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Green flight: Technicians prepare a Garuda Indonesia plane for a test flight using sustainable aviation fuel on Oct. 27, 2023, at Soekarno-Hatta International Airport in Tangerang, Banten. The plane successfully landed in Adi Sumarmo Airport in Surakarta, Central Java, later that day.

Economy premium

Govt aims to reduce airfares by 10 percent by October

Tourism and Creative Economy Minister Sandiaga Uno said the price reduction would help regions where airline tickets were more costly than average, particularly destinations in eastern Indonesia and Sumatra.

1 year ago

Finance

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1 year ago

Finance

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1 year ago

The Latest

Protestors hold banners and placards during a demonstration against the surge in prices and shortage of fuel and other essential commodities in Colombo on April 3, 2022. Armed troops in Sri Lanka had a tense confrontation with a crowd protesting a worsening economic crisis on April 3, after a social media blackout failed to halt another day of anti-government demonstrations.

Economy premium

Economic crisis forces Sri Lankans to moonlight as prices soar

Beset by fuel shortages and soaring food prices, millions in Sri Lanka struggle to survive the Indian Ocean nation's worst economic meltdown since independence in 1948.

3 years ago

Cattle rest and eat in their enclosure at the Westons Farm, in Itchingfield, south England, on March 28, 2022. Hungry cows at Westons Farm jostle for position at the feeding trough, blissfully unaware that Ukraine's war has sowed more turmoil for UK farms ploughing through COVID-19 and Brexit fallout. Farms like Westons have therefore become more and more reliant on animal slurry to grow crops and cut costs.

Economy

Ukraine war sows more turmoil for UK farms

The agriculture sector, like large swathes of the UK economy, is grappling with sky-high energy prices following pandemic lockdowns and labor shortages in the wake of Britain's exit from the European Union.

3 years ago

Residents carry bottles of cooking oil during a market operation conducted by the Trade Ministry at Trayeman traditional market in Tegal, Central Java, on March 14, 2022. Rising cooking oil prices were a major contributor to inflation that month.

Economy premium

Cooking oil crisis leads to record inflation in March

A change in cooking oil policy on top of gradual increases in mobility and economic activity in Indonesia contributed to the month’s consumer price increases.

3 years ago

Trucks line up for subsidized diesel, causing a traffic jam at Palapa gas station in Padangpariaman, West Sumatra, on March 16.

Economy premium

Subsidized diesel shortage hits trucking industry

Truckers have been waiting for up to 24 hours to refill at fueling stations, causing disruptions in domestic supply chains.

3 years ago

Economy

OVO's path to growth: Giving financial access to 92 million unbanked Indonesians

OVO prides itself as today’s No. 1 choice for digital payment services among users in Indonesia.

3 years ago

Pertamina's Balikpapan refinery as seen on Jan. 8, 2022

Economy premium

Pertamina to cut some refinery projects in energy transition

The state-owned energy giant is adjusting its business development plan in line with the country's energy transition.

3 years ago

A police officer guards a Pertamina fuel station on Jl. MT Haryono in South Jakarta after a fuel tanker caught fire on Dec. 1, 2020.

Economy premium

Sri Mulyani says high oil prices weighing on state budget

The finance minister noted that energy subsidy costs were swelling.

3 years ago

Chairman and CEO of Sinar Mas Telecommunication and Technology, Franky Oesman Widjaja, seen with President Joko "Jokowi" Widodo and UAE Prime Minister and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum during the exchange of an MoU in Dubai on Nov. 4, 2021.

Economy premium

UAE reaffirms investment in new capital city through INA

The investments would come from an existing $10 billion funding commitment to Indonesia's sovereign wealth fund.

3 years ago

Officials inspect the main venue of the Group of 20 finance ministers and central governors meeting during preparations in Jakarta on Feb. 17.

Economy premium

Indonesia stands firm on G20 economic agenda

Members are increasingly at odds over how the G20 should address the Ukraine war.

3 years ago

Officials take photos of wind turbines in Sidrap in Sidenreng Rappang, South Sulawesi, on Oct. 26, 2021. With 30 turbine generators, this is the largest wind power plant in Indonesia in operation.

Economy premium

High oil prices renew calls to speed up energy transition

Energy researchers pointed to the impact of rising oil prices on the state budget and supply costs.

