Oplecenter Business & Finance News

JAKARTA – Capital Market Supervisory Agency and Financial Institution (Bapepam-LK) requested financial services provider in the field of capital markets to get to know their customers.

As stated Chairman of Bapepam-LK in the press release was quoted as saying by the official website of Bapepam-LK, in Jakarta, Saturday (26/12/2009) will this new decision also came into force since January 1, 2010.

Introduction was done in order to create capital markets industry is healthy and protected from the practices of money laundering and used as a means of funding terrorist activities.

Therefore, efforts needed to prevent and combat money laundering and financing terrorist activities by financial service providers in the field of capital markets through the application of the principle of know your customer.

Based on this, the enhanced provisions of the principle of know your customer by the financial services provider in the field of capital markets, the attachment decisions chairman of Bapepam-LK No. Kep-313/BL/2007 of August 28, 2007 with a discipline decision of Bapepam-LK chairman of the new.

The financial services provider in the field of capital markets that has obtained permission or approval from Bapepam-LK prior to the application of this decision must submit to Bapepam-LK guide implementation of the customer knows the principles that have been adapted to the provisions referred to at least June 30, 2010.

In addition, financial service providers to update the data on existing customers before the establishment of this decision by tailoring the information and supporting documents referred customers. Then verify the information and documents referred to the client at the latest on December 31, 2010.

With the enactment of this decision, the decision of the Chairman of Bapepam-LK Kep-313/BL/2007 number of August 28, 2007 on the principle of know your customer by a financial services provider in the field of capital markets is revoked and declared no longer valid.

WASHINGTON – President of the United States (U.S.) Barack Obama said he would veto any legislation existing financial, if it does not contain “real reform” in the financial sector. On this, his government would overhaul the country’s banking system is power, the economic crisis during a large scale.

“We can not allow financial institutions, including taking your deposit, to take risks that threaten the entire economy,” he said in a national television the State, as quoted by AFP on Thursday (28/1/2010).

Obama urged policy makers to pass a bill (draft law) which would give new powers to tighten regulations made the government to liquidate the company, increasing capital requirements, and the limit of short-term debt held by banks.

“The housing sector has passed, with the introduction of financial reform is a lot happening this change,” Obama said in an article entitled Obama makes a State of the Union address

“Well, we can not let them win this battle. If the bill that ended at my table did not meet the test of real reform, I will send it back until we get it right,” he said.

This is in response in the face of widespread public anger at huge profits and bonuses that were reported by banks redeemed by the government, Obama has started a new year with measures to limit the size of financial firms deemed too big, “in an article titled Obama demands employment legislation without delay

He also vowed to separate investment and commercial banks, and introduced the largest levy financial firms to cover approximately USD700 billion in money that comes from restribusi taxes, such as the banking sector had fallen verge of collapse. In addition, Obama will promise poured $ 30 billion for small business.

But Obama denied his government had launched an attack on the financial sector. “I’m not interested in punishing the bank, I’m interested in protecting our economy,” he said.

WASHINGTON – Draft legislation issued by the Ministry of Finance and the Parliament of the United States requires financial companies to pay “failure or rescue” to the government.

“Financial Services Committee and Government Obama is committed to ensuring that the ‘taxpayers’ never again called upon to accept responsibility for any business decisions of Wall Street,” said Financial Services Committee and the U.S. Treasury Department in a joint statement.

Both these institutions explains, this bill aims to address the systemic risk in the financial sector, reducing the number of financial institutions that failed or went bankrupt, ending the policy of the bailout of financial institutions “too big to fail” because it has hurt government finances (income tax).

“Increasing Financial Stability Bill aims to ensure the industry and shareholders responsible for the risk and cost of failure, not from taxpayers ‘(using state funds),’ they said. This bill will become the foundation President Barack Obama’s commitment to implement the reform of financial regulation and the use of public money for the bailout for banks and other financial companies.

In a letter to the Financial Services Committee Chairman Barney Frank of Parliament, Mr Obama congratulated the panel on the progress of “financial reform package design.” The draft bill contains a 253 page draft federal law. In the Bill, financial institutions are required to set aside funds or assets worth USD 100 billion to deal with failure or a mission to save the company.

These funds should not be used for company operations. “Settlement costs on companies that fail will be paid in advance with the company’s assets. This will hurt shareholders and creditors. This asset will be compensated for any reduction in assessments on financial firms,” they said.

