Indonesia Financial News

SBI Remit, part of Asian fintech powerhouse SBI, has been tapping Ripple for its international money transfer service since 2017.In 2021 it began using XRP as a bridge between two fiat currencies to perform cross border remittances from Japan to a digital wallet in the Philippines. From this month, the effort will be expanded to bank accounts in the Philippines, Vietnam, and Indonesia.

Investing.com-- Most Asian currencies fell slightly on Tuesday, while the dollar steadied at its highest levels for the year on growing bets that U.S. interest rates will rise further this year.

non-basmati rice to Bhutan (79,000 tonnes), Mauritius (14,000 tonnes), and Singapore (50,000 tonnes) through the National Cooperative Exports Ltd (NCEL). "The Government of India has the commitment that in case of food insecure, vulnerable countries and neighboring countries request, it will provide with the required quantity of rice or wheat," he said.

Roshibina Devi qualified for the semi-finals in the Women's 60 kg Wushu (Sanda) to assure India of another medal in the Asian Games, here on Monday.

Indonesia may issue on Tuesday a regulation on the use of social media to sell goods in the country, President Joko Widodo said, a move intended to quell threats to offline markets in Southeast Asia's biggest economy. Ministers have repeatedly said that ecommerce sellers using predatory pricing on social media platforms are threatening offline markets in Indonesia, with some officials specifically citing the video platform TikTok as an example.

LG Chem Ltd has entered a partnership with China's Huayou Group's subsidiary Youshan, it said on Sunday, to build a joint electric vehicle (EV) battery material plant in Morocco to diversify its portfolio. Huayou has joined the growing number of Chinese electric vehicle and battery companies seeking to expand overseas to get closer to their foreign clients and benefit from local incentives.

China swept the first gold medals at the Asian Games in Hangzhou on Sunday in a statement of intent on day one of the region's answer to the Olympics. China claimed the first gold when Zou Jiaqi and Qiu Xiuping dominated the women's lightweight double sculls rowing to kick off a medal rush for the home nation. The Chinese pair finished in 7min 6.78sec, with Uzbekistan's Luizakhon Islamova and Malika Tagmativa taking silver — almost 10 seconds behind. «I am very excited as it's my first Asian Games,» said Zou, clutching her gold medal. «Stepping on to the podium today is a new starting point to help us prepare for next year's Paris Olympics,» said Qiu. Indonesia's Chelsea Corputty and Rahma Mutiara Putri won bronze. The hosts soon doubled up on the rowing lake as the men's lightweight double sculls gold was won by Fan Junjie and Sun Man, who finished five seconds clear of India's Arjun Lal Jat and Arvind Singh. China won six of the seven golds at the Fuyang Water Sports Centre rowing venue on Sunday morning with only Hong Kong's Lam San-tung and Wong Wai-chun getting in on the party by winning the men's pairs. China's shooters also claimed the women's 10m team air rifle. The hosts' rip-roaring start to the 19th Asian Games, which end on October 8, continued as Sun Peiyuan won the first martial arts gold. Sun successfully defended his men's changquan wushu title from 2018, ahead of Indonesia's Edgar Xavier Marvelo with Macau's Song Chi-kuan third. «I'm so very excited, I'm lost for words,» said Sun. China won 10 of the first 11 golds in the early action on Sunday.King Qin makes splashSwimming is one of the highlights of the Games and will see seven finals later on Sunday at the Hangzhou Olympic Centre Aquatic Sports Arena,

MotoGP descends to Greater Noida for the inaugural Indian Grand Prix. The world’s fastest and most high-profile motorcycle racing championship will stage the 13th round of its 2023 edition in India, just a year after plans for MotoGP Bharat were first announced. The addition of India to the calendar is part of MotoGP’s expansion plans into Asia’s major two-wheeler markets.

oil prices weighed down investor sentiment. The losing run resulted in the benchmark indices shedding about 2.7% this week — their highest weekly loss since February. NSE's Nifty fell 68.10 points, or 0.34%, to close at 19,674.25.

These shocks could have been far worse without the critical role digital public infrastructure (DPI) played during the pandemic to provide emergency fiscal transfers to hundreds of millions, support and coordinate vaccine deployment across large populations, and offer digital platforms for education and commerce to blunt the worst ravages of the lockdowns. In doing so, it supported job creation and private sector innovation. The latest IMF and World Bank forecasts project that the 'global south' will contribute nearly 70% of global growth in the next few decades.

