Stories from Indonesia

The Indonesian Financial Services Authority (OJK) reported that the financial services sector grew by 7.92 percent, marking its highest growth rate since 2021.

The Indonesian financial services sector grew by 7.92 percent, marking its highest growth rate since 2021. OJK reported that the financial services sector continues to increase its contribution to the economy.

Indonesia currently applies import duties ranging from 5% to 15% on plastic products and 5% on liquefied petroleum gas. The volume of imports may be increased by an additional 50 million barrels to fill Indonesian storage systems. This policy aims to establish LPG as an alternative raw material to replace naphtha, which is currently difficult to obtain. The decision specifically targets the petrochemical and plastics sectors. This follows a review of zero-percent subsidies for various polymers including polypropylene, polyethylene, LLDPE, and HDPE. Officials noted that domestic LPG industry development is hindered by limited local production of C3 and C4 raw materials. The government is also considering coal downstreaming as part of its energy strategy. The Indonesian government is considering the removal of taxes on plastic and Liquefied Petroleum Gas (LPG).

Indonesia has completed the evacuation of people following a ship sinking incident that resulted in 14 deaths and 84 injuries. The evacuation process was finalized to manage the casualties and survivors of the maritime accident. Rescuers in Indonesia have completed the evacuation of victims from the wreckage of a train crash that occurred on Monday. The accident resulted in 15 deaths. The evacuation process follows the recovery of victims from the site.

A security sector worker from the United Arab Emirates reported that a February delivery to the Middle East remains stuck in Indonesia. The worker stated that Middle East clients are currently negotiating but refusing to place new orders. The shipment delay is attributed to the Iran War effectively shutting the Strait of Hormuz. Additionally, the source noted that logistics costs have increased significantly due to the conflict. CZI CEO Liao Kewen confirmed that a February delivery is still held in the country. The United Kingdom and France have held meetings regarding the security and reopening of the Strait of Hormuz. Discussions are currently in the early stages. Efforts are being made to support international diplomatic solutions to secure the strait. The situation is impacting global supply chains and energy prices.

Indonesia is planning to remove import duties on certain plastic products and liquid-fired petroleum used by the petrochemical industry. Currently, the country applies import duties ranging from 5% to 15% on plastic products and 5% on liquid-fired petroleum. The move comes as producers face shortages of NAFTA. These measures aim to address cost pressures faced by producers. The Middle East conflict is disrupting 60% to 70% of Indonesia's naphtha imports from the Middle East. Naphtha is a flammable liquid hydrocarbon produced during crude oil refining. The disruption is impacting the availability of this essential material in Indonesia. The disruption is linked to ongoing regional instability. The conflict and the blockade of the Strait of Hormuz are causing fuel market instability and issues at gas stations in Poland.

Recovery of the railway track and signaling system following a train incident is expected to be completed between 16:00 and 17:00 local time. The KRL train stopped on the track after being struck from behind. Authorities are conducting an evaluation of the incident to improve future safety. Passengers are advised to remain patient while the system is being restored.

A severe train accident on the Indonesian island of Java resulted in 14 deaths. Rescue teams confirmed that all passengers previously trapped inside a severely damaged female-only carriage were successfully evacuated. President Prabowo Subianto visited the site on Monday. Four of the 14 victims are residents of Jakarta, including one teacher living in Jagakarsa. Emergency responders used metal cutters to reach survivors trapped in the wreckage. Indonesian police are currently investigating the causes of the incident. Rescuers are using specialized personnel to perform careful extractions due to the difficult conditions. There is hope to evacuate some victims alive, though some remain trapped in the wreckage. The source noted the material damage to the train is. A motorcyclist died following a collision with a deer on the N33 highway near Assen.

Fourteen people died in a fire that started in a snack bar on Java around 12:30 AM. The fire spread to a nearby supermarket and a hair salon. Residents of six adjacent houses were evacuated and taken in by family and local authorities. The cause of the fire remains unclear as of 6:30 AM. The fire department responded to the scene shortly after 12:30 AM. The fire was described as having burned out. An official investigation has been launched into the collision/fire incident to determine the full impact.

A survivor of the train collision near Jakarta reported being in the fifth car at the time of the impact. The incident occurred in Bekasi, Indonesia. Indonesian rescue teams are attempting to reach survivors following a deadly collision between two trains near Jakarta. Rescue efforts are ongoing to assist the injured. All confirmed deceased are women, as the intercity train was designated exclusively for female passengers. The report cited railway operators as the source of the information. A police correspondent reported four fatalities following shootings in Efeti and Evka. The source noted the incident appears to involve a mentally disturbed individual. At least 14 women died and more than 80 people were injured in a collision involving two trains at the Bekasi station on Monday night.