Bank Mandiri Strengthen Business in Bali
Bank June 9th, 2010
Bank Mandiri formalizing Xl Regional Office Denpasar to strengthen business in Bali, East Nusa Tenggara and West Nusa Tenggara.
Vice President Director of Bank Mandiri l Mertayasa Wayan Agus last weekend in Denpasar, Bali said, Xl Regional Office Denpasar Bali mellputi region, NTT and NTB.
“We want to participate actively in the development of the region Central Indonesia by providing banking products and comprehensive services for people in areas not reached. In addition, we also want to develop the potential of SME sector to support regional economic development,” said Deputy Director main Mandiri I Wayan Agus Mertayasa during the inauguration of the Regional Office.
In addition to credit to SME segment, the bank also ingln strengthen the banking business in the consumer segment in the tourism sector and explore the business potential in the province of Bali is more deep and aggressive, especially related to transactional banking businesses.
Meanwhile, NTB and NTT provinces require banks to support infrastukturnya development in tourism sector development. “We also look at NTB and NTT provinces have great potential in the agricultural sector to work with the maximum,” said Wayan Agus.
Total banking assets in these three provinces during the last five years grew an average 15.1 percent per year, faster than national banks.
In 2004, total banking assets in the three provinces was Rp 29.4 trillion. As per November 2009 rose to Rp 59.2 trillion. Credit growth grew at an average 22.1 percent per year.
Total credits in these three provinces rose from Rp 13.4 trillion in 2004 to Rp 35.9 trillion in November 2009.
Meanwhile, Micro Credit, Small, and Medium Enterprises (MSMEs) are distributed in these three provinces grew an average 22.3 percent per year. Total loans increased from Rp MSME 11.5 trillion in 2004 to Rp 30.9 trillion in November 2009.
Increasingly strong U.S. dollar on the euro
Forex June 9th, 2010
The dollar traded near the strongest position in over 7 months following the signal the euro countries with the largest economy was gaining momentum from the high demand for assets.
The greenback is expected to continue strengthening this week ahead of the U.S. manufacturing sector report and household purchases. Both predicted experiencing expansion. Euro also potentially weaken the yen over the issue of Greece’s budget deficit widened more and more expected.
“The data coming out this week confirms that the U.S. economy improves. Improving economic fundamentals will support the U.S. dollar,” said Koji Takeuchi, senior economist Mizuho Research Institute Ltd. of Tokyo, today.
The dollar traded at U.S. $ 1.3864 per euro at 8:06 am in Tokyo, rose from U.S. $ 1.3863 in New York last week. The dollar was at 90.12 yen from 90.27 in New York. Euro survive the weakening yen 124.96 yen from 125.13, after a touching 124.43, the weakest level since 28 April.
Manufacturing index from the Institute for Supply Management is at 55.5 in January. Figures above 50 indicate the existence of expansion. This recovery continued to strengthen the signal in the U.S.. Likewise, the increase in household purchases of 0.3%.
Last week, the U.S. dollar strengthened encouraged by the report the Department of Commerce regarding the increase in GDP by 5.7% per year during the October to December. The increase is the fastest in 6 years.
Rescue U.S. Financial Sector Value Failure
Uncategorized May 30th, 2010
Efforts to United States government (U.S.) to rescue the financial system failed votes. Provided fresh funds for USD700 billion to fulfill important objectives, such as loans and restraint in the financial sector, triggering activity by a number of banking risk, said U.S. special auditor.
As quoted by AFP, Sunday (31/1/2010), the special inspector general for the Troubled Asset Relief Program (TARP) says in a report to Congress, the appraisal is considered too early to measure the overall success of the program in the financial sector, after the peak of financial crisis in October 2008 passed.
“There are signs that clearly the aspects of the financial system is far more stable than the peak of the crisis in the autumn of 2008,” he said.
But the report also states that there are many TARP stated goals unmet and potential new crises will happen again.
“The salvation of our financial system (AS) is predicted to return in 2008. There is no meaningful reforms, we are still driving as if on the winding mountain roads and the same place, but this time at a faster car,” said the report likens.
“Indirectly, its impact was already felt in regions particularly banks, such as increasing credit restraint and prevent home foreclosure risk behaviors that are considered too big for financial firms,” said the report from the inspector general Neil Barofsky.
