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Oil prices fall in Asia ahead of OPEC meeting

02

Dec

Oil prices fall in Asia ahead of OPEC meeting

SINGAPORE, Dec. 17 - Asian benchmark Brent crude fell on Thursday but remained above $44 a barrel as traders awaited OPEC's meeting on Friday to see [...]

Oil prices fall in Asia ahead of OPEC meeting. SINGAPORE, Dec. 17 - Asian benchmark Brent crude fell on Thursday but remained above $44 a barrel as traders awaited OPEC's meeting on Friday to see if the group will cut output from the current high of 31 million barrels per day (bpd).  Any cut would reduce the global crude surplus which has weighed on prices for more than a year.   Most analysts expect the Organization of the Petroleum Exporting Countries (OPEC) to decide against cutting output as the cartel's biggest producer, Saudi Arabia, and its Gulf allies Kuwait, Qatar and the United Arab Emirates are more focused on defending market share.  OPEC's decision in November last year to maintain high output accelerated the decline in oil prices from above $100 a barrel in mid-2014.   `Saudi Arabia and its close Gulf allies, Kuwait, Qatar and the United Arab Emirates, between them account for well over half of OPEC's 31.5 million barrels per day of production, and the rest of OPEC cannot force them to cut,` energy consultancy IHS said in a report.   `Without the Gulf group, no OPEC agreement is effective,` it said, as quoted by AFP.   Iran is also expected to announce plans at the meeting to raise its oil exports once crippling Western sanctions are lifted under a landmark deal with world powers to curb Tehran's nuclear program.   Iranian Deputy Foreign Minister Abbas Araghchi said last week his country expects the deal to be implemented in early January, once Tehran has implemented its commitments.   `Certainly, it is almost inconceivable that Saudi Arabia would cut back its own output in order to make room for its rivals in general and Iran in particular, should sanctions be lifted,` IHS said.  The market will also be watching weekly U.S. commercial crude oil inventory data due on Wednesday for clues to demand in the world's biggest oil consumer. (Reporting by Jacob Gronholt-Pedersen; Editing by Michael Perry) 
Editor: Heppy Ratnahttp://www.antaranews.com/berita/532770/harga-minyak-turun-di-asia-jelang-pertemuan-opec

Mentan targets Indonesia to be able to control CPO prices

02

Dec

Mentan targets Indonesia to be able to control CPO prices

"Indonesia should take charge. In the past, the price has been determined by others. as the worlds largest palm oil supplier and producer ,we should [...]

Mentan targets Indonesia to be able to control CPO prices. `Indonesia should take charge. In the past, the price has been determined by others. as the worlds largest palm oil supplier and producer ,we should  control the CPO price,` said Minister Amran in the launching of Agriculture Science and Technology Park, in Agriculture Research and Development Agency, Cimanggu, Bogor City, West Java, Tuesday. Amran said, Indonesia’s stance to take over the determination of world CPO price will be conveyed directly in the international meeting Conference Of Parties (COP21) held in Paris, France, December 1-10, 2015.  `The COP21 meeting in Paris will discuss it. We have a strategy to become the one in charge. Joining hand with Malaysia to set the CPO standard, it will become the world’s standard,` he said.  He said that the palm oil industry is a strategic commodity that contributes greatly to the country’s foreign exchange. In 2014, palm oil contributed Rp250 trillion to the foreign exchange.  `We have to fight to get this, take control over the world’s CPO price, so that we gain more profit,` he said.  He said, palm oil plays an important role to the prosperity of farmers as many as 20 million people manage 4 million hectares of land. The support towards palm oil does not mean that the ministry does not care about the environment. However, the human prosperity should be the point of view taken, not only environment.  Indonesia and Malaysia, he added, must also join hand to meet the need of  the global market and also fight for the control of the price.  `The palm oil industry in Indonesia and Malaysia must cooperate, especially after establishing Council of Palm Oil Producing Countries (CPOPC), to increase the prosperity of palm oil farmers,` he said.
Reporter: Laily Rahmawatihttp://www.antaranews.com/berita/532694/mentan-targetkan-indonesia-mampu-kendalikan-harga-cpo

Economists predict rupiah will end the year at Rp14,100 against dollar

02

Dec

Economists predict rupiah will end the year at Rp14,100 against dollar

"In terms of exchange rates, we tend to weaken, it seems for this year I could say that the rupiah will still be pressured until the end of the [...]

