OPEC Cuts 2022-2023 Oil Demand Growth View as Economy Slows
London – OPEC on Wednesday, Oct. 12, cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year’s figure, citing slowing economies, the resurgence of China’s COVID-19 containment measures and high inflation. Oil demand will increase…
$1.3b Investment Opportunities Open Up as Indonesia Plan to Halt Asphalt Imports in 2024
JAKARTA – Indonesia offers investment opportunities in asphalt production worth up to $1.3 billion as the Southeast Asian countries plan to halt imports of the road material in two years, a top official said on Tuesday. The country imported 95 percent of asphalt today despite…
PT PP, South Korean firm to develop smart city in Nusantara
JAKARTA – State-owned construction and investment enterprise PT PP (Persero) Tbk has agreed to cooperate with a South Korean company to implement a smart city project in Nusantara, Indonesia’s new national capital (IKN), in East Kalimantan. The cooperation between the two companies will ensure the…
Indonesia’s housing sector constrained by rising interest rates, sluggish buying power
JAKARTA – The rising benchmark interest rate added pressure on the landed housing sector, property consultancy firm Colliers has said. Colliers head of research department Ferry Salanto explained that the increasing benchmark interest rate would significantly impact the landed house sector considering 90 percent of…
Shopee joins start-up layoffs trend in RI, blames global economy
Shopee Indonesia has announced layoffs in Indonesia, following a wider trend that has been unsettling workers in the country’s tech sector over the past few months. The subsidiary of Singapore’s Sea Ltd. said on Monday it had fired “a number of” employees in Indonesia. Meanwhile,…
Jakarta targets 41-percent reduction in PM2.5 concentrations by 2030
JAKARTA – The Jakarta provincial government is aiming for a 41-percent decline in the levels of harmful PM2.5 pollutants by 2030 through the application of three strategies and 75 air pollution control action plans. “This PM2.5 (pollutants) cause severe health impacts, both in the short…
Minister seeks farmers’ assistance in inflation control
BATU, EAST JAVA – Agriculture Minister Syahrul Yasin Limpo called on farmers, who were members of the Outstanding Farmers and Fishermen Association (KTNA), to assist in efforts to control the inflation rate. At the meeting with the Outstanding Farmers and Fishermen Association Group here on…
Presidential Decree on Coal Phase-out Comes Together with EV Mandate
JAKARTA – President Joko “Jokowi” Widodo has issued a decree on the Acceleration of Renewable Energy Development that provides guidelines to gradually stop the use of coal in power plants. The presidential decree, which was signed on Tuesday, instructed state-run electricity company PLN to accelerate…
Wika to Introduce Less Expensive Electric Motorcycle
JAKARTA – Wijaya Karya, a state-controlled construction company and electric motorcycle maker, plans to introduce a cheaper two-wheeler than what the company currently produces, cementing its leading position in the nascent industry. The company, also known as Wika, today makes electric motorcycles under the Gesits…
Luhut Makes Push for Gasoline Car Restrictions
JAKARTA – Chief Investment Minister Luhut Binsar Pandjaitan is calling for a sound policy to restrict the sales of fossil fuel vehicles and accelerate electrification in a lengthy Instagram post on Sunday. “I received data from the automotive industry indicating that the average fuel consumption…