“Even so, the explicit goal to increase financing in the U.S. business and consumers continued to decline,” he added.
Have Denies Chemical Tjiwi Delinquent Taxes
Company Info May 30th, 2010
PT Factory Paper Tjiwi Kimia Tbk (TKIM) argue if it has tax arrears. Previously, the Directorate General of Taxation expressed some large companies that still have the tax arrears in the House Commission XI meeting.
This was revealed by the Director-Corporate Secretary TKIM Agustian R Partawidjaja in information disclosure at the Indonesia Stock Exchange (IDX), Jakarta, Monday (1/2/2010).
“According to the results of review of tax documents from the company and kondirmasi the tax office (KPP) where the corporation is registered, the company has no tax arrears,” he said.
For your information, the Directorate General of Taxation will be updating the list of 100 names Delinquent taxes have been provided the data to the House Commission XI on Thursday, February 4 next.
This is done because it was a lot of taxpayer (WP) are included in the list had to meet his tax obligations, before the data as of January 1, 2010.
In addition, the system of information technology (IT) in the Directorate General of Taxes is not directly connected with the bank where the payment of taxes so that the data Delinquent taxes can not directly update.
Won & ringgit led Asian currencies strengthen
Forex May 30th, 2010
Asian currencies rose, led by the South Korean won and Malaysian ringgit prompted speculation the Federal Reserve will keep interest rates low to stimulate demand for high-yield assets in emerging markets.
The strengthening of the won and the ringgit occur every day throughout the week. The appreciation continued as the impact of the Fed’s decision Open Market Committee last month that was launched yesterday, to extend the stimulus package to sustain economic recovery. Export performance of Taiwan and Malaysia is estimated to rise for two months.
“Expectations that the U.S. appears to raise rates, but invites a lot of arguments, as they are not solid recovery. Action to sell U.S. dollars occurs in response to the news and would encourage regional currencies,” said Zaki Mokhtar, head of foreign exchange spot trading on the RHB Bank Bhd Kuala Lumpur.
Won rose 0.3% to 1133 at 12:30 pm in Seoul, which had touched the highest level in 15 months of 1129.42.
Malaysian ringgit reached the highest position in 6 weeks at 3.3620, and rose 0.2% continues to 3.3710 per U.S. dollar. Philippine peso also gained 0.3% to 45.895 Taiwan dollars and increased 0.1% to NT $ 31,833.
John Lipsky senior International Monetary Fund (IMF) said the institution is likely to raise 2010 global growth estimate later this month, from 3.1% position.
The median estimate of economists surveyed showed exports to Taiwan in December jumped 45% from the previous year and Malaysia rose 3% for 3 months.
South Korean Won continues to strengthen for the fifth day, the longest movement in almost 4 months, along with the improvement in export performance which triggered the entry of foreign investors borong local shares.
Samsung Electronics Co., the largest semiconductor manufacturers in Asia, as well as flat screens and mobile phones, recording Fourth quarter earnings of about 3.7 trillion won (U.S. $ 3.3 billion). In fact, the same period last year, the company still suffered losses.
“South Korean Won support payments from the state improved. Despite the strengthening occurred in March 2009, but we believe it is fundamentally the won is still undervalued,” said Leong Wai Ho, an economist at Barclays Plc in Singapore.
The Bank of Korea said the interest rate policy will support economic growth even as the central bank should maintain the imbalance caused by low interest rates. According to the 14 economists surveyed, Governor Lee Seong Tae believed to hold interest rates at 7 days 7% tomorrow.
Philippine peso rose to the highest position in 16 months at 45.72 per dollar two days ago, due to speculation the U.S. dollar bond sale by the government worth U.S. $ 1.5 billion. This action sparked buying of the local currency.
“We go back to see the strengthening of the peso,” said Antonio Espedido, treasurer at China Banking Corp. in Manila.
Indonesia plans to sell bonds worth U.S. $ 4 billion, and Vietnam is looking for funds amounting to U.S. $ 1 billion.
Rupiah strengthened 0.1% to 9230 per dollar today, after yesterday rose to 1.4%. Thai Baht is also strong 0.1% to 33.14 yuan and China are not much changed at 6.8277
