Tag: Indonesia and China business

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IDX Composite Closed Today at the Level of 7,000, the Highest in History!

IDX Composite closed today with a record high in history. JCI trading closed at 7,000 for the first time. Based on research by Artha Sekuritas, the JCI closed higher at an all-time high after investors responded to the development of the Russia-Ukraine war indicating that there would be negotiations for peace. In addition, the increase in crude oil prices also pushed up stocks in the energy sector.

Technically, the current movement is still in the bullish trend, which is quite strong after being closed at the all-time high level accompanied by the stochastic indicator forming a golden cross. Investors will still be watching developments from the Russia-Ukraine war as well as the Fed’s speech regarding future economic policies.

Meanwhile, fighting rages on in Ukraine as efforts to negotiate an end to the conflict appear to be making little progress. Crude prices continue to soar as the European Union considers joining the United States in banning Russian oil.

March 22, 2022, detikFinance

(https://finance.detik.com/bursa-dan-valas/d-5995483/ihsg-hari-ini-ditutup-di-level-7000-tertinggi-sepanjang-sejarah)

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‘Hopefully, MotoGP Mandalika Becomes Momentum for Indonesia’s Awakening’

MotoGP Mandalika 2022 has been completed. Although accompanied by several notes, this event is expected to be a revival of Indonesia in the midst of the COVID-19 pandemic. MotoGP has finally returned to Indonesia after 25 years of absence. Held at the Pertamina Mandalika International Street Circuit, Sunday (20/3/2022), the race was delayed by an hour due to heavy rain.

Indonesia’s great success at the inaugural Mandalika MotoGP event invited a lot of praise. Moreover, the organizers of the Mandalika Grand Prix Association (MGPA) were criticized for having circuit problems in the pre-season test session last February. Although it is recognized that the name of the inaugural event can not be separated from several shortcomings outside the race, such as the supporting facilities around the circuit are not fully 100 percent.

However, Indonesia still has a year to improve before the 2023 race. What is certain is that with the Mandalika MotoGP, the Indonesian economy, especially Lombok, has faltered due to the COVID-19 pandemic. Plus, the Mandalika MotoGP was also questioned because, at the beginning of the pandemic, there were restrictions on activities in the country and also in many countries. However, amid Indonesia’s efforts towards endemic status, the primary class motorcycle race was able to be held.

            “The Mandalika MotoGP is momentum for Indonesia’s economic revival, especially tourism. Therefore, it is hoped that next year, MotoGP can be even better,” said Angkasa Pura Logistik President Director Danny P Thaharsyah.

March 21, 2022, detikSport

(https://sport.detik.com/moto-gp/d-5992745/semoga-motogp-mandalika-jadi-momentum-kebangkitan-indonesia)

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History! Miguel Oliveira Becomes First Winner of the Mandalika MotoGP

The Pertamina Grand Prix of Indonesia race series has been running smoothly. Red Bull KTM rider Miguel Oliveira came out as the first winner in Indonesia’s Mandalika race series. Indonesia is back on the MotoGP racing calendar in 2022. Titled the Pertamina Grand Prix of Indonesia, the race of Marc Marquez et al was launched at the Pertamina Mandalika International Street Circuit on Sunday (20/3/2022). In the race, which took place in wet conditions due to heavy rain, Miguel Oliveira could come out victorious.

The Portuguese rider came out victorious after recording a time of 33 minutes 27.223 seconds. Oliveira can smoke Fabio Quartararo and Johann Zarco, in positions two and three. The victory in Mandalika also made Oliveira make history.

He became the first winner in the Mandalika MotoGP championship series. Overall, he became the third winner in the highest class of Indonesian motorcycle racing in history. Previously, there were Mick Doohan (1996) and Tadayuki Okada (1997), who could be winners in the 500cc motorcycle racing class at the Indonesian Grand Prix, which at that time was still held at the Sentul Circuit.

March 20, 2022, detikSport

(https://sport.detik.com/moto-gp/d-5992317/sejarah-miguel-oliveira-jadi-pemenang-pertama-motogp-mandalika)

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Construction of the F1 Circuit in Bintan to Begin March 17

Chairman of the Indonesian Motor Association (IMI) Bambang Soesatyo said that the groundbreaking for the construction of the F1 International Circuit in Lagoi Bintan, Riau Islands Province will be carried out in March 17, 2022. The Central IMI targets the Bintan F1 International Circuit to be the grandest circuit in Western Indonesia. “DED Bintan F1 International Circuit matches the concept of the Circuit in Mandalika which emphasizes natural scenery. The Bintan F1 International Circuit is designed to offer beautiful Bintan sea views,” said Bamsoet in his statement, Monday (14/3/2022).

