Workers load cars onto a truck at the Astra Daihatsu Motor (ADM) car factory in Karawang, West Java, on August 2019.

Global chip crunch stunts Indonesia car sales recovery

Automakers see the semiconductor shortage as preventing them from fully using a temporary tax cut on new cars to recover sales to prepandemic levels.

3 years ago

Business premium

XL profit falls in Q3 as tower sale income dries

Telco company XL Axiata saw its profit drop by 51 percent to Rp 1.01 trillion (US$70.86 million) in the January to September period, from Rp 2.07 trillion a year earlier. ...

3 years ago

Business premium

Bank KB Bukopin seeks to raise Rp 7.04t through rights issue

Publicly listed Bank KB Bukopin is seeking to raise trillions of rupiah in a rights issue later this month as part of its efforts to develop its technological infrastructure and expand lending to the small business and retail sectors. ...

3 years ago

The Latest

Surging price: Aerial view of an oil palm plantation in Bulutumbang, Belitung

Business premium

Palm oil firms benefit from sky-high global energy prices

Indonesian sellers of crude palm oil (CPO) are enjoying windfall gains on the back of a rapid rise in energy prices across the globe.

3 years ago

The Evergrande headquarters (left) is seen in Shenzhen, southeastern China, on Sept. 26, 2021.

Business

Property giant China Evergrande suspends Hong Kong market trading

Embattled property giant China Evergrande on Monday suspended trading in its shares on the Hong Kong stock exchange without giving a reason.

3 years ago

Money matters: A Bank Mandiri employee counts US dollar bills at the state bank’s cash center in Jakarta. Indonesia’s foreign reserves increased in the last four months.

Business premium

Record-high foreign reserves to strengthen Indonesia’s resilience amid looming taper

Record-high foreign reserves will help Bank Indonesia (BI) intervene in the market to maintain stability in exchange rates and bonds should a shock occur, especially amid the looming taper from the US Federal Reserve

3 years ago

Audio-streaming platform Noice is displayed in Apple’s App Store. The Indonesian start-up aims to capitalize on the rising popularity of podcast streaming in Indonesia.

Business premium

Indonesian podcast app takes on Spotify with local content

Noice wants to challenge big names in the audio-streaming industry as the "go-to platform" for hyperlocal content.

3 years ago

All about the youth: An employee (right) helps a customer conduct a digital transaction at the head office of J Trust Bank in Jakarta in this undated photo. J Trust Bank targets younger customers to increase its third-party funds.

Business premium

Digital banks force fundamental change on entire industry: Analysts

Competition between digital and conventional banks has been heating up and will accelerate the move from offline to online services, but it won't automatically improve financial inclusion.

3 years ago

Quality control: A worker checks the product of a steel factory in the Cikarang industrial estate of Bekasi, West Java, on Oct. 4, 2019.

Business premium

Factory activity rebounds thanks to eased pandemic curbs

IHS Markit’s manufacturing Purchasing Managers’ Index (PMI) for Indonesia rebounded to 52.2 in September from 43.7 in August, marking a return to expansion territory after two months of contraction.

3 years ago

Thousands of ride-hailing app drivers jostle to receive basic necessities such as rice and eggs in front of in front of the Malang City Hall building, East Java, on April, 23, 2020. Malang was a red zone for the Covid-19 corona virus epidemic, with many in the gig economy struggling to earn enough to support their families.

Business premium

Gig worker welfare should be left to market: Ministries

Gig workers around the world, especially those in Europe, have been granted more safety nets this year following either landmark court rulings or regulatory changes.

3 years ago

A worker collects eggs at the Sekuntum Herbal layer chicken farm in Purbolinggo, East Lampung, in this file photo from July 2019. A strong decline in the price of chicken eggs helped drive overall food prices down in September 2021.

Business premium

Consumer prices fall in September on cheaper foods

Indonesia has recorded a second monthly drop in consumer prices this year, while the annual rate remains low at a time when inflation is soaring in many other countries.

