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☆ Indonesia tech firm GoTo to cut 600 more jobs - statement
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Indonesia's biggest tech firm PT Goto Gojek Tokopedia (GOTO.JK) announced on Friday another round of layoffs aimed at streamlining the organisation and boosting the company's profitability. About 600 roles will be affected, the company said in a statement, following 1,300 jobs that were cut late last year. The company has previously said the laysoffs are aimed at making the company more "agile" and maintaining growth amid challenging global economic conditions. GoTo said last month that adjusted EBITDA is expected to turn positive in the last quarter of 2023 due to its cost management measures. Reporting by Stefanno Sulaiman, Writing by Bernadette Christina Munthe; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Indonesia to provide incentives to boost EV sales starting March 20 - official
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, March 6 (Reuters) - Indonesia will provide incentives to boost sales of electric vehicles (EVs) starting March 20 as part of efforts to accelerate adoption and attract investment into production, senior cabinet minister Luhut Pandjaitan said on Monday. The programme will cover sales of 200,000 electric motorbikes and 35,900 electric cars, said Industry Minister Agus Gumiwang Kartasasmita. Officials have been trying to attract investment from electric car makers such as the United States' Tesla and China's BYD Auto. South Korea's LG and Hyundai have started construction on plants to assemble batteries and electric cars in the Southeast Asian country. "We believe with this programme, (auto companies) would be more attracted," Agus said, adding that companies eligible to join the programme are required to have a plant in Indonesia.

☆ Indonesia to tighten used shoe import controls after Reuters report
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

JAKARTA, March 6 (Reuters) - Indonesia will tighten customs checks at small ports to crackdown on the illegal import of second-hand shoes, the industry ministry said on Monday, responding to a Reuters report that found footwear donated to a recycling scheme in Singapore was shipped to Indonesia. In 2015, Indonesia banned the import of second-hand clothing and footwear over concerns about hygiene, as well as to protect the local textile industry. In a statement titled "dismantling the scandal of illegal imports of used shoes", Indonesia's Ministry of Industry said that as a result of the Reuters story it would increase checks at ports to intercept any illegal second-hand shoe shipments. "This incident shows that the illegal import of used shoes is carried out in an organised manner and misuses social projects," Industry Minister Agus Gumiwang Kartasasmita was quoted as saying in the statement. "The practice of illegal importation of used shoes must be stopped because it has a bad impact on the domestic footwear industry."

☆ Indonesian officials call for audit after Pertamina fire kills 13
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

[1/3] Firefighters try to extinguish a fire at a fuel storage station operated by Indonesia's state energy company Pertamina, in Jakarta, Indonesia, March 3, 2023. REUTERS/Willy KurniawanCompanies Pertamina (Persero) PT FollowJAKARTA, March 4 (Reuters) - Indonesian officials called for an investigation and an audit of state energy company Pertamina's (PERTM.UL) facilities after a fire at its storage facility killed 13. "I have ordered Pertamina to immediately investigate this case thoroughly," State-Owned Enterprise Minister Erick Thohir said via his Instagram page. Sugeng Suparwoto, who heads parliament's energy committee, called for an audit of Pertamina's facilities. Sugeng also said there should be a bigger distance between Pertamina's storage facilities and residential areas.

The government is aiming to reach 2 million sales of electric motorbike in 2025 as the Indonesia attracts billion of dollars of investment in processing its rich nickel reserves into battery materials. Indonesia sold less than 40,000 electric motorbikes between 2019 and 2022, while its total motorbike sales in 2022 alone were 5.22 million units, industry data showed. Now their (annual) electric motorbike sales have reached more than 30 million," he said. Indonesia's government is targeting as much as 300,000 units of electric motorbike sales for 2023. The plant would have 10 Gigawatt hour capacity which would be enough to power 200,000 electric cars or up to 2.5 million electric scooters.

