Shares of Chandra Asri (TPIA), the largest petrochemical company in Indonesia, ended higher by 1.81% on Thursday (Aug 1) even when the company reported net loss of US$47.5 million in the first half of 2024, skyrocketed from loss of less than one million dollars in the corresponding period last year.

Iron and steel (HS 72) has taken over palm oil as the second largest export commodity from Indonesia in the first half of 2024 with US$12.56 billion, down slightly by 2.82% from the corresponding period last year. If combined with nickel (HS 75) and gold (HS 71), basic metal processing has actually become the largest export, significantly bigger than coal.

Shares of Mayapada Hospital (SRAJ) have skyrocketed from Rp218 last December to as high as Rp2,290 this week on speculations about the entry of strategic investor following what happened at Siloam Hospital (SILO). 

Pretty much like in the past (during Soeharto years) in the development of industrial estates, the governments after the reform granted out more special economic zones (SEZs) to their cronies.

State aluminum firm PT Indonesia Asahan Aluminium or INALUM, subsidiary of MIND ID (holding company for state mining companies), has appointed Ilhamsyah Mahendra as the new President Director, replacing Danny Praditya, a suspect on corruption in PT Perusahaan Gas Negara (PGAS or PGN) where he served as Commercial Director before assuming duties as Managing Director of Inalum. Danny was appointed as President Director of INALUM in 2023. Ilhamsyah’s appointment as President Director of INALUM is a decision taken after the Annual General Meeting of Shareholders on Tuesday (July 16).

Indonesia needs more investment in tourism infrastructure in order to balance the dominant hospitality sector and stimulate tourism growth. The industry yet to fully recover from the Covid-19 pandemic, but investors continue to pledge more in the sector.

The new capital city (IKN) Nusantara or Jokowiland is claimed the single largest construction project in the world. By far, Jokowi administration already spent US$5 billion. The project, which seems everything for Jokowi, was expected to drive up demand for construction materials. Unfortunately, that’s not the case for the country’s ceramic industry.

As of last week, the government has spent Rp83.4 trillion or US$5 billion for the new capital city (IKN) Nusantara in Penajam Paser Utara regency, East Kalimantan province. This is actually the total amount of money from the State Budget needed to build Nusantara until 2045, while the biggest chunk (80%) from the Rp400 trillion shall be sourced from the private sector.

Today is a big day in the world of electric vehicle (EV). Members of European Union (EU) are set to vote on imposing provisional tariffs, up to 37.6%, on Chinese-made EVs. Germany, the largest automotive player in EU, is said to abstain from the vote, worrying about potential retaliation because a third of German carmakers sales were made in China.