The court hearing in the case implicating former executives of state oil and gas company Pertamina and oil ‘godfather’ Riza Chalid on Monday (Oct 27) was interesting for many reasons, but mainly because of the appearance of Karen Agustiawan, former chief executive officer (CEO) of the company.

When Finance Minister Purbaya Yudhi Sadewa announced that he had “recruited local hackers” to fix the government’s Coretax system, it sounded like the plot twist of a cyber-thriller. On the surface, his decision seems bold and refreshing: a hands-on approach that values local talent and cuts through bureaucratic inertia. But beneath that headline-worthy statement lies a more complex policy question — about governance, ethics, and the optics of how the state manages digital infrastructure and taxpayer trust.

State owned gold trader and nickel producer Aneka Tambang (ANTM) booked net profit of Rp5.98 trillion in Jan-Sep 2025, surged by 171% from the corresponding period last year, but mostly due to gold rush in the first half of the year. The third quarter performance was significantly slower than the first two quarters.

The troubled state steel manufacturer Krakatau Steel (KRAS) booked net profit of US$22.2 million in the first nine months of 2025 against loss of US$185.2 million in the corresponding period last year, but mostly attributable to non-cash gains from debt restructuring and foreign exchange translation. 

PT Sarimelati Kencana Tbk (PZZA), operator of Pizza Hut outlets, booked net profit of Rp15.9 billion only from sales revenue of Rp2.27 trillion in the first nine months of 2025 despite efficiency measures, including downsize of workforce.

Shares of pharmaceutical company Kalbe Farma (KLBF), the largest in the country, ended higher by 4.1% Monday (Oct 27) as investors responded positively the company’s stronger year-on-year performance in the third quarter.

Compared to the first two quarters of the year, tire manufacturer Gajah Tunggal (GJTL) actually reported higher monthly average sales in the third quarter. Compared to the same period last year, however, the third quarter was significantly weaker.

Shares of Chandra Asri Pacific (TPIA) ended higher by 1.75% to Rp7,275 on Friday (Oct 27) as some investors responded positively the company’s entry into retail oil and gas business. 

Pertamina Geothermal (PGEO) has just released its financial report for the period ended September 30, 2025 where its net profit dropped 22.2% to US$104.3 million despite higher sales revenue growth.

When PT Solusi Sinergi Digital Tbk (WIFI) or SURGE — announced its latest partnership with Huawei Indonesia to deliver 5G Fixed Wireless Access (FWA) solutions, beneath the glossy language of digital inclusion lies a familiar political economy. Indonesia’s broadband expansion has long been less about technology and more about access to power — who gets the license, who brings the foreign partner, and who benefits from the rent that follows.