The government is trying to put a brake on the issuance of new debt in the form of government securities (SBN)

because it considers global risks that have the potential to suppress demand for SBN and increase yields or yields. The Governor of Bank Indonesia, Perry Warjiyo, said that pressure on SBN yields could occur if the United States raises US Treasury yields. "Yesterday the figure was 2.3 percent and it is likely to increase. If it increases, then by market mechanism there will be pressure on SBN yields," said Perry at a press conference of the Financial System Stability Committee, yesterday. He said he would coordinate with the Ministry of Finance to discuss the fair yield of SBN which would remain attractive to foreign capital. The increase in US Treasury yields is only one of the risks that BI is anticipating, in addition to the potential increase in US central bank interest rates and the impact of the Russia-Ukraine war on interest rates. global interest. BI estimates that the Federal Reserve's interest rate hike will be larger than previously predicted. "We estimate five times the other day, with a high increase in US inflation and the impact of Russia-Ukraine geopolitics. We predict a seven-fold increase in the Fed Fund Rate and possibly higher," said Perry.

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Minister of Industry Agus Gumiwang Kartasasmita said the finding of stagnation in supply from producers or suppliers to distributors was the result of inspections to distributors which stated that supply from producers was still stagnate.

Agus said that there are obstacles in distributing cooking oil on every line, starting from production at the manufacturer level, distribution at the first and second distributor levels (D1 and D2) as well as at the retail level. "Even if the producer complies with what we are assigned to produce, then what we have to check is where the goods go, whether to distributors or seeping elsewhere, most likely repacking or entering the industry," he said. At the producer level, he has written to 24 manufacturers who has not fulfilled the production obligations according to the assignment. Of these, there are six manufacturers that have not produced at all. “There are still zero as of today, there are around six. Maybe they have produced but have not been inputted in Simirah," he said. Of the volume assigned to production of 194,000 tons of bulk cooking oil during April 2022, producers have fulfilled 80,000 tons as of April 13, as reported in Simirah. With this amount, the average production per day reaches 6,100 tons, almost meeting the national demand, which ranges from 7,000 tons to 7,7000 tons. However, he stated that verification of production data is still needed. In addition, the distribution flow from producer to retailer level also needs to be monitored. “This is what we have to check where the 80,000 tons go, to D1 or to other places. Is it true that 80,000 tons, we also have to check," he said. Agus also said that the process of disbursing the bulk cooking oil subsidy was still waiting for the recruitment of verifiers at the Palm Oil Plantation Fund Management Agency (BPDPKS). According to him, this is also an obstacle in implementing the subsidized bulk cooking oil program regulated in the Minister of Industry Regulation No. 8/2022.

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The Legislative Body (Baleg) of the House of Representatives (DPR) is preparing to discuss the Draft Job Creation Law following the decision of the Constitutional Court (MK) which declared it conditionally unconstitutional.

The plan to review this bill is carried out in line with the completion of the revision of Law Number 12 of 2011 concerning the Formation of Legislation or the PPP Bill. "We are communicating with the government, whether it is a proposal from the DPR or a government initiative," said the chairman of the Legislative Council, Supratman Andi Agtas, yesterday. He said the discussion of the Job Creation Law had to start from the beginning. The Constitutional Court's decision stated that the omnibus regulation was a formal flaw in the discussion. The government and the DPR were given two years to fix it. According to Supratman, after the recess, the DPR will immediately meet with the government to determine who is considered the initiator of the drafting of the law. Later, he continued, it could be that the substance of the bill will change completely or not change much. "It's just a new arrangement. It will depend on the political understanding between the government and the DPR," he said.

