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Tag: Indonesia

  • Modalku launches mobile app for lenders

    Modalku launches mobile app for lenders

    Modaluku, a peer-to-peer (P2P) lending platform in Indonesia, has announced the launch of its mobile app for alternative investment.

    The app, named Modalku, offers more ease and practicality for lenders. All activities, beginning from sign-up to crowdfunding for alternative investments, can be done via smartphone anytime and anywhere. The app is available on iOS App Store and Google Play Store.

    Activated Modalku lenders can start crowdfunding for alternative investments straight away. The app has an ‘Auto Allocation’ feature, where lenders can crowdfund Small and Medium-sized Enterprise (SME) loans according to their personal preferences, based on criteria like return rates, loan duration, and allocation per loan.

    The Auto Allocation feature was designed with active lenders in mind. With it, the app generates hassle-free passive income without lenders having to manually allocate their funds every time an attractive alternative investment opportunity is available. The feature also maximises portfolio diversification and minimizes risk.

    New users can apply and sign up to become lenders with a semi-automated process. For example: the app will autofill address details from postal codes for easier application. Additional features, such as notifications for every SME loan ready for crowdfunding and low balance reminders, ensure that lenders will not miss an investment opportunity.

    As proof of Modalku’s commitment to consumer protection, the app incorporates state-of-the-art data security measures, including fingerprint login, advanced encryption, and auto-logout.

    “Modalku offers a win-win relationship for our users, both SME borrowers and lenders seeking alternative investment opportunities. In a diversified portfolio, P2P lending has proven to be an excellent investment alternative. Lenders can start from funding Rp1 million [US$75] for each SME loan, earning monthly repayments and good risk-adjusted returns. Our new app will give lenders greater access to peer-to-peer lending as an alternative investment option” said Modalku co-founder and CEO Reynold Wijaya.

    Financial Services Authority (OJK) Regulation, Licensing and Supervision of Financial Technology director Hendrikus Passagi added, “We warmly welcome the launch of Modalku’s mobile app as we believe the technology will support financial inclusion in Indonesia, along with the development of a cashless society.

    “Data from the Indonesian Internet Service Providers Association (APJII) shows that nearly 73% of Indonesian internet traffic happens on mobile devices and tablets. The app can increase the broader public’s interest in funding Special Needs Business (Puberku), such as Indonesian SMEs.

    David Ng, one of Modalku’s lenders added “I have gained attractive returns from my alternative investments in Modalku. Their products provide good risk-adjusted returns (through diversification), with a concept that is easy to understand. The Modalku app makes managing my portfolio even easier. I have activated the Auto Allocation feature to automate my alternative investments; all activities can practically be done via smartphone.”

    Modalku’s P2P lending business model connects SME borrowers with lenders through a digital marketplace. By financing SME loans, registered lenders gain an alternative investment with higher returns compared to term deposit and bonds.

    Modalku is the largest P2P lending platform in Indonesia, with loan disbursement totalling over Rp215 billion into 400 SME loans.

    This app follows the release of their Modalku Dana Usaha app, launched in January 2017 for SME borrowers.

    Modalku Dana Usaha is the first app to provide working capital loans in Indonesia, providing a quick, safe, and user-friendly process.

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  • 60,000 Tourists Visit Bali by Cruise Ship

    60,000 Tourists Visit Bali by Cruise Ship

    A luxury cruise ship line Princess Cruises will bring more than 60,000 foreign tourists to experience the natural charm and culture of Indonesia.

    During the 2017-2018 holiday season, Princess Cruises will offer exciting travel plans to Bali, Lombok, Komodo Island, Makassar, Semarang, and Probolinggo. Bali is a favorite destination out of the 20 total destinations.

    “Princess Cruises continues to enhance tourism in Indonesia by dedicating five cruise ships that will have 26 trips to Indonesia.”

    The five cruise ships that have trips to Indonesia are Sapphire Princess, Diamond Princess, Golden Princess, Sun Princess, and Sea Princess.

    According to data from the Cruise Line INternational Assistance Association (CLIA), more than 2 million people were on the Continent of Asia cruise in 2015. This number is expected to double to 4 million by 2020.

    In 2014, CLIA also noted there were more than 18,000 yacht tourists coming from Indonesia, and that number doubled to 40,000 by 2015.

