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Asset Bubble, Bank Rakyat Indonesia, & Satellite Business in Indonesia Dengan nilai aset lebih dari Rp 1.000 trilyun, BRI menjadi bank terkaya di Indonesia, mengalahkan Bank Mandiri, sejak Nov. 2014
Pada awalnya Perseroan didirikan di Purwokerto, Jawa Tengah oleh Raden Aria Wirjaatmadja dengan nama De Poerwokertosche Hulp en Spaarbank der Inlandsche Hoofdeen atau Bank Bantuan dan Simpanan Milik Kaum Priyayi yang Berkebangsaan Indonesia (pribumi). Bank ini berdiri pada tanggal 16 Desember 1895, yang kemudian dijadikan sebagai hari kelahiran Bank BRI. Pada periode setelah kemerdekaan RI, berdasarkan Peraturan Pemerintah No. 1 tahun 1946 Pasal 1 disebutkan bahwa Perseroan adalah Bank Pemerintah pertama di Republik Indonesia. Dengan adanya perang mempertahankan kemerdekaan pada tahun 1948, kegiatan Bank BRI sempat terhenti untuk sementara waktu dan baru mulai aktif kembali setelah perjanjian Renville pada tahun 1949 dengan berubah nama menjadi Bank Rakyat Indonesia Serikat. Pada waktu itu, melalui PERPU No. 41 tahun 1960, dibentuk Bank Koperasi Tani dan Nelayan (BKTN) yang merupakan peleburan dari Bank BRI, Bank Tani Nelayan dan Nederlandsche Maatschappij (NHM). Kemudian berdasarkan Penetapan Presiden (Penpres) No. 9 tahun 1965, BKTN diintergrasikan ke dalam Bank Indonesia dengan nama Bank Indonesia Urusan Koperasi Tani dan Nelayan. Setelah berjalan selama satu bulan, Pemerintah mengeluarkan Penetapan Presiden No. 17 Tahun 1965 tentang pembentukan bank tunggal dengan nama Bank Negara Indonesia. Dalam ketentuan baru itu, Bank Indonesia Urusan Koperasi, Tani dan Nelayan (dahulu BKTN) diintegrasikan dengan nama Bank Negara Indonesia Unit II bidang Rural, sedangkan NHM menjadi Bank Negara Indonesia Unit II bidang Ekspor Impor (Exim). Berdasarkan Undang-undang No. 14 Tahun 1967 tentang Undang-undang Pokok Perbankan dan Undang-undang No. 13 Tahun 1968 tentang Undang-undang Bank Sentral, Bank Indonesia dikembalikan fungsinya sebagai Bank Sentral, dan Bank Negara Indonesia Unit II Bidang Rural dan Ekspor Impor dipisahkan masing-masing menjadi dua bank yaitu Bank Rakyat Indonesia dan Bank Ekspor Impor Indonesia. Selanjutnya berdasarkan Undang-undang No. 21 tahun 1968, tugas-tugas pokok Perseroan sebagai Bank Umum ditetapkan kembali. Sejak disahkan berdasarkan Undang-undang No. 21 Tahun 1968 tanggal 18 Desember 1968, maka berdasarkan Pasal 45 Undang undang No. 14 Tahun 1967 tanggal 30 Desember 1967 tentang Perbankan jo. Pasal 55 Undang-undang No. 7 Tahun 1992 tanggal 25 Maret 1992 sebagaimana telah diubah dengan Undang-undang No. 10 Tahun 1998 tentang Perbankan, Perseroan dapat menjalankan kegiatan usahanya di bidang perbankan. Berdasarkan Undang-undang Perbankan No. 7 Tahun 1992 dan Peraturan Pemerintah RI No. 21 Tahun 1992 status Perseroan berubah menjadi PT Bank Rakyat Indonesia (Persero) dan 100% sahamnya masih dimiliki oleh Negara Republik Indonesia. Perubahan Perseroan menjadi PT Bank Rakyat Indonesia (Persero) tersebut dituangkan dalam Akta Pendirian No. 133 tanggal 31 Juli 1992, yang dibuat dihadapan Muhani Salim, S.H., Notaris di Jakarta, yang telah mendapat pengesahan Menteri Hukum dan Hak Asasi Manusia (dahulu Menteri Kehakiman) berdasarkan Surat Keputusan No. C2-6584.HT.01.01.TH.92 tanggal 12 Agustus 1992, dan telah didaftarkan dalam buku register pada Kantor Pengadilan Negeri Jakarta Pusat dibawah No. 2155/1992 pada tanggal 15 Agustus 1992, serta telah diumumkan dalam Berita Negara Republik Indonesia No. 73 tanggal 11 September 1992, Tambahan No. 3A. Akta pendirian yang di dalamnya memuat anggaran dasar telah mengalami beberapa kali perubahan. Perubahan anggaran dasar untuk disesuaikan dengan Undang-undang No. 40 Tahun 2007 tentang Perseroan Terbatas dan Peraturan BAPEPAM dan LK No. IX.J.1 tanggal 14 Mei 2008 tentang Pokok-Pokok Anggaran Dasar Emiten Yang Melakukan Penawaran Umum Efek Bersifat Ekuitas Dan Perusahaan Publik dimuat dalam Akta Pernyataan Keputusan Rapat Umum Pemegang Saham No. 51 tanggal 26 Mei 2008 dibuat dihadapan Fathiah Helmi, S.H., Notaris di Jakarta, yang telah mendapat persetujuan Menteri Hukum Dan Hak Asasi Manusia berdasarkan Surat Keputusan No. AHU-48353.AH.01.02.Tahun 2008 tanggal 6 Agustus 2008, dan telah diumumkan dalam Berita Negara Republik Indonesia No. 68 tanggal 25 Agustus 2009, Tambahan No. 23079. Setelah Akta No. 51 tanggal 26 Mei 2008 tersebut, anggaran dasar Perseroan telah mengalami beberapa kali perubahan. Perubahan terakhir adalah berdasarkan Akta No. 1 tanggal 1 April 2015 dibuat dihadapan Fathiah Helmi, S.H., yang pemberitahuan perubahannya telah diterima dan dicatat dalam database Sistem Administrasi Badan Hukum Kementerian Hukum Dan Hak Asasi Manusia berdasarkan Surat No. AHU-AH.01.03-0054353 tanggal 8 April 2015. Per 31 Desember 2016, Perseroan memiliki 1 kantor pusat, 19 kantor wilayah, 467 kantor cabang (termasuk 4 unit kerja luar negeri), 609 kantor cabang pembantu, 984 kantor kas, 3.180 Teras dan Teras Keliling BRI dan 5.380 BRI Unit serta 3 Teras Kapal yang tersebar di seluruh Indonesia.
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Asset Bubble, Bank Rakyat Indonesia, & Satellite Business in Indonesia
http://bit.ly/2wgeJMc
http://bit.ly/2ClIP3g
Asset Bubble: The Causalities and Its Limiter
http://bit.ly/2y1foou
http://bit.ly/2GgzbkJ
Inflation Management in Indonesia
http://bit.ly/2y0tlTo
http://bit.ly/2EJL6ug
Betting against the market or going along and take the long
http://bit.ly/2hOkE91
http://bit.ly/2F3y5Jx
How Soros broke the Bank of England
http://bit.ly/2xi1jno
http://bit.ly/2GfiiXA
The manipulative and collusive nature of LIBOR was intentional and by design
http://bit.ly/2wxOTDx
http://bit.ly/2EI5mfG
How to detect and spot asset bubble created by the central banks
http://bit.ly/2yIZU5u
http://bit.ly/2EtT5fC
Shrinking the asset bubble to avoid the inevitable burst
http://bit.ly/2wxLhl1
http://bit.ly/2EI5tb6
Asset bubble as the resultant of central bankers’ ability to make funny money
http://bit.ly/2C1ginZ
Space System/Loral, the BRISat builder swimming in a troubled water
http://bit.ly/2Cm7m8p
How LIBOR becomes a thing dismembered
http://bit.ly/2Etvtb0
every bubble needs its burst
http://bit.ly/2o2ow6n
How Soros was betting against the market and won, in the past
http://bit.ly/2BZIQOC
Contents i List of Tables vii List of Figures xi Some Background 1 The Authentication and Authorisation 2 How this report proceeds and gets distinguished 4 Asset Bubble 5 Excessive Liquidity 7 Excessive Liquidity: The Aftermath 9 The Liquidity Effect 11 The Limit of Excessive Debts 13 Inflation Management in Indonesia 15 Market Liquidity in Indonesia 17 Playing with Interest Rates 19 The Money Markets in Indonesia 21 What To Do with Assets Bubbled? 23 The volatile sterling against the dollar and euro 25 The Special Drawing Rights 27 Yuan Internationalisation 29 How Soros broke the Bank of England 31 The Exchange Rate Mechanism 33 Blaming the Bundesbank 35 The German’s Hyperinflation Experience 38 Thanking the Bundesbank 39 The Gold Standard and Bretton Woods System 41 The Inflation Targeting: The Germany Experience 42 The Inflation Targeting: The UK Experience 44 The LIBOR Fixing 46 The LIBOR Scandal 49 The Magnitude of LIBOR Scandal 53 The Price of High Fines 56 Hundreds of trillions USD derivatives was exchanged daily 58 Central Banks: The Initiator and Keeper of Widespreading Asset Bubble Phenomena 60 How to Detect and Spot Asset Bubble 63 Asset Bubble aka Accounting Frauds: The Causalities 65 Asset Bubble aka Accounting Frauds: The Red Flags 66 The Asset Bubble of Wells Fargo 69 Shrinking the Asset Bubble 73 The Demand 75 The Demand: To weaken, to stimulate, or to create 77 The Price 79 BRI’s financial profile in briefs 81 BRI’s Financial Highlights 83 Cash Flow 86 Income Statement 87 Balance Sheet 88 Risk Management Policy 90 Dividend Policy 91 Maturity Profile 92 Maturity of Fund Borrowings 95 Maturity of Loans 96 Loan Profile 97 Credit Risk Exposure 103 Liability Profile 105 Financial Structure 106 Third Party Funds Profile 108 Bonds Issued 111 Financial Performance 112 The Total Assets 112 Earning Assets 112 Third Party’s Funds 113 Loans 113 Equity 114 Profit Making 115 Revenues 115 Operating Profit, Net 115 Earnings Before Tax 116 Earnings After Tax 116 Retained Earnings 117 Profit Profile 119 Stock Performance 121 Market Capitalisation 122 Share Price 122 Stock Trading 123 Investors’ Preferences 125 Financial Ratios 126 Stock price ratios 126 Liquidity 128 Profitability 130 The Shareholders 134 Subsidiaries 139 BRI Syariah 139 BRI Agro 140 BRI Remittance 141 BRI Life 142 BRI Finance 143 Associated Entities 144 Transactions with Related Companies 145 The Analysts 151 Corporate Profile 152 Milestones 154 e-channels 155 Branch and Regional Offices 155 Head Office 155 Special Branch Office 155 Overseas Branch Offices 155 Regional Offices 156 Office of Subsidiaries 157 Banking Divisions 158 Organisation Structure 160 Management Profile 161 Board of Commissioners 162 Andrinof Achir Chaniago 167 (Mustafa Abubakar) 167 Gatot Trihargo 168 Ahmad Fuad Rahmany 168 (Ahmad Fuad) 169 Nicolaus Teguh Budi Harjanto 170 Adhyaksa Dault 170 A. Sonny Keraf 171 Vincentius Sonny Loho 171 Jeffry Jefta Wurangian 172 Mahmud 172 Secretary to the Board of Commissioners 174 Committees of BoC 175 Nomination and Remuneration Committee (NRC) 175 Audit Committee 175 Risk Management Monitoring Committee (RMOC) 177 Integrated Governance Committee (KTKT) 178 Board of Directors 181 Suprajarto 186 (Asmawi Syam) 186 Sunarso 186 Donsuwan Simatupang 187 Haru Koesmahargyo 187 Kuswiyoto 188 Mohammad Irfan 188 Priyastomo 188 Randi Anto 189 Sis Apik Wijayanto 189 Susy Liestiowaty 190 Indra Utoyo 190 (Zulhelfi Abidin) 190 Senior Executive Vice President (SEVP) Profiles 192 Irianto Sunardi 192 Adi Setyanto and Bardiyono Wiyatmojo 192 (Saptono Siwi) 192 Hexana Tri Sasongko 193 Supari 193 Agus Noorsanto 193 Corporate Secretary 194 Investor Relations 194 Senior Executive Profiles 195 Head, IT Planning & Development Division 195 Head, Investment Service Division 195 Head, Risk Management Division 195 Head, Corporate Development & Strategy Division 195 Head, Outsourcing Management Division 195 Head, International Business Division 195 Head, Micro Business Development 2 195 Head, Micro Business Policy & Strategy Division 195 Head, Fixed Assets Management Property 195 Head, Credit Risk & Analysis Division 195 Head, SOE Business 1 Division 195 Head, Treasury Division 196 Head, Procurement Division 196 Head, Transaction Banking Division 196 Head, SOE Business 2 Division 196 Head, Finance & Accounting Management Division 196 Head, Digital Banking Operation Division 196 Head, Institutional Banking 2 Division 196 Head, Loan Program & Partnership Division 196 Head, General Business Division 196 Head, Agribusiness Division 196 Head, Consumer Loan Division 196 Head, SME & Medium Business Division 196 Head, Institutional Banking 1 Division 197 Head, Wealth Management Division 197 Head, Restructuring & Recovery Credit Division 197 Head, Human Capital Services Division 197 Head, Operation Center Division 197 Head, Corporate Secretary Division 197 Head, Credit Card Division 197 Head, Service & Contact Center Division 197 Head, Marketing Communication Division 197 Head, Satellite & Terrestrial Division 197 Chief Learning Officer, BRI Corporate University 197 Head, Human Capital Policy & Development Division 197 Head of Regional Offices 198 Head, Jakarta 3 Regional Office 198 Head, Jakarta 1 Regional Office 198 Head, Malang Regional Office 198 Head, Bandar Lampung Regional Office 198 Head, Palembang Regional Office 198 Head, Surabaya Regional Office 198 Head, Pekanbaru Regional Office 198 Head, Jakarta 2 Regional Office 198 Head, Jayapura Regional Office 198 Head, Aceh Regional Office 198 Head, Semarang Regional Office 198 Head, Medan Regional Office 198 Head, Yogyakarta Regional Office 198 Head, Denpasar Regional Office 199 Head, Padang Regional Office 199 Head, Manado Regional Office 199 Head, Bandung Regional Office 199 Head, Banjarmasin Regional Office 199 Head, Makassar Regional Office 199 Head, Special Branch Office 200 Head of Inspection Offices 200 Inspector, Malang Regional Office 200 Inspector, Bandar Lampung Regional Office 200 Inspector, Palembang Regional Office 200 Inspector, Surabaya Regional Office 200 Inspector, Manado Regional Office 200 Regional Audit of KP, KCK, UKLN & PA Regional Office 200 Inspector, Aceh Regional Office 200 Inspector, Semarang Regional Office 200 Inspector, Medan Regional Office 200 Inspector, Pekanbaru Regional Office 200 Inspector, Makassar Regional Office 200 Inspector, Yogyakarta Regional Office 201 Inspector, Denpasar Regional Office 201 Inspector, Jakarta 3 Regional Office 201 Inspector, Jakarta 2 Regional Office 201 Inspector, Banjarmasin Regional Office 201 Inspector, Bandung Regional Office 201 Inspector, Padang Regional Office 201 Satellite Business in Indonesia 202 Satellite Capability 202 Satellite Users 203 Revenue Generators in Satellite Services Business 205 Revenue Generation in Satellite Navigation Services Business 207 Revenue Generation in Optical Data Services 209 Satellite Business Value 210 Satellites in Orbit 214 The Crowded Space Junk 215 Telkom 3 Satellite 216 The Proton-M Briz-M satellite launcher 218 The Crowded Satellites in the Sky 220 Typical Satellite Orbits 226 Typical Satellite Networks 230 Advantages of HTS System 232 Frequency Band Allocated for Satellite Services 233 Indonesian Satellite Operators 236 BRIsat 238 Palapa Satellites 240 Providers of Satellite Services in Broadcasting and Tekecommunications 242 Foreign Satellite Operators on Indonesian Sky with its client list 247 References 253 Additional Readings 256 Suggested Readings 257 Readings on Satellites 258
Asset Bubble, Bank Rakyat Indonesia, and Satellite Business in Indonesia from The1 Uploader
Index 259 List of Tables Table 1 – Assets of 4 SOE’s banks and BCA, April 2017 1 Table 2 – Inflation in Indonesia: Target vs Realised, 2001-2018 15 Table 3 – The IMF’s SDR currency basket composition, 1969-2016 27 Table 4 – The weights of the 5 currencies in the new SDR basket, effective 20161001 28 Table 5 – CFETS currency basket and weight, 20170101 29 Table 6 – The currency basket of ECU and euro, 1979-1998 31 Table 7 – USD contributor panel banks in LIBOR, September 2017 47 Table 8 – Name of companies involved in EIRD and YIRD cartels 53 Table 9 – The list of banks fined by the European Commission due to practising cartels in interest rate derivatives of euro and yen (EIRD & YIRD) 54 Table 10 – FCA Benchmark Fines on LIBOR Fixing Scandal 54 Table 11 – Progress reports on WFC settlements of claims, June 2016 – August 2017 71 Table 12 – Financial profile of Bank Rakyat Indonesia by geographicals, 2015-2016 (Rp mn) 81 Table 13 – Financial profile of Bank Rakyat Indonesia by client types/segments, 2015-2016 (Rp mn) 82 Table 14 – BRI’s financial highlights, Dec. 2008 – Dec. 2013 (Million Rp except Par Value) 83 Table 15 – BRI’s financial highlights, 2012-2016 (Rp bn) 85 Table 16 – Bank Rakyat Indonesia: Cash flow, December 2012 – December 2016 (IDR mn) 86 Table 17 – Bank Rakyat Indonesia: Income statement, December 2012 – December 2016 (IDR mn) 87 Table 18 – Bank Rakyat Indonesia: Balance sheet, December 2012 – December 2016 (IDR mn) 88 Table 19 – Fair value of financial assets and liabilities of Bank Rakyat Indonesia, 2015-2016 (Rp mn) 89 Table 20 – Maturity profile of financial assets and liabilities of Bank Rakyat Indonesia, 2015-2016 (Rp mn) 93 Table 21 – Fund borrowings profile of Bank Rakyat Indonesia based on maturity and currency, 2015-2016 95 Table 22 – Loan profile of Bank Rakyat Indonesia by maturity, currency, and parties involved, 2015-2016 (Rp mn) 96 Table 23 – Loan profile of Bank Rakyat Indonesia by client segment, currency, and parties involved, 2015-2016 (Rp mn) 97 Table 24 – Loan profile of Bank Rakyat Indonesia by economic sectors, currency, and parties involved, 2015-2016 (Rp mn) 98 Table 25 – Loan profile of Bank Rakyat Indonesia by loan type, currency, and parties involved, 2015-2016 (Rp mn) 99 Table 26 – Loan profile of Bank Rakyat Indonesia by currency, 2015-2016 (Rp mn) 100 Table 27 – Net Open Positions of Bank Rakyat Indonesia, 2015-2016 (Rp mn) 101 Table 28 – Loan provided by BRI to SOEs, 2015-2016 102 Table 29 – Credit risk exposure of Bank Rakyat Indonesia by regions, 2015-2016 (Rp mn) 103 Table 30 – Credit risk exposure of Bank Rakyat Indonesia by economic sectors, 2015-2016 (Rp mn) 104 Table 31 – Liability structure of Bank Rakyat Indonesia, 2012-2017q2 (Rp mn) 105 Table 32 – Financial structure of Bank Rakyat Indonesia, December 2007 – December 2016 106 Table 33 – Financial structure of Bank Rakyat Indonesia, 2012-2017q2 (%) 107 Table 34 – Third-party funds structure in Bank Rakyat Indonesia, 2012-2017q2 (Rp mn) 108 Table 35 – Profile of fund borrowings in US dollar of Bank Rakyat Indonesia based on loan types and lenders, 2016 (US$ mn) 109 Table 36 – The profile of bonds issued by Bank Rakyat Indonesia, 2003-2016 111 Table 37 – The highest peak and lowest trough points of the assets of Bank Rakyat Indonesia, January 2002 – April 2017 (monthly figures) 112 Table 38 – The highest peak and lowest trough points of productive assets of Bank Rakyat Indonesia, January 2002 – April 2017 (monthly figures) 113 Table 39 – The highest peak and lowest trough points of third parties funds of Bank Rakyat Indonesia, January 2002 – April 2017 (monthly figures) 113 Table 40 – The highest peak and lowest trough points of loans of Bank Rakyat Indonesia, January 2002 – April 2017 (monthly figures) 114 Table 41 – The highest peak and lowest trough points of equity of Bank Rakyat Indonesia, January 2002 – April 2017 (monthly figures) 114 Table 42 – The highest peak and lowest trough points of revenues of Bank Rakyat Indonesia, January 2002 – April 2017 (monthly figures) 115 Table 43 – The highest peak and lowest trough points of net operating profit of Bank Rakyat Indonesia, January 2002 – April 2017 (monthly figures) 116 Table 44 – The highest peak and lowest trough points of earnings before tax (EBT) of Bank Rakyat Indonesia, January 2002 – April 2017 (monthly figures) 116 Table 45 – The highest peak and lowest trough points of earnings after tax (EAT) of Bank Rakyat Indonesia, January 2002 – April 2017 (monthly figures) 117 Table 46 – The highest peak and lowest trough points of retained earnings of Bank Rakyat Indonesia, January 2002 – April 2017 (monthly figures) 117 Table 47 – Equity structure of Bank Rakyat Indonesia, 2012-2017q2 (Rp mn) 119 Table 48 – Earnings structure and building blocks of Bank Rakyat Indonesia, 2012-2017q2 120 Table 49 – BRI’s stock performance, 2006 – Jan. 2014 121 Table 50 – The highest peak and lowest trough points of market capitalitasion of share of Bank Rakyat Indonesia, 10 November 2003 – 18 July 2017: Daily value and change 122 Table 51 – The highest peak and lowest trough points of close price of share of Bank Rakyat Indonesia, adjusted afer split & dividends, 10 November 2003 – 18 July 2017: Daily value and change 122 Table 52 – The highest peak and lowest trough points of close price of share of Bank Rakyat Indonesia, adjusted afer split, 10 November 2003 – 18 July 2017: Daily value and change 123 Table 53 – The highest peak and lowest trough points of trading volume of share of Bank Rakyat Indonesia, 17 November 2003 – 18 July 2017: Daily value and change 123 Table 54 – The highest peak and lowest trough points of trading value of share of Bank Rakyat Indonesia, 10 November 2003 – 18 July 2017: Daily value and change 124 Table 55 – The largest figures in stock trading volume, value, and their daily changes, 20031110-20170718 124 Table 56 – Investors’ preferences on the shares of Bank Rakyat Indonesia, 20170630 125 Table 57 – Financial ratios of Bank Rakyat Indonesia, 2012-2016 126 Table 58 – Share valuation of Bank Rakyat Indonesia: Current and Forward, 20170731 126 Table 59 – Price ratios of shares of Bank Rakyat Indonesia, compared with S&P 500, 2007-2016 127 Table 60 – Liquidity ratio of Bank Rakyat Indonesia, December 2007 – December 2016 128 Table 61 – Cash flow ratios of Bank Rakyat Indonesia, December 2007 – December 2016 129 Table 62 – Profitability of Bank Rakyat Indonesia, December 2007 – December 2016 130 Table 63 – Profit margin profile of Bank Rakyat Indonesia, December 2007 – December 2016 131 Table 64 – Revenue profile of Bank Rakyat Indonesia, December 2007 – December 2016 (Rp mn) 132 Table 65 – Revenue sustainability of Bank Rakyat Indonesia, December 2007 – December 2016 133 Table 66 – Typical shareholders of Bank Rakyat Indonesia, 2015-2016 134 Table 67 – Institutional shareholders of Bank Rakyat Indonesia, 20161230-20170630 136 Table 68 – Institutional investors’ ownership on equity in Bank Rakyat Indonesia, 20170731 137 Table 69 – Funds’ ownership on equity in Bank Rakyat Indonesia, 20170731 138 Table 70 – BRI’s subsidiaries, 20161231 139 