☆ Indonesia to repatriate alleged drug trafficker to Italy
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +1 min

NUSA DUA, Bali, Indonesia, Feb 19 (Reuters) - Indonesian authorities will repatriate alleged drug trafficker Antonio Strangio, an Italian and Australian dual national who was detained in Bali earlier this month, to Italy on Sunday, authorities said. "After coordinating with National Central Bureau in Rome, he must be sent to Italy immediately. He will be delivered from here to Italy, and there he will be called to account on his case until there is a ruling," Anggaito said. Strangio was arrested on Feb.3 in Indonesia's resort island of Bali which he was transiting on his way home to Australia. Reporting by Bernadette Christina and Sultan Anshori in Bali, Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Indonesia, China agree $1.2 bln cost overrun for high-speed train - official
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Feb 13 (Reuters) - Indonesia and China have agreed to a budget overrun to the tune of $1.2 billion for the first high-speed railway project in the Southeast Asian country, an Indonesian government official told parliament on Monday. The project was previously estimated to be $2 billion over budget, raising the total cost to 113 trillion rupiah ($7.36 billion), according to the consortium of Indonesian and Chinese state companies building the railway, known as PT KCIC. "We agreed on the cost overrun figure of $1.2 billion. Further details including an additional loan from the China Development Bank to cover the extra costs are to be finalised within a month, he added. ($1 = 15,190.0000 rupiah)Reporting by Bernadette Christina; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

President Joko Widodo has pulled out all the stops to convince CEO Elon Musk to manufacture electric vehicles or batteries in the sprawling Southeast Asian archipelago. "The Indonesian government is building a whole value chain for servicing electric vehicle factories," said Victor Chin, principal consultant at metal consultancy firm CRU. Musk's goal is to sell 20 million electric vehicles in 2030, more than a 15-fold increase over the 1.3 million vehicles Tesla sold in 2022. Jokowi did not give a timeline for the exports growth but said Indonesia was aiming to establish an integrated supply chain for electric vehicle batteries by 2027. In other moves, Indonesia will also ban exports of copper ore and bauxite in June, both of which are used in electric vehicle production.

☆ Indonesia to suspend some palm oil export permits - officials
▼ + stars: | 2023-02-06 | by ( Bernadette Christina | ) www.reuters.com time to read: +3 min

Summary Cooking oil prices up ahead of Islamic festivalsPalm oil export quotas linked to domestic salesExporters accumulated export quotas last year - ministerTwo-thirds of existing quotas suspended till May 1 - officialJAKARTA, Feb 6 (Reuters) - Indonesia will suspend some palm oil export permits to secure domestic supply amid rising cooking oil prices ahead of upcoming Islamic festivals, senior cabinet minister Luhut Pandjaitan said on his official Instagram account on Monday. Indonesia issues export permits for palm oil companies that have already sold a proportion of their products to the domestic market, under a policy known as "Domestic Market Obligation" (DMO). Sahat Sinaga, chair of the Indonesia Palm Oil Board, said companies have been holding back exports, due to lower global market prices and high export levies. Malaysian benchmark palm oil prices have fallen more than 40% since reaching a peak last year. Rattling global edible oil markets, Indonesia last year banned exports of palm oil used in everything from margarine to cosmetics and fuel for three weeks due to soaring cooking oil prices.

☆ Investments in Indonesia's nickel industry
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +4 min

Here are some of the major investment deals involving nickel in Indonesia:Jan. 2020: Indonesia bans exports of unprocessed nickel to attract investment in downstream processing. Dec. 2020: Indonesia's investment ministry signs an MOU with LG Energy Solution (373220.KS) on integrated EV battery investment with total investment of $9.8 billion. 2021: Indonesia establishes the Indonesia Battery Corporation (IBC), a joint venture of state owned enterprises to cooperate with foreign investors in developing an EV battery supply chain. Jan. 2022: Indonesia's Investment Ministry signs an MoU with Foxconn (2317.TW), Gogoro Inc, IBC and Indika Energy (INDY.JK) for investment in electric vehicle and battery development. Sept 2022: Vale Indonesia signs an agreement with Zhejiang Huayou to build a second plant to produce nickel MHP with 60,000 tonnes capacity.

