Rupiah’s new normal

Apr 6, 2026 | Market

Rupiah is traded at Rp17,019 per USD this morning, while composite index of Indonesia Stock Exchange/IDX (IHSG) opened lower by 0.73% to 6,975. Compared to Japan’s Yen or India’s Rupee, which depreciated 8% each against the greenback, Rupiah actually lost only 0.86%...

IT sector financial performance

Apr 6, 2026 | Market

Listed IT companies posted broadly positive earnings in 2025. But a closer reading of their financial statements suggests a more complicated story: growth is no longer about selling more—it is about selling differently. Take PT Anabatic Technologies Tbk. On paper, its...

Too fast to regulate, too slow to understand

Apr 6, 2026 | Law, Market

Digital governance is entering a new phase—more assertive, more interventionist, and increasingly centralized. But two recent policies from the Ministry of Communication and Digital Affairs (Komdigi) reveal a troubling contradiction: the state is moving faster to...

Delayed justice or calculated timing?

Apr 6, 2026 | Law

When does a lie become dangerous enough to prosecute? Not when it is first uttered—but when it is believed. That distinction sits at the heart of Jusuf Kalla’s decision to report Rismon Sianipar to the police over allegations that he funded a controversial campaign...

Sari Roti & Mr Bread

Apr 6, 2026 | Market

Shares of Nippon Indosari Corpindo (ROTI), producer of mass bread Sari Roti, ended flat at Rp750 last week to make a market capitalization of Rp4.64 trillion or 2.3 x equity. The market leader reported 4.4% decline in sales revenues to Rp3.76 trillion, among others...

Kimia Farma & Prabowo’s KDMP

Apr 6, 2026 | Market

Danantara, which claimed itself a sovereign wealth fund, had injected shareholders loan of Rp846 billion to the troubled state pharmaceutical firm Kimia Farma (KAEF) late last year. At the same time, President Prabowo geared up development of village cooperatives...

Reality check on the overtly inflated Impack Pratama

Apr 6, 2026 | Industries, Market

Haryanto Tjiptodihardjo, controlling owner of plastic processor PT Impack Pratama Tbk (IMPC), was listed 11th richest Indonesian by Forbes magazine in 2025 ahead of real rich persons like Lim Haryanto (Harita Group), TP Rachmat (Triputra Group), and even Sukanto...

Danny Nugroho is another exception

Apr 3, 2026 | Market

Shares of Capital Financial Indonesia (CASA), controlled by Danny Nugroho, ended lower by 0.37% to Rp1,330 on Thursday (Apr 2). That means the stock declined only by 15.3% since late January, while other junk stocks have retreated by more than 50%.  At the last quoted...

The worst may yet to come

Apr 3, 2026 | Market

Brent crude oil futures soared 7.9% to US$109.16 per barrel Thursday (Apr 2), but Dated Brent, the price of actually shipments bought and sold in the North Sea (60% of the world’s traded crude oil) reached US$141.37 per barrel, the highest since 2008. Bloomberg...

Mass (quiet) layoffs (17)

Apr 2, 2026 | Market

Financial report of state steel manufacturer PT Krakatau Steel Tbk (KRAS) pointed to ‘dismissal’ of 815 workers or 20% of the company’s total workforce last year as the company struggled with squeezed margins.  Ceramic manufacturer Keramika Indonesia Asosiasi (KIAS),...