‘Transforming Pertamina is not easy’

TEMPO/RAMDANI
MEDIA reports about a management reshuffle in Pertamina, just makes Ari Hernanto Soemarno, 60, laugh out loud. Having worked three decades at the state-owned oil company, he knows well how the system works. He is also aware that the board of directors are unlikely to change their mind so easily about the top job that is being contested by so many people.

That is probably why Ari Soemarno, Pertamina’s current Chief Executive Officer, is not worried, even though signs of possible changes had been heard two weeks ago from no less than State-Owned Enterprises Minister, Sofyan Djalil himself. In fact, Sofyan let it be known that the list of candidates for the job of Pertamina’s new directors would be discussed at an evaluation meeting chaired by President Yudhoyono at the end of February.

Ari’s job is one of those at stake. One reason could be his failure to reach the production target, or the Pertamina shareholders who questioned the company’s policy of importing high octane mogas component (HOMC) which ended up costing 800 percent more than its original price.

When he replaced Widya Purnama in March 2006, Ari was seen as a confidante of Mines & Energy Minister Purnomo Yusgiantoro. He was the one who paved the way for ExxonMobil to be the oil and gas operator of Cepu Block in Central Java and he settled the difficult problem of Karaha Bodas. He achieved that in just a week, when he was still the CEO of Petral, a Pertamina subsidiary with offices in Singapore and Hong Kong.

He started out as a technician, working at the Badak LNG plants in Bontang, East Kalimantan. It was a slow 16-year career climb for Ari, oldest son of former Bank Indonesia Governor Soemarno, before he actually got promoted, as a special staff of Pertamina’s downstream director. Two years later, he was made CEO of Petral and in 2004 he was made Pertamina’s director of marketing, which led him to his current job. “My commitment ever since my appointment is to change and transform Pertamina, into a more transparent and clean company,” he said.

Taking some time off from his busy schedule, last Tuesday Ari visited the Tempo office, to discuss a number of issues on Pertamina, including his own case. Excerpts of the dialog:

Why did Pertamina import HOMC at 800 percent more than the original price?

It was calculated to make it more economical and efficient. It seemed better to import HOMC than the 88 octane processed oil. There are two types of premium mixture components at the processing plant: HOMC and LOMC (low octane mogas component). The price of HOMC itself is far cheaper than processed premium oil. And by coincidence, we produce a lot of LOMC. So we had two options: to buy HOMC to be mixed with processed premium 88 oil or buy processed premium and we export our LOMC. After we evaluated our choices, we decided it was best to import HOMC.



All problems are not created equal.
But that led to a misunderstanding with the commissioners.
We regretted that they didn’t ask for clarification before they put the pressure on us. Many people don’t understand the problem, but they are not to blame. In Indonesia, only Pertamina has been in the oil business. Unfortunately, because of this monopoly, we are always under suspicion.

Why can’t we develop the proper technology so that importing HOMC can be reduced?
That isn’t possible. HOMC is used to boost the octane level, and using an octane booster is not yet permitted by the Environment Department because it contains heavy metallic elements, besides other cancer-causing carcinogens. So the best option was to go with HOMC.

What is the actual capacity of Pertamina’s processing facilit

Our processing plants lag far behind those of Singapore. The only competitive one is Balongan, and that’s because it is designed to process crude oil and distill it to become ready-to-use fuel. Cilacap and Balikpapan, for example, need to be modified because they are too old. They produce a lot of residues as a result of secondary processing.
Why not construct new facilities? Wouldn’t this be more profitable?

In fact, it would be more economical to repair what we have. That is why we want to modify the processing plants at Cilacap and Balikpapan. I am convinced that if we upgrade them, we will be able to compete with Singapore, even though the cost would be quite high. In 2004, we estimated that in order to upgrade the Cilacap plant, we would need about US$859 million. Today, it’s been re-estimated at US$1.9 billion. We are now studying the engineering design. At least four months are needed to do a feasibility study and design it. The decision on the final investment will be made at the end of March.

What efforts has Pertamina made to increase oil production?
We have tried to streamline field operations and optimize production through existing wells. But that needs time. We also conducted exploration on existing reserves, even though this required a different technology because Indonesian oil is in the second recovery stage. We have to work hard because we are lagging so far behind, particularly since we have never been allowed to conduct upstream operations. In the past, the government asked Pertamina not to take risks. So exploration activities were done by foreign companies. Pertamina was just the regulator. This is what we are doing now: transforming ourselves from regulator to operator. And that is not easy. Changes must be made, not just habits but also our mindsets.

