Global Crisis Part II?

The world has repeatedly experienced krisis.Dari regional in nature to the global nature. Indonesia, for example, have experienced the Asian crisis in 1997-1998.

This crisis originated from Thailand which although not spread far from East Asia and Southeast Asia. Recovery of the crisis occurred in 1999 and then we saw economic conditions in East and Southeast Asia including Indonesia continues membaik.Namun, in 2008 the world was a global crisis that started from developed countries are the United States. The whole world felt the impact. East Asian crisis and Southeast Asia (including Indonesia) in 1997-1998 began with the financial crisis then spread to the economic crisis. For Indonesia, this economic crisis also spread to the social and political crisis. While the global crisis also began with 2008-2009 financial crisis, followed by ekonomi.Untungnya crisis, there was no social and political impact of the means.

Now many are saying that the global crisis was over. National income has increased lagi.Namun, often said that the new restoration feels for the financial sector. While the economic sector recovery was more sluggish. Even the social impact of the crisis is still felt to this day. In a recent UNDP report (The Global Financial Crisis and the Asia-Pacific Region, 2009) argued that social recovery is usually slower than the economic recovery. Even the social impacts such as low nutrient in children can last forever.

Meanwhile, many parties are still troubling economic recovery of the world's financial ini.Sistem the cause of all crises are the same as before the crisis. Financial sector is always growing fast, much faster than the growth sectors of the financial sector produksi.Padahal needed to assist the growth of the production sector. Financial sectors like oil for motor vehicles can run with too much baik.Ketika oil, motor vehicles would be shuffled and maybe even strike. That's what happens when the financial sector drove rapidly, leaving growth in the production sector. This has repeatedly occurred.

Financial sector growth is remarkable, which is also reflected by the growth of national income, eventually followed by the financial crisis. Even worse, the dynamics of the financial sector is often highly dependent on? Gossip? Among investors in the sector this keuangan.Ketika investors lose confidence, they trooped to sell their securities. Financial sector to fall and consequently make more confidencejatuh can fall so jauh.Bank hit economy sap.

When the confidence of investors to recover, the financial sector also recovered. However, do not automatically recover the production sector. Restoring production sector requires a longer time than investors confidencepara nurture. Unfortunately, until now we have not managed to regulate the sector controlled by? Gossip? these investors. Would our economy and our social sector continuously influenced by the gossip these investors? If the rumors they make a mess the financial sector, economic sector apart, and social sectors affected long.

If the gossip they improved, improved financial sector, investors prevail lagi.Namun, sector followed with a slow economy, and social sectors will be followed by much slower again. Without a fundamental change in world financial structure, the same pattern will continue over and over. Financial sector grew rapidly, then the crisis, and recovery occurs. Then the financial sector grew rapidly again, and again the crisis. Thus seterusnya.Dengan financial integration and a stronger economy, a crisis will occur even more widespread and mendalam.Jarak from one crisis to another crisis would be shorter.

Financial and economic crisis is feared finally brings social and political crisis. Currently in some countries the property sector has provided heat symptoms. People speculated on race properti.Di sector inflation countries began to worry about a new danger. This all bahaya.Akan signaled another crisis imminent? Volume II global crisis? And, suddenly, last Wednesday (November 25, 2009), Dubai World, a Dubai government owned conglomerate, announced the postponement of payment of their debts.

This indicates this conglomeration keuangan.Sontak difficulties this news makes investors panicked. They raced to sell securities mereka.Namun, because the date 27 days holiday (Idul Adha), followed by week-end, financial markets are closed and not much information obtained from Dubai. On Sunday (November 29) United Arab Emirates government to try to calm investors by saying that they would help the liquidity of the financial sector in Dubai. This week is the week that counts. We'll see whether this crisis will tetapdi Dubai Dubai alone, or be extended to Asia, Europe, and the whole world.

Does the global crisis of volume II? Hopefully, this crisis can be ditahandiDubaidantidakmenjalar Dubai where-mana.Apa Either way, it seems we should have immediately made the financial arrangements of the new world, which does not rely on gossip to investors. Indonesia, in particular, do not have to rush immediately to integrate our financial sector to the world's financial sectors. Indonesia can provide an example to regulate the financial sector so as not to grow leaves production sector growth. Financial sector needs to be returned to the original function of helping the growth of the production sector.

