Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Rabu, 21 September 2011

Sektor Pertambangan Sub Sektor Batubara ; Bukit Asam Tbk (TP 22.588) - Bang Juntri (Pengamat Pasar Modal)

 Dua Negara tujuan ekspor terbesar batubara termal di Indonesia adalah Cina dan India. Mereka mewakili 27% dan 15% dari ekspor masing-masing pada tahun 2010.

 Bukit Asam (PTBA IJ), Kideco (46% dimiliki oleh Indika Energy (INDY IJ)) dan Adaro Energy (ADRO IJ) adalah pemasok utama untuk pembangkit listrik domestik.

 Spot batubara termal Newcastle sangat berkorelasi dengan harga minyak. Keduanya adalah kunci komoditas energi regional dan global.

 Bukit Asam (PTBA) saat ini memiliki 1.99b ton total cadangan batubara termal.

 Volume produksi perusahaan tetap rendah pada 12.5m ton (7,4% yy), kurangnya produksi PTBA disebabkan oleh hambatan transportasi batubara.

 Pertumbuhan masa depan PTBA akan tergantung pada penyelesaian proyek kereta api baru USD1.6b dengan Grup Rajawali.

 Kami menyukai kenyataan bahwa PTBA menjual lebih dari 60% dari batubara kepada pelanggan lokal. Catatan bahwa dalam tujuh tahun terakhir, konsumsi batubara Indonesia telah tumbuh 14% rata-rata per tahun, mencapai 88 juta ton pada tahun 2011, menurut Departemen Energi dan Sumber Daya Mineral (ESDM).

 Ke depan, konsumsi batubara domestik yang kuat akan didukung oleh permintaan yang lebih tinggi yang berasal dari selesainya 2x10000 MW proyek pembangkit listrik PLN.

 Book Value PTBA memiliki Rata-Rata Pertumbuhan 3 Bulanan sebesar 6.77%

 Dalam kurun waktu 3 tahun terakhir saham PTBA diperdagangkan dalam rentang PBV rata-rata di 4.98 – 7.83 x Book Value. Median PTBA berada pada 6.41 x BV. Sementara pada penutupan perdagangan PTBA di transaksikan pada 5.813 x BV.

 Kami mencoba menggunakan beberapa scenario perhitungan dalam rentang BV PTBA dalam kurun waktu 3 tahun dengan pertumbuhan BV yang moderat. Untuk kategori

Euforia PTBA pada 7.83x BV atau setara dengan Rp. 30.286,
Optimis PTBA pada 6.41x BV atau setara dengan Rp. 24.800,
Pesimis PTBA pada 4.98x BV atau setara dengan Rp. 19.262.

 BV Sektor Pertambangan (batubara) sebesar 5.84x BV atau setara PTBA Rp. 22.588.

Wall Street ends flat as early gains evaporate - Reuters

(Reuters) - Stocks ended little changed on Tuesday as investors waited to see if the Federal Reserve would offer more economic stimulus and if Greece made progress in talks to avoid a default.

In the lowest volume session since late August, the market gave up earlier gains of about 1 percent as investors were wary of going home with long positions after an overnight downgrade of Italy's credit rating.

Semiconductors were among the worst performers with the PHLX semiconductor index .SOX off 1.3 percent, dragging the Nasdaq down, after Xilinx (XLNX.O) cut its second-quarter outlook. Shares of the chipmaker fell 4.5 percent to $30.03.

Helping temper some European debt worries, Greece promised further cuts to its public sector before a second conference call with international lenders, whom Athens must persuade to extend more loans to avoid bankruptcy next month.

At the end of its two-day meeting on Wednesday, the Fed is expected to announce plans to intervene in the bond market to push long-term interest rates -- already near historic lows -- even lower in a move known as Operation Twist.

"They are focusing on the fact that a lot of people are expecting more out of the Fed than they are going to get -- they are going to get the twist, they are not going to get a QE3," said Ken Polcari, managing director at ICAP Equities in New York.

"They are looking for certainty, not guesswork because it's the uncertainty that causes the markets to become erratic. If the markets are clear on where they are going, then they start to trade back on fundamentals, but if it's unclear, then it just trades on the headline news because it becomes erratic."

Defensive sectors such as utilities, telecommunications and health care were the biggest advancers, indicating some investor nervousness.

The Dow Jones industrial average .DJI gained 7.65 points, or 0.07 percent, to 11,408.66 at the close. The Standard & Poor's 500 Index .SPX fell 2.00 points, or 0.17 percent, to 1,202.09. The Nasdaq Composite Index .IXIC lost 22.59 points, or 0.86 percent, to 2,590.24. Read More

China could roll out 4.65tr yuan stimulus package - Bloomberg

Deutsche Bank AG said that China may roll out stimulus of as much as 4.65 trillion yuan (Dh2.67 trillion), including subsidies on consumer goods, in the event of a global slump.

While highly speculative, a sketch of the government's possible response is emerging from "our discussions in China," Hong Kong-based economist Ma Jun said in a note on Friday.

The government would limit the scale of any measures because of the costs associated with the previous package, including asset bubbles, inflation and non-performing loans, Ma said.

Even in a severe global recession, the amount would be unlikely to be larger than half the 9.3 trillion yuan fiscal and monetary expansion that Deutsche Bank estimated took place from November 2008 to the end of 2010, he said.

