Month: December 2023

The Terminally Ill Waskita Karya

Dec 5, 2023 |

The problems that PT Waskita Karya (Persero) Tbk (WSKT) must face will not end anytime soon. The company failed to fulfill its obligation and is now on the brink of delisting from the IDX. Entering December 2023, two new PKPU lawsuits were filed against the company, one of which was the latest lawsuit from Bukaka Teknik Utama (BUKK), a company controlled by the family of Jusuf Kalla (former vice president, main supporter of Anies Baswedan—president candidate from Nasdem, PKS, and PKB). We’ve been following the dispute for a while now until Jusuf Kalla, familiarly addressed as JK, recently claimed that a State-owned company has Rp300 billion of debts to his company. In addition to the debt dispute, we also know BUKK director Sofiah Balfas, was named as a suspect in a case of alleged corruption related to Waskita Karya.

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Prabowo-Gibran’s Free Lunch & Milk Program

Prabowo-Gibran’s Free Lunch & Milk Program

Dec 5, 2023 |

Some researchers criticized the free lunch and milk program, one of the flagship programs from Prabowo Subianto and his running mate Gibran Rakabuming Raka, the eldest son of President Joko “Jokowi” Widodo. Prabowo-Gibran and their national campaign team, as we all know, have been busy campaigning for the program in the last few days of the campaign period.

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Short-term pressures on nickel smelters

Dec 5, 2023 |

Lygend Resources & Technology Co Ltd, which is listed on the Hong Kong Stock Exchange (HKSE), informed shareholders late last week that production lines under Phase I and II of the HPAL nickel smelter in Obi Island, Halmahera Island, North Maluku province have reached the annual design capacity.

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The New BNN Chief

The New BNN Chief

Dec 5, 2023 |

Police Insp. Gen. Marthinus Hukom, the commander of the National Police’s Counter-Terrorism Special Detachment (Densus) 88, has been appointed as the new chief of the National Narcotics Agency (BNN). Marthinus is replacing Comr. Gen. (ret) Petrus Reinhard Golose, who has just entered his mandatory retirement age.

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UNTR/Astra Bets More on Nickel

Dec 5, 2023 |

Shares of United Tractors (UNTR)—a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, power generation, and civil construction—ended higher by 1.24% as investors responded positively completion of yet another nickel asset acquisition.

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