China International Capital Corp (CICC), the largest investment bank in China, is planning to expand into Indonesia as part of its strategy to explore new markets in Southeast Asia. This decision is driven by the slowdown in local transaction activities due to increasing geopolitical tensions and a weakening Chinese economy. A report by KPMG accounting firm highlights a 75 percent year-on-year decline in fundraising from A-share initial public offerings (IPOs) in China during the first half of 2024, totaling RMB56.5 billion (Rp125.85 trillion). The number of IPOs also fell by 70 percent to 52. Meanwhile, the Hong Kong IPO market saw a 35 percent decrease in funds raised, amounting to HK$11.6 billion (Rp24.07 trillion), with a 15 percent drop in IPOs to 27.
NITG Inc., a leader in developing cutting-edge cryptocurrency quantitative AI technology, is set to expand its operations to Indonesia, marking its first major move into the Asian market.
The East Java Provincial Prosecutors’ Office is investigating corruption allegations at State-owned railway manufacturer PT INKA following a report by Minister of State-owned Enterprises (SOEs) Erick Thohir. Arya Sinulingga, Special Staff to the Minister of State-Owned Enterprises, said that in 2022, a letter was sent to the Junior Attorney General for General Crimes (Jampidum) requesting an investigation into PT INKA. He noted that the ongoing investigation is part of a broader effort to clean up state-owned enterprises. The Special Crimes Investigation Team of the East Java Provincial Prosecutors’ Office has questioned 18 individuals in connection with the alleged corruption at INKA. The investigation is linked to a mega project worth Rp167 trillion (US$10.3 billion).
The Indonesian Ministry of Industry has been aggressively promoting digital economic transformation by encouraging collaboration between industry players and developing startups as exhibited during the Tech Link Summit 2024 held from July 18-20 in Jakarta.
The French government showcased various military aircraft to Indonesia, including the newly purchased Dassault Rafale fighter jet, at the Pégase 2024 Mission held at Halim Perdanakusuma Air Base in East Jakarta on Wednesday, July 24, 2024. In addition to the Rafale, France displayed two other aircraft: the Airbus A400M Atlas and Airbus A330 MRTT Phénix. Brigadier General Guillaume Thomas, Commander of the Pégase 2024 Mission, said that this mission aims to demonstrate France’s strength in the Indo-Pacific region.
Indonesia has welcomed the Beijing Declaration on Tuesday, July 23, 2024, that unifies all political factions in Palestine. Foreign Minister Retno Marsudi said the approval of the Beijing Declaration by Palestinian stakeholders is a step forward in encouraging reconciliation and unity of the Palestinian people, especially amid the ongoing conflict in Gaza. She cited that Indonesia always brings up the issue of unity in any meeting with Palestinian factions. Unity is key to realize peace and future of Palestine.
Coal and electric vehicle company PT TBS Energi Utama Tbk (TOBA) – which 10% of shares are owned by Coordinating Minister for Maritime Affairs and Investment Luhut Panjaitan – has allocated between US$ 50 million and US$ 60 million of capital expenditure (Capex) for the year 2023. The Capex would be allocated for the development of the new EVs and the renewable energy with its subsidiaries.
PT Bayan Resources Tbk. (BYAN) has absorbed capital expenditure (Capex) of US$ 166.2 million on the construction of a coal transport road, overland conveyor and a barge loading facility in Muara Pahu, East Kalimantan. The company seeks to increase its 2023 coal production targets to over 45 million tons, an increase compared to 2022 which was below 40 million tons.
Investment Minister/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia announced that investment realization from January to September 2022 has reached IDR 892.4 trillion – or 74.4% of the target – both foreign and direct investments. He was upbeat that his ministry could reach a targeted investment of IDR 1,200 trillion for the year 2022.
PT Galva Technologies Tbk (GLVA) has planned to allocate IDR 80 billion of Capex for 2023 to strengthen the company’s recurring income through managed services business model.