Economists predict rupiah will end the year at Rp14,100 against dollar. `In terms of exchange rates, we tend to weaken, it seems for this year I could say that the rupiah will still be pressured until the end of the year,` said Anton in Jakarta, Wednesday.Based on the central rate of Bank Indonesia on Wednesday, the rupiah exchange rate reached Rp13,757 per US dollar, strengthening compared to the previous day Rp13,808 per US dollar. `Apart from the yuan factor, domestically in general there will be higher demand pressures for the dollar this month (December). So I predict the rupiah will be in the range of Rp14,100 per US dollar at the end of the year, but next year I am sure it will be stronger,` said Anton.According to Anton, from the capital side, in 2016 it is predicted that capital inflows will continue to enter Indonesia along with improvements in domestic economic growth. `Looking at our growth prospects in the range of 5 percent next year it is quite good and it could attract inflow to Indonesia, that's my reason why the rupiah will strengthen next year,` said Anton.The rupiah exchange rate strengthened after experiencing depreciation pressures in the third quarter of 2015. In the third quarter of 2015, the rupiah weakened by an average of 5.35 percent (qtq) to the level of Rp13,873 per US dollar. Pressures on the rupiah were influenced by external factors, namely concerns about the normalization of the Fed's policy and the devaluation of the yuan.However, the rupiah strengthened in October 2015, triggered by positive sentiment towards EM due to the dovish FOMC and improved optimism about Indonesia's economic prospects in line with the series of government policy packages and the rupiah stabilization package issued by Bank Indonesia. The rupiah strengthened by an average of 4.47 percent (mtm) to the level of Rp13,783 per US dollar. Going forward, Bank Indonesia will continue to maintain exchange rate stability in accordance with its fundamentals. 
Editor: Fitri Supratiwhttp://www.antaranews.com/berita/532714/ekonom-proyeksikan-rupiah-akhir-tahun-rp14100-per-dolar+++++++++

Vietnamese Embassy in Hanoi to hold business forum

01

Dec

Vietnamese Embassy in Hanoi to hold business forum

Information released by the Indonesian Embassy in Hanoi received in Jakarta, Monday stated that 100 Indonesian companies will promote their products [...]

Vietnamese Embassy in Hanoi to hold business forum. Information released by the Indonesian Embassy in Hanoi received in Jakarta, Monday stated that 100 Indonesian companies will promote their products in the exhibition in ICE Hanoi.Indonesian products exhibited will vary from food and drinks products to automobile and spare part products, engines, oil and coal, home appliances, constructions and consultancy, pharmacy and medical appliances as well as chemicals products.The exhibition of Indonesian products is the first large exhibition held in Hanoi. This exhibition serves as an attempt by the representatives of Indonesia to increase understanding of Indonesian business actors towards the latest development in Vietnam, taking advantage of the existing opportunities as well as expanding the economic presence of Indonesia in the neighboring country.This activity also aims to achieve the targeted trade value between the two countries of 10 billion USD in 2018.Prior year trade value between the two countries reached 5.6 billion USD. In investment sector, currently more than 25 Indonesian companies have started their operation in Vietnam.Meanwhile, Indonesian-Vietnamese Business Forum to be held on 11 December 2015 provides opportunity for the business society of Vietnam and Indonesia to meet and seek business opportunities as well as exploring mutually beneficial cooperation opportunities.The Business Forum will be attended by senior officials from Indonesia and Vietnam, relevant to trade and investment as well as leading business players of Indonesia and Vietnam.This forum is expected to deliver fresh perspective of business players and policy makers in Vietnam and Indonesia towards the latest development of each country, particularly in economic, trade and investment sectors. Approximately, 150 Indonesian entrepreneurs and 250 entrepreneurs from Vietnam are registered to attend the forum.This event will also be utilized by a number of regional governments by bringing entrepreneurs from their region to see the opportunities of economic cooperation with Vietnam.
Editor: Aditia Maruli
http://www.antaranews.com/berita/532452/kbri-hanoi-akan-selenggarakan-forum-bisnis

CPO PRICE November 30: Adjusted at Early Trade after Strengthening Sharply Last Week

30

Nov

CPO PRICE November 30: Adjusted at Early Trade after Strengthening Sharply Last Week

The February 2016 CPO futures contract, the most active contract on Bursa Malaysia, opened 0.64 percent lower at RM2,347 or Rp7.62 million per [...]

