The joint working group on palm oil between the European Union and relevant ASEAN member countries met for the first time on Jan. 27 - Photo: Special

JAKARTA (TheInsiderStories) – Good Morning! The joint working group on palm oil between the European Union and relevant ASEAN member countries met for the first time on Jan. 27. The meeting is part of a commitment reached at the ministerial meeting held on Dec. 1, 2020, in order to meet sustainability goals related to the United Nation Agenda 2030 and its Sustainable Development Goals.

Participants agreed to continue the Joint Working Group with the next meeting in April 2021, which can be preceded by expert meetings to deepen mutual understanding on the issues at hand and discuss possible two-way cooperation.

In Indonesia, the government and the House are targeting the discussion of the new and renewable energy bill to be completed in October 2021. The newest point on the draft is the discussion on Renewable energy funds and nuclear-based energy.

In the United States (US), the economy slowed sharply in the final quarter of 2020 due to a third wave of coronavirus infections. The GDP expanded at an annualized rate of 4.0 percent in the fourth quarter of 2020. That contrasts with an annualized growth rate of 33 percent in the previous quarter.

While, President Joe Biden wants Congress to pass his US$1.9 trillion stimulus bill, including checks of $1,400 to individuals to help boost the economy. On Friday, government data on personal income and personal spending come out and might help confirm the idea that households need a boost to revive the economy

In Asia, secretary of state, Antony Blinken told China that the Washington rejects Beijing’ excessive maritime claims in the South China Sea. He and Philippine foreign minister, Teodoro Locsin, in a phone call talks that a strong bilateral alliance is essential for a free and open Indo – Pacific amid increasing Chinese control on the region.

Previously, tensions had risen over the South China Sea issue after former President Donald Trump’ administration slammed China’ claims to offshore resources in most of the disputed waters and it was completely against the law.

Yesterday, Indonesian Rupiah weakened 0.19 percent to 14,078 per US Dollar and the Jakarta Composite Index (JCI) fell 2.12 percent to 5,979.39 compared to the previous day. The analysts assessed the statement of the Federal Reserve, which is concerned about the speed of economic recovery in the US has give a negative impact to the market.

In addition, the information from external and internal data has led to the flow of foreign capital outflows from the financial market, which resulted in a weakening of both. Domestically, its estimated that economic growth in 2020 will contract by 2 percent, triggered by the implementation of large-scale social restrictions.

The World Bank also estimates that Indonesia’ economic growth in this year only grow by 4.4 percent, lower than the previous estimation. The prospect of Indonesia’ economic growth was also lowered by the International Monetary Fund.

Beside, the government is also still implementing community social restrictions. This was taken because the COVID-19 infection rate was still high and had penetrated 1 million cases. With these various information, the Rupiah is estimated to move between 14,050 – 14,110 versus the American Dollar and JCI in the range of 5,937 – 6,047.

A number of stocks that can be observed are PT Bank Central Asia Tbk (IDX: BBCA), PT Solusi Bangun Indonesia Tbk (IDX: SMCB), PT Jasa Marga Tbk (IDX: JSMR), PT United Tractors Tbk (IDX: UNTR), PT Astra International Tbk (IDX: ASII), and PT Indofood CBP Sukses Makmur Tbk (IDX: ICBP).

May you have a profitable Day!

Written by Linda Silaen, Please Read Our News to Get More information about Indonesia