3 years ago

A general view shows the Wujing Coal Power Station in Shanghai, China, on Sept. 28, 2021.

Business

Asian stocks extend global slide as inflation fears bite

Asia-Pacific stocks fall 1 percent after decline on Wall Street overnight, as concerns about inflation have sent bonds higher and China’s power shortage is rattling markets.

3 years ago

PGN's floating storage and regasification unit (FSRU) in Lampung is pictured in an undated photo.

Business premium

PGN, KAI to build virtual pipeline system to develop gas market

Perusahaan Gas Negara (PGN) has announced its cooperation with railway operator PT Kereta Api Indonesia (KAI) for the transportation of liquefied natural gas.

3 years ago

Nickel is mined at PT Vale Indonesia’s Sorowako mine. Nickel ore obtained from the mine is processed into matte nickel of 78 percent purity and exported to Japan.

Business premium

Indonesia to formulate grand strategy for nickel industry

With little to show after years of proclamations, the grand strategy on coal and mineral resources indicates that the government is doubling down on efforts to develop downstream industries.

3 years ago

Finance Minister Sri Mulyani Indrawati speaks at the House of Representatives on Sept. 13 2021.

Business premium

House passes 2022 state budget with 4.85% deficit

The passing of the bill marks the beginning of Indonesia's fiscal consolidation.

3 years ago

Communications and Information Minister Johnny G. Plate (center) during a press conference on Sept. 29, 2021 in Jakarta.

Business premium

ICT ministry concludes spectrum refarming for 5G

The refarming allows the 2.3 gigahertz (GHz) band to accommodate different generations of cellular networks, particularly 4G and 5G.

3 years ago

Traffic is quiet on Jakarta's Jl. Sudirman in this undated photo, with pedestrians using a footbridge in the background.

Business premium

Three new projects to connect public transportation systems in Jakarta

With work slated to be completed by 2022, the projects are part of Jakarta's efforts to become a more pedestrian-friendly city -- step by step.

3 years ago

Shipping containers are seen at a port in Qingdao, in China's eastern Shandong province on April 13, 2018.

Business

Global supply disruptions could still get worse, central bankerswarn

The disruptions have left the world short of a plethora of goods and services from car parts and microchips to container vessels.

3 years ago

A worker transfers materials at a factory in Lianyungang in China's eastern Jiangsu province on Aug. 27, 2021.

Business

China manufacturing unexpectedly shrinks, services offer support

Manufacturing shrunk due to wider curbs on electricity use and elevated input prices, while services returned to expansion as COVID-19 outbreaks receded.

3 years ago

Long journey ahead: People in a low-income area relax near railway tracks at Pintu Air Karet, Tanah Abang, Central Jakarta. According to the World Bank, more and more poor people across the globe, including Indonesia, will fall into extreme poverty as a result of the COVID-19 pandemic. It is expected that the world could see 150 million people in extreme poverty by the end of 2021.

Business premium

No more extreme poverty by 2024: Airlangga

The government is planning to reduce the share of Indonesians living in extreme poverty to 3.8 percent this year and eradicate it altogether by 2024.

3 years ago

Unit 2 of the Cirebon coal-fired power plant in the West Java Cirebon regency, West Java, slated to begin operating in 2022, is under development as seen on Nov. 30, 2019.

Business premium

Coal power projects in doubt as Chinese funding dries up

Following similar vows from South Korea and Japan, China’s pledge to stop building new coal-fired power plants jeopardizes planned coal energy projects in Indonesia.

3 years ago

A foreigner shows his vaccination card after receiving the second dose of a COVID-19 vaccine in Sanur, Denpasar, Bali on June 22, 2021.

Business premium

Australians still unable to visit Bali after drop in cases

Canberra remains unkeen on Australians traveling to Indonesia, particularly to the popular holiday destination of Bali, despite the significant drop in new daily COVID-19 cases over the past weeks.

