This is stipulated in the Regulation of the Minister of Energy and Mineral Resources (ESDM) No. 2 of 2010 recently passed. “This is an effort to accelerate energy diversification for power plants to non-oil fuels in order to meet the electricity needs of the ever-increasing,” said Director General of Electricity and Energy Utilization of Energy and Mineral Resources Ministry, J. Purwono, Friday (29/1/2010), in Jakarta.

Ministry of Energy and Mineral Resources in the rule mentioned, the total number of hydroelectric projects that use renewable energy, coal and gas are carried out to reach PLN 21 generating units. Some plants that will build the country’s companies, among others PLTU Indramayu 1x 1000 MW power plant Pangkalan Susu 3 and 4 in North Sumatra 2 x 200 MW power plant in South Sulawesi Takalar 2 x 100 MW, and East Kalimantan PLTG 2 x 50 MW.

“PLN will also build 11 units of geothermal power plants or PLTP with a total capacity of 880 Mega Watt as part of project development acceleration in generating 10,000 MW this year, the bidding process for construction of PLTP has been started,” said Director of Planning and Technology PT PLN Nasri Sebayang.

Eleven units of geothermal power plants to be built, among others, Sembalun, Kotamobagu, Ijen, Sungai Penuh, Tulehu, Willis, Ngebel, Iyang Agropuro, and Lahendong. Project funding came from the Japan Bank for International Corporation (JBIC) and Asian Development Bank or ADB. “The total funds needed to reach 1.6 billion U.S. dollars,” he said.

While the total number of hydroelectric projects that use renewable energy, coal and gas are conducted through cooperation with private power developers achieve the 73 units comprising 33 units of Geothermal Power Plant, a hydroelectric power unit, 36 units of power plant, and two units PLTGU. Primary energy from coal for power generation is still needed. “But the implementation must use environmentally friendly technologies,” said Nasri added.

1. Pertamina (Persero)
2. Karaha Bodas Company LLC
3. Industry Pulp Lestari
4. The National Bank Restructuring Agency
5. Kalimanis Plywood Industries
6. Siemens Indonesia
7. Angkasa Pura II (Persero)
8. Kartika Abadi Bentala
9. Daya Guna Samudera Tbk
10. Vision Direct

11. AsiaPacific Hyaat International-Limited
12. Djarma Aru
13. Televisi Republik Indonesia
14. Likpin LLC
15. Multi Control Indonesia
16. Kereta Api Indonesia (Persero)
17. Bank BNI
18. Indo TH Plantations
19. ING International
20. Surya Dumai Industri Tbk

21. DSM Kaltim Melamine
22. Cosa International Group Limited
23. Bukopin Tbk
24. Pasifik Satelit Nusantara
25. Bukit Makmur Mandiri Utama
26. Bank Global International Tbk
27. DP3KK
28. Gandhi Memorial International School
29. Prime Commercial Facility
30. Perdana Karya Perkasa Tbk

31. Sampoerna Agro Tbk
32. Seaunion Energy (Limau) Ltd.
33. Agoda Rimba Irian
34. Total E & P Indonesia
35th. Avera Pratama
36. Steady Safe Tbk
37. Toyota Tsusho Indonesia
38. Kaltim Prima Coal
39. Djakarta Lloyd Center Office
40. Universal Home Foodwear Indonesia

41. Sumalindo Lestari Jaya Tbk
42. General Food Industries
43. Indosawit Inti Subur
44. Holcim Indonesia Tbk
45. KINANTAN Senaputra
46. Pembangunan Sarana Jaya
47. Planet ELECTRINDO
48. Mobil Exploration Indonesia
49. Textra Amspin
50. Semen Tonasa

51. Kaltim Methanol Industri
52. Manunggal Eka Lestari
53. Perkebunan Nusantara XIV
54. Toyo Denso Indonesia
55. Pertamina Unit Pembekalan
56. Salim Ivomas Pratama
57. Gajah Tunggal Mulia
58. Intimutiara Kimindo
59. Hasil Musi Lestari Plantations
60. Petro Oxo Nusantara

61. Dwi Satya Utama
62. Social Security (center)
63. Wira Insani
64. Metal Variety
65. Catur Eka Perkasa Gatra
66. Plantation (Persero)
67. Pakerin
68. Central Proteinaprima Tbk
69. Daesung Eltec Indonesia
70. Merpati Nusantara Airlines

71. Madya Semarang
72. Hyundai Motor Indonesia
73. Aspiration Luhur
74. Istaka Works
75. Dongfang Electric Corporation Indonesia Project
76. Horizon Mega Indah
77. Space Gate
78. Sun Hope Investment
79. Texmaco Taman Synthetics
80. Singgar Honor

81. Pulau Sambu
82. Il Jin Sun Garment
83. Between LKBN
84. Tjiwi Paper Chemicals Factory
85. Astina Son
86. Pindo Deli Pulp And Papermills
87. Sragen Abadi Textile Industry
88. Parna Kaltim Industrial
89. Korina Semarang
90. Three Waves

91. Tower Three Diesel
92. Valu Trada Indonesia
93. Asrigita Facility
94. Ivo Mas Tunggal
95. Sinar Kencana Inti Perkasa
96. Eka Mandiri Mandiri
97. Deutsche Bank AG
98. Wirakarya Sakti
99. Gunung Bayan Pratamacoal
100. Garuda Indonesia

JCI closed down 0.33 percent or 8.769 points at 2610.796. Mining and plantation sectors to be weighted index d negative path.

