Indonesia’s state-owned coal miner PT Bukit Asam saw its net profit soar 66.6 per cent in the first quarter owing to an increase in its coal sales amid an upward trend in global prices.

Bukit Asam sold 6.29 million tonnes of coal within the first three months of 2018, up 15.9 per cent year-on-year. At the same time, its coal selling price averaged at 892,243 rupiah (US$64.69) per ton, up 9.73 per cent annually.

As a result, the company’s revenue climbed 26.4 per cent to 5.74 trillion rupiah, leading to a 66.6 per cent increase in its net profit to 1.45 trillion rupiah.

“This positive result was driven by an increase in our revenue from coal exports, while revenue from domestic coal sales was relatively similar compared to the previous corresponding period,” Bukit Asam said in a statement on Thursday.

Coal exports accounted for 55 per cent of Bukit Asam’s total revenue, while the other 43 per cent came from its domestic coal sales and about 2 per cent was generated from other business activities, such as electricity and crude palm oil sales as well as hospital services.

Bukit Asam has set a target to produce 25.54 million tonnes and sell 25.88 million tonnes of coal throughout 2018, up 5.3 per cent and 9.5 per cent, respectively. The company has allocated 6.55 trillion rupiah in investment spending this year. – The Jakarta Post

Top Glove proposes one-for-one bonus issue

Malyasia’s Top Glove Corp Bhd has proposed a one-for-one bonus issue at a yet-to-be determined entitlement date, which will see up to 1.28 billion bonus shares issued to shareholders of the company.

“We have always been committed to adding and creating value for our shareholders, and the proposed one-for-one bonus issue will enable us to reward our loyal shareholders.

“This will also enable us to increase the number of shares in issue, which is expected to create more liquidity and marketability for Top Glove shares”, said Tan Sri Dr Lim Wee Chai, executive chairman of Top Glove. – The Star

Cambodia’s telephone operating companies have been told “to settle any debts” owed to each of the two ministries by April 30, according to an announcement dated April 2 that was jointly released by the Ministry of Economy and Finance and the Ministry of Post and Telecommunications.

The country has three large mobile network operators – Smart, Metfone and Cellcard – and three small operators, qb, Seatel and Cootel. On Thursday, officials from Metfone, Cellcard and Seatel declined to comment on the release.

In an official statement, Smart said on Thursday that it has consistently paid all taxes, licensing and regulatory fees owed to the Cambodian government – amounting to $65 million in 2016 and $76 million in 2017 – in a timely manner, and advocated its support for the ministries’ recent announcement.

“We commend and support these initiatives, as they will hopefully result in all operators being treated similarly and competing on a fair basis in terms of offerings and future sector investments – a situation that will benefit the industry, society and ultimately the Royal Government of Cambodia,” it said.

Still, the company said that it is important for the government to ensure its future tax and fee determinations for telecom companies do not limit the appetite for investment in the industry, stating that “by encouraging investments as well as industry sustainability, far greater benefits for the Cambodian government can be achieved”.

Today, Singapore has different regulations and agencies governing gambling products such as casinos, remote gambling and fruit machines operated by private clubs, she noted at the annual Workplan Seminar of the Casino Regulatory Authority yesterday.

“This piecemeal approach will not be sustainable or adequate to deal with the growing complexities of the gambling landscape and products,” said Teo at the seminar held at Biopolis in Buona Vista.

The one-day seminar, which was held in conjunction with the Casino Regulatory Authority’s 10th anniversary, outlined the agency’s history and highlighted its future challenges.

One challenge is that Singapore’s casinos face increasing regional competition.

“Competition for tourism revenues will get more intense,” Teo said. “Many jurisdictions are keenly studying our integrated resort (IR) concept. Our IRs will be anxious to stay ahead of the competition.”

The next challenge is that of technological disruption, in which new machines, game types and modes of payment have implications on how casino regulators establish controls, she added.

In order for the authority to keep up with rapid technological changes, it has been sending its officers to conferences and courses to sharpen their skills, said Teo.

However, more should be done to ensure the officers are kept abreast of technology and its impact, she added.

The Casino Regulatory Authority was formed as a statutory board in 2008, and had to develop and put in place regulations and standards for the casinos, said Teo.

Since 2010, when the integrated resorts started operations, casino-related crime has remained a small proportion of overall crime in Singapore – less than 1 per cent. “We have not detected organised crime linked to casino gambling taking root here,” said Teo.

Problem gambling is also under control, at below 1 per cent, she added. “This is lower than problem gambling rates in other places, like the US, Canada and Macau.”

Measures to keep the problem in check include a casino entry levy – the first of its kind in the world. The Ministry of Social and Family Development and the National Council on Problem Gambling also introduced a scheme where vulnerable individuals can be barred from entry into casinos. Another scheme which limits casino visits has also been introduced.

The Ministry of Agriculture and Rural Development (MARD) said they were reviewing and proposing to cut 241 business conditions out of 345, accounting for 70 per cent of the total in the area.

The Vietnam Chamber of Commerce and Industry (VCCI) on Wednesday in Hanoi and MARD held a seminar collecting businesses’ opinions on the conditions in the agriculture sector.