Table 71 – The acquisition cost of BRI’s subsidiaries, 2015-2016 139 Table 72 – The milestones of BRI Syariah 139 Table 73 – Some financial figures of BRI Syariah, 2015-2016 139 Table 74 – The milestones of BRI Agro 140 Table 75 – Some financial figures of BRI Agro, 2015-2016 141 Table 76 – The milestones of BRI Remittance 141 Table 77 – Some financial figures of BRI Remittance, 2015-2016 142 Table 78 – The milestones of BRI Life 142 Table 79 – Some financial figures of BRI Life, 2015-2016 142 Table 80 – The milestones of BRI Finance 143 Table 81 – Some financial figures of BRI Finance, 2015-2016 143 Table 82 – The investments of Bank Rakyat Indonesia (associated companies) by cost method, 2014-2016 144 Table 83 – Transactions of Bank Rakyat Indonesia with related parties by transaction types, 2015-2016 145 Table 84 – BRI’s non-financial investments, 2016 145 Table 85 – Material commitments of Bank Rakyat Indonesia on capital expenditures, 2015-2016 146 Table 86 – Typical transactions between Bank Rakyat Indonesia with affiliated parties 146 Table 87 – Transactions of Bank Rakyat Indonesia with related parties by institutions’ name and transaction types, 2015-2016 148 Table 88 – The registered analysts of Bank Rakyat Indonesia, 2016 151 Table 89 – The e-channels of Bank Rakyat Indonesia, 2012-2016 155 Table 90 – The typical offices of Bank Rakyat Indonesia, 2012-2016 155 Table 91 – The typical offices of Bank Rakyat Indonesia by province, 2016 156 Table 92 – Concurrent positions of Commissioners of Bank Rakyat Indonesia, 20161231 162 Table 93 – The commissioners of Bank Rakyat Indonesia: Supervised region and Committees Membership, 20161231 163 Table 94 – The commissioners of Bank Rakyat Indonesia: Risk Management Certification, 20161231 164 Table 95 – The commissioners of Bank Rakyat Indonesia: Overseas Education, Training, and Conferences, 2016 165 Table 96 – The commissioners of Bank Rakyat Indonesia: Domestic Education, Training, and Conferences, 2016 166 Table 97 – The Board of Directors of Bank Rakyat Indonesia, 2015-2017 181 Table 98 – Area supervised by commissioners and directors of Bank Rakyat Indonesia, 20161231 182 Table 99 – The directors of Bank Rakyat Indonesia: Risk Management Certification, 20161231 183 Table 100 – The directors of Bank Rakyat Indonesia: Competency development program, 2016 184 Table 101 – Job distribution of Directors and SEVPs of Bank Rakyat Indonesia within Directors’ Committees, 20161231 185 Table 102 – World’s satellite services revenue by 4 market segments, 2006-2011 (US$ bn) 205 Table 103 – Satellite services revenue generation, 2012-2016 (US$ bn) 213 Table 104 – List of sub-bands of FSS and BSS spectrum 233 Table 105 – Frequency band allocated for satellite services 234 Table 106 –Indonesian Satellites Filing in ITU, 2016 236 Table 107 – Profile of Indonesian Satellites 237 Table 108 – The list of companies providing satellite services in broadcasting and telecommunications & satellites leased, 20161231 242 Table 109 –The list of foreign satellites orbitting and operating on Indonesian sky, 20161231 247 List of Figures Figure 1 – Monetary operation of Bank Indonesia and monetary instruments in Indonesia 11 Figure 2 – Monetary operation of Bank Indonesia and monetary instruments 11 Figure 3 – Inflation targetting framework by macroeconomic indicators in Indonesia 13 Figure 4 – Inflation targetting framework by institutions responsible and in charge in Indonesia 15 Figure 5 – Monthly inflation rates in Indonesia, January 2003-August 2017 16 Figure 6 – Monthly value of monetary operation in conventional banking in Indonesia, Jan.2010-Aug.2017 (Rp bn) 17 Figure 7 – Monetary operation in islamic banking industry in Indonesia, Jan. 2010-August 2017 (% of total) 17 Figure 8 – BI Rate, July 2005 – July 2016 19 Figure 9 – BI 7-Day rate, April 2016 – August 2017 19 Figure 10 – BI Rate (July 2005 – July 2016) and BI 7-Day rate (April 2016 – August 2017) 19 Figure 11 – The transaction value of Indonesian money market, January 2010 – August 2017 21 Figure 12 – JISDOR (Jakarta Interbank Spot Dollar Rate), 20130520-20170908 (US$/IDR) 21 Figure 13 – US$/IDR buying price and its spread with the selling price of Bank Indonesia, 20070102-20170908 22 Figure 14 – FTSE All-Share index, 19990409-20170911 23 Figure 15 – FTSE 100 index, 19840413-20170911 23 Figure 16 – GBP/USD, 19710104-20170901 25 Figure 17 – GBP/EUR, 19860508-20170911 25 Figure 18 – GBP/USD, 19880304-20170911 25 Figure 19 – RMB/USD, 19810101-20170912 29 Figure 20 – ERM weighted mean and German inflation rates, 1971-1993 33 Figure 21 – ERM weighted mean and German inflation rates, quarterly, 1971-1993 33 Figure 22 – Overnight and long-term interest rates in Germany, 1970-1997 35 Figure 23 – Overnight and long-term interest rates in the UK, 1980-1997 35 Figure 24 – GBP/DM and UK base rates, 1992 35 Figure 25 – GBP/DM, 1990-2005 35 Figure 26 – The inflation in the UK, 1270-1991 39 Figure 27 – Inflation targeting, unemployment, and economic growth in Germany, 1970-1997 40 Figure 28 – Inflation targeting, unemployment, and economic growth in the UK, 1980-1997 40 Figure 29 – The US debts and its gold reserves, 1917-2012 41 Figure 30 – The US debts & its limit and gold price, 2000-20170317 41 Figure 31 – Inflation rates in Germany: Target vs Actual, 1970-1997 42 Figure 32 – Inflation rates in the UK: Target vs Actual, 1980-1997 42 Figure 33 – Inflation rates in Germany: Target and actual, 1970-1997 43 Figure 34 – GBP/USD, 1980-1997 43 Figure 35 – The UK Phillips correlation in the 20th century: Inter-war era, 1926-1935 44 Figure 36 – The UK Phillips correlation in the 20th century: Post-WW2 era, 1961-2004 44 Figure 37 – Monthly inflation rates in Germany, 199201-201707 45 Figure 38 – Monthly inflation rates in the UK, 198901-201708 45 Figure 39 – Calculating LIBOR 46 Figure 40 – The spread between 3-month LIBOR with 3-month eurodollar deposit rate, 2007-April 2008 50 Figure 41 – The spread between 3-month LIBOR with 3-month T-bill, 2007-April 2008 50 Figure 42 – The gap between 3-month LIBOR with 3-month T-bill, April 2007 – May 2008 50 Figure 43 – CITI: The gap between 3-month LIBOR with 3-month T-bill, April 2007 – May 2008 51 Figure 44 – HBOS: The gap between 3-month LIBOR with 3-month T-bill, April 2007 – May 2008 51 Figure 45 – JP Morgan: The gap between 3-month LIBOR with 3-month T-bill, April 2007 – May 2008 51 Figure 46 – RBOC: The gap between 3-month LIBOR with 3-month T-bill, April 2007 – May 2008 51 Figure 47 – UBS: The gap between 3-month LIBOR with 3-month T-bill, April 2007 – May 2008 51 Figure 48 – West LB: The gap between 3-month LIBOR with 3-month T-bill, April 2007 – May 2008 51 Figure 49 – Penalties paid by banks and region, 2009-2016 56 Figure 50 – Exchange-traded derivatives by currency, daily turnover, and regions, Sept. 2008 – June 2017 58 Figure 51 – Global OTC derivatives markets by notional principal, market value, and credit exposure, June 2009 – Dec 2016 58 Figure 52 – OTC FX derivatives by currency, maturity, and counterparty, June 2009 – Dec 2016 59 Figure 53 – OTC interest rate derivatives by currency, maturity, and counterparty, June 2009 – Dec 2016 59 Figure 54 – OTC equity-linked derivatives by country, maturity, and counterparty, June 2009 – Dec 2016 59 Figure 55 – The Fed’s assets, Jan. 2007 – Sept. 2017 60 Figure 56 – The outstanding commercial & industrial loans in the US, Jan. 2007 – Sept. 2017 60 Figure 57 – The balance sheets of 5 central banks and when compared with their own GDP, 2007-2017 61 Figure 58 – S&P 500 Composite Index, Jan.2007–Sept.2017 61 Figure 59 – Emerging markets & corporate bonds, Jan.2007–Sept.2017 61 Figure 60 – Wells Fargo cross-sell ratio, 1998–2016q2 69 Figure 61 – Federal Funds interest rate target, 2003 – Sept. 2017 73 Figure 62 – The total assets of Bank Rakyat Indonesia, January 2002 – April 2017: Value and Growth (monthly figures) 112 Figure 63 – The earning assets of Bank Rakyat Indonesia, January 2002 – April 2017: Value and Growth (monthly figures) 112 Figure 64 – The third parties funds of Bank Rakyat Indonesia, January 2002 – April 2017: Value and Growth (monthly figures) 113 Figure 65 – Loans of Bank Rakyat Indonesia, January 2002 – April 2017: Value and Growth (monthly figures) 113 Figure 66 – The equity of Bank Rakyat Indonesia, January 2002 – April 2017: Value and Growth (monthly figures) 114 Figure 67 – The revenues of Bank Rakyat Indonesia, January 2002 – April 2017: Value and Growth (monthly figures) 115 Figure 68 – The net operating profit of Bank Rakyat Indonesia, January 2002 – April 2017: Value and Growth (monthly figures) 115 Figure 69 – The earnings before tax (EBT) of Bank Rakyat Indonesia, January 2002 – April 2017: Value and Growth (monthly figures) 116 Figure 70 – The earnings after tax (EAT) of Bank Rakyat Indonesia, January 2002 – April 2017: Value and Growth (monthly figures) 116 Figure 71 – The retained earnings of Bank Rakyat Indonesia, January 2002 – April 2017: Value and Growth (monthly figures) 117 Figure 72 – The market capitalisation of share of Bank Rakyat Indonesia, 10 November 2003 – 18 July 2017: Daily Value and Change 122 Figure 73 – The close price of share of Bank Rakyat Indonesia, 10 November 2003 – 18 July 2017: Daily Value and Change 122 Figure 74 – The stock trading volume of Bank Rakyat Indonesia, 17 November 2003 – 18 July 2017: Daily Value and Change 123 Figure 75 – The stock trading value of Bank Rakyat Indonesia, 10 November 2003 – 18 July 2017: Daily Value and Change 123 Figure 76 – Investors’ preferences and trends on the share of Bank Rakyat Indonesia, 20170630 125 Figure 77 – The organisation structure of Bank Rakyat Indonesia, 20161231 160 Figure 78 – Satellite capabilities, May 2012 202 Figure 79 – Satellites launched by functioning applications, 2006-2015 203 Figure 80 – Satellites launched by economic actors, 2006-2015 204 Figure 81 – Satellites launched by regional operators, 2006-2015 204 Figure 82 – World’s satellite services revenue by 4 market segments, 2006-2011 (US$ bn) 205 Figure 83 – Satellite operators wholesale revenue, 2005-2011 205 Figure 84 – Fized Satellite Services (FSS) wholesale revenues by region, 2015. 206 Figure 85 – Mobile Satellite Services (MSS) wholesale revenues by region, 2015. 206 Figure 86 – Global Satellite Ground Equipment Revenues, 2012-2017 207 Figure 87 – Global Navigation Satellite System (GNSS) market size, 2006-2015 208 Figure 88 – Global Navigation Satellite System (GNSS) Revenues by sat apps, 2015 208 Figure 89 – Satellite data pricing system in Global Navigation Satellite System (GNSS) 209 Figure 90 – Satellite data sales in Global Navigation Satellite System (GNSS) 210 Figure 91 – Satellite value chain, from upstream to downstream, 2016 210 Figure 92 – Revenue generation in global satellite industry by 4 market segments, 2016 211 Figure 93 – Operational satellites by functions, 2016 211 Figure 94 – The growth of revenue generation in global satellite industry, 2007-2016 212 Figure 95 – World satellite industry revenues by segment, 2001-2011 (US$ bn) 212 Figure 96 – Satellite services revenue generation, 2012-2016 213 Figure 97 – Orbits of satellites in 2D 214 Figure 98 – Orbits of satellites in 3D 214 Figure 99 – Operational satellites by orbit, May 2012 215 Figure 100 – Telkom 3 satellite position as of 20170826 104836 Jakarta time 216 Figure 101 – Telkom 3 satellite position as of 20170826 104752 Jakarta time 216 Figure 102 – The orbit of Telkom 3S satellite as of 20170826 104636 Jakarta time 217 Figure 103 – The orbit of Telkom 3 satellite as of 20170826 104614 Jakarta time 217 Figure 104 – The orbit of Telkom 2 satellite as of 20170826 104546 Jakarta time 217 Figure 105 – The orbit of Telkom 1 satellite as of 20170826 104520 Jakarta time 217 Figure 106 – Telkom 3 satellite position as of 20170826 125419, Jakarta time 218 Figure 107 – The initial plan of Proton-M/Breeze-M system trajectory in delivering Telkom 3 satellite 218 Figure 108 – The Proton-M/Breeze-M system trajectory with another angle 219 Figure 109 – Location of Breeze-M rocket body at likely breakup point 219 Figure 110 – Non-GEO, non-GSO satellites orbiting Indonesian sky, 20170826 144454, Jakarta time 220 Figure 111 – Geostationary communication (GEO) satellites that is in service, inclined, & planned 222 Figure 112 – The geostationary orbit (GEO) satellite belt by frequency band features 222 Figure 113 – The geostationary orbit (GEO) satellite belt by frequency band features (2nd version) 223 Figure 114 – The 419 geosynchronous (GSO) satellites mapped by Denton, 20151120 223 Figure 115 – Commercial communications satellites in geosynchronous orbit (GSO) & the drifting Palapa C2 224 Figure 116 – Commercial communication satellites in GSO & the 88 broadcasting services satellites (BSS) 224 Figure 117 – Commercial communications satellites in geosynchronous orbit (GSO) & the 67 Boeing satellites, 20120630 225 Figure 118 – SSL satellites in orbit 225 Figure 119 – Typical satellite orbits seen from above Earth’s North Pole: Van Allen Belts; Iridium, ISS, Hubble; MEO (Glonass, Compass, Galileo, GPS), GEO 226 Figure 120 – Typical satellite orbits: LEO, MEO, Ellipso & Molnya, Glonass, GPS, GSO (Clarke Belt), Van Allen Belts 227 Figure 121 – Typical satellite networks 230 Figure 122 – Network of fixed satellite services with Inter-Satellite Links (ISL) uncharted 230 Figure 123 – Network of mobils satellite services 231 Figure 124 – Network of broadcasting satellite services 231 Figure 125 – Larger benefits and controls for sat operator in HTS system 232 Figure 126 – Fixed Satellite Services with and without HTS compared 232 Figure 127 – Frequency band-(specturm) in satcoms 233 Figure 128 – Electromagnetic spectrum and the visible spectrum (light) 235 Figure 129 – The relationship between the different types of frequency and other wave properties 235 Figure 130 – Ariane 5: Typical flight events and standard trajectory for geostationary transfer orbit 239 References Alioth LLC, UK inflation rate in 1992: 3.74%, http://bit.ly/2eWUxI9 Andrea Tan, Gavin Finch, and Liam Vaughan, RBS Instant Messages Show Libor Rates Skewed for Traders. 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Bundesbank, Inflation targeting, Deutsche Bundesbank – Service – I, 20170621, http://bit.ly/2wxi4pu Bundesbank, Monetary targeting, Deutsche Bundesbank – Glossary, 20140701, http://bit.ly/2xHfhix Bundesbank, Two-pillar strategy, Deutsche Bundesbank – Glossary, 20140701, http://bit.ly/2h9dDiG Carrick Mollenkamp and Mark Whitehouse, Study Casts Doubt on Key Rate, WSJ, 20080529, http://bit.ly/2wgcubC Carrick Mollenkamp, Bankers Cast Doubt On Key Rate Amid Crisis, WSJ, 20080416, http://bit.ly/2y2IvIG Catalin Cimpanu, Google Ban Spells the End of Controversial Chinese HTTPS Provider, 20161103, http://bit.ly/2x8Wqbj Catalin Cimpanu, Google Outlines SSL Apocalypse for Symantec Certificates, 20170729, http://bit.ly/2wdUXAq Claire Suddath, “Why Did World War I Just End?”. Time World. Time. 20101004. http://ti.me/1B5jDHe Connan Snider and Thomas Youle, Does the LIBOR reflect banks’ borrowing costs?, University of Minnesota, 20100402. Craig R. Whitney, Blaming the Bundesbank, 19931017, http://nyti.ms/2x2XqB4 Daniel L. Thornton, The Relationship Between the Daily and Policy-Relevant Liquidity Effects, Federal Reserve Bank of St. Louis Review, Jan./Feb.2010, pp.73-88. Daniel Schäfer, RBS settles row with ex-risk chief over final part of £1.9m bonus, FT, 20140103, http://bit.ly/2xtPZDU David Chapman, Gold And U.S. Debt Limit: Intertwined?, investing.com, 20170319, http://bit.ly/2jAh1Ef Douglas J. Keenan, My thwarted attempt to tell of Libor shenanigans, FT, 20120727. Due, Brick and Mortar Business Failing? Here Are 4 Possible Reasons, 20170921, http://bit.ly/2xqJykf Forensic Accounting Club, Detection of Fraudulent Financial Statement Schemes, forensicaccounting.club, 20160228, Last update: 20161122, http://bit.ly/2x6aLXG Forensic Accounting Club, Financial Statement Fraud: Concealed Liabilities and Expenses, forensicaccounting.club, 20160228, Last update: 20161122, http://bit.ly/2xhCzsf Forensic Accounting Club, Financial Statement Fraud: Fictitious Revenues, forensicaccounting.club, 20160228, http://bit.ly/2wvvMJE Forensic Accounting Club, Financial Statement Fraud: Fictitious Revenues, 20160228, Last update: 20161122, http://bit.ly/2wvvMJE Forensic Accounting Club, Financial Statement Fraud: Improper Asset Valuation, forensicaccounting.club, 20160228, updated: 20161122, http://bit.ly/2xpwo7v Forensic Accounting Club, Financial Statement Fraud: Improper Disclosures, forensicaccounting.club, 20160228, Last update: 20161122, http://bit.ly/2xQoGnY Forensic Accounting Club, Financial Statement Fraud: Timing Differences, forensicaccounting.club, 20160228, Last update: 20161122, http://bit.ly/2yqsgCz Forensic Accounting Club, What Is Financial Statement Fraud?, forensicaccounting.club, 20160228, http://bit.ly/2ycWfgd Frederic S. Mishkin and Adam S. Posen, Inflation Targeting: Lessons from Four Countries, Working Paper 6126, National Bureau of Economic Research, Cambridge, MA, August 1997. Gerold Grasshoff, et al, Global Risk 2017: Staying the Course in Banking, Boston Consulting Group, March 2017. Giancarlo Gandolfo: International Economics II: International Monetary Theory and Open-Economy Macroeconomics, Springer Verlag, Berlin: 1987, pp.380-393, 404-411. Hermann Simon, Whole Foods Is Becoming Amazon’s Brick-and-Mortar Pricing Lab, HBR, 20170912, http://bit.ly/2woJrly International Monetary Fund: Global Financial Stability Report: Financial Stress and Deleveraging Macrofinancial Implications and Policy, World economic and financial surveys, Oct. 2008. J. Boughton, Silent Revolution: The IMF 1979-1989, 2001; in Ousmène Jacques Mandeng, Historic perspectives on the purposes of the SDR, London School of Economics and New Sparta Asset Management, 20150227, http://bit.ly/2y1Vmrv Jacob Gyntelberg and Philip Wooldridge, Interbank rate fixings during the recent turmoil. Quarterly Review. Bank for International Settlements. March 2008. Justin H. Mims, The Wells Fargo Scandal and Efforts to Reform Incentive-Based Compensation in Financial Institutions, NC Banking Inst. Vol.21, Issue 1, Article 21, 20170301. Luca Benati, The inflation-targeting framework from an historical perspective, Monetary Assessment and Strategy Division, Bank of England Quarterly Bulletin: Summer 2005. pp.160-168. MI5, Gathering Intelligence, The Security Service of GCHQ, http://bit.ly/2xKguFC Michael Ovaska, Central bank balance sheets, 20170822, tmsnrt.rs/2inHILp Michael Tanglis, The “King of Cross-Sell” and the Race to Eight, Public Citizen, Washington DC, 20160929. Mike Terceiro, Low balling the LIBOR – the LIBOR rate-rigging scandal, CCH Australian Competition & Consumer Law Tracker, Issue 8, August 2012, http://bit.ly/2fuEWnd Milton Friedman, “Factors Affecting the Level of Interest Rates,” in Proceedings of the 1968 Conference on Saving and Residential Financing. Chicago: United States Saving and Loan League, 1969, pp.11-27; in Thomas M. Havrilesky and John T. Boorman, eds., Current Issues in Monetary Theory and Policy. Arlington Heights, IL: AHM Publishing, 1976, pp.362-78. Moniek Wolters, The 1992-1993 ERM Crisis, Erasmus Student, http://bit.ly/2neyxf3. Neel Kashkari, President of Minneapolis Federal Reserve Bank of Minneapolis, Monetary Policy and Bubbles, 20170517, http://bit.ly/2f1e7mz New York Southern District Court, Case No.1:15-cv-05844, Sonterra Capital Master Fund Ltd. et al v. UBS AG et al, Document 121, 20151218 Rahul Mittal, A History of Finance – Black Wednesday, 20120413, http://bit.ly/2x08OMl Robert Parker, Why did the Bretton Woods system fail?, 20161126, http://bit.ly/2jyaWYT Robin Leigh-Pemberton, the Governor of Bank of England; The case for price stability, Quarterly Bulletin, Bank of England, Nov. 1992, pp.441-448. Rosa M Abrantes-Metz, Michael Kraten, Albert D Metz and Gim Seow, Libor Manipulation?, Social Science Research Network, August 2008, p.2, http://bit.ly/2huL3F7 Sando Sasako, Coal Business in Indonesia, Serabdi Sakti, Jakarta, March 2017, p.80. The original title of section is “Beating the Low Price Condition”. See the table of contents in this link http://bit.ly/2rnOO2K. Sando Sasako, Krisis Finansil Cina: Perspektif Kebijakan Moneter, Corporate Finance (Analisa Laporan Keuangan), dan Investment Banking (Valuasi Nilai), Serabdi Sakti, Jakarta, March 2016. See the table of contents in this link http://bit.ly/2vMzUt0 Stephen Northcutt, Network Intrusion Detection: An Analyst’s Handbook, Ch.8, New Riders Publishing, 1999, 20170703, http://bit.ly/2xKJyfS Steven Drobny, Inside the house of money: top hedge fund traders on profiting in the global markets, John Wiley & Sons, Inc., Hoboken, New Jersey, 2006. The State Council of PRC, State Council issues guideline on overseas investment, 20170818, http://bit.ly/2vOVZny Thomas M. Havrilesky and John T. Boorman, eds., Current Issues in Monetary Theory and Policy. Arlington