Riffrag Business & Finance Report

JAKARTA – CIMB Group and Sun Life Financial signed an agreement forming a joint venture (JV) with the name of PT CIMB Wed Life.

The signing of the agreement consisting of bancassurance business agreement and shareholders agreement (Bancassurance and Shareholders Agreements) has agreed to last March 16, 2009, and the stock transfer agreement (Share Transfer Deed) then this will pave the way for the formation of a new company, namely PT CIMB Sun Life (formerly known as PT Commerce International), which is 51 percent owned by CIMB Group. Meanwhile Sun Life Financial will hold the remaining number of shares of 49 percent.

“This joint venture partnership opportunities for Bank CIMB Niaga to encourage the growth of its assurance business. It also proves our commitment to continue to expand our business in Indonesia. PT CIMB Sun Life will provide life insurance and protection products and other investments , which will assist them in achieving financial goals, “said President Director of Bank CIMB Niaga Arwin Rashid, in his written statement received Legal, Jakarta, Tuesday (28/7/2009).

PT CIMB Sun Life will officially operate in the third quarter of 2009 by combining the power of customer relationships and extensive distribution network of Bank CIMB Niaga, and global expertise in the insurance industry is owned by Sun Life Financial, a joint venture is expected to be able to work on developing bancassurance market rapidly in Indonesia.

PT CIMB Sun Life at the beginning of the operation will focus its services to three million customers Bank CIMB Niaga through more than 650 branches, before extending his reach to new customers.

“PT CIMB Sun Life combines the strength of the CIMB Group and Sun Life Financial to provide our customers the circuit protection solution that innovative spirit. We have a goal to become one of the leading players in the bancassurance industry in Indonesia,” said Chris Lossin, Country Manager, Sun Life Financial in Indonesia.

Within this structure of cooperation, Indonesia PT Sun Life Services, a subsidiary of Sun Life Financial, has a 49 percent stake in PT. CIMB Sun Life, an insurance company owned by CIMB Group. The rest, 51 percent of new company shares, will be owned by CIG Berhad, a holding company of CIMB Group is engaged in the insurance along with Bank CIMB Niaga. PT. CIMB Sun Life plans are ready for operation this year.

JAKARTA – PT Panin Life Tbk (PNLF) changed its name to PT Panin Financial Tbk. But trading in shares of PT Panin Financial Tbk in Indonesia Stock Exchange (IDX) still use PNLF code, starting from the February 4, 2010.

This was revealed in the disclosure of information signed by the Head of BEI that BEI Trade Division PJ Andre Toelle and Evaluation Division Head Corporate Services Sector IDX kalsum Umi, Jakarta, Wednesday (3/2/2010).

In kerterbukaan information, BEI mention the name change refers to a letter of PT Panin Life Tbk Number 005/Dir-PF/001.A/02.10 dated February 1, 2010. Change the name of this company has obtained approval from the Department of Justice and Human Rights with No.AHU SK-02074.AH.01.02 Year 2010 January 14, 2010.

JCI trading session on the second, the code moved the issuer PNLF to the level of Rp1 weakening Rp152 per share

SEOUL – State-owned finance company South Korea, KDB Financial Group Inc., the target bank in Southeast Asia, including Indonesia, to develop the capacity of loan disbursement.

“KDB Financial interest in Asian markets and today we were watching two or three banks in Southeast Asia. We expect to complete the purchase in 2010,” said Chief Financial Group KDB Euoo-Sung Min told Yonhap News Agency

PT Adira Quantum Emerging new state financing (booking) this year are flat (flat) because not far from the achievement of bookings last year through Rp1, 2 trillion.

Director of Sales and Distribution Industries Ruslim Adira Quantum Muljadi revealed in this year’s financing is expected to move at Rp1, 2 trillion and Rp1, 4 trillion.

“You could say a little flat funding from a year ago because it affected the global crisis also in the early years,” said the Bisnis.com Ruslim, not long ago.

He reveals one of the factors due to financing stagnannya high expectations on this year Lebaran tenyata far from expectations.

“When Lebaran, our expectations high enough, but the increase is only a little. Last year, Lebaran be increased to 39% -40%, but this year rose 5% -10% is probably a little crisis,” he said.

However, he continued, his party said would improve economic conditions so as to encourage electronic financing. He said expectations had also influenced the demand of electronic products that dominate the next year as computers, electronics, and furniture along with people’s lifestyles are changing.

Adira Quantum Emerging Markets is one of the businesses in addition to PT Bank Danamon Adira Dinamika Multifinance Tbk (Adira Finance). Adira Quantum moves on electronic finance segment as Adira Finance motor vehicle finance.

Richest countries to give at least prosentual development assistance. Since, the amount taken from the national gross income that can make a difference.

“This 0.7 percent of Europe promised to be disbursed in 2015. It can make big changes. Maybe Europe will keep its promise, but the promise was uttered so often the question arises, what will they do, whether they are serious, and whether they will deliver , “said Jeffrey Sachs.

U.S. economist Jeffrey Sachs has long been a business adviser to the UN millennium development goals. He was not tired emphasized very small number was 0.7 percent, which is seven cents from 10 Euros or Dollars will be worth.

Currently there are five European countries who not only achieve the target, but also exceeded, the Swedish, Danish, Dutch and Luxembourg. Ireland almost to the 0.7 percent target. Meanwhile, some EU countries are still far below the 0.5 per cent. United States and Japan also has yet to reach 0.3 percent. With the global financial crisis, seems to achieve the millennium development goals even further.

The problem is not only the number, but especially how the funds were distributed, thus emphasized the deputy leader of the Institute of Political Studies German Development DIE, Imme Scholz. He said, “The third aspect is the development can not be bought like that. Merpuakan This is also our experience that can lalkukan after 40 years, that provides money and knowledge is not enough, if it can not entrust the partners in developing countries who have motivation and be strategic.”

Because if it is not only measured by money, research institutions or the Global Development Center publish CGD index of international development cooperation based on the study.

There are seven factors that measure, namely direct development assistance, trade, investment, migration, environment, security and technology. In a report this CGD research institutions, state-advanced economies ranked in the bottom ten.

Germany, for example, was in 12th position with France and England. Plusnya value investing primarily in third world countries, the political environment component of development and readiness to accept humanitarian refugees.

The value is a barrier minusnya agricultural products imported from third world countries, lack of involvement in international peace missions and the low level of technology transfer.

England, in the field of investment and political environment, was also in good enough position. But the UK is ranked low in the field of technology transfer and political refugees. Especially because arms exports to countries such undemocratic Pakistan and Saudi Arabia.

France is also experiencing similar problems. This country is the world’s largest exporter of supplying weapons to totalitarian states. In general, according to the report, the countries G-7, or the richest countries of the world, get a bad grade.