Indonesia’s new Trade Minister Muhammad Lutfi said his priority will be to improve food distribution to curb inflation that has remained elevated after the Southeast Asian nation raised fuel prices in June.
Indonesia’s ban on mineral ore exports will cut nickel supplies while allowing Freeport-McMoRan Copper & Gold Inc. to keep exporting copper concentrates. Nickel and the rupiah rallied, while shares of Nickel Asia Corp., which accounts for about a third of Philippine output, climbed.
Indonesia is seeking higher tin prices as the largest exporter presses on with a policy that metal be traded on a local exchange before shipment, affirming a shift that roiled the market when it began three months ago.
Indonesia’s streamlined permit process may entice China to help the government double foreign participation in infrastructure projects by 2014, said Gita Wirjawan, head of the country’s investment coordinating board.
The Indonesian government will stick with a rule change requiring tin producers to trade the metal locally before export, curbing supplies from the biggest shipper, and says the model may be applied to other commodities.
Indonesian President Susilo Bambang Yudhoyono’s party is putting its presidential hopefuls through an American Idol-style contest that will see them criss-crossing the country for eight months while footing some of the cost.
Protesters in Jakarta burned Australian flags and called for a break in diplomatic ties as tensions between the two countries escalated to their highest level in 14 years over claims the phones of Indonesia’s leaders were tapped.