JAKARTA (TheInsiderStories) – Bank Indonesia (BI) will release Balance of Payment (BoP) data in the second of quarter of 2019 today. Last quarter the BoP stood at US$2.4 billion and the current account deficit (CAD) of $7 billion or 2.6 percent of gross domestic products (GDP).

Starting today, Indonesian President Joko Widodo will be making two-days official visit to Malaysia and meet Malaysian Prime Minister Mahathir Mohammad. Both leaders will discuss various issues like palm oil, Indonesian worker and other bilateral ties.

Yesterday, Widodo has signed a decree to support an electric vehicle (EV) industry in Indonesia. The decree contained a series of incentives such as reduction in import tariffs for machinery and materials and lower luxury taxes for buyers.

Indonesia aims to become an EV hub for Asia and beyond with a target to start EV production in 2022 and share reach 20 percent of total car production by 2025. Some big foreign car maker like Japan’ Toyota Motor Corp., to invest $2 billion and South Korea’ Hyundai Motor would invest and $880 million in the country to develop EVs over the next few years.

At the National Congress of Demokrasi Indonesia Perjuangan Party in Bali, Megawati Soekarnoputri was re-elected as the chairwoman for 2019-2024 term of service. She became the longest chairperson to lead the party since 1999. Gerindra Party’s chairman Prabowo Subianto attended the congress together with other chairman of coalition parties.

From abroad, an United States (US) official has described China as a “thuggish regime” for disclosing the photographs and personal details of a American diplomat who met student leaders involved in Hong Kong’ pro-democracy movement. The denunciation was unusually sharp and came as tensions between Washington and Beijing surged over an expanding trade war and military rivalry in the western Pacific, among other disputes.

While, Association Southeast Asian Nation (ASEAN) Secretary General Lim Jock Hoi has welcomed Vietnam to hold the Chair of ASEAN in 2020. He suggested Vietnam focus on continuing the grouping’ agenda such as promoting sustainable development and coping with climate change. He also asked Vietnam to promote intra-bloc cooperation, and pay attention to personnel management and cooperation.

Regarding the trade war between the US and China, the ASEAN official said both economies are partners of ASEAN and any dispute between them would affect the grouping. Therefore, ASEAN wishes to help with the removal of trade obstacles between the two sides, he said.-VNA

On Thursday, Indonesia’ anti-graft agency has arrested Emirsyah Satar, the former CEO of the state-owned flight carrier PT Garuda Indonesia Tbk (IDX: GIAA), on suspicion of money-laundering and bribery. The allegations are centered on the procurement of Rolls-Royce aircraft engine parts and may even implicate politicians and government officials.

The agency said Rp5.79 billion (S$404.895) was transferred to Emirsyah to pay for a house in Jakarta, with another 680,000 Euros ($764,440) and 1.02 million euros sent to an account of a Singapore-based company owned by Satar. Another S$1.2 million was paid to him to pay off an apartment in Singapore.

Indonesian Rupiah closed higher to 14,245 against the US Dollar on Thursday (08/08), from prior day at 14,278. This morning the local currency open in green zone at 14,205 over the Greenback.

The Jakarta Composite Index climbed 1.14 percent to 6,274.67 on Thursday. From the beginning of this year, the composited index rose 1.29 percent.

For today, some analysts recommended PT Protech Mitra Perkasa Tbk (IDX: OASA), PT Multipolar Technology (IDX: MLPT), PT HM Sampoerna Tbk (IDX: HMSP), PT Gudang Garam Tbk (IDX: GGRM), PT Astra International Tbk (IDX: ASII), PT Bank Negara Indonesia Tbk (IDX: BBNI), and PT Indofood Sukses Makmur Tbk (IDX: INDF)

US$1: Rp14,900, EUR0.89

May you have a profitable day!

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