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  • Jakarta shopping mall business ‘still promising’

    Jakarta shopping mall business ‘still promising’

    Jakarta shopping malls are still a promising business despite online retailing becoming more popular, says US real-estate service company Colliers International Group.

    It says the reason for this is a lack of entertainment options for family holidaymakers in the Indonesian capital.

    Twelve shopping centres with a total floor space of about 600,000 sqm are expected to be completed by 2020, with 38 per cent now under construction, Colliers Indonesia says in its latest retail property outlook report.

    With little choice for family entertainment, malls still appeal to locals as family destinations,” says senior associate for retail service Steve Subadi Sudijanto.

    Aeon Mall Indonesia is planning to open four more stores, three of which are being built, in Jakarta and its suburbs through 2020. The Japanese brand’s first shopping mall opened in Tangerang in Banten on the capital’s outskirts in May 2015.

    Colliers says F&B continues to be the main attraction. More new brands from Asian countries are arriving and expanding in Indonesia.

    “Tough competition requires developers to be more dynamic in attracting locals through renovation and tenant reshuffles on the back of a government measure to curb the number of new store openings in Jakarta,” says Colliers senior associate director of research Ferry Salanto.

    “In fact, hunting for new brands, particularly in fashion and food, is continuing to become a common habit for shoppers in Jakarta.”

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  • The Boom Is Here As Indonesia Tourism Tops Asean Growth

    The Boom Is Here As Indonesia Tourism Tops Asean Growth

    Yahya has overseen new strategies to increase tourism in established areas and welcome foreign visitors from new target markets and countries, developing infrastructure in outer regions and rebranding dry marketing.

    The improvement can be seen with a massive increase in foreign tourists visiting the archipelago this year. Data from the Central Statistics Agency (BPS) shows 4.2 million foreign tourists visited Indonesia from January to June, a 19.34 percent increase from the same period a year earlier which saw 3.52 million visitors.

    Tourist visits in April skyrocketed with a 26.75 percent increase on the same period in 2016. Indonesia welcomed 1.14 million visitors this April, up from 902,000 recorded the year earlier.

    Indonesia is outpacing regional players – including tourism giant Thailand – in growth.

    Data published by The Business Times found growth in Singapore’s incoming visitors from January to April this year increased only 4.4 percent on the previous year. The slowing in growth contributed to a 2 percent decline in revenue for the local hotel industry in the same period, reaching just SGD$1.06 million (US$766,837).

    According to a report from Chinese state news agency Xinhua, foreign arrival figures in Malaysia contracted 0.5 percent so far in 2017 on a year on year basis. The result follows a push into Chinese and Indian markets from the Malaysian tourism authority and a target of 31 million visitors for the year.

    Thailand, which has long been a favourite of tourists from around the world, has continued to grow. Data from the Thai Ministry of Tourism and Sports shows foreign arrivals increased by 2.91 percent in the first four months of the year compared to the same period a year earlier. This translates to 12.02 million visitors from January to April 2017, up from 11.68 million foreign tourists a year earlier.

    In Indonesia’s industry, recent data from BPS shows foreign visitors increased 26.66 percent in May this year from the same month a year earlier. This equates to 1.16 million visitors in 2017 compared to 905,000 a year earlier.

    Booming growth in Chinese tourism is the highest contributor, making up 13.19 percent of all foreign tourists. Visitors from Singapore made up the second largest group with 9.83 percent, followed by Australian tourists contributing 7.91 percent. Indian visitors made up 4.19 percent of visits.

    Tourism Minister Yahya said 40 percent of all foreign tourists in Indonesia visit Bali, while 30 percent head for the capital city of Jakarta, 20 percent visit the Riau Islands and the remaining 10 percent holiday elsewhere in the archipelago.

    Bali has long been a favourite, with tourists flocking to the island’s beaches, resorts and inland jungles. Visitors to Jakarta typically come for business or shopping purposes.

    Increasing foreign tourism has been significantly assisted by a renewed effort in developing infrastructure in several regions with high tourism potential which have previously been underappreciated.

    Support for these regions includes the construction of new railways and roads and developing airports into international facilities to offer better access.

