Indonesia’s central bank forbids merchants from swiping customers’ debit/credit cards on cash register to protect personal data

In most card transactions in Indonesia, the customer’s debit or credit card is swiped both on the Electronic Data Capture (EDC) machine as well as the merchant’s cash register. According to Indonesia’s central bank Bank Indonesia (BI), the latter method actually poses a security risk.

Business

US mining giant Freeport agrees to give up majority stake of Grasberg mine to Indonesian government

US mining giant Freeport agrees to give up majority stake of Grasberg mine to Indonesian government

US mining giant Freeport-McMoRan said Tuesday it had agreed to divest a 51 percent stake in its Indonesian unit, bringing an end to a fierce standoff with the country's government...

Narcotics Agency issues last strike warnings to 4 Jakarta nightclubs including the infamous Illigals

Narcotics Agency issues last strike warnings to 4 Jakarta nightclubs including the infamous Illigals

Something illegal took place at a nightclub called Illigals? Shocking.

New Aceh government promises to put an end to public canings (by replacing them with PR-friendlier private canings)

New Aceh government promises to put an end to public canings (by replacing them with PR-friendlier private canings)

The new vice governor said the change is intended to remove "negative perceptions" about Aceh that might be scaring off foreign investors.

Indonesian retailers association urges government to review minimarket beer ban after 7-Eleven shuts down

Indonesian retailers association urges government to review minimarket beer ban after 7-Eleven shuts down

Will the government ever consider reversing the ban? There are plenty of good arguments for them to do so.

Saying Starbuck’s support for gay marriage will lead to human extinction, Muslim leaders urge Indonesians to boycott coffee giant

Saying Starbuck’s support for gay marriage will lead to human extinction, Muslim leaders urge Indonesians to boycott coffee giant

"It is very clear that Starbucks supports this vile deed that is very contrary to Islam, it is even a form of human rights violation as it will allow for human extinction to...

Facebook gets Indonesia nod for local unit, country’s investment chief says

Facebook gets Indonesia nod for local unit, country’s investment chief says

Social networking giant Facebook Inc has received an in-principle approval to set up a domestic unit in Indonesia and the government is now processing the details, the country's...

Google tax deal to shake up how tech firms operate in Indonesia

Google tax deal to shake up how tech firms operate in Indonesia

Alphabet Inc's Google Asia Pacific headquarters has agreed on future tax payments in Indonesia, the communications minister said, paving the way for a shake-up in how technology...

Late night Ramadan shopping shows Indonesia’s economic spirits brightening

Late night Ramadan shopping shows Indonesia’s economic spirits brightening

Indonesia's economic spirits are rising judging by the line of women outside a packed Furla bag shop for a traditional midnight Ramadan sale at a Jakarta mall.

Indonesia has reached tax deal with Google for 2016, finance minister says

Indonesia has reached tax deal with Google for 2016, finance minister says

Indonesia has reached a tax settlement with Alphabet Inc's Google for 2016, the country's finance minister said, following a months-long dispute over allegations that the search...


 

Coconuts Jakarta Business

There’s a popular statistic among Indonesians - although its origin is unknown, hence its validity is questionable - that around 60 percent of Indonesia’s money flows through the main business strip of Jalan Sudirman to Jalan MH Thamrin in Jakarta. Whether it’s true or false, it’s certainly the most centralized business district in Indonesia, consisting of many of the world’s leading financial institutions like banks and insurance companies. This is partly the reason why Jakarta keeps on attracting outsiders - either Indonesians or expatriates - to look for jobs or for investment opportunities in Indonesia’s capital city. Indonesia’s not that bad a place to invest in either, as it’s one of the few countries in the world that has experienced a steady economic growth in recent years despite scares of global economic meltdown.