Indonesia Financial News

Odisha Chief Minister Naveen Patnaik will never accept Bharat Ratna or any other award for his father Biju Patnaik in return for any election or political alliance with the BJP, his close associate and Biju Janata Dal (BJD) leader V K Pandian has said. The former IAS officer, who has worked in Odisha for over 25 years, including as private secretary to the chief minister, also hit out at the central ministers from the state for having never spoken about the highest civilian award for the 'Pride of Odisha' and inspiration for every Odiya, Biju Patnaik. «One of the biggest identities for Odisha is the courage and valour shown by Biju Babu. If you see two Odiyas in any part of the world if they speak about Odisha, they will end up speaking about Biju Babu,» Pandian told PTI in an interview here. «They will either have tears or they will have emotions. That is the connect Biju Patnaik has with the people of Odisha. He was a freedom fighter, he has done so much for the country and the state. He is the architect of modern Odisha,» he added.

Nibiru Chain, a $100 million HashKey and Kraken Ventures-backed Layer 1 blockchain, has announced two senior hires from Yuga Labs and Starknet Asia as part of its Asia expansion.

Asia’s factory activity weakened slightly in April, with output growth cooling and employment dropping in a sign of fragile confidence among manufacturers. Data from S&P Global indicates that Southeast Asia’s manufacturing economy continued to grow at the start of the second quarter, but signals about the sector’s health were mixed. The headline purchasing managers index stayed above the neutral 50.0 mark separating expansion from contraction for a fourth straight month in April, but slipped to 51.0 from 51.5 in March.

With artificial intelligence (AI) seen as the next big frontier for tech businesses, Microsoft’s global expansion budget has been grabbing attention. The company has declared it plans to invest $1.7 billion in Indonesia over the next four years to expand its cloud infrastructure, especially for AI support.

Jindal Stainless: On May 1, the company announced a three-pronged investment strategy worth ₹5,400 crore with the aim of achieving global leadership in stainless steel. As part of its expansion strategy, the company entered into a joint venture to develop and operate a stainless-steel melt shop (SMS) in Indonesia with an annual production capacity of 1.2 million tonnes per annum (MTPA). Jindal Stainless plans to invest ₹700 crore in this partnership.

Japan’s Prime Minister Fumio Kishida says he will stress the need for a rules-based international order when he attends a meeting of the Organizations for Economic Cooperation and Development in Paris

₹5,400 crore to boost production capacity and make acquisitions. The company’s investment strategy involves pursuing growth through a blend of organic and inorganic expansions over the next three years. It will finance the acquisitions and capacity additions mostly through internal accruals.

Jindal Stainless Limited (JSL) on Wednesday announced a Rs 5,400 crore investment plan for expanding its capacity by 4.2 million tonnes per annum (MTPA). Speaking to journalists in Delhi, Abhyuday Jindal, JSL's Managing Director said this investment will be funded through internal accruals with minimal debt raise. Company officials said JSL expects its debt to rise by Rs 300-500 crore, over the existing Rs 4,800 crore, by the end of the current fiscal due to the expansion plans. JSL said it will be developing and operating a stainless steel melt shop (SMS) in Indonesia with an annual production capacity of 1.2 MTPA. This will increase the company’s melting capacity by over 40% to 4.2 MTPA at a Rs 700 crore investment. This investment will be made through Jindal Stainless' Singapore based subsidiary which will enter into Joint Venture (JV) with Zenith International Capital Pte. Ltd, to operate the SMS in Indonesia.

stainless steel manufacturing company Jindal Stainless on Wednesday announced a 'three-pronged' investment strategy worth nearly Rs 5,400 crore for its melting and downstream capacities. Jindal Stainless has entered into a joint venture in Indonesia for developing, operating a stainless steel melt shop that has an annual production capacity of 1.2 MTPA. “For the Indonesian SMS, the partner entity is of international repute with extensive experience in running such projects. The downstream expansion in Jajpur and acquisition of CSPL are aligned with the Indonesian SMS capacity,” Jindal Stainless said in a stock exchange filing.

Global investors are unwinding bets on local-currency bonds as some emerging-market central banks come under pressure to raise interest rates — rather than cut them as widely anticipated just weeks ago.

Also Read: Google Doodle today: Celebration of Tari Rangkuk Alu; all you need to know about the Indonesian bamboo dance Bombay State was divided into two separate states, Maharashtra and Gujarat, based on the languages spoken by the public in the two regions. Bombay State Split into Maharashtra and Gujarat was held on May 1, 1960. This reorganization was a significant event in Indian history, as it was one of the first linguistic-based reorganizations of states in the country, aimed at creating states based on the predominant language spoken in the region.

Microsoft will invest $1.7 billion over the next four years in new cloud and artificial intelligence infrastructure in Indonesia — the single largest investment in Microsoft’s 29-year history in the country

"Speaking Practice" feature is currently available in several countries, including Argentina, Colombia, India, Indonesia, Mexico, and Venezuela. Users interested in trying out this tool must join the Search Labs program to activate the speaking practice feature. Once enabled, it integrates into Google Search, offering users a more interactive and conversational experience.

A data analysis shows Indonesia had a 27% increase in primary forest loss in 2023

Canada’s decision to ground Boeing’s 737 MAX-8 jets in 2019 came as a result of a chance European encounter that led to new data about two deadly crashes, suggest documents obtained by Global News.

Bank of Japan kept interest rates unchanged, driving the yen to a fresh 34-year low, while US inflation showed few signs of simmering down. The Japanese yen slumped as BOJ Governor Kazuo Ueda played down the impact on inflation from a weakening currency. While he’s indicated a preference to proceed gradually with rate increases, Ueda is trying to avoid restraining the economy. That’s becoming even more challenging after US data this week indicated inflation accelerated in the first quarter, reinforcing expectations the Federal Reserve is likely to keep interest rates higher for longer.

Singapore Food Agency also directed a recall of a spice mix produced by Everest. In June 2023, the US Food and Drug Administration (FDA) had ordered a recall of spice mixes of Everest and Maggi Masala-ae-Magic as it found those contaminated with Salmonella bacteria. A few years earlier, in September 2019, a batch of MDH’s spice mix had been recalled for the same reason.

Unilever said. «Skin cleansing was flat with a small increase in price, offset by the decline in volume. In Asia, we saw the impact of commodity cost deflation on the personal wash business in India and market challenges in Indonesia, which resulted in declines in Lux and Lifebuoy, both large brands in these geographies,» Fernando Fernandez, chief financial officer, Unilever, told analysts. The maker of Surf and Rin said its global home care grew 3.1%, but price growth fell 1.1%.

Also read: Serum Institute to receive up to $30 mn from global network to make pandemic vaccines "An agreement has been signed under which Bharat Biotech will procure drug substances for manufacturing oral polio vaccines to be supplied within India and globally. This will contribute to supply security of oral polio vaccines. With this partnership, the capacity of BBIL to manufacture Oral Polio Vaccine (OPV) has increased to 500 million doses every year," said a statement by the Health Ministry.

Boeing is reporting a $355 million loss for the first quarter