The Jakarta Globe RSS: Business http://www.thejakartaglobe.com 2013 The Jakarta Globe Your City, Your World Wed, 1 Oct 2014 14:23:03 +0000 en-US hourly 1 http://www.thejakartaglobe.com/images/jakarta-globe.gif http://www.thejakartaglobe.com Bank Mandiri Appoints Mutiara's Man as Corporate Secretary http://thejakartaglobe.beritasatu.com/?p=330362 Wed, 1 Oct 2014 21:18:19 +0700 Jakarta. Bank Mandiri, the country's largest lender by assets, appointed Rohan Hafas as its new corporate secretary on Wednesday. Rohan, previously the corporate secretary and investor relations officer at Bank Mutiara, will replace Nixon L.P. Napitupulu, according a statement on Wednesday. Nixon moves to become the project leader for a joint venture between Mandiri, state pension provider Taspen and Pos Indonesia, the statement said. Mandiri announced in August that Pos Indonesia and Taspen had acquired 20.2 percent each in Sinar Harapan Bali  in a move to capitalize on Taspen's pension service and Pos Indonesia's vast network for expanding its banking service in the country. Sukoriyanto Saputro, who preceded Nixon as Mandiri's corporate secretary, left the lender last year to become Mandiri's president director.    ]]> Jakarta. Bank Mandiri, the country's largest lender by assets, appointed Rohan Hafas as its new corporate secretary on Wednesday. Rohan, previously the corporate secretary and investor relations officer at Bank Mutiara, will replace Nixon L.P. Napitupulu, according a statement on Wednesday. Nixon moves to become the project leader for a joint venture between Mandiri, state pension provider Taspen and Pos Indonesia, the statement said. Mandiri announced in August that Pos Indonesia and Taspen had acquired 20.2 percent each in Sinar Harapan Bali  in a move to capitalize on Taspen's pension service and Pos Indonesia's vast network for expanding its banking service in the country. Sukoriyanto Saputro, who preceded Nixon as Mandiri's corporate secretary, left the lender last year to become Mandiri's president director.    ]]> http://thejakartaglobe.beritasatu.com/?p=330362 Antam Enlists FLSmidth to Improve Efficiency http://thejakartaglobe.beritasatu.com/?p=330349 Wed, 1 Oct 2014 21:16:49 +0700 Jakarta. State-owned miner Antam signed a memorandum of understanding with US engineering firm FLSmidth on Wednesday in a bid to boost plant efficiency and productivity.

FLSmidth is expected to support Antam in developing its factory lines and testing facilities as well as maintenance and operational services, according to a statement to the Indonesia Stock Exchange (IDX) on Wednesday.

"Antam's partnership with FLSmidth will ensure improvements on the operations of our processing plants," Antam president director Tato Miraza said.

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Jakarta. State-owned miner Antam signed a memorandum of understanding with US engineering firm FLSmidth on Wednesday in a bid to boost plant efficiency and productivity.

FLSmidth is expected to support Antam in developing its factory lines and testing facilities as well as maintenance and operational services, according to a statement to the Indonesia Stock Exchange (IDX) on Wednesday.

"Antam's partnership with FLSmidth will ensure improvements on the operations of our processing plants," Antam president director Tato Miraza said.

