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Asian authorities are taking steps to protect their currencies amid a surge in the dollar driven by election volatility. Bank Indonesia is prepared to intervene in currency and bond markets, while state-owned banks in China have sold significant amounts of dollars to support the yuan.
Indonesia plans to cancel up to $550 million in bad debts for small businesses to stimulate lending and economic growth. The government is set to introduce a regulation allowing state-owned banks, including PT Bank Mandiri and PT Bank Rakyat Indonesia, to forgive troubled loans totaling as much as 8.7 trillion rupiah. Discussions are ongoing regarding which types of loans will be eligible for forgiveness.
Apple Inc. plans to invest nearly $10 million in Indonesia to establish a factory in Bandung, aiming to produce accessories and components for its devices. This move is part of the company's strategy to lift the ban on sales of its latest iPhone in the country, collaborating with its suppliers.
The U.S. Federal Reserve's recent interest rate cuts are expected to benefit Southeast Asian economies, particularly Indonesia and Thailand, by boosting portfolio inflows and commodity prices. Central banks in these countries are likely to follow the Fed's lead, with Indonesia already cutting rates for the first time in three years. The Thai baht has strengthened, prompting calls for further rate cuts to stimulate investment and address high household debt.
Foreign investors are increasingly purchasing Indonesian sovereign bonds, encouraged by the new president's commitment to fiscal discipline and the search for emerging market alternatives amid US election uncertainties. The country's manageable inflation and a surprising rate cut by the central bank in September to boost growth have further fueled this demand. In October, offshore funds continued their buying streak for the sixth consecutive month, marking the longest such period since 2017, according to data from [Bloomberg](https://www.bloomberg.com).
Indonesia's new president, Prabowo Subianto, faces a significant challenge with $186 billion in debt from state-owned enterprises, including the national carrier and largest steelmaker. This situation follows an $800 billion infrastructure investment by his predecessor, which has left many state builders with record debt levels. The government must navigate its role in the economy, balancing state involvement while addressing rising borrowing costs.
Indonesia’s GoTo Group has reported a quarterly profit on an adjusted basis, marking a significant milestone in its cost-cutting efforts. For the three months ending in September, the company achieved an adjusted earnings before interest, taxes, depreciation, and amortization of 137 billion rupiah ($8.7 million), a stark contrast to a pro-forma loss of 559 billion rupiah from the previous year. This improvement comes amid fierce competition from Singapore’s Grab Holdings in the ride-hailing and food delivery sectors.
GoTo Group, Indonesia's largest internet firm, is closely monitored by retail investors for its financial performance, which is presented in interactive charts updated quarterly. Recent changes in reporting, particularly due to Tokopedia's deal with TikTok Shop, have affected the ecommerce metrics, which remain unupdated. The figures reported are based on actual earnings rather than pro forma adjustments, reflecting the company's current financial health.
Godrej Consumer Products Ltd (GCPL) reported strong underlying volume growth in Q2, driven by domestic home care expansion and rural distribution. While inflation in palm oil impacted personal care margins, the company saw positive performance in Indonesia and an expanding margin in its African cluster, maintaining a long-term growth outlook despite challenges.
In 2023, the global art trade saw a 4% decline in sales volume, totaling $65 billion, largely due to geopolitical tensions and rising interest rates affecting high-value purchases. Despite a drop in average spending by collectors, optimism remains, with 91% expecting market growth in the next six months. The U.S. leads in millionaire distribution, while younger collectors show a reluctance to buy, favoring new galleries and emerging artists, with painting continuing to dominate sales.
Indonesian Rupiah
Currency
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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