☆ Indonesia says BASF, Eramet near $2.6 bln deal to process nickel for EV batteries
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +3 min

[1/2] A logo is seen on the facade of the BASF plant and former Ciba production site in Schweizerhalle near Basel July 7, 2009. Indonesia's investment ministry cited BASF chief executive Martin Brudermüller as saying the project investment would be worth around 2.4 billion euros ($2.59 billion). Eramet spokeswoman Fanny Mounier said the project was subject to a final investment decision and further details would be disclosed if a decision was made. The planned plant would produce mixed hydroxide precipitate (MHP) from nickel through a high-pressure acid leach (HPAL) plant. Investment into MHP production in Indonesia has so far been dominated by Chinese companies such as Zhejiang Huayou Cobalt and Tsingshan Holding Group.

☆ BASF, Eramet near $2.6 bln Indonesia deal to process nickel for EV batteries
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

JAKARTA, Jan 18 (Reuters) - Germany's BASF (BASFn.DE) and French miner Eramet (ERMT.PA) are finalising a $2.6 billion partnership deal to invest in a facility in Indonesia to process nickel for use in batteries for electric vehicles, Indonesian officials said. The project investment would be worth around 2.4 billion euros ($2.59 billion), the investment ministry said, citing BASF chief executive Martin Brudermüller. BASF and Eramet's investment plan was in line with the government's "aspirations to set up Indonesia as world-class EV player," said Investment Minister Bahlil Lahadalia. Indonesia is also finalising agreements with Chinese automaker BYD Group and Tesla (TSLA.O) to invest in EV production facilities, a senior cabinet minister said on Tuesday. Investment into MHP production in Indonesia has so far been dominated by Chinese companies such as Zhejiang Huayou Cobalt and Tsingshan Holding Group.

☆ BASF, Eramet to finalise $2.6 bln partnership on Indonesia nickel smelter -Indonesia
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Jan 18 (Reuters) - Germany's BASF (BASFn.DE) and French mining firm Eramet (ERMT.PA) are finalising a $2.6 billion partnership deal to invest in a nickel smelting facility in Indonesia, Indonesia's investment ministry said, citing the CEO of BASF. The project investment deal would be worth around 2.4 billion euros ($2.59 billion), the investment ministry said, citing BASF chief executive Martin Brudermüller. The project will make materials to be used in batteries for electric vehicles. Eramet would own 51% of the project, while BASF would hold 49%, the presentation showed. BASF and Eramet could not immediately be reached for comment.

☆ Indonesia close to EV deals with BYD Group and Tesla - minister
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Jan 17 (Reuters) - Indonesia is finalising agreements with China's automaker BYD Group and U.S. carmaker Tesla (TSLA.O) to invest in electric vehicle (EV) production facilities in the Southeast Asian country, a senior cabinet minister said on Tuesday. Indonesia is aggressively promoting investment into batteries and EVs at home to take advantage of its rich nickel resources. BYD Group, the number one in the world, Tesla, the number two, Hyundai and so on, they are all finalising deals with Indonesia," coordinating minister Luhut Pandjaitan said in a meeting with provincial governments. BYD Group and Tesla did not immediately respond to requests for comment. SGMW Motor Indonesia, part of a joint venture of SAIC Motor Corp Ltd, General Motors Co (GM.N) and Wuling Motors Holdings (0305.HK), has built assembly facilities in Indonesia.

☆ Thousands of Indonesian workers protest against president's job decree
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +2 min

The Constitutional Court had ruled the 2020 Jobs Creation Law was flawed, saying there had been insufficient public consultation before the law was passed. "Job creation should be in line with workers' welfare improvement, but this decree runs counter to it. Protesters held a banner saying "Say no to outsourcing", while others had signs reading, "Refuse job creation emergency decree because there is no emergency situation". "We don't want the state to become only an agent for dirty entrepreneurs to weaken workers' welfare," Said told reporters. The Jobs Creation Law, revising more than 70 other laws, had been welcomed by foreign investors for cutting red tape.

