LG Energy Solution’s withdrawal from US$7.7 billion Indonesia battery project
South Korea’s battery manufacturer consortium that includes LG Energy Solution, LG Chem, LX International Corp, and other partners has decided to withdraw its US$7.7 billion investment to establish an electric vehicle (EV) battery supply chain in Indonesia. This is another major blow for Indonesian investment after last year’s decision from BASF and Eramet to abort US$2.8 billion nickel project.
Telkom: What went wrong?
Shares of Telkom Indonesia (TLKM), market leader in the telco industry, ended higher by 2.82% to Rp2,550 last Thursday (Apr 17) on broad market sentiment. The company, which is now controlled by the newly established sovereign wealth fund Danantara, reported lacklustre operational and financial performance in the past few years.
Free Meals Embezzlement
Yayasan Media Berkat Nusantara (MBN Foundation), a partner of the free nutritious meal (MBG) program, was recently reported to the police for an alleged embezzlement of funds amounting to nearly a billion rupiah. Ira Mesra Desiawati claimed that the MBN Foundation has not reimbursed a single penny for her expenses in providing food at the SPPG Kalibata kitchen since February. As a response, the National Nutrition Agency (BGN) asked the two parties not to involve the agency in this matter.
Coal: Further corrections
Newcastle thermal coal declined further by 1.3% to US$94.25 per ton, the lowest level since early May 2021, on ample supply and weaker demand in main importing countries, particularly China and India.
AGO mounts pressures on Wilmar
Attorney General’s Office (AGO) has arrested Muhammad Syafei (MSY), head of legal of Wilmar Group, as suspect in the court mafia case related to bribing judges at the Central Jakarta District Court to acquit three companies from corruption charges, including Wilmar Group.
Higher mineral royalties
President Prabowo Subianto has signed Government Regulation No. 19/2005 about royalties on minerals (coal, bauxite, nickel, copper, gold, tin) and their downstream products at the time of substantial price correction in international market.
Escalating inefficiencies
It is increasingly clear that Prabowo administration ignores critics. First on the fat cabinet, followed with more. Instead of focusing on improving existing institutions, this regime tends to create new ones, which only escalate inefficiencies and redundancies in handling social-economic problems.
Economic slowdown indicators
The Central Bureau of Statistics (BPS) will only release export-import data for the first quarter next Tuesday, nearly one week behind normal schedule. Some, however, anticipate weaker reading due to a combination of correction in export commodities and slowdown of domestic economy.
Revisiting Corruption in PGN
The Corruption Eradication Commission (KPK) announced that it was investigating allegations of corruption implicating PT Perusahaan Gas Negara Tbk (PGAS or PGN) back in 2024. It turns out, the process has been escalated to the stage of inquisition and there are already suspects. The public were left wondering for some time until months later when the KPK finally named two suspects in the case, including a former director of PGN. However, there’s been no significant progress since the announcement and we have to wait for nearly a year before the KPK finally arrests the suspects. Meanwhile, there are rumors that the actual target of the investigation was something else. Could the KPK simply be using this case as an entrance to other investigations?
Roblox: A Creative Playground or A Digital Trap?
Few digital platforms have captured the attention of Indonesian children like Roblox. What began as an online gaming platform has now transformed into a global phenomenon — blending entertainment, creativity, and monetization into a virtual world where children are both players and content creators.