    The Ministry of Tourism has also established fresh branding strategies for key locales, including Medan, Bandung, Yogyakarta, Surabaya, Banyuwangi, Raja Ampat, Makassar and Lombok.

    The ministry hopes to welcome 20 million foreign visitors to the country by 2019, using the ‘3A’ principle which focuses on attention, accessibility and amenities. This principle reflects the ministry’s efforts to improve three key aspects of the industry, to provide better access and convenience with sufficient facilities and accommodation while also boasting excellent attractions to ensure each visitor enjoys his or her trip to Indonesia.

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  • Trump Takes On Tanah Lot

    Trump Takes On Tanah Lot

    Property mogul turned President of the United States Donald Trump has a lot on his plate, but that hasn’t stopped him from setting his sights on a six-star resort development in the Tabanan Regency of Bali.

    Much like the man himself, the development remains controversial. What impact will the resort have on tourism to the island and will the unrest among the local community threaten its success?

    Specifics of the resort, such as how large it will be and how many jobs it will offer the local community, are still yet to be released which has caused some concern in the regency. The land on which the resort is planned was forcibly taken, according to reports of locals, during the Suharto era and eventually developed into the five-star Pan Pacific Nirwana Bali Resort. The plans for redevelopment are believed to include expansion of the 18-hole golf course.

    Construction of the Trump International Hotel and Tower Bali, in conjunction with local magnate MNC Group founder and expected future politician Hary Tanoesoedibjo, is expected to begin in early 2018 after years of deliberation.

    The project in Bali is one of two – the other slated for West Java, which is tipped to feature a theme park. The West Java project is also causing concern, particularly among environmental activists who fear the Gunung Gede Pangrango national park development will threaten many endemic animals and fauna, according to a report from the Associated Press earlier in the year.

    Like many Trump properties around the world, the resort will be managed and maintained by a firm, in this case the MNC Group, which has leased rights to the Trump brand.

    The news has upset many in the local community who are concerned with the resort’s proximity to 16th-century Hindu temple Tanah Lot temple – one of the resort’s major attractions.

    “I would strongly recommend against any new developments that impact the temple. These things are sensitive in Bali,” I Gusti Ngurah Sudiana, local head of the country’s peak Hindu group Parisada Hindu Dharma Indonesia, told Bloomberg.

    “The Balinese don’t tend to speak up, but these things related to the sacredness of the temple are very sensitive, only the enforcement is too weak.’’

    Indonesia Investments too noted concern in a January report: “according to local beliefs land nearby temples cannot be used for the purpose of leisure (such as a golf course). On the eastern side of the existing golf course there stands a small temple and therefore local people do not want to see an upgraded (expanded) golf course.”

    “Rumours have spread across the island over further forced land sales and the potential of Tanah Lot to be all but obscured by the hotel.”

    Rumours have spread across the island over further forced land sales and the potential of Tanah Lot to be all but obscured by the hotel. At this stage, a lack of details or open consultation from the government is doing little to smooth anxieties.

    A recent Four Corners programme, a long-running television documentary series produced by the Australian state news agency ABC, investigating the development as well as the business ties between Trump and Tanoesoedibjo and featuring a segment in which Tabanan regent Eka Wiryastuti dodged questioning has become emblematic of the difficulties in obtaining straight answers.

    “If anything’s been approved, it’s been done very privately and very quietly,” Mark Davis of Four Corners says during the programme.

    Bali remains a favourite among tourists because of the island’s ability to balance dream beach resort holidays and strong cultural experiences. A development which threatens that balance could threaten the unique drawcard Bali offers the world.

    But, obscured details aside, does Bali need a big name attraction like Trump?

    Maybe not, data from the National Statistics Bureau (BPS) suggests, with overall foreign tourist arrivals growing rapidly year on year. Over 4.2 million foreigners visited Indonesia between January and May this year, a 20.38 percent increase on the same period a year earlier.

    Of that number, 2.3 million touched down at Bali’s Ngurah Rai International Airport. This represents an increase of 23.66 percent from the 1.86 foreign visitors a year earlier. Bali is on track to reach the 5.5 million foreign tourists target, around a 30 percent increase from 2016.

    But the Trump brand may need a sure-fire hit like the iconic South Bali cliff face locale. With resorts, hotels and casinos around the world carrying the Trump name taking a financial hit as his presidency continues to garner controversy, a well-located luxury resort amid an ever-growing tourist base could buck that trend.