Heights, IL: AHM Publishing, 1976, pp.362-78. US Consumer Financial Protection Bureau (CFPB), In the matter of: Wells Fargo Bank, N.A., Consent Order, Administrative Proceeding, 2016-CFPB-0015, 20160908, at p. 5, 7, http://bit.ly/2dpnuyN. Victoria Duff, Liquidity Effect in Economics, Chron, 20100820, Last Update 20161026, http://bit.ly/2h7N0e7 Wells Fargo, 1999 Annual Report, p.7, http://bit.ly/2ddwP9O. Werner Antweiler, European Currency Unit (ECU): A Brief History of the ECU, the Predecessor of the Euro, The Pacific Exchange Rate Service, Sauder School of Business, University of British Columbia, Vancouver, Canada, 20110119. http://fx.sauder.ubc.ca/ECU.html Yue Wang, Betting On Brick-And-Mortar: Alibaba’s Billion-Dollar Retail Experiment, Forbes, 20170827, http://bit.ly/2hj18Rz Additional Readings Andrew Beattie, The Greatest Currency Trades Ever Made, investopedia, 20080903, http://bit.ly/1dvS8A9 Ben Moshinsky, George Soros didn’t bet against the pound this time, Reuters, Business Insider US, 20160627, http://bit.ly/2f1Aaty Chris Ratcliffe, RBS instant messages reveal traders skewed Libor, Bloomberg, Financial Post, 20120926, http://bit.ly/2jY6JOe Guy Faulconbridge; George Soros did not bet against sterling just before Brexit vote: spokesman, Reuters, 20160627, http://reut.rs/2jwcMcB Justin Kuepper, Black Wednesday: George Soros’ Bet Against Britain: How George Soros Broke the Bank of England, thebalance.com, 20170828, http://bit.ly/2xFEuKh Marion Dakers, George Soros: I did not bet against the pound before Brexit , telegraph.co.uk, 20160627, http://bit.ly/29ekKQ3 Mehreen Khan, George Soros did not bet against the pound before Brexit, ft.com, 20160627, http://on.ft.com/2fpArai Rohin Dhar, The Trade of the Century: When George Soros Broke the British Pound, priceonomics.com, 20140515, Last update: 20160617, http://bit.ly/2cOGL7P Sebastian Mallaby, ‘Go for the Jugular’, theatlantic.com, 20100604, http://theatln.tc/2xpQLS0 Stephen Gandel, How George Soros Lost Money In a Bad Brexit Bet, Reuters, fortune.com, 20160627, http://for.tn/2xF2b5k Steve Schaefer, How George Soros Broke The British Pound And Why Hedge Funds Probably Can’t Crack The Euro, Forbes Flashback, 20150707, http://bit.ly/2xoJeTN Suzanne Plunkett, How emails nailed Barclays, Reuters, Financial Post, 20120628, http://bit.ly/2hv3Wre Thomas Jaffe and Dyan Machan, How The Market Overwhelmed The Central Banks, Forbes, 19921109, http://bit.ly/2xoJeTN Vince Veneziani, The Real Story Of How George Soros Shorted The Pound, Etching His Name Into Financial History Forever, businessinsider.com, 20100604, http://read.bi/2y4FDY7 Suggested Readings Alberto Martin, Origins and macroeconomic implications of asset bubbles, Jaume Ventura, 20110216, http://bit.ly/2xFVb8v Charles Hugh Smith, The War On Cash: Why Now?, mises.org, 20150729, http://bit.ly/1IKLOUO Charles Hugh Smith, Will The Crazy Global Debt Bubble Ever End?, blogspot.com, seekingalpha.com, 20170528, http://bit.ly/2jwUFTL, http://bit.ly/2xp6Nvm Forensic Accounting Club, Financial Statement Fraud Schemes, 20160228, Last update: 20161122, http://bit.ly/2x5rABZ Forensic Accounting Club, Financial Statement Fraud, 20160228, Last update: 20161122, http://bit.ly/2faKxiu Forensic Accounting Club, Fraud Detective Analysis of Financial Statements, 20160305, Last update: 20161122, http://bit.ly/2xppe33 Holly Black, Warning over ‘mother of all asset bubbles’, ftadviser.com, 20170605, http://bit.ly/2h9bAr5 Izabella Kaminska, Bitcoin’s surge fuels fears of asset bubble, afr.com, 20170515, http://bit.ly/2x3GX0o Jacob J, Cryptocurrency Bubble Will Burst: Aberdeen Asset Management, cointelegraph.com, 20170624, http://bit.ly/2h8tfzg John Lyons and Shen Hong, Asset Bubbles From Stocks to Bonds to Iron Ore Threaten China, wsj.com, 20161101, http://on.wsj.com/2fpkiSg Kimberly Amadeo, Asset Bubble: Causes, Examples, and How to Protect Yourself, thebalance.com, 20170714, http://bit.ly/2h6Fj7N Neel Kashkari, Monetary Policy and Bubbles, minneapolisfed.org, 20170517, http://bit.ly/2f1e7mz Oliver Watts and Richard Hayler, Window Dressing in M&A Transactions, FTI Consulting, Inc, 20170522, http://bit.ly/2xFUQSX perstirling.com, Per Stirling Capital Outlook – June 2017, 20170630, http://bit.ly/2h5L3Pi Steve Goldstein, Fed’s Kashkari says central bank should avoid fighting asset-price bubbles, marketwatch.com, 20170517, http://on.mktw.net/2yddnTM Wolf Richter, Brick & Mortar Retail Meltdown Fueled by Asset Stripping. Details Emerge in Bankruptcy Courts, wolfstreet.com, 20170731, http://bit.ly/2h9myAv Wolf Richter, Consumer Bankruptcies Rise for the First Time since 2010, wolfstreet.com, 20170205, http://bit.ly/2xFx7Cm Wolf Richter, Great Debt Unwind: Bankruptcies by Consumers and Businesses Jump, wolfstreet.com, 20170606, http://bit.ly/2xF4ZiS Wolf Richter, It Just Doesn’t Let Up with Wells Fargo, wolfstreet.com, 20170729, http://bit.ly/2h8HUKY Wolf Richter, Next Asset Bubble Cracks: It’s so Big even the Fed is Fretting, wolfstreet.com, 20170607, http://bit.ly/2qXUwbp, http://read.bi/2x8RSF3 Wolf Richter, Retail Meltdown Demolishes Mall Investors, wolfstreet.com, 20170509, http://bit.ly/2xGUM5q Wolf Richter, So When Will China’s Debt Bubble Finally Blow Up?, wolfstreet.com, 20170817, http://bit.ly/2wvFgVh Wolf Richter, The Economy is Cracking under Too Much Debt, wolfstreet.com, 20161018, http://bit.ly/2x5iwNu Wolf Richter, The US Cities with the Biggest Housing Bubbles, wolfstreet.com, 20170829, http://bit.ly/2iIssJh Readings on Satellites Anityo Nugroho, Satellite Communication – Part 1, 20110404, http://bit.ly/2wOwGW4 Arianespace, Flight VA 230: EchoStar XVIII and BRIsat, Launch Kit, 20160613, http://bit.ly/1S2Ibr Bryce Space and Technology, 21 Years as the Voice of the U.S. Satellite Industry, SIA’s 20th annual study of satellite industry data, Washington DC, 20170714. Collins Student World Atlas, HarperCollins Publishers, 2005, ISBN 0 00 719549 4; in TAHN, Geostationary Communication Satellites, 20071226, http://bit.ly/2wdWKbw ComSoft VSAT Solutions GmbH, Satellites Served, http://bit.ly/2xIjdLU Dan Meyers (Sydney Plavins), How to Rent and Operate a Satellite for $250 a Week!, 20160823, http://bit.ly/2iCug6J Diah Yuniarti, Studi Perkembangan dan Kondisi Satelit Indonesia (The Study of Development and Condition of Indonesian Satellites), Puslitbang Sumber Daya dan Perangkat Pos dan Informatika, Buletin Pos dan Telekomunikasi, Vol.11 No.2 Juni 2013 : 121-136. Euroconsult, Satellite Value Chain: Snapshot 2016, Key Trends and Indicators on Supply & Demand of the World Commercial Satellite Industry – An Extract, Executive Report, Paris, 20161213. Geo Swan, North Pole February Ice-Pack 1978-2002, 20161023 Graham Templeton, Geek Answers: What is geostationary orbit, and why is it so important?, 20131214, geek.com, http://bit.ly/2iG8AXw Hendra Santoso, ed, Data Statistik, Tahun 2016, Semester 2, Direktorat Jenderal Sumber Daya dan Perangkat Pos dan Informatika, Kementerian Komunikasi dan Informatika, 20170519. Innovation, Science & Economic Development Canada’s (ISED), Policy Framework for the Provision of Fixed-Satellite Services (FSS) & Broadcasting-Satellite Services (BSS), Spectrum Management & Telecommunications, Radio Systems Policy, RP-008, Issue 4, Canda, June 2017 Innovation, Science & Economic Development Canada’s (ISED), Radio Spectrum Inventory: A 2010 Snapshot — Canada, Chapter 7– Satellite Services, http://bit.ly/2xMYZSo Karaşimşek, Konu: Uydu sinyalleri ile ilgili sorular (Topic: Questions about satellite signals), 20080614, http://bit.ly/2vzedZk Mahdi3d, INTELSAT 22 was thrown into orbit / lateral military cargo to Australia, IRNA, 20120326, http://bit.ly/2w9sDlL, http://bit.ly/2wzJrTO, http://bit.ly/2ggiM88 Mick Denton, Electron/Ion Flux Model for Geosynchronous Orbit (GEO), 20150419, Last update: 20161007, http://bit.ly/2wNVrla Mulyadi, Indonesian Satellite Service Regulatory Framework, Head of Satellite Management, Ministry of Communications and Information Technology, ITU International Satellite Symposium 2016, Bali, 6-8 September 2016. n2yo.com, Telkom 3 Satellite details 2012-044A NORAD 38744, http://bit.ly/2xOgOkc n2yo.com, What’s Up In Your Sky?, http://bit.ly/2yjmHsM Pacome Revillon, Fundamentals and Dynamics of the Satellite Communications Business, Inmarsat Capital Markets Day 2016, Euroconsult, Paris, 20161007. Patrick Blau, Yamal-402 Satellite healthy after Briz-M Upper Stage Failure, spaceflight101.net, 20121209, http://bit.ly/2wSmDOW, http://bit.ly/2xDtt8k Satellite Industry Association, 21 Years as the Voice of the U.S. Satellite Industry. Satellite Industry Association, Satellite 101: Satellite Technology and Services. SatFlare.com, Telkom 3 – NORAD 38744 – 3D Online Satellite Tracking, http://bit.ly/2fDTVHX Source: Gempar Ikka Wijaya, Nasib satelit bernilai Rp 1,8 triliun, 20120808, http://bit.ly/2vzZVad Space Systems/Loral, LLC, SSL satellites in orbit, http://bit.ly/2vnmt2G T.S. Kelso, Breeze-M Rocket Body (38746) Breakup, celestrak.com, 20121025, updated: 20121109, http://bit.ly/2wzMiMR Union of Concerned Scientists (UCS) Satellite Database; in Satellite Industry Association, Satellite 101: Satellite Technology and Services, Washington DC, 20130118. Index 75E-Q, 247 A. Firman Taufick, 197 A. Fuad Rahmany, 162, 163, 164, 166, 182 A. Sonny Keraf, 162, 163, 164, 165, 166, 171, 175, 182 A.Y. Soepadmo, 201 A2100A, 237 A2100AXX, 237 AB, 136, 137 Abing Rabani, 197 ABS, 242, 243, 244, 245, 246, 247 ABS-2, 242, 243, 244, 245, 246, 247 ABS-6, 247 ACeS, 237 ACeS 1, 237 ACeS 2, 237 Achmad Chairul Ganie, 143 Achmad Fachmi, 141 Adam S. Posen, 42, 254 Adhi Karya, 168 Adhyaksa Dault, 162, 163, 164, 165, 166, 170, 175, 182 Adi Setyanto, 192 Adolf Hitler, 38 ADS, 237 AED, 29 Aero System Indonesia, 147 Aero Systems Indonesia, 148 Aerospatiale, 237 Agila, 237 Agila 1, 237 Agila-2, 237 AGRO, 140, 141, 178 Agus DW Martowardojo, 15 Agus Katon Eko Sedyono, 140 Agus Noorsanto, 182, 193 Agus Suprihanto, 198 Agus Toni Soetirto, 181 Ahmad Fuad, 162, 163, 164, 165, 166, 168, 169, 175, 177, 178, 182 Ahmad Fuad Rahmany, 168, 175, 177 Ahmad Solichin Lutfiyanto, 196 AIA Finl, PT – Ul Equity, 135 Airbus Defence and Space, 237 AJ Bringin Jiwa Sejahtera, 179 Albert D Metz, 49, 254 Alcatel, 237 Alexander Margaronis, 151 Algemene Volkscredietbank, 154 Alibaba, 77, 78, 255 Alioth LLC, 33, 253 Amazon, 77, 254 AmSat, 237 AMZN, 77, 78 Anatolia 1, 237 Andalaz Cavis, 242, 247, 248, 250, 251, 252 Andik Eko Putro, 198 Andrinof Achir Chaniago, 167 Andy Ferdinand, 151 Andy Krieger, 32 Andy Wibowo Gunawan, 151 Aneka Vision, 242, 248, 250, 251, 252 Angga Aditya Assaf, 151 Anggito Abimanyu, 140 Angkasa Pura I, 167 Anik Hidayati, 195 Anityo Nugroho, 227, 258 Ann C. Chalstrom, 33, 253 Anna Maria Ciadarma, 195 Ansar Arifin, 142 ANZ, 110 APG Asset Management NV, 136 Aplikanusa Lintasarta, 144, 242, 249 APSTAR, 242, 243, 244, 245, 246, 247 APSTAR-142E, 247 APSTAR-142E-R, 247 APSTAR-4, 247 APSTAR-5, 247 APSTAR-6, 242, 243, 244, 246, 247 APSTAR-7, 242, 243, 244, 245, 246, 247 APSTAR-9, 242, 243, 245, 246, 247 APSTAR-9A, 246, 247 APSTAR-V, 242, 243, 244, 245, 246, 247 APT Satellite Holdings Ltd, 221 Arab Satellite Communications Org, 221 Arba Xtreme Media, 242, 247, 248, 249, 250, 251, 252 Argabudhy Sasrawiguna, 196 Argentina, 221 Ari Setyo Wibowo, 197 Ariane, xiv, 237, 239 Ariane 44L-3, 237 Ariane 5, xiv, 239 Ariane-42P H10-3, 237 Ariane-44L H10-3, 237 Ariane-5ECA, 237 Arianespace, 238, 239, 258 Artacomindo Jejaring Nusa, 242, 249, 251 Artha Mas Cipta, 242, 247 Arthamas Cipta, 250 Arthur C. Clarke, 220 Artisan International Investor, 138 Artisan Partners Limited Partnership, 137 Asaba Computer Center, 146 ASCO, 221 Ashlyn Still, 60, 61, 253 Asia Broadcast Satellite Ltd, 221 Asia Cellular Satellite, 237 Asia Media Mandiri, 242, 248 Asia Panca Mandiri, 242, 248 Asian Development Bank, 169 ASIASAT, 242, 243, 244, 245, 246, 247, 248, 252 ASIASAT-4, 242, 243, 244, 245, 246, 247, 248 ASIASAT-5, 242, 243, 244, 245, 246, 248 ASIASAT-7, 252 ASIASAT-AK, 247 ASIASAT-AK1, 247 ASIASAT-AKS, 247 ASIASAT-AKX, 247 ASIASAT-EKX, 248 Asmawi Syam, 181, 183, 184, 186 Astek, 140 Astro Space Center of Moscow, 221 Asuransi Bringin Jiwa Sejahtera, 139, 157 Asuransi Bringin Sejahtera Artamakmur, 146, 148, 189 Asuransi Jiwa Bringin Jiwa Sejahtera, 85, 142, 144 Asuransi SIMAS Shariah, 179 Atlas-2AS, 237 Auckland, 8 AUD, 29, 46 Australia, 109, 169, 178, 191, 192, 193, 195, 197, 219, 238, 258 Australia and New Zealand Banking Group Ltd, 109 Australian, 2, 27, 49, 100, 101, 254 Austria, 221 Austrian, 27 Azwar Abubakar, 167 B&M, 77 Ba LC, 237 Ba LC-200/39, 237 Ba LC-81/23, 237 Ba LC-81/24, 237 BABA, 77 Bagus Hananto, 151 Bahana Artha Ventura, 179 Bahana Securities, 151 Bahari Media Televisi, 242, 247, 248, 249, 250, 251, 252 Bakri, 195 Bambang Irianto, 200 Bambang Krisminarno, 196 Bambang Soepeno, 141 Bambang Supeno, 178 Banda Aceh, 156, 163, 182 Bandar Lampung, 156, 163, 182, 198, 200, 201 Bandung, 143, 156, 163, 166, 168, 172, 182, 186, 187, 189, 190, 191, 192, 198, 199, 201 Bangkok, 29, 165 Banjarmasin, 156, 163, 178, 182, 189, 199, 201 Bank Agroniaga, 85, 140 Bank BNI, 1, 147, 148 Bank BNI Syariah, 147, 148 Bank BRI, 1, 139, 144, 154, 157, 175, 190, 191 Bank BRI Agroniaga, 190 Bank BRI Syariah, 139, 154, 157, 175, 191 Bank BRISyariah, 139 Bank BTN, 1 Bank Bukopin, 147, 179, 191 Bank Bumi Daya, 152 Bank Central Asia, 1 Bank Dagang Negara, 152, 186 Bank Danahutama, 176 Bank Danamon, 172 Bank Ekspor Impor Indonesia, 152 Bank for International Settlements, 54, 55, 58, 59, 254 Bank ICBC Indonesia, 162, 170 Bank Indonesia, xi, 11, 13, 15, 16, 17, 18, 19, 20, 21, 22, 89, 90, 93, 95, 103, 104, 120, 139, 140, 141, 144, 145, 146, 147, 148, 154, 167, 169, 173, 176, 178 Bank Indonesia Urusan Koperasi Tani dan Nelayan, 154 Bank Internasional Indonesia, 169 Bank International Indonesia, 176 Bank Jasa Arta, 139 Bank Jasa Artha, 154 Bank Koperasi Tani dan Nelayan, 154 Bank Lippo, 240 Bank Mandiri, 1, 147, 148, 152, 153, 187 Bank Mega Group, 172 Bank Mitraniaga, 172 Bank Negara Indonesia, 147, 148, 154, 174 Bank Negara Indonesia Unit II – Rural Division, 154 Bank of America, 47, 52, 57, 109 Bank of England, 23, 31, 39, 44, 45, 254, 256 Bank of Montreal, 109, 110 Bank of New York Melon, 109, 110 Bank of Tokyo-Mitsubishi UFJ, 47, 109, 110, 143 Bank Pembangunan Indonesia, 152 Bank Perkreditan Rakyat, 154 Bank Rakyat Indonesia, i, vii, viii, ix, x, xii, xiii, 1, 4, 81, 82, 86, 87, 88, 89, 91, 92, 93, 95, 96, 97, 98, 99, 100, 101, 103, 104, 105, 106, 107, 108, 109, 110, 111, 112, 113, 114, 115, 116, 117, 119, 120, 122, 123, 124, 125, 126, 127, 128, 129, 130, 131, 132, 133, 134, 135, 136, 137, 138, 139, 140, 142, 143, 144, 145, 146, 148, 151, 152, 154, 155, 156, 157, 160, 162, 163, 164, 165, 166, 167, 168, 169, 170, 171, 172, 173, 175, 178, 181, 182, 183, 184, 185, 187, 190, 236 Bank Rakyat Indonesia Agroniaga, 139, 140, 157 Bank Rakyat Indonesia, PT – Treasury STO, 135 Bank Rakyat Republik Indonesia Serikat, 154 Bank Sahabat Sampoerna, 162, 170 Bank Sulut, 172 Bank Syariah BRI, 139 Bank Syariah Mandiri, 147, 148 Bank Tabungan Negara, 147, 148 Bank Tani Nelayan, 154 BankAmerica, 31 Bankers Trust, 31, 32 Banque de France, 36 Bapepam, 169, 179 Bapepam-LK, 169 Bapindo, 152 Bappenas, 16 Barclays, 47, 53, 54, 57, 256 Barclays Bank plc, 47, 53 Barclays Capital Services Ltd, 53 Barclays Directors Limited, 53 Barclays Group Holdings Ltd, 53 Barclays plc, 53 Barclays Services Jersey Ltd, 53 Bardiyono Wiyatmojo, 192 Barings Bank, 45 Barrick Gold, 24 Basle-Nyborg, 33 Batu Sangkar Multimedia, 242, 247, 248, 250, 251, 252 BBA, 46, 47, 50, 51, 54 BBA Repo, 54 BBA standard for interest rate swaps, 46 BBAIRS, 46 BBC, 23 BBD, 152 BBH Boston S/A Vangrd Emg Mkts Stk Infd, 135 BBH Luxembourg S/A Fidelity Fd, Sicav, 135 BBRI, 126, 127, 154, 237, 238 BCCI, 45 BCG, 57 BDH Khusus Bialugri, 150 BDN, 152 BEF, 31 BEII, 154 Beijing, 240 Belgian, 27, 31, 33, 36 Belgium, 31, 39, 171, 172 Bendahara Khusus, 146, 150 Bendahara Pengeluaran Pembantu, 146 Benelux, 39 Benjamin Koo, 151 BEP, 78 Berlin Wall, 32 Bernstein, 151 BI, xi, 9, 19, 20, 104, 169 BI 7-day (reverse) repo rate, 9 BI 7-day repo rate, 9 BI rate, 9, 20 Bialugri, 146 BII, 169 Bill Phillips, 44 BIS, 30, 35, 40, 42, 43 BJA, 139, 154 BJS, 141 BKTN, 154 Black Wednesday, 32, 33, 34, 44, 254, 256 Blackrock, 135 BlackRock Fund Advisors, 136, 137 Blair, 45 BNI, 143, 151, 152, 154, 176, 186 BNI Securities, 151 BNI Unit II – Export Import Division, 154 BNP Paribas, 47, 109, 110, 151 BNP Paribas Equity Research, 151 Board of Governors of the Federal Reserve System, 70 BoE, 23, 32, 34, 42, 45, 53 Boeing Satellite System, 237 Boeing SS, 237 BoJ, 60, 61 BOL, 237 Bonn, 36, 43 Borneo Visual Multimedia Pro, 242, 247, 248, 251 Boston Consulting Group, 56, 254 Boyke Budiono, 143 BP, 91 BPJS Ketenagakerjaan JHT, 135 BPKP, 176 BPP, 146, 150 BPR, 144 BRC, 141 Breeze-M, xiii, 218, 219, 258 Bretton Woods, 27, 39, 41, 254 Brexit, 23, 256 BRI, ii, iii, v, vii, viii, ix, 1, 3, 81, 83, 85, 90, 91, 92, 102, 110, 121, 139, 140, 141, 142, 143, 144, 145, 146, 147, 148, 149, 152, 153, 154, 155, 156, 157, 158, 159, 161, 174, 175, 176, 177, 178, 179, 180, 186, 187, 188, 189, 190, 191, 192, 193, 194, 197, 202, 238, 241 BRI Agro, ix, 139, 140, 141, 147, 157, 178, 179 BRI Finance, ix, 139, 143, 147, 157 BRI Life, ix, 139, 142, 157, 179, 180 BRI Multifinance, 85, 139, 143, 144, 157 BRI Pension Fund, 178 BRI Remittance, ix, 85, 139, 141, 142, 157 BRI Syariah, ix, 139, 140, 154, 157, 175, 178, 179 BRI Syariah Unit, 154 BRILink, 145, 152 Bringin Gigantara, 144, 146, 148, 149, 191 Bringin Indotama Sejahtera Finance, 188 BRIngin Jiwa Sejahtera, 141 BRIngin Remittance, 141 Bringin Srikandi Finance, 190 BRIS, 139 BRIsat, vi, 146, 154, 193, 202, 237, 238, 239, 258 BRISyariah, 85 Brit, 34 Britain, 38, 256 BRITE Consortium, 221 British, 27, 31, 32, 33, 45, 46, 100, 101, 256 British Bankers’ Association, 46 Briz-M, vi, 216, 218, 258 BRR, 169 Bruce Kovner, 31 Brussels, 36 Bryce Space and Technology, 207, 258 BSMR, 164, 176, 183 BSS-601HP, 237 BT, 32, 237 BTMU, 143, 144, 146, 148, 149, 187 BTMU – BRI Finance, 143 BTMU BRI Finance, 144, 146 BTMU-BRI, 143, 148, 149, 187 BTMU-BRI Finance, 143, 148, 149, 187 BTM-UFJ, 110 BTN, 152, 189 Buana Capital, 151 Budi Rustanto, 151 Budi Satria, 198, 238 BULOG, 102, 147, 148, 149 Bulukumba Citra Visual, 242, 248, 249, 250 Bundesbank, 33, 34, 35, 36, 38, 39, 42, 43, 253 Bungamayang Agroloka, 144 Busrul Iman, 197 BWS, 41, 44 CA, 2 Cabinet Secretary, 16 CAD, 29, 46 Cahaya Tunas Pofah, 242, 248 Cakrawarta-1, 237 Canada, 31, 41, 47, 176, 221, 233, 255, 258 Canadian, 27, 101 Cantillon Fund, 135 Caprock Communications Indonesia, 242, 249, 250, 251 Carrick Mollenkamp, 49, 253 Carrie Tolstedt, 71 CASC, 240 CAST, 237, 240 Caxton Corp, 31 Cayman Island, 155 CBM, 43 CC, 185, 237 CC LC, 237 CC LC-17A, 237 CC LC-17B, 237 CC LC-36B, 237 CCK LC-39A, 237 CDBC, 95 CDS, 49, 50, 51 Cendrawasih Wiputra Mandiri, 242, 247, 248, 249, 250, 251 central bank money stock, 43 Centrale Kas Voor Het Volkscredietwezen, 154 CEO, 57, 71, 172, 190 certificate deposit of Bank Indonesia, 20 CFETS, vii, 29, 30 CFPB, 70, 71, 255 CFTC, 57 CGWIC, 237, 240, 241 Chairman, 57, 71, 163, 167, 168, 169, 170, 171, 172, 175, 177, 178, 186, 187, 189, 190 Chairul Tanjung Group, 172 Chairwoman, 73 Chancellor, 38, 40, 45, 53 Charles de Gaulle, 41 Chase Manhattan, 31 Chemical Banking, 31 CHF, 29, 46, 47 Chicago, 11, 254 China, 7, 8, 24, 27, 29, 30, 73, 74, 78, 95, 221, 237, 238, 240, 247, 248, 249, 252, 257 China Academy of Space Technology, 237, 240 China Aerospace Science and Technology Corp, 240 China Dev. Bank Corp., 95 China Foreign Exchange Trade System, 29 China Great Wall Industry Corp, 237, 240 China Satcom, 237 ChinaSat, 237 ChinaSat 5B, 237 CHINASAT-10, 242, 243, 244, 245, 246, 248, 249 CHINASAT-11, 242, 243, 244, 245, 246, 249 CHINASAT-6, 248, 249, 252 CHINASAT-64, 249 CHINASAT-6B, 252 Chinese, 3, 7, 8, 27, 28, 29, 73, 74, 240, 253 CHIRD, 57 CIMB, 151 Cinta Manis Agroloka, 144 Ciptadana Sekuritas, 151 Citibank, 47, 54, 109, 135 Citicorp, 31 Citigroup, 50, 51, 53, 54, 57 Citra Buana Cable Vision, 243, 248, 249, 250 Citra Ilham Mandiri, 243, 247, 248, 249, 250, 251, 252 Citra Intel Pratama, 243, 248 Citra Mitra Inti Kusuma, 170 Citra Sari Makmur, 236, 237 Clarke, xiv, 227, 228, 229 CLSA, 151 Club Deal, 95, 109, 110 Club Loan, 95, 109, 110 CME, 46 CNH, 7, 29 CNY, 7, 29 Coface export-credit agency, 240 commercial real estate, 6, 73, 77 Commerzbank, 109, 110 Committee on the Peaceful Uses of Outer Space, 220 composite price index, 33, 45 Computer Technology Associates, 237 ComSoft VSAT Solutions GmbH, 224, 258 Connan Snider, 49, 253 Connecticut, 49 Consumer Financial Protection Bureau, 70, 255 consumer price index, 20, 45 COO, 57 Cooperative BRI Swakarya, 190 Cooperative Rabobank UA, 47 Coordinating Minister in Economic Affairs, 16 COSPAR, 216, 237 CPI, 20, 33, 45 Craig R. Whitney, 35, 253 CRE, 6 Crédit Agricole, 47, 53, 54 credit default swaps, 49 Credit Suisse, 47, 57, 151 Crispin Odey, 23 