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Paper Manufacturers Revisited

According to FAO Committee on Forestry, China is the largest consumer of paper and paperboard in the world. The country consumed 25% of the world’s total demand, followed by US, Japan, and Germany. In 2010, China’s per capita consumption was 71 Kg, twice of Indonesia. So, if Indonesia’s population is 250 million people, the country’s total demand might be in the region of 8.75 million tons. At China’s per capita consumption, Indonesia would consume 17 million tons per annum.

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ATPK Resources & Its Endless Maneuvers

Six years ago, then SGX-listed Dayen Environmental agreed to acquire ATPK Resources from Hopaco Properties Ltd. Goi Seng Hui, then director of Dayen, controlled 9.62% shares of ATPK Resources before the proposed acquisition. Dayen was also granted rights to mine up to 5 million tons of coal. The deals, however, collapsed few months later.

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