(The Insider Stories) – Karen Agustiawan, the first Indonesian female leader of PT Pertamina, has been elected by the government as the sole shareholder of the state-owned oil and gas firm to lead the energy corporation for a second tenure. The State-Owned Enterprises Ministry’s deputy for infrastructure and strategic industry Dwijanti Tjahjaningsih told The Insider Stories on Tuesday that Read more
(The Insider Stories) - Finance Minister Chatib Basri announced the following macroeconomic assumptions to be used to calculate the 2014 state budget at a Working Meeting with the parliamentary (DPR) Budget Agency, including a higher GDP growth rate and lower inflation than is forecast for this year. The government is planning a 44% increase in Read more
(The Insider Stories) – PT Freeport Indonesia hopes to restart operations at its massive Grasberg mine complex in Papua province soon, after a collapse of an underground tunnel killed over two dozen workers, and says it is confident in the safety of its underground operations despite the tragedy. The company will “continue to support the Read more
(The Insider Stories) – Indonesia has updated macroeconomic assumptions from the revised 2013 state budget. Among highlights, economic growth (GDP) is now expected to be 6.2%, while inflation is forecast at 7.2%. Both figures are in line with recent TIS forecasts. Another key figure is the assumption for a 44% rise in subsidized gasoline prices to Read more
(The Insider Stories) – Indonesian President Susilo Bambang Yudhoyono has selected Muhammad Chatib Basri, the chairman of the Investment Coordinating Board (BKPM), as the country’s new Finance Minister. “Today I have decided that the new finance minister to replace Agus Martowardojo will be Muhammad Chatib Basri,” said Yudhoyono. The selection – flagged in advance by Read more
Main story: Bank Indonesia likely to keep rates on hold; growth to slow but stay resilient Bank Indonesia kept benchmark interest rates steady this week and is likely to remain on hold until later in the year despite an imminent rise in inflation, but despite the central bank’s efforts and an improvement in the balance Read more
(The Insider Stories) – Bank Indonesia has kept rates unchanged at a record low 5.75%, its fifteenth consecutive meeting of standing pat, as it seeks to balance weakening economic growth with inflationary pressures. The rate decision was in line with the forecasts of 21 economists polled by Bloomberg News. Dow Jones Newswires said 10 economists Read more
(The Insider Stories) - Indonesia’s biggest energy company, state-owned PT Pertamina, will issue US$3.25 billion from its global medium-term note programme (GMTN), slightly higher than its initial target. The order book is $14.4 billion or 5.76 times oversubscribed from the initial issuance target of $3 billion. Pertamina investment director Afdal Bahauddin says the yield on the 10-year Read more
Main story: Japan’s Sumitomo enters the fray with Indonesia banking M&A set to kick off Sumitomo Mitsui Financial is the eventual winner of a race for a stake in niche lender Bank Tabungan Pensiun Nasional, with banking M&A set to kick off Macro roundup: Growth near slowest in three years, but economy resilient Japan’s Sumitomo Read more
(Insider Stories) – Japan’s Sumitomo Mitsui Financial Group Inc. (SMFG) said it has reached an agreement to acquire up to 40% of Indonesia’s PT Bank Tabungan Pensiunan Nasional (IDX:BTPN) in a deal worth an initial IDR9.2 trillion ($946 million) that could rise to over $1.5 billion. Tokyo-based Sumitomo Mitsui is buying 24.26% of BTPN from TPG Read more
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