CPO PRICE November 30: Adjusted at Early Trade after Strengthening Sharply Last Week. The February 2016 CPO futures contract, the most active contract on Bursa Malaysia, opened 0.64 percent lower at RM2,347 or Rp7.62 million per ton.
However, the CPO price continued to rise after the opening. As of 10:13 WIB, the contract was traded down 0.25 percent to RM2,356 per ton.
The potential demand for biodiesel from Indonesia last week pushed up the CPO price by 3.14 percent or the highest price increase since the 2nd week of October. . 
Sentiments that could influence trading today include Malaysian export data and exchange rate movements.
Intertek projects that Malaysian exports will decline by 10.1 percent from 1.5 million tons in September to 1.34 million tons in October.
The Rupiah and the Ringgit continue to depreciate in the spot market. The Rupiah weakened by 30 points to $13,831 per US dollar at 10:35 WIB, while the Ringgit fell by 0.22 percent to 4.2634 per US dollar.
February 2015 CPO Futures Contract Price Movement

Date
Level
Change

11/30/2015(10:13 WIB)
2,356
-0.25%

11/27/2015
2,362
+0.90%

11/26/2015
2,341
+1.87%

11/25/2015
2,298
+1.01%

11/24/2015
2,275
+0.31%

Source: Bloomberg

President Jokowi’s order; PTPN prepare 10,000 Ha for fruit

30

Nov

President Jokowi’s order; PTPN prepare 10,000 Ha for fruit

President Jokowi in his speech during the 2015 Nusantara Fruits and Flowers Festival (FBBN) opening at the IPB Baranangsiang Campus, Bogor, Saturday [...]

President Jokowi’s order; PTPN prepare 10,000 Ha for fruit. President Jokowi in his speech during the 2015 Nusantara Fruits and Flowers Festival (FBBN) opening at the IPB Baranangsiang Campus, Bogor, Saturday (29/11), said that Indonesia needs a revolutionary movement for domestic fruits to correspond with imported fruits which are flooding the domestic market.`I have ordered the State-Owned Enterprises (SOE) Minister so that PTPN (State Plantation Company), which for years has been planting rubber, palm oil, tea, and coffee, to include fruits in its plantation. I imagine if PTPN allocated 10,000 ha, not much, how many tons of fruits would be produced,` he said.According to the President, an area that large is practically insignificant for PTPN, which has hundreds of thousands to millions of ha under its control.Previously, several PTPNs have read the Nusantara Fruit Pledge with several Regents/Mayors to commit to developing Nusantara fruits on 500,000 ha. `Don’t think that 500 is too little for PTPN, assisted by IPB. I do not want to determine which fruits should be planted, but the ha that have been stated so that it can be implemented professionally,` he said.He also requested that PTPN not only sell their produce in its raw form, but also prepare its industries. For example, the development of oranges must also be accompanied by juice industry.According to him, it is not only cultivation that should be taken care of, but the market and post-harvesting should also be prepared so continuity can be maintained.He gave an example when an area massively developed high-quality papayas, but because its market was unprepared, by the second or third harvest, farmers were no longer enthusiastic to develop the commodity. `This is a problem that must be solved in an integrated manner, some plant, some process into finished or semi-finished goods, and others market,` he said.The President emphasised the need to boost Nusantara fruit production while simultaneously promoting per capita fruit consumption as well as educating the young generation to have a fondness for fruit.`I imagine there will always be fruits on the dinner table of every Indonesian family. This way, we will live healthily while simultaneously making our Nusantara fruit farmers happy,` said the President. (ant)
http://www.medanbisnisdaily.com/news/read/2015/11/30/201445/ptpn-siapkan-10000-ha-untuk-buah/#.VlwROV5na1s

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