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The meeting around lunch time in the Reconfu Room of the South Sumatra Police Headquarters in Palembang

The representative of Akidi Tio's extended family, a businessman from Langsa, Aceh, who has lived in Palembang for a long time, handed over a donation of IDR 2 trillion, which means almost half of Palembang City's 2021 revenue plan. All donations are intended for handling the Covid-19 pandemic in South Sumatra. That afternoon, the handover of the donation was preceded by the reading of a letter from the family which was read by the extended family doctor of the late Akidi Tio, Hardi Darmawan. The letter contained the reasons why the family spent that much money. Hardi said the deceased emphasized to all of his children that to be successful one must help those in need. This never-ending corona epidemic has pushed Akidi's descendants together. His children, who are in the container business, contractor, plantation, and other businesses, have joint ventures. This global disaster is a field of sharing. As the meaning of the name Akidi which means belief, said Hardi, then be optimistic despite the pandemic. Akidi's youngest child, Heriyanti, who lives in Palembang, handed over assistance to the South Sumatra Police Chief Inspector General Eko Indra Heri. Provincial level officials were present. There was the Governor of South Sumatra Herman Deru and the Danrem 044 Garuda Dempo Brigadier General Jauhari Agus Suraji. Religious and community leaders were also present. According to the plan, the donation money will be sent today, Wednesday (28/7), to the account of the task force that will be formed by the South Sumatra Police Chief. So that the use is right on target, Eko will call a team of experts, asking for opinions on what is needed in the field.

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Coal producers are faced with a larger renewable energy mix in the future.

This challenge is actually being addressed by the more agile coal companies develop downstream and enter the new renewable energy (EBT) sector. Corporate secretary of PT Bumi Resources Tbk (BUMI), Dileep Srivastava said, his party is aware that in the future, there will be an increase in the role of renewable energy. Therefore, BUMI is actively exploring a number of sustainable business areas. "First, through PT Kaltim Prima Coal and PT Pendopo Energi Batubara, we offer solar power. Then, explore the feasibility of various green energy projects," In addition, together with its subsidiary Kaltim Prima Coal, BUMI is working on gasification of coal into methanol with a capacity of 1 ,8 million tons per year. "Coal downstream projects such as methanol and chemicals are in accordance with national priorities," he said.

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Director General of Mineral and Coal at the Ministry of Energy and Mineral Resources (ESDM) Ridwan Djamaluddin said the government continues to encourage the use of technology to produce cleaner energy from coal processing.

However, he assessed that the mastery of the technology was still limited so that it had not yet reached the expected economies of scale. "This challenge is so great that the various coal downstream projects that have been launched so far are still running at a speed that has not met expectations," he said. coal. Therefore, the application of technologies such as carbon capture, utilization, and storage (CCUS) is urgent. CCUS technology is believed to be effective in reducing CO2 emissions due to coal combustion. "Based on a 2015 study by PLN and the World Bank, CCUS is technically feasible to be developed in Indonesia," he said. Indonesia does not yet have a target to stop the use of coal because it still has a high dependence on this commodity. One of the factors driving the development of PLTU is the large coal reserves in Asia Pacific. Specifically for Indonesia, there are coal reserves of 38.84 billion tons which can last for the next 65 years, assuming a production of 600 million tons per year. General Chairperson of the Indonesian Coal Mining Association (APBI) Pandu Sjahrir assessed that carbon credit trading could be a bridge for the coal industry to become carbon neutral.

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Palm oil is one of the strategic commodities that has a big role in the lives of the people of Riau Province. Apart from playing a good role in the economic aspect,

oil palm also plays a role in the social aspect. Executive Director of the Palm Oil Agribusiness Strategic Policy Institute (PASPI) Indonesia, Tungkot Sipayung said that the export value of palm oil products from year to year continues to increase in Bumi Lancang Kuning. Even from the data provided by PASPI, from 25 palm oil producing regions in Indonesia, Riau has the top position in producing Crude Palm Oil (CPO) in Indonesia. "Annually, CPO from Riau accounts for 20 percent of the total CPO of all palm oil producing areas in Indonesia. After Riau, Central Kalimantan is in second place with 17 percent," said Tungkot Sipayung, who currently has the largest palm oil plantation in Indonesia, almost 3 million hectares. Of that amount, about 2 million hectares are community gardens. "So, of the 3 million hectares of oil palm plantations in Riau, 65 percent are community gardens. 33 percent are privately owned and only 2 percent are state-owned," said Tungkot. According to Tungkot, the distribution of CPO from 12 regencies/cities in Riau, Pelalawan Regency is in the top position of 1.4 tons per year. Followed by Rokan Hulu with 1.2 million tons and Siak with 1 million tons. From all of this, Tungkot believes that palm oil products are the largest foreign exchange-producing commodity in Riau Province outside of non-oil and gas exports. "Moreover, Riau's oil and gas exports are decreasing every year. If you calculate it, last year's palm foreign exchange from Riau was close to 5 billion USD. It's a little different from Oil and Gas," he said.

