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OIL PRICES SEPT 23: WTI Dips, Pressured By Selloff After Gains

23

Sep

OIL PRICES SEPT 23: WTI Dips, Pressured By Selloff After Gains

On the other hand, the weakness of oil was also affected by the caution ahead of the OPEC meeting next week in Algeria to discuss the possibility of [...]

OIL PRICES SEPT 23: WTI Dips, Pressured By Selloff After Gains. On the other hand, the weakness of oil was also affected by the caution ahead of the OPEC meeting next week in Algeria to discuss the possibility of cooperation in terms of production in order to withstand the global supply excess. Based on Bloomberg data, the WTI oil price for the November contract weakened 1.14% or 0.53 points to US$45.79 per barrel at 11.47 WIB, after opened with a weakening of 0.54% at the position of US$46.07. At the same time, the European benchmark Brent oil for the November contract weakened 0.86% or 0.41 points to the level of US$47.24, after opening down 0.48% or 0.23 points at the level of 47.42. According to traders, as reported by Reuters today, the weakness in the price of crude oil was mainly caused by the sell-off following the strong price in the previous two trades. The price weakness may also be influenced by the increase in crude oil stocks, with global production having exceeded the amount of consumption with almost no disruption since mid-2014. `Supply has risen again, and the large number of refining capacity have exited the market, meeting the demand for crude oil,` said the commodity broker Marex Spectron. On Thursday (22/9), the price of WTI oil for the November contract closed up 2.16% or 0.98 points to US$46.32, while the European benchmark Brent oil for the November contract ended sharply up 1.75% or 0.82 points to US$47.65 per barrel.

OPEC to hold informal meeting in Algeria next week

23

Sep

OPEC to hold informal meeting in Algeria next week

Al-Sada, OPEC's current president, said the meeting will take place on the sidelines of the 15th International Energy Forum next Wednesday, a news [...]

Jokowi to Economists, Business People: Next Year Global Economy to Decline

22

Sep

Jokowi to Economists, Business People: Next Year Global Economy to Decline

In his remarks, Jokowi revealed that he had met with several global economic institutions such as the World Bank, the International Monetary Fund [...]

Jokowi to Economists, Business People: Next Year Global Economy to Decline. In his remarks, Jokowi revealed that he had met with several global economic institutions such as the World Bank, the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD). The meeting discussed the global economic conditions and economic condition projections for 2017. According to Jokowi, the three institutions are still pessimistic that the economic conditions next year will be better than this year.`Everyone remains pessimistic that global economic growth will improve next year, and they even said that there will be another decline. I think this is bad news,` Jokowi said at the State Palace, Thursday (9/22/2016).Even so, Jokowi is still optimistic that next year Indonesia will still be able to grow. Jokowi's confidence emerged when he saw the optimistic attitude of Indian Prime Minister Narendra Modi, during the G-20 meeting in Hangzhou, China on 4-5 September 2016.`During the G-20 meeting yesterday, the most optimistic person I saw was Narendra Modi, who was still optimistic that it will improve again. I want to pick up on his point, if India dares to be optimistic, why can't we?` said Jokowi.According to Jokowi, this optimistic attitude must still be balanced by improvements domestically.`We need to make some big changes. If we don't, I'm sure we will be left behind,` said Jokowi. (hns/dna) 
M Iqbal - detik
http://finance.detik.com/berita-ekonomi-bisnis/d-3304205/jokowi-ke-ekonom-dan-pengusaha-tahun-depan-ekonomi-dunia-akan-turun

KPPU Reveals Two Sources of the Sugar Business Problem

21

Sep

KPPU Reveals Two Sources of the Sugar Business Problem

The first being efficiency in sugar factories. The second is import policy. Syarkawi said that many government-owned sugar factories are still [...]

KPPU Reveals Two Sources of the Sugar Business Problem. The first being efficiency in sugar factories. The second is import policy.
Syarkawi said that many government-owned sugar factories are still inefficient. The proof of this being that the cost of production per kilogram of sugar can reach Rp 8,500 to Rp 9,000.
In fact, Syarkawi says, some privately owned sugar factories can be more efficient. The cost of producing one kilogram of sugar can be only Rp 4,000.
`Private industry is incredibly efficient. The problem is with the government sugar factories. They are not competitive when compared to the international sugar price of around Rp 6,500,` Syarkawi said during the Coordiantion Meeting for Industry and Trade of the Indonesian Chamber of Commerce and Industry (Kadin Indonesia) in Jakarta on Tuesday, 20/9/2016.
According to Syarkawi, one of the causes of inefficiency in government-owned sugar factories is their condition due to old age.
Meanwhile, another source of the sugar problem is the import policy set by the government.
`Why does the government always limit the food commodity business in the upstream sector? Even though, as we know, we cannot meet domestic demand,` he said.
Together with the high price disparity between domestic and imported sugar, Syarkawi added, this opens up the opportunity for bribery practices.
`Why? Because the profit margin is large, so that various means are used to secure an import allocation. I think, why don't we just liberalize it in the upstream sector?` Syarkawi added.
If the government argues that it must protect farmers, according to Syarkawi, it should do this not by restricting imports, but rather by using a direct protection system.
`To do this, farmers must be helped to increase their productivity and efficiency,` Syarkawi said.

