JAKARTA (TheInsiderStories) – Good Morning, we provide several important news that might help your business decisions today, as follows :
Becakayu Toll Road Officially opened
President Joko Widodo on Friday officiated the operation of the Bekasi-Cawang-Kampung Melayu (Becakayu) toll road sections 1B-1C, whose construction was halted for 20 years. The 1B and 1C Becakayu toll road connects Cipinang Melayu and Jakasampurna in Bekasi for 8.4 kilometers. The construction of the toll road began in 1996, but had been halted in 1997 due to the financial crisis. The Joko Widodo government resumed the construction of the toll road in November, 2014.
Pertamina proposes to manage six oil, gas blocks
State-owned energy firm PT Pertamina (Persero) has submitted proposals to the government to manage six of eight oil and gas blocks offered by the government. Pertamina’s upstream business director Syamsu Alam said the proposals were submitted to the Energy and Mineral Resources Ministry. The blocks that were formerly managed by foreign oil and gas companies would be taken over by the government after their contracts expired in the near future.
Jokowi to Discuss Inclusivity, Development Gap at APEC Summit
President Joko Widodo is scheduled to attend the Asia-Pacific Economic Cooperation Summit at the end of this week, where he is expected to discuss inclusivity and the development gap in the digital age with 20 other heads of state. Jokowi will attend the 2017 APEC Summit on Nov. 10 and 11, which will take place in Da Nang, Vietnam. Chaired by Vietnam, the meeting will focus on sustainable, innovative and inclusive growth and enhancing food security and sustainable agriculture in response to climate change.
PLN Obtains Rp 16.3t Syndicated Loan
State-owned utility company Perusahaan Listrik Negara has secured loan worth Rp 16.3 trillion (US$1.2 billion) syndicated loan to fund projects that form part of the government’s ambitious 35,000-megawatt power project. The loan consists of Rp 12 trillion in a conventional scheme and Rp 4.3 trillion in a shariah-compliant scheme, which has a 10-year tenor. Financial institutions that participated in the syndicated investment loan include state-owned lenders Bank Mandiri and Bank Rakyat Indonesia and commercial lenders Bank Central Asia, Bank Mega, Bank of Tokyo-Mitsubishi, Bank Sumitomo Mitsui Indonesia, state-controlled investment firm Sarana Multi Infrastruktur and Indonesia Eximbank.
Financial institutions that chipped in for the syndicated shariah-compliant loan include Bank Maybank Indonesia, Bank Mandiri Syariah, Bank Negara Indonesia Syariah, Bank Permata Syariah and Sarana Multi Infrastruktur.
Indonesia To Respond Firmly on EU’s campaign against palm oil
Trade Minister Enggartiasto Lukita has called on palm oil stakeholders to join hands to fight the European Union’s negative campaign against palm oil-based products at a conference in Nusa Dua, Bali, on Friday.
In response to the EU campaign, Indonesia would take strong action by disrupting import commodities from Europe, such as milk powder. Enggartiasto also threatened to stop palm oil exports to Europe for a month, if the EU keeps putting pressure on Indonesia.
Bond Market warned yield narrowed after Powell step into The Fed
The bond market is sending a warning to the Fed just as Jerome Powell has been nominated to take over as chairman in February. The spread between 2-year and 10-year yields narrowed to its lowest level since 2007 Friday, and a very flat yield curve is sometimes the precursor of an inverted curve, which has been a recession warning. Strategists say this is not a recession warning yet, but it is a statement on the fact the Fed is raising rates when there is no inflation.
The current Fed governor, who was nominated this week, is no doubt watching those same perplexing moves in the Treasury market, where the spread between long-end bond yields and short-term yields have dramatically narrowed — resulting in a curve flattening. That move has made the curve the flattest it’s been since 2007. (*)