Max Fashions, one of the Landmark Group's own brand that based on United Arab Emirates finally going to open their first store in Jakarta, Indonesia. Located in Central Park Mall Jakarta, the official opening will be held on early August, people who live near Jakarta can now easily have a direct access on their products, the new taste of Middle East fashions.
Indonesia's Finance Minister Sri Mulyani Indrawati said her ministry is currently studying the proposal to scrap the luxury goods tax (PPnBM) for the arrival of foreign cruise ships or luxury yachts into Indonesian waters. Based on Finance Ministry Regulation No. 35/PMK.010/2017, the tariff on cruise ships or luxury yachts can be as high as 75 percent as they are categorized as luxury goods.
Imports of wheat into Indonesia only rose by 4 percent year-on-year (y/y) to 5.97 million tons in the first half of 2018. This very modest growth is below expectations. Moreover, it means that the trend of declining wheat imports into Indonesia (that started from 2016) continues. Subdued consumer purchasing power and the weak rupiah are blamed for these weak
Events that are organized in the regions of Indonesia should be able to boost the local economies as a big number of domestic and foreign people come to visit the events. These visitors need a place to stay, eat & drink, and are usually interested in buying some local souvenirs. Hence, their money is injected in the local economy.
In line with expectations the central bank of Indonesia (Bank Indonesia) kept its benchmark interest rate (the 7-day Reverse Repo Rate) at 5.25 percent at the two-day July policy meeting (concluded on Thursday 19 July 2018). Meanwhile, the deposit facility and lending facility rates were kept at 4.50 percent and 6.00 percent, respectively.
The Online Single Submission (OSS) system, which is intended to facilitate investors in investing in Indonesia, is currently being discussed intensively in a discussion meeting on the implementation of the OSS system by the investment management department in the past.
Both Indonesia's Trade Ministry and the Indonesian Coal Mining Association (APBI) confirmed that the mandatory national insurance for coal and crude palm oil (CPO) exports regulation has been postponed by another six months. Thus the regulation is now expected to come into effect per 1 February 2019.
The Indonesian government plans to speed up the implementation of the B30 biodiesel program in the country's transportation sector. Initially the government wanted to implement the program in 2020. However, the government now targets for 2019. The B30 program means that the mandatory content of fatty methyl ester in biofuel is raised to 30 percent.
Originally scheduled to be hosted by Vietnam in Hanoi, the country withdrew its bid, based on economic considerations. Hereupon, Indonesia offered to hold the 18th Asian Games in Indonesia, but has asked to move the date forward to 2018, since 2019 is Indonesia’s General Elections year. This will be the second time that Indonesia hosts the Asian Games. The first one was held in Jakarta in 1962, under President Soekarno.