BCA consolidates in auto finance, BlackRock invests US$37M in Swan Energy, Apple strengthens market position, Ciputra updates IKN delays, and BoJ raises rates against global trends.
By Falito VIllienuve Tandra, Iman Satyo Adi, and Salma Farah Faiza
August 2, 2024 at 16:30 GMT+7
BCA Finance service | Source: BCA Finance
PT BCA Finance and PT BCA Multi Finance plan to merge by Sunday (9/1), enhancing operational efficiency and strengthening their position in Indonesia's automotive financing sector.
Approved by OJK, the merger will integrate rights, obligations, and human resources into BCA Finance. Customers will continue receiving uninterrupted services and benefits. This consolidation aims to optimize used car and motorcycle financing, create a more robust entity, and maintain high service quality and stable employment relationships.
The strategic move will bolster BCA Group's standing in the financial sector, offering comprehensive financing for both two-wheeled and four-wheeled vehicles.
The BlackRock logo outside their headquarters in Manhattan, New York | Source: Reuters
BlackRock, the world’s largest asset manager, acquired stakes in Swan Energy Ltd on Monday (7/8) through block deals. The BlackRock Emerging Frontiers Masters Fund Ltd and the BlackRock Global Funds India Fund acquired 0.78% and 0.58% stakes, respectively, purchasing a total of 4.556 million shares for just over US$37 million.
Key sellers included 2i Capital PCC and Dovetail India Fund. Swan Energy’s shares, which have risen 35% in 2024 and 163% in the past 12 months, will be in focus on Tuesday (7/9) following the acquisition.
Craig Federighi, senior VP of software engineering at Apple, delivers remarks at the start of the Apple WWDC on June 10, 2024 | Source: WIRED
Apple's shares rose by 2.5%, driven by rapid AI advancements and successful device upgrade incentives. Morgan Stanley increased Apple's price target from US$216 to US$273, naming it a "top pick" stock.
Apple's market value reached a record US$3.62 trillion, bolstered by seamless hardware and software integration. The launch of Apple Intelligence aims to compete with AI giants like Google and OpenAI, enhancing user experience and driving sales.
Analysts forecast significant growth potential, with nearly 500 million iPhones expected to be sold over the next two years, highlighting Apple’s market dominance and strong future outlook.
IKN construction | Source: ANTARA
Ciputra Development (CTRA) has delayed groundbreaking for its Ibu Kota Nusantara (IKN) project until the Central Government Core Area (KIPP) construction is completed.
Located in Ring 2, outside the central priority area, the project will advance once core development nears completion, likely around 2025. The integrated development will feature a MICE concept, focusing on meetings, incentives, conferences, and exhibitions.
The mega-project includes 10 apartment towers with an expenditure of Rp3.5 trillion under the Government and Business Entity Cooperation scheme. The project is in the final feasibility study stage, with design and auction processes to follow.
A Japanese flag flutters at the Bank of Japan headquarters in Tokyo | Source: AP Photo/Shuji Kajiyama
BoJ Raises Rates, Diverging from Global Trends
The Bank of Japan raised its key interest rate to 0.25%, marking its second increase in 17 years, in an effort to normalize monetary policy. This move comes despite Japan's economy contracting by 2.9% and consumer prices rising less than expected.
The BoJ also plans to unwind its massive bond-buying program, signaling a shift away from a decade of stimulus measures. Frederic Neumann, Chief Asia Economist at HSBC suggests further rate hikes could be on the horizon by early next year, as Japan takes a unique approach amidst global monetary trends.
Sources:
CNBC
Nasdaq
Reuters
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