A total of 125 stocks fell today dominate the trade, compared to 40 stocks rose. The transaction value reached USD 3.239 trillion from Rp 71,207 times the volume of transactions with 3.447 billion shares.

While Kompas100 index weakened 0.37 percent to 628.293, and then corrected LQ45 index 0.42 percent to 510.447 position, and the Jakarta Islamic Index fell 0.76 percent to 427.680.

From documents obtained by Bloomberg, Monday (25/1/2010) local time, Goldman Sachs Group Inc., JPMorgan Chase & Co.. and Morgan Stanley “only” give bonuses to their executives for U.S. $ 39.93 billion.

This figure is lower than the total bonus in the quarter-IV in 2007, which became a record, which is 44.7 billion U.S. dollars. This figure is also lower than estimates of five analysts surveyed by Bloomberg yesterday, which predict the number 46.1 billion U.S. dollars. In fact, a lower figure of about 10 billion U.S. dollars of analyst predictions in October 2009.

Only, the total annual bonus firms on Wall Street remained higher than in 2008. To quote the Wall Street Journal, the total bonus of 38 companies digelontorkan on Wall Street in 2009 reached 145 billion U.S. dollars. This figure is 18 percent higher than the total bonus for 2008 of 123.4 billion U.S. dollars and 6 percent higher than the 2007 bonus year for 137 billion U.S. dollars.

JP Morgan himself will give a bonus for the year 2009 of 9:33 billion U.S. dollars, up 18 percent from a year ago. Meanwhile, Goldman Sachs will provide a bonus of U.S. $ 16.2 billion and Morgan Stanley shares 14.4 billion U.S. dollars.

There is a decrease in bonuses to earnings ratio, from 40 percent in 2007 to 32 percent in 2009. The reason, the total revenue in the Wall Street firms also Jumped to around 450 billion U.S. dollars, up 25 percent from the year 2007.

Government pressure

For the second time this week President Barack Obama said that the bonuses of Wall Street firms as disgusting. Managing Director of Goldman David Viniar Defend themselves. He said the bonus is a step the company a fair balancing of facilities for employees to be loyal to the company.

Just so you know, even though the allocation of bonus three Wall Street firms last year’s lower figure is still six times higher than the average income of U.S. households are only 50.303 U.S. dollars per year. While every worker in the three companies will receive U.S. $ 336,843 bonus.

In fact, the Wall Street Journal calculates, the total Wall Street bonus in 2009 is greater than the total gross domestic product (GDP) of the World’s Poorest 58 countries and combined GDP equal to Egypt and Singapore. The figure was also 20 times larger than the GDP of Haiti, the new poor countries hit by massive earthquake.

Relatively peaceful demonstration criticizing the Government 100 days Susilo Bambang Yudhoyono joined to give investors confidence to buy stocks. Besides the positive sentiment also came from Asia who are competing exchange earned points.

JCI close higher, or 2.15 percent at 2619.565 points 55.011. Miscellaneous industry sectors, manufacturing, basic industry and mining became the main pillar of the index rate today.

A total of 146 stocks rose compared to dominate trade in 39 stocks and 55 stocks fell stagnant. The transaction value reached USD 3.756 trillion of transactions with 88,183 times the volume of 4.697 billion shares.

With that result, other key indicators BEI also drove the positive path, as Kompas100 index also rose 2.32 percent, then LQ45 index rose 2.40 percent, and the Jakarta Islamic Index increased 2.31 percent.

Meanwhile in Asian stock markets Hangseng index rose 1.61 percent of Hong Kong, Japan Nikkei225 index rose 1.58 percent, and South Korean Kospi index added 1.04 percent

Closed JCI weakening 31.412 percent, or 1.20 points at 2588.153. The shares and miscellaneous commodities industry to weight the index in the red zone.

A total dominating the 121 shares down this morning session trading, shares rose 26 comparison. The transaction value reached USD 1.106 trillion of transactions with 34,051 times the volume of 1.881 billion shares.

Results also makes index fell 1.28 per cent Kompas100 and LQ45 index decreased 1.34 percent and corrected Jakarta Islamic Index 1.48 percent.