Indian Navy, US aerospace manufacturer Boeing has said that the expanded fleet will result in an economic impact of $1.5 billion to the domestic industry in the next decade. The Indian Navy currently operates a fleet of 12 P8I aircraft that are tasked with carrying out long-range maritime patrols in areas of interest extending from the Gulf of Aden to the Sunda strait in Indonesia. The aircraft, equipped with anti-submarine warfare as well as the capability to attack surface ships, are often used in coordination with friendly navies like the US and Australia. Top Boeing executives said that talks are on with the Indian Navy to extend the fleet to 18 aircraft, with additional features. “Boeing has already generated a substantial economic impact amounting to $1.7 billion to support the current P8I aircraft fleet in service with the Indian Navy. We see an expanded fleet bringing in another $1.5 billion,” Dan Gillian, vice president, Boeing Defence said. The US-based company said that it is looking to create more partnerships in India to add value to its global programs, and several Indian companies are now an active part of its international supply chain. “As we respond to the Indian Navy's need for more P8I aircraft, we're actively looking to enhance engineering, manufacturing, and sustainment capabilities in India, for India, and the world, benefiting both Indian and global customers,” Salil Gupte, president of Boeing India said.

Cryptocurrency payment gateway Alchemy Pay is expanding its global presence after securing a major payment license in the United States.

JAKARTA (Reuters) — Indonesia's central bank left interest rates unchanged for an eighth straight month on Thursday, amid renewed pressure on the rupiah currency and bond yields.

Oil prices fell in early Asian trade on Thursday after falling by the most in a month in the previous session on U.S. interest rate hike expectations, and ahead of a steer from other central banks on their rate outlooks. Brent futures for November delivery fell 44 cents, or 0.5%, to $89.18 a barrel by 0010 GMT.

Semiconductor supply chains in Asian countries such as India, China, Malaysia, Taiwan, Vietnam, and Indonesia are becoming more significant over time for Intel, the company’s chief executive officer Pat Gelsinger said. “With our footprints in Malaysia and the vast supply chains in China and Taiwan, and areas like Vietnam, Indonesia, and India are now becoming more significant. As these projects start coming online with their manufacturing capabilities, we will have a robust Americas supply chain, and robust supply chain in Europe and Asia,” Gelsinger said, responding to a question from ET.

(This Sept. 18 story has been corrected to say inflation has stayed within the target range, not below, in paragraph 2 and BI was expected to keep rates up over 1.0%, not down 1.3%, in paragraph 3)

Asus has announced plans to relocate key component suppliers from its primary manufacturing hub in China to India. The company is collaborating with contract manufacturer Flex to establish a new factory in Chennai, capitalizing on the government's revamped Rs 17,000-crore production-linked incentive (PLI) scheme for IT hardware. With a market valuation of $15 billion, Asus aims to aggressively expand its production operations in India, relying on the government's PLI scheme.

China's economic slowdown has rippled through Asia. Tourists aren't flocking to Thai beaches or Singaporean malls in the numbers anticipated. Factories are struggling, and there are questions about whether Beijing can bankroll public works in the manner to which the neighborhood has become accustomed. One glaring omission from the list of spillovers: interest-rate cuts. Despite the country's heft, China's travails aren't translating into easing in its backyard.

JAKARTA (Reuters) — Indonesia's parliament committee on Tuesday approved the government's higher 2024 budget expenditure of $216 billion to support economic growth, but some analysts say a bigger spending buffer might be needed to cope with adverse weather events.

Correction (September 11th): A previous version of this article said that only Narendra Modi, India’s prime minister, comes close to Jokowi’s popularity. But there are leaders in smaller countries, such as El Salvador’s president, Nayib Bukele, who have achieved consistently higher approval ratings. We have changed the text to reflect that. © 2023, The Economist Newspaper Limited. All rights reserved. From The Economist, published under licence. The original content can be found on www.economist.com

climate action, the Asia-Pacific needs to start delivering on ambitious emissions targets. The Asia-Pacific's greenhouse gas emissions keep rising and in some respects the region is going backwards. Climate action was the only Sustainable Development Goal (SDG 13) in which outcomes went backwards in the Asia-Pacific between 2015 and 2023. Progress towards Sustainable Development Goal 13, taking «urgent action to address climate change», has been a case of two steps forward, one step back in the Asia-Pacific. Over the past two years, countries in the Asia-Pacific have made strides: China and Indonesia have undertaken to transition their economies to net zero by 2060, Australia and most Southeast Asian countries by 2050. China has massively invested in renewable energy.