Author: yosefardi.com

Update on Samin Tan’s Borneo

PT Borneo Lumbung Energi & Metal (BORN) Tbk, producer of coking coal, booked net profit of US$56.75 million in the first nine months ended Sept 30, 2017, improved from US$50.3 million in the corresponding period of 2016. The Company, which just released the statement, recorded sales revenue of US$194.64 million in the period, jumped by 120% from the same period of 2016 on higher volume and average price.

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Pertamina Signs Fuel Contract with Saudi Aramco

Saudi Aramco to start supply gasoline to Indonesia’s oil & gas producer PT Pertamina starting July. Its trading armed Saudi Aramco Products Trading Company will be supplying a total of about 1 million barrels a month. Saudi Aramco and Pertamina has plan to set the formation of a joint venture (JV) to repair and improve of the capacity of the new Cilacap Refinery end of 2019. Therefore, the state-owned company and Saudi Aramco need to revise the previously JV agreement. Pertamina will hold a 55% stake in the upgrading project of Cilacap Refinery to be able to control a JV with Saudi Aramco. After the joint venture agreement is signed, Pertamina and Saudi Aramco will start FEED...

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GE Indonesia to Sell 3D Printers in Indonesia

GE Indonesia, the local unit of American multinational conglomerate General Electric Company (GE), plans to sell 3D printing products on the Indonesian market starting from the third quarter of 2018. At first the company will focus on metal product printers, specifically for the automotive and machine industries. It is part of the company’s target to become the leading company in 3D printing in Indonesia. Currently, GE Indonesia is still studying the potential of 3D printers on the Indonesian market. The price of a 3D printer (for the manufacturing industry) would be at least US$1 million and will have the size of a...

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PLN’s Natural Gas-fired Power Plant Operates

Japan’s Mitsubishi Hitachi Power Systems, Ltd. (MHPS) has completed the construction the first unit of natural gas-fired power generation facility of the Tanjung Priok Power Plant owned by a state-owned electricity provider PT Perusahaan Listrik Negara (PLN), said the company in a statement on Tuesday (June 12). Under the Jawa-2 Project, PLN plans to construct an 880 megawatt (MW) plant comprising two gas turbine combined cycle (GTCC) power generation systems. The unit 1 has initially gone into operation as a simple gas turbine system, with output currently near 300 MW. This demonstrates the steady progress of Jawa-2...

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More on Bank Mandiri’s Credit Facility Case

A year has passed since the Attorney General’s Office (AGO) announced their investigation into the irregularities in Bank Mandiri’s issuance of a credit facility to PT Tirta Amarta Bottling. At the time, the investigation which commenced after Bank Mandiri asked for assistance from the AGO, recorded an estimated losses sustained by the State at a little over Rp1 trillion. Bank Mandiri and the Company have built their relationship since 2008 and Bank Mandiri stated that the relationship with the Company went smoothly from the beginning, but something strange happened between the 2015-2016 fiscal year, so that the Bank begin to build coordination with the AGO.

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Fund Raising & Investment

Inline with positive economic development in the country, many companies are seeking funds for developing their business and expanding. They offer shares through the initial public offering (IPO), issue bonds, and seek bank loans.

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The Trade War Issue

The global economy is now going through a period of uncertainty following the wake of protectionist policy by the United States, and the potential of trade war that rises as a result. The Managing Director of the International Monetary Fund (IMF) Christine Lagarde said that the risks to the global economy were rising as major industrial nations had sharpened threats of a trade war.

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Trump Effect

United States President Donald Trump and Chairman of the Democratic People’s Republic of Korea Kim Jong Un have on Tuesday (June 12) signed a joint document on the commitment to working towards denuclearization of the Korean Peninsula. The AFP reported that the document signed also says they will join hands in building a lasting and stable peace regime on the Korean Peninsula, with the DPRK committing to recovering the remains of prisoners of war and those missing in action.

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Pelindo 4 Plans Bond Issue Rp3 Trillion

State port operator PT Pelabuhan Indonesia (Pelindo) 4 plans to issue bonds worth Rp3 trillion in early second half of this year, used to pay debt and fund capacity expansion. The bonds are offered in three series with tenor of 5 years, 7 years, and 10 years, offering annual coupon rates at...

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BI: No Plan to Impose Tax on Foreign Capital Inflows

The central bank (Bank Indonesia/BI) said it has no plan to impose tax on yields of foreign capital inflows. Recently, there is a report the central bank to regulate the inflow of foreign funds to the country. A number of countries imposed tax on foreign capital inflows in a bid to curb capital outflows when the economic stability was jolted by external pressures. This kind of foreign exchange management is common in the world, even International Monetary Fund (IMF) has a guideline on this. The financial institution said the foreign exchange management can be done with prudent monetary discipline by the central bank. The IMF also sees that fiscal discipline alone is insufficient to offset the negative impact of foreign capital flows. In Indonesia, the policy on foreign capital flow management is guided by three principles. First to help mitigate the negative impacts of short term volatility in capital flows on the stability of both the exchange rate and the overall monetary and financial system. Second, the measures specifically target short-term and speculative capital flows and medium- to longer-term flows are welcomed, as they benefit the economy. And third, the measures are consistent with the broad principle of maintaining the free foreign exchange...

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