China's government is wrestling with elevated inflation and the threat of a deeper economic slowdown because of the debt crisis in Europe, the nation's biggest export market, and weakness in the US economy. Deutsche forecasts that China's growth may cool to 7.3 per cent in the first quarter of next year compared with 9.5 per cent in the second quarter of 2011.

The Shanghai Composite Index fell 1.4 per cent as of the 11.30am local-time break in trading, set for the lowest close in 14 months.

Fiscal steps
Stimulus measures would mostly be fiscal rather than monetary, Ma added.
Efforts to boost consumption could include consumer vouchers, subsidies for consumer goods, temporary cuts in fees for electricity and water, and temporary tax breaks for small businesses.

The government could allocate more investment to public housing and "long neglected" agricultural infrastructure, Ma said.
He said that 40,000 dams, or about 45 per cent of the total, are in need of repair. The labour-intensive services sector could be used to absorb workers from export industries, he said.

China worried Europe debt crisis will hit trade - AP

China's Commerce Ministry said Tuesday it is worried that Europe's debt crisis could spark trade friction and hurt sales to the country's largest export market.
The comments from ministry spokesman Shen Danyang come as debt-laden European countries fight Beijing over trade barriers, and as the U.S. prepares a retaliatory trade measure against China.

A statement released by the office of U.S. Trade Representative Ron Kirk said he will announce a major trade enforcement action against the world's No. 2 economy at a press conference later Tuesday.
The European Union and U.S. have long complained about China's restrictions on foreign companies that include obstructing access to its markets in violation of free-trade pledges and pushing foreign companies out of promising fields such as clean energy.

U.S. Ambassador to China Gary Locke said in a speech Tuesday in Beijing that such practices will hinder China's development and innovation.
"China's current business climate is causing growing frustrations among foreign business and government leaders, including my colleagues in Washington," said Locke.
He said China's lack of openness in finance, energy, health care and other areas of its economy and society will lead to less innovation from Chinese businesses, fewer opportunities for the Chinese people and slower growth for the economy.
He also repeated complaints that China's undervalued currency was unfairly benefiting its exports and that rampant intellectual property theft in the country is costing foreign companies billions of dollars every year.
Locke's comments come at an especially sensitive time as foreign governments look to China's relatively robust economy to help drive global growth amid fears of a worldwide recession.

Shen, the commerce spokesman, told a regular news conference that he was worried about the debt problems in Europe.
"As the crisis within the EU intensifies ... bilateral trade friction may be increased, which is detrimental to China-EU economic and trade relations," he said.
"Of course, we believe there's opportunity in the crisis. Everyone can work hard together to turn the crisis into an opportunity."
Shen also said China is disappointed that it has not been recognized as a market economy under world trade rules by the EU, despite its rapid economic transformation.

"After 30 years of reform and opening up, China has completed the transformation from a planned economy to a market economy, but the EU still does not recognize China's full market economy status. China is very disappointed," Shen said.
Trade tensions with Europe are expected to rise, but will likely be contained, in part because of Beijing's greater heft in negotiations resulting from its investment in European debt, said Liu Yuanchun, professor in international trade at Beijing's Renmin University.
"Yes, we're going to see more trade friction, but it will not turn up to be substantial," Liu said.

In a commentary Tuesday, the government's Xinhua News Agency called for an end to measures and attitudes that discourage Chinese investment in developed economies.
"It would help the United States and the EU break away from their current financial woes should they ditch protectionist measures and sincerely open their arms to Chinese investments, allowing China to make the most of its rich foreign exchange reserves," the commentary said.

Beijing is Washington's biggest foreign creditor and has appealed to U.S. leaders to avoid taking steps in response to its economic woes that might erode the value of the dollar and China's Treasury debt and other U.S. assets.
The state-backed People's Daily reported Tuesday that China will continue to buy U.S. Treasuries.

PT Indika Energy Perusahaan Teladan Dunia 2011 - TempoInteraktif

PT Indika Energy Tbk terpilih sebagai perusahaan teladan atau role model companies dalam ajang World Economic Forum Global Growth Companies 2011 yang berlangsung di Dahlian, Cina.

“Ini bukan hanya kebanggaan bagi kami, tapi juga untuk seluruh kalangan bisnis di Indonesia,” kata Wakil Direktur Utama Indika Energy Wishnu Wardhana dalam keterangannya hari ini, Selasa, 20 September 2011.

Indika menjadi yang terbaik dari 315 anggota WEF Global Growth Companies (GGC) mewakili lebih dari 60 negara. Indika menjadi satu-satunya perusahaan Indonesia yang pernah menerima pengakuan itu di Forum yang bergengsi ini. Kiprah Indika Energy dimuat dalam Buku Profil GGC yang diluncurkan pada Summer Davos kali ini.

Wishnu mengatakan integrasi yang solid di seluruh mata rantai suplai energi menjadi penggerak utama bisnis perseroan meskipun menghadapi berbagai tantangan.

“Kami ingin mengkombinasikan kekuatan sumber daya alam, jasa, dan infrastruktur secara penuh,” ujar Direktur Utama Indika Energy, M. Arsjad Rasjid yang juga terpilih sebagai WEF Young Global Leader 2011.

