Reporting from the AFP, Tuesday (2/2/2010), for full-year profits for ExxonMobil scored USD19, 3 billion, in which this figure has declined sharply as many as 57 percent compared to the profits that had printed registration USD45, 22 billion a year earlier.

“Although global economic conditions remain difficult, ExxonMobil delivered strong business results and built for long-term focus. We provide financial strength to continue investing in new energy supplies to help meet global energy demand and to fuel economic growth. Capital and exploration expenditures of $ 27, 1 billion in 2009, “said Chairman and Chief Executive Rex Tillerson ExxonMobil.

In the fourth quarter performance was the largest oil companies in the U.S. recorded a price per share of 1.27 dollars per share, better than the previously expected 1.19 dollars on Wall Street.

Tillerson said, the performance results are supported by lower refining results, the margin of fuel and natural gas lower, but the realizations partly offset by the production of crude oil higher.

The income for the period October to December rose six percent, better than previously estimated for USD89, 84 billion. But for 2009, revenue fell 35 percent from the previous year to USD310, 59 billion.

This result largely reflects the decline in global energy prices from record levels in 2008, which has pushed profits of ExxonMobil and other energy companies as well.

For information, crude oil prices had soared and reached a record USD147 per barrel in July 2008, had also fallen below USD34 per barrel in February 2009, which eventually re-surged back above $ 70 per barrel.

Most of ExxonMobil’s profits come from upstream, or production and exploration, which resulted in operating profit to $ 5, 78 billion. As for the downstream sector is derived from refining and marketing side of producing an operating loss of USD189 million as profit margins are lower.

Noted, ExxonMobil shares rose 2.02 percent in morning trading in New York to USD65, 73 per share. On the other hand, in the last week rival ExxonMobil, Chevron’s profit fell 37 percent to $ 3, 07 billion in the fourth quarter, with annual profits fell 56 percent to $ 10, 48 billion.

Meanwhile, ConocoPhillips reported profits last week for USD1, 2 billion in the fourth quarter and $ 4, 8 billion for this year. This figure rebound from 2008 when the cost of causing hefty losses.

“Indonesia should not really believe in these rankings,” he said in Jakarta on Monday (25/1/2010).

Dradjad added, should also be wary of hot funds short term. According to him, would do better to convince Indonesia proactive countries such as China to flow the funds for infrastructure financing. This, he says, can leverage significant investments in more than refer to the debt rating has dropped its credibility since the global financial crisis.

Rating agency Fitch Ratings raised Indonesia’s debt rating from BB to BB +. An increase of this debt ratings for long-term loans in foreign currency and rupiah.

Dradjad said, after the subprime crisis in the United States (subprime mortgage), confidence in ratings agencies have fallen so drastically. In the United States and Europe, he added, many financial market participants no longer trust the rating agencies.

In deciding domestic investment, real sector actors now rely more on business intuition, rather than an introduction to the market agencies. “Information such as the condition of the field and law enforcement infrastructure and market network they are also a consideration,” said Dradjad.

This was revealed AMRT Henryanto Company Secretary Komala in his report on information disclosure Indonesia Stock Exchange (BEI), in Jakarta, Monday (1/2/2010).

The corporate purposes for such cooperation is in accordance with the company’s vision to become the retail players and create added value for its stakeholders.

Therefore, early assessment of the feasibility study is still in the process and its realization is still waiting time can not be determined at this time.

Action buying by investors started to turn toward since the third week in January. IDX data based on the period 25-29 January 2010, foreign transactions reached Rp5, 62 trillion in purchasing Rp4, 44 January triliun.Selama last week, the foreign investors recorded a net sales (net sell) Rp1, 18 trillion.

While the trade Friday (22/1/2010), foreign net selling even reach Rp1, 01 trillion. That way, sellasing net since January 22 reached Rp2, 9 triliun.Penjualan stocks by foreign investors has finally eroded the value of trade in the first week BEI.Jika on the average daily transaction value of the Stock Exchange reached Rp4, 5 trillion, in the last week down to range Rp3, 5 trillion.

Action by the foreign selling continued to trade yesterday, with a net value of Rp71, 78 billion. This is a bit much effect on the decrease in composite stock price index by 23.24 points (0.89 percent) to 2587.54 level. Bali Securities analyst Tri Bayuna Ketut said, foreign selling pressure could actually predict the number of negative sentiment that emerged and declining commodity prices.