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  • Mandiri aims to tap Singapore asset pool uncovered in tax hunt

    Mandiri aims to tap Singapore asset pool uncovered in tax hunt

    Bank Mandiri, Indonesia’s largest state-owned lender, on Wednesday said it is seeking to establish a private banking business in Singapore. The move comes amid a global crackdown on tax evasion that has exposed vast Indonesian wealth parked in the city-state.

    Indonesia’s nine-month tax amnesty program, in which the government allowed citizens to report previously hidden domestic or overseas holdings and pay a small penalty, turned up some 4,900 trillion rupiah ($367.5 billion) in declared assets. In a news conference on Wednesday, Mandiri President Kartika Wirjoatmodjo said around 700 trillion rupiah in declared cash and securities are still parked in overseas banks — mostly in Singapore.

    “It’s quite a sizable portion,” Wirjoatmodjo said. “We want to capture this market by giving them services in Singapore. We already have a complete range of products.”

    Indonesia has also pledged to join the Automatic Exchange of Information, a framework developed up by the Organization for Economic Cooperation and Development in which financial regulators will share information about foreign taxpayer accounts. “There will be no more space to place money that cannot be traced by tax authorities,” Wirjoatmodjo said, “so there will be a level playing field.” He explained that wealthy Indonesians have shunned state-owned banks like Mandiri to avoid scrutiny by authorities.

    At the moment, Mandiri can only serve corporate clients in Singapore. In order for the bank to serve wealthy individuals, it needs to be designated a “Qualified ASEAN Bank” by the Monetary Authority of Singapore under a bilateral agreement with Indonesia’s Financial Services Authority, according to Wirjoatmodjo. QAB status, a concept developed by Association of Southeast Asian Nations members, enables banks to operate as local lenders in ASEAN markets.

    Earlier in July, Mandiri became the first bank to obtain the QAB designation in Malaysia. Talks between Singapore and Indonesia, however, have not been officially announced.

    Mandiri is hardly the only bank targeting previously hidden assets. Oversea-Chinese Banking Corp., Singapore’s second-largest bank by assets, in May launched private banking operations in Indonesia to cater to high-net-worth Indonesians with assets of more than $1 million.

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  • Facebook Seems To Open Local Unit in Indonesia

    Facebook Seems To Open Local Unit in Indonesia

    Facebook has received an in-principle approval to set up a domestic unit in Indonesia, said a senior government source from the Southeast Asian nation, home to the social networking giant’s fourth-largest user base.

    Indonesia has been pushing multinational technology firms to be locally incorporated, arguing that companies such as Alphabet Inc’s Google set up small business entities to provide “auxiliary” services and get away with minimal taxation, while booking most of their revenue from the country elsewhere.

    In fact, Google has been locked in a months-long dispute over allegations by Indonesia’s government that the search giant had not made enough annual payments. The outcome of this is expected to indicate how the government may pursue others such as Facebook and Twitter Inc for taxes.

    Facebook is now in the process of establishing a local unit in the country, said the senior government source, who has direct knowledge of the matter but declined to be identified as the information was not public. The social media giant currently operates in Indonesia through an office in central Jakarta.

    Facebook accidentally ‘leaks’ moderators’ identities to suspected terrorists

    Indonesia had 69 million monthly active Facebook users as of the first quarter of 2014, placing the country fourth globally after the United States, India and Brazil, according to data from the company.

    Facebook did not respond to requests for comment and has not provided an update on the number of its users in Indonesia.

    The office that Facebook opened in Indonesia three years ago allows it to work with advertisers as well as small and medium businesses “that need an education on how to market their products”, a Facebook executive told local media at the time.

    But according to an official at Indonesia’s communications ministry, “Facebook only appoints people in Jakarta when the need arises, no more than that. Whether they have a permanent office here or not, we don’t even know.”

  • Why did all 7-Elevens in Jakarta suddenly disappear?

    Why did all 7-Elevens in Jakarta suddenly disappear?

    The closure of global convenience chain ­7-Eleven in Indonesia underlines the tough economic and regulatory landscape that could deter future investors from taking over the iconic brand’s franchise in Southeast Asia’s biggest economy.

