Category: Business

Update on the Battle against Perpetrators of Forest Fires 

The Ministry of Environment and Forestry’s effort to force the perpetrators of the 2019 forest fires to take responsibility for the fires that occurred in their concession areas continue to this day. Recently, the Ministry filed two lawsuits against two companies in two different district courts, one of which is PT Rafi Kamajaya Abadi (PT RKA), part of Terengganu-owned TDM Berhad.

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Corporations to Watch

State telco operator Telkom Indonesia (TLKM), through its subsidiary PT Telkomsel, set up PT Telkomsel Ekosistem Digital as holding for the digital telecommunication sector, meaning that Telkomsel transforms into a leading digital telco firm in Indonesia.

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Growing Global Economic Loss

The International Monetary Fund (IMF) expects a growing global economic loss due to the COVID-19 outbreak, reaching US$12.5 trillion, equivalent to Rp178.75 trillion. IMF Managing Director Kristalina Georgieva said disturbance on supply chain, inflation, and tighter monetary policies impact the global economic recovery. The IMF projects the global economy to grow by 4.9% in 2022.

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Unchanged Rate

Bank Indonesia (BI) decided on Thursday (January 2022) to hold the BI 7-Day Reverse Repo Rate at 3.50% while also maintaining the Deposit Facility (DF) rates at 2.75% and Lending Facility (LF) rates at 4.25%.

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Decarbonization projects to watch (2)

The government has just ‘suspended’ implementation of Minister of Energy and Mineral Resources Regulation No. 26/2021 about Rooftop Solar Power Plant connected to public grid only months after its deliberation. The decision upsets stakeholders, especially developers of rooftop solar power projects. Still, there are a lot of initiatives out there to accelerate decarbonization in the country.

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Coal Update

We briefly spoke with the Director General of Mineral and Coal, Ridwan Djamaludin, on Jan. 19, regarding coal issues, exports, and contract extensions for PT Kaltim Prima Coal (KPC), a subsidiary of PT Bumi Resources Tbk under the Bakrie Group.

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Decarbonization projects to watch (1)

Tsingshan, the world’s largest stainless steel producer, which is the main driver of nickel-related investments in the Indonesia Morowali Industrial Park (IMIP) and Indonesia Weda Bay Industrial Park (IWIP), has early last year announced a plan to develop 2,000 MW clean energy power plants in three-five years time.

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Corruption in Jasindo: The End?

It has been over four years since the Corruption Eradication Commission (KPK) first announced its investigation into allegations of corruption involving State-owned insurance company PT Asuransi Jasa Indonesia (Jasindo). The lengthy process of investigation and inquisition has finally come to an end after the last two defendants in the case were found guilty this week. 

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Fund Raising

State contraction firm Waskita Karya (WSKT) has raised Rp9.44 trillion from offering 19.29 billion new shares (rights issue), at a price of Rp620, of which government capital injection accounted for Rp7.9 trillion and public investors contributed Rp1.54 trillion.

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Budget for PEN & IKN

Finance Minister Sri Mulyani Indrawati has on Wednesday (January 19) made a hearing with the Commission XI of House Representatives (DPR) presenting about the budget allocation for building a new state capital (IKN) in East Kalimantan.

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The Collapse of Kresna Group

Shares of PT Gresna Graha Investama Tbk (KREN), an investment company controlled by Kresna Group, opened higher by 2.47% to Rp83 this morning to make a market capitalization of Rp1.5 trillion. Still, the stock has collapsed from its peak at Rp775 in June 2018 despite the group’s effort to sell ‘digital and electric vehicle stories’ in the past few years. 

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