Recent remarks by Purbaya Yudhi Sadewa on the growing dominance of Chinese e-commerce platforms have reignited a familiar debate: Is Indonesia losing control of its digital economy? While the concern appears to be framed as a defense of local businesses, the forces driving this narrative are far more complex—and far less spontaneous—than they seem.

Flag carrier Garuda Indonesia (GIAA) recorded net loss of US$322.5 million last year, skyrocketed 341% from US$72.7 million in 2024. Massive capital injection from Danantara (sovereign wealth fund?) turned the airline’s equity to positive, but operations were under substantial pressure.

Barito Renewables (BREN) undeservedly led Indonesian Stock Exchange (IDX) for quite sometime before losing significantly last week. Still, at the last quoted price the geothermal power producer remains among the most expensive stocks in the market.

Minister of state secretary Prasetyo Hadi said on Tuesday (Mar 17) that free ‘nutritious’ meal (MBG) and the Red-and-White Village Cooperative (KDMP) programs will not be adjusted if the government should take measures preventing budget deficit for crossing the lawful cap (3% GDP). Pretty much in contrast to suggestions from economists. 

Personal care manufacturer PT Mandom Indonesia Tbk (TCID) is among major companies quietly dismissed over 10% of its workforce last year amidst stiff competition that squeezed margins. 

Two more consumer financing companies opted to cut workforce significantly last year amidst squeezed margins, while one oil and gas supporting services company slashed 12.5% its workforce despite improvement in the bottom lines.