Author: yosefardi.com

Jokowi & His Retail Politics

President Joko “Jokowi” Widodo went to West Java after attending the first presidential debate. He visited the Garut regency, wherein he officiated the free installation of electricity for 30,937 poor families and kicked off the groundbreaking of the construction of subsidized houses for the members of the so-called Garut Barbers Brotherhood (PPRG).

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Fund Raisings: PSAB & KMTR

Gold miner J Resources Asia Pasifik (PSAB) will issue 2.64 billion new shares, representing 10% of its enlarged capital, through private placement or offering to a certain party. The exercise price is Rp202 per unit with the expectation of raising Rp534.49 billion in total.

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Millennial Who?

Those who’ve been following Indonesia’s political discourse would’ve heard politicians mentioning the millennials countless times. Every time I listen to them say the word “millennial” I wonder to whom they’re referring. At times, how politicians speak of millennials make it sound as if they’re referring to college freshmen. That would be a problematic assumption because the term “millennial” refers to several different age groups.

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PKP2B Update

The Government of Indonesia is working towards the amendment of Coal Contract of Work (PKP2B), particularly those that will expire this year, such as the PKP2B of PT Tanito Harum, PT Kumbama Mining, and PT Sumbawa Timur Mining.

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Economic Update

China’s growth is proving to be especially fragile, and data for the last seven months show a marked slowing of activity—the industrial sectors are close to recession. Policy mistakes, especially regarding trade, continue to be the biggest threats to global growth. Fiscal and monetary policies have little room to stimulate in the event of a downturn.

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The Market This Week

Global stock indexes are expected to keep gaining this week as optimism increased that an end is in sight to the trade conflict between China and the United States (U.S.). World stock indexes jumped on Friday last week (Jan. 18), with Wall Street posting a fourth straight week of gains.

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Update on MCOR’s Cessie Dispute

We thought the dispute over the debt-claiming rights (cessie) involving PT Geria Wijaya Prestige (GWP) and several other parties could not get anymore confusing, but we’ve been proven wrong. Hartono Karjadi (who was named suspect earlier last year by the Bali Regional Police, based on police report filed by Artha Graha patron Tomy Winata) was arrested in a hospital in Singapore. The Bali regional police claimed that they had made the arrest with the assistance of the Singapore Police Force (SPF), but the SPF recently denied the claim. To make things even more complicated, the National Police’s Criminal Investigation Unit (Bareskrim) recently stated that they would continue confiscating the disputed certificates that are under the possession of PT Bank China Construction Bank Indonesia Tbk (MCOR). The Bareskrim did obtain the district court’s permission to confiscate the certificates last year, but somehow they did not immediately do what they had intended to do. So, why have they decided to move forward with the confiscation now?

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Corruption in Waskita Karya

In the second week of December 2018 the Corruption Eradication Commission (KPK) announced the investigation and inquisition into the allegation of corruption in PT Waskita Karya (Persero) Tbk (WSKT). Two suspects were named. The KPK did not deny the possibility of investigating the State-Owned Enterprise as a suspect. This reminds us of PT Nindya Karya (Persero), a State-Owned Enterprise that the KPK named a graft suspect in April 2018.

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