Boeing, the American multinational corporation that designs, manufactures and sells airplanes, has been experiencing severe turbulence in Indonesia ever since Lion Air flight JT-610 dove into the sea on 29 October 2018 shortly after take-off from Soekarno-Hatta International Airport outside Indonesia’s capital city of Jakarta, killing all 189 people on board (including crew).
24 January 2020 (closed)
USD/IDR (13,647) +35.01 +0.26%
EUR/IDR (15,037) +20.88 +0.14%
Jakarta Composite Index (6,244.11) -5.10 -0.08%
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Today's Headlines Boeing
After the fatal crash of an Ethiopian Airlines commercial airplane on Sunday (10/03/2019), concern about the reliability of Boeing's 737 MAX 8 plane - Boeing's most popular jet - has increased around the globe. The crash of Ethiopian Airlines Flight 302, which was en route to Nairobi, killed 157 people.
Indonesian low-cost carrier Sriwijaya Air targets to fly 12.1 million passengers in 2017, up 10 percent year-on-year (y/y) from an estimated 11.2 million passengers in 2016. To achieve this target 17 new airplanes will be delivered to the airline next year consisting of 15 narrow body Boeing B737-800NG jets and two wide body Boeing 777-300ER jets. Chandra Lie, President Director of Sriwijaya Air, is confident that the airline will achieve next year's passenger target, specifically by increasing its focus on international passengers.
US multinational conglomerate General Electric (GE) is exploring possibilities to establish a regional business hub in Indonesia due to the promising perspectives of both Indonesia and other countries in Southeast Asia. Currently, Indonesia is the largest market for GE in Southeast Asia, accounting for roughly 30 percent of the company's revenue in this region (but Indonesia's regional peers are developing rapidly as well). However, GE Indonesia CEO Handry Satriago said that human resources form a problem.
On Wednesday (29/01), the Federal Reserve (Fed) announced to cut its massive bond-buying program (quantitative easing, QE) by another USD $10 billion after the FOMC meeting, while maintaining interest rates close to zero. Originally, the Fed's QE program, implemented in September 2012, totalled USD $85 billion per month but after the cuts in December 2013 and January 2014, it is now wound down to USD $65 billion per month and if the pace of tapering continues, the program might be over by the end of 2014.
A Lion Air airplane, with flight number JT 904, that flew from Bandung (West Java) to Bali crashed into the sea just a few dozen meters away from the runway at Bali's International I Gusti Ngurah Rai Airport (which is located directly next to the sea) in Denpasar. Of the 101 passengers only one passenger is in critical condition, others have sustained minor injuries. According to sources, the aircraft did not touch the runway but completely overshot it.
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Indonesia's Composite Index (IHSG), the main stock index of Indonesia, went back into negative territory on Wednesday (24/07) with all sectors closing in the red. Worst performing sectoral indices were construction, agriculture and the miscellaneous industry. This development was in line with the Asian region that showed mixed performances after HSBC's Chinese manufacturing PMI contracted. Stock indices in Europe and the United states, that both close hours after the IHSG ends its daily session, were more positive on Wednesday.
Today, Indonesian private airline Lion Mentari Airlines (Lion Air) ordered a record-breaking 234 airplanes from France-based Airbus for a combined price of €18.4 billion (US $24 billion). This mega-purchase marks the aggressive expansion drift of the Indonesian low-cost airline. In November 2011, the company had already ordered 230 aircrafts from (Airbus competitor) Boeing for the combined price of USD $21.7 billion.
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