Daily Business Briefs – Nov 24

JAKARTA (TheInsiderStories) – Good morning. Followings are some relevant news that might help your business decisions today:

Semen Indonesia cement sales up 8.8% in October
PT Semen Indonesia Tbk (IDX:SMGR), state-controlled cement producer, recorded cement sales of 2.77 million tons in October, up 8.8 per cent from the same month last year of 2.54 million tons. The October sales were the second highest after cement sales in July, which booked sales increase of 48 per cent.
Timah on the Lookout for Acquisition
Tin maker PT Timah Tbk (IDX:TINS) expects to set higher capital expenditure next year, portion of which will be used to acquire other companies, company President Director Riza Pahlevi Tabrani said. In 2017, the company set capital expenditure of Rp1.5-Rp2 trillion. In the nine months to September, the company booked sales of Rp6.62 trillion, up 44.2 per cent from a year earlier of Rp4.59 trillion.
Malaysia, Indonesia Say EU Palm Resolution Will Affect Millions
Millions of people running small-time oil palm plantations will suffer if the European Parliament goes ahead with “unfair” measures that could curb palm oil use, the world’s two largest palm oil producers, Malaysia and Indonesia, said on Wednesday (22/11). Malaysia’s Prime Minister Najib Razak and Indonesian President Joko Widodo said the resolution by the European Parliament singles out palm oil, even as the production of other vegetable oils has “shown to contribute to the deforestation,” Reuters reported. They said restricting market access for palm oil would also work against the United Nations’ goal of eradicating poverty and raising income levels.
Indonesia, South Korea initiate plan to develop electric car battery
Maritime Affairs Coordinating Minister Luhut Binsar Pandjaitan has met with Korean Ambassador to Indonesia Cho Tai-young on Thursday to discuss the countries’ joint development of a lithium-ion battery for electric cars. During the meeting, they agreed to send young chemical engineers to South Korea for further training. Indonesia plans to produce 2 million cars by 2025, 20 percent of which will be hybrid or fully electric cars.