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Editorial board (The Jakarta Post) PREMIUM Jakarta   ● Tue, May 17 2022 United States President Joe Biden still has a lot to prove to ASEAN, and for good reason. His divisive predecessor, Donald Trump, used his single term in office to refocus all of Washington’s energy and resources into one-upping China and dabbling in a volatile friendship with nuclear-armed North Korea. Under Trump, the merit of each Asian country was redefined based on how it related to China and the US’ interest in containing its rival’s sphere of influence in the Indo-Pacific. Southeast Asia’s multilateral platform, ASEAN, was relegated to a spot below countries like Japan and Australia that the US has a better handle on because of historical alliances and similar values, as was made clear in white papers on US foreign policy and defense (not that this was anything new in the American perspective). to Read Full Story SUBSCRIBE NOW Starting from IDR 55,500/month Unlimited access … [Read more...] about Still much to prove

Ngurah Swajaya (The Jakarta Post) PREMIUM Jakarta   ● Tue, May 17 2022 No one could have expected a full-scale war to break out in Ukraine. The war is happening right as simultaneously, Indonesia is at the helm of the Group of 20. It is Indonesia’s destiny to navigate the complex situation as it holds presidency of the world’s most prestigious mechanism on economics and finance. Historically, Indonesia has been successful in hosting and chairing many prestigious international meetings, such as the Asia-Africa Conference in Bandung, West Java; the Asia Pacific Economic Cooperation summit in Bogor, West Java; Bali’s climate conference; and numerous ASEAN’s landmark agreements contributing to regional peace, stability and prosperity, including the launch of the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade agreement, when chairing ASEAN in 2011. These events highlight Indonesia’s leadership and consistency in implementing its foreign … [Read more...] about Why Indonesia should not fail its G20 presidency

A. Muh. Ibnu Aqil (The Jakarta Post) PREMIUM Jakarta   ● Tue, May 17 2022 Experts are divided about the Joe Biden administration’s plan to usher in a “new era” of United States-Southeast Asia relations following the conclusion to last week’s US-ASEAN Special Summit in Washington, D.C. President Biden hosted eight ASEAN leaders, including President Joko “Jokowi” Widodo, as well as the regional grouping’s secretary-general Lim Jock Hoi over two days of meetings that covered a broad range of issues, from health security to climate action, and from expanding education access to enhancing maritime cooperation. The US-ASEAN summit was only the second meeting of its kind since February 2016, a year before Donald Trump ascended to the presidency and limited the scope of that country’s Asian interests to China and North Korea. to Read Full Story SUBSCRIBE NOW Starting from IDR 55,500/month Unlimited access to our web and app content e-Post daily digital … [Read more...] about Longevity in question at US-ASEAN meet

- A + A (May 16): The rupiah risks weakening to its lowest level in almost two years as Indonesia’s ban on palm oil exports adds to headwinds from interest rate hikes in the US. The currency fell to a one-year low last week, despite an assurance from the central bank that it would stabilize the currency. Technical support at its April 2021 low is now in danger and a breach of this level would pave the way for a decline to its September 2020 low. Investors are watching for further export restrictions and rising demand for the dollar, said Divya Devesh, head of Asean and South-Asia FX research at Standard Chartered Bank in Singapore. He sees the rupiah depreciating to 14,800 to the greenback by the end of June, from 14,613 on Friday. Palm oil accounted for 1.5% of Indonesia’s gross domestic product in 2021 and the prohibition on shipments could cut US$2 billion from the nation’s exports for each month it stays in place, according to estimates from Goldman Sachs … [Read more...] about Rupiah nears breach of support with palm oil ban hurting trade

- A + A (May 16): As spiraling inflation spreads across the globe, emerging-market bonds from Turkey to Thailand are feeling the brunt. Local-currency debt from developing nations -- which is far more sensitive to a country’s domestic inflationary pressures than dollar denominated equivalents — has slumped almost 9% this year, the most since at least 2008, according to a Bloomberg index. There’s unlikely to be any relief soon as central bankers around the world attempt to control surging prices by raising interest rates even more aggressively — potentially risking growth in doing so. That certainly wasn’t the plan. Many developing economies led the charge in rate hikes last year, getting ahead of policy makers in the US and hoping to avoid a redux of the 2013 taper tantrum. But with inflation raging in the US and the strong dollar pressuring currencies elsewhere, these countries are now making a new rulebook. Policy makers across emerging nations are either … [Read more...] about Bond traders reel as inflation hits world’s emerging local debt