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Kapital News Highlight - Nov 2

Monday, November 5, 2018

  • According to Moody's Investor Service, ASEAN is ripe for Islamic banking. Although there are still many challenges that must be overcome, the authorities are clearly taking steps to develop the sharia banking sector. Currently, Malaysia and Indonesia are actively making regulatory efforts to maintain sharia banking which can encourage the economic growth in regions which have a significant number of Muslim populations. Moody's vice president Simon Chen said that to translate the favourable conditions into actual growth required government commitment to develop Islamic banking sectors. In the report that was just released by Moody's, one of the factors that made Islamic financing low in penetration in the region was caused by the fact that most governments have not actively sought to develop the sector. This gave impacts on the low level of public awareness and the lack of incentive for banks to devote resources to develop it. (The Jakarta Post)
  • Data from the Central Bureau of Statistic (BPS) showed that the total number of foreign tourist arrivals in Indonesia in September decreased 10,56 percent from the previous month. Head of the BPS Suharyanto said that the decline in September was normal as the holiday season had been over and autumn began in that month in Europe. The sharpest decline in the number of arrivals was recorded in Tanjung Benoa, Bali and followed by South Sumatra. Meanwhile, the highest increase was recorded in Manado after the opening of a direct flight with China and followed by West Kalimantan that had visitors from Malaysian tourists. More than 65 percent of foreign visitors come to Indonesia by air with the largest number recorded coming from China, Malaysia, Timor Leste, and Australia. (Antara News)
  • According to a joint report by the World Economic Forum and global research firm A. T. Kearney, Indonesia has a great potential to become the leading manufacturing hub in Southeast Asia if the country can fully embrace the fourth industrial revolution to optimize productivity. The report shows that Indonesia is currently in the "nascent", or third, stage of adoption of the fourth industrial revolution. While, Thailand and Philippines are in the "legacy", or second, stage and Singapore and Malaysia are in the "leading" stage. The report said that some countries, such as Singapore and Malaysia, are already advanced as they are preparing strategic blueprints for the digital disruption associated with the fourth industrial revolution. Meanwhile, the other countries in ASEAN are still building awareness of the ecosystem. (Jakarta Globe)
  •  The International Chamber of Commerce's (ICC) International Court of Arbitration stated there are three keys to ensure that China's Belt and Road Initiative can be successful in the long run. The three keys were transparency, sustainability, and a reliable and neutral dispute resolution system. Earlier this year, Lagarde said that strategies must be prepared to address challenges in the balance payment, especially in countries where public debt was already high. The president of the ICC's International Court of Arbitration Alexis Mourre said that a good starting point is ensuring transparent decision-making. A comprehensive framework between various institutions involved in the Belt and Road Initiative will help provide clarity for all stakeholders. (Jakarta Post)
  • The Indonesian Consulate General in Sydney and the Australian Minister of Education will enhance cooperation, especially in the field of Indonesian language learning for school students in South Australia. The cooperation in this field was the main focus of the discussion between the two countries. The Consul General Heru Subolo emphasized that language plays an important role in strengthening people-to-people relations in different nations, cultures, and backgrounds. The South Australian Minister of Education John Gardner said that he fully support and encourage the completion of a memorandum of understanding (MoU) draft in the field of Indonesian Language program between South Australia and Indonesia. The draft will formalize the cooperation between the two countries in the Indonesian Language learning and support the promotion of Bahasa Indonesia at schools at the state. (Antara News)

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