On 3 July 2016, Indonesia Investments released the latest edition of its newsletter. This free newsletter, which is sent to our subscribers once per week, contains the most important news stories from Indonesia that have been reported on our website over the last seven days. Most of the topics involve economic matters such as the performance of Indonesian stocks and the rupiah in the post-Brexit era, the impact of Idul Fitri on the economy, the tax amnesty program, revised state budget, inflation, manufacturing, and much more.

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Good news from Indonesia's manufacturing sector. Indonesia's Nikkei manufacturing purchasing managers' index (PMI) rose to a reading of 51.9 in June 2016, up from a reading of 50.6 points in the preceding month (a reading above 50.0 indicates expansion in manufacturing activity, while a reading below 50.0 signals contraction). The June reading of 51.9 was the highest reading since July 2014. Furthermore, the strongest expansion in Indonesia's payroll numbers in the survey's history occurred, while buying levels also rose markedly.

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Inflation in Indonesia accelerated slightly more than expected last month. According to the latest data from Statistics Indonesia (BPS), inflation reached 3.45 percent (y/y) in June 2016, up from 3.33 percent (y/y) in the preceding month. Initially, Indonesia's monthly inflation pace in June was forecast above 1 percent. However, over the past week estimates were cut to around 0.55 percent (m/m) as food prices were largely under control (even though prices of some staple foods - such as chicken meat and eggs - were still rising).

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Again a big western mining company plans to exit Indonesia. US-based Newmont Mining Corp reportedly agreed to sell its 48.5 percent stake in copper and gold miner Newmont Nusa Tenggara (the operator of the Batu Hijau mine) for USD $1.3 billion (including contingent payment of up to USD $403 million). The stake is set to be sold to Amman Mineral Internasional. Newmont Chief Executive Gary Goldberg said the move is in line with the company's commitment to lower debt and fund its higher margin mining projects in order to create value for shareholders.

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