Page 9 - Indonesia

RBI, Bank Indonesia partner to promote use of local currencies for trade

The Reserve Bank of India and Bank Indonesia (BI) on Thursday signed a Memorandum of Understanding to promote use of local currencies for bilateral transactions. The MoU was signed here for establishing a framework to promote the use of local currencies viz., the Indian Rupee (INR) and the Indonesian Rupiah (IDR) for cross-border transactions, RBI said in a statement. This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-IDR foreign exchange market. "Use of local currencies would optimise costs and settlement time for transactions," RBI said. The MoU was signed by RBI Governor Shaktikanta Das and Bank Indonesia Governor Perry Warjiyo. "The MoU on establishing a framework for cooperation in the area of cross-border transactions in local currencies between India and Indonesia, aims to promote the use of INR and IDR bilaterally," RBI said. The central bank further said the

RBI, Indonesia's central bank sign agreement for local currency trade

India's second such local currency trade agreement, after one with the UAE

India, Indonesia bright spots for investment opportunities: BlackRock

US investment firm BlackRock sees India and Indonesia as two Asia-Pacific countries offering a lot of investment opportunities, its head of research for the region said on Tuesday

Indonesia & Pakistan: Not two peas in a pod

Unlike Pakistan, Indonesia has harnessed its natural advantages to nurture a sustainable growth trajectory

Indonesian defence minister claims victory in presidential election

Defence Minister Prabowo Subianto, an ex-general linked to past human rights atrocities, claimed victory in Indonesia's presidential election on Wednesday based on unofficial tallies. The 72-year-old candidate, who was once banned by the United States from entering for two decades due to his human rights record, told thousands of supporters in a sports stadium in the capital, Jakarta, that the victory, according to an early, unofficial quick count, was the victory of all Indonesians. There was no declaration by electoral officials and the two former provincial governors who also contested the election in the world's third-largest democracy have not conceded defeat. Subianto was an army general during the brutal period of the Suharto dictatorship that ended just over 25 years ago. He served as a special forces commander in a unit linked to torture and disappearances, allegations that he vehemently denies. According to the unofficial tallies conducted by Indonesian polling agencies,

Indonesia Elections 2024: What's at stake? All you need to know

Indonesians head to the polls February 14 to vote in the world's largest single-day election to select local and parliamentary representatives and a new president. Three men are vying for the top spot

Indonesia election: Unofficial vote count points to first round Prabowo win

Prabowo had about 59 per cent of votes according to three pollsters, based on ballots counted in a sample of voting stations nationwide

Indonesia goes to polls as it seeks to enter new phase amid concerns

Millions of Indonesians were choosing a new president on Wednesday as the world's third-largest democracy aspires to become a global economic powerhouse just over 25 years since emerging from a brutal authoritarian era. The incumbent Indonesian defence minister, who has been accused of human rights atrocities as an ex-general, and two former governors are vying to succeed the still-widely popular President Joko Widodo. Widodo's rise from a riverside slum to his country's presidency has showcased the vibrancy of his Southeast Asian nation's democracy in a region rife with authoritarian regimes. The voting in a vast archipelago of 17,000 islands sprawled across three time zones, with a population of 270 million, is a logistical nightmare, with white ballot boxes and ballots being brought by donkeys and on foot in some of the more remote locations. Polls open at 7 am local time in each time zone and the first region began voting at 22.00 GMT. Aside from the presidency, about 20,000 ..