Author
: Estu Suryowati

Editor
: M Fajar Marta

World oil price fluctuates ahead of producers' meeting

21

Sep

World oil price fluctuates ahead of producers' meeting

The U.S. benchmark, West Texas Intermediate (WTI) crude for October delivery, added 0.14 U.S. dollars to settle at 43.44 U.S. dollars a barrel on the [...]

World oil price fluctuates ahead of producers' meeting. The U.S. benchmark, West Texas Intermediate (WTI) crude for October delivery, added 0.14 U.S. dollars to settle at 43.44 U.S. dollars a barrel on the New York Mercantile Exchange. Meanwhile, the European benchmark, Brent North Sea crude for November delivery, decreased 0.13 U.S. dollars to close at 45.88 U.S. dollars a barrel on the London ICE Futures Exchange. U.S. oil prices got some support after Algerian Energy Minister Noureddine Bouterfa said Tuesday that instead of informal talks, OPEC will likely hold a formal meeting as it and other major oil producers are moving toward an agreement to cut crude production by one million barrels per day to rebalance the market. In addition, Venezuelan President Nicolas Maduro said Sunday that OPEC and non-OPEC countries were close to reaching an agreement to stabilize the oil market. OPEC members and Russia are set to meet in Algiers from Sept. 26 to 28 to discuss ways to stabilize the market.In the meantime, traders are also looking ahead to the release of U.S. oil inventory data. The U.S. Department of Energy will release the stockpile figures on Wednesday. `A significant increase in U.S. stocks is predicted by many analysts -- of more than two million barrels -- which would indicate that global oversupply was ongoing,` said analyst Bill Hodder at brokerage firm Love Energy, as quoted by Xinhua.    (UU.A026)
Editor: Ruslan Burhani
http://www.antaranews.com/berita/585535/harga-minyak-dunia-bervariasi-jelang-pertemuan-produsen

Industry Ministry Pushes for Increase in Domestic Rubber Consumption

21

Sep

Industry Ministry Pushes for Increase in Domestic Rubber Consumption

“The rate of domestic consumption is still way below Malaysia, China and India, which utilize over 40 percent of their production,” Airlangga [...]

Industry Ministry Pushes for Increase in Domestic Rubber Consumption. “The rate of domestic consumption is still way below Malaysia, China and India, which utilize over 40 percent of their production,” Airlangga said via press release in Jakarta, Tuesday.According to him, domestic natural rubber consumption for producing goods with high value added comprised about 20 percent of the total national production.In relation to that, the government believes that steps to increase domestic natural rubber consumption must be taken immediately. Moreover, with the policy of the government in the development of sea toll roads, it is deemed to be a big opportunity for the rubber industry to support the needs of the port development, such as rubber dock fender, rubber floating fender, and rubber bumper. “The government will build 24 ports, including the deep sea ports of Kuala Tanjung, Tanjung Priok, Tanjung Perak, Makasar and Sorong, four of which are already underway,” Airlangga said.Meanwhile, Director of Downstream Chemical Industry of the Ministry of Industry Teddy C Sianturi said that the effort to increase domestic natural rubber consumption needs to be supported by the ability of the national industry to absorb natural rubber.“Natural rubber consumption, which currently stands at 580 thousand tons per year, still has the potential to be increased,” he said.The efforts that need to be carried out include export intensification or extensification of rubber goods, as well as the creation of new industrial branches such as aircraft tire industry and aircraft vulcanization industry, which have the potential to absorb natural rubber and generate national foreign exchange.“We have also made efforts in strengthening the rubber goods industry structure, providing incentives to high-tech and export-oriented industries, as well as developing industrial estates,” he explained.Teddy added that the program of increasing domestic natural rubber consumption must be accompanied by sustainability and development of existing industries. “One of them is the tire industry, as an industry that absorbs 45 percent, or about 270 thousand tons of the total domestic natural rubber consumption,” he said.He said that tires are one of the mainstay export commodities, with 70 percent of total production allocated for export markets and export value reaching 1.5 billion US dollars per year. “Tires are a product whose market share is determined by market mechanisms. Variation of the models, sizes, and technologies applied determine the brand image in the society,” he said.
Editor: B Kunto Wibisono
http://www.antaranews.com/berita/585468/menperin-dorong-peningkatan-konsumsi-karet-dalam-negeri

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