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Backgrounder
Tenggara Backgrounder November 24, 2023
POLITICS
The likelihood of a single-round 2024 presidential race
The campaign teams of the presidential and vice presidential candidate pairs are confident they can win the Feb. 14, 2024 race in only one round. However, although one of the tickets, namely Prabowo Subianto and his running mate Gibran Rakabuming Rak...
PSI relies on Jokowi’s influence to reach parliament
The Indonesian Solidarity Party (PSI) is hoping that President Joko ‘'Jokowi'' Widodo's political influence will help it beat the parliamentary threshold in the upcoming legislative election. The party's decision to appoint Jokowi's youngest son, Kae...
Indonesia falls short on Palestinian diplomacy
Indonesia's Palestine diplomacy went into high gear this past week with both the President and the foreign minister doing their part to try to stop the deadly Israeli siege of the Gaza Strip. After attending the Nov. 13 summit of the Organization of...
Anies-Muhaimin seeks to chart a new course from Jokowi government
The candidate pair of Anies Baswedan and Muhaimin Iskandar has emerged as a formidable force in the political landscape ahead of the 2024 presidential election. The ticket's background and experience bring unique perspectives to the table, something...
BUSSINES & ECONOMICS
MIND ID on track in acquiring a controlling stake in Vale Indonesia
Vale Canada, a subsidiary of Brazilian mining firm Vale, and SMM, a unit of Japanese conglomerate firm Sumitomo Group, have finally agreed to divest parts of their stake in INCO to Indonesian state-owned mining holding company MIND ID. The initial de...
High interest rates prompt sale of foreign banks’ business units
As the FFR remains high, at 5.25-5.5 percent in November, interest rates around the world, including Indonesia, have steadily increased in response. Rather than the opportunity to get higher NIM, the risk of slowing loan growth is higher for some ban...
State budget’s revenue targets revised to accommodate spending
Through Presidential Regulation No. 75/2023, the government recently revised its 2023 state budget to allow for higher spending in areas such as education and public services. The revision entails a higher revenue collection target and higher usage o...
Govt launches JETP investment plan with more ambitious targets
After some tough negotiations, the Indonesian government and developed countries grouped in the IPG finally launched the multibillion-dollar non-binding CIPP to achieve net-zero emission in the electricity sector by 2050 with more ambitious targets f...
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