India sees 28% fall in vegetable oil imports to 1.2 mn tonnes in Jan: SEA

The country's vegetable oil imports declined by 28 per cent to 12 lakh tonnes in January from a year-ago period, industry body SEA said on Monday. Vegetable oil imports stood at 16.61 lakh tonnes in January 2023. India is a leading vegetable oil buyer in the world. In the first quarter (November-January) of the current oil year, total imports dropped 23 per cent to 36.73 lakh tonnes as against 47.73 lakh tonnes in the same quarter of previous year. According to the Solvent Extractors Association of India (SEA), about 7,82,983 tonnes of palm oil and 4,08,938 tonnes of soft oil were imported in January this year out of total vegetables oils. As on February 1, total edible oils stock stood at 26.49 lakh tonnes, down 7.64 per cent from that of the year-ago period, it said in a statement. SEA said prices of edible oils, which are currently low, may go up this year on lower production, global economic issues and supply constraints. The availability of palm oil for edible oil requireme

Fragile-five days long gone as funds pile Into India, Indonesia: Report

The original 'Fragile Five' which also included Turkey, South Africa and Brazil referred to nations perceived to be most at risk due to their heavy reliance on foreign investment to drive growth

Google Doodle celebrates 86th birth anniversary of Indonesian actress

Google Doodle is celebrating the 86th birth anniversary of popular Indonesian actress Aminah Cendrakaish. She has done over 100 roles in a career spanning over five decades

Indonesia evacuates about 6,500 on island of Flores after volcano spews ash

Indonesia has evacuated about 6,500 people on the island of Flores after Mount Lewotobi Laki-laki volcano spewed thick clouds of brownish ash for the past days, authorities said on Monday. No casualties or major damage have been reported so far. The eruptions in East Nusa Tenggara province are part of hot gas spills that have become more frequent in recent days. The 1,584-meter (5,197 foot) mountain is one of the twin volcanoes the Lewotobi Laki-laki and Lewotobi Perempuan in the Flores Timur district. The volcano has erupted 40 times since Sunday, with columns of hot clouds rising 500-1,500 meters (1,600-4,900 feet) into the air. Residents in nearby villages were taken in by relatives or brought to evacuation centers as authorities raised the volcano's alert status to the highest level last Tuesday. Officials urge the local community, as well as visitors and tourists, to stay away from a 4-kilometer (2.5-mile) radius around the eruption zone and be aware of the potential for co

Indonesia's Mount Marapi erupts again, leads to evacuations, no casualties

Indonesia's Mount Marapi erupted again on Sunday, spewing smoke and ash high into the air, but no casualties were reported. The Marapi Volcano Observation Post in West Sumatra province recorded an eruption with an ash column about 1,300 meters (4,265 feet) high from its peak, followed by ash rain. Sprays of ash from the eruption were seen blanketing roads and vehicles in nearby villages. At least 100 residents have been evacuated since Friday after Indonesian authorities raised the alert level of the volcano from Level 2 to Level 3, or the second-highest level, on Wednesday. Marapi is known for sudden eruptions that are difficult to predict because they are not caused by a deep movement of magma, which sets off tremors that register on seismic monitors. Its eruption in early December shot thick columns of ash as high as 3 kilometers (more than 9,800 feet) that killed 24 climbers and injured several others who were caught by a surprise weekend eruption. About 1,400 people live on .

Indonesian firms Bulog, IDFood to import meat from Brazil and India in 2024

The meat import quota for Bulog and IDFood has been kept around the same level as last year, NFA chief Arief said

Indonesia temporarily grounds Boeing 737-9 Max jets after Alaska incident

Indonesia has temporarily grounded three Boeing 737-9 Max jetliners, following an incident last week in which an Alaska Airlines plane suffered a blowout that left a gaping hole in the side of the fuselage. The three aircraft, grounded since Saturday, belong to the Indonesian budget carrier Lion Air. The decision was made by the country's Transportation Ministry in coordination with the US Federal Aviation Administration to ensure the safety and security of flight operations. An emergency landing on Friday by the Alaska Airlines jetliner prompted US federal authorities to ground some Boeing 737 Max 9 aircraft. The FAA grounded all Max 9s operated by Alaska and United and some flown by foreign airlines for inspection. The inspections are focused on plugs used to seal an area set aside for extra emergency doors that are not required on United and Alaska Max 9s. The grounded Lion Air planes use a mid-cabin emergency exit door that is different than the one on the Alaska Airlines' plan