The Bintan F1 International Circuit will be used to hold various world automotive events. Starting from sports car racing, MotoGP motorcycle racing to Formula 1. “The construction of the Bintan F1 International Circuit will have a major impact on economic growth and local revenue for the Bintan region. As many local and foreign tourists enter from Singapore, Malaysia, and other countries, it will also support automotive sports tourism in western Indonesia,” said Bamsoet.

To build the Bintan F1 International Circuit, an area of 75 to 100 hectares has been prepared. The construction of the Bintan F1 International Circuit has been through the study of a team of consultants from England, Populous, who have designed many motorsport arenas in various countries around the world.

March 14, 2022, detikOto

(https://oto.detik.com/otosport/d-5982717/sah-pembangunan-sirkuit-f1-di-bintan-bakal-dimulai-17-maret)

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Welcome! MotoGP Crew and Racers Start Landing at Mandalika

A few days before the Indonesian MotoGP was held at the Pertamina Mandalika Circuit, teams and racers started arriving in Lombok. Dozens of crew and racers have landed at Zainuddin Abdul Madjid International Airport (BIZAM) Lombok, West Nusa Tenggara, Sunday night (13/3). This is the first landing of several planes that will visit Mandalika carrying crew, riders, and MotoGP officials. In total there will be 9 flights that will land at Zainuddin Abdul Madjid International Airport carrying a group of MotoGP racers, teams, and officials.

“The planned arrival of charter flights in March in the context of MotoGP at Lombok Airport was scheduled from March 13 to March 21. Consisting of 9 arrival flights from March 13 to March 16 and return flights from March 20 to 21, 2022.” Head of the NTB Tourism Office, Yusron Hadi

The Pertamina Grand Prix of Indonesia will be held on March 18-20, 2022 at the Pertamina Mandalika Circuit. This will be the first Grand Prix race in Indonesia since the last one in 1997.

March 14, 2022, detikOto

(https://oto.detik.com/otosport/d-5982102/selamat-datang-kru-dan-pebalap-motogp-mulai-mendarat-di-mandalika)

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Supported by Foreign Funds, JCI Returns to Green! Almost 7,000

IDX Composite opened green by 0.48% to 6,951.35 on Wednesday (16/3/2021). IDX Composite continued to rise at 09.20 PM with an appreciation of 0.77% and moved at the level of 6,967.81.

The shares that were bought the most by foreigners were PT Bank Negara Indonesia Tbk (BBNI) and PT Bank Central Asia Tbk (BBCA) with a net buy of Rp38 billion and Rp68 billion, respectively. Meanwhile, the shares most sold by foreigners were shares of PT Merdeka Copper Gold Tbk (MDKA) and PT PP Tbk (PTPP) with a net buy of Rp11 billion and Rp6 billion, respectively.

From abroad, investors will be watching the release of Japan’s trade balance data as of February 2022 at 06.50 AM. The market consensus compiled by Tradingeconomics predicts that the trade balance of the Land of the Rising Sun will still return to a deficit of JPY 112.6 billion.

Meanwhile, in the US, market consensus predicts that US oil stocks will decrease by 0.97 million barrels, from the previous period’s position of 1.86 million barrels. Then, gasoline stocks are also expected to fall by 1.73 million barrels as of March 11, from the previous decline of 1.41 million barrels. This data will also be observed by investors because the level of oil inventories will also affect the price of petroleum products, which in turn can have an impact on inflation.

March 10, 2022, CNBC Indonesia

(https://www.cnbcindonesia.com/market/20220316092025-17-323159/didukung-asing-ihsg-kembali-hijau-mencoba-pepet-7000)

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Jokowi Lays Symbolic Foundation for New Capital

President Joko “Jokowi” Widodo, along with provincial leaders and several Cabinet ministers, gathered on Monday in North Penajam Paser regency, East Kalimantan, to partake in a symbolic ceremony to bless the development of the nation’s new capital Nusantara. The ceremony was held at the Kilometer Zero site at the new capital, where each provincial governor or their representative took turns in adding soil and water, symbolizing the archipelago of Indonesia, to a gold-plated container. Out of the 34 governors summoned to join the President in the ceremony, six were unable to attend.

Jokowi said Monday’s ceremony marked another milestone in the ambitious relocation project and represented a unification of the country at the site of Nusantara. The President said the unification of soil and water from all the provinces symbolized the archipelago’s diversity and unity. “This is a symbol of our strong diversity and unity in order to build the capital of the archipelago,” said Jokowi.

            The ceremony in Nusantara was held a few days after Jokowi swore in Bambang Susantono and Dhony Rahajoe as the head and deputy head, respectively, of the new capital city authority, as the government stepped up its preparations to relocate the capital to East Kalimantan.

            Jokowi has expressed his goal of celebrating Indonesia’s 79th independence anniversary in 2024 at his new office in Nusantara along with four ministries, namely the Foreign Ministry, Defense Ministry, Home Ministry, and Finance Ministry. Nusantara will be located on 256,000 hectares of land in an area straddling North Penajam Paser and Kutai Kartanegara regencies. According to the current plan, the project will cost Rp 466 trillion (US$32.7 billion), 19 percent of which is expected to be financed from the state budget, and the rest is expected to be financed through investments from the private sector and foreign investors.

