The House of Representatives (DPR) finally formed a special committee (pansus) to investigate corruption allegations in the state-owned port operator company PT Pelindo II. The names of those in the special committee will be announced in the next House plenary session. Minister of State-Owned Enterprises (SOE’s) Rini Mariani Soemarno and Pelindo II CEO Richard Joost (RJ) Lino would likely become the main targets of the special committee.
Read MorePresident Joko “Jokowi” Widodo is expected to announce the Phase 3 of the Economic Policy Package Thursday this week. The Third Policy Package will reportedly include lowering the prices of gasoline, diesel and electricity (for industries), to avert more layoffs in Indonesia’s manufacturing industry.
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The Ministry of Transportation has budgeted Rp105 trillion for railway development outside of Java until 2019. That being said, the Ministry will focus on optimizing existing railway lines that are no longer actively used, in addition to building new railways in Kalimantan, Sulawesi, and Papua.
Read MoreThe process for the Suspension of Debts Payment (PKPU) of PT Panghegar Kana Legacy (PKL) continues. After having gone through the verification stage, the latter was found to have amassed Rp500 billion worth of bills to pay.
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Flag carrier Garuda Indonesia (GIAA) is among stocks yet to rally significantly from its bottom even though its business environment has been improving substantially. Garuda Indonesia is now traded 0.7 x equity only.
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President Jokowi and his cabinet are trying hard to convince public that they can create more jobs amidst economic slowdown and the collapse of commodities. In a show of force yesterday, the cabinet announced investments committed by 16 companies in labour-intensive industries, especially shoes and textiles. How true?
Read MoreMalindo Feedmill (MAIN), controlled by Malaysian investors, succeeded in selling 96 million new shares to a group of investors, including Falcon House Partners, last year at Rp3500 per share. Last Friday, MAIN closed at Rp1165, implying to 67% loss to those participated in the placement.
Read MoreWTI crude oil briefly touched US$47 per barrel on Nymex Monday (Oct 5) before settled at US$46.26, up 1.6% from Friday, lifted by hopes on further stimulus package in China. In London, November Brent crude advanced 2.26% to US$49.25 per barrel even when Saudi Arabia announced a plan to slash its oil prices Monday.
Read MoreIndonesia’s stock market outperformed other Asian markets on Monday (Oct. 5) with the composite index of the Indonesia Stock Exchange (IDX) gaining 3.2% to close at 4,343. Foreign investors booked net buy of Rp335.3 billion, cutting year-to-date net sell to Rp12.9 trillion.
Read MoreThe idea to hold a national extraordinary congress (munaslub) to elect a new chairperson for Golkar did not look promising after Agung Laksono’s faction and Aburizal “Ical” Bakrie’s faction explicitly refused to lend their support. Is there still hope for those who’d rather have the munaslub?
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