Do the financial sector into a separate profit center, regardless of the production sector, as long as this happens, and always produces a crisis. In addition, to guard against the possibility of a global crisis of volume II, either because of crisis Dubai or any other crisis, Indonesia needs to more attention to the domestic economy. Integration of the domestic economy became far more important than any regional integration or global integration. With the dependence on market and major factor in the country, we can reduce the impact of the global crisis on economic and social sectors of the global kita.Krisis vol clearly shows that we benefit in two ways.

First, the financial sector, we have not really integrated into the world financial sector. Second, the contribution of our exports is still low.

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RI Capital Market After China's Second Best

Indonesian capital markets are considered to be second best after China's capital markets. Where early in the year the stock market has risen to 82.1 percent.

"The stock market rose 82.1 percent. Capital markets (Indonesia) is the second best stock market after China," said Coordinating Minister Hatta Rajasa, a keynote speech at the Seminar on Outlook 2010 at the Ritz Carlton, Jakarta, Tuesday (1 / 12/2009).

Meanwhile, the strengthening of the rupiah is also experiencing up to 15.6 percent and was the highest in Asia. In addition, Indonesia's foreign exchange reserves recorded at USD64, where 5 billion in reserves had dropped to USD51 billion.

"We must face the optimistic in 2010, domestic consumption increased in November 2009," he said.

On the other hand, he said that world economic growth signals and emerging markets strengthened in the quarter III-2009. Even in the G20 forum economy will improve.

Therefore, he was encouraged to do not be discouraged if the economic crisis will continue to be sustainable.

During Indonesia's economic growth good, good employment, keep working hard and passion to make better for the nation and state, "he concluded.

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Taxes For Foreign Workers

Question:

I am working abroad, while the family still living in Indonesia. How tax liability imposed on me? How many restrictions on working abroad are subject to tax?

Regards,

Ariyanto G,
Seoul-South Korea



Answer:

Dear Mr. Ariyanto G,

If you only receive or obtain income from a job abroad, so even if you already have NPWP, no income tax should you pay in Indonesia for:

1. The presence overseas Dad more than 183 (one hundred and eighty-three days); and
2. Income from employment abroad has been taxed abroad.

The above as already stipulated in Regulation Directorate General of Taxation Tax PER-2/PJ./2009 dated January 12, 2009. But on the other side, ie, if the conditions above are not fulfilled or you receive or earn income from Indonesia, you are obliged to pay income tax in Indonesia, according to the applicable tax provisions.

Certainly during NPWP you have not revoked, you remain obligated to deliver the SPT (the Notice) Annual Income Tax, both in terms of you are obliged to pay income tax or not. Because you are currently not in Indonesia, the delivery of the Annual Income Tax SPT can you do with the power to ask for help.

Sarankan terjemahan yang lebih baik

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Kalbe Farma Sales Target 15%

PT Kalbe Farma Tbk (KLBF) targeting sales rose approximately 15 percent in 2010 which was contributed by the addition of approximately 15-20 new products.

"The new product will add to earnings approximately one to two percent of the total. In the first year did not show results," said Corporate Secretary Vidjongtius Kalbe Farma, the public exposure at Investor Summit 2009, at the Ritz Carlton, Jakarta, Wednesday (2 / 12 / 2009).

In addition, the company was optimistic that if the target of approximately 12-14 percent of sales achieved in 2009. The company's capital expenditures menggangarkan approximately Rp400 billion, Rp500 billion.

Funding this capital expenditure plan prepared by the internal. "Capital Expenditures will be used for the maintanance, warehouses, and a new factory," said Vidjongtius.

The plan, next year Kalbe Farma will make acquisitions of products and companies that plan approximately Rp 100 billion will come from internal. While approximately Rp300 billion to Rp1 trillion from an external. "This acquisition could be a joint venture that could be done in stages,"

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September, NIM BCA 6.6%

Vice President Director of PT Bank Central Asia Tbk (BBCA) Setiaatmadja Jahja said that net interest margin (net interest margin / NIM) banks is still high because banks were still taking into account operational costs (overhead costs). BCA is still not lose his NIM level until today.

"We NIM BCA actually rose 0.3 percent from 6.3 percent position in September 2008 to 6.6 percent in September 2009," explained after the event Jahja Investor Summit at the Ritz Carlton Pacific Place Jakarta, Wednesday (2 / 12 / 2009).

Until now, the BCA has a standardized calculation of operational costs. First, take into account the funding base of deposits, savings and time deposits. The calculation of overhead costs and savings deposits must be greater with the overhead cost of deposits.

"Our operating costs are cheaper funds to spend on expensive funds of funds is different. So that will affect the structure calculations," said Jahja.