    The publicly listed PT Modern Internasional, ­7-Eleven’s franchise holder in the country, said in its statement to Jakarta’s bourse that a lack of resources was the main reason it ceased operations at all 7-Eleven outlets permanently as of June 30. The company also cited its failed deal to sell the franchise and other assets to Charoen Pokphand Indonesia, an affiliate of Thai conglomerate Charoen Pokphand Group, for 1 trillion rupiah (HK$585 million).

    But the debate over why 7-Eleven, widely known as “sevel” in Indonesia, closed down its stores continues to swirl. Analysts and industry watchers said that a combination of strong competition, an economic downturn and regulatory hurdles, including a 2015 nationwide ban on the sale of alcoholic drinks in mini markets, led to the brand’s closure.

    The termination of 7 eleven’s franchise agreement affects approximately 110 stores in and around Jakarta, and both parties are in talks to wind down the 7-Eleven business in all of Indonesia, including the de-branding of 7-Eleven stores, the American franchiser said.

    7-Eleven also had a role in developing Indonesia’s digital payment ecosystem by facilitating online transactions and utilities payments through clerks. Competitors, such as the country’s biggest mini market operators Indomaret and Alfamart, eventually followed 7-Eleven’s business concept by providing hot meals and small seating areas at some stores.

    They also now accept payment for utilities and an array of digital services, including e-commerce. Combined, Indomaret and Alfamart had nearly 90 per cent of the nation’s convenience store market last year, while 7-Eleven only had a 0.7 per cent share, according to researcher Euromonitor International.

    The chain’s glory days in the country didn’t last long. In the past two years, industry players noted Indonesians got thriftier as a sluggish economy and an oversupply of low-wage labourers lessened purchasing power.

    “The consumers’ behavioural change affected the overall retail industry. Many customers no longer stock up on groceries and only buy goods when they need them,” Mandey said. Indonesian shoppers also increasingly rely on online delivery services, reducing the chances of in-store impulse buying, he added.

    Modern Internasional shut down 45 stores over the past two years due to dwindling sales. According to its annual report, the struggling company recorded more than 630 billion rupiah in net losses last year, an increase from around 58 billion rupiah in 2015. Net sales for 7-Eleven, which contributed 75 per cent of the company’s total revenue, was 675 billion rupiah last year, a nearly 24 per cent drop year on year.

    “The problem was exacerbated by the lack of clear differentiation between the 7-Elevenconvenience stores and fast-food and medium-sized restaurants in Indonesia,” Olly Prayudi, associate director at credit ratings agency Fitch in Indonesia, said in a recent research note.

    Unfavourable regulations also added to the company’s woes. In 2015, a ban on the sale of alcoholic drinks in mini markets and convenience stores across Indonesia was a blow to company performance, as alcoholic drinks made up about 15 per cent of Modern Internasional’s sales, according to Fitch.

    Japan’s Seven & i Holdings, the global parent of the 7-Eleven chain, told it would search for another partner to revive the franchise in Indonesia.

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  • Telkomsel trials FDD-LTE Massive MIMO

    Telkomsel trials FDD-LTE Massive MIMO

    Indonesia’s Telkomsel has completed Indonesia’s first FDD-LTE massive multiple input multiple output (Massive MIMO) field trial in collaboration with ZTE.

    The achieved a nearly four-fold increase in data throughput compared to existing 2×2 MIMO FDD-LTE networks to 468Mbps.

    It was conducted at one of the largest and most densely populated cities in eastern Indonesia – Makassar. The trial used ZTE’s FD-LTE Massive MIMO solution n existing commercially available handsets and MiFi units in a simultaneous 4 handsets / MiFi configuration.

    ZTE and Telkomsel have now agreed to continue with the next phase of FDD-LTE Massive MIMO field trials before a potential wider rollout to the Telkomsel LTE network.

    “We are constantly improving our technology and readiness of our next-generation networks to cope with the growing global trend,” Telkomsel VP of technology and system Indra Mardiatna said.

    “This is in line with our vision of digital transformation to always be at the forefront of implementing the latest mobile cellular technologies that will provide substantial benefits to the people of Indonesia in the future.”