While it rupiah exchange rate against U.S. dollar was also depressed this afternoon. RI currency is in the position of Rp 9360 per U.S. dollar.

On the New York Mercantile Exchange Comex division, Thursday (28/1/2010) local time, February delivery gold prices closed 0.08 percent lower at 1083.60 U.S. dollars per ounce.

While in Hong Kong, Friday morning, precious metals prices fell to a position opened 1.086,00-1.087,00 U.S. dollars per ounce, cheaper than the closing 1.089,50-1.090,50 Thursday in U.S. dollar positions.

The market also responded warmly to the economic comment in his official speech of U.S. President Barack Obama, where he stressed to put more effort to create jobs and also ordered to reduce spending.

Dow Jones Industrial Average slumped 115.70 points (1.13 percent) to 10,120.46. The Nasdaq composite index slumped 42.41 points (1.91 percent) to 2179.00, while the index of the Standard & Poor’s 500 slid 12.97 points (1.18 percent) to 1084.53.

“The market seemed to react by an S & P statement that British banks are no longer among the best banking systems ‘low risk’,” said a senior adviser to the equity markets Advisors Wells Fargo, Scott Marcouiller.

“We no longer classify the British Empire in the global banking system the most stable and low-risk,” S & P call in a report.

While warning of profit by the technology group Qualcomm pulled down. “Depressed technology sector at all levels of the market and weakness-sector weighed heavily on other key sectors so that they all recorded losses,” analysts at Briefing.com said in a client note.

Market participants respond to a variety of state Obama’s speech, where he focused on the restoration of sustained growth.

Brian Bethune, economist at IHS Global Insight, said Obama “has quickly rearrange priorities to focus on economic and fiscal discipline”.

“This is an important and skilled actions by the President to get back support from voters,” he added. “Restoring economic growth support is necessary precondition for involving the public in some of the deeper, more annoying problem.”

However, David Rosenberg of Gluskin Sheff & Associates commented, “It’s interesting to talk about fiscal honesty and then offer more government stimulus …. Maybe it will affect psychologically and perhaps respond to polls show that most of the fiscal lose public appeal. ”

While the U.S. Labor Department reported that weekly initial claims of unemployment insurance in the week ended January 23 fell to 470,000 from 478,000 the previous week. That’s slightly worse than economists estimated around 450,000.

U.S. Commerce Department said orders for big ticket manufactured goods rose in December, the U.S. 0.3 percent, far below the 2.0 percent economists predicted.

When trading closed, the U.S. Federal Reserve chief Ben Bernanke easily won endorsement for a term of four years, although both had an attack of his role before the 2008 financial crisis.

“It’s clear some uncertainty about the path of monetary policy and limit the damage to the credibility of central banks,” said Ryan Sweet at Moody’s Economy.com.

Qualcomm fell 14.24 percent to 40.48 dollars after the chip maker lowered sales estimates for 2010.

Germany, the famous disciplined fiscal stability, will suffer an increase in public debt from 78 per cent of GDP this year. While the French public debt reached 75.8 percent of GDP in the third quarter-2008. Greek public debt will reach 120 percent of GDP in 2010. (Kompas, January 4, 2010).

In the Asian zone. Japan reported debt would reach 53.5 trillion yen, equivalent to 597 billion U.S. dollars, for the fiscal year 1 April 2009-31 March 2010. This new record in the history of the country’s debt.

Japanese Finance Minister Hirohisa Fuji in Tokyo, December 8, 2009, has hinted the Japanese budget situation will face serious problems (Kompas, December 9, 2009).

Indonesia has had government debt ratios of 89 percent of GDP in 2000, while total liabilities reached USD 1234.28 trillion. In October 2009, the ratio of government debt fell to as low as 30 percent of GDP, but the nominal debt increased to $ 1602.19 billion.

Why do governments around the world tend to be indebted to finance budget country?

One of the basic platform that can explain this is the preposition that expressed two Nobel Economics Prize recipient, Franco Modigliani and Merton Miller. Both are popular with the formulation prepositions M & M I and II.

Modigliani and Miller mengasosiakan preposisinya in business institutions. We have shown a tendency directed the state’s financial management such as financial management firms. This is because the financial management of companies judged more efficient, transparent, and effective.

Preposition M & M I stated, the value of an institution does not depend on the structure of capital, whether debt or increase the capital injection from its shareholders. A company that decides to finance its business by 70 percent debt and 30 percent of the company’s capital injection is the same value, although the composition is reversed, 30 percent debt and 70 percent of shareholder capital.

In the realm of state finances, shareholders are the people. The contribution of the people as a shareholder done through tax payments. The greater the tax paid, the lower the dependence of these countries from debt.

European zone facing a difficult situation because of their debt burden increase, while the lower tax payments because people depressed global financial crisis that hit since the end of 2008.