CSM, 236, 237 CSM-106, 236 CSM-111, 236 CSM-120, 236 CSM-137, 236 CT Group, 172 CTA, 237 CTBC Bank, 109 currency union, 31 Cyprus, 57 CZ-3B, 237 CZ-3B (Ariane 44L), 237 CZ-3B (Long March 3B), 237 CZ-3B/E, 237 D. Irwandi Wijaya, 201 D.P. Oka Maharjana, 199 Dagota Investama, 179 Dahlan Iskan, 167 Daily Express, 23 Daily Mail, 23 Daily Telegraph, 23 DAMRI, 147, 149 Dan Meyers, 225, 258 Dana Pensiun Bank Rakyat Indonesia, 142 Dana Pensiun BRI, 141, 142, 144 Dana Pensiun Karyawan Panin Bank, 144 Dana Pensiun Lembaga Keuangan, 142 Danareksa, 151, 169 Daniel L. Thornton, 11, 253 Daniel Plunkett, 54 Daniel Schäfer, 56, 253 Danish, 27, 31, 36, 46 Dany Cahya Rukmana, 195 Dapenbun, 140, 141 Datasel, 144 David Caplin, 54 David Chapman, 41, 253 David Pieri, 49 DB, 53, 54, 57 DB Group Services (UK) Ltd, 53 DBS, 109, 110, 151, 205, 213, 237 DBS Vickers, 151 De Poerwokertosche Hulp en Spaarbank der Inlandsche Hoofden, 154 De Poerwokertosche Hulp Spaar-en Landbouw Credietbank, 154 Dedi Sunardi, 199 Defense Systems Inc, 237 Delta, 237 Delta 2914, 237 Delta 6925-8, 237 Delta 7925-8, 237 Delta-3920 PAM-D, 237 DEM, 31 Denai Kabel Mandiri, 243, 247, 248, 250, 251, 252 Denmark, 39 Denpasar, 156, 163, 182, 186, 192, 196, 199, 201 deposit facility, 20 Deutsche, 27, 42, 47, 53, 54, 57, 151, 179, 253 Deutsche Bank, 47, 53, 54, 57, 151, 179 DFA, 70, 138 DFA Emerging Markets Core Equity I, 138 DFH, 237, 240, 248 DFH-3A-OB, 248 DFH-4, 237, 240 DFH-4E, 237 Diah Yuniarti, 231, 258 Dicky Rozano, 201 Didin Hafidhuddin, 140 Dimensional Fund Advisors LP, 137 Direktorat Angkatan Darat, 146 Dirgantara Indonesia, 102, 147, 148, 149, 150 DITKUAD, 146, 150 DKK, 29, 31, 46 DLR-Tubsat, 237 DM, xi, 27, 31, 32, 33, 34, 35, 36, 37, 39, 43, 46 Dodd-Frank Act, 70 Doha, 29 DOJ, 57 dollar, viii, 25, 27, 28, 29, 32, 109 Donald Trump, 57 Dongfanghong-4E, 240 Donsuwan Simatupang, 181, 182, 183, 187 Douglas J. Keenan, 53, 253 DP BRI, 144 DPLK, 142 DSI, 237 Duta Media Entertainment, 243, 247, 248, 249, 250, 251, 252 Dutch, 31, 33, 35, 36 East Germany, 43 Ebeneser Girsang, 198 EC, 35, 39, 236 ECB, 37, 42, 45, 61 EchoStar XVIII, 239, 258 ECU, vii, 31, 39, 255 Edi Masrianto, 143, 196 Edouard Balladur, 36 Edy Priyono, 198 Edy Utomo, 200 EEC, 33 EIRD, vii, 53, 54, 56, 57 Eka Savitri, 151 Eko Bambang Suharno, 140, 175, 197 Eko Wahyudi, 197 Ekspress-1000N, 237 EM, 60 EMARSAT-4S, 252 emerging markets, 49, 73 Emirates NBD Bank, 109, 110 Employees Provident Fund, 135 EMS, 33, 36, 39 Erasmus, 33, 254 Erdianto Sigit Cahyono, 140 Eria Desomsoni, 201 Erizal, 198 ERM, xi, 33, 34, 35, 36, 39, 40, 43, 44, 254 Ernawan, 196 ESA, 221 ESP, 31 Estonia, 57 Eternal Recession Mechanism, 34 EU, 23, 25 EUMETSAT, 221 EUR, xi, 25, 29, 47 EURIBOR, 54, 56, 110 euro, vii, 23, 25, 27, 31, 39, 40, 42, 45, 54 Euro Interest Rate Derivatives, 53 Euroconsult, 203, 204, 205, 206, 208, 209, 210, 212, 214, 258 Europe, 41, 47, 53, 56, 184 EUROPE*STAR, 249 EUROPE*STAR-1, 249 EUROPE*STAR-45E, 249 European Commission, vii, 53, 54, 56, 57 European Community, 33, 36, 39, 253 European Currency Unit, 31, 255 European Economic Community, 33 European Organization for the Exploitation of Meterological Satellites, 221 Eurostar-3000, 237 Eurosystem, 42 Euroyen, 49, 57 Eutelsat, 221 EUTELSAT 172A, 242 Eutelsat Americas, 221 Eutelsat S.A., 221 EVA Dimensions, 151 Evan Lie Hadiwidjaja, 151 ExactEarth, 209 F.Y. Hari Sistiyasta, 198 Fabiola Noralita Sondakh, 142 Fahmi Subandi, 195 Falcon-9 v1.2, 237 Farid Hanafi, 200 FASBI, 20 Fasindojaya Kabel Televisi, 243, 247, 248, 251, 252 FCA, vii, 54, 57 FDIC, 70 Fed, xii, 8, 11, 12, 25, 35, 41, 53, 57, 60, 61, 63, 73, 76, 77, 253, 257 Federal Deposit Insurance Corporation, 70 Federal Housing Finance Agency, 70 Federal Regulators, 70 Federal Reserve Bank, 11, 63, 253, 254 Federal Reserves, 63 FFr, 27 FHFA, 70 Fidelity, 135, 136, 137, 138 Fidelity Investment, 135 Fidelity Management & Research, 136, 137 Fidri Arnaldy, 199 FIL Investment Management (Singapore) Ltd, 136 Finance Minister, 16, 36, 142 Financial Conduct Authority, 54 First Chicago, 31 Fitch Indonesia, 111 Five Forces, 44 Flight VA 230, 239, 258 Forestry Department, 140 franc, 27, 33, 36, 57 France, 35, 36, 38, 40, 41, 53, 221, 238, 240 Francois Mitterrand, 36 Frankfurt, 29 Franklin Advisers Inc, 137 Franklin Templeton, 135 FRB, 70 Frederic S. Mishkin, 42, 254 French, 27, 31, 32, 33, 36, 41, 238 French Guiana, 238 FRF, 31 FSA, 45, 57 FTSE 100, xi, 23 FTSE All-Share, xi, 23 Galileo, xiv, 226 GAM, 167 Garuda, 102, 147, 149, 150, 237 Garuda 1, 237 Garuda 2, 237 Garuda Indonesia, 102, 147, 149, 150 Garuda Maintenance Facility AeroAsia, 147, 149, 150 GARUDA-1, 236 GARUDA-2, 236 Gatot Mardiwasisto, 142, 181 Gatot Trihargo, 162, 163, 164, 166, 168, 175, 178, 182 Gatut Dwi Prihartoyo, 195 GBP, xi, 23, 25, 27, 29, 31, 34, 35, 40, 43, 46, 47 GE-23, 242, 249 Gemilang Media Visual, 243, 248, 249, 250 Gempar Ikka Wijaya, 218, 258 Generation IM Fund, 135 Genscape, 209 Geo Swan, 226, 258 George Osborne, 45 GEOStar, 237 GEOStar-1, 237 GEOStar-2, 237 German, xi, 31, 33, 34, 35, 36, 37, 38, 253 Germany, i, xi, 32, 33, 35, 36, 37, 38, 39, 40, 41, 42, 43, 45, 221, 249 Gerold Grasshoff, 56, 254 GIC S/A Government of Singapore, 135 Gilts, 54 Gim Seow, 49, 254 GLD exchange-traded fund, 24 Goddard Space Flight Center, 220 GoI, 238 Golden Wednesday, 34 Goldman Sachs, 57, 135, 151 Google Finance, 23 Gorontalo Sejahtera Mining, 162, 171 Government of Republic of Indonesia, 148 Government of Singapore, 135 Government of the Republic of Indonesia, 146 Graham Templeton, 222, 258 GRD, 31 Greek, 31 guilder, 27, 33, 35, 36 Gunawan Sulistyo, 196 Habibie Center, 167 Hadi Susanto, 143 Halifax and Bank of Scotland, 47 Handayani Wibowo, 200 Hans Tietmeyer, 36 Harding Loevner, 135, 136, 137, 138 Hari Siaga Amijarso, 194, 197 Harmonised Index of Consumer Prices, 45 HarperCollins, 222, 258 Harsh Wardhan Modi, 151 Haru Koesmahargyo, 181, 182, 183, 187 Hawaii, 238 Hayat TV Entertainment, 243, 247, 248, 249, 250, 251, 252 HBOS, xii, 47, 51 HBR, 77, 254 Helmut Schlesinger, 34 Hendra Santoso, 236, 258 Hendrickus, 143 Hepman Damanik, 197 Hermann Simon, 77, 254 Hermanto Siregar, 140 Herry Prayudi, 200 Heru Setyati, 197 Hexana Tri Sasongko, 193 HGS 3, 237 HICP, 45 HKD, 29, 142 HKMA, 7 Hong Kong, 7, 29, 81, 136, 141, 155, 157 Hong Kong Special Administrative Region, 141 HS, 237 HS-333D, 237 HS-376, 237 HS-601, 237 HSBC, 47, 53, 54, 109, 110, 135, 151, 172, 240 HSBC Bank plc, 47, 53 HSBC Bank Plc S/A Saudi Arabian Monetary Agency, 135 HSBC Bk Plc Re Agus Fund Manager S/A Abu Dhabi, 135 HSBC BK plc S/A The Prudential Assurance, 135 HSBC France, 53 HSBC Holdings plc, 53 HSBC Ltd, 109, 110 Hubble, xiv, 226 HUF, 29 Hughes, 237 Hulp-en Spaarbankder Inlandsche Bestuurs Ambtenaren, 154 I Gde Yadnya Kusuma, 176 I Komang Sudiarsa, 141 I Made Suka, 195 IBA, 46 ICAP, 54 Icap Management Services Ltd, 53 Icap New Zealand Limited, 53 Icap plc, 53 ICE, 46, 47, 110 ICE Benchmark Administration, 46 IDR, vii, xi, 1, 21, 22, 86, 87, 88, 96, 97, 99, 100, 111, 112, 113, 114, 115, 116, 117, 122, 123, 124, 132, 146 IDX, 3, 140, 154 IEP, 31 Igor Nyoman, 151 Illinois Wesleyan University, 33 IM, 135 IMF, vii, 27, 28, 54, 254 Inasat-1, 237 Indo Premier Securities, 151 Indonesia Asahan Aluminium, 147, 150 Indonesia Eximbank, 169 Indonesia Fishery Society, 167 Indonesia Power, 147, 150 Indonesian Exports Financing Agency, 169 Indonesian Stock Exchange, 140 Indonesia-OSCAR 86, 237 Indosat, 236, 238, 240 Indostar, 237 Indostar-1, 237 INDOSTAR-107.7E-K, 236 INDOSTAR-107.7XS, 236 INDOSTAR-108.2XS, 236 INDOSTAR-110E, 236 INDOSTAR-110E-K, 236 INDOSTAR-118XS, 236 Indostar-2, 237 Indra Kesuma, 140, 178 Indra Praseno, 140 Indra Utoyo, 181, 190 Indrayeti, 177, 180 Industri Kereta Api, 147, 149 Infokom Elektrindo, 243, 247, 249 INMARSAT, 242, 244, 246, 249 INMARSAT-4 143.5E, 249 INMARSAT-4 F1, 242, 244, 246, 249 Innovation, Science & Economic Development, 233, 258 INS00000, 236 INS02800, 236 INS3501, 236 INS3502, 236 INSA_100, 236 INSB_100, 236 Institute of Space and Aeronautical Science, 221 Institute of Space and Astronautical Science, 221 INTELSAT, 219, 242, 243, 244, 245, 246, 249, 250, 251, 258 INTELSAT 12, 249 INTELSAT 17, 242, 243, 244, 246, 249 INTELSAT 19, 242, 243, 244, 245, 246, 249, 250 INTELSAT 20, 242, 243, 244, 245, 246, 250 INTELSAT 22, 219, 242, 246, 250, 258 INTELSAT 7, 250 INTELSAT 706, 250 INTELSAT 8, 242, 250 INTELSAT 805, 250 INTELSAT 902, 242, 250, 251 INTELSAT 904, 242, 251 INTELSAT 906, 242, 251 Intelsat APR1, 237 INTELSAT-20, 244, 251 INTELSAT5A 157E, 250 INTELSAT6 157E, 250 INTELSAT6 60E, 251 INTELSAT6 62E, 251 INTELSAT6 64E, 251 INTELSAT7 157E, 250 INTELSAT7 62E, 251 INTELSAT7 64E, 251 INTELSAT7 66E, 249 INTELSAT8 60E, 251 INTELSAT8 62E, 251 INTELSAT8 64E, 251 INTELSAT8157E, 250 INTELSAT9 60E, 251 INTELSAT9 62E, 251 INTELSAT9 64E, 251 INTELSAT9 66E, 249 INTERBELAR-2, 247 InterContinental Exchange, 46 Interior Ministry, 16 International Monetary Fund, 54, 254 Intersputnik, 237 INTERSPUTNIK-, 247 Inti Konten Indonesia, 147, 149 Inti Pindad Mitra Sejati, 147, 148 Inti Prima Cemerlang, 243, 247 IO 86, 237 IPSTAR-1, 242, 251 Ira Wirayanti, 195 Irama Mitra Media, 243, 249, 251, 252 Iranian, 27 Irianto, 182, 192 Irianto Sunardi, 192 IRIDIUM, 251 Irish Punt, 31 IRNA, 219, 258 Irving Fisher, 13, 45 Irwan Junaedy, 200 Irwandi Yusuf, 167 IS-22, 242, 246, 250 ISAS, 221 ISAT, 237 ISED, 233, 258 iShares Core MSCI Emerging Markets, 138 iShares MSCI Indonesia, 138 ISS, xiv, 226, 237 ISS Reshetnev, 237 IT, iv, 144, 159, 193, 195 Italian, 27, 31, 33, 35 Italy, 221, 240 ITL, 31 J.P. Morgan, 31, 53, 137, 151 Jacob Gyntelberg, 54, 55, 254 Jaj Singh, 151 Jakarta, xi, xiii, xiv, 7, 10, 21, 29, 79, 103, 139, 140, 142, 143, 144, 154, 155, 156, 157, 158, 163, 166, 169, 170, 171, 172, 173, 175, 176, 177, 179, 180, 182, 184, 186, 187, 188, 189, 192, 193, 194, 195, 196, 197, 198, 200, 201, 216, 217, 218, 219, 220, 240, 254 Jakarta Kyoei Medical Center, 144 Jakarta Stock Exchange, 154 Jaminan Kredit Indonesia, 179 Janet Yellen, 73 Japan, 41, 53, 143, 221, 251, 252 Japanese, 27, 28, 100, 101 Jasa Marga, 147, 148 Jayapura, 156, 163, 182, 189, 198 JCSAT, 242, 243, 244, 245, 246, 251, 252 JCSAT-13, 251 JCSAT-2A, 252 JCSAT-3A, 242, 243, 244, 245, 246, 251 JCSAT-4B, 251 JCSAT-5A, 251 JCSAT-FO-124E, 251 JCSAT-FO-128E, 251 Jeffry J. Wurangian, 162, 163, 164, 165, 166, 182 Jeffry Jefta Wurangian, 172, 175, 177 Jeremy Kraft, 54 Jerry del Missier, 57 Jezri Mohideen, 49 Jimmy Tan, 49 Jiwasraya, 168 John Major, 40 John Maynard Keynes, 45 John Stumpf, 71 John T. Boorman, 11, 254, 255 Joice Farida Rosandi, 197 Jonathan Spicer, 60, 61, 253 Jones Investments, 31 Joshua Tanja, 151 Jovent Giovanny, 151 JP Morgan, xii, 47, 51, 135 JP Morgan Chase Bank, 47 JPM, 61, 72 JPMCB, 135 JPMorgan, 52, 53, 54, 57, 135, 136 JPY, 29, 46, 47, 57 JSX, 154 Jurgen Stark, 37 Justin H. Mims, 70, 254 Kabanjahe Vision Indonesia, 243, 247, 248, 249, 251, 252 Karaşimşek, 223, 258 Kashkari, 63, 257 Keenan, 53 Kejar, 144, 148 Kelola Jasa Artha, 144, 148 Kementerian Keuangan Republik Indonesia, 149 Kementerian Pertahanan, 236 Kemhan, 146, 237 Kereta Api Indonesia, 102, 147, 149, 150 Kevin Kwek, 151 Khairi Setiawan, 142 Khairullah, 201 KNPI, 170 Ko ELA, 237 Ko ELA-2, 237 Ko ELA-3, 237 Kokok Alun Akbar, 196 Komaruddin Hidayat, 140 Kominfo, 236 Koperasi Karyawan Bank Bukopin Jakarta, 144 Koperasi Karyawan BRI Syariah, 147, 149 Koperasi Swakarya BRI, 146, 147, 149 KOREASAT-8, 242, 243, 244, 245, 246, 247 Kourou, 238 Krakatau Steel, 102, 147, 148, 149 Kraton Imaji Utama, 170 Kresna Securities, 151 krona, 27, 46 krone, 27, 46 Kuala Lumpur, 29 Kuraygeo Service Indonesia, 244, 249, 252 Kurnia Chaerudin, 143 Kustodian Sentral Efek Indonesia, 144 Kuswardono, 196 Kuswiyoto, 181, 182, 183, 184, 188 Kyle Bass, 24 Lampung Mitra Media, 244, 248, 251 Laos, 252 LAOSAT-1, 252 Lapan, 237 Lapan A1, 237 Lapan A2, 237 Lapan A3, 237 LAPAN TUBSAT, 236 LAPAN-A3-SAT, 236 Lapan-ORARI, 237 LAPANSAT, 236 Lapan-TubSat, 237 Lausanne Conference, 38 Lee Bruce Stewart, 54 Lee Knight, 49 Leigh-Pemberton, 45 Lembaga Pembiayaan Ekspor Indonesia, 147, 148 Lembaga Penerbangan dan Antariksa Nasional, 236 Lembang Selayar Kabel Vision, 244, 248, 251 LEN Industri, 147 lending facility, 20 Leniency Notice, 57 LIBOR, vii, xi, xii, 23, 46, 47, 49, 50, 51, 53, 54, 110, 253, 254 LIFFE, 53 Lina Sari, 195 LIPPOSTAR 1, 251 lira, 27, 31, 33, 35, 36, 43 Lloyds Bank of Scotland, 54 Lloyds Bank plc, 47 Lloyds Banking Group, 47 Lloyds TSB Bank plc, 47 LM, 237 Loan and Saving Bank for Noble Indigenous, 154 Loan and Saving Bank for the Employees of Indigenous Local Leader, 154 Lockheed Martin, 237 Lockheed Martin Commercial Space Systems, 237 London, 23, 27, 29, 32, 34, 38, 45, 46, 47, 49, 53, 57, 165, 179, 190, 254 London Agreement, 38 London International Financial Futures Exchange, 53 London School of Economics, 27, 254 London Stock Exchange, 23 Long March 3B, 240 Long March CZ-3B/E, 240 Loo Kar Weng, 151 Loral Global Alliance, 221 Loral Skynet Satellite Services, 221 LSE, 23, 44 LSPP, 164, 183 LUF, 31 Luxembourg, 29, 31, 39, 135, 252 LUX-G5-25, 252 LUX-G7-20, 252 Lyall Taylor, 151 M. Fankar Umran, 199 M. Gunawan Yasni, 140, 179 M. Ridwan Rizqi R. Nasution, 142 M. Sodo Harisetyanto, 142 M2A, 237 Macquarie, 151, 195 Mahdi3d, 219, 258 Mahmud, 162, 172 Mahmuddin Yasin, 142 Makassar, 156, 163, 173, 182, 186, 188, 193, 199, 200, 244, 248, 250, 251 Makassar Multimedia Digital Sistem, 244, 248, 250, 251 Makianos Network, 244, 248, 252 Malang, 156, 157, 163, 172, 182, 187, 192, 193, 194, 196, 197, 198, 199, 200 Malaysia, 251, 252 Manado, 156, 157, 163, 172, 182, 199, 200 Mandiri Sarana Informasi, 244, 247, 248, 249, 250, 251 Mandiri Sekuritas, 151 Marcus Agius, 57 Marine and Fishery Exploration Department, 167 Marine and Fishery Ministry, 167 Mark, 27, 49, 54, 253 Mark Stevenson, 54 Mark Whitehouse, 49, 253 Markit Group, 50, 51 Marshall Plan, 41 Martin Brokers, 54 Maxxnet Elde Hawe, 244, 248, 250 Maybank Kim Eng, 151 MBS, 60, 73 MCI, 237 MEASAT, 242, 243, 244, 245, 246, 251, 252 MEASAT-1, 251, 252 MEASAT-1A, 252 MEASAT-3A, 242, 243, 244, 245, 246, 251, 252 MEASAT-3B, 242, 244, 245, 246, 252 Medan, 143, 156, 157, 163, 180, 182, 187, 192, 197, 198, 200 Media Cakrawala Nusantara, 244, 248, 250 Media Citra Indostar, 236, 237 Media Citra Indovision, 237 Media Televisi Kabel Indonesia, 244, 247, 250, 251 Megah Surya Persada, 244, 249 Megasatcom, 244, 247, 249 Meiditomo Sutyarjoko, 197 Menara Proteksi Indonesia, 144 Meranti Vision, 244, 247, 248, 249, 250, 251, 252 Merapi Gelanggang Wisata, 144 Merpati Nusantara Airlines, 172 Metra Digital Innovation, 190 MICE, 78 Michael E. Porter, 44 Michael Kraten, 49, 254 Michael Ovaska, 61, 254 Michael Ross Curtler, 54 Michael Tanglis, 69, 254 Mick Denton, 223, 258 Microsoft, 4, 91 Mike Terceiro, 49, 254 Milka Mutiara, 151 Milton Friedman, 11, 254 Minang Saluran Ceria, 244, 248, 250, 251, 252 Minister of Youth and Sports, 170 Ministry of Finance, 102, 146, 162, 169, 171, 172, 176, 180 Ministry of Laws and Human Rights, 140, 141, 142, 143 Ministry of SOEs, 162, 166, 168, 174 Minneapolis, 63, 254 Minnesota, 49, 253 Mishkin, 35, 40, 42, 43 Mitra Banten Multimedia, 244, 248, 249, 250, 251 Mitra Himalaya Perdana, 170 Mitra Papua Vision, 244, 248, 249, 250, 252 Mitra Sentosa Abadi, 179 Mitra Vision Balikpapan, 244, 247, 248, 251 Mizuho Bank Ltd, 47 Mochammad Hadi Santoso, 140 Mohamad Helmi, 197 Mohammad Irfan, 181, 182, 183, 188 Mollenkamp, 49, 54 Moniek Wolters, 33, 254 Morgan Stanley, 53, 57, 135, 151 Mori Raya, 244, 248, 249, 250, 251 Morningstar, 86, 87, 88, 106, 125, 126, 127, 128, 129, 130, 131, 132, 133, 136, 137, 138 Muhamad Chatib Basri, 15 Muhamad Sidik Heruwibowo, 200 Muhammad Syafri Rozi, 197 Mulabasa Hurabarat, 180 Multi Media Sentral, 245, 248, 249 Multimedia Nusantara, 190, 245, 249 Mulya Chandra, 151 Mulyadi, 236, 258 Mustafa Abubakar, 162, 163, 164, 165, 166, 167, 175, 177, 182 Mustari Damopoli, 141 MXN, 29 MYR, 29 Nadira Intermedia Nusantara, 245, 249 Nandi Hendrian Hamaki, 143 NASA, 220, 221 National Bank of Abu Dhabi, 109 National Credit Union Administration Board, 70 National Energy Board, 162, 171 NATO, 41 NCUA, 70 Nederlandsche Handels Maatschappij, 154 Neel Kashkari, 63, 254, 257 Neil Danziger, 49 Neil Fonseca, 151 Netherland, 27 Netherlands, 31, 39, 252 Netherlands Antilles, 31 New Sparta Asset Management, 27, 254 New York, 29, 57, 135, 155, 165, 187, 194, 254 New Zealand, 8 NewSat 1, 237 Ngatari, 199 NHM, 154 Nick Leeson, 45 Nicolaus Teguh Budi Harjanto, 170 Nilesat, 221 NLG, 31 NOK, 29 Nomura, 151 NORAD, 216, 258 Nordea Bank, 135 Nordea Inv Mgt AB, Copenhagen, 137 Nordea Investment Management AB (Denmark), 136 Norinchukin Bank, 47 Norman Lamont, 36, 40 Northern Trust, 135 Norwegian, 27 NPO PM, 237 NPO Prikladnoi Mekhaniki, 237 NSS, 243, 246, 252 NSS-6, 243, 246, 252 NSS-9, 252 NSTAR-A2, 251 NT TST Co S/A Generation IM Fund Public, 135 Nurullah Akhsan, 195 NUSANTARA, 236 NUSANTARA-A1-A, 236 NUSANTARA-B2-F, 236 NUSANTARA-B3-A, 236 NUSANTARA-B4-A, 236 NUSANTARA-H1-30, 236 NUSANTARA-H1-30A, 236 NUSANTARA-H1-30B, 236 NUSANTARA-H1-A, 236 NUSANTARA-H1-A_1, 236 NYDFS, 57 NYSE, 53 NYSE Euronext, 53 NZD, 29, 32, 46 O3B, 252 OCBC, 110 OCC, 70, 71 Office for Outer Space Affairs, 220 Office of the Comptroller of the Currency, 70 Office of Thrift Supervision, 70 OJK, 140, 141, 142, 143, 173 OMNISPACE F-2, 252 ONIX Capital, 151 ONS, 45 Operation Twist, 60 ORBCOM, 252 Orbcomm, 209 Orbital Sciences Corporation, 237 Osbal Saragi Rumahorbo, 198 OSC, 237 OT, 60 OTC, xii, 58, 59 OTS, 70 Ousmène Jacques Mandeng, 27, 254 Overseas-Chinese Banking Corp Ltd, 109 Oxygen Multimedia Indonesia, 245, 248, 250 Pacific 2000 Investindo, 179 Pacific Exchange Rate Service, 31, 255 PACIFISAT, 247 PACIFISAT C/KU-2, 247 PACIFISAT KA-2 159E, 247 Pacome Revillon, 214, 230, 232, 233, 258 Padang, 156, 157, 163, 167, 182, 188, 193, 199, 201 Paksat 1, 237 Palapa, vi, xiv, 224, 237, 238, 240, 241, 245, 248, 250, 252 Palapa A1, 237 Palapa A2, 237 Palapa B1, 237 Palapa B2, 237 Palapa B2P, 237 Palapa B2R, 237 Palapa B3, 237 Palapa B4, 237 Palapa C1, 237 Palapa C2, xiv, 224, 237, 240 Palapa C-2, 238 Palapa D, 237, 240, 241 Palapa E, 237 Palapa N1, 237, 240, 241 Palapa Nusantara 1, 237 PALAPA PAC-C 146E, 236 Palapa Pacific 1, 237 PALAPA PACIFIC 144E, 236 Palapa Pacific-1, 237 Palapa Pacific-2, 237 PALAPA PAC-KU 146E, 236 Palapa Satelit Nusa Sejahtera, 240 Palapa TV Entertainment, 245, 248, 250, 252 PALAPA-B1, 236 PALAPA-B1-EC, 236 PALAPA-B2, 236 PALAPA-B3, 236 PALAPA-B3 TT&C, 236 PALAPA-B3-EC, 236 PALAPA-C1, 236 PALAPA-C1-B, 236 PALAPA-C1-K, 236 PALAPA-C2, 236 PALAPA-C3, 236 PALAPA-C3-K, 236 PALAPA-C4, 236 PALAPA-C4-A, 236 PALAPA-C4-B, 236 PALAPA-C4-K, 236 Palapa-N1, 241 Palembang, 156, 157, 163, 182, 189, 196, 198, 200 Pamong Praja, 154 Pamuji Gesang Raharjo, 175 Pangkal Pinang Vision, 245, 247, 248, 249, 250, 251 Pangreh Praja, 154 Papiermark, 38 Papua, 156, 238 Para Group, 172 Paris, 29, 36, 179, 203, 214, 258 Paser Media, 245, 248, 250 Pasifik Satelit Nusantara, 236, 240, 245, 247, 249 Patrick Blau, 218, 258 Paul Robson, 54 Paul Tudor Jones, 31 Paul White, 54 PBoC, 7, 24, 29 Pefindo, 111 Pegadaian, 102, 147, 148, 149, 176 Pekanbaru, 156, 157, 163, 173, 182, 198, 200 Pelindo I, 180 Pembangunan Perumahan, 147, 149 Pemeringkatan Efek Indonesia, 144 Pemerintah Republik Indonesia, 148 Penajam Multimedia, 245, 247, 248, 249, 250, 251 PER, 121 Permodalan Nasional Madani, 170 Pertamina, 147, 148, 149, 150, 168 Pertamina Lubricants, 147, 148 Pertamina Patra Niaga, 147, 149 Perth, 238 Perum Djawatan Angkoetan Motor Republik Indonesia, 147 Perusahaan Gas Negara, 147, 150 Perusahaan Listrik Negara, 102, 147, 148, 149, 150 Perusahaan Pengelola Aset, 174 peseta, 27 Philip Wooldridge, 54, 55, 254 Phillip Securities, 151 Phillips, xi, 44 Pindad, 147, 148, 149 Pindad Enjiniring Indonesia, 147, 148 Pintar Nusantara Sejahtera, 240 PKSS, 144 PLDT, 237 PLN, 29 PNG, 247, 252 Portuguese, 31, 36 Posen, 35, 40, 42, 43 Potemkin villages, 53 pound, 27, 33, 256 PP, 106, 154 PPATK, 176 PRC, 74, 255 President, 34, 36, 57, 63, 162, 167, 168, 172, 177, 178, 179, 181, 186, 187, 190, 191, 192, 254 Presley Hutabarat, 198 Prima Karya Sarana Sejahtera, 144 Primacom Interbuana, 245, 249 Prime Minister, 36, 40, 45 Priyastomo, 181, 182, 183, 184, 188 Proton, vi, xiii, 216, 218, 219, 237 Proton-K Blok-DM3, 237 Proton-M, vi, xiii, 216, 218, 219, 237 Proton-M Briz-M (Ph.2), 237 Proton-M Briz-M (Ph.3), 237 Protostar, 237 Prudential Life Assurance, 135 PSLV, 237 PSLV-G, 237 PSLV-XL, 237 PSN, 236, 237, 240, 241 PSN 5, 237 PSN 6, 237 PSN 7, 237 PSN-146E, 236 PSN-6, 241 PSN-7, 241 PSNS, 237, 240 PT PNS, 240 PTE, 31 Puti Adani, 151 QE, 5, 6, 60, 61, 253 quantitative easing, 5, 60, 61 Quantum, 31, 32 R. Denny Soelistyo Adji, 200 Rabobank, 47, 54 Rachmad Guntur Kristianto, 198 Raden Bei Aria Wirjaatmadja, 154 Radja Anambas Bersinar, 245, 248, 249, 251 Rahmi Sari Marina, 151 Rahul Mittal, 33, 254 Railink, 147, 150 Rainoc, 174 rand, 27 Randi Anto, 181, 182, 183, 184, 189 Rapat Dewan Gubernur, 9 RASCOM, 221 Raymond Kosasih, 151 