Menurutnya, mengutip kajian WEF, 90 persen pemimpin perusahaan sektor energi percaya, perubahan signifikan pada struktur sistem energi dunia sedang terjadi dan 36 persen pihak percaya dunia sudah berada di titik perubahan bersejarah yang akan mengubah arsitektur energi global.

Arsjad menilai penting komitmen politik dan perubahan pola pikir masyarakat untuk memastikan transisi yang baik menuju arsitektur energi baru tersebut. “Apakah kita bisa bergerak menuju bauran energi yang lebih efisien atau tidak, ini berawal dari pemahaman publik tentang apa yang penting bagi masa depan,” kata dia.

Pemerintah dan partai politik memegang peranan sangat penting dalam memastikan ketahanan energi dan transisi yang mulus menuju arsitektur energi baru di Indonesia. “Pemerintah sudah berhasil melakukan konversi penggunaan minyak tanah menjadi elpiji untuk segmen rumah tangga dan bisnis mikro, tetapi kita harus menggandakan suplai listrik di Jawa sebelum tahun 2020 dan juga di luar Jawa,” kata Arsjad.

Selain masyarakat dan komitmen politik, faktor ketiga yang juga penting menurut Arsjad adalah dukungan dari pihak swasta untuk bekerja sama dalam mengatasi isu-isu energi satu dekade ke depan.

Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun - TopSaham

Siam Cement Group melalui SCG Chemicals CO., Ltd. menguasai 30% saham PT Chandra Asri Petrochemical (TPIA) senilai Rp 3,76 triliun. Saham tersebut dibeli dari PT Barito Pacific Tbk dan anak usaha Temasec, Apleton Investments Ltd.

Siam Cement Group adalah Perusahaan asal Thailand. Penandatanganan kerjasama beralihnya kepemilikan dilakukan antara Barito, Apleton ,dan Barito Pasific. Barito melepas 7,13% saham atau sebanyak 218.520.300 lembar saham. Sedangkan Apleton melepas 22,87% saham sebanyak 701.338.625 lembar. Kesepakatan harga saham yang dilepas adalah Rp 4.088 per lembar.

Presiden Direktur TPIA, Erwin Ciputra di Hotel Shangri-La, Jakarta, Selasa (20/9) mengatakan, setelah jual beli saham, maka SCG akan memiliki 30% saham di perseroan, serta publik 5,13%. Sementara kepemilikan Barito Pasific berkurang menjadi 64,87%.

Disebutkan, pengalaman SCG Chemicals Co., Ltd. merupakan perusahaan petrokimia terkemuka di Asia, akan menambah nilai operasional bisnis, dan akan mempercepat rencana ekspansi Cracker Perseroan. SCG merupakan produsen kimia terintegrasi dengan produk olefin, styrene, monomer, polyethylene, polupropylene, dan polystyrene.

IMF memangkas proyeksi pertumbuhan ekonomi di seluruh kawasan di dunia - VivaNews

Lembaga Moneter Internasional atau International Monetary Fund (IMF) memangkas proyeksi pertumbuhan ekonomi global dan memperkirakan munculnya dampak yang parah jika Eropa gagal mengatasi krisis utangnya atau rencana kebijakan fiskal Amerika Serikat menemui jalan buntu.

Prediksi lembaga dunia ini disampaikan dalam laporan World Economic Outlook seperti dikutip dari Bloomberg, Selasa, 20 September 2011.

IMF menaksir pertumbuhan ekonomi dunia akan tumbuh 4 persen pada tahun 2011 dan 2012 atau lebih rendah dari perkiraan sebelumnya yang dikeluarkan pada Juni 2011 yaitu sebesar 4,3 persen dan 4,5 persen pada tahun 2012.

Sementara pertumbuhan ekonomi AS akan menyusut dari perkiraan sebelumnya 2,5 persen menjadi 1,5 persen.

"Aktivitas global semakin melemah dan makin tak pasti, kepercayaan telah runtuh dan risiko penurunan semakin berkembang," ujar IMF dalam laporan tersebut.

IMF berharap para pemimpin negara harus memegang prinsipnya untuk mengambil langkah apapun untuk menjaga kepercayaan terhadap kebijakan negaranya dan Eropa.

Managing Director IMF Christine Lagarde pekan lalu mendorong pembuat kebijakan di seluruh dunia untuk mencari penyelesaian kolektif mengingat investor sudah mulai khawatir dengan kebangkrutan Yunani dan Bank Yunani terpaksa merugi dengan menjual surat utang di wilayah yang memiliki kondisi utang terbesar. Di luar skenario alternatif pertumbuhan ekonomi, Eropa dan AS diperkirakan akan masuk jurang resesi.

Lembaga keuangan yang berpusat di Washington AS ini mengatakan laporan terbarunya ini diperkirakan dengan melihat aktivitas ekonomi terbaru di sejumlah negara maju dan pertumbuhan yang kuat dari negara berkembang. Kondisi ekonomi tersebut mensyaratkan pembuat kebijakan di wilayah Eropa menjalankan penanganan ekonomi melalui mekanisme bailout yang disetujui pada Juli lalu.

Pasar Keuangan

Laporan IMF juga memperkirakan tingkat volatilitas di pasar keuangan yang tidak akan bertambah parah dan otoritas di AS yang sepakat untuk menjalankan rencana fiskalnya akan mendukung ekonomi dan konsolidasi fiskal dalam jangka menengah.