Ironically, the debt is taken in large numbers in 2009 are used to restrain the impact of worsening of the crisis, in the form of fiscal stimulus. However, the fiscal stimulus was not able to sustain significant economic recovery.

Then, in which the position of Indonesia in 2010? Government bond issuance target Rp 175.6 trillion. This is much higher than the total government bonds issued in 2009, ie Rp 144 trillion.

Judging from the ratio of debt to GDP will be no decrease it. Nominal GDP in 2009, in the position of USD 5401.6 trillion, while GDP in 2010 to $ 5981.37 billion.

With the increasing debt value, debt to GDP ratio is expected to fall from 30 percent in 2009 to be lower in 2010. This means, of funds derived from debt will be less in sustaining economic growth and operations of government.

But, back to the prepositions M & M I, shareholders do like the choice of debt because it would raise income per share owned. However, they also must be ready with another situation, namely a secondary party.

This is because any profits received by the company must first be used to pay obligations to bondholders or creditors, just next to shareholder dividends.

Thus, the more debt the government would take greater state revenues used to pay interest and principal debt. The rest had other needs, including building infrastructure, social welfare, and so on.

Second preposition

On Preposition M & M II, Modigliani-Miller warned of the risk for companies that continually push new debt. The greater the debt is taken, the higher the cost will be paid if deemed defaulted.

Shareholders are not satisfied if some of its earnings eroded by the number of debt to be paid. This means, the government needs to take into account the cost of bond issuance and withdrawal of debt that will appear along with the withdrawal of new debt.

In 2009, the Ministry of Finance noted the cost savings bonds and the issuance of debt of about Rp 15 trillion.

However, the total cost of bond issuance and withdrawal of the debt was Rp 95.49 trillion. This is relatively high because almost equivalent to nine times the budget of commodity price stabilization programs that only Rp 10 trillion. Budget represents the cost of infrastructure in 2010, ie Rp 93.35 trillion.

Finance Minister Sri Mulyani Indrawati has said, every penny of the debt should be obtained for investment. With the investment, every penny can provide greater benefits from an initial capital.

However, it seems that the Indonesian people still need to be patient because the ratio of debt to GDP is still about 30 percent. It takes extra efforts to boost tax revenue to be the only source of replacement debt.

PT Benakat Petroleum is an energy company in Indonesia with a focus on increasing value through upstream oil and gas development and mining of various commodities coupled with engineering services, procurement and construction (EPC).

Benakat management along with managing underwriters emission shares have agreed to offer as much as 11.5 billion of new shares to the public offering price range of USD 120-USD 140 per share, in which for all the issued shares of warrants attached to as many as 6.5 billion in warrants.

Thus, the target acquisition IPO funds will be obtained a minimum of Rp 1 trillion for the ownership share of 38.34 percent. PT Danatama Makmur acting as underwriters managing the stock of emissions with the full capability of the entire issued shares. If the excess demand, then the party examine the possibility of removing Benakat additional same again.

According to President Director Benakat Wiguna Arifin, in a press conference on Wednesday (27 / 1), the Jak arta, income from the sale of fund shares and warrants will be used for investment and working capital, among others for the construction of oil and gas production facilities, coal, and stone manganese. The fund is also for the purchase of supporting equipment pr oduksi, and maximize return on the invested value.

Due Dilligence Meeting (DDM) and the public exposure made with Danatama Benakat as part of the initial offering period in the process of IPO shares, which performed to explore the initial interest from prospective investors both retail and institutional want any prospective underwriter of shares. Initial bidding process lasted from January 19 until January 28, 2010, with a target stock listing on the Stock Exchange is planned for Indonesia February 11, 2010.

We are optimistic Benakat IPO will get a positive response from various groups of investors both domestic and international. This can be seen from the positive response we got during the roadshows in several countries including Singapore and Hong Kong we have done, said Steffen Fang, Vice President of Investment Banking of PT Danatama Makmur.

Steffen added that oil and gas sector is believed to still be a prima donna and the mainstay of investment and has a bright prospect in line with national economic growth is conducive. This will encourage companies to get a regular cash flow and be one of the attractions for potential investors.

One of the maximum potential energy sources affiliated companies owned by PT Western Petroleum Benakat who has been working with PT Pertamina EP through cooperation contract to manage operations ar ea Benakat oil field operations West, Prabumulih, South Sumatra Province, the oil production areas of oil field operations West Benakat current average of 2000 barrels per day which will be increased to be 4000 barrels per day by the end of 2010.

Vice President Director Benakat M Suluhuddin Noor, said, since the takeover of management of the operating area of the West Benakat by BBP, BBP has increased production from the 77 existing production wells, from about 1,500 barrels of oil per day to about 2,000 barrels of oil per day within 6 months. Based on its development plan, PT BBP estimates of oil production more than 25 million barrels for a period of 15 years.