More political appointees in state companies
Nothing like this since the 1998 reform. The scale and pace of appointments of political appointees in state-owned companies are just ridiculous. Three out of seven major state companies have been in dominant control of inner circle of president Prabowo Subianto. Four more to come.
External trade: Indonesia vs Vietnam
When I landed at Ho Chi Minh City in 1996, one dollar was 15,000 Vietnam dong (VND). That time, rupiah was pegged at around Rp2,400. Eighteen years later, one dollar equals to 25,300 VND and Rp15,900. VND gained significantly on rupiah, a reflection of Vietnam’s strong economic performance.
Prabowo-Hashim’s Carbon Credit Talks: Reality Check
President Prabowo Subianto is criticised by civil society for practicing nepotism by appointing brother Hashim Djojohadikusumo as leader of Indonesian delegation at the COP29 in Baku, Azerbaijan. They’re probably not bothered by this, so let’s just talk about what they promised on the carbon credit issue.
Indosat’s AI Drive
Shares of telecommunication firm PT Indosat Ooredoo Hutchison Tbk (ISAT) ended 1.82% higher to Rp2,240 on Thursday (Nov 14) to make market capitalization Rp72.24 trillion as some responded positively the company’s drive to artificial intelligence (AI) sphere.
A discrepancy between Hashim & Sri Mulyani statements
Sri Mulyani Indrawati, minister of finance, admitted to lawmakers on Wednesday (Nov 13) that the country will unlikely achieve its full year target of tax collections due to slowdown of the global and domestic economy.
The National Economic Council
President Prabowo Subianto installed seven deputy chief and members of the National Economic Council (DEN) early last week. Post-reform governments established DEN in various forms. Gus Dur (Abdurrahman Wahid) had DEN, while SBY with the National Economic Committee (KEN) and Jokowi with the National Economic and Industry Committee (KEIN).
How about Pan Brothers?
Forget about Sritex (SRIL) for a while. The company is on the brink of sending more workers home because of uncertainties surrounding management following the court’s decision to declare Sritex bankrupt. Some business groups have turned down offers to acquire portion of Sritex assets.
Telkom + FlexTV
Shares of Telkom Indonesia (TLKM) ended further down by 0.8% to Rp2,580 on Wednesday (Nov 13) to make a market capitalization of Rp255.6 trillion. That means the stock already lost 9% this month despite news about initiatives to grow the content business.
‘Bailing out’ Sritex tests Prabowo
Emanuel Ebenezer Gerungan, leader of Prabowo’s volunteer group who is vice minister of manpower, summoned Iwan Lukminto, chairman of Sritex Group, to Jakarta this morning demanding clarification of reports about mass layoffs. Ebenezer was the one visiting Sritex facilities in Solo, Central Java before Prabowo ordered some cabinet members to ‘save’ Sritex.
Downfall of F&B retailers (4): MAP Boga (Starbucks)
Boycott by some consumers because Starbucks is linked to Israel might only be one factors behind downfall of MAP Boga Adiperkasa (MAPB), subsidiary of retailer giant PT Mitra Adiperkasa Tbk (MAPI). Shares of MAPB were last traded at Rp1,430, already way below initial public offering (IPO) price in June 2017 (Rp1,680 per share).