RBS, 49, 54, 56, 253, 256 RCA, 69 RDG, 9 Reasuransi Indonesia Utama, 174 Regional African Satellite Communications Organization, 221 Registrar of Companies, 141 Rehabilitation and Reconstruction Agency for Aceh and Nias, 169 Reichsmark, 38 Rekayasa Industri, 147, 150 Reksa Dana Schroder Dana Prestasi, 135 renminbi, 27, 28 Rentenmark, 38 repo, 11, 20 Retno Wahyuni Wijayanti, 195 Reuters, 46, 50, 51, 60, 61, 253, 256 reverse repo, 20 RHB Securities, 151 rial, 27 Rianto Ahmadi, 142 Richard Jerry, 151 Ridwan Rizki Nasution, 179 riyal, 27 RM, 38, 187 , 38 RMB, xi, 27, 29, 30 Robeco Institutional Asset Mgmt BV, 137 Robert D. Matson, 219 Robert Diamond, 57 Robert McNaught, 219 Robert Parker, 41, 254 Robin Leigh-Pemberton, 39, 45, 254 root cause analysis, 69 Rosa M Abrantes-Metz, 49, 254 Roswita Nilakurnia, 141 Royal Bank of Canada, 47 Royal Bank of Scotland, 47, 49, 53 RP, 54, 233, 258 RP Martin, 54 RPI, 45 RPIX, 42, 45 RUB, 29 Rudjito, 144 Russia, 220, 221, 228, 247 Russian, 57, 221 Russian Academy of Sciences, 221 Ryndo Jaya Visual, 245, 247, 248, 249, 250, 251 S&P, viii, xii, 61, 62, 126, 127 Sahala Manalu, 141 Samuel Sekuritas Indonesia, 151 Sanjay Jain, 151 Santander UK plc, 47 Sanwa – BRI Finance, 143 Sanwa – BRI Leasing, 143 Sanwa Bank, 143 Saptono Siwi, 141, 192 SAR, 29, 209 Sarana Bersama Pembiayaan Indonesia, 144 Sarana Mukti Adijaya, 236 Sarana Multigriya Finansial, 95, 147, 148 Sarana Wana Jaya Foundation, 140 Sari Usaha Leasing, 143 Sarina Lesmina, 151 Saseka Finance, 172 Satelindo, 237 Satelit Palapa Indonesia, 237 Satellite Industry Association, 202, 205, 212, 214, 215, 224, 230, 258 SatKomHan 1, 237 Satkomindo, 144, 146 Satkomindo Mediyasa, 144, 146 Sauder School of Business, 31, 255 Saudi Arabia, 27, 135 Saudi Arabian Monetary, 135 SBI, 20 SBIS, 20 SBN, 20 SBSN, 20 Scapa Flow, 38 Schroder Indonesia, 135 Schroder Investment Management Indonesia, 136 Scott Nygaard, 49 Scott Peng, 50 SDBI, 20 SDR, vii, 27, 28, 30, 254 SEC, 70 Securities and Exchange Commission, 70 SEK, 29 Semarang, 156, 157, 163, 166, 171, 172, 182, 188, 189, 197, 198, 200 Sentral Multi Telemedia, 245, 247, 248, 249, 251, 252 Seoul, 29 SES, 237, 245, 246, 252 SES-7, 237, 252 SES-9, 245, 246, 252 SG, 131 SGD, 29 SGX, 46 Shearman and Sterling, 71 Shenzhen, 8 shilling, 27 Shinta Buana Vision, 245, 248, 249, 251, 252 SIA, 207, 208, 211, 212, 213, 258 Sichuan, 240 Sidimpuan Multimedia, 245, 248, 250, 252 Sigit Murtiyoso, 196 Sigma Cakrawala Multimedia, 245, 249, 250 Sinarmas Sekuritas, 151 Singapore, 29, 49, 81, 100, 101, 110, 135, 136, 155, 168, 252 Singkawang Vision, 245, 247, 248, 249, 251, 252 Sino Satellite Communications, 237 Sinosat 1, 237 Sis Apik Wijayanto, 181, 182, 183, 189 Sisfo Indonesia, 246, 249 Siswarin Dwi Hendarsapti, 142 SKK, 46 Skyreach, 246, 247, 249, 250 Slamet Sugiarto, 201 SNB, 61 Social Science Research Network, 49, 254 Société Générale, 33, 47, 53, 54 Sofyan Jalil, 167 SOG Indonesia, 246, 249 Sol Media Indonesia, 246, 247, 248, 249, 251, 252 Sony Harsono WS, 195 Soros, 23, 24, 31, 32, 34, 39, 256 South African, 27 Soviet Union, 220 Space Systems Loral, 241 Space Systems/Loral, 237, 238, 258 Space Transportation System, 237 Spacebus, 237 Spacebus-3000A, 237 Spacebus-4000B2, 237 Spacebus-4000B3, 237 SpaceX Falcon 9, 241 Spanish, 27, 31, 36 Spicer, 61 SPM, 9, 23, 53, 60 Sputnik 1, 220 Sr SLP, 237 Sri Mulyani Indrawati, 15 SSB, 135 SSL, xiv, 2, 3, 225, 237, 238, 253, 258 SSL-1300, 237 SSN, 220, 221 St. Louis Fed, 11 ST-1A, 252 ST-2, 242, 243, 244, 245, 246, 252 Stamford, 49 Standard Chartered Bank, 109, 110 standing facility, 17, 20 Stanley Druckenmiller, 32 Star-2 Bus, 237 State Council, 73, 74, 255 Stephan Hasjim, 151 sterling, 23, 25, 27, 28, 31, 32, 33, 34, 35, 36, 39, 40, 43, 256 Steven Drobny, 35, 255 Still, 61 STS, 237 STS-11 (PAM D), 237 STS-7 (PAM D), 237 stuffin.space, 216, 217 Stumpf, 71 Sucorinvest Central Gani, 151 Sue Lin Lim, 151 Sugeng Sudibjo, 142 Suindiyo, 177 Sukapraja Estetika Padang Golf, 144 Sukapraja Golf, 144 Sumihar Manullang, 200 Sumitomo Mitsui Banking Corp, 47, 109 Sun, 23 Sunarso, 181, 183, 184, 186 Sunuaji Noor Widiyanto, 176 Supardi Santoso, 196 Supari, 182, 193 Suprajarto, 181, 186 Surabaya, 140, 143, 156, 157, 163, 173, 182, 187, 188, 192, 193, 195, 196, 197, 198, 200 Surabaya Stock Exhange, 140 Suria Dharma, 151 Surya University, 241 Susy Liestiowaty, 181, 182, 183, 184, 190 Sutadi, 196, 199 Sutanto, 200 Sutardjo, 196 Sutarto Alimoeso, 167 Swedish, 27, 46 Swiss, 57, 100 Syahrir Nasution, 176 Syaiful Adrian, 151 Sydney, 29, 225, 258 Sydney Plavins, 225, 258 Syomin Ginko, 154 T.S. Kelso, 219, 258 Taiwan, 29, 141, 167 Tan Chi Min, 49 Tangara Mitrakom, 246, 247 TAS, 237 Taspen, 135 T-bill, xii, 11, 50, 51 Teguh P. Hartanto, 151 Telekomunikasi Indonesia, 147, 148, 168, 236, 246, 247, 252 Telekomunikasi Selular, 147, 150 Televisi Kabel Saluran Bintan Ceria, 246, 248, 249, 252 Telkom 1, xiii, 217 Telkom 2, xiii, 217 Telkom 3, vi, xiii, 216, 217, 218, 220, 258 Telkom MDI, 190 Telkom Metra, 190 Telkom-1, 237 TELKOM-108E, 236 Telkom-2, 237 Telkom-3, 216, 237 TELKOM-3EK, 236 Telkom-3S, 237 Telkom-4, 237 TELSTAR 18, 246, 247 Templeton Asset Management Ltd, 136 Tepian Multimedia, 246, 249, 250, 252 term deposit, 20, 47 Thaicom, 240 THAICOM-4C, 242, 251 THAICOM-IP1, 251 Thailand, 165, 251 Thales Alenia Space, 237, 240 THB, 29 Theo Waigel, 36 Thomas M. Havrilesky, 11, 254, 255 Thomas Youle, 49, 253 Thomson Reuters, 46, 47, 60, 61, 253 THURAYA-3, 244, 252 Tinodungan, 200 Titan Sarana Niaga, 146 Tjandra Lienandjaja, 151 Tjoekir Dasa Nusantara, 144 TLKM, 237 T-note, 20 Todd Morakis, 49 Toelangan Dasa Nusantara, 144 Toeloengredjo Dasa Nusantara, 144 Toelongredjo Dasa Nusantara, 144 Tokyo, 47, 49, 109, 110, 143, 220 Tolstedt, 71 Tonga, 247 TONGASAT, 247 TONGASAT AP-2, 247 TONGASAT AP-3, 247 TONGASAT C/KU-2, 247 TONGASAT C/KU-3, 247 TONGASAT-2/138E, 247 Toronto, 29 Totok Hermiyanto, 178 TPE, 237 TransPonder Equivalent, 237 Treasury bonds, 27 Treasury Secretary, 53 Treaty of Versailles, 38 Tri Wintarto, 201 Trimegah Securities, 151 TRY, 29 TU Berlin, 237 Tubagus Nur Ahmad Maulana, 177, 180 TU-Berlin, 237 Tubsat 7, 237 UAE, 252 UBS, xii, 47, 49, 51, 53, 54, 151, 254 UCS, 202, 204, 221, 258 UDAAP, 70 UFJ – BRI Finance, 143 UFJ Bank Ltd, 143 UK, i, xi, 23, 25, 33, 34, 35, 36, 39, 40, 42, 43, 44, 45, 46, 47, 53, 57, 136, 190, 221, 249, 252, 253 UN Committee on Space Research, 237 UN GA, 220 unfair, deceptive, abusive acts and practices, 70 Union of Concerned Scientists, 202, 204, 221, 258 UniSat, 237 UniSat ++, 237 United Overseas Bank Ltd, 109 Universal Satelit Indonesia, 237 University of British Columbia, 31, 255 UNOOSA, 220 UOB, 110, 151 UOB Kay Hian, 151 US, viii, x, xi, xii, xiii, 8, 11, 21, 22, 25, 27, 31, 38, 41, 45, 53, 56, 57, 60, 62, 63, 70, 71, 73, 74, 109, 110, 146, 171, 172, 194, 205, 212, 213, 220, 221, 228, 238, 255, 256, 257 US Space Surveillance Network, 220 US Strategic Command, 220, 221 US Treasury securities, 11 USA, 81, 165, 168, 169, 170, 178, 180, 187, 189, 195, 198, 200, 201, 249, 250, 251, 252 USASAT, 249, 250 USASAT-14G, 250 USASAT-14H, 249 USASAT-14I, 250 USASAT-14I-2, 250 USASAT-14I-3, 250 USASAT-14J, 250 USASAT-14J2, 250 USASAT-14K, 249 USASAT-55L, 250 USASAT-60B, 249 USASAT-60C, 250 USASAT-60H, 249 USASAT-60J, 250 USD, vii, xi, 25, 27, 29, 31, 34, 36, 38, 41, 43, 46, 47, 49, 51, 53, 54, 56, 58, 111, 146 UUS BRI, 139 Valbury Asia Securities, 151 Van Allen, xiv, 226, 227, 228 Vancouver, 31, 255 Vanguard, 135, 136, 137, 138 Victoria Duff, 11, 255 Vincentius S. Loho, 162, 163, 165, 182 Vincentius Sonny Loho, 164, 171, 175, 178 Visual Intermedia Prima, 246, 247, 248, 249, 250, 251, 252 Vladimir Putin, 57 Volksbank, 154 Wahyu Widodo, 200 Washington DC, 69, 202, 207, 254, 258 Waskita Beton Precast, 102, 147, 149 Waskita Karya, 102, 147, 148, 149, 150 Weimar, 38 Wells Fargo, xii, 57, 69, 70, 109, 254, 255, 257 Werner Antweiler, 31, 255 West LB, xii, 47, 51 Western Australia, 238 Westpac Banking Corp, 109 WFC, vii, 69, 70, 71, 72 White Wednesday, 34 Whitehouse, 49, 54 Whole Foods, 77, 254 Widjanarko Puspoyo, 167 Widodo Januarso, 198 Wijaya Karya, 147, 149, 150 Wijaya Karya Industri Energi, 147, 149 Wildan, 140 William Mamudi, 151 World Bank, 167 WSJ, 49, 50, 51, 73, 253 WW, 38, 44, 45 Xi LC-2, 237 Xichang Satellite Launch Center, 240 Xinnuo 1, 237 Yamal-402, 218, 258 Yana Soeprianan, 198 Yap Swie Cu, 151 Yayasan Danar Dana Swadarma Bank BNI, 144 Yayasan Kesejahteraan Karyawan Bank Bukopin, 144 Yayasan Kesejahteraan Karyawan Bank Indonesia, 144 Yayasan Kesejahteraan Pekerja BRI, 144 Yayasan Leuser Internasional, 167 yen, vii, 27, 28, 49, 54 Yen Interest Rate Derivatives, 53 YIRD, vii, 53, 54, 57 YKP BRI, 139, 142, 143, 144 YLI, 167 Yogyakarta, 103, 156, 157, 163, 166, 170, 176, 177, 182, 184, 186, 188, 189, 192, 193, 195, 196, 197, 198, 199, 200, 201 Yoshua Palti, 198 Yosriadi, 195 yuan, 24, 29, 30 Yuanta Securities Investment Consulting Co. Ltd, 151 Yue Wang, 78, 255 Zainuddin Mappa, 141 ZAR, 29 Zuhri Anwar, 141 Zulhelfi Abidin, 181, 182, 184, 190 ZX 5B, 237 https://view.publitas.com/p222-10819/targeting-companies-worth-rp-1000-trillion/
the1uploader 6:58 am on 2017-06-23 Permalink (https://the1uploader.wordpress.com/2017/06/23/space-systemloral-the-brisat-builder-swimming-in-a-troubled-water/)
Space System/Loral, the BRISat builder swimming in a troubled water
Space System/Loral, the BRISat builder swimming in a troubled water by Sando Sasako Jakarta, 18 August 2017 Lack to adopt new adepts in the satellite business and exploiting user preferences in satellite applications means you can start digging your own grave. Three most used sat apps are navigation, communication (sat comm: telephony, tv, radio, internet), and digital imagery. Digital imagery apps are detailing earth surface and what’s in the air, including weather data, oceans’ surface and what’s underneath. As a means to communicate, the satellite can connect the remote, unpopulated land regions, even the oceangoing shipping vessels. The value of owning and operating satellite business is so immense. You can read the articles below. 20140428 13 BRIsat 20140428 12 Contract signing between BRI with SPACE SYSTEMS/LORAL, LLC and ARIANESPACE for BRI Satellite Program 20140428 15 Indonesia Taps SS/L, Arianespace To Build, Launch 3,500-kilogram Satellite 20150120 01 BELASAN TRANSPONDER BRISAT BAKAL “NGANGGUR” 20160510 09 SSL DELIVERS SATELLITE FOR INDONESIAN BANK TO LAUNCH BASE 20160620 03 Bank Rakyat Indonesia launches satellite to handle its 50m accounts 20160623 10 BRIsat 20160717 04-05 BRI pioneers world’s first dedicated satellite to regain Indonesian banking lead 20160721 06-07 Company in focus: Indonesia’s BRI embraces an otherworldly banking model 20160725 08 Indonesia’s BRI embraces banking by satellite 201612 02 Jangan Mau Dibohongi Pakai Satelit 20170207 14 Google Remakes the Satellite Business, by Leaving It 20170622 11 Lack of satellite orders triggers layoffs at Space Systems Loral
Please check these links out …
issuu.com
wordpress.com
Asset Bubble, Bank Rakyat Indonesia, & Satellite Business in Indonesia
http://bit.ly/2wgeJMc
http://bit.ly/2ClIP3g
Asset Bubble: The Causalities and Its Limiter
http://bit.ly/2y1foou
http://bit.ly/2GgzbkJ
Inflation Management in Indonesia
http://bit.ly/2y0tlTo
http://bit.ly/2EJL6ug
Betting against the market or going along and take the long
http://bit.ly/2hOkE91
http://bit.ly/2F3y5Jx
How Soros broke the Bank of England
http://bit.ly/2xi1jno
http://bit.ly/2GfiiXA
The manipulative and collusive nature of LIBOR was intentional and by design
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How to detect and spot asset bubble created by the central banks
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Asset bubble as the resultant of central bankers’ ability to make funny money
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Space System/Loral, the BRISat builder swimming in a troubled water
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How LIBOR becomes a thing dismembered
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every bubble needs its burst
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How Soros was betting against the market and won, in the past
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http://space.skyrocket.de/doc_sdat/brisat-1.htm BRIsat Last update: 02.06.2017
BRIsat 1 [SSL] The Indonesian BRIsat (Bank Rakyat Indonesia Satellite) is a communications satellite for banking purposes to be built by Space Systems/Loral for Bank Rakyat Indonesia (BRI). The bank has signed a Memorandum of Understanding with Space System/Loral, LLC (SSL) from US and ArianeSpace from France in April 2014. BRIsat will be built on SSL’s SSL-1300 bus carrying 45 transponders, which will cover areas in Indonesia, ASEAN, North east of Asia, some Pacific area and West Australia. From its orbital position at 150.5° East, it will deliver highly reliable communications services to BRI’s 11,000 bank branches across the Indonesian archipelago. The satellite is to be launched in 2016 by a Ariane-5ECA rocket from Kourou. Nation: Indonesia Type / Application: Communication Operator: Bank Rakyat Indonesia (BRI) Contractors: Space Systems/Loral (SS/L) Equipment: 9 Ku-band transponders, 36 C-band transponders Configuration: SSL-1300 Propulsion: ? Power: 2 deployable solar arrays, batteries Satellite COSPAR Date LS Launch Vehicle Remarks BRIsat 2016-039B 18.06.2016 Ko ELA-3 Ariane-5ECA with EchoStar 18 http://bri.listedcompany.com/news.html/id/585161 http://phx.corporate-ir.net/phoenix.zhtml?c=148820&p=irol-newsArticle&ID=1922774 Contract signing between BRI with SPACE SYSTEMS/LORAL, LLC and ARIANESPACE for BRI Satellite Program
The contract signing ceremony took place in Jakarta, and was witnessed by Susilo Bambang Yudhoyono, President of Indonesia, Tifatul Sembiring, Indonesian Minister of Communications and Informatics, Dahlan Iskan, Minister for State Owned Enterprises, Robert Blake, US ambassador to Indonesia, and Corinne Breuzé, French ambassador to Indonesia. As the bank with the largest network in Indonesia, which provides services to more than 50 million customers, BRI needs satellite communications to connect more than 9,800 conventional outlets (Head Office, Branch Offices, Sub Branch Offices, BRI Units, Cash Offices, BRI Teras and BRI Mobile Teras), as well as more than 100,000 e-Channel outlets. BRI networks spreads throughout the country from cities to rural areas. Many of these outlets cannot be economically reached by terrestrial telecommunications infrastructure. Therefore, satellite communication for BRI serves both as the primary and backup means of communication. Currently, the scale of BRI’s operation requires support from its networks which are equal to 23 satellite transponders. For satellitebased communication network, BRI has been leasing from 9 satellite service providers in Indonesia. The needs of satellite transponders will increase in the future, inline with BRI’s network development strategy, which is expected to expand into more rural areas in Indonesia, especially in the remote islands, considering Indonesia is an archipelago with more than 17,000 islands. The need for satellite communications is becoming increasingly urgent because of the growth of BRI’s network. Some innovations of the network models developed by BRI are mobile outlets, such as Mobile Teras and Floating Teras that can be economically implemented using satellite communication. Nevertheless, as part of the Business Continuity Plan (BCP), and BRI’s need to mitigate operational risks by applying redundancy systems to maintain operational continuity as required by the authorities, BRI will continue to use the Indonesian satellite providers that has been supporting for many years. In designing the satellite, BRI seeks to maximize the Indonesia satellite’s filing of the International Telecommunication Union (ITU), where one of the satellite filings status will be upgraded from Coordinated be Notified, therefore, BRI’s satellite, which called BRIsat, is expected to simultaneously become a solution in maintaining the continuity of the satellite filing 150.5o E orbit location. The BRIsat program also attached with a contingency programs in order to maintain the continuity of filing orbit 150.5o E. BRIsat service will reach Indonesia and ASEAN countries, East Asia (including most of China), most Pacific (Hawaii) and Western Australia (Perth) and will have a 36 x 36 MHz C-band transponders and 9 x 72 MHz Ku-band. Some transponders will be specifically allocated to the interests of the government of Republic of Indonesia. The procurement processes of BRIsat have been performed for more than six months, with the involvement of technical and legal consultants, both domestic and international. The process began with a Request for Information (RFI) to various satellite manufacturing companies and satellite launcher, followed by a Request for Proposal (RFP) to the companies included in the shortlist. The process of determining the winner was closely follows the principles of fairness and good corporate governance by taking into account independent opinions from professional consultants. The process has finally set Space Systems/Loral (SSL) from USA and Arianespace of France as the winner. Final design and manufacturing process of the satellite will be completed in SSL’s factory in Palo Alto, California, which expected to take approximately 24 months, and after taking into account the shipment and the launch campaign, the satellite will be ready for launch in 25-26 months from the effective date of contract, which will be around mid 2016 in Kourou, French Guiana, South America. As mentioned above, some of the transponders will be allocated to the government of the Republic of Indonesia. Therefore, in addition to the use of BRIsat for supporting BRI’s operation, some of the transponders will also be used by the Indonesian government for direct communication, with or between Indonesian representative offices in the countries within the satellite service coverage (China, Hong Kong, Japan, Cambodia, South Korea, Macau, Malaysia, Myanmar, Taiwan, Thailand, Philippines, Singapore, Vietnam, Papua New Guinea, and Western Australia). In addition, BRIsat will be owned and self operated by BRI, thus encryption process and the control of channels will be completely managed by Indonesian institution. Furthermore, in terms of information security, SSL as the appointed party to build the BRIsat, has committed in the contract to fully meet the specific needs requested by BRI, that is there will be no equipment in the BRIsat allowing unlawful intercept. http://spacenews.com/40358indonesia-taps-ssl-arianespace-to-build-launch-3500-kilogram/ Indonesia Taps SS/L, Arianespace To Build, Launch 3,500-kilogram Satellite by Peter B. de Selding – April 28, 2014
BRISat is slated to be launched in 2016 aboard an Ariane 5 rocket (above). Credit: Arianespace photo PARIS – Indonesia’s Bank Rakyat Indonesia (BRI) has contracted with Space Systems/Loral to build the BRISat C- and Ku-band telecommunications satellite to be launched in 2016 aboard a European Ariane 5 rocket, BRI announced April 28. Evry, France-based Arianespace said it expects BRISat to weigh about 3,500 kilograms at launch – a fairly small satellite that in recent years has not been a core focus of Palo Alto, Calif.-based Space Systems/Loral or Arianespace. Both companies have focused on larger spacecraft. Industry officials have said that 2014 is likely to be a year in which smaller geostationary telecommunications satellites outnumber larger ones in terms of firm satellite orders. BRISat is one of these. Arianespace’s ability to collect orders for lighter satellites is critical to the company’s operations. The business model for the heavy-lift Ariane 5 calls for two satellites to be launched together. For every large satellite weighing 6,000 kilograms or more, Arianespace needs to find a smaller satellite to share the launch. But these smaller satellites – and midsize ones as well – are the core commercial target market for Space Exploration Technologies Corp.’s Falcon 9 v1.1 rocket, which has already begun to eat into Arianespace’s business. BRISat is to operate at 150.5 degrees east and will link thousands of bank branches scattered over Indonesia’s islands. Indonesian President Susilo Bambang Yudhoyono witnessed the April 28 contract signing ceremony in Jakarta. http://archive.is/pZGOG http://www.goldbank.co.id/channel/laput/perbankan/belasan-transponder-brisat-bakal-nganggur.html BELASAN TRANSPONDER BRISAT BAKAL “NGANGGUR” 2015-01-20T10:42:34Z
PT Bank Rakyat Indonesia Tbk (BRI), April 2014, telah menandatangani paket kesepakatan pembelian satelit 250 juta dolar AS, sekitar Rp 2,5 triliun. Nilai paket itu sudah termasuk biaya pembuatan oleh Space Systems/Loral, LLC, (AS) dan biaya peluncuran oleh Arianspace (Prancis). Sesuai spesifikasi, satelit yang diberi nama BRISAT itu akan menjangkau wilayah layanan Indonesia, negara-negara ASEAN, Asia Timur termasuk sebagian Tiongkok, sebagian Pasifik termasuk Hawaii, serta Australia Barat. BRISAT akan memiliki 36×36 MHz transponder C-Band dan 9×72 Mhz Ku-band. Satelit akan mengorbit di slot 150,5 BT atau bekas orbit Palapa C-2 milik PT Indosat. Melalui Surat No.N-297/ 2014 per 26 Maret 2014, pemerintah memberikan hak itu kepada BRI, karena Indosat tidak membeli satelit baru untuk mengisi slot itu. Menurut Sekretaris Perusahaan BRI, Budi Satria, pembelian BRISAT sudah direstui pemerintah. “Pembelian satelit merupakan strategi perusahaan yang sudah diketahui dan memperoleh persetujuan komisaris (pemerintah-red),” katanya kepada GoldBank. Alasan utama BRI membeli satelit adalah kebutuhan. Transaksi BRI melibatkan hampir 10.000 unit kerja, 22.000 ATM dan lebih dari 100.000 e-channel. “Ini jaringan perbankan terluas di Indonesia, dan BRI butuh kualitas jaringan komunikasi yang prima,” kata Budi Hingga kini, BRI menggunakan delapan provider. Namun, yang punya satelit sendiri hanya tiga provider. Akibatnya, transaksi di ATM BRI kadang tidak lancar. Bahkan. belakangan ini, kualitas layanan jaringan BRI terus menurun. Kalau BRISAT operasional, layanan bisa ditingkatkan. Saat BRISAT berfungsi, BRI bisa hemat pengeluaran Rp250 miliar per tahun. Biaya sewa satelit per tahunnya mencapai Rp500 miliar. “Dengan memiliki satelit sendiri, kita tidak perlu lagi keluar biaya sewa selama 15 tahun (usia satelit-red), ini tentu jauh lebih irit,” tegas Budi. Dana pembelian BRISAT bersumber dari kas BRI. Harga BRISAT bukan masalah bagi BRI yang tahun lalu membukukan laba bersih Rp21,16 triliun. Harga Rp2,5 triliun adalah patokan yang disiapkan BRI untuk pembayaran selama 24 bulan sampai BRISAT diluncurkan. “Kita bisa tekan harga di bawah itu, hanya saja dana yang disiapkan memang Rp2,5 triliun,” ujar Budi. Dia menolak merinci harga BRISAT. Menurut situs resmi Space Systems/Loral, LLC, harga satelit tergantung jumlah transponder dan klasifikasinya. Harga umum yang ditawarkan perusahaan milik MacDonald Dettwiler and Associates (MDA) itu mulai 200 juta dolar AS (Rp2 triliun) hingga 600 juta dolar (Rp6 triliun), termasuk biaya peluncuran. Sebagai perbandingan, Indosat membeli satelit Palapa D dari Thales Alenia Space (Perancis) seharga 230 juta dolar AS dengan jumlah transponder 40 buah. BRISAT memiliki 45 transponder. Rencananya, 23 transponder akan digunakan sendiri oleh BRI, dan empat transponder akan diberikan kepada pemerintah untuk beberapa keperluan, seperti sensus data kependudukan atau data pertanian. Komersialisasi Transponder Lantas, mau diapakan 18 transponder tersisa? Banyak pihak menduga, BRI akan memanfaatkannya untuk bisnis ‘sampingan’. Namun, Budi langsung menepis spekulasi itu. “BRI tidak akan menyewakan satelit. Transponder yang tersisa buat cadangan masa depan jika kebutuhan komunikasi BRI meningkat, atau bisa dipakai instansi pemerintah untuk keperluan lain,” ujar Budi. Berdasarkan kalkulasi kebutuhan, jumlah 22-23 transponder cukup untuk melayani transaksi perbankan sekelas BRI. Lagi pula pertumbuhan transaksi atau jumlah ATM BRI pun tidak serta merta meningkat. Kalaupun ada pertumbuhan, penambahan 3 atau 5 transponder sudah cukup. Berarti, masih ada belasan transponder yang ‘nganggur’. Fakta inilah yang menguatkan transponder itu disewakan. Sebab, harga sewa satelit saat ini cukup menggiurkan. Menurut informasi yang dihimpun GoldBank, harga sewa satu transponder per tahun mencapai satu juta dolar AS, atau sekitar Rp 100 miliar. Kalau BRI mengeluarkan biaya sewa satelit sekitar Rp 500 miliar, harga yang hampir sama juga dikeluarkan Bank Mandiri dan Bank BNI. Jadi, andaikata sisa transponder BRISAT disewakan, BRI berpotensi meraup laba Rp1,8 triliun per tahun, dengan asumsi harga sewa satu transponder Rp100 miliar per tahun. Kebutuhan transponder satelit di Indonesia dewasa ini terus meningkat, sementara pasokan masih minim. Indonesia memiliki 159 transponder lokal dari total kebutuhan 237 transponder. Artinya, 18 transponder BRISAT tersisa pasti diminati banyak pihak. Bank Mandiri saat ini sedang mencari penawaran sewa satelit lebih murah. “Dengan adanya satelit BRI, akan semakin banyak pilihan. Kalau (BRI-red) punya paket murah, pasti kita pilih selama kualitasnya bagus,” ujar Direktur Utama Bank Mandiri, Budi Gunadi Sadikin. Bahkan, PT Indosat, BNI, Telkom, dan sejumlah perusahaan lain juga berminat jika BRI menyewakan satelit. Menurut pengamat telekomunikasi Judy Uway, pembelian satelit oleh BRI sebenarnya langkah strategis. “Kita bisa lihat ada usaha pak Sofyan (?) menjadikan BRI bank papan atas dunia. Upaya itu harus diapresiasi. BRISAT tidak membuat BRI keluar dari core bisnis. Justru strategis, mengingat tingginya transaksi BRI yang harus didukung layanan komunikasi data yang andal,” katanya. Judy yakin, BRI tidak tergiur menyewakan satelit, sebab bank plat merah itu hanya memiliki ijin Telsus (telekomunikasi khusus). “Setahu saya, ijin BRI hanya Telsus untuk komunikasi perbankan. Jadi, sulit rasanya jika BRI menyewakan transponder tersisa karena tidak punya ijin,” kata Judy. Namun, Judy mengingatkan, proses pembelian BRISAT harus dikawal, termasuk kemungkinan penyalahgunaan ijin Telsus oleh BRI. Apalagi, prospek laba ‘sampingan’ dari penyewaan transponder bukan jumlah yang sedikit. “Jika nantinya satelit BRI disewakan, BRI keluar dari jalur bisnis utama; ini yang tidak dapat dibenarkan,” ujar Judy. ? Yayat Copyright © 2012. GoldBank. Developed by : PT Proweb Indonesia
http://sslmda.com/html/pressreleases/pr20160510.html SSL DELIVERS SATELLITE FOR INDONESIAN BANK TO LAUNCH BASE 20160510
PALO ALTO, Calif. – May 10, 2016 – Space Systems Loral (SSL), a leading provider of commercial satellites, today announced that the BRIsat satellite, designed and built for PT. Bank Rakyat Indonesia (Persero) Tbk. (BRI), the oldest and most profitable bank in Indonesia, has arrived at the European Spaceport in Kourou, French Guiana, where it will be launched aboard an Ariane 5 launch vehicle by Arianespace. BRI will use the satellite to provide a dedicated platform for banking connection services for the people of Indonesia. BRIsat is the world’s first communications satellite dedicated to a financial institution. It will provide both C-band and Ku-band coverage of Indonesia and South East Asia. Positioned at 150.5 degrees East longitude, the satellite will enable BRI to provide enhanced secure banking communications for more than 10,600 operational branches, 236,939 electronic channel outlets, and almost 53 million customers across the Indonesian archipelago. “It has been an honor to work with bank BRI to build a satellite that will help improve lives in Indonesia by expanding the availability of banking services,” said John Celli, president of SSL. “We are pleased that the satellite arrived at launch base on schedule and look forward to its successful launch.” BRIsat is based on the SSL 1300 satellite platform, which has the flexibility to support a broad range of applications and technology advances. The satellite is designed to provide service for 15 years or longer. “SSL has been a professional and reliable partner in the design and manufacturing of our satellite,” said BRI CEO Asmawi Syam Syamsuddin. “The satellite was delivered on schedule in just 24 months and when launched it will help us better serve the people of Indonesia.” SSL is also providing BRI with a complete ground system solution, which includes two satellite control facilities, as well as training, and launch support services. About BRI PT. Bank Rakyat Indonesia (Persero) Tbk. (BRI) is one of the largest state-owned banks in Indonesia. BRI went to public through Initial Public Offering in 2003 and became one of the blue chip stock traded in the Indonesia Stock Exchange. The Indonesian Government still keeps the majority share of 56.75%. For more detail, visit http://www.bri.co.id. About SSL Space Systems Loral (SSL) is a leading provider of commercial satellites with broad expertise to support satellite operators and innovative space related missions. The company designs and manufactures spacecraft for services such as direct-to-home television, video content distribution, broadband Internet, mobile communications, and Earth observation. As a Silicon Valley innovator for more than 50 years, SSL’s advanced product line also includes state-of-the-art small satellites, and sophisticated robotics and automation solutions for remote operations. For more information, visit http://www.sslmda.com. Forward-Looking Statements This news release contains forward-looking statements and information, which reflect the current view of Space Systems Loral (SSL) with respect to future events and financial performance. When used in this news release, the words “believes”, “expects”, “plans”, “may”, “will”, “would”, “could”, “should”, “anticipates”, “estimates”, “project”, “intend” or “outlook” or other variations of these words or other similar expressions are intended to identify forward-looking statements and information. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements as a result of known and unknown risks and uncertainties. Known risks and uncertainties include but are not limited to: risks associated with operating satellites and providing satellite services, including satellite construction or launch delays, launch failures, in-orbit failures or impaired satellite performance; risks associated with satellite manufacturing, including competition, cyclicality of SSL’s end-user markets, contractual risks, creditworthiness of customers, performance of suppliers and management of SSL’s factory and personnel; risk associated with financial factors such as volatility in exchange rates, increases in interest rates, restrictions on access to capital, and swings in global financial markets; risks associated with domestic and foreign government regulation, including export controls and economic sanctions; and other risks, including litigation. The foregoing list of important factors is not exhaustive. The information contained in this news release reflects SSL’s beliefs, assumptions, intentions, plans and expectations as of the date of this news release. Except as required by law, SSL disclaims any obligation or undertaking to update or revise the information herein. 1. # # Media Contact: SSL Wendy Lewis Director of Communications
[email protected] +1 (650) 852-5188 The World Leader in Commercial Satellite Manufacturing Copyright © 2017 SSL • 3825 Fabian Way, Palo Alto, CA 94303 U.S.A. • 650.852.4000 • 800.332.6490 • https://asia.nikkei.com/Business/AC/Bank-Rakyat-Indonesia-launches-satellite-to-handle-its-50m-accounts Bank Rakyat Indonesia launches satellite to handle its 50m accounts WATARU SUZUKI, Nikkei staff writer June 20, 2016 11:04 pm JST
With its own satellite in fixed orbit, Bank Rakyat Indonesia expects to save 200 billion rupiah ($16 million) each year in operating costs. © Antara JAKARTA — A satellite owned by Bank Rakyat Indonesia (BRI) was launched from Kourou, French Guyana, on Saturday evening local time in what the state-owned micro lender said is a first of its kind. The satellite, BRIsat, cost $250 million and was built by Space Systems/Loral of the U.S. and launched by France’s Arianespace using an Ariane 5 rocket. It will sit in stationary orbit above Papua, Indonesia, with 45 transponders, and is expected to start operating from August. Over 50 BRI engineers have trained for several years in the U.S. and Europe to operate the satellite. BRI has more than 50 million accounts – which is more than Japan’s biggest bank, Bank of Tokyo-Mitsubishi UFJ — and has some 10,000 outlets across the archipelago. It has been paying 500 billion rupiah ($35 million) each year in transponder rental fees to run ATMs, electronic data capture devices, and back office operations. President Asmawi Syam estimates that by operating its own satellite, BRI will cut costs by 40%. As the bank expands its operations further across the archipelago, improved efficiency will be crucial to maintaining profitability — which is among the highest in the region. BRI is a key player in the government’s branchless banking program, which enables third parties to carry out financial transactions, including money transfers. There are also plans to appoint 75,000 agents by the end of the year. PT Bank Rakyat Indonesia (Persero) Tbk https://asia.nikkei.com/Company/05TDRC-E https://id.wikipedia.org/wiki/BRIsat BRIsat 23 Juni 2016, pukul 11.54. BRIsat adalah nama untuk satelit milik Bank Rakyat Indonesia (BRI), sebuah perusahaan perbankan di Indonesia. Satelit BRIsat dibuat oleh Space System/Loral (SSL) dan diluncurkan di pusat peluncuran Arianespace.[1] Satelit tersebut ditaksir diluncurkan oleh roket Ariane 5 di Pusat Antariksa Guyana, Pelabuhan Angkasa Eropa pada tahun 2016. Satelit BRIsat mampu menjangkau wilayah Indonesia, ASEAN, Asia Timur termasuk sebagian Tiongkok, Laut Pasifik termasuk Hawaii dan Australia Barat.[1] Satelit dengan Transponder pita C sebesar 36X36 MHz dan Ku-band sebesar 9X72 MHz ini akan mengorbit di slot 150.5 Bujur Timur.[2] Jalur Orbit tersebut sebelumnya diduduki oleh satelit Indosat yang sudah habis masa tugasnya, Palapa C2.[2] Slot orbit tersebut diberikan kepada BRI melalui perintah Pemerintah Republik Indonesia dengan alasan Indosat tidak lagi menggunakan slot tersebut.[2] Latar belakang Alasan pembuatan satelit untuk bank ini adalah memangkas pengeluaran komunikasi antar badan pegawai juga dengan pelanggan di seluruh Indonesia dan luar Indonesia.[1] Dengan memanfaatkan teknologi tersebut BRI yakin akan menghemat biaya telekomunikasi sekitar 50 persen.[1] Kontrak pembuatan serta peluncuran dari BRIsat ini ditaksir bernilai 230 juta dolar Amerika atau sekitar Rp 2,5 triliun.[1] Kontroversi Satelit BRIsat memiliki 45 transponder dengan penggunaan 23 transponder untuk BRI dan empat transponder untuk pemerintah.[2] Mengetahui hal tersebut sempat terjadi pembicaraan hangat mengenai 18 transponder satelit BRI yang tersisa.[2] Beberapa pihak berpendapat sisa transponder dari satelit tersebut dapat digunakan BRI untuk penyewaan jasa komunikasi satelit untuk bank lain, tapi isu tersebut dibantah oleh pihak BRI yang mengatakan bahwa sisa dari muatan transponder itu akan digunakan untuk menampung daya komunikasi BRI pada masa depan.[2] Hal ini dilakukan mengetahui izin penggunaan satelit BRIsat terba Indonesia-Investments. “Bank Rakyat Indonesia (BRI) Will Launch Its BRIsat Satellite in 2016”. http://www.indonesiainvestments.com/news/todays-headlines/bank-rakyat-indonesia-bri-will-launch-its-brisat-satellite-in-2016/item1935 Gold Bank. “Belasan Transponder BRIsat Bakal ‘Nganggur'”. http://www.goldbank.co.id/channel/laput/perbankan/belasantransponder-brisat-bakal-nganggur.html https://asia.nikkei.com/Business/AC/BRI-pioneers-world-s-first-dedicated-satellite-to-regain-Indonesian-banking-lead Company in focus BRI pioneers world’s first dedicated satellite to regain Indonesian banking lead WATARU SUZUKI, Nikkei staff writer July 17, 2016 1:00 pm JST
Bank Rakyat Indonesia in June became the world’s first bank to own a satellite, which will be operational in August. © Antara JAKARTA — In mid-June, executives of Bank Rakyat Indonesia (BRI) traveled over 18,000km from Jakarta to the northern coast of French Guiana in South America to witness the launch of a rocket that would make it the first bank in the world with its own dedicated satellite. BRI is Indonesia’s largest lender of small loans, and its customers are strewn over a latitude of some 3,000km in the world’s largest national archipelago.
As the launch approached, the mood at the Guiana Space Center was full of excitement in anticipation of a new era in banking, but also tense. The original launch date had already been pushed back several times by bad weather and technical glitches. When the Ariane 5 launch rocket with BRIsat – its precious little satellite on board — soared off brightly into space in a matter of minutes, the monitoring room was filled with delight and relief. Asmawi Syam, BRI’s president, called it “a new era in banking”. Back home, news of the technical triumph on the other side of the world, and the satellite already positioned in stationary orbit above Indonesia, was splashed across the morning papers. But even that was not enough to cheer investors. After rocketing to an all-time high of 13,275 rupiah ($1) in March 2015, BRI’s shares had slumped. On July 15, they closed at 11,500 rupiah.
BRI stock has gained only 1% so far this year, underperforming state-owned rival Bank Mandiri and Bank Central Asia, Indonesia’s largest privately held bank, which have each gained 5%. The broader Jakarta Composite Index has gained 11%. Part of the investor concerns stem from BRI’s dominance — which also translates into exposure and onerous overheads. Although the definition of small loans varies among banks, BRI is estimated to have half the market for loans below 200 million rupiah ($15,200). The Indonesian economy is dominated by small businesses. Deloitte estimates there were nearly 60 million small and medium enterprises (SMEs) in Indonesia in 2014, compared with about 2.8 million in Thailand and 1 million in the Philippines. Small loans are considered risky but lucrative with proper management. The trick is obviously to pick the ones that will not go bad. With a nonperforming loan ratio of 2%, BRI has become Indonesia’s most profitable publicly-listed corporation, logging 25.39 trillion rupiah ($1.92 billion) in net profit in 2015. There is enormous scope for expansion in Indonesian banking. Less than 40% of adults have bank accounts, according to the World Bank. President Joko Widodo, who took office in October 2014, has been calling for banks to lower interest rates and make loans affordable for smaller businesses. BRI’s high interest margins — more than four times the average bank in Singapore sees — are therefore likely to come under scrutiny and pressure to reduce them. “The government is focused on SMEs, and wants loans to be affordable,” said Agus Pramono, head of research at local brokerage Danareksa Securities. “Banks that focus on SMEs will likely suffer more than banks that focus on consumers and corporates.” https://asia.nikkei.com/Business/AC/BRI-pioneers-world-s-first-dedicated-satellite-to-regain-Indonesian-banking-lead?page=2 Company in focus BRI pioneers world’s first dedicated satellite to regain Indonesian banking lead WATARU SUZUKI, Nikkei staff writer July 17, 2016 1:00 pm JST Another threat to profitability is the digitalization wave sweeping the banking industry. This has produced new business models specifically intended to disrupt traditional players. Such advances pose a particular threat to BRI, which still relies on a network of more than 10,000 bricks-and-mortar outlets to service customers.
BRI’s decision in 2014 to invest $250 million in its own satellite was intended to help confront these new challenges. According to Asmawi, it will bring major savings. Many parts of the Indonesian archipelago have no fixed-line internet access. BRI has therefore had to rent transponders from commercial satellite providers to run its ATMs, small terminals called electronic data capture (EDC) devices that process card transactions, and back office operations. By operating its own satellite, BRI expects to reduce annual transponder rental fees by 200 billion rupiah ($15.2 million) — about 40%. Cutting costs will help BRI invest in its conventional business and expand its network to untapped markets. The bank has already been innovative in developing ways to reach customers. In 2015, it launched a floating branch service that dispatched loan officers and security guards to remote islands by boat. BRI runs a similar mobile branch service with a fleet of more than 600 vans. “We have the advantage of being close to traditional markets,” said an account officer who leads a team of three. They circle a neighborhood of Jakarta in a van that handles 50-80 customers each day. Bank Rakyat Indonesia uses vans and boats to offer banking services in remote communities. (Photo by Yumi Kotani)
In a country infamous for congestion, solutions are certainly in demand. “We want to reach out to places where there are no traffic jams,” Asmawi said. BRI has been investing heavily in branchless banking, which involves appointing third-party agents, such as mom-and-pop stores, to serve as simple branches. Instead of ATMs, BRI provides the agents with small EDC devices to carry out transactions. By March, BRI was operating some 21,300 EDCs — a 77% jump year on year. The bank aims to appoint 75,000 agents by the end of the year. BRI established a nationwide presence in the 1970s when it was appointed by the government to channel small loans to rural rice farmers. After racking up heavy losses, BRI shifted to a commercial banking model in 1984, applying advice from a think tank affiliated to Harvard University. BRI also received funding from the World Bank and USAID.
BRI’s Unit Desa, a village banking network,was established as an independent profit center running savings and lending services. It gained popularity among villagers who previously saved their money under mattresses. The bank became profitable by empowering loan officers, and rating them on loan performance quality rather than quantity. While the bank has since diversified into larger corporate loans, about 80% of its outlets still specialize in serving small businesses. The intimate human ties built between bank officers and customers have become its biggest competitive advantage, according to Mohammad Irfan, the BRI director overseeing the micro banking division. “It may seem very simple, but nurturing a culture is not easy,” he said. “Anybody can buy systems or technology, but they can’t buy culture.”
But recent advances in technology challenge Irfan’s banking worldview. In Kenya, a mobile money service called mPesa, which allows users to pay bills and transfer money using the text message function on their phone handsets, has become much more popular than conventional banking. In Indonesia, Bank Tabungan Pensiunan Nasional (BTPN), a mid-size lender specializing in small loans, is developing a similar model, and aims to go further by giving out loans using mobile phones and agents. BTPN invested 380 billion rupiah in information technology infrastructure in 2015, a five-fold increase year on year.
Startups have, meanwhile, been disrupting established banks. For example, Modalku operates an online platform that connects investors with small businesses looking for loans. The credit-worthiness of a potential customer is probed using simple tests and analyzing the results. “People who pass the test are four times less likely to default than those who don’t,” said co-founder Reynold Wijaya. The lender can also monitor the financial conditions of the borrower by handset to minimize the risk of default. Meanwhile, BRI is carrying a lot of weight with over 55,000 staff in 2015. It generated 462 million rupiah in net profit per employee in 2015, lower than Mandiri’s 553 million rupiah and Bank Central Asia’s 726 million rupiah, according to QUICK-FaceSet. Some analysts view BRI as laggardly when it comes to embracing internet or mobile technology. For example, the EDCs used for branchless banking are less convenient than mobile phones and have less functionality. BRI may also see savings from the satellite eroded if the current government follows through on a plan in the next few years to connect all provinces using submarine cables. BRI believes its big satellite bet will pay off. Human element still has a significant role play when the bank intends to provide small loans across the archipelago. BRI sticks to the model which requires secure satellite communications. The talked-about internet infrastructure upgrades would certainly transform Indonesian communications, but they lie at an uncertain point in the future. BRIsat will meanwhile definitely start closing technology, infrastructure, and distance gaps from August. BRI’s satellite was made by Silicon Valley-based Space Systems/Loral, and is due to become operational in August. It will be run by a team of 50-plus BRI engineers who have received training in the U.S. Staff from other BRI divisions are meanwhile being sent to the U.S. and Europe to study the latest trends in digital banking. Whether BRI can pioneer digital banking right across the archipelago will be key to reviving its stock price. https://asia.nikkei.com/magazine/20160721-CORPORATE-ASIA-NOWHERE-TO-HIDE/Business/Company-in-focus-Indonesia-s-BRIembraces-an-otherworldly-banking-model Company in focus: Indonesia’s BRI embraces an otherworldly banking model WATARU SUZUKI, Nikkei staff writer July 21, 2016 12:00 pm JST
Bank Rakyat Indonesia in June became the world’s first bank to own a satellite, which will be operational in August. © Antara JAKARTA In mid-June, executives of Bank Rakyat Indonesia traveled over 18,000km from Jakarta to the northern coast of French Guiana in South America to witness the launch of a rocket that makes the bank the world’s first with its own satellite. BRI is Indonesia’s biggest provider of small loans and its customers are strewn across some 3,000km of the world’s largest archipelago. As the launch approached, the BRI execs gathered at the Guiana Space Center were full of excitement, but the mood was also tense. The original launch date had already been pushed back several times by bad weather and technical glitches.
When the Ariane 5 rocket lifted off with BRIsat on board, people gathered in the control room were delighted — and relieved. Asmawi Syam, BRI’s president, called it “a new era in banking.” NOT STELLAR Back home, news of the successful launch and the satellite’s parking in stationary orbit above Indonesia was splashed across the morning papers. Investors were less impressed. After hitting an all-time high of 13,275 rupiah in March 2015, BRI’s shares slumped. On July 15, they closed at 11,500 rupiah. BRI stock has gained only 1% so far this year, underperforming state-owned rival Bank Mandiri and Bank Central Asia, Indonesia’s largest private-sector bank, which have each gained 5%. The broader Jakarta Composite Index is up 11%. Ironically, the investor concerns stem partly from BRI’s dominance, which translates into exposure and onerous overheads. Although the definition of small loans varies among banks, BRI is estimated to have half the market for loans of less than 200 million rupiah ($15,277). The Indonesian economy is dominated by small businesses. Deloitte, an accounting specialist, estimates there were nearly 60 million small and medium-size enterprises in Indonesia in 2014, compared with about 2.8 million in Thailand and 1 million in the Philippines.
Small loans are risky, but lucrative with proper management. The trick is to pick the ones that will not go bad. With a nonperforming loan ratio of 2%, BRI has become Indonesia’s most profitable publicly listed corporation, logging 25.4 trillion rupiah in net profit in 2015. There is enormous scope for growth in Indonesian banking. Less than 40% of adults have bank accounts, according to the World Bank. Joko Widodo, Indonesia’s president, has been calling for banks to lower interest rates and make loans affordable for smaller businesses. BRI’s high interest margins, which are four times larger than those the average bank in Singapore sees, are likely to come under scrutiny. “The government is focused on SMEs and wants loans to be affordable,” said Agus Pramono, head of research at local brokerage Danareksa Securities. “Banks that focus on SMEs will likely suffer more than banks that focus on consumers and corporates.”
https://asia.nikkei.com/magazine/20160721-CORPORATE-ASIA-NOWHERE-TO-HIDE/Business/Company-in-focus-Indonesia-s-BRIembraces-an-otherworldly-banking-model?page=2 Company in focus: Indonesia’s BRI embraces an otherworldly banking model WATARU SUZUKI, Nikkei staff writer July 21, 2016 12:00 pm JST OLD PROBLEM, NEW SOLUTIONS Another threat to BRI’s profitability is the digitization sweeping the banking industry. This has produced new business models aimed at disrupting traditional players. Such changes pose a particular threat to BRI, which still relies on a network of more than 10,000 bricks-and-mortar branches to reach customers. BRI’s decision in 2014 to invest $250 million in its own satellite is an attempt to meet these challenges. According to Asmawi, it will bring major savings. Many parts of the Indonesian archipelago have no fixed-line internet access. BRI has had to rent transponders from commercial satellite providers to run its ATMs, small terminals called electronic data capture (EDC) devices that process card transactions, and back office operations. By operating its own satellite, BRI expects to save 200 billion rupiah, or about 40% in annual transponder rental fees. Cutting costs will free up money for BRI to invest in its conventional business and expand into untapped markets. The bank is already reaching customers in innovative ways. Last year it began a “floating branch” service that sends loan officers and security guards to remote islands by boat. It has a mobile branch service with a fleet of more than 600 vans. “We have the advantage of being close to traditional markets,” said an account officer who leads a team of three. They circle a neighborhood of Jakarta in a van that handles 50-80 customers a day. Bank Rakyat Indonesia uses vans and boats to offer banking services in remote communities. (Photo by Yumi Kotani)
In a country infamous for congestion, solutions are certainly in demand. “We want to reach out to places where there are no traffic jams,” Asmawi said. BRI is investing heavily in branchless banking, which involves appointing third-party agents, such as small shops, which offer simple banking services. Instead of ATMs, BRI provides these agents with small EDC devices to carry out transactions. By March, BRI was operating some 21,300 EDCs, an increase of 77% over the previous year. The bank aims to appoint 75,000 agents by the end of 2016. BRI established a nationwide presence in the 1970s, when it was appointed by the government to channel small loans to rural rice farmers. After racking up heavy losses, BRI shifted to a commercial banking model in 1984, applying advice from a think tank affiliated with Harvard University. BRI also received funding from the World Bank and USAID, the U.S. government’s aid agency.
BRI’s Unit Desa, a village banking network, was established as an independent profit center running savings and lending services. It has gained popularity among villagers who previously kept money under their mattresses. The bank became profitable by giving loan officers more discretion and rating them on the quality of their loans rather than the quantity. While the bank has since diversified into larger corporate loans, about 80% of its branches still specialize in serving small businesses. The close ties between bank officers and customers are its biggest competitive advantage, according to Mohammad Irfan, a BRI director who oversees the microbanking division. “It may seem very simple, but nurturing a culture is not easy,” Irfan said. “Anybody can buy systems or technology, but they can’t buy culture.”
HIGH-TECH CHALLENGERS Recent advances in technology challenge that view. In Kenya, a mobile money service called mPesa allows users to pay bills and transfer money by text message on their mobile phones. It has become much more popular than conventional banking in the East African country. In Indonesia, Bank Tabungan Pensiunan Nasional, a midsize lender specializing in small loans, is developing a similar model, and aims to go further by making loans available through mobile phones and agents. BTPN invested 380 billion rupiah in information technology in 2015, a fivefold increase from the previous year.
Startups have been disrupting established banks. Modalku operates an online platform that connects investors with small businesses looking for loans. Potential customers are screened using simple tests. “People who pass the test are four times less likely to default than those who don’t,” said co-founder Reynold Wijaya. The lender can also monitor the financial condition of the borrower by mobile phone to minimize the risk of default. Meanwhile, BRI with over 55,000 employees as of last year, carries a lot of baggage. It generated 462 million rupiah in net profit per employee in 2015, less than Mandiri’s 553 million rupiah and Bank Central Asia’s 726 million rupiah, according to QUICK-FactSet. Some analysts say BRI has been slow to embrace internet and mobile technology. The EDCs it uses for branchless banking, for example, are less convenient than mobile phones and have fewer functions. BRI may also see savings from its satellite eroded if the government follows through on a plan in the next few years to connect all Indonesian provinces using submarine cables. Nevertheless, BRI believes its big satellite bet will pay off because the human touch still has a significant role to play in extending credit across the archipelago. So far, BRI is sticking with its model, which requires secure satellite communications. The much talkedabout internet upgrades would certainly transform Indonesian telecommunications, but they will take time. BRIsat, by contrast, will be up and running by August. BRI’s satellite was built by Silicon Valley-based Space Systems/Loral. It will be operated by a team of more than 50 BRI engineers who have received training in the U.S. Staff from other BRI divisions are also being sent to the U.S. and Europe to study the latest trends in digital banking. Whether BRI can pioneer digital banking across the archipelago will be key to reviving its stock price. https://www.ft.com/content/503d9044-4f4d-11e6-8172-e39ecd3b86fc Indonesia’s BRI embraces banking by satellite by: Wataru Suzuki, Nikkei staff writer July 25, 2016 Bank hopes technological leap will enhance lending to small businesses Nikkei Asian Review https://www.ft.com/__origami/service/image/v2/images/raw/http%3A%2F%2Fcom.ft.imagepublish.produs.s3.amazonaws.com%2Fc154705a-4ff1-11e6-8172-e39ecd3b86fc?source=next&fit=scale-down&width=700 © AFP In the middle of last month, executives of Bank Rakyat Indonesia travelled 18,000km from Jakarta to the northern coast of French Guiana in South America to witness the launch of a rocket that would make the bank the world’s first with its own satellite. BRI is Indonesia’s biggest provider of small loans and its customers are strewn across some 3,000km of the world’s largest archipelago. Satellite communications, it is hoped, will deliver huge savings in operating costs. As the launch approached, BRI executives gathered at the Guiana Space Center were both excited and tense. The original launch date had already been pushed back several times by bad weather and technical glitches. https://www.ft.com/__origami/service/image/v2/images/raw/http%3A%2F%2Fcom.ft.imagepublish.produs.s3.amazonaws.com%2Fddcdaf48-4f4d-11e6-8172-e39ecd3b86fc?source=next&fit=scale-down&width=580 When the Ariane 5 rocket lifted off with BRIsat on board, tension turned to delight and relief. Asmawi Syam, BRI’s president, called it “a new era in banking.” Back home, news of the launch and the satellite’s parking in stationary orbit above Indonesia was splashed across the morning papers. Investors, however, are less impressed. After hitting an all-time high of 13,275 rupiah ($1.01) in March 2015, BRI’s shares slumped. On July 15, they closed at 11,500 rupiah. BRI stock has gained only 1 per cent this year, underperforming state-owned rival Bank Mandiri and Bank Central Asia, Indonesia’s largest private-sector bank, which have each gained 5 per cent. The broader Jakarta Composite Index is up 11 per cent. Ironically, investors’ concerns stem partly from BRI’s dominance, which translates into exposure and onerous overheads. Although the definition of small loans varies among banks, BRI is estimated to have half the market for loans of less than 200m rupiah ($15,277). The Indonesian economy is dominated by small businesses. Deloitte, a consultancy, estimates there were nearly 60m small and medium-sized enterprises in Indonesia in 2014, compared with about 2.8m in Thailand and 1m in the Philippines. https://www.ft.com/__origami/service/image/v2/images/raw/http%3A%2F%2Fcom.ft.imagepublish.produs.s3.amazonaws.com%2F188e228e-4f4e-11e6-8172-e39ecd3b86fc?source=next&fit=scale-down&width=580 Small loans are risky but lucrative, with proper management. The trick is to pick the ones that will not go bad. With a nonperforming loan ratio of 2 per cent, BRI has become Indonesia’s most profitable publicly listed corporation, logging 25.4tn rupiah in net profit in 2015. There is enormous scope for growth in Indonesian banking. Fewer than 40 per cent of adults have bank accounts, according to the World Bank. Joko Widodo, Indonesia’s president, has been calling for banks to lower interest rates and make loans affordable for smaller businesses. BRI’s high interest margins, which are four times larger than those of the average bank in Singapore, for example, are likely to come under scrutiny. “The government is focused on SMEs and wants loans to be affordable,” said Agus Pramono, head of research at local brokerage Danareksa Securities. “Banks that focus on SMEs will probably suffer more than banks that focus on consumers and corporates.” https://www.ft.com/__origami/service/image/v2/images/raw/http%3A%2F%2Fcom.ft.imagepublish.produs.s3.amazonaws.com%2F41d1d8ca-4f4e-11e6-8172-e39ecd3b86fc?source=next&fit=scale-down&width=580 Another threat to BRI’s profitability is the digitisation that is sweeping the banking industry. This has produced new business models aimed at disrupting traditional players. Such changes pose a particular threat to BRI, which still relies on a network of more than 10,000 bricks-and-mortar branches to reach customers. BRI’s decision in 2014 to invest $250m in its own satellite is an attempt to meet these challenges. According to Asmawi, it will bring major savings. Many parts of the Indonesian archipelago have no fixed-line internet access. BRI has had to rent transponders from commercial satellite providers to run its ATMs, small terminals called electronic data capture (EDC) devices that process card transactions, and back office operations. By operating its own satellite, BRI expects to save 200bn rupiah, or about 40 per cent of its annual transponder rental fees. Cutting costs will free up money for BRI to invest in its conventional business and expand into untapped markets. The bank is already reaching customers in innovative ways. Last year it began a “floating branch” service that sends loan officers and security guards to remote islands by boat. It has a mobile branch service with a fleet of more than 600 vans. “We have the advantage of being close to traditional markets,” said one account officer who leads a team of three. They circle a neighbourhood of Jakarta in a van that handles 50 to 80 customers a day. In a country infamous for congestion, solutions are certainly in demand. “We want to reach out to places where there are no traffic jams,” Asmawi said. BRI is investing heavily in branchless banking, which involves appointing third-party agents, such as small shops, to offer simple banking services. Instead of ATMs, BRI provides these agents with small EDC devices. By March, BRI was operating some 21,300 EDCs, an increase of 77 per cent over the previous year. The bank aims to appoint 75,000 agents by the end of 2016. BRI established a nationwide presence in the 1970s, when it was appointed by the government to channel small loans to rural rice farmers. After racking up heavy losses, BRI shifted to a commercial banking model in 1984, applying advice from a think-tank affiliated with Harvard University. BRI also received funding from the World Bank and USAID, the US government’s aid agency. https://www.ft.com/__origami/service/image/v2/images/raw/http%3A%2F%2Fcom.ft.imagepublish.produs.s3.amazonaws.com%2F756a626a-4f4e-11e6-8172-e39ecd3b86fc?source=next&fit=scale-down&width=580 BRI’s Unit Desa, a village banking network, was established as an independent profit centre running savings and lending services. It has gained popularity among villagers who previously kept money under their mattresses. The bank became profitable by giving loan officers more discretion and rating them on the quality of their loans rather than the quantity. While the bank has since diversified into larger corporate loans, about 80 per cent of its branches still specialise in serving small businesses. The close ties between bank officers and customers are its biggest competitive advantage, says Mohammad Irfan, a BRI director who oversees the microbanking division. “It may seem very simple, but nurturing a culture is not easy,” Irfan said. “Anybody can buy systems or technology, but they can’t buy culture.” https://www.ft.com/__origami/service/image/v2/images/raw/http%3A%2F%2Fcom.ft.imagepublish.produs.s3.amazonaws.com%2F98a07a4e-4f4e-11e6-8172-e39ecd3b86fc?source=next&fit=scale-down&width=580 Recent advances in technology challenge that view. In Kenya, a mobile money service called mPesa allows users to pay bills and transfer money by text message on their mobile phones. It has become much more popular than conventional banking in the east African country. In Indonesia, Bank Tabungan Pensiunan Nasional, a midsize lender specialising in small loans, is developing a similar model and aims to go further by making loans available through mobile phones and agents. BTPN invested 380bn rupiah in information technology in 2015, a fivefold increase over the previous year. https://www.ft.com/__origami/service/image/v2/images/raw/http%3A%2F%2Fcom.ft.imagepublish.produs.s3.amazonaws.com%2Fc36f45a2-4f4e-11e6-8172-e39ecd3b86fc?source=next&fit=scale-down&width=580 Startups have been disrupting established banks. Modalku operates an online platform that connects investors with small businesses looking for loans. Potential customers are screened using simple tests. “People who pass the test are four times less likely to default than those who don’t,” said co-founder Reynold Wijaya. The lender can also monitor the financial condition of the borrower by mobile phone to minimise the risk of default. Meanwhile, BRI, with over 55,000 employees as of last year, carries a lot of baggage. It generated 462m rupiah in net profit per employee in 2015, less than Mandiri’s 553m rupiah and Bank Central Asia’s 726m rupiah, according to QUICK-FactSet. Some analysts say BRI has been slow to embrace internet and mobile technology. The EDCs it uses for branchless banking, for example, are less convenient than mobile phones and have fewer functions. BRI may also see savings from its satellite eroded if the government follows through on a plan in the next few years to connect all Indonesian provinces using submarine cables. Nevertheless, BRI believes its big satellite bet will pay off because the human touch still has a significant role to play in extending credit across the archipelago. So far, BRI is sticking with its model, which requires secure satellite communications. The much talkedabout internet upgrades would certainly transform Indonesian telecommunications, but they will take time. BRIsat, by contrast, will be up and running by August. BRI’s satellite will be operated by a team of more than 50 inhouse engineers who have received training in the US. Staff from other BRI divisions are also being sent to the US and Europe to study the latest trends in digital banking. Whether BRI can pioneer digital banking across the Indonesian archipelago will be key to reviving its stock price. A version of this article was first published by the Nikkei Asian Review on July 21. Website | Subscribe. ©2016 Nikkei Inc. All rights reserved. A version of this article http://asia.nikkei.com/magazine/20160721-CORPORATE-ASIA-NOWHERE-TO-HIDE/Business/Company-infocus-Indonesia-s-BRI-embraces-an-otherworldly-banking-model This article is from the Nikkei Asian Review, a global publication with a uniquely Asian perspective covering politics, the economy, business and international affairs. Our own correspondents and outside commentators from around the world share their perspectives on Asia, while our Asia300 section provides in-depth coverage of 300 of the biggest and fastest-growing listed companies from 11 economies outside Japan. The Asia300 is Nikkei’s list of the continent’s biggest and fastest-growing companies, selected by market capitalisation and adjusted for growth potential and geographic balance. Drawing on Nikkei’s unrivalled network of news bureaux across Asia and its 140-yearold reputation for quality and reliability, the Asia300 brings you the untold stories of the region’s up-and-coming companies. http://www.ekagoblog.com/2016/12/jangan-mau-dibohongi-pakai-satelit.html Jangan Mau Dibohongi Pakai Satelit Des. 2016 06.21.00 eka julianto arif
Awalnya saya juga bingung kenapa disuatu wilayah yang pedalaman atau di samping-sampimg pedalaman ketika memakai jaringan telpon ataupun internet pasti tidak ada koneksi internet. Jika memang ada satelit, mana mungkin bisa terjadi. Karena satelit ada diatas kita tanpa bantuan kabel dan hanya memancarkan sinyal yang luas. Ketika saya cek apakah ada satu foto asli penampakan satelit itu ternyata tidak ada. Semua hanya gambar grafik komputer. Saya mencari info ternyata ada yang namanya system “White Alice”. Apa Itu White Alice? White Alice ialah teknologi informasi tanpa satelite yang awalnya hanya digunakan oleh angkatan udara AS yang di buat pada tahun 1950. Cara kerja pemindahan informasi secara cepat ini adalah dengan mengirim informasi melalui panel penembak gelombang ke udara yang kemudian dipantulkan ke atmosfir dan diterima di lokasi reciever.
sumber gambar : http://www.kadiak.org/wacs/wacs.html Tanpa adanya satelitpun Anda bisa berkomunikasi, komunikasi itu melalui jaringan kabel dan tower-tower BTS yang telah menyebar di seluruh Indonesia dan seluruh dunia. Namun mengapa harus capek-capek menayangkan video yang keren dalam bentuk animasi 3D yang membuat kita takjub? Jika pada akhirnya dan pada kenyataannya sinyal yang kita dapatkan hanya melalui pantulan tower yang dipantulkan ke atmosfer. Atmosfer tersebut bagaikan sebuah kubah yang memiliki kekuatan melindungi bumi. Yang di kabarkan telah di nuklir selama 4 tahun oleh Amerika dan Rusia.
Gak percaya, lihat disini datanya tercantum di wikipedia: https://en.wikipedia.org/wiki/High-altitude_nuclear_explosion
Terus bagaimana mengenai satelit yang kabarnya tidak ada, itu hanya akal-akalan pihak nasa saja? Coba Anda cek video dibawah ini mengenai Project White Alice di Alaska.
Jika demikian berarti selama ini tak pernah ada yang namanya Satelit??? Wah itu akan menjadi pembodohan masal ke seluruh dunia, berarti BRI yang dahulu katanya meluncurkan satelit itu bohong? Coba Anda cek sebenarnya di video di bawah ini ketika peluncuran satelit BRI, perhatikan di menit 02:40..
Wah lumayan yah padahal BRI telah menggelontorkan uang Rp. 2,5 triliun. Saya dapat info harga tersebut dari sini http://www.goldbank.co.id/channel/laput/perbankan/belasan-transponder-brisat-bakal-nganggur.html Asal Mula Bisnis Satellite Sputnik, dianggap sebagai pengganti dari fungsi white alice. Padahal teknologi white alice sampai sekarang masih di gunakan karena masih sangat aman dan efektif. Yang terjadi justru diberitakan bahwa teknologi white alice telah di hentikan dan di gantikan oleh satellite, padahal yang terjadi justru sebaliknya. Teknologi white alice masih dikembangkan dan digunakan, sementara itu yang dijual adalah bisnis satelite. Ini adalah rahasia milter. Tidak akan ada beritanya di media dan Elite Global memperoleh keuntungan triliunan dari bisnis hoax satelite ini. Buktikan saja pakai teleskop dan cari gambar asli penampakan satelitnya..Apakah ada atau tidak, terus mengapa teknologi militer white Alice masih digunakan??? Semua ditangan kita masing-masing, kita cari tahu saja.. https://www.theatlantic.com/technology/archive/2017/02/google-gets-out-of-the-satellite-business/515841/ Google Remakes the Satellite Business, by Leaving It Robinson Meyer Feb 7, 2017 https://cdn.theatlantic.com/assets/media/img/mt/2017/02/26512620163_904c1a34f8_o/lead_960.jpg?1486481583 The International Space Station deploys two Planet “doves” in May 2016 A startup says a 50-trillion-pixel image of Earth, refreshed daily, is coming later this year. The International Space Station deploys two Planet “doves” in May 2016. NASA Last week, Google pushed one of the most interesting sectors in Silicon Valley toward maturity-and brought a milestone in cartography closer to reality. It accomplished all that, paradoxically, by getting out of the market. From a business standpoint, here’s the news: Google sold its in-house satellite business, known as Terra Bella, to Planet, Inc. Planet is a startup based in San Francisco that already operates a fleet of 60 orbiting cameras the size of shoeboxes. With the acquisition, Planet is now the de facto leader in the small-satellite space, and it will add Terra Bella’s seven high-resolution satellites to its own constellation of medium-resolution craft. As part of the deal, Planet will give Google access to its growing archive of imagery for at least the next few years. But the more interesting development has less to do with acquisitions and more with technological capacity. Planet also announced that it will deploy 88 small satellites later this month, as part of a rocket launch from Satish Dhawan Space Centre in southeastern India on February 14. Assuming that most of the spacecraft make it to orbit intact, these satellites should become fully operational by the summer. When that happens, Planet will be the first to hit a long-discussed milestone in the industry: It will photograph every place on the entire planet every day. Every park, every rice paddy, every patch of pine and permafrost: all will be imaged anew, daily, at medium resolution. Planet says that the India launch will break the record for most satellites deployed on a single rocket. Launches remain one of the most costly aspects of the space business, and the company has gotten burned for its frugality before. Its leaders know, from firsthand experience, that not its satellites all will survive the journey to space. In October 2014, Planet became the first company ever to lose 26 satellites at once when an Antares rocket exploded on the tarmac. Nine months later, it lost another eight spacecraft when a SpaceX rocket failed before it left the atmosphere. But if even a minority of the satellites make it into orbit, Planet will operate the largest private satellite constellation ever built. The Iridium Communications constellation, which encompasses 72 satellites, holds that title now (though Iridium’s satellites are more expensive than Planet’s and they orbit farther from Earth). This constellation will have two components. A standard Planet satellite, which it calls a “dove,” is cheaply made. It is essentially an extra-large Cubesat, a widely used standard for building small spacecraft. It captures pixels that are three meters to a side. Each of the seven Terra Bella satellites, on the other hand, is about the size of a dorm-room fridge. A Terra Bella satellite detects pixels that are 90 centimeters to a side under good conditions. “You can use the medium-resolution constellation to scan the planet every day, and then-say you see a plane crash or a flood in a town-you can use the high-resolution satellites to snap those changes,” says Will Marshall, the co-founder and chief executive officer of Planet. He said the dual-layered constellation opened up new capabilities for the company. “If we see a change in the middle of Siberia, in some field, we won’t point the high-resolution satellite at that,” he told me. “But if we detect some change in downtown Kiev, it might be good to have a high-resolution image. ” The sale and acquisition caps off half a decade of growth and turmoil in the sector. When I first wrote about the small-satellite industry three years ago, it seemed a rare locus of hardware innovation in a software- and services-obsessed technology industry. Earthobserving satellites require, at minimum, high-quality image sensors and reliable radio antennas. The smartphone boom had transformed both: Thanks to economies of scale and foreign electronics manufacturing, the bare technological components of a satellite had become both cheap and nearly industrial-grade. Taken together, this allowed companies to build much cheaper satellites. Unlike legacy players in the business, which build a single satellite worth tens of millions of dollars over the course of years, a startup could build lots of small satellites fast and hurl them into orbit. Losing a satellite during launch, which was once cause to ready a company’s obituary (or at least its legal team), would now become a point of pride. “If you never lose a satellite, you’re not pushing the envelope,” Marshall told me at the time. The two frontrunners in the industry were firms called Skybox Imaging and Planet Labs. Skybox planned to build a small fleet of medium-sized satellites that could capture high-definition video of Earth. Planet Labs, on the other hand, wanted to flood the lowest reaches of orbit with shoebox-sized cubesats. You might be able to figure out where this is going. In June 2014, Google purchased Skybox for $500 million. It relocated the company closer to its campus, then rechristened it Terra Bella in March 2016. Meanwhile, Planet Labs bought the German satellite company BlackBridge. It kept sending rounds of new Cubesats into the sky. Eventually, it dropped the “Labs” from its name. Planet and Terra Bella-the two firms that, under different names, defined the industry three years ago-are now one organization. Planet is now the obvious front runner, and the sector is its to define.
Planet medium-resolution “doves” captured this image of autumn color in New Hampshire in October 2016. (Planet)
A high-resolution Terra Bella satellite took this image of Istanbul in September 2016. (Planet) Not that the game is over. DigitalGlobe, a $700-million public company that provides much of the base imagery for the U.S. government and Google Maps, remains the juggernaut in the remote-sensing space. Its newest WorldView satellites have nine-times the resolution of the best Terra Bella craft. They are also the size of small trucks. Last year, the company signed a deal with the technology accelerator for the Kingdom of Saudi Arabia to build a private constellation of Earth-observing small satellites. It’s possible to imagine a future where DigitalGlobe takes its own small-satellite, medium-resolution image of Earth everyday-except that it will be augmented by the military-grade imagery of the WorldView constellation. There are smaller competitors as well. BlackSky-which, in an industry built by spooks, somehow still has far and away the spookiest name-released the first images from its first satellite in November. It says 59 more satellites will follow by the close of the decade. Another startup, Spire, offers global weather forecasts through an orbiting Cubesat network. And no matter who “wins” in the space, other companies will clamor around the victors. Orbital Insight and Descartes Labs are two startups that sell computer-generated reports based on Planet’s satellite imagery. Their chief customers are financial firms, insurance companies, and farmers. A complete image of Earth’s surface, updated daily-this has long been the promise of the small-satellite industry. When it’s finally achieved, it will be critical that it help not only Goldman Sachs and Monsanto, but also humanitarians, climate scientists, and landrights groups. But it will also be crucial that people appreciate all the exquisite specificity of the image. Planet is already photographing one-third of the world everyday. Marshall said that the most impressive part of the archive is how much it changes. “We have this psychology that the Earth is static-ish,” he told me. “But I think that has a lot to do with maps we were brought up with, and the fact that the satellite maps we see online are static.” He continued. “When we get an image down, whenever we compare it to the previous image we took of that same place a couple of days before-every time, we see changes. Either a tree has been taken down, a building has been added, a truck or a ship moves, and sometimes a river moves and you don’t notice it. A field is tilled. Things change every day in every picture we get.” Related Stories The American Landscape, From Space https://www.theatlantic.com/technology/archive/2015/12/a-new-kind-of-landscapephotography/421287/ The Start-up That Watches Corn Grow, From Orbit https://www.theatlantic.com/technology/archive/2016/08/seeing-corn-withsatellites/495149/ the first company ever to lose 26 satellites at once https://www.planet.com/pulse/space-is-hard/ another eight spacecraft http://spacenews.com/spacex-failure-leaves-long-list-of-customers-in-the-lurch/ a SpaceX rocket failed https://youtu.be/SrnN8GhqRj8 Iridium Communications constellation https://en.wikipedia.org/wiki/Iridium_satellite_constellation essentially an extra-large Cubesat https://www.theatlantic.com/technology/archive/2013/11/some-high-schoolers-built-a-satellite-andnasa-just-sent-it-to-space/281681/ about the small-satellite industry three years ago https://www.theatlantic.com/technology/archive/2014/01/silicon-valleys-new-spysatellites/282580/ told me at the time https://www.theatlantic.com/technology/archive/2014/01/silicon-valleys-new-spy-satellites/282580/ Google purchased Skybox for $500 million https://www.theatlantic.com/technology/archive/2014/06/why-google-bought-satellitestartup-skybox/371531/ rechristened it Terra Bella https://www.theatlantic.com/technology/archive/2016/03/terra-bella-planet-labs/472734/ Planet Labs bought the German satellite company BlackBridge https://techcrunch.com/2015/07/15/satellite-maker-planet-labsacquires-blackbridges-geospatial-business/ signed a deal with the technology accelerator for the Kingdom of Saudi Arabia http://investor.digitalglobe.com/phoenix.zhtml? c=70788&p=irol-newsArticle&ID=2141289 released the first images from its first satellite https://www.blacksky.com/2016/11/14/spaceflight-industries-shares-first-imagesblacksky-pathfinder-satellite-claims-mission-success/ offers global weather forecasts https://www.theatlantic.com/technology/archive/2015/01/a-new-global-swarm-of-orbiting-weathersensors/384935/ Descartes Labs https://www.theatlantic.com/technology/archive/2016/08/seeing-corn-with-satellites/495149/ http://spacenews.com/lack-of-satellite-orders-triggers-layoffs-at-space-systems-loral/ Lack of satellite orders triggers layoffs at Space Systems Loral by Jeff Foust – June 22, 2017
A lack of orders for commercial communications satellites has led Space Systems Loral to lay off employees at its satellite manufacturing plant. Credit: SSL WASHINGTON – Citing a long-term drought in satellite orders, Space Systems Loral has laid off a number of employees at its California satellite manufacturing facility, the company confirmed June 22. In a statement to SpaceNews, SSL President John Celli said an “extended slowdown” in orders for geostationary orbit communications satellites led the company to this round of layoffs. “We have seen an extended slowdown in orders for GEO satellites across the industry,” he said. “With fewer satellites coming into the factory we have to make reductions to remain competitive.” Company spokesperson Wendy Lewis said SSL was not disclosing the number of people laid off. A source familiar with the layoffs said about eight percent of the company’s workforce was affected, which would be on the order of 200 employees. “We continue to have a team of more than 2,000 in Palo Alto, and have carefully planned in order to meet all our customer commitments and to be prepared for new contract awards,” Celli said in his statement. SSL has not announced an order for a commercial geostationary communications satellite since July 2016, when it said it would build two satellites for SiriusXM to replace existing spacecraft providing satellite radio services for North America. In a statement to SpaceNews June 23, Howard Lance, chief executive of SSL’s parent company, MacDonald, Dettwiler and Associates (MDA), noted lack of demand across the industry for GEO satellites. “The GEO satellite business continues to be soft as operators review various technical alternatives to serve the future needs of their customers,” he said. “As we previously reported, we expect to see orders improve in the second half of 2017.” Other satellite manufacturers have also reported weak demand for commercial GEO satellites. “Last year, there were 14 new geosynchronous satellites purchased,” Dave Thompson, president and chief executive of Orbital ATK, said in a May 11 earnings call about the company’s quarterly financial results. “And at this point, my crystal ball for 2017 is somewhere in the 12 to 14 satellites, so not better than last year.” He added he hoped for a rebound in orders in 2018 or 2019. Boeing offered a similar assessment in March, forecasting between 13 and 17 commercial GEO satellite orders in 2017. “We hoped it would have picked up by now, but we are not seeing it,” Dawn Harms, Boeing Satellite Systems International vice president for global sales and marketing, said at a media briefing during the Satellite 2017 conference. SSL, which in the past has relied almost exclusively on commercial GEO satellite business, has diversified in the last year, seeking more government business. The company won awards from NASA and DARPA for two separate satellite servicing programs, Restore-L and Robotic Servicing of Geosynchronous Satellites (RSGS), respectively. SSL is also the prime contractor for NASA’s Psyche asteroid mission, selected as part of the agency’s latest Discovery program competition in January. Lance cited that diversification effort, including plans to develop commercial imaging satellites for DigitalGlobe, which MDA is acquiring. “Our U.S. Access Plan is allowing us to now bid and successfully win U.S. Government satellites and related spacecraft programs,” he said. “And, we expect to build the next-generation advanced earth observation satellites for DigitalGlobe.” Even some of this government business is in jeopardy, however. As part of NASA’s fiscal year 2018 budget proposal, the agency announced it would restructure the Restore-L program. Restore-L, which received $130 million in the final 2017 appropriations bill, would receive no funding in 2018, with that work transitioned to a satellite servicing technology development program funded at $45 million in the request. June 23 statement from MDA CEO Howard Lance: “The GEO satellite business continues to be soft as operators review various technical alternatives to serve the future needs of their customers. As we previously reported, we expect to see orders improve in the second half of 2017. We have taken multiple actions to diversify the SSL business into other markets, including becoming a leading small sat provider for both earth observation and communications constellations. Our U.S. Access Plan is allowing us to now bid and successfully win U.S. Government satellites and related spacecraft programs. And, we expect to build the next-generation advanced earth observation satellites for DigitalGlobe. SSL is very well positioned to maintain its strong leadership position in the global satellite markets going forward.” said at a media briefing during the Satellite 2017 conference http://spacenews.com/boeing-expects-market-big-communicationssatellite-to-remain-soft/ Jim Bacon • 2 months ago It is disheartening to me to hear that Restore-L was identified as the “duplicate” program with resulting budget cuts. RSGS is the program in grave risk of failure. RSGS lacks the systems and software engineering experience to be successful. Check out their Feb 9th press release. It contrasts RSGS and Restore-L and says “Restore-L will rely heavily on operation from the ground for critical servicing tasks while RSGS must perform many of its missions autonomously because of the communications delay inherent with operating at the greater distances of geostationary orbits.” ( https://www.darpa.mil/news-… ) As NASA can confirm, NASA uses the TDRS satellite network to relay communications to Restore-L and ISS [in LEO]. This TDRS network is in GEO. To communication in LEO, communication from the ground operator needs to travel to GEO first, relay to a TDRS satellite within line-of-sight to the vehicle in LEO, and then pass the communication down to LEO. Round-trip delays are on the order of a second with most of the delay occurring in the TDRS satellites. Distance of travel is not the primary cause of delay. That is, Restore-L likely has the much greater communications delay, yet RSGS claims that this is the key requirement which led to the distinction in their control software approach. RSGS needs to approach the Restore-L and Robonaut programs for help. Robonaut has the same types of communication delays and they have open source software to help mitigate the delays. So when you hear that Restore-L is being cut back or shutdown in favor of RSGS, keep this in mind. We are watching a train wreck. It is coming. Xander • 2 months ago They are a victim of their own success. By mostly building larger but fewer satellites in the limited Geostationary orbit they limit their own future growth, this is true for most similar companies. “Servicing” satellites should not be only a government program. There are too many commercial satellites for any government to worry about all of them. There also needs to be “disposal” program with clients especially for GEO satellites which are not going anywhere, this is where MDA/SSL should expand to -> space junk removal with specialized de-orbiting vehicles/spacecraft – instead of only just creating tons of it. And you believe that why? • 2 months ago Does anyone know if the research has been done to tell how many satellite operators are delaying ordering new birds because available mass to GEO should be far higher once FH is proven? frequency hopping (FH) R L And you believe that why? • 2 months ago This has little to do with SpaceX. Not everything space related is driven by SpaceX. Available mass to GEO is plenty for the satellites being built, especially with the move towards smaller, more efficient satellites. You should read this article: http://spacenews.com/can-in… . Yes, it’s sponsored by Intelsat, but you get some of their perspective on the industry. Also keep in mind ViaSat is building multi-Terabit satellites. The cost / MB of data is dropping significantly. Many operators are currently re-assessing how to approach the new lower costs (they may exit / sell-off the business if it’s no longer profitable for them) and also the threat of LEO/MEO constellations from OneWeb, O3b, and others. And you believe that why? R L • 2 months ago After looking up enough detail about IS-33e elsewhere, I’m not quite sure what point you are trying to make. I don’t see why a 6.6 tonne would suggest Intelsat wants to go smaller. 6.6 tonnes is well above the average for GEO. What the article didn’t answer is would Intelsat like bigger birds? If Intelsat does want bigger birds then it makes sense that they would consider delaying ordering new birds, especially with FH hardware showing up at the Cape. My problem is I have no way to estimate how much interest exists for bigger birds. If there is a lot of interest then it is understandable that orders are down. DH And you believe that why? • 2 months ago I share your wonder. I’ve read both claims that there will be bigger birds needing LVs and -conversely- birds will get smaller. ???? Mr. RL may come to realize to his chagrin that ‘space related’ markets may well become ‘driven by Space X’. ‘They’ laughed at personal computers. Until the laughter died. (Can you spell More money than GOD? Sure you can!) ‘They’ committed millions to a better vacuum tube but then some people invented the transistor and integrated circuits and the board they utilize. (which was thought by many to be ‘impossible’) And you believe that why? DH • 2 months ago There is no reason we can’t have both smaller and larger satellites. What we are currently seeing is market segmentation as technology matures. Smaller LEO and MEO birds should be able to charge a premium over GEO for low-latency data transfers. There is more than enough data that doesn’t need low-latency for GEO to be profitable. In order to compete on cost GEO birds do need to get cheaper or more capable. When FH comes online the available mass to orbit should roughly double. There will be room for improvement to current GEO birds. DH And you believe that why? • 2 months ago I agree. That’s why the market will dictate what sells. I’m not inclined to predict any outcome sitting here today, because the technology and the costs to deliver technology is in flux. And the costs *will* drive market share and getting Company A’s money maker into orbit and making money for it faster and cheaper than company B will determine who thrives and who folds. R L DH • 2 months ago Not denying SpaceX is a huge disruptor and putting ULA out of business. But, they’re not the reason companies aren’t buying communications satellites. The companies with the big high capacity satellites (IntelSat, ViaSat, and a few others) and the threat of smaller LEO/MEO constellations from OneWeb, O3b, and SpaceX are giving everyone in the middle of the market (ABS, EutelSat, JCSat, SES, etc.) pause. These companies haven’t figured out what to do in the face of these threats to their market share. Do they want to bet on going big like ViaSat or small like OneWeb? And many don’t have the money to throw away at one or the other. It’s more due to economics that’s only very slightly driven by SpaceX’s announcement of a constellation. It certainly doesn’t have much to do with SpaceX’s launch business. DH R L • 2 months ago Heh. Space X’s ‘constellation’ is not the issue. Their launch business will certainly be a prime issue when the sat business is ready to put more birds up there and have someone build them. The market is approaching saturation. That happens in any market. Once the market is consolidated, who puts their birds aloft cheaper and faster will determine whose market share will flourish and whose will shrink. Space X is launching their backlog of sats which means 1. All the sats meant to get get up there have not arrived yet and 2.Those companies were willing to wait since Space X launch cost was cheaper. Which means the market has yet to organize and decide what will come to pass. R L DH • 2 months ago You’re confusing the two markets. Cost of launcher is not driving whether there are more satellites that need to be launched. It’s only a relatively small part of the economics of a commercial launch. Since it’s only a small part of the cost, those that get cheaper rides to space also won’t necessarily win or lose in the satellite market. Faster ride to space really depends on who’s backlog is longer and doesn’t drive the satellite market either. Although the markets are linked, the link is the other way around. With a 3-4 year drought of satellite orders, there will eventually be a drought/lull of launches. When this happens, the more expensive launch providers will be exposed. Think of it like a commodity: company A produces 10 fruit at cost 1, company B produces 10 fruit at cost 2, and C produces 10 fruit at cost 3. If the market needs 30 fruit, company C stays in business. If the market only wants 15 fruit, Company C needs to exit the market or lose money, and Company B is on the cusp. Similarly as there’s a drought in satellites, this will put additional pressure on ULA because most will go with SpaceX first (at least until SpaceX’s launch manifest gets too full). In addition, if SpaceX increases capacity (satellites launched per year), then that will put additional pressure on the highest cost provider (i.e. if Company A in the example above was able to increase production to 20, Company C is also screwed). Bottom line is that the slowdown in satellite orders isn’t driven by what SpaceX is doing, but SpaceX will likely benefit from it. R L And you believe that why? • 2 months ago 6 tons to GTO is well in the capacity of Proton, Atlas, Delta and Ariane. Just because Falcon 9 can’t do it doesn’t mean it’s especially difficult. I’m not sure why ‘above average’ is relevant. It’s like saying a family is above average in size for having two parents and three kids, and they’re not going to use their old gas guzzling 5 seat sedan for transportation at all until they get a new all-electric SUV…doesn’t make sense…they’ll use what they have now and switch later. First, ‘bigger’ for Intelsat and Viasat is in terms of capacity and power, not mass. While normally bigger payloads means more mass, it’s currently being offset by the transition to electric propulsion. That’s why the new ViaSat-3 satellites have ~10x the capacity of Intelsat’s Epic and the Epic class has 5-10x the capacity of the older generation of satellites, all at roughly the same mass. Mass has not been increasing for large satellites over the past 20 years. Look up the mass of Terrestar-1 and Spaceway F3 vs IS-33. In fact, it’s been decreasing slightly: https://blog.forecastintern… Second, It almost never makes sense to delay a launch to wait for a new launcher. Think of the economics. A launcher is what $70M for SpaceX? Maybe $200M for a similar Atlas/Delta and $100-$130M for an Ariane/Proton ride? A satellite generates about $20-30M in profit per month on orbit. So in less than half a year, they’ll have made back the cost difference of using a more expensive launcher. Also, if you read this article and the one about Boeing’s slump, the lull in commercial satellite orders is now 3-4 years long. Back then FH hardware hadn’t even started being built. I’m not denying the SpaceX is a huge disruptor in the launch business, but until they start putting up that 4000 satellite constellation . . . they’re not a huge driver in the commercial communication satellite business, at least not yet. And you believe that why? R L • 2 months ago Sir, when you say things like, ” A satellite generates about $20-30M in profit per month” it becomes even more difficult to take your arguments seriously. Based on Intelsat’s last quarterly report I could accept an argument that a satellite generates revenues of $2030M at face value. Revenue?Profit My issue is that, I am not an expert on the inner financial workings of a satellite operator, hence why I proposed the scenario, yet, I know enough about economics to know that you are also not an expert. Since both of us are working in the dark I fail to see the benefits either of us will get from continuing. http://investors.intelsat.c… Jim Bacon And you believe that why? • 2 months ago I enjoyed the debate. I hope Bloomberg and other financial news agencies start reporting more on this. I’m interested in hearing why economists think orders are down. Something is off. At this point in our credit cycle, I’d expect orders to be up. Of course, I’m wrong. And you believe that why? Jim Bacon • 2 months ago Generally when we see this dramatic of a shift in markets there are multiple factors involved. Limited affordable capacity to expand is only one possibility. The good news is we will get to see what happens over the next few years. MBB Jim Bacon • 2 months ago Actually, SpaceNews has been covering the financial side of the satellite market pretty well; most given reasons are expected overcapacity and (as stated above) waiting for the (market) result of High-Throughput satellites. Then there were a few companies with high debts and some delays by SpaceX and the Russians. The Asian market seems to be growing, so possibly increased competition from Chinese build satellites but I can’t remember many articles that outright stated that. R L And you believe that why? • 2 months ago Funny how people read some numbers online and think that they know something about a business/industry or that someone else doesn’t. Whether the revenue is $20M or $30M (the number I was using), my logic still holds once you look at the cost to operate a satellite fleet. Let’s use look at some publicly available info: Intelsat has a fleet of 50+ satellites and they’re doing it with less than 1200 employees. Even if they averaged a $250k salary (they don’t), the labor expense per satellite is less than $500k. Even if you assume a crazy multiple of 5x times the labor, you’re still looking at ~$3M/month/satellite. Keep in mind that’s with some very generous cost assumptions So profit would be $17M with your assumed revenue of $20M and $27M in profit with my assumed revenue. Would any company put off making $17M for 6 months to save $60M on launch costs? And that’s assuming FH will be ready in 6 months and that there isn’t already a backlog for them to get on it. Bottom line, satellite operators aren’t waiting on FH. It doesn’t make sense economically. They will always chose the cheapest launcher, but they won’t wait 6 months or a year for it. Also, the slump in orders is 3+ years and going. 3 years ago, nobody knew if FH was even going to be real. So, orders aren’t slow because of FH or the lack of ‘affordable’ launch options. All the major operators can afford Ariane or Proton with no problem. R L And you believe that why? • 2 months ago Funny how people read a few numbers online and think they understand a business/industry or whether someone else knows about the industry. Newer satellites generate $40-50M easily in initial monthly revenue once its fully subcribed. That was advertised years ago for one of the DirecTV satellites (when it was new). While cost per MB has gone down so it’s no longer making that much, newer satellites have many, many more transponders. So, the revenue for a new bird isn’t much different than several years ago. Over the life of a satellite, with dropping $/MB, revenue generally comes out to a little over half . . . so around $30M. You can argue with me on this number, but it really doesn’t change my point once you look at the cost to run a satellite fleet. Since you don’t trust the numbers I give, let’s play with some publicly available info: Intelsat has a fleet of 50+ satellites and they’re doing it with less than 1200 employees. Even if they averaged a $250k salary per employee (they don’t), the labor expense per satellite per month is less than $500k. There aren’t clear capital costs available publicly, but even if you drop an insane multiple like 5x labor expense, you’re looking at ~$3M/satellite/month, and that’s with very generous assumptions on cost. Yeah, you can argue with me over whether the revenue should be $30M average or $20M average, but bottom line is that satellite operators make the money back on a launch in a year for a satellite that lasts 15 years. The cost delta between Falcon 9 and other launcher is made back in 6 months even if we use your low-end number of $20M. Bottom line, while satellite operators will pick the cheapest launcher (with reasonable reliability), they won’t wait more than 6 months for a cheaper ride to orbit, because they’ll lose money doing so. Heck, they wouldn’t wait more than a year for a FREE ride to orbit. The numbers just don’t work out. Also with the slump in satellite orders at 3+ years and counting, your speculation that operators are waiting on the FH doesn’t hold water. Xander And you believe that why? • 2 months ago Ariane-5 can launch 10 metric tons into the same quasi-elliptical transfer orbit, and has been doing this for years. Yet nobody is building 10 metric ton satellites. Which would still be more expensive to build than to launch. And you believe that why? Xander • 2 months ago Satellites generally cost more to construct than launch. I don’t see the relevance of that point. For all I know saving, $50 million might make larger satellites more competitive. It doesn’t matter if that comes from the satellite construction budget or the launch budget. What I am trying to find out isn’t how many 10 tonne satellites are being launched. Instead I am trying to understand the various factors that are conspiring to prevent large satellites from being built. Obviously better electronics in smaller packages are a major factor. I am looking for information that will allow me to determine the relative importance of other factors. https://www.darpa.mil/news-… https://disq.us/url?url=https%3A%2F%2Fwww.darpa.mil%2Fnews-events%2F2017-0209%3AmOeMcxCwjDCBui43_qkEbhQVCSw&cuid=3432148 http://spacenews.com/can-in… http://disq.us/url?url=http%3A%2F%2Fspacenews.com%2Fcan-intelsat-be-both-jedi-knight-anda-defender-of-the-empire%2F%3Ax7w9FBRh2VEg_ySB19ugjN-JKpE&cuid=3432148 https://blog.forecastintern… https://disq.us/url? url=https%3A%2F%2Fblog.forecastinternational.com%2Fwordpress%2Faverage-commercial-communications-satellite-launch-massdeclines-again%2F%3ArteUMw83IlwrCDU5wUq2Bu7Dl94&cuid=3432148 http://investors.intelsat.c… http://disq.us/url? url=http%3A%2F%2Finvestors.intelsat.com%2Fphoenix.zhtml%3Fc%3D131114%26p%3DirolnewsArticle%26id%3D2266272%3A6uQLt2XKxA4TQirrXShqRWuTBvw&cuid=3432148
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