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Astra International is one of the largest diversi­fied conglomerates in Indonesia, controlled by Jardine Matheson. It is Southeast Asia's largest independent automotive group. It is a provider of a full range of automobile and motorcycle products in partnerships with companies which include Toyota, Daihatsu, Isuzu, UD Trucks, Peugeot and BMW for automobiles; and Honda for motorcycles. In addition, Astra has interests in ­nancial services; heavy equipment and mining; agribusiness; infrastructure and logistics; and information technology. Astra grew its net pro­t 43% in 2022 on the strong performances of its mining, automotive and lending segments. Astra's net profi­t rose to 28.944 trillion Rupiah (USD 1.90 billion) in 2022 from 20.196 trillion Rupiah the previous year. Net pro­t from Astra's heavy-equipment and mining division more than doubled in 2022, which it attributed to the record-high coal prices. Net pro­t from its automotive segment rose 33% for the year due to high sales volumes for cars and motorcycles, while net pro­fit from its lending business increased 22%, which the company attributed to a rise in consumer loans.

Indonesia’s foreign exchange reserves increased by about $900 million to $140.3 billion in February, partly due to the government’s offshore loan withdrawal. The reserves level was equal to funding needs for 6.2 months of imports, above international standards, and a level Bank Indonesia saw as adequate to support external resilience, it said in a statement.   Source: Reuters

The post-pandemic recovery for Singapore Airlines (SIA) continues with the airline turning in another strong quarterly report card, but analysts caution that challenges loom ahead in the form of rising competition, slowing economic growth and high fuel prices. The national carrier said its net pro­t for the third quarter ending Dec 31 came in at S$628 million, up 12.7 per cent from the previous quarter. Total revenue gained 8 per cent over the same period to S$4.85 billion. This earnings surge came on the back of a continued strong recovery in air travel demand. SIA said passenger capacity for the group reached 80 per cent of pre-pandemic levels in December 2022. When combined, SIA and Scoot carried 7.4 million passengers for the whole of third quarter, 17 per cent more than the previous three months.   Source : https://www.channelnewsasia.com/singapore/sia-q3-earnings-strong-challenges-ahead-competition-fuel-prices-3296381

Global air passenger traffc continued its recovery in December, according to the International Air Transport Association. Total December 2022 traffc, as measured in revenue passenger kilometers, increased 39.7 percent year over year, and was 76.9 percent of December 2019 levels, up from 75.3 percent in November. Full-year 2022 traffic was up 64.4 percent compared with 2021 and was 68.5 percent of 2019 pre-pandemic levels—an improvement over last year's 41.7 percent recovery, according to IATA. The regions in 2022 with the largest total traffic gains over 2021 were the Middle East, up 2.5 times last year's ­figure, and Europe, which doubled its traffic. December global capacity, as measured in available seat kilometers, increased 23 percent year over year, representing 76.9 percent of December 2019 levels. Full-year 2022 capacity was up 39.8 percent, for a 71.9 percent recovery level. Full-year 2022 global passenger load factor was 78.7 percent, up 11.8 percentage points year over year and down 3.9 percent compared with 2019. "The industry left 2022 in far stronger shape than it entered, as most governments lifted Covid-19 travel restrictions during the year, and people took advantage of the restoration of their freedom to travel," IATA director general Willie Walsh said in a statement. "This momentum is expected to continue in the new year, despite some governments' over-reactions to China's re-opening."   Source : https://www.flightglobal.com/airlines/global-airline-passenger-traffic-exceeded-two-thirds-of-pre-covid-levels-in-2022/151961.article

The Energy and Mineral Resources Ministry is drafting a new incentive program for electric vehicles and supporting industries including companies that provide public charging stations. Among the proposed incentives, the ministry will provide tariff cuts in charging stations and financial assistance for the conversion of fuel-burning motorcycles to electric bikes, according to Dadan Kusdiana, the ministry's director general of electrification. A motorcycle owner is entitled “to get Rp 7 million incentive of the total conversion cost of Rp 15 million”, Dadan said in a recent interview. The ministry also considers lowering electricity tariffs for charging station operators to allow them to attract more customers.  Sources told Jakarta Globe’s sister publication Investor Daily the tariff at medium-voltage stations will be set at Rp 714 per kilowatt hour, while the tariff at the low-voltage station is set at Rp 1,650 per kWh. The new incentive scheme will amend the existing ministerial regulation, he said. "This will make charging station investment even more attractive," Dadan said. The ceiling tariff is put at Rp 2,475 per kWh. Last year, the country saw 1,415 new charging stations or 204 percent of the target of 693 units. The investment needed to build a charging station is between Rp 200 million and Rp 400 million, depending on the speed for a complete fill-up.   Source : https://jakartaglobe.id/business/indonesia-drafts-new-incentives-for-ev-charging-stations

Ezaki Glico Co., Ltd inaugurated its largest factory to date in Karawang, West Java, with the aim of serving the domestic and Southeast Asian markets and to begin exports to North America in spring this year. Operating under PT Glico Manufacturing Indonesia, the factory solely produces Glico’s fl­agship product, Pocky, which is a chocolate-covered biscuit that comes in several ­avors, such as strawberry and matcha. “Glico focuses on accelerating growth in the Southeast Asian region as well as globally, supported by our best brand, Pocky,” Glico Asia Pacific Pte. Ltd. chief operating officer Hideaki Nagahisa was quoted as saying in a press statement.   Source : https://www.thejakartapost.com/business/2023/02/24/largest-pocky-factory-opens-in-indonesia-to-supply-asean-us-market.html

The overall U.S. trade defi­cit rose 12.2 percent last year, nearing USD 1 trillion as Americans continued to purchase record volumes of foreign products, according to data released Tuesday by the Commerce Department. The goods and services defi­cit reached USD 948.1 billion, up USD 103 billion from the previous year. Exports of goods and services rose 17.7 percent to USD 3 trillion, outpacing the growth of imports, which rose 16.3 percent to USD 4 trillion. Exports were buoyed last year by strong growth in U.S. energy shipments abroad after Europe cut many economic ties with Russia, as well as a recovery in the U.S. travel sector following the pandemic.   Source : https://www.nytimes.com/2023/02/07/business/economy/us-trade-de­ficit.html

Thailand led Southeast Asia with a January PMI reading of 54.5 — a jump from 52.5 the prior month. The Philippines and Indonesia also posted readings above 50, the threshold separating expansion from contraction. Asia’s manufacturers are improving at the start of the year as the region becomes more optimistic about the boost from China’s reopening, while activity in the euro area shows the downturn is softening as cost pressures ease.   Source : https://www.bloomberg.com/news/articles/2023-02-01/factories-in-southeast-asia-are-­ring-up-as-china-reopens