"Faktor utama aktivitas ekonomi yang lebih kuat dalam jangka pendek termasuk didalamnya membaiknya aktivitas di Jepang, turunnya harga minyak mentah dan pangan, serta kuatnya pertumbuhan permintaan dari negara berkembang," ujar IMF.

IMF memperkirakan pertumbuhan ekonomi di kawasan negara ekonomi berkembang mencapai 6,4 persen pada tahun ini dan 6,1 persen pada tahun depan. Prediksi itu turun dari sebelumnya 6,6 persen dan 6.4 persen.

Negara-negara kaya kemungkinan hanya akan mengalami pertumbuhan ekonomi 1,6 persen atau turun dari perkiraan sebelumnya pada Juni lalu sebesar 2,2 persen. Sementara tahun depan diperkirakan hanya tumbuh 1,9 persen dari sebelumnya 2,6 persen.

Jepang merupakan salah satu anggota G7 yang mengalami revisi pertumbuhan ekonomi terbesar yaitu hanya tumbuh 0,5 persen dari sebelumnya 0,7 persen. Sementara pada tahun 2012, hanya tumbuh 2,3 persen turun 0,6 persen dari perkiraan sebelumnya.

Wilayah Eropa

Di kawasan Eropa, IMF memperkirakan pertumbuhan ekonomi hanya berkisar 1,6 persen dari sebelumnya 2 persen. Sedangkan tahun depan hanya akan tumbuh 1,1 persen. "Suntikan modal perbankan dan restrukturisasi atau menutup bank merupakan hal yang esensial," ujar IMF.

Bank Sentral Eropa (ECB) juga diusulkan untuk menurunkan tingkat suku bunga jika ingin risiko pertumbuhan ekonomi berkurang. Saat ini ECB mematok suku bung 1,5 persen.

Dalam skenario penurunan pertumbuhan ekonmi, IMF beraumsi bank harus menyerap kerugian dengan dampaknya pengurangan modal sebesar 10 persen.

Pertemuan FED pertimbangkan langkah baru dorong ekonomi - AntaraNews

Washington (ANTARA News/AFP) - Pembuat kebijakan penting Federal Reserve meluncurkan pertemuan dua hari pada Selasa untuk memutuskan alat-alat baru mereka yang dapat membantu mendorong perekonomian AS yang hampir stagnan tanpa memicu lonjakan inflasi.

Komite Pasar Terbuka Federal (FOMC) diperkirakan datang dengan tindakan ringan untuk menurunkan lebih lanjut suku bunga jangka panjang, dengan harapan mendorong bank-bank yang kaya dana tunai untuk meminjamkannya dan perusahaan untuk berinvestasi meskipun prakiraan ekonomi suram.

Tapi kekhawatiran oleh beberapa anggota FOMC tentang kenaikan harga diperkirakan mencegah setiap tindakan menuju sebuah program "pelonggaran kuantitatif" baru, menyuntikkan miliaran dolar likuiditas ke dalam perekonomian.

Sebelum operasi"QE2", yang berakhir pada akhir Juni, menambah 600 miliar dolar ke dalam perekonomian selama enam bulan, mencegah deflasi namun gagal menghasilkan pertumbuhan ekonomi berkelanjutan.

SCG Chemicals buys Chandra Asri - Insider Stories

SCG Chemicals Co Ltd, subsidiary of Siam Cement Group, has entered into an agreement to acquire 30% shareholding in PT Chandra Asri Petrochemical Tbk (TPIA) worth Rp3.76 trillion.

SCG Chemical has committed to buy Chandra Asri from PT Barito Pacific Tbk (BRPT), a parent company that is controlled by Indonesian tycoon Prajogo Pangestu, and Appleton Investments Ltd, a subsidiary of Singapore-based investment company Temasek Holdings.

From the transactions, Barito will grab Rp893.31 billion from the sale of 7.13% stake or 218.52 million shares in Chandra Asri. The takeover agreement has been signed on September 19 2011.
President Director Loeki S. Putra at Barito Pacific said the sale proceed will be used by Barito to strengthen commitment of investment diversification in Barito Group.

"The decision to sell 7.13% stake in Chandra Asri is a strategic for the group," Loeki said today. Post the sale, Barito remains a controlling shareholder in Chandra Asri with 64.87% stake.
The participation of Thai-based SCG will create an opportunity to develop business of Chandra Asri onwards.

Senin, 19 September 2011

Sektor Perdagangan Sub Sektor Alat Berat - United Traktor Tbk (TP 34.257) - Bang Juntri (Pengamat Pasar Modal)

 Komatsu 7M11 penjualan mencapai 5.061 unit, didorong oleh aktivitas tinggi industri pertambangan batubara karena tetap tinggi dan harga batubara yang lebih tinggi global.

 Kontrak Divisi Pertambangan: Kinerja Inline. Pama mencatat hasil kinerja inline dalam 7M11.

 Divisi pertambangan Batubara memproduksi 353k ton batubara, terjadi penurunan 1,5% QoQ dibandingkan bulan sebelumnya karena kinerja yang kurang menggembirakan dari produksi batubara Dej (6,6% QoQ lebih rendah). Produksi total batubara dari kedua konsesi sudah 56,8% dari target.

