Category: Uncategorized

COVID-19 Situation Report: Ominous Signs

Southeast Asia sees a rise of new COVID-19 cases. Thailand has logged over two thousand cases in the past five days. Its capital city Bangkok is the epicenter of the new wave of infection. Malaysia has also struggled with new cases hovering in the four digits, with officials suspecting things to get worse. In the Philippines, hospitals are reportedly overwhelmed after over nine thousand new cases were reported on Monday. 

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Policy Issues 

President Joko Widodo asked the Ministry of Industry to examine an expanding and deepening luxurious tax for motorized vehicles with cylinders more than 1,500 cc, with a local component of a minimum of 70%. Last month, the Country launched a relaxation to the automotive industry to recover the economy.

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On the Corruption in the Ministry of Religious Affairs: The Trials

On March 15, 2019, the Corruption Eradication Commission (KPK) conducted a sting operation and arrested several people, including Romahurmuziy (Rommy), the chairman of the United Development Party (PPP). A day after the operation, the KPK named Rommy as one of the suspects. Until a few weeks ago, Rommy insisted that he was not involved in the case. In the first hearing of the trials of the bribers held on May 28, 2019, we learned more details of the case from the Prosecutors indictments.

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Yan Bin’s Reignwood & Bakrie Group

Some continued speculative trading in shares related to Bakrie Group, which is seen in huge trading volume and volatility. Average trading volume of Bumi Resources (BUMI), the largest coal producer in Indonesia, for example, was 722 million shares per day in the past three months as thermal coal hovers above US$80 per ton. Average trading volume in Energi Mega Persada (ENRG), the oil and gas producer, was 561 million shares per day in the period.

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BTEL & FREN: Merger?

PT Smartfren Telecom Tbk (FREN) and PT Bakrie Telecom Tbk (BTEL) have proposed to the ministry of information and communication to share the 800 MHz radio frequency spectrum, which could lead into the merger of both entities, Bisnis Indonesia reported this morning. Bloomberg, meanwhile, reported few hours ago that BTEL and affiliates were sused in New York state court by investors, who claim the company breached its contract involving a $380 million bond issue.

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