“The main concern is the economic situation of the world. Also of course how foreign sentiment against BEI. Foreigners no longer see the benefit with Indonesia expected interest rates rise. The situation of reduced liquidity has also found,” said Ketut to Seputar Indonesiakemarin. Ketut claim could not predict when this foreign selling pressure will abate.

He stated, foreign sentiment against the index would wait several factors such as the development of the global economic situation and in the country, as well as commodity price movements. “Foreign investors will still be waiting for the policies of the country such as whether interest rates will be raised or not. It should also be expected also follow the news from the U.S. and China,” said Ketut.

He added that Indonesia is basically the stock is still relatively good compared to other domestic poultry such as the United States (U.S.) and China that hit pretty hard. This is because the domestic situation is relatively volatile. Separately, the capital market analyst Felix Sindhunata natural rate of sell shares that investors do asing.Menurut him, foreign investors tend to seek safe investments in uncertain conditions.

“In the stock market conditions are less conducive to foreign investment will transfer another relatively stronger as the money market,” he said. According to Felix, the current sentiment is the vagueness of economic recovery, particularly the U.S. economic resilience when the stimulus was stopped. Attenuating triggers concerns U.S. stock exchanges that Asia.Selain, investors are still looking at the U.S. banking policy and monetary tightening in China.

Back weakening commodity prices and crude oil in global markets also kept investors took some investment in shares of the mining sector which had been assessed prospectively. While other sentiment comes from within the country, the House committee investigation relating to the case of Century Bank. Investors also anticipate if the announced results lead to a political element.

‘Investors seemed to still wait and seeterhadap developments, both global and domestic, “said Felix. Although net foreign transactions exceed Rp2 trillion in the past two weeks, Felix believes, foreign funds will flow back into the stock.

Budi capital market analyst also sees Ruseno foreign funds is only temporary. He estimates that, as the market began conducive, foreign funds will flow back to the Indonesian capital market. That’s because Indonesia’s economic prospects are still good. “With the domestic market potential is relatively stable, they will go again,” he said.

However, signs of economic recovery is in sight, this year the island was possible the country able to print 6 per cent growth.

The signs of recovery was also seen in the growth of GDP (Gross Domestic Product) in the second quarter, or the first time in 2009 indicates this is a positive number. Exports, manufacturing, property and sales prices also increased. Stock prices also soared 90 percent since being in the low position in March.

Improved economic conditions also have an impact on the increasing wealth of the country’s businessmen snapper. The total wealth of 40 employers that reaches the land snapper $ 39 billion or up 20 percent from last year worth $ 32 billion.

Ng Teng Fong noted a number of wealthy people in Singapore, with total wealth reached $ 8 billion or an increase of not less than $ 1 billion compared to last year.

Ranked third place Kuok Khoon Hong’s with a total wealth of $ 3, 5 billion, compared to last year soared to reach $ 2, 2 billion, fueled by rising stock prices of palm oil company Wilmar International, which reaches 70 percent.

Here’s 10 richest people in Singapore by Forbes Magazine:

1. Ng Teng Fong, worth $ 8 billion
2. Khoo Family, fortune $ 5, 5 billion
3. Kuok Khoon Hong, wealth $ 3, 5 billion
4. Kwee Brothers, wealth $ 3, 2 billion
5. Wee Cho Yaw, wealth $ 3, 1 billion
6. Zhong Sheng Jian, worth $ 2 billion
7. Peter Lim, worth $ 1, 5 billion
8. Kwek Leng Beng, worth $ 1, 2 billion
9. Lee Seng Wee%2

MNC accused had taken over Tutut shareholding in PT Televisi Pendidikan Indonesia unilaterally owned.

“Because there are oddities as takeover TPI by the defendant,” said Mbak Tutut’s attorney, Harry ponto before a civil trial in District Court, Central Jakarta, Jl Gajah Mada, Tuesday (2/2/2010).

According to the ponto, the singularity can be traced far backward, for example when a new management the results of March 17, 2005 EGM Sisminbakum rejected. Rejection was marked by a Sisminbakum notary not accessible.

At the same time, also held by PT EGM BKB game. The results, reported directly to Sisminbakum and accepted online. “It’s weird. Like there was something. Notarial we can not connect, turn BKB how come,” added ponto.

As a result, Human Rights recognizes Depkum TPI ownership in the hands BKB than Mbak Tutut. Consequently, Mbak Tutut lost nearly 75 percent of its shares. With this lawsuit, the court may ponto hoping TPI management to restore the status quo, ie the results March 17 EGM.

“Our claim to be returned to the status quo. It also claims the material and immaterial 1.4 trillion USD 2 trillion,” he said.

Faced with the lawsuit, PT BKB states unperturbed. Because, according to Andi’s attorney Simangunsong, PT BKB was never against the law. “No single act against the law,” said legal counsel PT BKB, Andi Simangunsong.

There are interesting issues that can be used as lessons, especially for policy makers related to the case of Century Bank bailout, namely the risk of public policy in times of crisis.

In the eyes of government, Century Bank bailout policy is considered rational even if it ditomboki “state money” which swelled to Rp6, 7 trillion. By reason of systemic effects that can result in volume II of economic crisis, the government must act superfast (prompt action) even if paid for with a very expensive price. However, the view both from the parliamentary opposition and even some financial experts consider that the bailout policy is very high cost need not be done.

Besides claimed no significant impact on the national banking system, the government considered a policy that facilitates the banking corporate crime. Strong statement of former Vice President Jusuf Kalla, a former Kabareskrim Susno Duadji, and some economic and legal observers representing the claim. Regardless of the outcome of the case of Century Bank bailout, public policy taken by the government often invites the risk of controversy, especially when government is faced with the global financial crisis.

In the view of risk management expert Professor Kevin Down (2009), a global-scale financial crisis has made the government panic in all countries so that one solution is to make the bailout and nationalize the banks. Unfortunately, for the context of Century Bank, the policy has the potential bailout actually pose a risk of moral hazard.

That is, the government adopted a policy of Century Bank rescue the national economic interest, but actually there are certain interests that are hidden “benefit” certain parties. Moral hazard situation then this is what sparked the suspicion of various parties, especially the parliament, that ended with controversy.

Risk Policy

In a crisis situation like what happened in the case of Century Bank bailout, whatever the policy choices taken by the government at that time full of risk. Government caught in a dilemma situation. Do not take decisive action is confronted with the risk of economic crisis. Instead, taken decisive action means high cost and provoke controversy.

How do I get in the future of public policy does not create economic and political risks are high? There are wise suggestions made by Prof. Kevin Down (2009) related to these issues, considering the level of moral hazard. This means that if a policy of great potential for increasing moral hazard, the policy is considered bad and avoided wherever possible.

Apparently, in the context of Century Bank bailout, the government is less thorough in considering the degree of moral hazard. As a result, as we are working through the Special Committee examine Century, the government is in a position that is not profitable. Public considered that the government, particularly the Minister of Finance and Bank Indonesia, making high-risk policies, especially in law and politics. The next problem, how to minimize the risk of policy moral hazard?

By using a simple analogy of Paul Slovic (2001), high risk-taker’s behavior is more dominant factors shaped by feelings rather than rational. For example, someone decided to smoke and then addiction is more governed by feelings rather than reason. Everyone knows that cigarettes are a health hazard, but because levels feel more dominant, the decision was made to smoke.

By using the analogy Slovic, Century bailoutBank policies that swelled the cost of Rp632 billion to Rp6, 7 billion can be classified cargo policy rational factors tend to be low. Why? First, the swelling cost of the bailout to 1,000 per cent to be irrational.

Although the government argued that there is no harm whatsoever with these numbers, the decision was not preceded by consultation with the Vice President when the President was abroad. Whereas decisions such as inflammation of the bailout costs are a very strategic decision.

As the highest government officials at the time, rational is the vice president should be involved in strategic decision-making. The absence of such consultation mechanisms cause swelling policy impressed bailout costs are made in a hurry so that emotional factors are more dominant than rationality. Second, the government understanding that the funds Deposit Institution (LPS) is not considered state money is also not rational.

Whereas the provisions of state money already provided for in Article 1 No. 17 of 2003 on State Finance. According to state financial experts Baharuddin Aritonang (2009), based on these laws LPS funds into the category of state money. Thus, the search for the source of bailout funds from the LPS, including the use of state money. Consequently, the government is not necessarily easily determine the amount of the cost of the bailout without prior consultation with the relevant public officials.

Third, it is irrational to use the media short message service (SMS) to communicate the decision-making process is very important and strategic. Through a special committee meeting, the public be wondering why the handling of important cases communicated by SMS? Does not the government officials facilitated adequate communication media? Or did consider the case of Century is frivolous cases? Rational, komunikasikebijakanstrategisperlu process carried out with a reasonable mechanism and in accordance with the provisions of applicable law.

Wisdom

Public policies to deal with cases of Century Bank as the global crisis deservedly taken a lesson. First, the rationalization of public policy at the time of crisis can be achieved if the policy-making mechanism involving the relevant authorities. The claim that the government is stuck in a situation that calls for quick handling made should no longer be a reason to ignore the relevant public officials.

If that happens on the other hand, public policy will reap exactly taken a lot of criticism and the potential for allegations of corruption. The second lesson is the bureaucrats should be literate and obedient to the law. Polemics about LPS funds including state money or not really does not need to happen when bureaucrats legal literacy. Using legal consulting services are legitimate, but bureaucrats also have to know the details and consequences of the policy taken.

Therefore, compliance with the law becomes an important factor for the professional bureaucrats who made that policy do not cause a bad precedent in the future. Last but not the least, the public must continue to give an appreciation of the government who dare to take risks in addressing the global financial crisis potential systemic impact.

Economic stability is maintained until today at least is the result achieved by the Centry Bank bailout policy. What is important is the law enforcement authorities need to track the flow of bailout funds so that they can be found in the presence or absence of corruption.

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Senior researcher Development Research Center, the think-tank institutions China Cabinet, Ba Shusong claimed, Beijing may precede the United States Federal Reserve (Fed) menaikkansukubungaacuanuntuk combat inflation in the country. High inflation makes people worry about withdrawing money from banks for investment in stocks and property so that the potential for manipulation of assets occurs.

“But, not yet decided whether to raise rates only a deposit or deposits and interest on loans,” said Ba told Reuters yesterday. Currently interest rates are one-year loan at 5.31 level persen.Bank Central China (PBOC) controls the amount of deposit interest and loans. Many say that the economy will not PBOC raised interest rates before the Fed do so because higher interest rates in China could lead to surge in the flow of funds.

However, Ba believes the entry of foreign funds was not as great as expected if the increased borrowing costs. The high interest rates will cool the heating in the property sector. Economists predict CPI rose 1.9 percent during 2009 and predicted inflation spike will occur in the coming months.

PBOC researchers believe Jinpu Jiao, inflationary pressures rather than as the main trigger higher interest rates in the quarter I/2010. Problem yuan, Ba rate is still much debate among researchers whether China should let its exchange rate to appreciate (rise) or tidak.Pemerintah China is still careful to change the yuan peg policy. Beijing China export rate is still weak so that changes can membayakan policy.

Brazil Endangered Asset Bubbles

Speculative asset bubble concerns moving from China to Brazil recently strengthened. Speculation has made stock prices and exchange rates in Brazil experienced jumps. Organization of Economic Cooperation and Development (OECD) issued a warning to Brazil as a developing country markets potentially experiencing asset bubbles.

“There is danger of an asset bubble in Brazil or India. We must be careful of these dangers. This is a real threat,” said Chairman of the OECD Angel Gurria. Gurria statement comes as investors awareness of these dangers. During January investors pulled their investments from stock market Sao Paulo for $ 500 million.

Bovespa index had tumbled 4.7 percent during Januari.Ini is the biggest turning point since the Brazilian stock market has rebounded with the recovery of the weakening global economy. Real exchange rate weakened to the lowest position since 2 September 2009. During the nine days of real fell to 1.885 per dolar.Pelemahan was lowered profit last year as a real rose 33 percent on the dollar.

However, Brazilian government says not worried about this threat. “We’re not worried about this because we have foreign exchange reserves (dollars) in large numbers,” said Brazilian Finance Minister Guido Mantega. The Government of Brazil thought through a real devaluation, exports become more competitive. Mantega Brazil earlier economic forecast to grow 5.2 percent this year after zero growth last year.

Memasnya tension on the investment climate in Brazil is triggered by changes in China policy. China-Brazil is a major economic link for the State Panda is the largest trading partner with $ 42 billion in total transactions in 2009. As we all know, Beijing has started a tight monetary policies to cool China’s economy started overheating.

New policy is intended to ease the manipulation of property and stock markets. Some in China worry about the manipulation can destroy the global economic recovery. China new policy is a direct impact on Brazilian exports, particularly in metal products in China and profitable pertanian.Perubahan dollars for other world currencies weaken.