 Book Value UNTR memiliki Rata-Rata Pertumbuhan 3 Bulanan sebesar 10.25%

 Dalam kurun waktu 3 tahun terakhir saham UNTR diperdagangkan dalam rentang PBV rata-rata di 2.49 – 4.81 x Book Value. Median UNTR berada pada 3.65 x BV. Sementara pada penutupan perdagangan UNTR di transaksikan pada 3.705 x BV.

 Kami mencoba menggunakan beberapa scenario perhitungan dalam rentang BV UNTR dalam kurun waktu 3 tahun dengan pertumbuhan BV yang moderat.
Euforia UNTR diperdagangkan pada 4.81x BV atau setara dengan Rp. 45.070,
Optimis pada 3.65x BV atau setara dengan Rp. 34.257,
Pesimis pada 2.49x BV atau setara dengan Rp. 23.332

Week Ahead: Fed Expected to Launch New Program While Europe Debt Troubles Bubble - CNBC

The Fed in the week ahead is widely expected to pull the trigger on a new easing program, as the European debt crisis continues to boil.
The housing market will also be a focus when new and existing home sales data is released Tuesday and Wednesday. New data this past week showed a jump in foreclosure starts, signaling that a big wave of foreclosed properties will hit the struggling housing market early next year.

The Dow and S&P 500 had their best week since July and second best week since July 2010, as European officials showed support for Greece. The Nasdaq did even better — jumping 6.3 percent, for its best week since July, 2009.

Market expectations are high that the Fed will announce a new program — dubbed "operation twist" — at the end of its two-day meeting Wednesday.

"Twist" is different than the much larger scale "QE2" quantitative easing program which involved the purchase of $600 billion in Treasury securities. Fed watchers expect this program to raise the duration of the securities the Fed holds, not the amount. The program, in theory, could reduce long-term interest rates as the Fed buys more securities in the middle and longer end of the yield curve.

"It's not their job to bail out the whole world, but next week there's high expectations for the Fed," said Nomura Americas Treasury strategist George Goncalves. The Fed this past week joined with the European Central Bank and others to provide more dollar liquidity for euro zone financial institutions.

European finance ministers ended their meeting in Poland with no signs of progress in handling the sovereign debt crisis. Some traders were looking for the officials to provide some clarity on the purchases of sovereign debt, which so far has fallen to the ECB. The euro zone countries are in the process of voting on enhancing the powers of the European Financial Stabilization Facility bailout fund, or EFSF.

In the coming week, the IMF meets in Washington and Europe will certainly be on the agenda. Ahead of that meeting, representatives of the BRICS (Brazil, Russia, India, China, and South Africa) are expected to meet to discuss whether they can help the European situation.

Meanwhile, Greek Prime Minister George Papandreou canceled his trip to the U.S. He said in a statement that the coming week is "particularly critical for the implementation of the July 21 decisions in the euro area and the initiatives which the country must undertake."

Inspectors from the IMF, EU and ECB will be working with Greek officials this week as they struggle to get approval for their next 8 billion euro funding tranche, without which Greece would default.

President Obama is expected on Monday to propose a new tax rate for people making over $1 million, dubbed the "Buffett Tax," after billionaire investor Warren Buffett famously complained he wasn't paying enough taxes. It will replace the alternative minimum tax and was designed to ensure that the wealthy will pay at least the same rate as the middle class. The president is also expected to put forth a proposal seeking $300 billion to $500 billion in Medicare and Medicaid savings over the next 10 years. Read More

US STOCKS-Europe propels Wall Street higher for week - Reuters

* Investors reassured major euro zone disruption unlikely
* Geithner urges unity in tackling debt crisis
* United Technology lining up funds for big buy--sources
* Research In Motion tumbles after steep profit drop
* Indexes up: Dow 0.7 pct, S&P 0.6 pct, Nasdaq 0.6 pct
* For up-to-the-minute market news see [STXNEWS/US] (Updates with volume in final two paragraphs and adds Moody's on Italy in paragraph 12)

By Caroline Valetkevitch

NEW YORK, Sept 16 (Reuters) - U.S. stocks rose for a fifth day in a row on Friday and the S&P 500 scored its best week since early July on signs euro zone leaders were acting together to limit any damage from its sovereign debt crisis.

The leaders took steps this week to show they were tackling the debt crisis, which has plagued markets for weeks, including coordinated central bank moves to give European banks greater access to funding in dollars.

U.S. Treasury Secretary Timothy Geithner urged EU finance ministers to leverage their bailout fund to better tackle the debt crisis and to start speaking with one voice, but there was no agreement on what steps to take. For details, see [ID:L3E7KG0KC]

Still, the encouraging headlines out of Europe helped the S&P 500 post a 5.4 percent gain for the week, its best since early July, and the five-day string of gains was the broad index's strongest since the end of June.

The Nasdaq composite index registered its best weekly percentage advance since July 2009, reflecting strength in technology shares on Friday. The S&P tech index .GSPT rose 1 percent, while the S&P consumer discretionary index .GSPD also gained 1 percent.

"The market seems to be a little bit more reassured that (their) support will not allow for a major disruption in Europe," said Natalie Trunow, chief investment officer of equities at Calvert Investment Management in Bethesda, Maryland, which manages about $14.8 billion.

The Dow Jones industrial average .DJI ended up 75.91 points, or 0.66 percent, at 11,509.09. The Standard & Poor's 500 Index .SPX was up 6.90 points, or 0.57 percent, at 1,216.01. The Nasdaq Composite Index .IXIC was up 15.24 points, or 0.58 percent, at 2,622.31.