    ZTE is currently collaborating with over 20 major operators worldwide on Pre5G development, trials and deployments, and has been conducting Pre5G Massive MIMO pilot projects since 2015.

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  • Axiata, iflix sign non-binding MoU

    Axiata, iflix sign non-binding MoU

    Axiata Group and iflix, a subscription video on demand service provider, have inked a non-binding Memorandum of Understanding (MoU) relating to the expansion of their strategic collaboration to provide entertainment to Axiata’s more than 125 million customers in six countries.

    In a statement, Axiata said from two existing successful partnerships with Celcom in Malaysia and Dialog in Sri Lanka, the regional collaboration is intended to extend to Axiata’s customers at XL in Indonesia, Smart in Cambodia, Robi in Bangaldesh and Ncell in Nepal.

    “Axiata has always demonstrated a strong focus on customer experience and innovation, as we strengthen our position in new sources of value, specifically in digital entertainment products and digital content distribution platforms across the region.

    “The expansion of our collaboration with iflix is a testament to that commitment. We are thrilled to make iflix’s world-class service and content available to over 125 million customers in Malaysia, Indonesia, Bangladesh, Cambodia, Nepal and Sri Lanka,” Axiata group chief strategy and marketing officer Dominic Arena said.

    Axiata said the collaboration would further strengthen the group’s leading regional telecommunications position.

    Meanwhile, iflix group chief executive officer Mark Britt said it was committed to provide all Axiata customers with unlimited access to the world’s best TV shows and movies through an exceptional user experience and unparalleled service, already enjoyed by Celcom and Dialog customers.

    “Together with Axiata’s highly innovative and award winning Mobile Internet Fulfilment Exchange application platform and music service Yonder, we look forward to working with Axiata to further redefine media and entertainment for Axiata’s customers in Malaysia, Sri Lanka, Indonesia, Cambodia, Bangladesh and Nepal, over the coming months,” he said.

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  • Singapore ready to exchange financial data with Indonesia

    Singapore ready to exchange financial data with Indonesia

    Indonesias finance minister Sri Mulyani said here on Thursday that Singapore was ready to provide information about the financial data of Indonesian citizens as part of the implementation of Automatic Exchange of Information (AEOI) program for tax purposes.

    “Singapore has stated that Indonesia has been considered as being eligible and included in their Multilateral Competent Authority Agreement (MCAA), meaning the AEOI agreement can automatically be carried out according to its timeline,” she said.

    Mulyani confirmed that Singapore would not only exchange information with Indonesia but also with other countries that have signed MCAA in connection with AEOI in the Netherlands in June 2017.

    In order to prepare for the information exchange, Indonesia will conduct improvement with regard to primary legislation issuance, information technology, data security, and business process renewal to match with the Common Reporting Standard.

    “We will continue to meet it and later in September, the OECD will review its aspects. If Indonesia is considered to have met the requirements set in the OECD global forum, it means we have met the requirements to implement AEOI with Singapore,” she asserted.

    On the sidelines of the Indonesia-IMF joint conference on Wednesday, Sri Mulyani met Singapores minister of law and finance, Indranee Rajah, to discuss a number of issues.

    Besides the implementation of AEOI, they also discussed revision of double taxation agreement for Singapore investors and Singapores offer as an international banking hub for Indonesias infrastructure projects.

    According to the Indonesian ministry of finances website, Singapore has confirmed its readiness to carry out AEOI with Indonesia to maintain equality in role and function and share responsibility along with other financial centers.

    Singapore has included Indonesia in the list of its partners that have participated in MCAA.

    The commitment is a form of agreement to provide standardization and efficiency scheme to facilitate for AEOI. Hence, bilateral agreement need not always be done.

    The reciprocal exchange of information will be started after the two jurisdictions introduce the regulations needed to implement CRS and to keep confidentiality and protect exchanged data.

    Confidentiality and protection of financial data being exchanged are international prerequisites set by Global Forum on Transparency and Exchange of Information for tax purposes.

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  • Japanese investor to build cocoa factory in Gorontalo

    Japanese investor to build cocoa factory in Gorontalo

    Japanese investor Tokyo Food and Kanimatsu Corporation is keen to build a cocoa processing factory in Boalemo District, Gorontalo Province, Vice Governor of Gorontalo Idris Rahim stated.