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Stocks and Rupiah Little Changed as Inflation Slightly Lower Than Expected http://thejakartaglobe.beritasatu.com/?p=330398 Wed, 1 Oct 2014 21:16:08 +0700 Jakarta. Indonesia's main stock index was broadly flat on Wednesday, but property and finance shares improved after the country's inflation number was announced marginally lower than expected. The Jakarta Composite Index (JCI) gained less than 0.1 percent at 3.34 points to 5,140.91 on Wednesday. Foreign investors made up 40 percent of the trading activity. They sold more shares than they bought by Rp 388 billion. Inflation was recorded at 4.53 percent, the Central Statistics Agency announced on Wednesday, slightly lower than 4.57 percent estimated by economists in a Bloomberg News poll. Shares in the property sector grew 1.27 percent, led by Lippo Karawaci, the biggest listed property developer. Lippo Karawaci firmed 3.2 percent to Rp 970. The financial services sector gained 0.76 percent with Bank Rakyat Indonesia, the biggest micro lender in Indonesia, climbing 3.12 percent to Rp 10,750 The rupiah improved slightly to 12,188 against the US dollar from 12,212 the day before, according to Bank Indonesia data. Yield on the government's 10-year bonds climbed to 8.5561 percent compared to 8.4515 percent on Tuesday, data from Indonesia Bond Pricing Agency showed.]]> Jakarta. Indonesia's main stock index was broadly flat on Wednesday, but property and finance shares improved after the country's inflation number was announced marginally lower than expected. The Jakarta Composite Index (JCI) gained less than 0.1 percent at 3.34 points to 5,140.91 on Wednesday. Foreign investors made up 40 percent of the trading activity. They sold more shares than they bought by Rp 388 billion. Inflation was recorded at 4.53 percent, the Central Statistics Agency announced on Wednesday, slightly lower than 4.57 percent estimated by economists in a Bloomberg News poll. Shares in the property sector grew 1.27 percent, led by Lippo Karawaci, the biggest listed property developer. Lippo Karawaci firmed 3.2 percent to Rp 970. The financial services sector gained 0.76 percent with Bank Rakyat Indonesia, the biggest micro lender in Indonesia, climbing 3.12 percent to Rp 10,750 The rupiah improved slightly to 12,188 against the US dollar from 12,212 the day before, according to Bank Indonesia data. Yield on the government's 10-year bonds climbed to 8.5561 percent compared to 8.4515 percent on Tuesday, data from Indonesia Bond Pricing Agency showed.]]> http://thejakartaglobe.beritasatu.com/?p=330398 XL Axiata Sells Telecommunication Towers to Solusi Tunas for $460m http://thejakartaglobe.beritasatu.com/?p=330066 Wed, 1 Oct 2014 21:04:31 +0700 [This story was first published at 9:22 a.m. on Wednesday, Oct. 1, 2014] Jakarta. Solusi Tunas Pratama, a listed telecommunication tower company, has won the bid for network provider XL Axiata’s 3,500 telecommunication towers at a price of Rp 5.6 trillion ($460.8 million). The firm beat rivals including Tower Bersama Infrastructure and Rajawali Corpora’s Nusantara Infrastructure. In a press statement listed to the Indonesia Stock Exchange (IDX) by XL Axiata on Wednesday, the network provider said it had signed an asset purchase agreement with Solusi Tunas Pratama after a three-month bidding process. The sale is expected to be finalized at the end of the year, and Solusi Tunas Pratama will pay off the transaction entirely in cash, according to the statement. XL Axiata previously said that it was planning to use funds from the tower sale to refinance its $865 million debt that it used to acquire a stake in Axis Telekom Indonesia in March. The tower sale is a part of XL Axiata’s goal to reduce expenses from tower operation and shift its core business to mobile telecommunication services. “The tower sale to Solusi Tunas Pratama is a positive step in line with our asset-light strategy, so that our human resources are more focused in core business and also ensuring the best customer experience,” Hasnul Suhaimi, chief executive of XL Axiata, said in the statement. In addition to the sale, XL Axiata and Solusi Tunas Pratama have signed a rental agreement, in which XL will rent the towers it sold to Solusi Tunas Pratama for a period of 10 years, the statement said. XL Axiata posted a Rp 482 billion net loss in the first half of the year from Rp 670 billion in the same period last year. Shares of XL Axiata dropped 1.61 percent to Rp 6,100 in Jakarta trading on Wednesday, while Solusi Tunas Pratama’s shares rose 16.4 percent to Rp 9,600. Reuters]]> [This story was first published at 9:22 a.m. on Wednesday, Oct. 1, 2014] Jakarta. Solusi Tunas Pratama, a listed telecommunication tower company, has won the bid for network provider XL Axiata’s 3,500 telecommunication towers at a price of Rp 5.6 trillion ($460.8 million). The firm beat rivals including Tower Bersama Infrastructure and Rajawali Corpora’s Nusantara Infrastructure. In