Medco Energi (MEDC) and Bakrie Group’s Energi Mega Persada (ENRG) are two of the largest Indonesian-owned oil and gas companies behind state company Pertamina. Medco, controlled by Panigoro Family, generated US$1.76 billion of revenues in the first nine months of 2025, while ENRG posted US$361.4 million.

Finance minister Purbaya Yudhi Sadewa gained more popularity recently because of his statements to fight the mafias in various sectors, which he believed had led to lower State revenues. He mentioned some sectors, including garment/textile and iron/steel, but yet to ‘touch’ mining industry.

Indonesia booked trade surplus of US$4.34 billion in September 2025, down from August, but far above the same month last year. Combined, the country enjoyed trade surplus of US$33.5 billion in the first nine months of 2025, surged by 50% from the corresponding period last year.

Trimegah Bangun Persada (NCKL) or Harita Nickel booked net profit of Rp6.45 trillion in Jan-Sep 2025, an increase of 33% from the corresponding period last year. Vale Indonesia (INCO), meanwhile, posted an increase of 8.4% in net profit, but mostly attributable to non-cash gain in derivative assets.

Cita Mineral (CITA), the largest bauxite miner and co-owner of the country’s first smelter grade alumina (SGA), booked net profit of Rp2.03 trillion in Jan-Sep 20225, grew by 31% from the corresponding period last year. Third quarter, however, was significantly weaker than the first half. 

Astra International (ASII), one of the largest employers in the country, recorded total workforce of 197,867 people by September 30, 2025, down 2,207 from December 2024. Nothing compared to Gudang Garam, which dismissed 4,863 workers in the same period last year, but can’t be taken lightly.

A few days ago, a British newspaper, The Guardian, published an article about IKN in danger of becoming a ghost town. In response to the bad press, IKN Authority stated that the development is now entering phase II, which will focus on legislative and judicial areas, with the recruitment of around 20,000 construction workers. The construction is scheduled for November and targeted for completion within only 25 months.

The Bali Provincial Legislative Council (DPRD Bali) has recently approved a draft bylaw (Raperda) regulating app-based tourism transportation, known as the Raperda Penyelenggaraan Layanan Angkutan Sewa Khusus Pariwisata Berbasis Aplikasi. The proposed regulation seeks to mandate that all online drivers serving tourists in Bali hold local identification (KTP Bali) and operate vehicles registered with Balinese license plates (DK).

The Ning King, one of prominent businessmen in the country, has passed away in Singapore at 94 years old. He leaves behind a group with interest in property and logistics, including township developer Alam Sutera (ASRI). 

Shares of Gudang Garam (GGRM), second largest cigarette producer, ended significantly higher by 11.6% last Friday (Oct 31) as investors responded positively the company’s financial performance in the third quarter of the year, thanks to, among others, substantial decline in labour costs related to dismissal of almost 5,000 workers.