A convenient pause? The curious convergence of MBG narratives
The debate surrounding Free Nutritious Meals (MBG) program has entered a new phase. What makes it intriguing is not merely the criticism itself, but the striking convergence of narratives emerging from two seemingly different actors: Muhammadiyah and the National Nutrition Agency (BGN).
Lotte Chemical digs deeper for Indonesian asset
Lotte Chemical Indonesia (LCI), a subsidiary of Lotte Chemical Titan Holding Berhad, has secured KRW451.74 billion loan from its major shareholder Lotte Chemical Corporation (LCC) for supporting LCI’s repayment of its existing facility borrowings, including export credit agency (ECA) loans, as well as for general liquidity management purposes.
Nickel production cut: Asymmetric impact
Nickel gained 0.8% to US$17,955 per ton on the London Metal Exchange (LME) Tuesday (Jun 16) due to falling US dollar and tight supply from Indonesia’s production cut. The commodity gained 20.2% year-on-year, but provided asymmetric impact to nickel players in the country.
Scaling back coal production cut
Bahlil Lahadalia, minister of energy & mineral resources, glorified his policy in cutting coal production behind the global price hike. Newcastle thermal coal is now traded around US$146.3 per ton, jumped 38% year-on-year, but Indonesia’s export revenues dropped 3.54% to US$10.14 billion in the first four months of the year.
Back to domestic issues
Foreign investors returned to net sell position on Monday (Jun 15), whilst small, but composite index of IDX (IHSG/JCI) advanced 4.12% on US-Iran peace deal. Rupiah also gained more grounds as US dollar weakened against most currencies.
Global pressures eased off, less incentive to change
Composite index of IDX (IHSG/JCI) opened higher by 3.8% Monday (Jun 15) morning, while rupiah appreciated further to Rp17,716 per US dollar on US-Iran peace deal. While details of the deal are not available, Brent crude oil futures dropped further by 4.7% to US$83.3 per barrel.
Behind Closed Doors at Kertanegara
President Prabowo Subianto’s recent closed-door meeting at his private residence in Kertanegara has raised important questions about the direction of policymaking in Indonesia. The gathering brought together several influential figures in the administration, including Investment and Downstreaming Minister Rosan Roeslani, Energy and Mineral Resources Minister Bahlil Lahadalia, Chairman of the National Economic Council Purbaya Yudhi Sadewa, Higher Education Minister Brian Yuliarto, Deputy Minister of State-Owned Enterprises Dony Oskaria, Cabinet Secretary Teddy Indra Wijaya, and State Secretary Prasetyo Hadi.
Anthropic Suspension Controversy
The sudden suspension of Anthropic’s newest AI models, Fable 5 and Mythos 5, marks a turning point in the global technology race. Only days after launch, the US government ordered Anthropic to block access to the models for foreign nationals, citing national security concerns. Anthropic responded by disabling the models globally, arguing that selective enforcement was practically impossible.
IPO to Watch: INACO
PT Niramas Utama Tbk (JELI), famous with its INACO brand, is currently launching an initial public offering (IPO) of 350 million shares to raise up to Rp392 billion. The company plans to use vast majority of proceeds to expand into gummy candy business.
Sujaka Lays & The absence of market authorities
Shares of Black Diamond Resources (COAL), a company controlled by Sujaka Lays, ended substantially lower by 8.1% to Rp34 on Friday (Jun 12), not even one-tenth of its peak (Rp525) after initial public offering (IPO) less than three years ago.