Quake of magnitude 6.7 jolts Indonesia's Talaud Islands, no damage so far

An earthquake of magnitude 6.7 struck the Talaud Islands, Indonesia, on Tuesday, the National Centre for Seismology reported.The tremors were felt on January 9, at 02:18:47 IST at a depth of 80 km.According to the NCS, the epicentre of the quake was found to be at Latitude: 4.75 and Longitude: 126.38, respectively."Earthquake of Magnitude:6.7, Occurred on 09-01-2024, 02:18:47 IST, Lat: 4.75 & Long: 126.38, Depth: 80 Km ,Location: Talaud Islands,Indonesia," the NCS posted on X.Last week, an earthquake of magnitude struck 98 km WSW of Balai Pungut, Indonesia, on Thursday, the United States Geological Survey (USGS) reported.The depth of the earthquake, which occurred at 00:41:18 (UTC+05:30), was registered at 221.7 km.According to the USGS, the epicentre of the quake was noted at 0.709°N and 100.476°E, respectively.No reports of material damage have surfaced yet.

Godrej Consumer expects to deliver mid-single digit volume growth in Q3

FMCG major Godrej Consumer Products Ltd (GCPL) on Friday said it is expecting to deliver a "mid-single digit volume growth" on a consolidated basis in the December quarter. In the domestic business, GCPL's organic business delivered steady underlying volume growth of mid-single digits and its inorganic business as Park Avenue and KamaSutra reported a double-digit volume growth. "Growth was broad-based across both home care and personal care. Park Avenue and KamaSutra brands continue to perform well and are on track to achieve full-year ambition," the Godrej Group FMCG arm said in a quarterly update on Friday. The company said its Indonesia business -- the second biggest market after India for GCPL -- continues to deliver "compelling performance" with close to double-digit volume growth and high-single-digit constant currency sales growth. "The GAUM (Godrej Africa, US, and Middle East) business had a flattish to mild decline in volume growth. This was driven by trade destocking in .

India's Dec palm oil imports hit 4-month high as sun oil doubles-dealers

Higher purchases by the world's biggest importer of vegetable oils could help lower palm oil stocks in top producers Indonesia and Malaysia and support benchmark futures

6.5 magnitude earthquake hits Indonesia's Papua region, no casualties yet

A powerful earthquake shook Indonesia's easternmost region of Papua early on Sunday, but there were no immediate reports of serious damage or casualties. The US Geological Survey said the magnitude 6.5 quake was centred 162 kilometers (101 miles) northeast of Abepura, a subdistrict in Jayapura, the capital of Papua province. It happened at a depth of 10 kilometers (6 miles). Indonesia's Meteorology, Climatology and Geophysical Agency said there was no danger of a tsunami but warned of possible aftershocks as the earthquake was centred in land. With a population of just 62,250, Abepura is one of Indonesia's least populated towns. In February, another shallow earthquake shook the province, killing four people who were unable to escape when a floating restaurant collapsed into the sea. Indonesia, a vast archipelago of more than 270 million people, is frequently hit by earthquakes and volcanic eruptions because of its location on the Ring of Fire, an arc of volcanoes and fault lines in

5.9 magnitude earthquake shakes parts of Indonesia, no casualties reported

A strong and shallow undersea earthquake shook part of Indonesia's Aceh province Saturday, but there were no immediate reports of serious damage or casualties. The US Geological Survey said the magnitude 5.9 earthquake was centered 362 kilometers (225 miles) east of Sinabang, a coastal town in Aceh province at a depth of 10 kilometers (6.2 miles). Indonesia's Meteorology, Climatology and Geophysical Agency said there was no danger of a tsunami but warned of possible aftershocks. The agency put a preliminary magnitude at 6.3. Variations in early measurements of quakes are common. Indonesia, a vast archipelago of more than 270 million people, is frequently hit by earthquakes and volcanic eruptions because of its location on the Ring of Fire, an arc of volcanoes and fault lines in the Pacific Basin. A magnitude 5.6 earthquake on Nov. 21 killed at least 331 people and injured nearly 600 in West Java's Cianjur city. It was the deadliest in Indonesia since a 2018 quake and tsunami in ...