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The World Bank recommends that Indonesia mitigate and overcome the employment crisis that has the potential to increase unemployment and the poor due to the ongoing economic uncertainty due to the Covid-19 pandemic.

Social assistance programs need to be continued and jobs, especially for the middle class, also need to be created. Director of the World Bank for Indonesia and Timor Leste Satu Kahkonen, said that the world, including Indonesia, was experiencing a recession due to the COVID-19 pandemic. However, Indonesia's recession rate is not as severe as the world average. In 2020, world economic growth will be minus 3.5 percent, while the Indonesian economy will grow minus 2.1 percent. This crisis has caused millions of people in Indonesia to lose their jobs and fall into poverty.” However, with the policies introduced by the government, Indonesia can prevent more people from falling into poverty. One of them is through social assistance policies," said Kahkonen at the launch of the World Bank report on "Indonesia's Economic Prospects to Accelerate Recovery" June 2021 edition which was held virtually. The World Bank noted that during February 2020 to February 2021, around 1.8 million Indonesians were unemployed, 3.2 million people lost their jobs, and approximately 300,000 young prospective workers entered the labor market. Meanwhile, 2.8 million people have fallen into poverty as of September 2020.

|•SOURCE•| Image :TIMES |

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The World Bank in its Indonesia Economic Prospects June 2021 report entitled Boosting The Recovery which was released yesterday,

highlighted the fiscal strategy implemented by the government. In the report, the World Bank noted that medium-term tax reforms are very important to help recover revenues and increase fiscal resilience. One of the points proposed by the agency is to reduce the value of the taxable income layer at a rate of 30%. This means that the 30% Income Tax (PPh) rate is imposed on income below IDR 500 million. This step is believed to be able to expand the tax base and increase state revenue from the side of personal income tax. As for the Draft Law on General Provisions and Tax Procedures (RUU KUP), the government does not change the layer and amount of tariffs for taxable income of Rp. 500 million and below. The 30% rate is only used for layers of taxable income above IDR 500 million – IDR 5 billion. “There are several avenues for increasing revenue in the medium and long term. One of them is changing individual tax rates for lower incomes, thereby increasing revenue potential,” wrote the World Bank. The agency also advised fiscal authorities to increase oversight of the rich and super-rich in order to explore potential revenues. The trick is to form a special supervisory team. Meanwhile, the government has a different scheme compared to the World Bank's proposal. Instead of using a 30% tariff limit, the fiscal authority added a new layer of 35% tariff for taxable income above IDR 5 billion. The World Bank also criticized the application of final PPh to a number of sectors. The final PPh scheme is considered to have eroded state revenues and this scheme is only enjoyed by the upper class.

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Many acts of tackling coal because it is claimed that it is not environmentally friendly do not necessarily make the price of the stone fall freely.

Supported by strong fundamentals, coal prices have even crawled up again. After the rich countries joined in the G7, now it's China's turn as the world's largest coal consumer to act. China seeks to reduce carbon emissions. One of them is by canceling the investment in foreign coal-fired power plant capacity. "The amount of capacity canceled since 2017 is 4.5 times higher than the amount that went into construction during that period," Reuters wrote, based on research by the Center for Clean Energy and Air Research (Crea). Crea said since 2016, the top 10 banks involved in global coal financing have been Chinese. About 12% of all coal-fired power plants operating outside China can be attributed to Chinese banks, utilities, equipment manufacturers and construction companies. But although 80 gigawatts of China-backed capacity are still a work in progress, many projects could face further setbacks. The report claims this is due to increased public resistance and financing is becoming more difficult.

|•SOURCE•| Image :bloomberg |

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The meeting of the G-7 or Group of Seven countries has agreed to increase efforts to overcome the impacts of climate change.