a press statement listed to the Indonesia Stock Exchange (IDX) by XL Axiata on Wednesday, the network provider said it had signed an asset purchase agreement with Solusi Tunas Pratama after a three-month bidding process. The sale is expected to be finalized at the end of the year, and Solusi Tunas Pratama will pay off the transaction entirely in cash, according to the statement. XL Axiata previously said that it was planning to use funds from the tower sale to refinance its $865 million debt that it used to acquire a stake in Axis Telekom Indonesia in March. The tower sale is a part of XL Axiata’s goal to reduce expenses from tower operation and shift its core business to mobile telecommunication services. “The tower sale to Solusi Tunas Pratama is a positive step in line with our asset-light strategy, so that our human resources are more focused in core business and also ensuring the best customer experience,” Hasnul Suhaimi, chief executive of XL Axiata, said in the statement. In addition to the sale, XL Axiata and Solusi Tunas Pratama have signed a rental agreement, in which XL will rent the towers it sold to Solusi Tunas Pratama for a period of 10 years, the statement said. XL Axiata posted a Rp 482 billion net loss in the first half of the year from Rp 670 billion in the same period last year. Shares of XL Axiata dropped 1.61 percent to Rp 6,100 in Jakarta trading on Wednesday, while Solusi Tunas Pratama’s shares rose 16.4 percent to Rp 9,600. Reuters]]> http://thejakartaglobe.beritasatu.com/?p=330066 Thai Inflation Drops to Nine-Month Low http://thejakartaglobe.beritasatu.com/business/thai-inflation-drops-nine-month-low/ Wed, 1 Oct 2014 21:13:37 +0700 Bangkok. Thailand’s annual inflation slowed to a nine-month low of 1.75 percent in September, and the core rate eased to 1.73 percent, giving the central bank room to keep interest rates low and help the economy recover from months of unrest. The figures released by the Commerce Ministry on Wednesday were below market expectations. The median forecast from a Reuters poll was for the headline inflation rate to slow to 2.0 percent in September from 2.09 percent in August. The core rate — which strips out fresh food and energy prices — slowed from 1.83 percent in August. Inflation in Thailand has been benign, curbed by government price controls and subsidies plus subdued domestic demand resulting from unrest that culminated in a military coup in May. The military government has approved stimulus measures worth more than 100 billion baht ($3 billion) to boost the country’s stuttering economy, the prime minister said on Wednesday. General Prayuth Chan-ocha, who led a coup in May to end months of unrest, told reporters that the measures were aimed at creating jobs and helping farmers. Despite the economy’s 0.1 percent year-on-year contraction in the first half of 2014, the central bank still thinks government spending will help a recovery to show 1.5 percent growth for the full year. For 2015, the central bank predicts economic growth of 4.8 percent, down from 5.5 percent seen previously. At present, the Bank of Thailand aims to keep core inflation in a range of 0.5-3.0 percent and sets policy to retain that. But its monetary policy committee (MPC) has proposed to switch to targeting headline inflation of 3.0 percent plus/minus 1.5 percentage points for next year, minutes from its last meeting showed Wednesday. The central target of 3.0 percent should be appropriate as it was broadly in line with the targets of trading partners and consistent with long-term inflation expectations, they said. The inflation target is reviewed each year. It is proposed by the central bank but has to be agreed to by the finance minister before seeking approval from cabinet. At its last meeting on Sept. 17, the MPC left the policy interest rate unchanged at 2.0 percent for a fourth straight meeting, saying that level still supported the economy. Reuters]]> Bangkok. Thailand’s annual inflation slowed to a nine-month low of 1.75 percent in September, and the core rate eased to 1.73 percent, giving the central bank room to keep interest rates low and help the economy recover from months of unrest. The figures released by the Commerce Ministry on Wednesday were below market expectations. The median forecast from a Reuters poll was for the headline inflation rate to slow to 2.0 percent in September from 2.09 percent in August. The core rate — which strips out fresh food and energy prices — slowed from 1.83 percent in August. Inflation in Thailand has been benign, curbed by government price controls and subsidies plus subdued domestic demand resulting from unrest that culminated in a military coup in May. The military government has approved stimulus measures worth more than 100 billion baht ($3 billion) to boost the country’s stuttering economy, the prime minister said on Wednesday. General Prayuth Chan-ocha, who led a coup in May to end months of unrest, told reporters that the measures were aimed at