EU Leaders Agrees to Delay Brexit Until Oct. 31
EU leaders agreed to postpone Brexit until Oct. 31 at a meeting in Brussels, Belgia on Wednesday. Photo by the European Union.

JAKARTA (TheInsiderStories) — Good morning! Amid the Brexit extension, United Kingdom (UK) is stated must leave European Union (EU) at the end of October, even without a deal. As the date is now fixed, the country will not be asking for more extensions.

Parliament member from Conservative Party Esther McVey, one of the candidates to succeed Theresa May as prime minister, said that its part of the corrosive uncertainty that individuals, business, and the country don’t want.

Recently, process of contesting Prime Minister Theresa May successor has been starting. The Conservative Parliament Member who is also former Secretary of State for Foreign and Commonwealth Affairs Boris Johnson is favorite as the strongest candidate to replace May.

May’ announcement on her resignation went emotional last week. She is planned to leave the Prime Minister position on June 7, after parliament rejected her Brexit deal for three times. She also met some high pressures and has been criticized by her own party.

Now still part of the bloc, UK must participate in the EU parliament elections this year. The UK has 73 of 751 seats to be taken at the EU parliament. As it will leave the bloc later, EU parliament seats will be slashed into 705, with 27 UK seats to be given to several countries.

While, United States’ President Donald Trump watched sumo tournament and played golf with Japanese Prime Minister Shinzo Abe, turning to personal diplomacy for the second day of his Japan visit shadowed by tough trade talk.

Trump is unhappy with Japan’ large trade surplus and is considering putting high tariffs on its auto exports if a bilateral trade agreement is not reached, as the US and China are also engaged in tensioning trade war that has pounded financial markets worldwide.

Indonesia is projected to be e-commerce market leader with 52 percent market shares in 2025, said National Development Planning Minister Bambang Brodjonegoro in Organisation for Economic Co-operation and Development (OECD) Ministerial Meeting 2019, held in Paris, France. He added that the development will be supported by the increasing middle-class and improvement of digital infrastructure access.

According to Global Information Technology Report, Indonesia’ information technology and communication rank was hiked from 76th in 2013 to 64th in 2015. Brodjonegoro said that in 2017, there are 143.26 million internet users or 54.7 percent of Indonesia’s population.

Ahead of this week, Indonesia will release its money flows data on Friday. In Asia, India will publish its 2018 Gross Domestic Product (GDP). Meanwhile, Hong Kong is going to announce trade balance and China will have both manufacturing and non-manufacturing purchasing managers index.

The US will have several important data such as first quarter GDP, consumer confidence, pending home sales, crude oil inventories. Then, European Central Bank will release its financial stability review.

Jakarta Interbank Spot Dollar Rate slightly strengthened by 0.42 percent to 14,451 on the last day of trade. Even though Rp369.74 billion (US$25.68 million) foreign outflow recorded in stocks market.

US$1: Rp14,400

May you have a profitable week!

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