Prabowo’s national car program
President Prabowo Subianto said recently that he saw the country was heading to wrong direction in early 90s, and that he is now taking the country to a new direction. It is not clear, however, whether national car program from then President Soeharto, that time Prabowo’s father in law, was among indicators of ‘wrong direction’ he’s now revisiting.
Regulating platforms, ignoring factories
When the government issued Trade Minister Regulation (Permendag) No. 19/2026 on electronic commerce (PMSE), the stated objective sounded difficult to oppose: give greater visibility to local products, strengthen consumer protection, improve transparency and ensure digital platforms support domestic businesses. The regulation even extends beyond traditional marketplaces to ride-hailing and online travel agency (OTA) platforms, recognizing their growing role in facilitating commerce.
SCG Chemicals’ divestment of Chandra Asri
Shares of Chandra Asri Pacific (TPIA), the largest petrochemical company in Indonesia venturing into oil refinery business in Singapore, ended substantially lower by 5.1% to Rp1,305 on Friday (Jun 5) due to broad market sentiment and divestment of 11.82 billion shares by SCG Chemicals in the period of June 4-5.
AI gimmick
The launch of new .ai.id domain has been presented as a milestone in the country’s artificial intelligence journey. Introduced by PANDI and KORIKA, the initiative aims to provide a dedicated digital identity for AI ecosystem. On paper, the idea sounds attractive: a national namespace for startups, researchers, universities and companies working on AI. Yet the announcement raises a more uncomfortable question. Is Indonesia building an AI strategy, or merely an AI label?
Pindad-Ashok Leyland heats up electric bus market
India’s vehicle manufacturer Ashok Leyland is collaborating with state-owned defense contractor PT Pindad to jointly develop electric buses for public transportation and special purpose vehicles, markings its entry into Southeast Asia’s market.
Kalbe Farma vs Soho Global
Shares of Kalbe Farma (KLBF) ended lower by 1.2% on Monday (May 18), while Soho Global Health (SOHO) lost 4.71%. These pharmaceutical players came out with diametrical results in the first quarter of 2026.
Revisiting Parna Raya Group
Parna Raya Group, through its subsidiary PT Bara Blasting Perkasa, has recently kicked off construction of an integrated nitrate complex plant with US$300 million (approximately Rp4.9 trillion) of investment in Maspion Industrial Estate, Gresik, East Java province.
Sulphur crisis
Sulphur supply difficulties and the rising prices due to Iran war and closure of the Strait of Hormuz have affected not only plantation companies but metal processing industry in Indonesia. Their margins will likely under bigger pressure in the second quarter onwards.
Substantial correction at Citra Tubindo
Citra Tubindo (CTBN), producer of pipe for oil and gas operations (oil country tubular goods/OCTG), suffered 80% fall of sales revenues in the first quarter of 2026 due to lower purchase from both domestic and overseas oil and gas companies.
Squeezed margins of manufacturers (1): Glass
Two glass manufacturers listed on the Indonesia Stock Exchange (IDX) suffered from falling margins in the first quarter of 2026 due to low sales growth, higher input, labour, and utilities costs.