3 years ago

Australia's Treasurer Josh Frydenberg (right) chats with Indonesia's Finance Minister Sri Mulyani Indrawati (left) during their bilateral meeting on the sidelines of the G20 finance ministers and central bank governors meeting in Jakarta on Feb. 17, 2022.

Economy premium

VAT hike to go ahead as planned amid surging prices: Sri Mulyani

Finance Minister Sri Mulyani Indrawati said on Tuesday that the government would carry on with a hike in value added tax (VAT) slated to come in effect on April 1, despite calls to refrain amid surging prices in consumer goods.

3 years ago

President Joko "Jokowi" Widodo (right) speaks with Coordinating Economic Minister Airlangga Hartarto before leading a limited Cabinet meeting in Jakarta on Feb. 17, 2020.

Economy premium

B30 biodiesel policy to stay despite cooking oil shortage

Palm oil smallholders had called for a scaling-back of the policy.

3 years ago

People play interactive games on their smartphones on Dec. 15, 2021 in a residential area in Malabon, suburban Manila.

Economy premium

Domestic smartphone market seen to grow 8% in 2022

The latest forecasts show that Indonesia's smartphone market is poised to grow this year toward third-place global dominance by 2025.

3 years ago

The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, US, April 8, 2019.The spring gathering of finance ministers and central bankers held in Washington in April will be shifted to a

Economy

IMF downgrades Indonesia's 2022 GDP growth to 5.4%

The IMF repeated that Indonesia's growth was supported by favorable global commodity prices, the easing of COVID-19 restrictions and rising mobility amid vaccination efforts and continued policy support.

3 years ago

SoftBank Group founder and CEO Masayoshi Son (center) walks with Grab CEO Anthony Tan (left) after attending a meeting with President Joko “Jokowi” Widodo.

Economy premium

Softbank, Indonesia locked horns over new capital: Sources

Softbank Group founder Masayoshi Son and government officials had been in dispute over key details of the new capital long before the Japanese company withdrew from President Joko “Jokowi” Widodo's ambitious pet project, sources familiar with the matter have said.

3 years ago

The sun sets beyond pumpjacks in the Belridge oil field near McKittrick, California, US, on Nov. 3, 2021.

Economy

In fair oil and gas phase out, rich nations stop first: Study

Countries like the US, Australia and the UAE need to end production by 2034, while poorer countries like Indonesia, Iran and Egypt by 2045, to meet global climate goals.

3 years ago

Shinta Kamdani, chairwoman of B20 Indonesia 2022, speaks at the inception meeting of the Group of 20 subforum on Jan. 27, 2022.

Economy premium

Kadin voices concerns over elections imbroglio

Businesses have urged the government to maintain stability to achieve economic growth as political leaders spar over delaying the 2024 elections.

3 years ago

President Joko Jokowi” Widodo (center) pours water brought by Jakarta Governor Anies Baswedan (right), as East Kalimantan Governor Isran Noor (third left) looks on, during a Kendi Nusantara ritual at the site for Indonesia's new capital city Nusantara in Sepaku district, North Penajam Paser, East Kalimantan, on Monday. As part of the ritual, President Jokowi collected soil and water from the 34 provinces, which were brought by governors attending the ceremony.

Economy premium

Indonesia seeks new capital investors after Softbank exit

Softbank Group founder Masayoshi Son’s withdrawal from new capital city investment has raised questions on the viability of the project, while also leaving a large funding gap that the government needs to address.

3 years ago

Australia's Prime Minister Scott Morrison speaks during the launch of the 2020 DefenceStrategic Update, in the wake of cyber attacks targeting Australia, at the Australian Defence Force Academy in Canberra, Australia, July 1, 2020.

Economy

Australia bans alumina, bauxite exports to Russia

The export ban aims to impact aluminium production in Russia, which relies on Australia for 20 percent of its alumina.

3 years ago

Eco-friendly energy: Two technicians of state-owned oil and gas giant PT Pertamina work on a geothermal power plant in West Java.

Economy premium

Indonesia proposes $11b in green projects amid regulatory issues

Regulatory issues — from subsidies, licensing to land acquisition — have kept financing costs high for renewable energy and made Indonesia less competitive than other countries in Asia.

3 years ago

President Joko "Jokowi" Widodo (left), greets the head of the new capital authority Bambang Susantono (second left) at the State Palace, Jakarta on March 10, 2022.