creating jobs and helping farmers. Despite the economy’s 0.1 percent year-on-year contraction in the first half of 2014, the central bank still thinks government spending will help a recovery to show 1.5 percent growth for the full year. For 2015, the central bank predicts economic growth of 4.8 percent, down from 5.5 percent seen previously. At present, the Bank of Thailand aims to keep core inflation in a range of 0.5-3.0 percent and sets policy to retain that. But its monetary policy committee (MPC) has proposed to switch to targeting headline inflation of 3.0 percent plus/minus 1.5 percentage points for next year, minutes from its last meeting showed Wednesday. The central target of 3.0 percent should be appropriate as it was broadly in line with the targets of trading partners and consistent with long-term inflation expectations, they said. The inflation target is reviewed each year. It is proposed by the central bank but has to be agreed to by the finance minister before seeking approval from cabinet. At its last meeting on Sept. 17, the MPC left the policy interest rate unchanged at 2.0 percent for a fourth straight meeting, saying that level still supported the economy. Reuters]]> http://thejakartaglobe.beritasatu.com/business/thai-inflation-drops-nine-month-low/ Lippo, Pertagas Sign Rp 650b Gas Deal http://thejakartaglobe.beritasatu.com/?p=330096 Wed, 1 Oct 2014 20:53:44 +0700 [This story was first published at 11:22 a.m. on Wednesday, Oct. 1, 2014] [caption id="attachment_330470" align="alignright" width="418"]President director at Pertagas Niaga Jugi Prajogo, left, and President director at Lippo Malls Indonesia Johanes Jany, right, appear after signing a memorandum of understanding to supply gas to Lippo Malls. (Photo courtesy of Lippo Malls Indonesia) Jugi Prajogo, President Director at Pertagas Niaga, left, and Johanes Jany, President Director at Lippo Malls Indonesia, center, were taking pictures after signing the memorandum of understanding in Lippo Mall Kemang, South Jakarta. (Photo courtesy of Lippo Malls Indonesia)[/caption] Jakarta. Lippo Malls Indonesia, a unit of property developer Lippo Karawaci, signed a memorandum of understanding with Pertagas Niaga, a subsidiary of Pertamina Gas to supply gas to Lippo Malls. Lippo Malls Indonesia — which operates 57 malls in 28 cities in Indonesia, including in Jakarta, Bandung, Surabaya, Malang, Medan, Binjai, Palembang, Bali dan Makassar — said in a statement on Wednesday that the deal was worth Rp 650 billion ($53.56 million). Marshall Martinus, property management director at Lippo Malls Indonesia, said the company intended to support the government’s program of boosting the use of non-oil fuels. The MOU, signed on Tuesday, paves the way for gas supply to Lippo’s other business areas, including housing complexes, apartments, hotels, hospitals, offices and industrial estates, said Jugi Prajogio, the president director of Pertagas Niaga. The company’s malls registered a total net leasalable area of more than three million square meters. For the first phase of the deal, Pertagas will supply one million standard cubic feet per day of gas to seven of Lippo’s malls starting next year. Both companies agreed to set the selling price of gas at Rp 7,400 per cubic meter, Jugi said on Tuesday. One cubic meter is equivalent to 35.3 cubic feet. “For Pertagas, the signing of this MoU is a new milestone. We will be more serious in tapping the market of gas users in urban areas,” Jugi said on Tuesday.]]> [This story was first published at 11:22 a.m. on Wednesday, Oct. 1, 2014] [caption id="attachment_330470" align="alignright" width="418"]President director at Pertagas Niaga Jugi Prajogo, left, and President director at Lippo Malls Indonesia Johanes Jany, right, appear after signing a memorandum of understanding to supply gas to Lippo Malls. (Photo courtesy of Lippo Malls Indonesia) Jugi Prajogo, President Director at Pertagas Niaga, left, and Johanes Jany, President Director at Lippo Malls Indonesia, center, were taking pictures after signing the memorandum of understanding in Lippo Mall Kemang, South Jakarta. (Photo courtesy of Lippo Malls Indonesia)[/caption] Jakarta. Lippo Malls Indonesia, a unit of property developer Lippo Karawaci, signed a memorandum of understanding with Pertagas Niaga, a subsidiary of Pertamina Gas to supply gas to Lippo Malls. Lippo Malls Indonesia — which operates 57 malls in 28 cities in Indonesia, including in Jakarta, Bandung, Surabaya, Malang, Medan, Binjai, Palembang, Bali dan Makassar — said in a statement on Wednesday that the deal was worth Rp 650 billion ($53.56 million). Marshall Martinus, property management director at Lippo Malls Indonesia, said the company intended to support the government’s program of boosting the use of non-oil fuels. The MOU, signed on Tuesday, paves the way for gas supply to Lippo’s other business areas, including housing complexes, apartments, hotels, hospitals, offices and industrial estates, said Jugi Prajogio, the president director of Pertagas Niaga. The company’s malls registered a total net leasalable area of more than three million square meters. For the first phase of the deal, Pertagas will supply one million standard cubic feet per day of gas to seven of Lippo’s malls starting next year. Both companies agreed to set the selling price of gas at Rp 7,400 per cubic meter, Jugi said on Tuesday. One cubic meter is equivalent to 35.3 cubic feet. “For Pertagas, the signing of this MoU is a new milestone. We will be more serious in tapping the market of gas users in urban areas,” Jugi said on Tuesday.]]