Dozens of workers at a fireworks factory at an industrial complex in Tangerang (Banten Province) were killed on Thursday morning (26/10) after two explosions caused a massive fire. At least 47 lives were ended, while dozens were injured. Reportedly, a total of 103 workers were active at the firecracker factory, hence the death toll could rise further. The fire has been brought under control.

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Fitch Ratings, the global rating agency, expects slower growth in Indonesia's property sector for the next 12 months. However, for the longer term, the institution still maintains a positive outlook as Indonesia is characterized by high urbanization, a rapidly expanding middle class and low mortgage rates. Since the revival in 2011, the average selling price of Indonesia's residential properties increased by about 30 percent year-on-year, particularly in the Greater Jakarta area.

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Indonesia and Sweden intend to increase business relations between both countries. Last month, Indonesia's president Susilo Bambang Yudhoyono made a state visit to Sweden, while in 2012 Sweden prime minister Fredrik Reinfeldt visited Indonesia. A number of topics were discussed during these visits, including trade and investment. After the discussions, both countries agreed that trade and investment between the countries should be expanded. Up to early 2013, 77 Swedish companies are in operation in Indonesia.

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