March 10, 2022, detikNews

(https://www.thejakartapost.com/indonesia/2022/03/15/jokowi-lays-symbolic-foundation-for-new-capital.html)

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Bambang Susantono and Dhony Rahajoe Officially Lead IKN Nusantara

Bambang Susantono and Dhony Rahajoe officially became the Head of the Authority and Deputy Head of the IKN Nusantara Authority. Bambang and Dhony were inaugurated by President Joko Widodo (Jokowi) at the State Palace, Central Jakarta. After the event was over, Jokowi congratulated the inaugurated officials. It was only then followed by the officials present.

KSP explained the reasons why Bambang Susantonodan and Dhony Rahajoe were chosen to be the leaders of IKN Nusantara. The factors of experience and professionalism are both major considerations. “If you look at his experience, they are a pretty good combination in terms of professionalism. Pak Bambang has expertise in the fields of transportation, infrastructure, and transportation. Then he has experience in the field of management and international institutions. For Mr. Dhony, he has experience in managing BSD. Satellite city, which is arguably quite successful.” said the Main Expert Staff of the Presidential Staff Office (KSP) Wandy Tuturoong

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New Tax Amnesty Rule Directs Funds to Renewables, Processing Industries

The Finance Ministry has issued a new regulation to steer the proceeds of the second tax amnesty toward renewable energy development and certain processing industries. Finance Ministerial Decree No. 52/2022 states that 332 such industries may receive more of the proceeds than others. These include geothermal power production, power generator manufacturing, meat processing, furniture making, crude palm oil processing, and ceramic manufacturing.

The decree is a derivative of Finance Ministerial Regulation No. 196/2021 that offers lower tax rates of 6 to 12 percent on declared assets on the condition that they go either into government bonds (SBN) or direct investment in renewables or processing industries. A higher rate of 8 to 18 percent is payable on declared assets that go into any other industries or financial instruments. Neilmaldrin noted that the investments had to be made by September 2023 and with a minimum holding period of five years for the amnesty to apply. Taxpayers were also allowed to switch between investing in the 332 industries and investing in government bonds, under certain terms and conditions.

The tax office reported that 17,754 taxpayers had signed up for the tax amnesty as of Feb 28. They had declared Rp18.73 trillion (US$1.31 billion) in assets at home and Rp1.3 trillion abroad.  The taxpayers have invested in Rp1.1 trillion in government bonds and contributed Rp2.2 trillion in income tax through the amnesty program as of that date.

March 5, 2022, The Jakarta Post

(https://www.thejakartapost.com/business/2022/03/01/new-tax-amnesty-rule-directs-funds-to-renewables-processing-industries.html)

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Telkomsel and GoTo Join Forces to Expand in SEA Gaming Business

State-owned telecommunications firm Telkomsel and technology company GoTo Group have formed a joint venture to expand their gaming business in the Southeast Asian market. The joint venture, Majamojo, will be set up by Telkomsel subsidiary PT Telkomsel Ekosistem Digital and GoTo subsidiary PT Aplikasi Multimedia Anak Bangsa, with the former holding a majority stake. Majamojo, formally PT Games Karya Nusantara, will focus on game development for mobile platforms. The company is slated to form strategic partnerships with third-party gaming developers and create an integrated platform leveraging the variety of services in the GoTo and Telkomsel ecosystems.

“We are aiming for Majamojo to strengthen Indonesia’s gaming ecosystem in Southeast Asia,” Majamojo president director Jungwon Hahn said in a statement on Wednesday.

The mobile gaming business in Southeast Asia has grown by approximately 180% from 2014 to 2017, according to data from gaming market research companies Newzoo and Niko Partners. The companies also predict that the mobile gaming business will continue to see rapid growth in the next five years. Tokyo-based market research company Shibuya Data Count estimated the compound annual growth rate (CAGR) of the gaming industry in the region at 8.5% in the period of 2020 to 2025.

GoTo strategic partnership head Reggy Susanto said he expected the joint venture to strengthen Indonesia’s gaming industry and facilitate the development of homegrown digital talent. “[Majamojo] has tremendous resources to become the largest gaming company in the region,” Reggy said in the same statement.

Gaming is one of the few industries that grew in 2020 despite the pandemic-induced economic slowdown. Tourism and Creative Economy Ministry data show that the apps and gaming industry contributed Rp 24.88 trillion (US$1.7 billion) to the country’s economy that year, accounting for 2.19 percent of the total GDP. The gaming industry grew 4.47 percent in 2020.

Feb 24, 2022, The Jakarta Post

(https://www.thejakartapost.com/business/2022/02/24/telkomsel-goto-join-forces-to-expand-in-sea-gaming-business.html)