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Kapital News Highlight - Oct 26

Monday, October 29, 2018

• Head of the Creative Economy Agency (Bekraf) Triawan Munaf said that the creative industry sector has contributed Rp1,12 quadrillion (US$73,74 billion) to the gross domestic product (GDP) this year. The contribution has also increased from year to year, from Rp852,56 trillion in 2015 to Rp922,59 trillion in 2016, and reached more than Rp1 quadrillion in 2017. Triawan added that the growth of the creative industry has exceeded growth in the national economy. While the national economic growth was 5,06 percent in the first quarter and 5,27 percent in the second quarter, the creative economy grew around 5,6 percent. (Jakarta Post)

• According to the national disaster agency, the devastating earthquake and tsunami that hit Central Sulawesi last month have cost Indonesia nearly US$1 billion in damages and this amount is expected to continue rising. The agency spokesman Sutopo Nugroho said that the amount estimation is based on Rp11,83 trillion in physical damages and Rp1,99 trillion in economic losses. The official death toll reached 2.256 on Tuesday (23/10) and 1.309 people were still missing. The BNPB data showed that 4.612 people were injured and 223.751 people have been in temporary shelters. Many residential areas were devastated by the disaster which was estimated to cost about Rp10 trillion to rebuild. (Jakarta Globe)

• Indonesia is included in the list of the Top 20 Most Valuable Brand by Brand Finance. Indonesia even hit the first place in the Southeast Asian region. According to a report from Brand Finance that was just released this month, Indonesia was ranked 16th with brand valuations reaching up to US$848 billion and has AA ratings in 2018. The number increased slightly from 2017 which amounted to US$845 billion. (Kontan)

• Indonesian President Joko Widodo received Saudi Foreign Minister Adel Al-Jubeir in Bogor on Monday. The two leaders reviewed bilateral ties and ways of enhancing cooperation. They also discussed the latest regional and international developments. The two countries will hold their first joint ministerial commission's meeting in Jakarta on Tuesday. This month, Riyadh and Jakarta have endorsed two major agreements. As per one of the agreements signed earlier this month, Indonesia will now allow domestic workers to work again in Saudi Arabia. The two countries, Indonesia and Saudi Arabia, has had diplomatic ties since 1950. Indonesia is currently proposing to have a Comprehensive Economic Partnership Agreement (CEPA) with the GCC countries as Indonesia seeks more engagement with the six countries of GCC. (Arab News)

• Second Minister of Finance Indranee Rajah said that Singapore plans to spur investment in infrastructure that is urgently needed in Southeast Asia by helping to structure projects to make them more "bankable". She added that a new government agency called Asian Infrastructure will help connect "supply and demand" for these projects. The Asian Development Bank estimates developing economies in Asia will need to invest US$26 trillion in infrastructure projects until 2030. China's current massive funding of road, rail, and other infrastructure projects in Southeast Asia have raised concerns about the region's excessive dependence on China, and more countries have been looking for self-developed solutions to attract investors. As a regional financial center, Singapore officials increasingly charged the city state as a channel for such investments. (Strait Times)


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