China-Australia Talks on Economic Cooperation
A Spokesperson for the Chinese Ministry of Commerce Stated that China is willing to promote economic cooperation with Australia after what appeared to be a thaw in relations between the two countries, Thursday (9/2/2023).
Australian and Chinese trade ministers held their first bilateral meeting in three years on Monday as Australia urges China to lift official and unofficial barriers that are costing exporters USD14 billion a year.
In December, Penny Wong became the first Australian Foreign Minister to visit China in four years. The Australian financial review reported the first shipments of Australian coal to China since Beijing imposed an unofficial ban on the commodity two and a half years ago were due to arrive in the country this week in the first clear sign Chinese President Xi Jinping’s regime will roll back some sanctions on Australian exports.
Meanwhile, China criticized the US for blocking Chinese telecom giant Huawei’s excess to American suppliers.
The Indonesian Composite Index Fall Below 6.880
The Indonesian Composite Index was down by 0.25 percent to 6.880 on Friday (10/2/2023). Investors were conducting profit-taking actions on Friday, mostly occurring in the technology and energy sectors.
Technology shares dropped 2 percent due to concerns about further sharp interest rate hikes by the united states federal reserve. Meanwhile, shares of energy companies fell 1,2 percent as ice Newcastle coal price for February 2023 recorded another drop of 2,8 percent to USD219 per metric tonne. The price of coal has dropped about 50 percent since the beginning of 2023. It has brought energy stocks to a correction trend.
From the currency market, the rupiah has depreciated 0,25 percent to Rp15.134. The 10-year Indonesian Government Bond yield was up 0.036 percent to 6,67 percent. As profit-taking actions also occurred in the bond market. The crude price was down after u.s. crude stocks added 2,4 million barrels to 455 barrels in the first week of February 2023.
Malaysia & Indonesia Delegation Discuss Palm Oil Issue with EU
Malaysia's Deputy Prime Minister and Minister of Commodities Dato Sri Haji Fadilah confirmed that Malaysia will not ban exports of palm oil to the European Union. Instead, both Malaysian and Indonesian delegates will head to Europe to hold discussions with European Union officials.
The Delegation to Europe was confirmed following a bilateral ministerial meeting held between Malaysia's deputy prime minister and Indonesia's coordinating minister for economic affairs Airlangga Hartarto in Jakarta, Thursday (9/2/2023).
The meeting focused on forming a joint strategy to approach the European union on the issue of palm oil.
The European Union has imposed what Indonesia and Malaysia deem as restrictive trade regulations against palm oil. The most recent is the EU's anti-deforestation law, which requires palm oil companies to prove their sustainability standards by providing precise geographical information, or they will face penalties.
Malaysia's Deputy Prime Minister Dato Sri Haji Fadilah said that his previous statement regarding a possible palm oil export ban was only made as a response to EU statements as Indonesia and Malaysia will first attempt to approach the EU through diplomatic means.
Biden's 2023 State of The Union
President Joe Biden is exhorting republicans in his state of the union address to work with him to finish the job of rebuilding the economy and uniting the nation.
He delivered the address Tuesday (7/2/2023) night, aiming to reassure a country beset by pessimism and fraught political divisions. He offered a positive assessment of the nation's condition, rather than rolling out flashy policy proposals.
He declared that america is "unbowed, unbroken"in the face of the pandemic and economic threats. It was Biden's first speech to congress since republicans took control of the house in the midterm elections.
US President Joe Biden is promising that money from his big infrastructure package will go to projects in republican parts of the country as well as democratic ones.
NFT Totem at 'Art Jakarta Gardens'
Indonesian art and paintings are slowly moving into the world of NFTS. In fact a main attraction at the "Art Jakarta Gardens" exhibition this year is an NFT totem that allows visitors to claim a free piece of NFT art.
Nfts or non-fungible tokens are gaining traction in the art world because of their unique benefits to artists. Using blockchain technology only one person may own the piece and artists can continue to generate revenue through things such as licensing.
The world of nfts has long been considered difficult and scary, but web three point oh (3.0) company gaspack has made it a bit easier for visitors of the event.
By simply scanning a qr code and entering an email, attendees can claim a free nft collectible from the event. The Minister for Tourism and Creative Economy Sandiaga Salahuddin Uno has indicated his support for nft art because of its economic potential.
