Cigarette maker Gudang Garam (GGRM) was a US$13 billion company in March 2019, but has since lost ground to as low as Rp25,750 today to make a market capitalization of Rp50 trillion (US$3.3 billion) only. Losing nearly US$10 billion of market value in two years clearly hurts, especially looking back at interest from global tobacco players years ago.
Read MoreJakarta will lose its special status once President Joko “Jokowi” Widodo issues a Presidential Decree (Keppres) on the transfer of the position, function, and role of the capital city to IKN Nusantara, the new capital city in East Kalimantan. The province might have its area expanded if the House of Representatives (DPR) accommodates the unification idea of the Jakarta Raya (the Greater Jakarta) in the upcoming revision of Law No. 29/2007.
Read MoreThe Jakarta Governor Anies Baswedan held a wedding ceremony of his daughter for three consecutive days, but we haven’t seen Rizieq Shihab at the wedding. Another thing is, the Governor has yet to visit Rizieq’s residence, unlike two years ago when the latter returned to Indonesia from his self-exile in Saudi Arabia. Why is that?
Read MoreLess than two months ago, the Attorney General’s Office (AGO) announced an investigation into the case related to the Duta Palma, one of the largest plantation business groups controlled by fugitive of the Corruption Eradication Commission (KPK), Surya Darmadi. This week, the AGO announced that they had named two suspects in the case, namely Surya Darmadi and the former Regent of Indragiri Hulu – who is a graft convict, Raja Thamsir Rachman. The AGO also named Surya as suspect on allegation of money laundering.
Read MoreThe legal basis and registration obligations imposed on Private Electronic System Operators (PSE Privat) finally caused mayhem as expected. After the deadline set by the Government was passed towards the end of last week, the Ministry of Communications and Informatics immediately block the access to seven PSEs including online gaming platform, Steam, and PayPal.
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