Indonesia Fiscal Deficit Soars to 2.9% of GDP, Near Legal Limit
Indonesia’s fiscal deficit hit the highest level in at least two decades, outside of the pandemic, approaching the legal cap of 3% of gross domestic product in President Prabowo Subianto’s first full year in power, Bloomberg reported.
Danantara Prepares Two Development Schemes for Hajj Village in Mecca
Danantara is preparing two strategic development schemes for Indonesian Hajj Village in Mecca, Tempo reported. The first focuses on strengthening the project’s foundation in the Thakher area, while the second involves participation in auction processes for strategic sites managed by the Royal Commission for Makkah City and Holy Sites.
Bank Indonesia Replaces JIBOR With Transaction-Based Indonia Benchmark
Bank Indonesia has officially discontinued the publication of the Jakarta Interbank Offered Rate (JIBOR) as of 1 January, in an effort to strengthen the credibility and reliability of its rupiah benchmark interest rates, Jakarta Globe reported.
Jakarta Court Delays Garuda Indonesia ex-CEO Emirsyah Satar’s Judicial Review Hearing
The Central Jakarta Court has postponed a hearing on the judicial review requested by former Garuda Indonesia CEO Emirsyah Satar, who was previously convicted in a corruption case involving the flag airline’s aircraft procurement, Kompas reported.
Unilever to Sell Indonesia Tea Business to Djarum Group for IDR 1.5 Trillion
Consumer goods giant Unilever is set to divest its tea business in Indonesia, selling the Sariwangi brand to a local company for IDR 1.5 trillion (USD 89.1 million), Business Times reported. Unilever, through its listed unit Unilever Indonesia, will sell Sariwangi to Savoria Kreasi Rasa, a subsidiary of Djarum Group.