Friday, February 3, 2023

Tag: Corporate

Freeport Indonesia will complete it’s smelter construction by December 2023 ,coordinating minister of economic affair says PT Freeport Indonesia will complete the construction of it’s copper smelter in Gresik , East Java based on schedule. Coordinating Minister for Economic Affair Airlangga Hartarto said that the progress of Freeport’s smelter construction has reached 51.7% and will be completed on time by December 2023. […]
Gold and copper giant PT Freeport Indonesia cannot complete its smelter construction in Gresik, East Java, by December 2023 even though the government may impose sanction if the company failed to do so. […]
Instead of terminating the copper concentrate exports of PT Freeport Indonesia (PTFI) and PT Amman Mineral Nusa Tenggara (AMNT), the government can impose sanction on the two giant gold and copper producers. […]
Lippo Group mega project Meikarta in Cikarang, Bekasi regency, has been involved in legal battle with consumers due to the company’s failure in delivering the property on time and the latter’s alleged defamation. The modern city project has been stalled because of corruption cases involving high-ranked officials at the developer and Bekasi regency. […]
The government’s plan to fully ban the exports of copper concentrates has worried the Indonesian Mining Association (IMA) over the fate of around 40,000 workers in the industry. The IMA raised concern over the government’s unlikeliness to complete the downstream industry before the planned deadline of June 2023. […]
The House of Representatives (DPR) received harsh criticism for its proposal to include power wheeling in the problem inventory list (DIM) during the deliberation of the renewable energy bill. Activists and experts have seen the power wheeling policy as a form of liberalization of Indonesia’s power sector that only benefit private sector. […]
Indonesia and North Korea have seen a continuously declining trend in bilateral trades although both countries had a blossoming diplomatic relations during the Cold War. During Indonesia’s First President Sukarno era, trade between the two countries had flourished and has been ongoing even until this day. […]
The riot in PT Gunbuster Nickel Industri (GNI) on January 14, 2023, between domestic and Chinese workers has signaled an underlying structural problem in the unfair treatment of labors in the industry. Sociologist even called it a ‘time bomb’ due to government’s leniency to Chinese workers. […]
A civil society group has accused gold and copper company PT Amman Mineral Nusa Tenggara (AMNT) for violating Law No. 4/2019 on Coal and Mineral and regulations on Corporate Social Responsibility (CSR) and manpower issues. […]
The state should be present to mediate the workers and foreign investors in cases that could trigger violent acts such as the Morowali riot, which claimed two lives, and prevent the incident from recurring in the future. The root of the problems lies on inequality in working condition, job security, decent salary and social security between local and Chinese workers. […]
The government has prioritized the development of Indonesia’s special economic zones (SEZs) in order to attract over US$ 50 billion in foreign investments over the next decade. Currently, there are 19 SEZs in Indonesia, spreading in its main islands. A total of 12 SEZs are currently operational and the remaining 7 are under construction. […]
Indonesia and the Gulf Cooperation Council (GCC) countries have maintained their fruitful relations. The 6 GCC countries – comprising of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE) – are looking to expand more on their digital cooperation with Indonesia. […]
Despite the Ministry of Industry’s projected growth of 5.36% in the manufacturing, two industries will not survive in 2023: Textile and garment as well as furniture and craft. […]
The mining industry in Indonesia has been facing several challenges in recent years, including a fluctuating commodity market, environmental concerns and the uncertainty of regulations, which could be inconsistent. However, two mining commodities will still shine in 2023: Coal and gold. […]
In this digital era, the volume of financial management instruments is increasing in Indonesia. Banking and/or non-banking institutions have issued various innovations to help the public manage their finances more efficiently. The presence of an e-wallet is a proof of its implementation. […]
The insurance industry in Indonesia has been growing in recent years, due to the increasing awareness among the people on the importance of insurance. The government has also raised its efforts to increase insurance penetration in the country. This story reveals the top 10 insurance companies in Indonesia […]
Since the pandemic era, the transaction behavior of the society has been shifting towards online instead of offline along with restrictions on social mobility. Not only that, it also hosted massive adoption of crypto assets, including derivations in the form of DeFi and Metaverse which triggered a known phenomena i.e cryptoization. […]
NGOs in Indonesia have served as a significant factor in advancing public or social welfare goals. There are countless NGOs in Indonesia, both international and national/local. […]
As the current biggest Korean boy band in the world, BTS has been proving its status by breaking barriers and records – in or outside music industry – around the world. “Bangtan economy” is a nickname for BTS as a credit for contributing to South Korea’s culture, economy, and industry due to their popularity. […]
The South China Sea conflict and the military competition in the regions has forced Indonesia to modernize its defense industry. To anticipate the heightened conflict, Indonesia has purchased new jet fighters and submarines. […]
In the midst of the COVID-19 pandemic in Indonesia, the Investment Coordinating Board (BKPM) has continued to offer investment opportunities in accordance with President Joko “Jokowi” Widodo’s instruction. […]
The labor unions have planned to stage a massive protest against the newly signed government regulation in lieu of job creation law (Perppu). Whereas the Indonesian Employers Association (Apindo) claimed the Perppu was a form of inconsistency in government policies that confused investors. […]
Investment is one of the key drives of a country’s economic growth and Indonesia is no exception. Despite the COVID-19 pandemic, Indonesia has surprisingly raised the value of its Foreign Direct Investment (FDI) from 2020 until 2022. It was all due to the large young population and growing middle class, sustainable economic growth, political stability, as well as its natural resources. […]
Indonesia has a bad record when it comes to dealing with corruption. According to Transparency International, the Corruption Perception Index of Indonesia ranked 96 out of 180 countries in 2021. Meanwhile, the 2004-2022 statistics from the Corruption Eradication Commission (KPK) show there were 1,310 corruption cases. […]
President Joko “Jokowi” Widodo signed the government regulation in lieu of law (Perppu) on job creation on December 30, 2022, due to “several urgent reasons”, including to anticipate the global economic condition. […]
The government’s ban on the bauxite ores export is likely to increase investments in the bauxites processing and refining industry. Economist at the Yogyakarta-based Gadjah Mada University Fahmi Radhi said one of the challenges faced by the government after the ban would be the limited bauxites smelters capacity. […]
The Special Autonomy Fund has failed to become a push factor to eliminate the so-called natural resources curse in Papua and West Papua provinces. The fund has been used to increase gross domestic product but it did not improve other sectors especially education, health sanitation and forest condition in those provinces. […]
Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan considered the Corruption Eradication Commission (KPK)’s caught red-handed operation (OTT) has given a negative perception to the state. He said state officials were exposed to the antigraft body’s caught red-handed operation because the state has not utilized the digital system to improve financial management at the regional and national levels. […]
President Joko “Jokowi” Widodo announced that Indonesia would start banning the export of bauxite ores starting June 2023 to encourage the development of bauxite processing and refining industry at home. His statement came days after Indonesia filed an expected appeal against a World Trade Organization (WTO) panel ruling that was in favor of the European Union (EU) in a dispute […]
The Ministry of State-Owned Enterprises has planned to launch an IPO for two state oil and gas giant PT Pertamina’s subsidiaries, namely PT Pertamina Hulu Energy (PHE) and PT Pertamina Geothermal Energy (PGE). “We will initiate the IPO process for four companies, including PGE and PHE,” SOE Deputy Minister Pahala Mansury told a hearing with the House of Representatives (DPR)’s […]