Nikkei 225 opened higher by 3.65% this morning to tracking a dramatic Wall Street comeback rally. Straits Times Index also gained 1.71%, while Australian All Ordinaries increased by 1.41%. Dow Jones Industrial Average (DJIA) ended Wednesday trading with nearly 5% gain, while Nasdaq composite regained 5.84%. WTI crude and Brent oil jumped 9.45% and 8.54% respectively Wednesday, but retreated in Asian trading this morning.
Read MoreThe plan to modify the Cilacap Refinery has been long discussed, but it has yet to reach the implementation stage. PT Pertamina signed a Heads of Agreement (HoA) with Saudi Aramco in November 2015 for this project with the year 2022 as the targeted year of completion. Pertamina, however, pushed the completion target further to 2024. Saudi Aramco’s demands are the frequently cited cause of the setback.
Read MorePreviously, the Minister of Finance Sri Mulyani said that Freeport Indonesia’s tax rate will be fixed to 2041, despite changes in government taxation policies. That means Freeport Indonesia’s tax rate will remain 25 percent for PPN and 10 percent for PPh. Royalty will also not change with gold being 3.75 percent, and copper being 4 percent. Holders of coal contract of work (PKP2B) are demanding the same treatment.
Read MoreThe investigation into the allegation of corruption in PT Garuda Indonesia (Persero) Tbk (GIAA) involving the UK-based engineering company Rolls-Royce began in 2017. Nevertheless, despite having named two suspects, the Corruption Eradication Commission (KPK) has not made any significant progress.
Read MoreIn the Bank Century bailout case is arguable one of the biggest corruption case, full of theories that the Corruption Eradication Commission (KPK) is investigating. The Bailout caused the State over Rp8 trillion in financial losses. To this day, the KPK has only managed to bring the former Deputy of Bank Indonesia (BI) for Monetary and Foreign Exchange Management Division one Budi Mulya to justice. The owner of Bank Century Robert Tantular, meanwhile, was snared with four different charges.
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