One of the efforts made is to stop the use of coal. The seven countries, namely Canada, France, Germany, Italy, Japan, Britain and the United States, also renewed a pledge to raise 100 billion US dollars per year to help poor countries reduce emissions. Environmental expert and "People's Champion" UK COP26, Sir David Attenborough, at the G-7 meeting in the UK said, our world is currently experiencing a tremendous setback. “The climate is heating up fast, no doubt about it. The inequality of our society and nation is clear,” said Sir David Attenborough as released by the British Embassy in Jakarta, “Coal power generation is the biggest cause of greenhouse gas emissions. Global investment in coal-fired power plants is incompatible with keeping the Earth's temperature rise to no more than 1.5 degrees Celsius," their official statement said. With the G-7 statement to end coal, China will become a country that will dominate the use of coal. So far, China is responsible for more than half of the world's coal burning each year, both domestically and by investments abroad, including in Indonesia. British Ambassador to Indonesia and Timor Leste Owen Jenkins said the meeting of the G-7 leaders had shown progress in overcoming the crisis. He hopes to work with Indonesia on a number of new positions from the G-7, including access to Planet Blue funds to restore and protect the oceans.

|•SOURCE•| Image :worldatlas |

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Director of the Center of Economic and Law Studies, Bhima Yudhistira Adhinegara,

said that the imposition of VAT on groups of goods and services that are basic needs of the community has the potential to raise inflation rates and hit people's purchasing power. "The calculation is that a 1 percent increase in the VAT rate will increase inflation by 2-4 percent because of the potential for price rounding up by sellers of goods and service providers," Bhima told Tempo yesterday. This condition will directly erode household consumption, which is currently being boosted to return to the range of 5 percent. As is known, public consumption has been the main contributor driving economic growth. "As a result of this policy, consumption growth could drop to only 2-3 percent," said Bhima. Thus, not only the middle-upper society, all levels of society will also be exposed to the risk of being affected by the imposition of VAT. Instead of increasing the realization of tax revenues, this policy has the potential to erode revenue. Moreover, VAT is a type of tax with the second largest proportion of total tax revenue. Economist from the Center of Reform on Economics (CORE) Indonesia, Yusuf Rendy Manilet, added that the detailed requirements and classification of goods and services that will be levied with VAT must be carried out clearly to avoid public misperceptions.

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Despite being able to record a trade surplus in May 2021 of US$2.36 billion, Indonesia's still high commodity prices and global demand have not been able to be utilized optimally,

thus failing to continue the trend of increasing export value this year. Data from the Central Statistics Agency (BPS) shows that Indonesia's exports in May 2021 were recorded at US$16.6 billion, a decrease of 10.25% compared to April 2021 at US$18.49 billion. The export destination countries with the largest decline were China at US$460.1 million, the United States at US$329.8 million, India at US$290.3 million, Japan at US$227 million, and South Korea at US$176.7 million. Meanwhile, on an annual basis, Indonesia's export performance jumped 58.76% from US$10.45 billion in May 2020. At that time, Indonesia's trade conditions were at their lowest during the Covid-19 pandemic. Meanwhile, the monthly decline also occurred in imports, which contracted 12.16% from US$16.2 billion in April 2021 to US$14.23 billion. The decline in imports occurred due to the decrease in goods imports from China by US$564.7 million, Japan by US$316.2 million, the United States by US$195.1 million, Thailand by US$192.9 million, and India by US$165.6 million. Meanwhile, on an annual basis, Indonesia's import performance soared 68.68 percent from US$8.44 billion in May 2020. Deputy General Chairperson of the Indonesian Chamber of Commerce and Industry (Kadin) for International Relations Shinta W. Kamdani said that the decline in imports on a monthly basis was normal. with the end of Ramadan and Eid. He said consumption tends to slow down after the festive season, so businesses don't have much reason to increase imports. He suspects this decline could not be separated from the situation of domestic production.

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Vice President of Public Relations of PLN, Arsyadani Ghana Akmalaputri, said that the stock of coal at PLN's power plants was constrained at the beginning of this year.

