Ancora Resources (OKAS), controlled by former banker and trade minister Gita Wirjawan, has been ‘forced’ to issue new shares to settle the US$12.358 million loans due to Island Spice Investments Ltd (ISIL). With current market capitalization of US$15.4 million only, Gita’s Ancora Group will see substantial dilution of ownership.

China’s BYD, the world’s largest manufacturer of electric vehicles (EVs), currently has a market capitalization of US$105 billion, twice of USA’s General Motors Co (US$56 billion) as automobile electrification passed the point of no return. Sales of EVs in China, Europe, and, even the slow-start USA, continues to take away the market from combustion engine. 

Minister of Trade, Zulkifli Hasan, on Tuesday (July 11) visited PT Hyundai Motor Manufacturing Indonesia (HMMI) in Cikarang, Bekasi Regency, West Java, where he supported HMMI’s plan to boost investment in electric car. HMMI is a foreign investment company developed with strong support from the Government of Indonesia and the Republic of Korea.

After almost 12 years of development, the 61.6 KM Cileunyi (Bandung)-Sumedang-Dawuan (Cisumdawu) toll road finally entered full commercial operation. Inaugurated by President Joko ‘Jokowi’ Widodo on Tuesday (Jul 11), the toll road is key to full commercial operation of the underutilized Kertajati international airport. 

Ministry of public works and housing plans to auction off development of six toll road projects next year with estimated investment above US$3 billion, including the most anticipated toll road connecting the famous Puncak tourism area in Bogor, West Java. 

Industry Minister Agus Gumiwang Kartasasmita discussed new cooperation in the industrial sector during a recent meeting with the Chinese Minister of Industry and Information Technology (MIIT) Jin Zhuanglong. The meeting paves the way for more and bigger China investments in petrochemicals, new energy vehicles, and even photovoltaics.

Indonesia hosts the world’s largest nickel resources, while Australia controls the biggest reserves of lithium. China, the world’s largest producer of electric vehicle (EV), is in the mix because of its dominant position in the nickel-EV chain, but has a more complicated trade relations with Australia.

Indonesia welcomed 997,432 visits of foreign tourists in May 2023, an increase of 9.21% from April. It yet to return to pre-pandemic level (1.2 million in May 2019), but getting closer to full recovery with stronger growth of Chinese tourists (+16.3% month-on-month). 

On January 21, 2016, President Joko ‘Jokowi’ Widodo promised West Java governor Ridwan Kamil to support the development of light-rail transit (LRT) in Greater Bandung area, which will be connected to the Jakarta-Bandung high-speed train (HST). That was the groundbreaking day of HST construction.