President Prabowo Subianto led a limited cabinet meeting at his private residence in Hambalang, Bogor, West Java on Sunday (Nov 23) to discuss progress and action plans from the powerful Satgas PKH, a multi-agency task force seizing lots of assets in mining and plantation sector in the past few months.

Shares of Akora Hydro (ARKO), operator of some hydropower plants, surged 18.8% on Friday (Nov 21) to make a market capitalization of Rp7.8 trillion as investors were upbeat with progress of some projects under construction.

The merger process between Hary Tanoesoedibjo’s MNC Bank and Lippo’s Bank Nationalnobu has reportedly been terminated. The Financial Services Authority (OJK), as media reported, has confirmed the information regarding the merger plan between PT Bank National Nobu Tbk (NOBU) and PT Bank MNC Internasional Tbk (BABP) which was initially announced in late 2022. 

It all started with President Prabowo’s speech at last year’s G-20 Summit in Rio de Janeiro, when he announced to the global community about implementation of mandatory biodiesel 50% (B50) this year. Ministry of energy & mineral resources is now scheduled to start road test for B50 next week despite growing opposition from consumers.

Indonesia’s wealthiest business families are facing unprecedented pressure. Over the past year, major conglomerates have seen assets seized, investigations resurrected, licenses scrutinized, and long-standing projects thrown into uncertainty. The latest development — a six-month travel ban on Victor Rachmat Hartono of the Djarum Group — is not an isolated enforcement action. It is part of a sweeping realignment of economic power underway in Indonesia.

State-owned oil and gas firm, Pertamina, one key operating unit of sovereign wealth and fund Danantara, is currently working to divest its four non-core business subsidiaries in hospital, hotel, airline, and insurance sectors, while closing two entities based in London and Singapore, focusing more on the oil and gas business and renewable energy. 

Two major statements came out from the State Palace on Thursday (Nov 20). Both are related to efforts to boost self sufficiency of supply chain for the President’s ambitious free meal program (MBG). 

XLSmart (EXCL) has just released financial statement for the period ended September 30, 2025 last week. The company, merged from XL Telecom (EXCL) and SmartFren (FREN), booked net loss of Rp2.59 trillion from sales revenue of Rp30.5 trillion in the first nine months of 2025.

About two weeks ago, local media in East Kalimantan posted a picture of some high-ranking officials witnessing the forfeiture of 116.9 hectares of area classified as illegal coal mining in Makarti village, Marangkayu sub-district of Kutai Kartanegara regency.

Shares of Bank Central Asia (BBCA), the largest bank in private sector controlled by Hartono Family (Djarum Group), ended slightly lower by 0.6% to Rp8,425 on Thursday (Nov 20) when few started to digest the news surrounding the travel ban against Victor Rachmat Hartono, heir of the business family.