Quiet (mass) layoffs (4)
Maybank Indonesia Group, which consists of Bank Maybank (BNII), Maybank Finance (BIIF), and WOM Finance (WOMF), reduced its workforce significantly last year. Panin Group, which controls Bank Panin (PNBN), Clipan Finance (CFIN), Panin Sekuritas, and Panin Sharia (PNBS), also took similar steps without significant noise in the media.
Canva’s motion bet could redraw creative labor market
Canva’s latest acquisitions—Cavalry, a professional motion graphics software, and MangoAI, an artificial intelligence marketing optimization startup—may appear as routine product expansion. In Indonesia, however, they signal something far more consequential: a structural shift in the country’s creative labor market.
The Procurement of official Cars: Necessity or Luxury?
The plan to procure an official car worth Rp 8.5 billion for the Governor of East Kalimantan, Rudy Mas’ud, has triggered strong public backlash. It raises a question about the invocation of “the dignity of the province” as justification: can such dignity be measured by the price tag and prestige of the vehicle assigned to its high-ranking officials? Or does this reflect yet another instance of self-indulgence, dressed up as an effort to enhance performance?
Sudden rise of Ekalya
Logistic company PT Pelayaran Nasional Ekalya Purnamasari Tbk (ELPI) advanced further by 4% to Rp2,600 on Tuesday (Feb 24) to make a market capitalization of Rp19.3 trillion, more than three times of Samudera Indonesia (SMDR).
Further consolidation in consumer financing industry
Adira Dinamika Multi Finance (ADMF) acquired smaller player PT Arthaasia Finance for Rp1 trillion last year following acquisition of Mandala Finance in 2024. The acquisitions led to dismissal of thousands of workers.
Modern retail vs Prabowo’s Co-ops
Minister of trade affairs Budi Santoso said on Tuesday (Feb 24) that he would seek explanation from minister of village affairs Yandri Susanto regarding the later’s controversial statement about the importance to stop expansion of modern retailers like Alfamart and Indomaret, giving way to the growth of President Prabowo’s Red-and-White Village Cooperatives (KDMP).
Nickel production cut: Further pressure on Hillcon
Local media in North Maluku province quoted NGO leader last week that PT Hillcon Jaya Sakti, subsidiary of Hillcon (HILL), refused to pay salary of 700 workers since December 2025. It is not clear whether this is related to substantial cut of production quota granted to PT Weda Bay Nickel (WBN), the largest nickel miner in the country.
Quiet layoffs (3)
Noises surrounding layoffs at Mie Sedap, instant noodle brand controlled by Wings Food, invited politicians to mount pressures leading to temporary stoppage of workforce downsizing. Most others, especially those listed on the Indonesia Stock Exchange (IDX), managed to reduce workforce quietly.
Digital banks, so far (1): AlloBank
Shares of AlloBank (BBHI), controlled by Chairul Tanjung (CT Corpora), moved in narrow range this morning even when the digital bank reported 22.9% growth in net profit to Rp574 billion last year.
Oto Multiartha vs Astra Otoparts
PT Oto Multiartha, an automotive financing company, posted net loss of Rp1.91 trillion last year against profit of Rp53.5 billion in 2024. Automotive component company Astra Otoparts (AUTO), on the other hand, reported 8.5% increase in net profit to Rp2.2 trillion last year. Why the contrast?