Emergency Response Team Group of PT Freeport Indonesia is still evacuating the casualties, while the production activities at the mining area which producing gold, silver, and copper was closed temporarily as they focus to rescue the mining workers. The incident adds a long list of events that is not awkward for Freeport after two years ago there was a major strike by union members as well as a series of mysterious killings that have killed people.
From, Infrastructure sector PT Trans Marga Jatim Pasuruan, owner and management of Gempol-Pasuruan toll road project in East Java, starts constructing the toll road stretching along 34.15 kilometers long. The toll road project is targeted to finish by mid 2015. Trans Marga’s President Director Hengky Herwanto said construction has been started since last month. The construction ranges from section one (Gempol-Bangil-Rembang) which is targeted to finish by 2014. Gempol-Pasuruan toll road construction comprises three sections: section 1 (Gempol-Rembang) stretches along 13.9 kilometers, section 2 (Rembang-Pasuruan City) 8.1 kilometers and section 3 (Pasuruan City-Grati Sub-district) 12.15 kilometers.
Today news, Energy company PT Pertamina plans to spend up to US$7.8 billion to develop the major Sumbagut shale gas block in North Sumatra. Pertamina CEO Galaila Karen Agustiawan said with such a large investment, the Sumbagut block was expected to go from about 40 million standard cubic feet per day (mmscfd) to 100 mmscfd by 2020. Karen officially signed the production-sharing contract (PSC) for the Sumbagut block at the opening of the of the 37th Indonesian Petroleum Association (IPA) convention in Jakarta on Wednesday.
From the economic sector, Bank Indonesia (BI) will have to use its monetary policy to support the growth of the country’s gross domestic product (GDP), because with the widening deficit in the state budget, the fiscal instrument has limited space to spur growth, a central bank senior official said. BI Deputy Governor Perry Warjiyo said at the moment Indonesia had little room to use the fiscal instrument to propel economic growth, as with its widening deficit, the state budget had become less effective to support the economy.
The government will submit its revised budget to the House of Representatives on Tuesday, adding a measure that will make it easier to raise the price of subsidized fuel.
Even so, President Susilo Bambang Yudhoyono has committed to consult with the House to secure funds to pay for programs designed to alleviate the impact of the higher fuel prices on the poor, who are expected to suffer the brunt of the resulting inflation.
President Susilo Bambang Yudhoyono is poised to swear in a new finance chief as early as Tuesday while his government prepares to set higher subsidized-fuel prices, moving to end policy ambiguity that has hurt investor confidence and the currency.
Acting Finance Minister Hatta Rajasa said on Monday that the inauguration of his replacement, whom he declined to identify, would take place this week. He also said he signed a revised state budget that will be presented to Parliament on Tuesday.