ASEAN Leaders Convene in Singapore for Summit - Photo by ASEAN Secretariat Office

JAKARTA (TheInsiderStories) –— Good morning! The 33rd ASEAN Summit has officially started on Tuesday (13/11) in Singapore. ​During the Summit, the ASEAN Leaders are expected to take stock of ASEAN’s achievements in this year.

During the summits, the ASEAN Leaders will review the progress of ASEAN’s relations with the dialogue partners and the deepening cooperation with them on a number of priority areas. Together with their counterparts from other Regional Comprehensive Economic Partnership (RCEP) Participating Countries.

From overseas, United Kingdom claimed that Brexit discussion with European Union almost reach agreement. According to surveys, Brexit will likely to reduce United Kingdom’s per capita income level.

Meanwhile, the oil prices fell unstoppable on yesterday. United States (US) oil prices in the futures market experienced the steepest daily decline in more than three years. Oil prices were pressured by fears of weakening global demand and abundant supply.

From domestic, the Corruption Eradication Commission indicates a backdate in a number of Meikarta Project licensing documents during the examination of the case. The spokesman, Febri Diansyah said, the agency was exploring the backdate indication information.

The countdown was allegedly carried out on a number of Meikarta permit documents. Among the recommendations before the issuance of building and environmental permits also firefighters. Its suspects that the Meikarta licensing issue has occurred since the beginning.

After Meikarta, Minister of Communication and Information, Rudiantara confirmed that he would revoke the frequency permit owned by PT Internux (Bolt) and PT First Media Tbk, unit of Lippo Group, on Nov. 17.

From the evaluation, the both companies has defaulted on operational costs of Rp708.41 billion (US$48.19 million), with details of Internux of Rp343.57 billion and First Media Rp364.84 billion during 2016 to 2017.

Go to the financial market, Rupiah’s getting weaker to 14,895 against the greenback, even Bank Indonesia (BI) continued Domestic Non-Deliverable Forward auction. Yesterday, the Bank only accepted $37 billion bid, far lower than $73 billion on its debut. But its average weighted Rupiah was slightly higher by 0.06 percent.

The central bank didn’t stop there to stabilize Rupiah exchange rate. To minimize country’s dependency on US Dollars, BI boosted local currency swap with other countries, such as Malaysia and Thailand.

Ahead of Board of Governors Meeting on Nov. 14 to 15, BI is predicted to hold its 7-Day Reverse Repurchase Rate at 5.75 percent. If economy and Rupiah exchange rate are securely stable, there would be no reason for BI to increase its rate. Besides, foreign capital inflow to stocks market, bonds, and financial market is quite well.

Then, the Jakarta Composite Index rose by 1 percent to 5,835.19, supported by local investors. While foreign recorded low net sell at 158.38 billion Rupiah.

Furthermore, to attract foreign investment to Indonesia, the government planned to revise Negative Investment List in this month. By revising the negative list, government is trying to protect national pharmacy business, as foreign-owned companies hold 85 percent market share.

May you have a profitable day!

US$1: Rp 14,700
Written by Linda Silaen and TIS Intelligence Team, Please visit our new website to get more insight on Indonesia’s economy: