How to stay safe from telephone scams or vishing

Telephone scams in the UK have increased significantly, with the amount of money lost rising threefold, according to a survey from Financial Fraud Action UK (FFA UK).

Telephone scams or 'vishing' resulted in at least £23.9m of losses over the last year, up from £7m in the previous year, according to the survey. 

In addition, 58% of respondents have received suspect calls, a steep rise from 41% of respondents in a similar study carried out last summer.

In response, FFA UK is launching a campaign to educate people about phone scams and unite banks, building societies and card companies against the crime. 

It also launched a rare 'Joint Declaration of the UK Banks' supported by Police to reinforce in people's minds the requests the bank or police will never make.

In a statement, FFA UK also advised consumers on how to take steps to avoid telephone scams. The guidance from FFA UK is given below.

Be wary of:

• Unsolicited approaches by phone.
• Cold callers who suggest you hang up the phone and call them back. Fraudsters can keep your phone line open by not putting down the receiver at their end.

Your bank or the police will never:

• Phone you to ask for your 4 digit card PIN or your online banking password, even by tapping them into the telephone keypad.
• Ask you to withdraw money to hand over to them for safe-keeping.
• Ask you to transfer money to a new account for fraud reasons, even if they say it is in your name.
• Send someone to your home to collect your cash, PIN, payment card or cheque book if you are a victim of fraud.
• Ask you to purchase goods using your card and then hand them over for safe-keeping.

Never disclose your:

• Four digit card PIN to anyone, including the bank or police.
• Your password or online banking codes.
• Personal details unless you are sure who you are talking to.

Remember

• It takes two people to terminate a call.
• If you feel something is suspicious or feel vulnerable, hang up, wait five minutes to clear the line, or where possible use a different phone line, then call your bank or card issuer on their advertised number to report the fraud.
• If you don't have another telephone to use, call someone you know first to make sure the telephone line is free.
• Your bank will also never ask you to check the number showing on your telephone display matches their registered telephone number. The display cannot be trusted, as the number showing can be altered by the caller.
• Criminals may already have basic information about you in their possession (e.g. name, address, account details), so do not assume a caller is genuine because they have these details or because they claim to represent a legitimate organisation. 

Source : Yahoo

Indonesia needs Rp278 trillion infrastructure investment to boost Internet connectivity

Indonesia needs an investment of at least Rp278 trillion to build infrastructure for supporting faster Internet connectivity in the country, Deputy Minister of the Development Planning Agency (Bappenas) Lukita Dinarsyah Tuwo stated here on Wednesday.

"The amount of money will be used to finance six priority programs within the period of 2014-2019," noted Lukita.

He was optimistic that private parties will be willing to financially support the governments projects as the state itself has a limited budget for developing its information and technology sector.

Lukita emphasized the important role played by private parties in financing the projects that will boost Internet connectivity in Indonesia.

The deputy minister pointed out that faster internet connectivity will improve the peoples quality of living and eventually have a positive impact on the nations economy.

"According to a study, every 10 percent growth in internet users will increase the economic growth by 1.23 to 1.38 percent. If we can have faster internet connectivity, it can be used as one of the tools to increase productivity," added Lukita.

Sumber : Antara

President: I have an obligation to complete the election process

President Susilo Bambang Yudhoyono reminded that presidential election process had not completed. 

Although it has been announced by General Election Commission (KPU), but Prabowo Subianto and Hatta Rajasa filed a lawsuit.

Yudhoyono also felt that he still had an obligation to ensure the election run until the end.

"I have a duty to ensure that this election can be completed, so that the presidential succession can be conducted on October 20," he said at Cikeas Palace, Bogor recently.

President requested that Prabowo's lawsuit would be held next week, precisely on August 6. Chairman of Constitutional Court, Hamdan Zoelva said in the first trial that he would not be so much discussing the substantive matters, but rather on the administration that should be completed.

He also said that Joko 'Jokowi' Widodo and Jusuf Kalla would be summoned as witnesses. Esthi Maharani/Mutia Ramadhani

Source : Republika

Amazon Strikes Deal

The U.S. International Trade Commission (FTC) cast his complaint to Amazon's online selling sites.  

The government is suing Amazon because the company did not authorize the purchase of an official application.  

The multi-million dollar applications downloaded by the children to their mobile phone. BBC reported the FTC is now billing process to parents whose children download the application. reject Amazon's own settlement offered by the FTC.  

Amazon and make a letter containing a statement that the company was not able to accept strict control. In January, Apple approved negotiations with the FTC on the basis of the same case.  

"Applications Amazon allows children to shop without limits without permission of their parents through the account," said the head of the FTC Edith Ramirez.  

"Even the employees at Amazon are aware of it but they do not do anything about it." In response to the case, a spokesman for Amazon to send a letter to the FTC on behalf of the company. 

 Letter sent on July 1 that contains the statement "deep dissatisfaction" at the request of the FTC. "Our case is different with Apple, but the attitude of the FTC brought this case to the legal domain it can not be used as a model," Amazon wrote. At the protest, the FTC took the example gaming applications boy named Ice Age Village.

Source : Republika

Indonesia-Fiji strengthen the partnership in marine and fishery sectors

Since the inception of the diplomatic relationship between Indonesia and Fiji on 1974 and the opening of Indonesian embassy 

in Suva striving to enhance the bilateral partnership in the marine and fishery sectors given both countries have some things in common as the archipelagic countries.

The Minister of Marine Affairs and Fisheries of Republic of Indonesia, Sharif C. Sutardjo, conveyed that both countries have signed the Memorandum of Understanding (MoU) on the partnership in marine and fishery sectors. The signing held in Westin Hotel on June 18 was witnessed by the President Yudhoyono and the Prime Minister of Fiji, Josaia Voreqe Bainimarama.

"Both countries will work closely on the development and the promotion of the marine and fishery sectors, including on development of the sustainable capture fisheries, aquaculture and the processing and the marketing of the fishery products.

In addition, we also agree to prevent and eradicate the IUU Fishing practice.," said the Minister.

The Government of Indonesia has previously conducted the partnership with Fiji on the technical collaboration of the marine and fishery sectors; the training of the seaweed farming and processing on 2012; the establishment of the seaweed processing facility in Suva, Fiji; and the training of the fish chips processing technically initiated and supplied by the Government of Indonesia.

Source : Republika

BI: Exchange Rate Approaching Rp12,000 per US Dollar

Bank Indonesia (BI) Governor Agus Martowardojo projected the rupiah to move between Rp11,600 and Rp11,800 per US dollars this year. 

His prediction took into account both internal and external factors, including China's plummetting economic growth from an average rate of 10.4 percent to 7.1 percent.

The slowdown would prompt China, Agus said, to focus to consumption instead of invesment. "The focus swift will have quite an impact on Indonesia and China's other trading partners," Agus said on Wednesday, May 21.

Agus said that commodity prices also play a role in him making said projection. "As it turned out, most commodity prices in the first quarter of 2014 have declined," he said.

To prevent the rupiah from depreciating further, Agus said the central bank will focus on narrowing the trade balance and the current account deficits. BI, he said, will also work on maintaining the inflation rate, which is pegged at 4.5 percent this year, plus/minus one percentage point.

Source : Tempo

Pinterest wins new funding, raising valuation to $5 billion

Pinterest has raised a new $200 million (119 million pounds)round of funding that gives it a valuation of $5 billion, the photo pin-up site said on Thursday. 

Pinterest, which allows users to create online bulletin boards based on various themes such as travel, decorating, or sports, said in a statement it would use the capital to invest in technology, develop its advertising program further, and expand internationally. 

Pinterest said it raised money from existing investors SV Angel, Bessemer Venture Partners, Fidelity, Andreessen Horowitz, FirstMark Capital, and Valiant Capital Partners.

The company last raised money in October 2013 at a $3.8 billion valuation in a round led by Fidelity Investments.

News of the funding round was first reported by ReadWrite.

Pinterest said it has raised a total of $764 million so far from the time of inception. 

Source : Yahoo

Apple Close to Acquiring Beats Electronics

Apple is reportedly on the verge of acquiring Beats Electronics for $3.2 billion, making it the company's biggest acquisition, as reported by Media Post News. 

The deal could also expand services like iRadio into Chrysler, Fiat and Dodge through an existing partnership between the audio company and the automakers.

BeatsAudio's partnership with the automakers could land iRadio in the dashboard of cars, making it easier for Apple to build out its platform across the auto industry to compete with Pandora, iHeartRadio, MyLink and SiriusXM Radio, among others. 

The dashboard option would provide easy search functions and advertisements, audio and visual. It would help Apple reach deeper into the mobile music space that eMarketer pegs at $1.68 billion in 2013, and estimates will reach $2.52 billion this year.

Acquiring Beats would support Apple's hardware sales through a deal the audio company has with Hewlett-Packard in computers and tablets. Apple's retail store sales reached $20.22 billion in 2013 -- up 7.4% compared with 2012, per eMarketer. 

The company's ecommerce sales rose 23.5% to $9.29 billion in 2013 compared with the prior year.

At its core, this deal would be about the marriage between software or content and hardware, per eMarketer Analyst Paul Verna. "Perhaps more than any other company, Apple has understood and profited from the powerful possibilities of a software-hardware ecosystem," he said. "This deal would be an extension of that philosophy."

Verna's doesn't view the automaker partnerships as the main motivator. "Beats' core business is headphones, and I think Apple would initially try to leverage Beats’ success in that area," he said. 

"In the longer-term future, I see potential for automobile integration, including an in-dash player. Other hardware products could result from this alliance, such as wearable technology and smart-home devices."

Source : Tempo

Sea Mining Activities Disturbs Bangka Tourism, Businesses Claim

Bambang Pattijaya, chairman of the Bangka Belitung Indonesian Hotel and Restaurant Association (PHRI) has accused state-owned mining company PT Timah of threatening the tourism industry of Bangka Island by damaging the marine environment. 

"PT Timah is arrogant, because they never coordinate and communicate with tourism entrepreneurs. They only inform fishermen [about dredging] and promise them with false incentives," Bambang told Tempo on Tuesday, May 6, 2014.

Timah has been dredging seabeds around the island as part of its tin mining operation.
"Sea mining activities resulted in murky waters and has damaged coral reefs. A lot of tourists have reported the murky water condition and if it continues, no one will want to go to Bangka Island anymore," Bambang said.

Tourism businesses have requested the Bangka Belitung regional government establish boundaries and zoning of mining and tourism areas.

On the other hand, corporate secretary of PT Timah Agung Nugroho said that not all sea mining activities are conducted by PT Timah.

The company claimed to have informed fishermen around the location before proceeding with mining activities.

Source : Tempo

Lacking Positive Data, Rupiah Continues to Fluctuate

Rupiah is predicted to fluctuate at levels between 11,400 to 11,500 per US Dollar on today's trading session. "The absence of significant economy data release caused market players to stop accumulating assets in Rupiah," said Juniman, Head of Economy at Bank International Indonesia. 

Meanwhile, military tension in Ukraine continues to increase demands of US Dollar as the most secure currency.  Juniman said that Rupiah had only managed to make small improvements. However, the plan to hold an auction for sharia bonds (sukuk) amounting to Rp 1.5 trillion, may boost Rupiah's exchange rate.

On the other hand, economic data from the United States continue to show improvements, such as the number of jobless claim that slightly increases to 304,000 last week, and the 0.8 percent increase of CB leading index for April.

In this morning trading session, the majority of regional currencies continue to experience pressure from US Dollar.  Rupiah weakens by 31.2 points (0.27 percent) to a level of 11,477.5 while  Yen and Won continue to make corrections as much as 0.03 percent to a level of 102.65 per US Dollar and 0.17 percent to a level of 1,040.8 per US Dollar, repsectively.

Source : Tempo

Consumers Look for Banks with Mobile

While the activities of banks have been steering them into aspects of mobile commerce for some time, it may have looked like consumers were standing on the sidelines, as cited in Media Post News. 

From the banking standpoint, some of their activities have been behind the scenes, such as processing payments.

A few banks also have been moving closer to what the mobile consumer does, like creating shopping services for their customers.

Banks also started targeted couponing, and although market awareness is relatively low, a large majority of those who are aware like them.

Now it turns out that mobile banking is moving up the value chain, depending on the generation.

Deep inside the Consumer Banking Insights Study conducted by Harris Poll for BancVue is an indication that mobile may be good for banks, at least for acquiring new customers.

Adults 18-to-34 years old rank mobile banking tools as at least somewhat important when choosing a bank, according to the survey of 1,000 U.S. adults.

While more consumers who are younger lean toward banks with mobile, the majority (66 percent) of those in 35-54 age group also rank mobile banking as important. Fewer than half (44 percent) of those 55 and older consider it important.

Part of the reason consumers want mobile baking is so they can see all their banking activities in one place, with 81 percent seeing that as important.

Banks also possess the trust factor, with a majority (69 percent) of customers of large banks and most (93 percent) of small bank customers trusting their institutions.

While some banks have been relatively slow in moving to mobile banking, it appears many consumers are searching for those who already have.

 Source : Tempo

Five money-saving apps to get the best value at shops, restaurants and days out

Going out for dinner or popping off on a day out is normally a luxury for most people, mainly because it costs money or time is of the essence, but it doesn't always have to cost a small fortune.

There aren't many things that can help with the time aspect of things, but here are a few apps that are certainly worth downloading if you want to save yourself a few pounds and turn that monthly treat into a weekly one.

VoucherCodes.co.uk - Android, iOS

The VoucherCodes.co.uk app is a companion app to the VoucherCodes website meaning you'll need to sign up with an email address to access the codes.

However, once you are registered, you will be able to get access to the majority of the vouchers you will find on the website including restaurants, days out and shopping.

At the moment, there is a voucher for 2-for-1 entry at Drayton Manor and The London Bridge Experience, as well as 15% off In-Store at The White Company and two courses for £10.95 at Ask, among others.

Groupon - Android, iOS

Groupon works in a similar way to VoucherCodes in that the app once again acts as a companion to the website and you will need to sign up to access the vouchers, which is free to do.

It will offer you between 50 and 70 per cent off the best things to do, see, eat and buy in more that 500 cities, plus you can buy and redeem the deals directly from your device.
Currently, you will find a four star trip to Venice with flights for £189, a game design course for just £49 instead of £899 and a Samsung LED 3D Smart TV for £899.99 rather than £1068.20.

HotUKDeals - Official - Android, iOS

The HotUKDeals app comes from the HotUKDeals.com website and acts as a voucher community almost, allowing you to submit deals you find, comment on deals others have found, plus make use of the deals themselves.

You can filter by merchant if you specifically want to find the best electronic deals from eBuyer, Amazon, Currys or PC World, for example, and if you sign up for free you will unlock additional app features.

Deals are marked in degrees depending on their "hotness" and you will find anything from a Lenovo Yoga 8-inch tablet for £134.99 on Amazon to 75 per cent off Lego Marvel Super Heroes at Steam.

MyVoucherCodes.co.uk - Android, iOS

MyVoucherCodes.co.uk works in a similar way to VoucherCodes.co.uk and Groupon, acting as a companion app to the website.

It offers deals on shopping, services, eating and drinking, health and beauty, transport, hotels and holidays, entertainment, sport and education, among others.

The app will find the hottest deals within walking distance of your current location, meaning if you are sitting in a Zizzi's for dinner or buying something from The Body Shop, it will let you know if you can save any money.

Love Voucher - Android

Love Voucher is one for those that would rather spend their money on shopping as opposed to days out and dinner.

It will allow you to find the latest deals, offers and vouchers from shops such as Marks & Spencer, Waitrose, Boots, BHS, Burton and Argos, plus restaurants and hotels.

Love Voucher will compare prices, locate shops, offer maps and give you the contact details all in one place, as well as let you search by categories including Technology, For Him, For Her, Sports and On Sale.

Source : Yahoo

Sinar Mas MSIG Tower's investment reaches 1.5 trillion IDR

JAKARTA -- One of the largest conglomerates in Indonesia, Sinar Mas Group plans to build one of the tallest skyscrapers at Sudirman Central Business District with investment value of 1.5 trillion IDR. 

The first construction of Sinar Mas MSIG Life Tower has been started since two years ago.

Sinar Mas MSIG is company's subsidiary, the second-largest life insurer in Indonesia. President Director of Sinar Mas MSIG Life, Johnson Chai said the building built on area of 4,500 square meters and had a total of 47 floors and 245 meters high.

"Why do we build one of the tallest buildings in business district of Jakarta? Because the need of office space continues to increase as Indonesia becomes an investment destination of foreign countries," Chai said on Monday.

He estimated that demand of office space in Jakarta would grow to 15 percent. The building was designed by Los Angeles architecture and would be opened in early 2015. It uses low e glass (double glass system) that can reduce heat and voice for energy efficiency. The building is also equipped with automatic system and emergency floor on 17th and 34th floor.

Sinar Mas MSIG Life recorded assets of 19.03 trillion IDR in 2014 with premium income of 9.8 trillion IDR. Its customers have reached 600 thousand customers, both individual and groups. 

Source : Republika

PLN Saves Rp1 Billion During Earth Hour Time

The 2014 Earth Hour Campaign was held in Jakarta and 32 big cities in Indonesian on Saturday evening, March 29, 2014. 

Through this campaign, the people are urged to switch off power and turn off the lights for one hour.

And according to State-owned Electricity Company PT PLN, the Earth Hour campaign has resulted in the significant drop of electricity usage.

PLN Spokesman Bambang Dwiyanto said that electricity usage in Java, Madura, and Bali dropped by 509 megawatt or equals to 2.56 percent compared to that in the previous week.

"Drop in the electricity usage especially happens at 9 pm," Bambang said in a written statement on Sunday, March 30, 2014.

Bambang went on to say that the decline in electricity usage means that PLN can save more than Rp1 billion.

Source : Tempo

Blackberry reports $5.9bn annual loss

Troubled smartphone maker Blackberry has reported a net loss of $5.9bn (£3.5bn) for its latest financial year.

However, in the three months to 1 March it recorded a smaller-than-expected loss of $423m, compared with a loss of $4.4bn in the previous quarter.

The company said it was pleased with its fourth quarter performance, and that it was on "a path to returning to growth and profitability".

Boss John Chen said the firm was moving to a "sounder financial footing"

Blackberry devices have recently lost out in the high-end smartphone market to Apple's iPhone and phones powered by Google Android operating system.

During the financial year, the company's losses included $934m on unsold Z10 smartphones, and restructuring costs of $512m.

Fourth quarter revenues fell to $976m, below analysts' expectations of $1.1bn.

As part of its turnaround plan the firm is focusing on its services arm, and is also putting renewed emphasis on its keyboard devices.

Mr Chen was appointed as interim chief executive in November 2013.

"The guy is on the move fast," said Colin Gillis, an analyst at BGC Partners. "He can control expenses but you can't magically make revenue happen."

Blackberry's shares fell nearly 5% on Friday, reversing initial gains of over 5%.

Source : BBC

Facebook Makes $2 Billion Virtual-Reality Bet With Oculus

Facebook is making a $2 billion bet that a virtual-reality headset will one day become the center of its users’ social lives.

The world’s largest social network yesterday said it is buying Oculus VR, pushing into wearable hardware for the first time and stepping into a race with Google. Oculus, based in Irvine, California, makes a ski-goggles-like device called Rift that people can wear to play games and that may eventually let them feel like they are watching sports courtside.

Facebook Chief Executive Officer Mark Zuckerberg is following Google in seeking new growth beyond smartphones and tablets. While Apple’s iPhone and Google’s Android mobile devices dominate today, developers are looking for new gadgets to showcase their wares and are focusing on the more lifelike experiences that Oculus provides, Zuckerberg said in a blog post.

“Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow,” Zuckerberg said. “Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate.”

Facebook agreed to pay $400 million in cash and 23.1 million shares for Oculus, as well as an additional $300 million if the startup achieves certain milestones, the Menlo Park, California-based company said in a statement yesterday.

The deal follows a spate of acquisitions that Facebook has used to build up its mobile business. Last month, the company agreed to purchase messaging application WhatsApp for $19 billion. In 2012, Facebook bought mobile photo-sharing program Instagram for about $700 million.

The 10-year-old social network, which held an initial public offering in 2012, has completed or announced more than 40 acquisitions valued at a total of more than $21 billion, including WhatsApp, Oculus and a $550 million deal for a Microsoft. portfolio of patents, according to data compiled by Bloomberg. Facebook had $11.4 billion in cash and investments at the end of 2013.

Facebook shares rose 1.2 percent to $64.89 at the close in New York before the acquisition was announced. They have gained 19 percent so far this year.

Real Potential?

Facebook’s claim about virtual reality’s potential is hard to prove or disprove, said Mark Mahaney, an analyst at RBC Capital Markets.

“What we do know is that Facebook was late to adopting the mobile platform, though it certainly caught up with this platform shift and is now arguably one of the shift’s leaders,” said Mahaney, who has the equivalent of a buy rating on the shares. “The question this time is whether Facebook is too early or simply betting on the wrong platform.”

Oculus will be competing in a crowded wearable-technology market. Google is rolling out Glass, which are spectacles with smartphone capabilities, and earlier this week teamed up with Luxottica Group SpA, which owns eyewear brands such as Ray-Ban, to help the product go mainstream. Samsung Electronics Co. has introduced smartwatches. Intel Corp. 

yesterday said it acquired closely held Basis Science Inc., the maker of a wristwatch-like device, website and app that help users track exercise and sleep.

Zuckerberg said on a conference call that he doesn’t expect the Oculus devices to be profitable. Facebook plans to make money through software and services or advertising instead, he said.

“We still have a lot of work to do on mobile but at this point we feel strong enough in our position that strategically we also want to start focusing on building the next major computing platform that will come after mobile,” the CEO said on the call. 

“We’re making the long-term bet that immersive, virtual and augmented reality will become a part of people’s daily lives.”

Facebook considered building its own virtual-reality platform, yet didn’t have the technology or engineers that Oculus had, Zuckerberg said. The CEO said he wants to make Oculus’s product “ubiquitous” and bring it to market as soon as possible.

Zuckerberg said Facebook can foster acquired technology by citing Instagram, which had about 30 million users in 2012 before its purchase and now has has 200 million.

Rift is available to some developers, though not yet to consumers. More than 75,000 software development kits have been ordered by those who want to build programs for the device, Oculus said.

Oculus was founded by entrepreneur Palmer Luckey, a self-described hardware geek, and is run by CEO Brendan Iribe. 

The company has raised more than $91 million, including a $75 million round led by Andreessen Horowitz in December and $2.5 million of preorders from a campaign on crowdfunding website Kickstarter in 2012. Bloomberg, the parent of Bloomberg News, is an investor in Andreessen Horowitz.

Most of Oculus’s 100 employees work near the John Wayne Airport in Orange County, California, in an office park that’s festooned with old game controllers and models of alien creatures.

The Oculus team met with Facebook executives including Zuckerberg a few months ago in Southern California, the startup said in a blog post. Discussions evolved into “an even deeper vision of creating a new platform for interaction that allows billions of people to connect in a way never before possible,” Oculus said.

No bankers were involved in the deal, according to a Facebook outside representative.
“A few months ago when Mark and his team came down to visit our offices, it was immediately clear that the two teams share a passion for building a new world-changing communications platform,” Oculus CEO Iribe said on the conference call. “This is a team that’s used to making bold bets for the future.”

Facebook will help Oculus recruit, pursue partnerships and provide marketing and infrastructure, Iribe said.

Antonio Rodriguez, an Oculus board member who is a partner at Matrix Partners, said the startup has been an object of interest for other acquirers.

“I’m happy for Facebook because this is not a company that has lacked for suitors along the way,” Rodriguez said in an interview. “Facebook just did a much better job talking to the team.”

Source :Jakartaglobe

Pertamina Gas Allocates US$930 million for Capex

Pertamina Gas (Pertagas), the gas subsidiary of state oil company Pertamina, is allocating Rp10.58 trillion (approx. US$930 million) for this year's capital expenditure (capex). 

"Approximately 76 percent of the total capital expenditure (capex) will be allocated to pipeline construction projects in Arun-Belawan, Muara Karang-Tegalgede, and Gresik-Semarang," Pertagas director Hendra Jaya said through a written statement yesterday.

This year's capex value increased significantly compared to 2013 because, over the past year, said Hendra, the company's actual investment for business development amounted to US$286.64 million, a 213.74-percent surge from 2012's US$91.36 million.

Last year, Pertagas posted a 53.74-percent annual revenue increase to US$615.46 million. According to Hendra, the gain was driven by the 64.76 percent year-on-year increase in gas pipeline revenues.

With the additional income, the Pertamina subsidiary bagged US$158.84 million in net profits last year, a 29 percent increase from 2012's net profit.

 Source : Tempo

Rupiah gains against USD

The rupiah value in inter-bank transaction closed stronger against the US dollar in the closing trade on Friday. The currency traded at the level of 11,417 per USD from 11,439 per USD earlier.  

"Potential growth of the countrys economy is still one of the factors pushing the domestic currency to a positive areas," chief researcher of Monex Investindo Futures Ariston Tjendra said. 

Rupiah rise, however, would tend to be restricted by the Feds decision to raise its benchmark interest rate, he said. 

"A number of US economic data tended to improve that some investors are optimistic about the process of US economic recovery resulting in dollar strengthening," he added. 

Increase in US interest rate would strengthen the USD, he said. Meanwhile according to the middle exchange rate of Bank Indonesia on Friday, rupiah weakened to the level of 11,431 from 11,407 per dollar earlier. 

Source : Republika

World Bank revises RI’s CAD outlook

The World Bank has revised its projection of Indonesia’s current-account deficit (CAD) as it estimates that the country’s mineral ore export ban will squeeze exports this year.

In its latest quarterly report, launched on Tuesday, the World Bank set Indonesia’s CAD target at 2.9 percent of gross domestic product (GDP), from 2.6 percent, the previous estimate made in December.

With the new projection, this year’s total deficit is expected to stand at US$24.4 billion, down from the $28.5 billion that Indonesia posted in 2013.

According to World Bank chief economist Jim Brumby, part of that deficit would be due to the mineral ore exports ban, which took effect in January.

“We estimate that there will be a $5.3 billion trade deficit in 2014. For the next three years, until 2017, the total deficit in the trade balance caused by the ban will amount to $12.5 billion,” he said.

The Indonesian government has previously said that the ban would help Indonesia’s GDP and trade balance. It argues that by urging industry players to process ores domestically, the country will see an increase in value-added mineral exports, which will later bring in higher revenue.

However, following the ban’s implementation, Indonesia saw its exports fall to $14.48 billion in January, down 14.6 percent from the previous month. Year-on-year, the export figure declined 5.8 percent.

Data from the Central Statistics Agency (BPS) shows that the decline was driven by lower exports in the non-oil and gas segment, especially in ores. Ore exports recorded the steepest decline, tumbling 70.1 percent month-on-month to $291.8 million.

The fall in exports eventually led to Indonesia’s trade balance swinging back into the red, with a $430.6 billion deficit in January, overturning the $1.5 billion surplus only a month before.

Despite revising the CAD estimate, the World Bank upheld its projection of Indonesia’s GDP growth target at 5.3 percent for 2014.

Several remaining domestic and external factors would affect the growth, according to Brumby.

“Domestically, the upcoming elections will hopefully lead to a boost in consumption, even though investment will still be weak,” Brumby said.

“Externally, we can see that the global risk appetite is stronger than expected. That will boost portfolio inflows to emerging markets,
including Indonesia,” he added.

Meanwhile, Bank Danamon chief economist Anton Gunawan also predicted that this year’s CAD would stay at around 2.9 percent of GDP. However, according to Anton, the oil and gas segment will play a bigger role than the ore export ban in relation to the trade balance and CAD.

“The pressing concern is the fuel subsidy because it has put a big burden on our budget. Will the new administration have the guts to increase the price of subsidized fuel and allocate the funds where they are needed?” he asked, after attending the report’s launch.

Separately, Bank Mandiri chief economist Destry Damayanti said that the ore export ban would affect the country negatively in the short term with $6.5 billion in potential losses this year if the government insisted on forbidding all kinds of mineral ore exports.

“But the ban will be beneficial in the long run because we will see products wtih greater value. What is important is that the government provides the necessary infrastructure, so that private firms will be willing to invest in smelters,” she said, adding that the bank set the CAD estimate at 2.7 percent.

Source : Jakartapost

Tourism Sector Books US$10 B State Revenue

Tourism and Creative Economy Minister Mari Elka Pangestu, claimed that the tourism sector has contributed US$ 10 billion of state revenue. 

 She added that the number puts tourism sector as the fourth most-contributing sector following oil and gas, coal, and palm oil. "Tourism sector plays an important role in Indonesian Economy," the Minister said. 

Moreover, Mari said that the tourism sector also provides direct contribution to Indonesia's Gross Domestic Product.

Mari also mentioned that the tourism sector helps to absorb around 10 million workforce. Therefore, she said that sustainable development in tourism sector is highly crucial.

In order to discuss more about sustainable development in the tourism sector, Minister Mari has formed a communication forum as a media to communicate and coordinate needed efforts.

 "The forum will be highly strategic to boost revenue and draft the medium-term Development Plan for 2015 to 2019 period," she said.

Source  : Tempo