The Nasdaq gained 6.3 percent for the week while the Dow rose 4.7 percent.

Still, major obstacles must be overcome in solving the euro zone's debt crisis.

Less than 75 percent of private sector creditors have signaled they will take part in a scheme to buy back Greek debt, far less than the 90 percent target set by Greece. The shortfall could jeopardize the planned second bailout package for Athens. [ID:nLDE78F0E3]

Greece's international lenders said on Friday they would delay a crucial visit to the country next week, and European finance ministers demanded that Athens fulfill its pledges to win further aid. [ID:nLZM0939XL]

After the market's close, Moody's Investors Service left Italy's Aa2 foreign sovereign currency credit rating unchanged but reiterated that it remained on review for a possible downgrade. [ID:nWNA8718]

Among U.S. stocks, General Electric Co (GE.N) gained 1.6 percent to $16.33 after forming two new joint ventures in Russia that it said could generate $10 billion to $15 billion in new revenue over the next few years. [ID:nL3E7KG1UI]

Another Dow component, United Technologies Corp (UTX.N), is lining up financing for a major acquisition in the United States, according to people with direct knowledge of the matter.

The U.S. industrial conglomerate is tapping the credit market for funds that could top $20 billion, said one of the sources. Its shares slipped 0.1 percent to $75.50. [ID:S1E78F0H8]

One of the worst hit stocks, BlackBerry maker Research In Motion Ltd (RIM.TO)(RIMM.O) slid 19 percent to $23.93 a day after it reported a steep drop in quarterly profit and offered little hope of a turnaround soon. [ID:nS1E78E1MR]

U.S. economic data showed consumer sentiment inched up in early September, but Americans were gloomy about the future. A gauge of expectations fell to its lowest level since 1980. [ID:nS1E78F0G4]

Volume was a strong 8.8 billion shares on the New York Stock Exchange, Amex and Nasdaq, above last year's average of roughly 7.6 billion.

Advancers led decliners by 15 to 14 on the NYSE and by about 7 to 6 on Nasdaq. (Reporting by Caroline Valetkevitch; Editing by Kenneth Barry)

Germany Rejects Using ECB Leverage to Increase European Rescue Fund’s Size - Bloomberg

Germany’s top two finance officials rejected using the European Central Bank to boost the euro-area rescue fund’s firepower, rebuffing a suggestion by U.S. Treasury Secretary Timothy Geithner.
Inviting Geithner to a euro meeting for the first time, European finance chiefs who wrapped up two days of talks in Wroclaw, Poland, today also said the 18-month debt crisis leaves no room for tax cuts or extra spending to spur an economy on the brink of stagnation.

The German stance risks leaving the euro area without sufficient means to prevent the crisis from engulfing Spain and Italy. Geithner floated a variation of a 2008 policy he developed while at the New York Federal Reserve that would expand the reach of the 440 billion-euro ($607 billion) European Financial Stability Facility using leverage in a partnership with the ECB, said Irish Finance Minister Michael Noonan.

“The EFSF’s sole purpose is the financing of states and that’s in order as long as it’s done via the capital market,” Bundesbank President Jens Weidmann told reporters today. “If it’s done via the central bank it constitutes monetary state financing,” which is forbidden under European Union rules.

Luxembourg Prime Minister Jean-Claude Juncker, who chairs meetings of euro region finance ministers, said yesterday: “We’re not discussing the increase or the expansion of the EFSF with a non-member of the euro area.” Instead, the ministers recommitted to a July 21 decision to empower the fund to buy bonds in the secondary market, offer precautionary credit lines and create a bank-recapitalization facility.

“We don’t think that real economic and social problems can be solved by means of monetary policy,” said German Finance Minister Wolfgang Schaeuble, speaking alongside Weidmann after the meeting of EU finance ministers and central bank governors. “That has never been the European model and it won’t be.”

Neither German policy maker ruled out leveraging the backstop’s lending capacity, saying the feasibility of the idea depends on how it’s done. It wouldn’t be acceptable to leave the ECB with the risks from such an operation, said Weidmann.
Europe projects an image of “ongoing conflict” between national governments and the central bank, hampering efforts to put the economy on a sounder footing, Geithner said yesterday at a banking conference in between euro meetings.

‘Big Question Marks’
Europe’s economy will barely grow in the second half of 2011, a casualty of the debt buildup that 256 billion euros in aid for Greece, Ireland and Portugal has failed to extinguish.

Germany’s credit risk on its contribution to the EFSF may reach 465 billion euros, the Ifo Institute said today. The risk has risen from less than 400 billion euros in April, the Munich- based economic institute said in a statement.
Weidmann said he would put “big question marks” on proposals to give the EFSF a license to let it operate as a bank that could tap the ECB for its refinancing.
The ECB was in the forefront again this week, joining other major central banks in offering dollar loans to ease a liquidity crunch that had confronted European banks with the highest costs for obtaining the U.S. currency in almost three years.

The ECB last month started buying Italian and Spanish government bonds after Europe’s debt crisis pushed their yields to euro-era records. Since starting its bond program on May 10, 2010, the Frankfurt-based central bank had spent 143 billion euros on sovereign bonds through Sept. 9.