“We follow the model of ‘polluters pays’. So the financial industry to pay their fault, not the state,” he said. Bill also mandates the establishment of a council in charge of inter-monitor and supervise the financial system stability. Council will report any threat to the system increased authority keuangan.Berikutnya Federal Reserve (Fed) and the federal financial institutions on financial stability control that can quickly handle problems that arise.

Other rules, obligations of financial institutions to be members of Deposit Institutions (FDIC). This is one of government’s anticipation of loss if there is a failed financial institution. Obama praised the work the Ministry of Finance and Financial Services Committee that the U.S. Parliament to act quickly to protect consumers from unfair lending practices and fraud on Wall Street.

The derivatives market will be tightened and demanded the bank to change the policy of the executive compensation. Obama acknowledged, efforts to reform the financial rules require hard work. This is required to build the financial system more stable and secure U.S. economy from the crisis in the future.

Down Consumer Trust

The level of consumer confidence in the United States (U.S.) experienced a sharp drop in unexpectedly on October period due to weak economic picture is encouraging household consumption. U.S. consumer confidence index, released Conference Board fell to as low as 47.7 in September compared to the index reached 53.4.

The number is lower than some analysts forecast that predicted a decrease to the level of thin 53.1 points. In the survey of 5000 households in the U.S. was also revealed other economic indicators of the current situation index fell to 20.7 from the beginning on September 23. Meanwhile, weakening consumer expectations from 73.7 in September to 65.7 this month.

Director of the Conference Board Consumer Research Center said Lyn Franco, consumer assessment of current conditions has grown less favorable to the view that the labor market becomes a key element in the study.

“Current situation index was the lowest in 26 years. In the short-term negative outlook has emerged with a greater proportion. Consumers fairly pessimistic about their future income which caused the limited spending sentiment during the holidays,” he said.

Earlier this month the government announced the U.S. unemployment rate rose 9.8 percent in September, the highest since last 26 years.

As you know, consumer spending contributed to 70 percent of U.S. economic activity so that the lack of consumer spending could seriously impact on the economy’s superpower. Meanwhile, U.S. Treasury Secretary Timothy Geithner on Tuesday (27/10/2009) then says that there is strong reason to expand the many government programs aimed at improving the U.S. economy from recession.

“We see various options Congress whether we should extend unemployment benefits and target programs and other economic,” said Geithner.

JAKARTA – Economist Econit Hendri Saparini assess the actions of people are reluctant to pay taxes due to disillusionment with the performance of the Directorate General of Taxation as an act of a boomerang for the government.

Because it can interfere with the government in tax revenue targets.

“This is a backfire against the government’s efforts in an attempt to increase taxes and be a big loss,” he said when contacted Legal, in Jakarta, Friday (26/3/2010)

According to him, the government wanted a change in tax revenue was still unable to realize this because there is still a weakness that should be addressed. So far the government has not completed a tax problem in place and just leave. The government should solve this tax problem through the tax courts have today.

“Penyelasikan tax in tax court should be transparent, the government currently does not resolve the tax issue is only taken any action,” he said.

Hendri also added during the government’s tax revenue is always less than the target, especially with the existence of this movement can certainly affect the amount of government tax penerimanaan.

As known, the action that speaks facebooker one million facebooker movement refused to pay taxes on behalf of justice related to the case of a broker tax funds, Gaius HALOMOAN Tambunan worth Rp25 billion, which until now has not been resolved. It is feared could prop the government’s efforts to boost tax revenue target of Rp733, 24 trillion in 2010 Budget-P. The number is declining compared for Rp9, 5 trillion from Rp742, 74 trillion in 2010 Budget

JAKARTA – PT Medco Energi Internasional Tbk (MEDC) and re-submit its subsidiaries delay in the delivery of consolidated financial reports nine-month period that ended on September 30, 2009.

So the company submitted to the Indonesia Stock Exchange (IDX), as quoted okezone, in Jakarta, Saturday (5/12/2009).

This time delay due to limited review is still in the process of completion by the Public Accountant Office (KAP). “We expect to complete and submit consolidated financial reports nine-month period have been reviewed by KAP in the not too long,” said Director Darmoyo Doyoatmojo the disclosure of information submitted to the Stock Exchange.

Earlier in the quarter I-2009 Medco also do the same. The reason at that time is moving offices, so there are still improvements that need to be done in the internal Medco.
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