Indonesia, producer of more than half of global palm oil supplies, also tightened trade rules this year, allowing exporters to ship just six times their domestic palm oil sales volume, less than a fourth-quarter 2022 ratio of eight times. "Indonesian palm oil export definitely will drop, as output will decline, domestic consumption will increase," Fadhil Hasan, an Indonesian Palm Oil Association (GAPKI) official, told Reuters. Indonesia produced 51.3 million tonnes of palm oil in 2022 and exported 33.7 million tonnes, GAPKI estimated. In 2023, palm oil output is expected at 50.82 million tonnes and exports at 26.42 million tonnes, it said. "But India's strong demand for palm oil will continue as it is still the cheapest edible oil."

☆ Indonesia says investment talks with Tesla still ongoing
▼ + stars: | 2023-01-12 | by ( Bernadette Christina | ) www.reuters.com time to read: +3 min

Luhut Pandjaitan, who has been leading the talks with Tesla, declined to disclose further details, citing a non-disclosure agreement. Bloomberg News also reported that the Indonesia talks include plans for production facilities and to facilitate the company's supply chain, citing people familiar with the matter. "I can't comment, we're still talking," Luhut told Reuters, adding that he had just recently held another round of talks with Tesla. Tesla currently makes its electric cars in China's Shanghai, Germany's Berlin, and Austin and Fremont in the United States. Indonesian authorities have said Japanese firms Toyota Motor Corp (7203.T) and Mitsubishi Motors Corp (7211.T) have pledged investments in EV production.

☆ Indonesia approves $3 bln development plan for South China Sea gas block
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

JAKARTA, Jan 2 (Reuters) - Indonesia has approved the first plan of development for the Tuna offshore gas field with total estimated investment of $3.07 billion up to the start of production, upstream oil and gas regulator SKK Migas said on Monday. The Tuna field, located in the South China Sea between Indonesia and Vietnam, is expected to reach peak production of 115 million standard cubic feet per day (MMSCFD) in 2027, SKK Migas spokesperson Mohammad Kemal said. SKK Migas chairman Dwi Soetjipto on Monday said that aside from economic benefits, development of the project would underline Indonesia's maritime entitlements. "The Indonesian navy will also participate in securing the upstream oil and gas project so that economically and politically, it becomes an affirmation of Indonesia's sovereignty." China claims sovereignty over almost the entire South China Sea citing its own historical maps, claims that an international arbitration tribunal in 2016 ruled have no legal basis.

☆ Indonesia eyes $11 bln in capital market fundraising this year
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Jan 2 (Reuters) - Indonesia is targeting 170 trillion rupiah ($10.92 billion) in capital market fundraising for this year, including from initial public offerings and debt instruments, its financial regulator said on Monday, well below the amount raised in 2022. About 260 trillion rupiah was raised through the capital market last year, including the IPO of top tech firm PT GoTo Gojek Tokopedia (GOTO.JK), which raised $1.1 billion in April. Inarno Djajadi, head of capital market supervision at the Financial Services Authority, said there were 84 offerings in the pipeline with 81.41 trillion rupiah ($5.23 billion) in total estimated value. About 54.5 trillion rupiah of that would be from 58 potential IPOs. Among firms expected to go public in 2023 are two units of state energy firm Pertamina, Pertamina Geothermal Energy and Pertamina Hulu Energi.

