Last year was bad enough for state steel producer Krakatau Steel (KRAS) with net loss of US$66.54 million. In the first half of this year, however, the company already recorded US$64.2 million of net losses, surged by 75% from the corresponding period last year.

Continuation of the high-speed train connecting Bandung (West Java) and Surabaya (East Java) is now in the hands of the next administration of Prabowo-Gibran. The project is now in the pre-feasibility study, but it remains to be seen of whether the new government will use different approach.

Indonesia has attracted some major battery and electric vehicles (EV) manufacturers to invest in domestic production, including South Korea’s Hyundai Motor Group and LG Energy Solution which launched the first battery cell production last month. The plant is integrated with Hyundai’s plant where they will produce EVs with Indonesian-made batteries.

Singapore’s Sembcorp Industries, through its subsidiary Sembcorp Development, has signed a memorandum of understanding (MoU) with Panbil Group, a company controlled by Johannes Kennedy Aritonang, to jointly develop two projects of low carbon industrial parks in Batam, Riau Islands.

We all know close relationship between Hashim Djojohadikusumo, brother of president elect Prabowo Subianto, and Nathaniel Rothschild as shown in Hashim’s support for Rothschild in the fight to control Bumi Resources (BUMI), the largest coal mining company in Indonesia, which is now co-owned by Bakrie and Salim groups.

Arthaloka was among the first high-rise properties in the famous Sudirman Street, Jakarta. Many years ago, Rudy Pamaputera as CEO of PT Mahkota Real Estate wrote a letter to President Joko ‘Jokowi’ Widodo regarding dispute over the land where Arthaloka was located.

Young population and growing senior citizens continue to support growth of diapers in the country. Competition in the industry has intensified, but Uni-Charm (Japanese-controlled player) recorded a decent Rp435 billion of net profit last year, jumped from Rp313 billion in 2022.

Indonesia welcomed 1.17 million visits of foreigners in June, which increased by 2.06% compared to May 2024. It means that the country has welcomed 6.41 million visits in the six months of 2024, an increase of 21.02% from the corresponding period last year. The total number of foreign tourist visits during this period was the highest since the Covid-19 pandemic in 2020.

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.