Moody's revises Indosat ratings outlook - Insider Stories

Moody's Investors Service has revised to stable from negative the outlook on PT Indosat Tbk's Ba1 corporate family ratings and senior unsecured ratings.
"The revision in outlook primarily reflects Indosat's improved financial and liquidity positions, its improving headroom under its covenants which we believe to be sustainable, and our expectations for prudent liquidity management moving forward," said a press statement today.

The improvement in Indosat's leverage metrics in FY2010 and LTM June 2011 was partly driven by lower capex spending of Rp6.5 trillion as compared to over Rp10 trillion for the previous 2 years.
"With its increased focus on enhancing content for its data segment, as against more capital-intensive network expansion, we expect near-term capex spending to range between Rp6.5 trillion- Rp7.5 trillion per year."
Such reduced capex also reflects the increased emphasis on tower and infrastructure sharing through collocations.

"Furthermore, we also draw comfort from Indosat's demonstrated ability to secure financing in both rupiah and US$, despite ongoing volatility in the credit markets, thereby helping to substantially reduce refinancing risk and extend its debt maturity profile through prepayment of Rp6.7 trillion of its debt in 2010."
Indosat's rating combines an assessment of its fundamental strength, which at Ba2 reflects its established network and market position as Indonesia's second largest cellular operator in terms of revenue and subscribers, expectations of moderate growth in the cellular market, and its improving financial profile.

Hingga Agustus 2011, Marketing Sales ASRI Capai Rp1,9 Triliun - TopSaham

PT Alam Sutera Realty Tbk (ASRI) mencatat kenaikan marketing sales hingga Agustus 2011 menjadi sebesar Rp1,9 triliun. Angka tesebut melampaui target marketing sales sebesar Rp 1,7 triliun.

Sekretaris Perusahaan ASRI,Hendra Kurniawan dalam siaran persnya, Jakarta, Jumat (16/9/2011) menjelaskan, diraihnya angka penjualan sebesar itu ditopang oleh kinerja perseroan yang sukses memasarkan produk-produk properti baik residensial maupun komersial. Berbagai proyek-proyek terbaru seperti Ruko The Prominence, sub-claster Pelangi dan Jingga, hingga penjualan Alam Sutera Office Tower memberikan kontribusi signifikan dalam sales revenue Alam Sutera.

Di Agustus Alam Sutera mampu memperoleh penjualan unit properti sekitar Rp 629 miliar. Tingginya pendapatan bulan ini sebagian besar diperoleh dari penjualan kompleks komersial terbaru, yaitu The Prominence sebesar Rp444 miliar.

Ruko tiga lantai tersebut berhasil terjual seluruhnya hanya dalam waktu tiga jam sejak awal diluncurkan. Selain itu, perolehan penjualan juga ikut disumbangkan oleh penjualan perumahan seperti sub-cluster Pelangi dan Jingga.

Ditambahkan, terlampauinya target Rp1,7 triliun pada Agustus, membuat Alam Sutera berpotensi merevisi target penjualannya di 2011 sejalan dengan tingginya peningkatan penjualan. “Kami berpotensi melakukan revisi target, tapi saat ini kami belum bisa menyebutnya secara pasti. Namun, kemungkinan besar target tahun ini akan berubah menjadi sekitar Rp2,2 triliun,” paparnya.

Chandra Asri Pastikan Right Issue Setelah Kondisi Pasar Membaik - TopSaham

PT Chandra Asri Petrochemical Tbk (TPIA) menegaskan, tetap akan melakukan penawaran umum terbatas I melalui HMETD alias (rights issue) sekurang-kurangnya 20% setalah kondisi pasar dan bursa dunia membaik.

Direktur Chandra Asri, Suryandi dalam penjelasan y6ang disampaikan ke BEI di Jakarta, mengatakan right issue semata-mata untuk meningkatkan jumlah saham yang beredar di publik.

Dijelaskan, dengan terlaksananya rights issue ini maka jumlah pemegang saham dapat bertambah dan likuiditas saham perseroan di pasar juga terbentuk. Saat ini, jumlah saham di bawah 5% dari perseroan adalah 157.205.550 (5,13%) dari modal disetor dan ditempatkan.

Jumlah pemegang saham perseroan pada 31 Agustus 2011 sebanyak 376 pihak.

Namun, saat ini kondisi pasar dan bursa dunia tengah mengalami penurunan sehingga perseroan menunda rencana rights issue.

Adhi Karya Garap Proyek Pertamina Rp8 Triliun - VivaNews

PT Adhi Karya Tbk bekerja sama dengan Goldstar Co Ltd memenangi proyek EPC Residual Fluid Catalytic Cracking (RFCC) Cilacap senilai US$931,48 juta atau sekitar Rp8 triliun. Adhi selaku pimpinan konsorsium secara resmi ditunjuk oleh PT Pertamina sebagai pemenang pada 12 September 2011.

"ADHI-Goldstar mengikuti proses tender terbuka yang dimulai sejak 2010, dan akhirnya dinyatakan sebagai pemenang," kata Sekretaris Perusahaan Adhi Karya, Kurnadi Gularso, dalam keterangan tertulis di Jakarta, Minggu 18 September 2011.

Penandatanganan perjanjian proyek (signing ceremony) direncanakan pada 27 September 2011. Proyek RFCC merupakan proyek kilang (refinery) Pertamina Cilacap dengan kapasitas 62.000 BPSD, yang menggunakan Technology Licensor UOP dan AXENS. Proyek ini dijadwalkan selesai --operational acceptance-- dan diserahterimakan dalam waktu 39 bulan.

