By the end of Jokowi’s term in late October 2024, the government might have spent Rp72.8 trillion or US$4.7 billion for the new capital city Nusantara with funds from State Budget 2022, 2023, and 2024. The same amount would be enough to build major public universities or hospitals in the capital city of 34 provinces.
Read MoreUnited Tractors (UNTR)—a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, power generation, and civil construction—has added some new businesses in the past few years, particularly nickel and renewable energy. The most recent is acquisition of geothermal business of PT Supreme Energy Sriwijaya (SES) by subsidiary PT Energia Prima Nusantara (EPN).
Read MoreGovernment has raised the excise rate on tobacco products by 10%, effective on January 1, 2024. This would lead to higher selling price of cigarettes, put pressure on people’s purchasing power, and potentially lower profit margin for producers.
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