Besides costing money, importing oil also creates a kind of a dependency.

Importing doesn’t necessarily mean higher costs. Often, it’s cheaper than producing it ourselves because 90 percent of the operating costs can impact on the retail price. The problem is that the price of oil Pertamina buys is high. Indonesian Crude Price (ICP) set by the government is not the market price. Frequently, when we import oil, it is cheaper than buying the same quality ICP. Take oil from Sudan. The quality is the same but we would save more US dollars per barrel compared to ICP from Dumai. And even that ICP needs to be transferred to Balongan, whereas from Sudan, it goes straight to Balongan.

How can you be sure that Pertamina gets a good price?
Our system is based on the Mid Oil Platts Singapore (MOPS) plus Alpha. Everything becomes more open, even the inefficiencies. All can be read from our financial reports, where each posts can also be seen.

Reportedly, the price of the raw Zapati oil we bought was expensive, even though the quality was bad.
I found that out much later. Buying crude oil is the business of the processing plants, and the person fully responsible for this is the finance director. That’s the case when we buy products, the marketing director is responsible. It would no longer be through myself, because that’s the way it is mandated. This regulation became effective when I was made CEO.

But is it true that Zapati oil was purchased?
That is correct. Zapati is just a name. It is actually a blend of Sudan oil and Malaysian condensate. So, it’s not a new variety.

But we heard the supplier was not bona fide?
I was only told about it. People talk a lot. The important thing is whether the crude oil he offered met specifications or not. If it didn’t, we have a problem. For me, that’s the crunch. I trust my own people. It’s the director who must be accountable.

Is the quality bad?
Quality depends on the mixture. If it is run by the computer and accepted, we are forced to buy it. Not buying it might create a stink. Why not buy it when it’s cheap, they will ask. We would still need to mix it at the processing plant. For example at the Balikpapan plant, some 12 kinds of oils are processed. They will also be mixed and called crude cocktail. But this does not mean it’s bad.

Oil importers, from the time of the New Order till now, seem to be the same players. Reportedly, one of them is a close friend of yours.
Not really. If you want, I can show you the books so you can see how much he gets. Besides, he takes part in the bidding process.

You seem to be defending him.
No. He is a true trader. To be a trader in Pertamina is not easy. The company must be legitimate and must have a minimum operating capital of US$50 million. And this friend is an oil trader in Singapore as well. He holds certification from the Singapore Trade Minister, which allows him a 5 percent reduction on his revenues.

But he can get inside information on how much crude oil Pertamina needs?
Anyone can easily access data on oil production posted by the Mining & Energy Department, including Pertamina’s daily requirement of 700,000 barrels per day. The process to be a supplier to Pertamina is done by an open tender, so anyone can participate.


Nevertheless, vital information can be leaked by an insider.
Not really. We always guard against that possibility. Sometimes we conduct a spot tender. All proposals are sent by fax to a locked room. At an appointed time, that room is unlocked by more than one person. Everyone is able to see who is offering the highest or lowest price.

Wouldn’t there be a disparity in the price of a broker and a trader?

Let me ask you this, isn’t a trader also a broker? I was once a trader at Petral. What’s the difference?

Traders have the goods.

Exactly. They buy the products first, then they take risks, whereas brokers just talk a lot. Brokers in the oil trading business seldom win out. Why? Traders take up their positions months before. The oil marketing system is transparent. All transactions must be recorded. MOPS mean registration by the hour. Otherwise, crude oil trading and certification can be lost.

Which trader has the largest capital in Pertamina?

Every day, we import 700,000 barrels, consisting of 400,000 barrels of crude and 300,000 barrels of finished products. As far as I know, statistically, the one who profits the most is not my friend.

But your relationship with him is being questioned by some people. People even talk about a photograph of you two hugging each other.

(Laughing). Where is the photograph? It could be a fake.

What about rumors of a management change inside Pertamina?
I don’t know. That’s up to the shareholders.

According to reports, you have submitted a list of your preferred candidates?
As CEO I have no right to submit names, let alone recommendations. According to the law, that is the right of the commissioners.

You can whisper them in someone’s ear.

Who would listen to anyone with no authority? Do I have more authority than the Minister?

According to reports, the President wants to keep you on. Is it true that you plan to see him in a few weeks time?

Nothing like that. I was once described as Pak Purnomo’s man, now they say I’m President Yudhoyono’s man.

The President also seems to trust Minister Purnomo.
The President also trusts his other ministers. Come on. There is a system in place and it’s very transparent.

Are there requests for contributions to political parties?
None. What contribution? We don’t have the money. The system is now transparent. If you find any such transactions, show me the proof. Don’t just accuse me. My mandate is to make Pertamina a better company. We are currently in the process of upgrading a number of things. I am aware that Pertamina is the target of many people. Many have complained about me and said negative things about me. But I cannot do more than my job to improve Pertamina. This takes time, whatever the consequences. It wouldn’t be a problem for me if I have to leave my job.

People complain because you run a company worth trillions of rupiah.

They always see Pertamina as a source of money. That is not the case. Besides, our funds now get audited, so it’s all very transparent. We now want to make Pertamina into a non-listed public company. We hope that will happen this year.

About the Cepu Block, is it true Pertamina has not made its deposit as previously agreed?
Go ahead and ask ExxonMobil whether Pertamina has paid up or not. Do you think I stole the money? Of course payment was made. Maybe it came a bit late because our bureaucracy still uses the old system, like the government. This is the part that really needs to be changed.



Some are really great because they enable you to grow as they unleash new potentials within you. Others are stupid and stupifying because they distort your mental maps and diminish you as a person. So you like all of us need great problems! In the last Meta Reflection I ended by drawing a difference between formula and creative problems. Several have asked about that distinction and asked that I write a little more about it. So here goes.

Regular Formula Problems

We call problems that have already been solved "knowledge." Such solved problems in mathematics, geometry, bridge construction, etc. is the racial wealth that comes to us through time-binding and is a gift of the past. Such time-binding wealth means that we do not have to re-invent the light bulb, horseless carriage, heavier-than- air flying machines, etc. There's no need to be creative and develop creative-thinking for how a light bulb works.

Solutions to these problems requires the ability to read, to ask questions, to hire skilled people, to work with a coach, trainer, professor, therapist, or consultant. The solutions are already available. In fact, creativity in this context is not only irrelevant, it is a waste of time, energy, and effort. The problem has already been solved!

New Creative Problems

Creativity and creative problem-solving is what's needed for the problems that have not been solved. And these are the problems that, for the most part, are still emerging. They are driven by three forces—change, by complexity, and by new solutions.

1) Obviously, change drives these new problems. Just when you solve one problem, things change and presto! You have a new problem. Today as the price of a barrow of oil changes every month, sometimes every week, and always changing upward so that fuel costs keep rising, this creates problems in many areas. There is the change that arises when companies file bankruptcy. Suddenly, they are gone. New ones arise. The companies on the top 500 or top 100 keep changing. Products and services are variable. There's planned obsolescence, there's new programs each month for fixing things and solving the problems of management. There's the changes that politics brings, that new inventions bring, that previous solutions create ... there's changes everywhere. Heraclitus has never been more right, "Change is the only thing that's permanent."

2) Complexity also drives and creates new problems. As the systems we live within become more and more complex, new problems arise. We see this in the globalization of each country's economy within the global economy. We no longer live in isolated economies that operate by their own logics, but with things becoming more and more inter-related, what happens in one part of the globe affects every other part. This reduces local solutions and often makes them completely ineffective.

3) Even solutions drives new problems. In fact, here's a principle of problem creation: Every solution creates new problems. And this is all the more true within complex systems. And if we don't think systemically, quick fixes which may offer a short-term wonder solution may at the same time set in motion the factors for a much bigger and more difficult problem.

Solving the New Problem Creation Problem

What are we to do about all of this? Maslow argued that fundamentally we need a new kind of human being—a person who is comfortable with change and able to effectively cope, even master, the challenges of change. He argued that we need a new kind of human who is open to the creative challenges before us, who easily lives with ambiguity, embraces uncertain, knows how to reduce risk factors, and so on. He said that above and beyond specific creative products and solutions, we need to focus on developing creative people.

This is especially true for businesses. Businesses are in business for the sole purpose of solving problems. They find and focus on problems in order to find and invent creative solutions. The design is to solve problems that confront the business ... and due to the changing world, changing technology, changing markets, etc. --- problems once solved is no longer enough.

And that's why creative problem-solving is now needed for people at all levels in an organization.

The people at the top—need to create new management practices, new branding, new packaging, new framing.

People in the middle need to create new ways of relating, new enlightened management, new ways to balance life/work, new measurement procedures, new coaching methodology, new hiring practices, new retention practices.

People on the front lines need to be creative in customer service, seeing gaps in the market, seeing trends, creative in meeting customer's needs.

Approaching it from the problem perspective enables the leaders and managers to tap into the untapped creative potential of their people — use their knowledge workers more fully, give people more fulfillment at work, more committed, more buy-in, more passion ... and that lessens all of the problems with keeping good people, creating responsible work force, theft, etc.



Kenaikan Harga BBM & Rakyat

Oleh H. EDDY JUSUF

PENYESUAIAN harga BBM akan berdampak besar bagi rakyat. Terlebih pemerintah belum mengambil langkah lain dalam menghadapi lonjakan harga minyak dunia yang sempat menyentuh level 120 dolar AS per barel. Kondisi tersebut, tentunya akan menambah beban APBN 2008.

Untuk meminimalisasi tekanan terhadap APBN pemerintah tampaknya perlu menjadwal ulang pembayaran utang termasuk di bank rekap yang sama sekali belum disentuh.

Perkara kenaikan BBM, DPR sendiri telah memberi isyarat dan bisa mengizinkan pemerintah menaikkan harga BBM bersubsidi jika patokan Indonesia crude price (ICP) di atas USD 100 per barel atau kuota BBM bersubsidi di atas 37 juta kiloliter. Tentunya, isyarat tersebut sebagai langkah untuk mengamankan pelaksanaan APBN.

Sementara itu, Depkeu telah membuat kajian atas beberapa opsi untuk menyelamatkan APBN-Perubahan 2008 yang memiliki tingkat kepercayaan menurun dari pasar, di mana salah satunya adalah penyesuaian harga BBM bersubsidi sebesar 28,7% pada Juni 2008. Sebagai asumsi, harga BBM jenis premium akan naik dari Rp 4.500,00 menjadi Rp 6.000,00 per liter, solar dari Rp 4.300,00 menjadi Rp 5.500,00 per liter, dan minyak tanah dari Rp 2.000,00 menjadi Rp 2.300,00 per liter.

Melihat kecenderungan harga minyak yang terus bergolak, hendaknya pemerintah bisa mengupayakan langkah untuk menghindari kenaikan harga BBM yang disubsidi melalui berbagai cara. Namun, bila penyesuaian harga dijadikan opsi terakhir, harus ada upaya lain. Caranya dengan meminimalisasi dampaknya atau pemerintah harus bisa mencapai target produksi dan lifting minyak yang sangat memengaruhi sisi penerimaan APBN. Masalahnya, bila subsidi membengkak dan sisi penerimaan tidak tercapai dari lifting, akan timbul dampak ekonomi makro yang sangat serius.

Langkah lain yang bisa diambil pemerintah yakni menetapkan kebijakan pengendalian volume BBM bersubsidi, kebijakan harga BBM bersubsidi, dan kebijakan fiskal lain yang terkait dan juga memfokuskan penghematan subsidi BBM. Sebab, ketahanan APBN menjadi taruhan manajemen ekonomi makro Indonesia, yang bukan mustahil akan ada rekor lagi yaitu perubahan APBN lebih dari satu kali dalam satu tahun anggaran.

Antisipasi pemerintah dalam menghadapi gejolak tersebut sebenarnya sudah tepat dilakukan di saat fluktuasi harga minyak bumi dunia muncul dan pemerintah segera memperhitungkan angka rata-rata harga dalam ABPN dengan jangka waktu panjang. Apabila melihat struktur APBN 2008, sebenarnya sangat terbatas ruang gerak pemerintah dalam menangkal kondisi yang di luar perkiraan. Paling-paling dengan menaikkan sisi penerimaan atau menurunkan sisi pengeluaran. Meski peningkatan penerimaan rasanya kurang kurang realistis dalam kondisi perekonomian seperti saat ini. Peningkatan sektor pajak dan bea cukai, misalnya, akan sangat terbatas apabila pertumbuhan ekonominya berada pada kisaran 5-6%. Intensifikasi pajak berikut perbaikan administrasi mungkin bisa meningkatkan penerimaan tetapi tidak akan terlalu banyak apabila tidak diiringi.

Kebijakan pendalaman sektor keuangan (financial deepening) dalam mengantisipasi potensi gejolak ekonomi dalam negeri menjadi salah satu langkah penting yang perlu dilakukan pemerintah. Dalam hal ini, peran Bank Indonesia (BI) merealisasikan melalui penyusunan landasan hukum dalam pengambilan keputusan moneter, perbankan, dan fiskal. Mungkin, salah satunya dengan membentuk crisis management protocol (CMP) yang berfungsi memengaruhi berbagai kebijakan yang akan diambil otoritas moneter dan fiskal jika terjadi krisis.

Sebetulnya, meski secara resmi BBM bersubsidi belum dinaikkan, secara tidak langsung rakyat sudah merasakan imbasnya berupa kenaikan harga kebutuhan pokok yang disebabkan naiknya harga BBM industri. Oleh karena itu, pemerintah perlu diingatkan agar dalam membuat keputusan jangan hanya mengutamakan kepentingan politis. Namun harus mempertimbangkan aspek sosial-ekonomi yang berpihak pada kesejahteraan masyarakat.

Untuk jangka panjang pemerintah seharusnya mempercepat realisasi penggunaan energi alternatif, pengganti BBM. Tujuannya untuk menutupi volume lifting minyak dalam negeri dan memperkecil kemungkinan langkanya BBM. Dalam konteks ini, yang dihadapi pemerintah tidak saja fluktuasi harga minyak mentah dunia, tetapi juga keadaan sosial-ekonomi masyarakat. Dengan demikian, tidak seharusnya pemerintah menjadikan rakyat sebagai objek untuk penyelesaian masalah ini.

Dari sisi kekhawatiran meningkatnya inflasi akibat pengaruh penyesuaian tersebut justru timbul dari meningkatnya harga barang-barang kebutuhan pokok. Boleh jadi kenaikan harga minyak di pasaran internasional memberi tekanan yang kuat pada peningkatan harga jual barang-barang impor dalam negeri sehingga memicu tingginya inflasi di Indonesia.

Badan Pusat Statistik (BPS) menyebutkan, laju inflasi selama bulan April 2008 mencapai 0,57%, dan jika pemerintah jadi menaikkan harga BBM, hal tersebut akan ada tambahan inflasi lebih dari 0,75% dengan asumsi kenaikan BBM sebesar 20%. Angka inflasi ini lebih rendah dari Maret 2008 yang mencapai 0,95%. Sementara itu, tingkat inflasi tahun kalender (Januari-Maret 2008) mencapai 4,01% dan inflasi tahunan (year on year) sebesar 8,96%.

Walaupun, Dana Moneter Internasional (IMF) menilai bahwa Indonesia masih aman dan tahan dari guncangan krisis finansial global. Konkretnya, kreditor multilateral itu memprediksi, tahun ini pertumbuhan ekonomi nasional bisa mencapai 6,1%. Optimisme tersebut muncul karena IMF melihat permintaan domestik masih tinggi dan itulah yang membedakan Indonesia dari sejumlah negara Asia lainnya. IMF melihat itu sebagai situasi moneter yang umum terjadi di negara-negara lain di dunia. Agar momentum ini bisa terjaga, IMF memberi resep kebijakan moneter ketat melalui peningkatan suku bunga.

Terlepas dari analisis optimistis tersebut, yang menjadi pertanyaan adalah, sejauh mana pemerintah bisa percaya diri dengan sejumlah target makroekonomi yang diasumsikan.

Sekarang ini tinggal menunggu Inpres pembatasan konsumsi BBM dan energi yang akan segera dikeluarkan pemerintah sebagai respons kenaikan harga minyak mentah dunia. Meski tidak ada kebijakan yang tidak berisiko, mungkin hal itu yang harus diambil pemerintah walau terasa pahit bagi masyarakat.* **

Penulis, Guru Besar Kopertis Wilayah IV Jabar -Banten dan Pembantu Rektor I Universitas Pasundan Bandung.

Barca untuk Kesempurnaan Madrid

Madrid - Pesta besar sudah digelar Real Madrid usai memenangi Liga Spanyol. Kini Los Blancos ingin menyempurnakan kegembiraan tersebut dengan menundukkan Barcelona.

"Masih ada satu hal lagi yang harus kami lakukan dan itu adalah mengalahkan Barcelona," ungkap Bernd Schuster jelang El Clasico seperti diberitakan Goal.

Setelah memastikan gelar Liga Spanyol ke-31 di kandang Osasuna, malam nanti di Santiago Bernabeu Madrid akan benar-benar menggelar pesta saat diserahi tropi juara. Karena lawan yang akan melawat adalah musuh terbesar mereka, Barcelona, pesta tentu makin meriah jika kemenangan bisa diraih.

"Itu akan menjadi sesuatu yang unik untuk bisa memenangi pertandingan menghadapi mereka terutama di depan fans kami sendiri dalam sebuah pertandingan yang sangat spesial. Kami sudah melakukan apa yang diharapkan dan kini kami harus mengakhiri musim dengan kemenangan," lanjut pelatih asal Jerman itu.

Setidak-tidaknya di awal laga malam nanti Madrid akan "mempermalukan" Barca terkait tradisi guard of honor untuk tim yang sudah memastikan menjadi juara. Di Spanyol memang ada semacam kebiasaan di mana klub yang menghadapi tim yang baru menjadi juara untuk memberikan penghormatan khusus berupa guard of honor.

"Pemain harus menunjukkan sikap sportif kepada rival mereka karena tim yang menang melakukan hal serupa. Sebagai sebuah kepantasan mereka harus menunjukkan sikap yang positif. "

"Saya pikir Deco dan (Samuel) Eto'o akan melakukannya, saya tidak berpikir kalau mereka tidak dimainkan karena buat Blaugrana bermain di Bernabeu punya arti besar. Apalagi jika mampu memetik kemenangan, itu akan menjadi akhir yang baik buat musim mereka," pungkas Schuster. ( din / krs )




RINGKASAN

* Dollar melanjutkan penurunannya terhadap euro dan 6 mata uang utama lainnya setelah laporan pendapatan dari Fannie Mae berada dibawah ekspektasi.
* Ben S. Bernanke menghimbau pemerintah dan pemberi hipotek untuk lebih intensif dalam mencegah penyitaan rumah tanpa berkomentar apapun mengenai prospek suku bunga ke depan.
* UBS mengurangi 5,500 tenaga kerjanya dan menjual miliaran dolar aset untuk keluar dari krisis subprime, namun sahamnya tetap jatuh.
* Reserve Bank of Australia memutuskan untuk menahan suku bunganya di 7.25% untuk melihat apakah tingginya biaya pinjaman dapat memperlambat ekonomi dan meredam inflasi.
* Emas melanjutkan penguatannya di hari Selasa, naik 2% di pasar New York, terbantu pembeli di harga murah dan minyak mentah yang mencapai rekor.

Dollar Jatuh Akibat Laporan Fannie; Pengambilan Resiko Berkurang Drastis
Dollar melanjutkan penurunannya terhadap euro dan 6 mata uang utama lainnya untuk 2 hari berturut setelah laporan pendapatan dari Fannie Mae berada dibawah ekspektasi. Fannie Mae, penyedia pembiayaan rumah AS terbesar, melaporkan kerugian 3 kwartal berturut seiring krisis sektor perumahan kembali memburuk di Q1. Masalah di Fannie Mae, mengingatkan investor bahwa masalah pasar perumahan AS, sebagai alasan utama pelambatan ekonomi AS, belum sepenuhnya pulih dan tidak dapat mengangkat dolar. Tingginya harga minyak memaksa ECB untuk fokus pada inflasi, dimana presiden Jean-Claude Trichet di hari Senin menyebutkan “resiko yang signifikan”. Ekspektasi ini memperkuat keyakinan bahwa ECB akan menahan suku bunga pada level 4% pada pertemuan hari Kamis nanti. Analis juga memperkirakan ECB untuk mempertahankan posisi agresif akan inflasi terkait pernyataan Trichet setelah keputusan tersebut. Dolar AS sendiri secara keseluruhan diperdagangkan lebih rendah dibanding penutupan hari Senin seiring laporan pendapatan yang lemah di sektor perumahan AS sekali lagi menggerakan pasar menuju perdagangan yang bersifat menghindari resiko.

Bernanke Mendesak Diambilnya Langkah Untuk Mengurangi Penyitaan Rumah AS
Gubernur Fed, Ben S. Bernanke, dalam upayanya untuk mengakhiri penurunan sektor perumahan terburuk dalam seperempat abad ini, menghimbau pemerintah dan pemberi hipotek untuk lebih intensif dalam mencegah penyitaan rumah. Bernanke, dalam pidatonya di New York kemarin, juga menghimbau peminjam untuk memberi kelonggaran sebagian hipotek bagi pemilik rumah yang sedang kesulitan. Beliau juga mengatakan proposal seharusnya “memiliki target yang ketat” untuk debitur yang berisiko tinggi kehilangan propertinya, dan mencegah penyediaan insentif bagi yang gagal membayar. Akumulasi penyitaan meningkat 57% di bulan Maret dari tahun sebelumnya, menurut Irvine, RealtyTrac. Dia tidak berkomentar apapun mengenai prospek suku bunga ke depan.

UBS Mengurangi 5,500 Tenaga Kerja Terkait Kerugian Subprime
UBS mengurangi 5,500 tenaga kerjanya dan menjual miliaran dolar aset di hari Selasa untuk keluar dari krisis subprime, namun sahamnya tetap jatuh seiring ketakutan investor akan pendapatan yang secara permanen akan buruk. Bank Swiss ini akan mengurangi 7% tenaga kerjanya yang sebagian besar di investasi perbankan AS dan Inggris, karena dari sanalah asal mula sebagian besar kerugian bisnis terkait subprime mortgage di Eropa. UBS juga melaporkan kerugian Q1 sebesar 11.535 M Swiss franc ($10.9 M), sedikit lebih baik dari yang dilaporkan pada bulan April dan lebih rendah dibanding ekspektasi analis 11.9 M. UBS merupakan bank Eropa yang mengalami kerugian terbesar terkait krisis subprime setelah menghapus-bukukan lebih dari $37 M.

Keputusan Suku Bunga Reserve Bank of Australia
Reserve Bank of Australia memutuskan untuk menahantingkat suku bunganya di level 7.25% untuk melihat apakah tingginya biaya pinjaman selama 12 tahun dapat memperlambat ekonomi dan meredam inflasi. CPI (Indeks Harga Konsumen) telah naik 4.2% sejak tahun lalu, masih diatas target bank sentral. Di triwulan terakhir saja, CPI naik 1.3%. Inflasi inti tahunan bertahan di 3.6%. Pandangan anggota dewan bahwa kenaikan bunga sebelumnya telah berimbas pada ekonomi dan dibutuhkan lebih banyak waktu untuk menurunkan inflasi hingga dibawah 3%. Kini anggota dewan melihat sisi permintaan ekonomi akan terpukul dan mengakibatkan pelambatan sehingga inflasi akan menurun di jangka menengah, meskipun tekanan inflasi jangka pendek masih cukup tinggi. Namun jika inflasi masih bertahan dan permintaan tidak dapat turun, pandangan kemarin kelihatannya perlu dipertimbangkan kembali.

Emas Melanjutkan Kenaikannya Setelah Minyak Menyentuh Rekor
Emas melanjutkan penguatannya di hari Selasa, naik 2% di pasar New York, terbantu pembeli di harga murah dan minyak mentah yang mencapai rekor. Penurunan emas jatuh hingga level terendah 4-bulan minggu lalu memicu aksi beli terutama konsumen di India menjelang festival keagamaannya. Namun emas masih diperdagangkan jauh dibawah rekor tertingginya sebesar $1,030.80/ounce pada 17 Maret. India memperingati hari raya Akshaya Tritiya di hari Rabu dan Kamis, festival dimana banyak umat Hindu membeli logam mulia dengan keyakinan dapat membawa berkah. Dealer juga melaporkan adanya pembelian dari pembuat perhiasan dan pemburu harga murah di Timur tengah, Indonesia dan Thailand. “Permintaan untuk emas fisik dapat memberikan dukungan dan mengurangi aksi jual setidaknya hingga pertengahan minggu ini, dan mempertimbangkan aktivitas pembelian di pasar fisik India,” kata Pradeep Unni, analis pada Vision Commodities Services di Dubai. Sementara minyak mentah menyentuh rekor $120.68 per barrel akibat pelemahan dollar dan kekhawatiran supplai di kawasan Iran dan Nigeria.

Inflasi Kawasan Eropa Meningkat
Inflasi harga produsen Eropa melaju melampaui perkiraan di bulan Maret, meningkatkan tekanan bagi ECB untuk menahan suku bunganya. Harga yang keluar dari pabrik di zona Eropa naik 5.7%, terbesar sejak Agustus 2006, setelah naik 5.4% di Februari. Inflasi Maret melebihi perkiraan analis 5.6%. Kenaikan biaya pangan dan energi meningkatkan pengeluaran perusahaan di kawasan Eropa, memicu mereka untuk mentransfer kenaikan biaya ini kepada konsumen dan menyebabkan inflasi zona Eropa berada diatas batas ECB sendiri sebesar 2%. Inflasi harga energi naik 15.2% di Maret dari 14% di April. Harga produk konsumen naik 5.1%. Umumnya, harga produsen naik 0.7% di Maret, setelah sempat naik dengan persentase yang sama di Februari. Laporan ini menyiratkan bahwa ECB akan tetap menahan tingkat suku bunganya di hari Kamis nanti. “Positif untuk Euro”

Indeks Harga Konsumen Swiss
Inflasi Swiss melambat di April dari laju tercepatnya selama lebih dari 14 tahun terakhir, tanda bahwa bank sentral kini memiliki ruang untuk melonggarkan biaya peminjamannya. Harga konsumen Swiss tahunan naik 2.3% dari 2.6% di bulan Maret. Inflasi di Switzerland dapat melambat seiring krisis sektor perumahan dan kemungkinan resesi AS akan menurunkan pertumbuhan Switzerland maupun dunia. Dengan indeks harga konsumen yang tetap di 0.8% dalam satu bulan, SNB akan menghadapi tantangan untuk menentukan arah kebijakan moneter selanjutnya. Jika inflasi masih bertahan, maka pengetatan moneter seharusnya dilakukan, dan menguatkan Swiss.

Indeks Pembelian Manejer Inggris
Indeks pembelian manejer Inggris turun di bulan April. Hasil survey menunjukkan 50.4 namun perkiraan analis sebesar 51.7. Dari bulan lalu, hasil survey ini jatuh menjadi 50.4 dari 52.1 yang menunjukkan pelemahan sektor jasa. Angka diatas 50 berarti sektor tersebut mengalami ekspansi, sementara angka dibawahnya mengindikasikan sektor tersebut mengalami kontraksi. Laporan bulan April yang berada diatas garis netral, menunjukkan sektor ini masih mungkin mengalami penurunan di masa mendatang.

Bursa Hong Kong Naik Berkat Kenaikan Hutchison dan China Mobile
Saham blue chips Hong Kong bergerak naik dalam lesunya perdagangan hari Selasa, terseret oleh saham besar Hutchison Whampoa dan China Mobile, yang mengimbangi tekanan dari saham penerbangab serta penambang minyak akibat harga minyak menajam ke kisaran rekor. "Pasar tengah konsolidasi akibat para investor tidak memiliki cukup kepercayaan bahwa saham akan terus bergerak naik setelah gain saat ini," ujar Patrick Yiu, direktur asosiasi dari CASH Asset Management."Sentimen yang beredar tidak buruk dan investor tengah menanti untuk membeli dibanding mengambil peluang untuk menjual," kata Yiu. Indeks Hang Seng ditutup naik 0.30 persen, atau 78.18 poin, pada 26,262.13, terseret penguatan 3.32 % oleh konglomerat telekomunikasi Hutchison dan 1.41 % dari China Mobile. Sinopec dan perusahaan penerbangan jatuh setelah harga minyak melewati $120/barrel.

Bursa Seoul Ditutup Kuat, Samsung Mencetak Rekor
Indeks Seoul ditutup 0.6% lebih tinggi di hari Selasa seiring penguatan saham teknologi dapat mengimbangi pelemahan saham lainnya, dimana Samsung Electronics menyentuh rekor tertinggi seiring munculnya harapan bahwa siklus harga chip akan mulai naik. Samsung menguat 1.92% ditutup di 745,000 won, sementara Hynix Semiconductor naik 1.43% ke 28,350 won setelah mengungkapkan rencananya untuk menaikkan harga chip memori komputernya sekitar 15% di April dan akan naik lagi di bulan Mei. Pembuat baja terbesar ke-4 di dunia POSCO naik 3.34% setelah investor miliuner Warren Buffett menyatakan keyakinannnya pada perusahaan itu. "Melemahnya won dan tangguhnya pendapatan perusahaan telah mengembalikan kepercayaan investor untuk memegang saham Korea Selatan," kata Won Jong-hyuk, analis pasar di SK Securities.