Coal production cut: Gain or pain?
Newcastle thermal coal inched up 0.52% to US$116.7 per ton last Friday (Feb 13), reflecting 13.6% gain year-on-year. Indonesian government’s plan to curt coal production, and, accordingly, export might have contributed to the recent rally, but mid-long term outlook of the commodity remains unchanged.
Nickel retreats
Nickel soared close to US$19,000 per ton in mid January to respond Indonesian government’s plan to cut work plan and budget (RKAB) of nickel miners, but has since retreated to as low as US$16,889 this morning.
Whoops! Purbaya sidelined?
Prasetyo Hadi, minister of State secretary, told the press on February 12 that President Prabowo Subianto had decided to use the State Budget to pay interest and principal of the loans of fast-train Whoosh!
When the world’s most popular mobile game changes hands
Media outlet reporterd that ByteDance is negotiating the sale of Moonton, the developer of Mobile Legends: Bang Bang, for between US$6 billion and US$7 billion. For Indonesia, this is not just another global tech deal. It is a reminder of how deeply the country’s digital entertainment economy depends on foreign intellectual property.
Compliance kills entrepreneurship
Indonesia has spent the past decade promoting formalization as the cure for its vast informal economy. From the Job Creation Law to the introduction of one-person limited liability companies, policymakers promised that starting a business would become cheaper, faster and easier. For micro, small and medium enterprises (MSMEs) and early-stage startups, the message was clear: formalize, and the state will support you.
When cooperatives meet the barracks
The Red and White Cooperative, is increasingly shaped by an unusual actor: the military. What began as a state-driven effort to accelerate rural logistics and food distribution has now openly enlisted the Indonesian Military (TNI), including its territorial apparatus, to help establish cooperatives across villages. The justification is efficiency. The consequence, however, may be far more political.
Bigger losses in fourth quarter for XLSmart Telecom
Shares of XLSmart Telecom (EXCL), a joint venture between Axiata Group and Sinarmas (Widjaja Family) opened lower by 2% to Rp2,950 this morning as investors responded to financial report for full year of 2025, where the company posted net loss of Rp4.43 trillion.
Inflated/Manipulated Stocks: Impack Pratama
Shares of plastic processor PT Impack Pratama Industri Tbk (IMPC) opened lower by 1.4% to Rp2,190 this morning. While the stock has lost nearly 50% from its peak, the last quoted price reflected PE multiple 190 on annualized earnings in Jan-Sep 2025, one of the most expensive stocks in the market.
The hidden danger in revising financial law
Barely three years after its passage, Omnibus Law on Financial Sector Development and Strengthening Law (UU P2SK) is already under revision. On the surface, the move appears technical, meant to follow up on a Constitutional Court ruling and clarify certain provisions. But beneath the procedural language lies a far more consequential issue: the growing risk of politicizing Bank Indonesia.
Will Purbaya change policy on multinationals’ royalty & service fees? Unilever Case
Finance minister Purbaya Yudhi Sadewa pledged to keep the budget deficit below 3% GDP this year. That means he has to significantly grow revenue side of the budget because slashing spending would compromise his ambition to record a 6% GDP growth.