Second, BCA operational costs also take into account the influence of inflation. For this, the banks will not make the addition of branches as well as working capital increase (capital expenditure). The bank will only calculate rates based on cost plus overhead rate of inflation is happening.

However, because banks in Indonesia are still taking into account the expansion, then the necessary infrastructure is also growing. Impact given overhead cost would also rise.

"BCA and national banks in Indonesia are still watching the second aspect. Thus, costs too much out," he added.

In addition, banks also need to calculate the capital to support expansion. Especially for business growth, the bank also had to compete with international banks. Banks did not merely rely on rights issue or the issuance of subordinated bonds (subdebt), which should increase their own liquidity.

"To increase liquidity, banks need to increase profits. To increase profit, the bank's NIM should be high. If the NIM small, the bank did not dare to expand or increase their capital," he explained.

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Bakrieland Revenue Grows 35% Targeted

PT Bakrieland Development Tbk (ELTY) target revenue grew approximately 35 percent or Rp1, 3 trillion and Rp1, 4 trillion in 2010.

"Revenue of approximately 75 percent of City property and landed residence and the remaining 20 percent of the hotel," said Director of Finance ELTY Sadeli Ferdinand, as public exposure at Investor Summit 2009, at the Ritz Carlton, Jakarta, Wednesday (2/12/2009) .

In addition, the company's capital expenditures budgeted approximately Rp2 trillion and Rp2, 5 trillion in 2010. Where approximately Rp1 trillion will be used for highways and approximately Rp1, 2 trillion for the property. "Rasuna 50 percent of the epicenter, and the rest to Bogor Residence, Bali," said Ferdinand.

Director ELTY Hiramsyah Thaib said, is still waiting for the payment of limitless liability for the divestment of 30 percent stake in a subsidiary of USD110 million worth of payments have been paid in part. "It is estimated to be completed in the first quarter of 2010," said Hiramsyah.

Hiramsyah added, Rasuna project has been delayed because the epicenter was concentrated on 4 other projects. Second quarter expected to be completed-2010.

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If EPS 25%, JCI May 3000

composite stock price index (JCI) can penetrate the 3000 level by 2010. Condition, the average earnings per share (earnings per share / EPS) reached 25 percent, and price earnings ratio (PER) no change in the range of 14-15 percent.

"I am optimistic that 2010 could be 3000. Cateris requirement is no paribus, there is no event that shook Indonesia, the world, it can reach that number," said Rizal capital market practitioners Bambang Prasetijo in seminars at the Investor Summit and Capital Market Expo 2009, at the Ritz -Carlton Pacific Place, Jakarta, Wednesday (2/12/2009).

This year, according to him, the return on investment in the country is experiencing an increase. In 2008, the equity return has decreased 59 percent, while this year increased 108 percent.

"This is not independent because of the asset reflation, and for investors interested in Indonesia's position that there is political stability. In contrast to neighboring countries like Thailand, Philippines, or Malaysia, which experienced political kegempaan," he said.

The man who served as Senior Country Officer of JP Morgan also explained, the current ranking Indonesian debt rating by Standard and Poor's was in the level of BB-. And at least Indonesia could get BB + rating. Regarding this, Rizal saw the injustice of the rating agencies.

"Yet this is a big influence. Because to get investment grade status (eligible investments), then the cost of capital should be lower," he explained.

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PTBA Project Coal Sales Rise 20%

PT Tambang Coal Bukit Asam Tbk (PTBA) coal sales projected for next year would increase by 20 percent or 15 million tons from the target for this year is 13.2 million tons.

"Next year we are projecting sales rose 20 percent to be 15 million. Now 13.2 million, the market will go up. If the price could rise as the beginning of 2008 our revenues will peak," said Director of PTBA Sukrisno Investors press conference after the Summit at the Ritz - Carlton Pacific Place, Jakarta, Wednesday (2/12/2009).

He also predicted the end of this year will receive PTBA net income well above Rp9 trillion with an estimated price obtained through third-quarter 2009, which for $ 36, 93 per ton.

The PTBA coal production during the period January-September 2009 reached 8.59 million tons or up approximately 11.1 percent compared to the same period last year, while sales volume reached 8.73 million tons for the same period reached Rp6 income, 55 trillion.

"The composition of sales of coal for export and domestic in the period January-September 2009 consisting of 70 percent domestic and 30 percent of exports," he added.

