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Today's Headlines Politics
Entering the second quarter of 2018 chief executive officers (CEOs) have become less optimistic about the Indonesian economy and politics. This should be no surprise considering there have emerged significant concerns about a looming global trade war (with the USA and China as main actors), while further monetary tightening in the USA has been putting pressure on the Indonesian rupiah.
Indonesian Finance Minister Sri Mulyani Indrawati is popular not only in Indonesia but also abroad. Over the weekend she accepted the Best Minister in the World Award at the World Government Summit in Dubai. It is not her first award. Earlier, she was awarded the Best Finance Minister in Asia (2006). Moreover, she peaked at 23rd in Forbes' 2008 top 100 most powerful women ranking.
Indonesian Foreign Minister Retno Lestari Priansari Marsudi said the Indonesian government imposed zero tariffs for certain Palestinian products entering Indonesia since the start of the year. This policy aims at supporting Palestine economically.
Despite the "political year" several Indonesia-based securities firms expect to see big appetite from local companies to conduct an initial public offering (IPO) on the Indonesia Stock Exchange in 2018. In 2018, Indonesia will see a new round of regional elections (to determine local leaders) across the country. These elections are likely to trigger new political tensions, particularly as the country's legislative and presidential elections are to be held the following year.
Indonesia's House of Representatives (DPR) approved the government's proposed 2018 state budget bill in a plenary session on Wednesday (25/10), hence turning the bill into law. Taufik Kurniawan, Deputy House Speaker, announced this decision earlier today.
On Monday (16/10), Jakarta, the capital city of Indonesia, will see the inauguration of the new governor, Anies Baswedan (together with his deputy Sandiaga Uno), for the 2017-2022 period. President Joko Widodo will lead the ceremony at the Presidential Palace in Jakarta. The ceremony, which starts around 16:00 pm local Jakarta time, will be guarded by 7,000 security personnel.
Business and politics are highly related to each other and therefore it is worthwhile to take a look at chief executive officers' (CEOs) confidence in Indonesia's national politics as well as their expectations for Indonesia's future political conditions. Local media company Kontan recently issued its latest Kontan CEO Confidence Index (KCCI).
Yesterday's Jakarta gubernatorial election seems to have little impact on the performance of Indonesian stocks and the rupiah today (20/04). While Indonesia's benchmark Jakarta Composite Index is cautiously higher (in line with the general trend of Asian stocks this morning), the Indonesian rupiah had depreciated 0.10 percent to IDR 13,332 per US dollar (Bloomberg Dollar Index) by 10:00 am local Jakarta time on Thursday (20/04). The rupiah performance is slightly out of tune with most other Asian currencies but its weakening is still rather insignificant.
After 07:00 am Western Indonesian time zone on Wednesday (19/04), the citizens of Jakarta started to vote for their new governor. It was the second (and final) round of the 2017 Jakarta gubernatorial election. In this round the two leaders of the first round (where no candidate managed to obtain the absolute majority of votes) had a face-off. Below, Indonesia Investments provided a short live blog covering the key developments as well as updates of the various quick count results that came in after 14:00 pm local Jakarta time.
The Indonesia Stock Exchange (IDX) decided to keep its doors closed on Wednesday (19/04) as the people of Jakarta will vote in the second (and final) round of the Jakarta gubernatorial election. Earlier, Indonesian President Joko Widodo had already declared Wednesday 19 April 2017 a public holiday for the citizens in Indonesia's capital city of Jakarta. Meanwhile, Bank Indonesia stated that it will keep operations at a minimum on voting day.
Latest Columns Politics
Across the world, leaders express criticism on US President Donald Trump's decision to officially recognize Jerusalem as the capital city of Israel. Moreover, Trump announced that the American embassy is to be relocated from Tel Aviv to Jerusalem. While Trump claims that these decisions constitute a step to advance the peace process and emphasizes that the US will continue to facilitate the peace process between both sides, fierce criticism unleashed following Trump's statements.
The Indonesian government is still studying the possibility of building a new capital city in Indonesia, thus replacing Jakarta that has become overcrowded with approximately 10 million official residents (the real figure may be much higher as many unregistered Indonesians live in the capital). Moreover, every morning there is a huge inflow of people (originating from the satellite cities around Jakarta) who are heading to their office or place of work. This causes great pressure on the city's fragile infrastructure.
To us it came as a surprise to learn this morning that former Jakarta governor Basuki Tjahaja Purnama (better known as Ahok) decided not to appeal against his controversial blasphemy conviction earlier this month when the Jakarta Court found him guilty of insulting Islam and therefore sentenced him to two years in prison, a case that is regarded a setback for Indonesian pluralism and religious tolerance.
Around the globe media reported about the controversial decision of the Jakarta Court to hand a two-year prison sentence to former Jakarta Governor Basuki Tjahaja Purnama (better known as Ahok), a much tougher sentence than had been demanded by prosecutors. Ahok, a Christian from Chinese descent, was imprisoned on grounds of blasphemy. However, most analysts assume Ahok is victim of a flawed and corrupt political and judicial system.
After having carefully followed the 2017 gubernatorial election in Indonesia's capital city of Jakarta, there are a couple of worrying signs. One, the rising influence of hardline Islam on Indonesian politics (and prosecution). Two, the rising influence of a handful of Indonesian "billionaire" businessmen, led by controversial Prabowo Subianto, who seek the highest political power within Southeast Asia's largest economy. Three, the cooperation between the two aforementioned forces as they each strive to fulfill their (separate) ambitions.
Jakarta's gubernatorial election is important for two reasons: (1) it is an important test case to determine the current state of religious and ethnic tolerance (pluralism) within Indonesia, and (2) it forms a prelude to Indonesia's 2019 presidential and parliamentary elections. Today, the second round of the Jakarta gubernatorial election is held, a tight race between incumbent Governor Basuki Tjahaja Purnama (Ahok) and former education minister Anies Baswedan.
At the inauguration of the People's Conscience Party (Hanura)'s new central leadership board on Wednesday (22/02), Indonesian President Joko Widodo said "Indonesian democracy has recently gone over the top". He referred to the various controversial cases and demonstrations that have emerged in recent months involving hate speech related to race, religion, ethnicity and class.
It is not a coincidence that ethnic, religious and social tensions have risen in Indonesia ahead of Jakarta's gubernatorial election on 15 February 2017. Indonesian Police is currently making over hours as various people, including political and religious leaders, have been reported to police for blasphemy or hate speech. One of the people that is being trialed is incumbent Jakarta Governor Basuki Purnama Tjahja (Ahok), who is one of the three men who compete to become the capital's next governor.
On Friday (04/11) a massive demonstration is scheduled to be staged in Jakarta. In this protest rally thousands of people are expected to gather to ventilate their disapproval of incumbent Jakarta Governor Basuki Cahaya Purnama (better known as Ahok). The rally is organized by a coalition of Islamic groups including hard-line group Islamic Defenders Front (FPI) which has often used violence to achieve their targets. The Muslim groups accuse Ahok of blasphemy by misquoting Quranic verses during a speech in Kepulauan Seribu, off the coast of Jakarta, in early October.
After two years in office, the time is ripe now to take a look at the performance and accomplishments of the government under the leadership of Joko Widodo, often called Jokowi. Indonesia's seventh president was a bit unlucky. In the first year of his rule, commodity prices were at multi-year lows (curbing Indonesia's foreign exchange earnings) amid sluggish global economic growth, while capital outflows from Indonesia occurred on the back of monetary tightening in the USA, sending the rupiah to a 17-year low in September 2015.
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