Indonesia Morning News For February 9

Government Targets 20 Startups from Small Industries in 2018
The Ministry of Industry targeted 20 startups generated from small and medium industries (IKM) in 2018. In 2017, the target was nine industries.
— Tempo

Coal buyers spooked by Indonesia’s new shipping rules
Buyers of Indonesian coal are holding back orders of the fuel after the government issued new shipping rules for coal and crude palm oil that would restrict exports to Indonesian vessels, an industry association said today.
— The Sun Daily

US Frees Safeguard Duties for Imported Solar Panel Products from Indonesia
Director General of Foreign Trade Oke Nurwan said that the US government has issued a decision to free Indonesia from imposing safeguard duties against the import of solar panel products or Crystalline Silicon Photovoltaic Cells (CSPV).
— Netral News

90 percent of private companies hedge foreign debt: BI
While global markets face increasing volatility, Bank Indonesia (BI) said the private sector was resilient as most companies have hedged their foreign currency denominated debt.
— The Jakarta Post

IMF sees Indonesia’s growth rising to 5.6%
The International Monetary Fund (IMF) said Indonesia’s annual growth will gradually rise to about 5.6 per cent over the medium term, led by robust domestic demand, but it cautioned against building up too much debt in the country’s drive to boost infrastructure investment.
— The Straits Times

Sharp rupiah depreciation caused by market adjustment:BI
Bank Indonesia described the sharp rupiah depreciation crossing the level of 13,600 per US dollar on Thursday as normal dynamism.
— Antara

Exclusive: Indonesia’s logistics startup Etobee raises $3.5m bridge funding
Jakarta-based logistics solutions provider Etobee has closed a post-Series A bridge round of $3.5 million, according to three people aware of the development.
— DealStreetAsia

Eleven SOE Subsidiaries Plan IPOs This Year
Eleven subsidiaries of Indonesian state-owned companies are planning to conduct initial public offerings throughout this year, allocating the proceeds to help fund business expansion — including various government-initiated infrastructure projects, a senior official at the Ministry of State-Owned Enterprises said.
— JakartaGlobe

Bank Mandiri disburses $100m to Pertamina
State-owned lender Bank Mandiri has disbursed a US$100 million loan to state-owned energy company Pertamina, signaling cooperation between the two state-owned enterprises to support government’s effort to develop the oil and gas industry.
— The Jakarta Post

Indonesia: Intudo Ventures raises $20m for debut fund, doubling initial target
Intudo Ventures, an Indonesia-focused venture capital firm, raised $20 million in its debut fund as it seeks to capitalize on rising consumption in the world’s fourth most-populous nation.
— DealStreetAsia

Indonesia-Italy Bilateral Relations to Focus on Creative Economy
Indonesia and Italy made an agreement to strengthen bilateral cooperation in creative economy — seeking to seize opportunities in both countries — during a meeting between their foreign ministers in Jakarta on Wednesday (07/02).
— JakartaGlobe

Indonesian lender BRI Agro sets aside $70m to acquire two smaller banks
Publicly listed lender BRI Agro announced that it has set aside Rp 1 trillion ($70 million) to acquire two unnamed small banks as part of a strategy to accelerate its growth, Kontan reports.
— DealStreetAsia

Pertamina discovers new gas reserves totaling 84 bscf
State-owned energy giant Pertamina, through its upstream subsidiary Pertamina Hulu Energi (PHE), has discovered new gas reserves amounting to 84 billion standard cubic feet (bscf) in the Abar block in West Java.
— The Jakarta Post

Apartment Sales Bottoming Out in Jakarta: JLL
Sales of apartment in Jakarta are showing signs of bottoming out, following a crunch caused by the government implementing new luxury taxes and a slow economic growth, property consultancy firm Jones Lang LaSalle reported on Wednesday (07/02).
— JakartaGlobe

Indonesia: VC-backed Rework merges with local rival GoWork
Indonesia’s ATM Capital-backed co-working space provider Rework has announced the completion of its merger with local rival GoWork to create a new entity, Go-Rework.
— DealStreetAsia

Transportation Minister Ensures Jakarta-Bandung High-Speed Train to Start Construction in April 2018
Minister of Transportation Budi Karya Sumadi revealed the government continues to encourage the completion of land clearance to accelerate the development of Jakarta-Bandung high-speed train.
— Netral News

Sri Mulyani: Trillions Lost from Drug Trafficking Activities
Finance Minister Sri Mulyani said that illegal drug trades and smugglings happening in Indonesia can potentially cause the country to lose up to Rp135 trillion.
— Tempo

FAO to help eliminate zoonosis in Indonesia
Agriculture Ministry and the Food and Agriculture Organization (FAO) of the United Nations have chosen four areas in Indonesia as places of pilot project to cope with the spread of contagious zoonosis.
— Antara

‘Ultimately, it’s freedom’: The young digital nomads descending on Bali for a poolside career
Sarah Hill fell into the digital nomad lifestyle by accident.
— ABC

Feature photo Juan Antonio Segal

Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

Indonesia morning news by AEC News Today is your one stop source for Indonesia news on matters of governance and policies affecting Asean business communities and is published M-F by AEC News Today: Governance, not government; policies not politics.