    The Gorontalo provincial administration welcomes and supports the Japanese investors plans to process cocoa crops in the area, although the factory will be on a small scale, Rahim remarked here on Thursday.

    “The supply of cocoa beans will not come solely from Boalemo District but also from several districts in Gorontalo, such as Pohuwato, Bone Bolango, and Gorontalo,” he revealed.

    Cocoa beans will also be sourced from South Bolaang Mongondow and East Bolaang Mongondow, North Sulawesi Province, and Central Sulawesi, he added.

    He expressed hope that the factory would continue to develop in line with the increase in cocoa production in Gorontalo.

    “We hope the factory built by the Japanese investor would improve economic growth and prosperity of the locals,” the vice governor said.

  • Korean Air Charters Flight Directly to Lombok

    Korean Air Charters Flight Directly to Lombok

    Korean Air is set to open a chartered flight from Incheon airport to Lombok, West Nusa Tenggara (NTB), starting on July 29. According to Head of the NTB tourism agency, Lalu Moh Faozal, the South Korean airline has prepared seven flights up to October 9.

    “The flight will carry 200 passengers in each flight from Incheon,” said Faozal on Wednesday, July 12. Australian Jet Star will also open a flight from Sydney, Australia to Lombok.

    South Koreans have been attracted to Lombok ever since a Korean drama series shot an episode in gili Trawangan and several other locations in Lombok.

    Considering that Lombok has successfully grabbed the attention of international tourism community, Faozal urged the people of NTB to improve the quality of several aspects in NTB such as problems of traffic congestion and environmental problems.

    Tourism has been the fourth largest contributor for Indonesia’s economy, devoting 9.3 percent to the national income compared to other national industrial aspects. Tourism also contributes 10 percent of Indonesia’s total gross domestic product (GDP).

    Previously, South Korean ambassador, Taiyoung Cho met with the governor of West nusa Tenggara, Muhammad Zainul Majdi. “Lombok is really popular there,” said Taiyoung Cho. Korean businessmen will be diverted to invest in the property sector.

    Direct flights between Incheon and Lombok by the Korean Air are expected to help improve foreign tourist arrivals in NTB.

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  • BNI`s profit grows 46.7 percent in first half

    BNI`s profit grows 46.7 percent in first half

    State lender Bank Negara Indonesia (BNI) saw its net profit in the first half of 2017 jumping 48.7 percent to Rp6.41 trillion, fueled by the distribution of credits.

    “Our credits grew 15.4 percent year-on-year to Rp412.1 trillion, contributing Rp15.40 trillion or 10.7 percent to the net interest income,” BNI Consumer Director Anggoro Eko Cahyo said in a press conference here, Wednesday.

    Most of the credits were channeled towards business banking, particularly corporations and state-owned companies, as well as small- and medium-business undertakings, he remarked.

    The credits channeled towards business banking totaled Rp296.1 trillion, accounting for 71.6 percent of the total credit portfolio in the first half of 2017, he added.

    “The distribution of credits to corporations was also fueled by many infrastructure and agricultural projects,” he affirmed.

    The infrastructure projects included toll roads built by state-owned construction companies in Java, he mentioned.

    He explained that the credits extended to the consumer sector reached Rp67.05 trillion, accounting for 16.3 percent of the total portfolio. The credits extended to overseas debtors in foreign currency stood at Rp25.92 trillion, accounting for 6.3 percent of the banks total credits.

    “The amount of credits channeled by the banks subsidiaries reached Rp23.09 trillion or 5.6 percent of the banks total credits,” he revealed.

    He stated the bank also recorded a 17.9 percent rise in non-interest income to Rp4.65 trillion, fueled by fee-based income which grew 17.9 percent.

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  • Matahari Department Store Wins Best Wealth Creator Award

    Matahari Department Store Wins Best Wealth Creator Award

    The award assessed the performance of the best public companies in Indonesia and Southeast Asia based on Wealth Added Index (WAI), a calculation method developed by Stern Stewart. WAI is a metric used to measure the wealth created by a company for its shareholders.

    WAI is obtained by taking the adjusted total shareholder value minus the cost of equity, which is then multiplied by market value or market capitalization.

    The calculation found an increase in the number of local companies that were able to generate wealth for shareholders.

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