Author: yosefardi.com

Toll Road Projects Update

President Joko Widodo inspected construction of Semarang-Demak (26.7 KM) toll road on Friday (June 11). The toll road, built with public private partnership (PPP) scheme, is the first in Indonesia to act as a seawall along the coastline, a buffer against flooding that normally hits the area. PT Pembangunan Perumahan Semarang Demak, a subsidiary of state EPC firm PTPP, is main investor of the toll road.

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Sangihe Gold Reserve and the Death of the Vice Regent 

Not that many people know where the Sangihe Islands are, but the name of one of the regencies in North Sulawesi is suddenly embroiled in a series of controversies related to the issuance of a gold mining operation permit on the main island. The controversy escalated when shocking news arrived in the evening on June 9, 2021. The Vice Regent of Sangihe one Helmud Hontong, who vehemently opposed the gold mining operations on Sangihe Islands, died on a flight from Denpasar to Manado. In less than 30 minutes after Helmud received medical attention on the plane, Helmud was declared dead. This news was only known to the public outside of North Sulawesi several hours later. Various conspiracy theories emerged, including the allegation that Helmud’s death was related to the mining company he was against.

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Rizieq & His Accusations

Rizieq Shihab, the supreme leader of the disbanded hardline muslim group FPI, has on Thursday (June 10) read his defense in a trial held at the District Court of East Jakarta (PN Jaktim). What’s worth highlighting is Rizieq throwing dirt on some high-profile figures in President Joko “Jokowi” Widodo’s inner circle, including the President’s special staffer Diaz Hendropriyono, who Rizieq claimed was involved in the assassination of his six bodyguards in December 2020.

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Military Procurement: France, US & Germany’s Offer

Indonesia and France agreed to increase cooperation in the maritime sector. The agreement was sealed in a courtesy call on Tuesday (June 8) between the Vice Minister of Foreign Affairs Mahendra Siregar and his counterpart the France Minister of Maritime Annick Girardin. The agreement is worth highlighting in light of the negotiation to purchase France’s Scorpene submarines. In the meantime, Germany’s naval company Thyssenkrupp Marine System (TKMS) reportedly offered its HWD Class 214 diesel-electric submarine to Minister of Defense Prabowo Subianto. The United States (US) arms producer Lockheed Martin, meanwhile, is still offering its F-16 Viper fighter jet to Indonesia.

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Corruption Journal

In April 2019, after three years of investigation, the Corruption Eradication Commission (KPK) announced new suspects in the scandalous conversion of forest land in Riau. Among them were corporate suspect PT Palma Satu and its owner Surya Darmadi (Duta Palma Group). In the last week of June 2020, the trial of one of the key suspects, one Suheri Terta, began in the Corruption Court of the Pekanbaru District Court. On Sept. 9, 2020, the Panel of Judges acquitted Suheri of all charges. The KPK challenged the decision and, recently, the Supreme Court ruled in favor of the KPK. Suheri has been declared guilty. Separately, the former Commissioner of the General Election Commission (KPU) Wahyu Setiawan, who abused his authority and received grafts, has to spend more time in prison as the Supreme Court recently decided to aggravate his punishment. 

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Oil & Gas Journal

West Texas Intermediate (WTI) crude futures rebounded to above $70 a barrel on Thursday, hovering at levels not seen since 2018, as investors focus on prospects of strong oil demand. OPEC said in its June report that oil demand would rise by 5.95 million bpd this year, unchanged from its May forecast.

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Corporations to Watch

Multipolar (MLPL) plans to buy back its shares amounting to 1.46 billion units or 10% of enlarged capital, which cost Rp284.43 billion. But Multipolar prepares a Rp425 billion fund for said buyback of shares. MLPL shares are now traded at Rp675, with a market capitalization of Rp9.88 trillion. This year, Multipolar plans to transform its business from current-oriented technology and digital business. The Company suffered a loss of Rp989.5 billion in 2020, narrowed from a loss of Rp1.04 trillion in 2019. Sales declined 16.6% to Rp10.28 trillion. 

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Market Snapshots

Global stock markets mostly gained on Thursday (June 10), with United States (US) stocks rising after a key US Consumer Price Index (CPI) report for May signaled that the inflation pressures are likely to be temporary. Consumer prices in the world’s largest economy rose the most since August 2008, and the annual core inflation hit a near 30-year high, but a closer look showed that much of the spike came from items such as used cars and trucks, commodities, and airfares mostly due to the low base effect caused by Covid-19.

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Morning Covid Brief: June 10 2021

Good morning. Indonesia’s Vaccination pace has improved. The first sign of improvement came on June 8, when the Government recorded 643,520 doses of vaccines administered. On June 9, the figure dropped to 538,521 doses, but it picked up a day later with 545,322 doses administered. Can Indonesia reach its target of vaccinating 70% of the population by the end of this year?

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The road to recovery

Flights between major cities in Indonesia and resort island of Bali have been full in the past few weeks whilst reduced frequency due to withdrawals of some aircrafts by lessors of major alines like Garuda Indonesia and Lion Air Group. “All flights from Bali today are fully booked whilst implementation of strict health protocols and reduced flights,” one official at Angkasa Pura I, which manages Ngurah Rai international airport in Bali Island.

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