Nguyen Thi Kim Anh, director of the ministry’s Legal Department, said as many as 131 conditions of veterinary, animal feed, plant protection and quarantine, quality control, and genetically modified products would be revised, supplemented or eliminated in the administrative simplification.

In addition, many business conditions in the Law on Seafood would continue to be revised and simplified.

Nguyen Van Tuong, director of Hanoi’s Department of Agriculture and Rural Development, highly valued the efforts of the ministry in cutting unsuitable business conditions and removing barriers for firms in the sector.

However, Tuong said the ministry should quickly promulgate technical standards and safety production progress for companies to easily follow, as well as facilitate authorities in after-checks.

“Enterprises would be more responsible about their products’ quality, while applying standards. Authorities could also reduce paper work,” he added.

Tran Van Thien from Vietnam Veterinary Pharmaceutical Association was quoted by chinhphu.vn as saying that in reality, business conditions have not been a big issue. Sub-licences at guiding circulars have been barriers for firms.

Thien suggested that the ministry review the sub-licences to cut unnecessary regulations.

Nguyen Va Son, chairman of Vietnam Pesticide Association, said there were unsuitable business conditions, which were not approved for simplification this time around.

For example, the ministry stipulates that warehouses of pesticide producers must be located in industrial zones (IZs), while many factories have already been granted licences or built outside IZs.

It would cost businesses hundreds of billions of dong to move their factories to IZs, he said.

Nguyen Khanh Trinh, director of a clean food chain, said his company received up to seven delegations conducting check-ups at shops within 20 days, causing their operations to be affected.

He said it was a paradox that food sold on pavements or small markets without tests or licences was not being checked by the delegations, while his company, which had ensured all the requirements for food safety, was.

The high number of checks was time consuming and troublesome, he said.

The Ministry of Transport has announced the elimination of 384 out of 570 business conditions overseen by the ministry, equivalent to 67.36 per cent of the total business conditions in the transport sector.

Transport minister Nguyen Van The recently signed off on Decision No. 767, which sets out a plan to remove and streamline regulations on business conditions in the transport sector.

The aviation sector has the largest number of business conditions to be simplified and cut, accounting for 74.36 per cent of the total business conditions of the sector.

It is followed by the rail sector with 73.08 per cent of its business conditions being cut.

Meanwhile, the road sector will have 68.5 per cent of its business conditions eliminated, the waterway sector will remove 67.34 per cent of its conditions, and the maritime sector will cut 65.08 per cent of its conditions.

The multi-modal transportation services and transport of dangerous goods will see the smallest number of slashed conditions, making up 61.43 per cent of its total conditions.

Under the decision, the ministry asked relevant agencies to promptly review and compile legal documents based on the plan for the elimination of business conditions and submit them to the government before October 30 this year.

In a recent meeting, The emphasised that the review and elimination of administrative procedures and business conditions is a regular task in creating favourable conditions for the people and enterprises, while helping to save costs and time.

The investment values 11Street Malaysia as much as 375 million ringgit.

PUC, in a filing with Bursa Malaysia today, said it had entered into a termsheet Celcom Planet Sdn Bhd, Axiata Digital Services Sdn Bhd (ADS) and SK Planet Global Holdings Pte Ltd (SKP) for the proposed deal.

Celcom Planet is a joint venture between ADS and SKP, which owns and operates the 11Street Malaysia e-commerce platform.

The company, which operates its own social marketing and e-wallet platform known as Presto, said it expects to benefit from 11Street Malaysia’s e-commerce infrastructure, and cross markets its services to the consumer and merchant base of 11Street Malaysia.

Under the deal, PUC will invest up to 90 million ringgit in 11Street Malaysia in five tranches.

The first 40 million ringgit will be invested in four stages between now and end of July this year.

The remaining 50 million ringgit investment would be subjected to the approval of the company’s shareholders.

PUC said it expects to obtain the greenlight before end of August.

Assuming that PUC reached its investment target, it would end up with as much as 24 per cent stake in 11Street Malaysia, with ADS holding 37 per cent and SKP at per cent.

“The investment amount translates to an implied valuation of 100 per cent equity interest in CPSB ranging from 333.33 million to 375 million ringgit,” PUC said.

After signing the definitive agreements, PUC will have the right to nominate and appoint the chief executive officer and chief marketing officer at 11Street Malaysia.

The government has completed 30 PSN projects – 20 projects in 2016 and 20 in 2017. Committee for Acceleration of Priority Infrastructure Delivery (KPPIP) Chairman Wahyu Utomo said on Thursday that of the 38 projects, 13 of which would be completed this year, while 25 other projects would be completed in 2019.

“In 2018, we expect to complete 13 projects with total investment of 46.78 trillion rupiah (US$3.41 billion), while the 25 others with total investment of 118.88 trillion rupiah will be completed in 2019,” he said during a press conference in Jakarta

The KPPIP announced earlier that the government would carry on with the 222 projects on the PSN list, after removing 14 projects from the list. In addition to the projects, the government also has three other programs.

Wahyu explained that 66 out of 222 projects and two out of three programs — electricity programs and economic equality program – were in the completion process, while 109 projects and one program in the airplane industry were under construction, he added.

“Six projects are being tendered, while the 28 other projects are in the preparation stage,” Wahyu said.