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‘I don’t think we can wait’: Business groups ready for ‘new normal’ despite risks

Businesspeople are prepared to press on with the government’s plan to gradually reopen the economy under health protocols to establish a “new normal” amid the continued rise of confirmed COVID-19 cases in Indonesia. On May 20, Health Minister Terawan Agus Putranto signed a set of policies on the prevention and control of COVID-19 in offices …

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Govt rolls out $43b stimulus in bid to rescue economy

The government is rolling out a Rp 641.17 trillion (US$43 billion) economic recovery stimulus, bigger than previous allocations, to soften the impact of COVID-19 on micro, small and medium enterprises (MSMEs), as well as state-owned enterprises (SOEs). Finance Minister Sri Mulyani Indrawati said the “national economic recovery” program would include a strengthened social safety net, …

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Indonesia must boost recovery spending to $40b to keep businesses afloat: Kadin

The government should boost economic recovery spending to Rp 600 trillion (US$40.17 billion) to help businesses cope with the economic impacts of the COVID-19 crisis, as many businesses only have enough cash flow to maintain their operations for the next two months, a business lobby group has said. Indonesian Chamber of Commerce and Industry (Kadin) …

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Investors flock to Indonesia dollar bonds with sales at record

Indonesian borrowers are selling a record amount of dollar bonds, as the country’s strong fiscal track record in recent years fuels optimism on its ability to weather the COVID-19 crisis. Including the sovereign, note sales in the US currency from Indonesia this year total more than $15 billion, a year-to-date record and almost three-times the …

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Gojek raises nearly $1m in funding for ‘super app’ expansion plans

Homegrown decacorn Gojek has secured Rp 14.5 billion (US$963,297) in fresh capital injection from seven investors during the last four to five months, paving the way for the company ‘s “super app” expansion plans while attracting new investors. Currently valued at $10 billion, the company raised a combined total of Rp 1.4 billion in its …

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Bank Indonesia buys US$11.2b in govt bonds to support rupiah, financing needs

Bank Indonesia (BI) has bought up to Rp 173.1 trillion (US$11.24 billion) worth of government bonds from primary and secondary markets in a bid to stabilize rupiah and support the government’s financing needs. BI Governor Perry Warjiyo said the central had bought Rp 166.2 trillion worth of government bonds from foreign investors in the secondary …

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‘Jamu’ to protective gear: Producers of most-wanted products facing business disruption

Companies producing highly sought-after items such as medicine, herbal drinks and protective gear are struggling to keep up with a surge in demand as production and distribution costs rise amid the COVID-19 pandemic, industry groups have warned. On Monday, Indonesian Pharmaceutical Association (GP Farmasi), Jamu and Traditional Medicines Manufacturers Association (GP Jamu) and Indonesian Textile …

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Will Indonesia’s telemedicine start-ups be the next unicorns?

Indonesians are shifting online for their medical consultations and purchases as hospitals remain overwhelmed by COVID-19 patients. This could result in business opportunities that could boost telemedicine market leader into the next billion-dollar company, a new report shows. Business research and consultancy Inventure Indonesia’s latest report titled 30 Consumer Behavior Shifts projects that telemedicine start-ups will grow faster after …

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KBank approved by Bank of Thailand to acquire 40 percent of shares in Bank Maspion

Reinforcing itself as a Regional Digital Bank, KASIKORNBANK (KBank) will establish its presence in Indonesia market by holding 40 percent of shares in PT Bank Maspion Indonesia Tbk (Bank Maspion). The move aims to adopt digital innovations to provide services in order to reach out to local clients while also linking service network to Thai …

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1.2 million Indonesian workers furloughed, laid off as COVID-19 crushes economy

The COVID-19 pandemic, which is spreading like wildfire in Indonesia, has taken not just lives but also the earnings of millions of workers, one month after the government announced Indonesia’s first two confirmed cases of the virus. Jumari, a 61-year-old who works in a shoe factory and lives in Jakarta, has not received his daily …

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