> http://thejakartaglobe.beritasatu.com/?p=330096 In India, Toilets and Bank Accounts Linked http://thejakartaglobe.beritasatu.com/business/india-toilets-bank-accounts-linked/ Wed, 1 Oct 2014 21:16:52 +0700 Bloomberg]]> Bloomberg]]> http://thejakartaglobe.beritasatu.com/business/india-toilets-bank-accounts-linked/ Icahn on the Money on EBay’s PayPal Sale http://thejakartaglobe.beritasatu.com/business/icahn-money-ebays-paypal-sale/ Wed, 1 Oct 2014 20:01:03 +0700 Bloomberg]]> Bloomberg]]> http://thejakartaglobe.beritasatu.com/business/icahn-money-ebays-paypal-sale/ Uber Sets Up Business Service for SE Asian Companies http://thejakartaglobe.beritasatu.com/?p=330423 Wed, 1 Oct 2014 19:38:06 +0700 Jakarta. Uber Technologies, the San Francisco-based software company, continues its plan for world domination with the launch of its Uber for Business service in Southeast Asia, bidding to become the preferred choice of business travel for the region’s small- and medium-sized companies. “Millions of riders have chosen Uber for personal travel and now they’re recommending it to their employers for business travel, too ... Uber is now simplifying business travel for companies in every corner of the globe,” said Karun Arya, communications lead officer for Uber in South Asia, in a statement to the Jakarta Globe on Wednesday. Within Southeast Asia, Uber operates in Jakarta, Singapore, Bangkok, Kuala Lumpur and Manila. According to the statement, Uber for Business will allow businesses to set up an Uber account with a centralized billing system and maintain a travel dashboard, where businesses can use to manage budgets. It will also allow companies to place a single credit card on the billing system, instead of using multiple credit cards issued by a company to its employees or requiring reimbursements, Uber said. “Employees have access to this new payment option in their Uber app and can say goodbye to the hassle of filing expenses with paper receipts,” Arya, who is based in Singapore, said in the statement. Uber for Business service was launched in the United States, United Kingdom, France and Canada earlier in July. Uber, which provides private transportation at so-called affordable rate with its eponymous mobile application, fell into hot water with Jakarta regulators a few days after official launch of its Indonesia operations in August. The company had been threatened to have its operations halted by Jakarta Deputy Governor Basuki Tjahja Purnama, who said it needed a license to run as a taxi company.]]> Jakarta. Uber Technologies, the San Francisco-based software company, continues its plan for world domination with the launch of its Uber for Business service in Southeast Asia, bidding to become the preferred choice of business travel for the region’s small- and medium-sized companies. “Millions of riders have chosen Uber for personal travel and now they’re recommending it to their employers for business travel, too ... Uber is now simplifying business travel for companies in every corner of the globe,” said Karun Arya, communications lead officer for Uber in South Asia, in a statement to the Jakarta Globe on Wednesday. Within Southeast Asia, Uber operates in Jakarta, Singapore, Bangkok, Kuala Lumpur and Manila. According to the statement, Uber for Business will allow businesses to set up an Uber account with a centralized billing system and maintain a travel dashboard, where businesses can use to manage budgets. It will also allow companies to place a single credit card on the billing system, instead of using multiple credit cards issued by a company to its employees or requiring reimbursements, Uber said. “Employees have access to this new payment option in their Uber app and can say goodbye to the hassle of filing expenses with paper receipts,” Arya, who is based in Singapore, said in the statement. Uber for Business service was launched in the United States, United Kingdom, France and Canada earlier in July. Uber, which provides private transportation at so-called affordable rate with its eponymous mobile application, fell into hot water with Jakarta regulators a few days after official launch of its Indonesia operations in August. The company had been threatened to have its operations halted by Jakarta Deputy Governor Basuki Tjahja Purnama, who said it needed a license to run as a taxi company.]]> http://thejakartaglobe.beritasatu.com/?p=330423