Economy

ADB pledges technical support for new capital city

The Asian Development Bank (ADB) said on Friday it would help Indonesia develop the new capital city project in East Kalimantan, following the appointment of a former ADB vice president as an overseer of the project.

3 years ago

Investment Minister Bahlil Lahadalia met with Taiwanese electronics manufacturer Foxconn and battery swapping developer Gogoro on Oct. 22, 2021, in Taiwan, to discuss the manufacturers' interest in investing in Indonesia's electric vehicle industry.

Economy premium

Govt puts on table 47 'sustainable projects' worth $11 billion

The Investment Ministry has put on offer 47 sustainable projects worth over Rp 155 trillion (US$10.83 billion) located across the archipelago, as the government aims to tap into the growing global sustainable finance market and boost the economy.

3 years ago

Bank Indonesia Governor Perry Warjiyo talks during a virtual press conference held after the central bank's two-day policy meeting on Jan. 21, 2021.

Economy premium

BI holds rate at 3.5% with eye on Ukraine crisis

The decision comes after the US Fed raised its benchmark rate for the first time since 2018.

3 years ago

Federal Reserve Board chairman Jerome Powell testifies before the House Financial Services Committee during a hearing featuring the semi-annual Monetary Policy Report, on Capitol Hill in Washington, US, Feb. 11, 2020.

Economy

US Fed hikes interest rates

This the first time the Fed raises interest rates since 2018.

3 years ago

Armoured vehicles of NATO's rapid reaction force arrive at Borg Havn in Fredrikstad, Norway, on March 10, 2022, for a military exercise termed Cold Response 22.

Economy premium

Russia-Ukraine conflict ‘real threat’ to economic recovery: Sri Mulyani

The finance minister has raised concern over heightened geopolitical tension, particularly concerning Ukraine, that could disrupt the economic recovery and force countries to adjust their strategies.

3 years ago

Armoured vehicles of NATO's rapid reaction force brigade in Norway for the military exercise Cold Response 22 arrive at Borg Havn in Fredrikstad, Norway on March 10, 2022. While the war rages in Ukraine, NATO and its partners are sharpening their weapons to test in Norway their ability to come to the aid of one of their own. Some 30,000 soldiers, 200 planes and around fifty ships from 27 nations... Cold Response 2022, the biggest exercise involving NATO this year, will help Western armies to become hardened in combat in extreme cold on land, by sea and in the skies, including in arctic latitudes, from March 14.

Economy

Ukraine war may 'fundamentally alter' global economic, political order: IMF

Beyond the human suffering and historic refugee flows, the war is boosting prices for food and energy, fuelling inflation and eroding the value of incomes, while disrupting trade, supply chains and remittances in countries neighbouring Ukraine, the IMF said in a post on its website.

3 years ago

French shipping line CMA CGM Otello, the largest container ship ever to have arrived in Indonesia with a capacity of 8,238 TEU, docks at Tanjung Priok Port in Jakarta on April 23, 2017. The vessel serves the first Jakarta-Los Angeles route.

Economy premium

Exports pick up in February as coal ban ends, commodities surge

Statistics Indonesia (BPS) reported that exports grew 34.14 percent and imports 25.43 percent in February from a year earlier.

3 years ago

A man returns from fishing as a tugboat pulling a coal barge passes by in Banda Aceh, Aceh, on April 26, 2021. The country’s coal exports have declined amid the COVID-19 pandemic.

Economy premium

Ukraine war may bring windfall to Indonesia's trade balance

The Ukraine and Russia crisis is expected to have a positive impact on Indonesia's trade, with most of the country’s exports benefiting from surging commodity prices.

3 years ago

President Jokowi speaks at the Kompas CEO Forum on Thursday, Nov. 18, 2021.

Economy premium

Jokowi raises alarm on domestic inflation amid Ukraine crisis

The government is finding it harder and harder to maintain prices as commodity prices surge, fueled by the war in Eastern Europe.

3 years ago

Russian President Vladimir Putin (L) and Chinese President Xi Jinping arrive to pose for a photograph during their meeting in Beijing, on February 4, 2022.

Economy

Russia says nearly half its reserves are frozen, counts on ties with China

“We have part of our gold and foreign exchange reserves in the Chinese currency, in yuan. And we see what pressure is being exerted by Western countries on China in order to limit mutual trade with China. Of course, there is pressure to limit access to those reserves," Finance Minister Anton Siluanov said.

3 years ago

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