Financial News


Edition: 2 July 2018


Singcham Weekly:
Indonesia disputes report on language criteria for foreign workers

Monday, 25 June 2018

Overseas expansion, Go-Jek goes to Vietnam & Thailand

Go-Jek has budgeted US $ 500 million (Rp 7.1 trillion) for expansion outside Indonesia. This fund is obtained from the last fundraising done by a company that managed to hold PT Astra International Tbk (ASII). In addition to Vietnam and Thailand, Go-Jek plans to enter the Singapore and Philippine markets. (CNBC Indonesia)

INDF shares potentially strikes technical rebound this week

After a significant correction a week ago, PT Indofood Sukses Makmur Tbk has the potential to reverse technically (technical rebound) this week. In year-to-date (YTD), INDF-coded stocks fell by -12.25%, or much better than the correction that hit the consumer sector in the national exchange of -17.68% at 2,355. (CNBC Indonesia)

Tuesday, 26 June 2018

Indonesia disputes report on language criteria for foreign workers

Indonesia is disputing a report by The New York Times that said it is imposing a language requirement for all expatriate workers in the country. Manpower Ministry spokesman Sahat Sinurat clarified on Tuesday (June 26) that there is no such requirement, although employers will need to facilitate Bahasa Indonesia language training for some foreign workers under a presidential regulation issued in March this year. (The Strait Times)

Asian markets are red, trade wars are starting to affect corporations

Asian stock market compact redden. Nikkei 225 index fell 0.45% to 22.239. Hang Seng down 0.28% to 28,881. Taiex was down 0.48% to 10,735. While the ASX 200 fell 0.33% to 6.190. The Kospi Index fell 0.43% to 2,347. Straits Times fell 0.07% to 3,259 and FTSE Malaysia eroded 0.13% to 1.675. The trade wars between the United States (US) and other major powers because high tensions in the stock market. Investors also refrained from trading in emerging markets, including Asia. (

Wednesday, 27 June 2018

With unicorns in the pipeline, Hong Kong IPO markets will be ‘totally different’ in second half of 2018: EY

Hong Kong topped global rankings in terms of initial public offering volumes in the first half of 2018 and highly anticipated technology listings that are in the works in the six months ahead are expected to give markets an additional boost. Hong Kong’s main board, together with its Growth Enterprise Market, is forecast to have raised 50.2 billion Hong Kong dollars ($6.4 billion) in the first six months of 2018. (CNBC)

Thursday, 28 June 2018

Indonesian Regional election is smooth, financial affected in short-term

Political sentiment will not affect the market long. “But, it’s all short-term,” Erwan Teguh, CGS-CIMB Sekuritas Indonesia analyst, wrote in a June 19 research. According to his calculations, the average time span of electoral sentiment has affected the market for only about three months. (

Vietnam forces Facebook and Google to pick privacy or growth

Vietnam’s new cybersecurity law could force Alphabet Inc.’s Google and Facebook Inc. to choose between access to one of Asia’s fastest-growing digital economies and protecting their users’ privacy. The law, which goes into effect Jan 1 after the National Assembly passed it this month, requires foreign internet companies to store data within the country and open local offices. If requested, they’ll also be required to hand over to the government the data of users suspected of anti-state activity – including spreading news that may impede Hanoi or hurt the economy. (Bloomberg)

Friday, 29 June 2018

Rupiah mighty in Southeast Asia, but not in Europe

Rupiah was able to close up 0.42% against the US dollar (US). Not only against the greenback, rupiah also superior against various currencies in Southeast Asia. The rupiah gained momentum to strengthen after the BI Rate was raised by 50 basis points to 5.25%. This takes into consideration global economic factors particularly in anticipation of the Federal Reserve / Fed’s rate hike expected to reach four times this year. However, euro is more stable than the rupiah. The Blue Continent currency gets positive energy from 28 EU leaders who reach agreement on immigrants. (CNBC Indonesia)

Malaysia, Indonesia should jointly repel EU pressure on palm oil: Mahathir

Malaysian Prime Minister Mahathir Mohamad said on Friday (June 29) that Indonesia should join forces with his country to oppose pressure from Europe on the palm oil industry in the world’s top two producers of the edible oil. Dr Mahathir, speaking during a state visit to Indonesia, said the neighbors faced “similar problems” in the industry.

“Our palm oil is threatened by Europe and we need to oppose them together,” Dr Mahathir told a joint news conference with Indonesian President Joko Widodo. The European Union is among the two countries’ largest export markets for palm oil, but it has moved to curb its use to meet climate goals. (REUTERS)

Xiaomi’s IPO raises $4.7 billion after pricing on low end

Xiaomi Corp. and some existing investors raised $4.7 billion after pricing a Hong Kong initial public offering at the low end of a marketed range, a person with knowledge of the matter said. Billionaire George Soros and Chinese investment firm Hillhouse Capital were among investors that placed orders for Xiaomi IPO shares, people with knowledge of the matter said earlier. (Bloomberg)

Mount Agung eruption guaranteed not hinder IMF-World Bank event

Coordinating Minister for the Ministry of Marine Affairs Luhut Binsar Panjaitan ensured that the agenda of the annual meeting of the International Monetary Fund (IMF) – World Bank (October Bank) in October 2018 is still going on in Bali, although now Gunung Agung in Bali reacts.

Luhut said the eruption that occurred again in Gunung Agung, Bali, since Wednesday (27/6) did not make the place of the annual meeting was changed or even rescheduled. (CNN Indonesia)