Category: Business

The United States (US) economy expanded an annualized 6.9% on quarter in Q4 2021, much higher than 2.3% in Q3. It’s the strongest GDP growth in five quarters, with the biggest upward contribution coming from private inventories (4.9 percentage points), namely motor vehicle dealers, as companies had been drawing down stocks since the beginning of 2021.

Axiata Group Berhad and XL Axiata (EXCL) on Thursday (Jan. 27) announced the signing of a conditional share purchase agreement (SPA) to jointly acquire an aggregate 66.03% equity interest in Link Net, internet and cable tv service provider, from Asia Link Dewa Pte. Ltd. (ALD) and First Media (KBLV).

State-owned Bank Mandiri (BMRI) booked profit after tax of Rp28 trillion in 2021, growing 66.83% year on year (y/y) as profit from operation rose 58.48% y/y to Rp38.44 trillion. Provision expenses meanwhile fell 21.37% y/y to Rp19.54 trillion.

The Federal Reserve (Fed) expects it will soon be appropriate to raise the target range for the federal funds rate as inflation is well above 2 percent and the labor market is strong.

Mineral mining firm Kapuas Prima Coal (ZINC) aims to complete its zinc smelter in Central Kalimantan by the first quarter (Q1) of 2023. As of now, the construction of said smelter has reached 85%. This smelter will operate with a capacity of 30,000 tons per year.

State-owned Bank Negara Indonesia (BBNI) or BNI booked net income of Rp10.89 trillion in 2021, surged 232.2% year on year (y/y) as net interest income rose 12.4% to Rp38.25 trillion, with a net interest margin (NIM) of 4.7%. Operating income also increased 13/7% to Rp55.86 trillion.