Some people still questioned the importance of moving the capital city from Jakarta to Nusantara in Penajam Paser Utara (PPU) regency, East Kalimantan province. President Joko ‘Jokowi’ Widodo, however, is determined to make it happen because it could be his main legacy, something his predecessors failed to materialize. 

For the first time, Indonesia booked trade surplus in non oil and gas products with China. Data from the Central Bureau of Statistics (BPS) pointed to US$130 million trade surplus (non oil and gas only) with China in the first ten months of 2023 against deficit of US$4.1 billion in the corresponding period last year.

Competition between digital banks is getting tighter after the entry of new technology-based banks this year. As competition for digital banks intensifies, promotional costs also increase. Almost all digital banks recorded an increase in their promotional expenses in the third quarter (Q3) of 2023. 

Barito Renewables Energy (BREN), a holding company and part of the Barito Pacific Group owned by Prajogo Pangestu, booked profit attributable to owners of US$84.47 million in the first nine months (9M) to September of 2023, grew 12% year on year (y/y), but substantially smaller than second largest geothermal player PT Pertamina Geothermal Tbk (PGEO).

Coal miner Indo Tambangraya Megah (ITMG), controlled by Banpu Pcl (Thailand), booked profit attributable to owners of US$406 million in the first nine months (9M) to September of 2023, declined 54.6% year on year (y/y), as revenue fell 30.7% y/y to US$1.82 billion.

Shares of Siloam Hospital (SILO) have gained 150% in the past 30 days on speculation about potential acquisition by global investor. Siloam, the largest hospital chain in Indonesia, is now worth Rp32.4 trillion, four times equity.

The Indonesia Stock Exchange (IDX) decided to halt the trading in shares of Salim Group’s Nusantara Infrastructure (META) on Wednesday (November 8), as META will delist its shares. IDX urged META to buy all shares from public investors. META was last traded at Rp238, to make market capitalization of Rp4.1 trillion, 1.24x of its equity.

Oil and gas companies mostly reported strong performance in the first nine months of 2023. Energi Mega Persada (ENRG), controlled by Bakrie Group, however, reported a modest 3.52% growth in net profit. It booked net profit of US$45.69 million, equivalent to Rp707.68 billion, in the first nine month (9M) to September of 2023, grew 3.52% year on year (y/y), helped by lower income tax expenses. 

Cement maker Indocement Tunggal Prakarsa (INTP) said its shareholders Birchwood and Heidelberg Materials AG have made a transaction where Birchwood sold off of its shares in INTP to Heidelberg, an indirect controlling shareholder of INTP.

Coal miner Petrindo Jaya Kreasi (CUAN), which is 85% owned by tycoon Prajogo Pangestu, announced on Tuesday (November 7) that its subsidiary PT Kreasi Jasa Persada (KJP) has on November 7, 2023 signed a conditional share purchase agreement (CSPA), with PT Caraka Reksa Optima (CRO), owned by Haji Romo Nitiyudo Wachjo (Haji Robert), for acquiring 34% shares in Petrosea (PTRO).