Hashim Effect
So, Hashim Djojohadikusumo, brother of President Prabowo Subianto, has officially been appointed chairman of ICT infrastructure company Solusi Sinergi Digital (WIFI). The shares ended slightly lower by 0.31% to Rp1,600 on Wednesday (Jul 1) to make a market cap of Rp8.5 trillion.
Going downhill (2)
Rupiah opened lower at Rp18,026 per USD this morning on more depressing news. Indonesia dropped significantly in the World Competitiveness Ranking 2026 to 48th out of 70 countries, below the Philippines (47), Vietnam (27), and Malaysia (15). The country’s manufacturing PMI for June, meanwhile, fell to 46.9, the deepest contraction year-to-date.
Lackluster tourism growth
Indonesia welcomed 1.38 million foreign tourists in May, an increase of 10.7% from the previous month, but 5.83% growth only year-on-year. Vietnam, in the meantime, welcomed 1.78 million tourists in the same month with 17% growth year-on-year.
Indonesia turns to trade deficit
For the first time in many years, Indonesia recorded trade deficit of US$1.61 billion in May 2026 due to 5.7% decline in export, while import surged by 22.2%. That doesn’t help in the context of rupiah, which has been under pressure for several months now.
The Nadiem verdict and the dangerous precedent for public policy
On Tuesday, Corruption Court handed former education minister Nadiem Makarim a 10-year prison sentence over the procurement of Chromebook laptops during the pandemic. The ruling immediately became one of the most consequential corruption verdicts in recent years—not only because it involved one of Indonesia’s most recognizable technology entrepreneurs, but because of the legal principles the court chose to establish.
The Controversy of Cybersecurity Draft Bill
The latest Cybersecurity and Cyber Resilience Bill (RUU KKS) has reignited a familiar dilemma: how can the state strengthen its cyber defenses without expanding its power to monitor citizens? The controversy is not about whether Indonesia needs a cybersecurity law. It unquestionably does. The real debate is whether several provisions in the bill grant authorities broad surveillance powers without providing equally robust safeguards against abuse.
Political party involvement in MBG
Recently, the PDIP Central Leadership Council sent an official letter to the National Nutrition Agency (BGN), requesting data on the involvement of its cadres in managing SPPG kitchens. The request was presented as part of the party’s internal discipline efforts, following an earlier warning to its members against using the MBG program as a means of financial gain.
Hillcon’s downfall & the doubtful accounts (2)
Coal and mining contractor Hillcon (HILL) finally released its first quarter 2026 financial report. The company reported net loss of Rp294.4 billion in the quarter against profit of Rp2.7 billion in the corresponding period last year. What happened?
Where’s the bottom?
Composite index of IDX (IHSG/JCI), which collapsed 3.05% on Tuesday (Jun 30), and rupiah might be affected by the release of some economic data by the Central Bureau of Statistics (BPS) today. They include export-import and tourism for May 2026.
Gaurav Srivastava, Hashim & Prabowo (3)
In the lawsuit filed by Niels Troost, a Dutch-based oil trader, against The Arkin Group and Victoria Kataoka, to the US District Court for the Southern District of New York last year, the plaintiff (Niels) inserted a photograph of Hashim Djojohadikusumo (President Prabowo’s brother), Gaurav Srivastava (former business partner accused as a fake CIA operative).