However, currently, coal stock is in normal condition or above 15 days. At that time, it was disturbed due to weather factors," he said. In addition, in the midst of soaring coal prices, producers still prioritize domestic supply (domestic market obligation / DMO). APBI Executive Director Hendra Sinadia said that although the price and demand for coal in the export market was high, coal producers who already had sales contracts with domestic users could be sure to fulfill their sales according to the contract. “For companies that have contracts, I think there can be no doubt because they must definitely deliver according to the contract. The problem is that there is a deposit compensation, so they inevitably have to deliver it, “said Hendra. Moreover, currently, there is also a regulation from the government that requires coal producers to fulfill the DMO requirement of 25% of the planned total production. In June 2021, the reference coal price (HBA) has crossed the US$100.33 per tonne figure, while the coal DMO price for general electricity is set at US$70 per metric ton. Chairman of the Indonesian Mining Experts Association (Perhapi) Rizal Kasli assessed that the high disparity in coal prices with the DMO coal benchmark price for electricity supply has the potential to encourage coal producers to prioritize export sales rather than fulfilling DMO obligations, especially coal companies that do not have contracts.

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The Ministry of Energy and Mineral Resources (ESDM) noted that the realization of national coal production until May 2021 was 237 million tons.

Director General of Mineral and Coal at the Ministry of Energy and Mineral Resources, Ridwan Djamaluddin, said that the realization was only about 38 percent of the production target for this year which was set at 625 million tons. According to him, there are a number of external factors that prevent producers from being able to increase their production significantly. "Several obstacles experienced by business entities include weather conditions and disasters in early 2021," In the same period, the realization of the use of coal for domestic purposes (domestic market obligation / DMO) was recorded to have reached 51.8 million tons. The DMO realization has reached 37.7% of this year's target of 137.5 million tons. Ridwan said that his party will continue to encourage producers to increase the realization of DMO so that there will be no supply disruptions for the domestic industry. "We ensure that domestic coal needs will still be met as determined," said Ridwan. The Head of the Communication, Public Information Services and Cooperation Bureau (KLIK) of the Ministry of Energy and Mineral Resources (ESDM) Agung Pribadi said that the upward trend in coal prices in the last 2 months was mainly driven by increased demand from China, as well as higher domestic prices. local coal.

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The government plans to collect a carbon tax of IDR 75 per kilogram (Kg) of carbon dioxide equivalent (CO2e) or equivalent units.

The goal is to optimize state revenues while controlling environmental pollution caused by carbon emissions. This policy is contained in the fifth amendment to Law (UU) Number 6 of 1983 concerning General Provisions and Tax Procedures (KUP). This regulation is planned to be discussed as soon as this year because it has been stipulated in the National Legislation Program (Prolegnas) by the parliament. Executive Director of the Indonesian Coal Mining Association (APBI) Hendra Sinadia said the policy plan would clearly burden coal companies. According to him, this will be a new burden for the company, after previously coal was also subject to a 10% value added tax (VAT) after Law Number 11 of 2020 concerning Job Creation was enacted late last year. Hendra said the new tax levy would significantly affect the company's profit. One-third of the money will have a bad impact on the coal investment climate, and the company's investment plans going forward. "In the end it can affect the company's investment plan which will transition to more environmentally friendly energy,"

|•SOURCE•| Articles :POLITICS | Image :PAJAK |

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The government continues to encourage the use of clean energy, including in the electricity sector.

In order to reduce the use of dirty energy, the government together with PT PLN (Persero) plan to retire the Steam Power Plant (PLTU) starting in 2025. Seeing this plan, Executive Director of the Indonesian Coal Mining Association (APBI) Hendra Sinadia agrees that coal has entered the 'sunset era'. ' aka drowning. However, during this transition period, his party asked for support from the government for the coal industry, so that the transition could go well. According to him, it is possible for coal companies to diversify their business into the New Renewable Energy (EBT) sector. "This industry has entered the sunset period, yes, but how can we support this transition period," he explained in an interview. Hendra said that currently there are several coal issuers who have invested in the NRE sector. According to him, the direction of development of coal companies is now towards NRE, the next step is to need support from the government, so that the development of NRE can also be economical.

|•SOURCE•| Articles :POLITICS | Image :SEPULSA |

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The Ministry of Communication and Information (Kominfo) invites all cellular operators to follow the steps of PT. Telkomsel to organize a 5G communication technology network.