Also next year will also continue PTBA acquisition of eight mining contracts with a total budgeted investment of Rp2 trillion, or increased compared to the previous investment that reached Rp1, 5 triiun. Currently still in the process of due dilligence.

"I hope there are one or two companies that could be obtained. In this little choked up because some companies do not fit the criteria," he added

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Explore Telkom Bakrie Telecom Acquisition

PT Telekomunikasi Indonesia Tbk (TLKM) explore the acquisition of shares few telecommunications operators in the country, one of Bakrie Group's companies namely PT Bakrie Telecom Tbk (BTEL).

"Operators are intending medium-scale players, not the top three. Possibly it will teralisasi," said Finance Director Sudiro TLKM Asno, through the Investor Summit 2009, at the Ritz-Carlton Pacific Place, Jakarta, Wednesday (2 / 12 / 2009).

However, he added that if the current company has not decided which companies would be acquired.

Meanwhile, the Corporate Services Director of Bakrie Telecom Junaidi Rachmat said, Bakrie Telecom has not heard the news that the acquisition plan. The Company is also not intended to release the stock to other parties.

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Replace Heavy Equipment, Indocement Need Rp600 billion

Initiative PT Indocement Tunggal Tbk (INTP) budgeted capital expenditure (capex) for Rp550, 600 billion in 2010. Capex is the plan used for the replacement of heavy equipment (replacement) that funds will be taken entirely from the company treasury.

This was revealed by Executive Director, Chief Financial Officer Christian Kartawijaya ITMG as public exposure in Investor Summit, at the Ritz-Carlton Pacific Place, Jakarta, Wednesday (2/12/2009).

"Capex is used for replacement, equipment, additional mixers, heavy equipment, the heavy equipment that is due to be replaced," he said.

Whereas in 2009, corporate capex budgeted for only Rp70 billion. Not only that, the company is also in the process of completing two cement grinding unit (cement mill) in Cirebon is scheduled to be completed in the quarter I-2010.

With this cement pengilingan, total company production capacity will be 2.4 million tons per year per unit is 1.2 million tons. "Investment USD35 per ton," he said.

In addition, demand for cement companies is still considered to grow. Therefore, it plans to do two projects that add a new cement mill in Citeurep which will start mid next year.

The initial stage of cement mill building is approximately 200 billion. "So the total capex for 2010 will be approximately Rp760 billion," he said.

In addition, if the demand for cement remains strong, it will add a new plant with a capacity of 3-4 million tons per year. "We will add 3-4 million tons. The capacity of 2-3 million tons will be ready in 2013," he explained.

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Foreign companies vie Bakrieland Project

PT Bakrieland Development Tbk (ELTY) said the five companies interested in property to Rasuna Epicentrum Superblock project. This step is to anticipate the limitless LLC out of the project following the postponement of the main debt business, Dubai World.

"There is so much interested," said President Director ELTY Hiramsyah S Thaib, the public exposure at Investor Summit 2009, at the Ritz Carlton, Jakarta, Wednesday (2/12/2009).

So far, a number of companies that interested many in the Rasuna Epicentrum project. They come from foreign companies and local firms. Foreign companies are interested, among others from United Arab Emirates, Qatar, and other Middle East countries. "In principle Indonesia is still a place that is conducive to investment by foreign investors," he said.

According to Hiramsyah, limitless has bought 30 percent stake ELTY through three subsidiary valued at USD110 million. Details, PT Bumi Daya Makmur Rp130, 13 billion, Superwish Perkasa PT Rp176, 54 billion and PT Bakrie Main Swasakti Rp274, 425 billion. Then the transfer of accounts receivable plus for Rp419, 904 billion. "The business that has Rasuna Epicentrum," he said.

From USD110 million worth of commitments he explained, had given some of limitless funds. Only he did not explain in detail the values that have been deposited into the ELTY. He also does not explain the provisions of the divestment agreement, if finally out of the project limitless Rasuna Epicentrum. "We can not say berapanya, which clearly kucurannya classified material," he said.

Only Hiramsyah confirmed, the company will not accept the offer of the property companies before a decision is made from limitless. "Although they are interested, we will hold on decision limitless," he said.

He explained that currently the company is still waiting for an answer limitless commitment to the project Rasuna Epicentrum. Hopefully, early next year limitless already can provide the answer.

Is limitless subsidiary of Dubai World, a giant property company from Dubai. Last weekend, Dubai World announced a request for postponement of the bond debt payments fall due. Dubai World has an obligation to record USD59 billion, or control of most of Dubai's total debt reached $ 80 billion.

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