Menurut dia, RFCC juga merupakan proyek prestisius Pertamina. Dengan beroperasinya RFCC Plant itu, nantinya Pertamina akan bisa melakukan banyak penghematan dalam pengoperasian kilangnya.

"Jadi dapat menghemat pengeluaran negara, yang salah satunya adalah penghematan subsidi BBM," tuturnya.

Sementara itu, Goldstar yang bersama Adhi menggarap proyek itu adalah perusahaan EPC besar dari Korea Selatan. Goldstar memiliki keunggulan dalam pengalaman membangun EPC RFCC. Enam EPC RFCC telah dibangun Goldstar, di antaranya RFCC Ruwais UAE (United Arab Emirates).

Proyek tersebut merupakan RFCC terbesar di dunia dengan kapasitas 127.000 BPSD atau dua kali lipat kapasitas RFCC Cilacap. Adhi Karya sendiri dalam proyek EPC telah berpengalaman mengerjakan proyek Tuban Aromatic-TPPI.

Proyek ini merupakan bagian dari rencana jangka panjang Adhi Karya 2012-2016 dalam memantapkan bisnis EPC, selain investasi, dan sebagai kontraktor.

Delta Dunia 8M overburden rises 15.62% - Insider Stories

PT Delta Dunia Makmur Tbk (DOID), parent of Indonesia's second largest coal contractor PT Bukit Makmur Mandiri Utama (BUMA), reported a flat coal production in the first 8 months of this year.

Delta Dunia produced 22.7 million tons of coal in 8M 2011, a 0.44% increase from 8M 2010. In August 2011, Delta Dunia produced 2.9 million tons of coal, a drop from 3.1 million tons in August 2010.

Despite a stagnancy in coal production, Delta Dunia's overburden removal rose 15.62% to 186.7 million bank cubic meter (bcm) in 8M 2011 from 160.9 million bcm in 8M 2010. Overburden removal in August reached 30.9 million bcm from 27.3 million bcm.

Permintaan China akan dongkrak harga tembaga - Bisnis Indonesia

JAKARTA: Permintaan dari China diperkirakan mendorong harga tembaga naik ke kisaran US$8.000-US$9.000 per metrik ton di London Metal Exchange pada kuartal keempat.

Janet Kong, seorang analis komoditas di China International Capital Corp, mengatakan konsumsi tembaga olahan atau rafinasi China dapat meningkat 5,5% tahun ini menjadi 8,25 juta ton. Kong, dalam konferensi di Shenzen hari ini, mengatakan permintaan dari negara pemakai tembaga terbesar di dunia dapat meningkat 5,4% tahun depan menjadi 8,7 juta ton.

Harga tembaga untuk pengiriman 3 bulan di London Metal Exchange menurun ke level terendah dalam 8 bulan US$8.446,25 per ton pada 9 Agustus di tengah kekhawatiran global mengenai negatifnya kondisi ekonomi makro. Harga telah jatuh 9,4% tahun ini, tertinggal dari kenaikan 3,4% dalam indeks GSCI Standard & Poor atas 24 komoditas.

"Krisis utang Eropa dan perlambatan ekonomi AS menimbulkan risiko penurunan harga tembaga, tetapi seiring China yang membeli pada saat harga turun tajam guna menimbun stok, maka setiap ada kemerosotan [harga] akan dibatasi [permintaan China]," kata Wu Yuneng, Wakil Presiden Jiangxi Copper Co., akhir pekan lalu.

"Kami melihat arus modal yang sangat ketat di antara perakit hilir, dan pada saat yang sama, ekspor produk dipengaruhi oleh masalah-masalah Eropa dan AS," kata Wu seperti dikutip Bloomberg.

Sementara itu, kata Wu, biaya pengerjaan—harga yang dibayarkan untuk peleburan oleh para penambang untuk mengubah bijih menjadi logam, akan naik ke US$70 per ton tahun depan karena ada kontrak jangka panjang antara pabrik peleburan China dan perusahaan pertambangan global.

Harga yang mesti dibayar untuk peleburan saat ini sekitar US$45 per ton, setelah naik sampai US$120 per ton karena gempa dan tsunami 11 Maret di Jepang menghentikan operasi beberapa tempat peleburan.

"Biaya peleburan harus meningkat karena pasokan bijih internasional berkembang pada 2013 sampai dengan 2014," kata Wu.

Medco Akui Telah Pakai Hasil Penerbitan Obligasi US$5,09 juta - TopSaham

PT Medco Energi Internasional Tbk (MEDC) mengakui telah memakai dana hasil penerbitan obligasi tahap pertama senilai US$5,09 juta per 14 September 2011.

Nilai penerbitan obligasi tahap pertama perseroan sebesar US$50 juta. Dana yang baru digunakan sebesar US$5,09 juta untuk belanja modal. Perseroan belum melunasi utang dari penerbitan obligasi tersebut. Demikian disampaikan manajemen Medco dalam keterbukaan informasi ke Bursa Efek Indonesia (BEI), Jumat (16/9).

Rencana penerbitan obligasi itu akan digunakan untuk melunasi utang sebesar 60% atau US429,61 juta dan sebesar 40% atau US$19,75 juta akan digunakan untuk belanja modal.