Nickel reached a nine-month high amid concern that the U.S. will impose trade sanctions on Russia, exacerbating supply constraints amid an ore-export ban in Indonesia, the top producer of the metal from mines.
Indonesia should keep more resources such as natural gas at home to bolster its domestic industries, according to Aburizal Bakrie, who rates himself the favorite to win a presidential election to be held in July.
At one of the world’s largest coal mines in the Indonesian province of South Kalimantan, enough of the fossil fuel is being stolen every three days to fill a vessel almost the size of the Chrysler Building, according to two people with knowledge of the situation.
An Indonesian presidential victory by Joko Widodo would spark a rally in the rupiah, according to Malayan Banking Bhd. and Morgan Stanley. There’s only one snag: the popular Jakarta governor hasn’t been selected to run yet.
PT Bakrie & Brothers, controlled by Indonesian billionaire Aburizal Bakrie, said it agreed to sell part of its stake in coal producer Bumi Plc to PT Borneo Lumbung Energi & Metal for $1 billion in cash to help pay a loan.
PT Bakrie Telecom’s debt was downgraded to default by Standard & Poor’s and to a level signaling imminent default by Fitch Ratings Ltd. after failing to pay a $21.8 million coupon on a bond due yesterday.
Malaysian airline entrepreneur Tony Fernandes says he has two adopted homes. There’s London, where he owns the Queens Park Rangers soccer club and the Caterham Formula One auto-racing team based in nearby Oxfordshire. And there’s Jakarta, a thriving, congested Southeast Asian megacity in the world’s fourth-most-populous nation.