Statement from Muliaman Hadad, deputy chairman supervisory board of the newly launched sovereign wealth fund Danantara, that Tony Blair (former UK prime minister) and Ray Dalio (founder of fund management company Bridgewater Associates) will join the board of advisors failed to prevent further correction in stocks of state companies listed on the Indonesia Stock Exchange (IDX).

RANS Nusantara Hebat has announced a temporary shutdown through its social media account on Tuesday (25/02). This culinary business was established by the celebrity couple Raffi Ahmad (now President Prabowo’s special envoy) and Nagita Slavina in collaboration with Kaesang Pangarep, the youngest son of Joko Widodo. Last year, RANS Nusantara Hebat became the talk of the town for low visitor numbers as seen in a viral post after only 6 months of operation. Now, with the announcement, people begin to wonder what has actually happened behind the scenes.

The recent visit of Dutch football legend Patrick Kluivert to the headquarters of Dewa United has caught public attention. His presence is said to be part of a collaboration aimed at developing Indonesian football, particularly in youth player training. However, beneath this positive spotlight lies an irony that is hard to ignore: both Kluivert and Tommy Hermawan Lo, the owner of Dewa United, have been previously linked to online gambling.

Some people claiming themselves Forum Pekerja Jasa Penagihan (a forum of workers in debt collection service) stated a protest at Kredivo’s headquarter few weeks ago. They claimed around Rp1 billion of unpaid compensation from Kredivo.

Some economists have warned the government to increase transparency in this year’s budget cut (US$20 billion) amidst confusing statements from President Prabowo and his inner circle about what to do with the ‘savings’.

Indo Tambangraya Megah (ITMG), coal miner controlled by Thailand’s Banpu Plc, booked net profit of US$374 million last year, down 25% from 2023 due to squeezed operating margins from falling price of thermal coal and higher operating costs. 

Disappeared from public discussions for quite sometime, President Prabowo Subianto has ordered Agus Harimurti Yudhoyono (AHY), coordinating minister for infrastructure, to build the giant sea wall (GSW) in the north shore of Java Island. Prabowo claimed fund for the project (US$50 billion) is ready. Really?

Shares of Vale Indonesia (INCO), pioneer of nickel smelting in Indonesia, ended substantially lower by 6.5% to Rp2,750 on Tuesday (Feb 25) as investors responded negatively the company’s financial performance in 2024. 

It is almost four months since President Prabowo Subianto sworn in Muliaman Hadad as chief of the sovereign wealth fund Danantara (recently replaced by Rosan P Roeslani, who is maintained as minister of investments), but state companies listed on the Indonesia Stock Exchange (IDX) have yet to inform minority shareholders about what Danantara means to their operations and outlook. 

Hours after officially launching the sovereign wealth fund Danantara, President Prabowo held a meeting with leaders of Danantara, minister of state-owned enterprises, head of the National Nutrition Agency (BGN), and CEO of PT Agrinas, a company established by a foundation controlled by ministry of defence (but filled with Gerindra politicians) on Monday (Feb 24) afternoon.