☆ Indonesia aim to export natural gas to Vietnam in 2026
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: 1 min

Companies Harbour Energy PLC FollowJAKARTA, Dec 23 (Reuters) - Indonesia aims to export natural gas to Vietnam starting 2026 from the Tuna offshore block located near the Indonesian and Vietnamese maritime border, the country's energy minister said on Friday. Southeast Asia's biggest economy may deliver 100 to 150 million standard cubic feet per day (MMSCFD) of gas through a gas pipeline from the Tuna block operated by Harbour Energy (HBR.L), energy minister Arifin Tasrif told reporters. The Tuna oilfield, with around 100 million barrels of oil equivalent, was discovered in April 2014, the company's website shows. Reporting by Bernadette Christina, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Indonesia, BP sign 20-yr contract extension for LNG operations in Papua
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

The extension would allow BP and its partners to operate on the fields until 2055, BP said in a statement. The working areas supply to Tangguh liquefied natural gas (LNG) plant. Indonesia usually extends a PSC two to 10 years before it expires, but BP needed to secure a longer contract to guarantee its long-term investment plan, according to Dwi Soetjipto, chairman of Indonesia's upstream regulator SKK Migas. Output from LNG Tangguh plant is estimated to drop before 2030 if there is no new exploration. Energy minister Arifin Tasrif said Tangguh gas production is needed to supply Indonesia's increasing energy demand as the country will rely on gas while transitioning to cleaner energy.

☆ Indonesia central bank raises key policy rate by 25 bps
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: 1 min

JAKARTA, Dec 22 (Reuters) - Indonesia's central bank raised its key policy rate on Thursday, its fifth rate hike since August and widely expected by markets, as it aims to bring inflation back within target next year. Bank Indonesia (BI) hiked the benchmark 7-day reverse repurchase rate (IDCBRR=ECI) by 25 basis points (bps) to 5.50%, as expected by the majority of economists polled by Reuters. It also raised its deposit facility (IDCBID=ECI) and lending facility (IDCBIL=ECI) rates by the same amount to 4.75% and 6.25%, respectively. Reporting by Gayatri Suroyo, Fransiska Nangoy and Bernadette Christina Munthe; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ Indonesia confirms bauxite export ban to proceed as scheduled
▼ + stars: | 2022-12-21 | by ( Fransiska Nangoy | Bernadette Christina | ) www.reuters.com time to read: +3 min

The timing of Indonesia’s ban, however, is in line with its current mining law. The measure, which led to a dispute at the World Trade Organization (WTO), also helped boost the value of Indonesia’s exports. China was the biggest importer of Indonesia’s bauxite until Jakarta introduced a mineral export ban in 2014, which it lifted in 2017. Indonesia’s bauxite reserves are enough for up to 100 years production, he said. He said there was a possibility that legal action could be pursued against Indonesia for banning bauxite exports, but it would not deter him.

☆ Indonesia's 2022 fiscal deficit seen at 2.49% of GDP-president
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Dec 21 (Reuters) - Indonesia's fiscal deficit for the whole of 2022 will likely be 2.49% of gross domestic product, much smaller than deficits in 2021 and 2020, President Joko Widodo said on Wednesday. The deficit forecast was also below authorities' latest projection of a gap of around 3% of GDP and compared with a 4.5% deficit target in the revised 2022 budget. Last year's fiscal deficit was 4.6%, while 2020's was 6.1%. Economic recovery from the pandemic and a hike in value added tax (VAT) rate have also supported government revenues, Sri Mulyani said. The president also said with COVID-19 cases declining, Indonesia may lift all of its remaining pandemic-related mobility restrictions by year-end.

☆ Indonesia says lithium, anode plants are being built to support EV ambitions
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Nov 29 (Reuters) - Indonesia is building a lithium refinery and an anode material production facility to complement its nickel-based battery materials industry, an official said, as it aims to set itself up as a hub for making electric vehicles (EVs). An anode material plant with 80,000 tonnes capacity is set to start construction in January, he added. Indonesia has already started producing EV battery parts extracted from nickel, but other materials are also needed to produce EV batteries, Seto said. He did not elaborate on how the lithium ore for the plant would be sourced. The government has banned exports of unprocessed nickel to attract investment at home and secure material for domestic production of nickel metals and battery materials.

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