This is so that people in various remote areas can immediately enjoy increasingly quality telecommunications network services. "We also hope that other cellular operators will also follow suit so that Indonesia will immediately take off using the 5G network," said the Coordinator for Spectrum Allocation for the Fixed and Land Mobile Services, Directorate General of Resources and Equipment for Post and Information Technology (SDPPI) of the Ministry of Communication and Information, Adis Alifiawan at a Media Discussion (Media Discussion). Dismed) Forum Merdeka Barat 9 (FMB9) which was held virtually titled "Indonesia Maju with 5G", other cellular operators besides Telkomsel who are now enlivening the implementation of 5G are the cellular operator of the telecommunications company Indosat. His current status is in the process of obtaining a Certificate of Operationalworthiness (SKLO) to obtain terms of commercially providing 5G services to the public, especially its customers. The issuance of SKLO is carried out based on the Regulation of the Minister of Communication and Information Number 5 of 2021 concerning the Implementation of Telecommunications, which is the implementing rule of the Job Creation Act (UU 11/2020) and PP Number 46 of 2021 concerning Post, Telecommunications, Broadcasting (Postelsiar).

|•SOURCE•| Articles :POLITICS | Image :KOMPAS |

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The Indonesian government is committed to resolving barriers to exports of crude palm oil and derivative products with Russia and the Eurasian Economic Union or EAEU.

If negotiations are not successful, Indonesia can conclude a free trade agreement with Russia and the EAEU. Similar to countries in Western Europe, the EAEU, which consists of Russia, Armenia, Belarus, Kyrgyzstan, and Kazakhstan, is also building its economy towards a green and sustainable economy. Russia imposes a value added tax (VAT) for crude palm oil (CPO) and its derivatives by 20 percent, but reduces VAT for other vegetable oils. Director General of International Trade Negotiations at the Ministry of Trade, Djatmiko Bris Witjaksono, said that Indonesia had discussed the issue with Russia and EEC representatives during a visit to Russia on June 2-5 2021. On that occasion, the Indonesian delegation met with the Russian Minister of Trade and Industry Denis Manturov and Minister Responsible for Integration and Macroeconomics of the EEC Sergei Glazyev. Although it has not been discussed in detail, Indonesia has submitted to Russia to reconsider the imposition of VAT of 20 percent on CPO and its derivative products.

|•SOURCE•| Articles :POLITICS | Image :CIFOR |

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Citing Bloomberg, the government is rumored to be cutting levies on exports of crude palm oil or CPO as an effort to increase exports.

Currently, the maximum CPO levy is US$225 per tonne if the reference price is set to exceed US$1,000 per tonne. According to a Bloomberg source who did not want to be named, the levy will be cut to US$175 per tonne for a reference price above US$1,000 per tonne. As an illustration, the reference price for CPO products for the determination of export duties (BK) for the June 2021 period is US$1,223.90 per tonne, an increase of 9.25% compared to the May 2021 period. Accordingly, the government imposes BK CPO at US$183 per ton for for the June 2021 period, also increased from the BK for the May 2021 period, which was at US$144 per tonne. Investor Relations of PT Sinar Mas Agribusiness and Food Tbk. Pinta S. Chandra explained that high CPO export duties can indeed reduce profits. "However, with an integrated business model, the company also produces and sells derivative products from CPO, so the company can benefit from the export duty rate for CPO derivative products which is lower than the CPO tariff," said Pinta, Monday (7/6). The issuer with the stock code SMAR will continue to improve its capabilities in producing various palm-based products with a broad portfolio and efficient supply chain. The Company also empowers innovation in science and technology to create competitive advantages, especially in terms of increasing productivity, cost efficiency and optimizing margins.

|•SOURCE•| Articles :POLITICS | Image :NESTLE |

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|• NATIONAL •|JOKOWI Changes UI Statute
|• INTERNATIONAL •|The Woodcutter Was Attacked by TIGER
|• BANKING •|the-Fate Of Office Property Business
|• POLITICS •|Limited Subsidized Housing Budget
|• SCIENCE •|Through Education, ETF Preserves Eka Tjipta Widjaja's Life Philosophy

Learn more »