3 years ago

Recovery talks: PT Bank Rakyat Indonesia (Persero) Tbk (BRI) president director Sunarso speaks in a panel about inter-stakeholder collaboration to push local micro, small and medium enterprises forward in an online forum organized by the Center of Reform on Economics think tank on July 15.

Business

BRI raises $6.73b in Southeast Asia's 'biggest' rights issue

The rights issue is part of the government’s plan to create a state-owned micro lender holding firm with BRI at the helm.

3 years ago

Indonesian Hotel and Restaurant Association (PHRI) chair Hariyadi B. Sukamdani talks to the press on the impact of the COVID-19 pandemic on the tourism industry in Jakarta on March 12, 2020.

Business premium

Tourism players oppose mandatory CHSE certification

The government could rake in nearly Rp 1.3 trillion (US$91 million) annually from Cleanliness, Health, Safety and Environment (CHSE) certification fees, one observer estimated.

3 years ago

A money changer counts US dollar banknotes at a currency exchange office in Ankara on Sept. 27, 2021.

Business

Dollar stands tall as traders brace for tapering

The dollar traded near its highest levels of the year on Wednesday, after driving higher with US yields and benefiting from investor nervousness about the Federal Reserve starting to withdraw policy support just as global growth headwinds gather.

3 years ago

Medical workers conduct a vaccine drive at Istora Senayan in Central Jakarta on Feb. 4.

Business premium

Delta outbreak to slow Indonesia’s GDP growth this year: World Bank

The World Bank has revised down its economic growth outlook for Indonesia by 0.7 percentage points to 3.7 percent for this year following the recent outbreak of the Delta variant of the coronavirus but has increased next year’s forecast by 0.1 percentage points to 5.2 percent.

3 years ago

Business

World Bank says Delta variant slowing economic growth in East Asia and Pacific

Growth forecasts have been downgraded for most countries in the region, according to the World Bank's East Asia and Pacific Fall 2021 Economic Update.

3 years ago

MIND ID president director Orias Petrus Moedak speaks during the company's three-year anniversary celebration in this undated picture.

Business premium

Mining holding firm MIND ID plans to spin off Inalum this year

The holding company wants to focus on long-term business planning, while aluminum producer Inalum focuses on operations.

3 years ago

Signs of recovery: An employee walks in front of the Jakarta Composite Index (JCI) screen displayed in the Indonesia Stock Exchange (IDX) building in Jakarta on Jan. 4. Early in the New Year, the JCI strengthened by 18.76 points, 0.31 percent, to 5,997.83.

Business

Asian markets grapple with Evergrande fallout, eye China power crunch

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.13 percent lower on Tuesday, following a mixed session on Wall Street.

3 years ago

PLN technicians provide electricity to power a food estate in Central Kalimantan.

Business premium

PLN builds power grid for food estate in C. Kalimantan

The infrastructure covers 20,000 ha, of the total 164,600 ha earmarked in Central Kalimantan for the program.

3 years ago

A general view of silos at the Sonangol Luanda Refinery in Luanda, Angola, on Oct. 22, 2020.

Business

As OPEC reopens the taps, African giants losing race to pump more

The oil not pumped is worth hundreds of millions of dollars.

3 years ago

Global indices are displayed on a screen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 19, 2021.

Business

Asia shares swing higher, oil surges to 3-year peak

Oil stormed past its July peaks as global output disruptions forced energy companies to pull large amounts of crude out of inventories, while a shortage of natural gas in Europe pushed costs up across the continent.

3 years ago

A man buys rice in a shopping center in Serpong, Banten, on March 19, 2020. Retailers and distributors limited purchase volumes of basic goods at the time to ensure the availability of supplies in the early phase of the COVID-19 pandemic.

Business premium

Govt plan to liberalize retail shelf space fee faces backlash from MSMEs

Proposed changes to a Trade Ministry regulation would revoke a price cap for listing of products at retailers, which micro, small and medium enterprises (MSMEs) fear will only benefit suppliers with large capital at hand.

3 years ago

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