JAKARTA (TheInsiderStories) — Good morning! Energy and Mineral Resources Ministry announced Indonesian Crude Price (ICP) has increased to US$63.60 per barrel in March, 3.73 percent higher than the February figure. The government planned global supply cut.
The ministry said, the increase was due to market concerns on OPEC and non-OPEC countries planned to cut production around 1.2 million barrels of oil per day until June. Beside, two Kazakhstan oil fields as well as India’ increasing demand for crude products as a result of lower exports from Venezuela.
Then, Philippines government agreed to review tariff on its safeguard move to Indonesia’ instant coffee. Indonesia Trade Minister Enggartiasto Lukita, after meeting with Philippines Trade and Industry Minister Ramon M. Lopez and Agriculture Minister Emmanuel Pinol in Manila, said that instant coffee is one of Indonesia’ main export products to Philippines.
Both countries will discuss further following the meeting. The Philippines implemented Special Agricultural Safeguard for Indonesia’ instant coffee since August 2018. The tariff imposed is around 10 percent to 18 percent.
On Wednesday, the National Police’ anti-terrorism Special Detachment 88 arrested a suspected terrorist, who was a leader of terror group Jamaah Ansharut Daulah (JAD) in Karawang, West Java.
National Police spokesman Brigadier General Dedi Prasetyo said on Thursday (04/04), the suspect was the alleged mastermind behind a number of JAD terrorist network in Indonesia. The man with initial A was allegedly involved in several terror acts.
While, four police members are reportedly injured in raid, after other terrorist called SHS resisted arrest by assaulting police with a sharp weapon after pretending to comply with police orders in Batujajar, West Bandung.
Furthermore, International Monetary Fund studies said that corruption lost about US$1 trillion tax revenues annually across the world. The trillion in added tax revenues comes following the previous study that stated corruption in the public sector costs between $1.5 trillion and $2 trillion annually in bribes alone.
The report said, among advanced economies, a country in the top 25 percent in terms of control of corruption collects 4.5 percent of Gross Domestic Product (GDP) more in revenues, on average, than a country in the lowest 25 percent. The gap in revenue collection is 2.75 percent of GDP among emerging market economies and 4 percent of GDP among low-income countries, said the report.
Moreover, former Renault-Nissan-Mitsubishi CEO Carlos Ghosn re-arrested after release through bail last month. Ghosn is allegedly transferred $32 million owned by Nissan to a distributor in Oman. A source said that Ghosn used the money for buying a luxury ship.
Ghosn said his arrest as outrageous and arbitrary. According to him, this is Nissan people trying to silence him by misleading the prosecutors. He also pleaded not guilty for the accusation.
Good sentiment covered Indonesian market. Rupiah against US Dollar strengthened by 0.38 percent to 24,153. While Jakarta Composite Index grew by 0.28 percent to 6,494.63 with Rp730.71 billion foreign inflow.
May you have a profitable day!

Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia