Day: January 8, 2024

Luhut v Watchdog Groups: The Verdict

Haris Azhar, the executive director of Lokataru & former coordinator of KontraS, and Fatia Maulidiyanti, the current coordinator of KontraS, are scheduled today (Jan. 8) to hear the verdict from the judges at the East Jakarta Sub District Court (PN) in a defamation case against General (ret) Luhut Binsar Pandjaitan, a powerful member of President Joko “Jokowi” Widodo’s administration. The verdict trial today is truly worth highlighting given the public attention to this case and the implications that may come from the verdict on the 2024 race.

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CUAN-PTRO Acquisition

Coal miner Petrindo Jaya Kreasi (CUAN), owned by tycoon Prajogo Pangestu announced to take over 34% shares in mining contractor Petrosea (PTRO) for Rp940 billion value, or Rp2,741 per share, way below market price of Rp5,550. CUAN, through PT Kreasi Jasa Persada (KJP) purchased PTRO shares from PT Caraka Reksa Optima, owned by Robert Nitiyudo Wachjo or Haji Robert.

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Corporations to Watch: BELI & TPIA

Online shopping mall Blibli.com (PT Global Digital Niaga Tbk/BELI)), owned by Djarum Group, is the e-commerce stock traded above initial public offering (IPO) price. The last quoted price (Rp478) reflected market capitalization of Rp57.7 trillion, more than twice the value of bukalapak.com (Rp22 trillion). 

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Jokowi-Prabowo Meeting

The presidential debate last night is over. However, the dinner meeting between President Joko “Jokowi” Widodo and Minister of Defense Prabowo Subianto, who is a presidential candidate from a coalition led by Gerindra Party, before the debate got more attention than the debate itself. After the meeting with Prabowo, the President also met with Airlangga Hartarto and Zulkifli Hasan, the two key leaders in Prabowo’s coalition.

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EV: Point of no return

Some talk about slowdown of electric vehicle (EV) sales and downfall of EV startups. Others, however, believe correction in sales will be temporary, including early lifting of tax incentives in Germany recently. Falling raw material costs like lithium and nickel will likely cut EV battery costs significantly to boost sales instead.

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