Xanh SM, which claims the only pure EV ride-hailing app in Vietnam, has entered Indonesian taxi market to challenge GoCar, GrabCar, and the conventional taxi company Blue Bird (BIRD). Started out in Jakarta, the largest city in the country, Xanh SM targets Bali Island and other big cities. 

Shares of Bank INA Perdana (BINA), controlled by Anthoni Salim (Salim Group), ended higher by 1.67% to Rp4,270 Wednesday (Mar 5) on broad market sentiment. BINA has gained more than 400% in the past four years on speculation that Salim, which once controlled Bank Central Asia (BBCA, currently the largest by market cap), would grow a digital bank. 

Bayan Resources (BYAN) is among the largest and most profitable coal miners in Indonesia. In the past two years alone the company paid out US$2.6 billion of cash dividends to its shareholders, bigger than cash dividend paid out by Widjaja Family’s Golden Energy Mines (GEMS) in the past five years (US$1.77 billion). 

Shares of Golden Energy Mines (GEMS), controlled by Widjaja Family (Sinarmas Group), ended higher by 1.8% to Rp8,525 on Wednesday (Mar 5) as investors responded positively the company’s financial resilience amidst downfall of thermal coal prices. 

Three cabinet members, insolvency curator, and coordinator of the Sritex workers union appeared in a joint press statement Monday (Mar 3). The government has offered over 10,000 laid-off Sritex workers reemployment in two weeks after the troubled textile and garment company ceased its operation on March 1st. 

Shares of Pantai Indah Kapuk Dua/PIK-2 (PANI) ended higher by 5.9% to Rp11,650 on Monday for broader market recovery. Speculative trading continued as PIK-2 released its full year 2024 financials.

We have talked about coal gasification projects for more than two decades now. When Jokowi kicked off the US$2.1 billion coal-to-dimethyl ether (DME) project few years ago, some were thrilled until USA’s Air Products Inc pulled out from the project because the economics were doubtful.

Minister of state-owned enterprises has appointed Maroef Sjamsoeddin, brother of Sjafrie Sjamsoeddin, minister of defence, new president director/CEO of MIND ID, one of companies to be consolidated into the newly established ‘sovereign wealth fund’ Danantara.

The government is reportedly planning a major reshuffle of the board of commissioners and directors of State-Owned Enterprises (SOEs) in March 2025. This information was obtained from an interview with a ministry official, who stated that this move aims to accommodate political interests, particularly in the distribution of power among the Koalisi Merah Putih coalition parties.