Category: Business

Reshuffle at Pertamina

Minister of state-owned enterprises Rini Soemarno has finally dismissed Elia Massa Manik as president director of state oil and gas company Pertamina. Nicke Widyawati, director of human resources, has been appointed acting president director. Leakage of crude oil pipeline in East Kalimantan and supply disruption of subsidized gasoline have been mentioned as factors contributing to the changes. Really?

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Corporate Actions & Results

Flag carrier Garuda Indonesia (GIAA) claimed that its earning improved in the first quarter (Q1) this year, and so it is optimistic to book profit this year. Pahala N. Mansury, GIAA’s president director, said that the airliner had implemented some strategies that support earning improvement.

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Market & the Economy

Negativity on the Wall Street flowed through to Asian markets on Friday, with regional stock indexes tracking lower in early trade amid declines in the technology sector, Cnbc.com reported. Nymex’s crude oil declined 0.13% to US$68.20 per barrel in Asian trading this morning. Oil prices softened after having spiked to highs not seen since 2014.

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Bank Rates

Indonesia’s central bank (Bank Indonesia/BI) on Thursday (April 19) decided to leave its benchmark 7-day reverse repo rate (BI 7-day RR Rate) unchanged at 4.25% for the seventh straight meeting. Policymakers said that the current policy stance was consistent with efforts to maintain macroeconomic and financial stability amid rising external pressures.

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