Major Groups to Watch
Given global economic uncertainties and series of controversial policies issued by Prabowo administration, most major business groups in the country might opt to wait-and-see, avoiding making major investment decisions. Some, however, continue to expand.
Where’s the bottom? (2)
Composite index of IDX (IHSG/JCI) pared some losses Thursday (Jun 4) and ended lower by 1.71% as foreign investors continued dumping Indonesian equities. Rupiah, meanwhile, was firm above psychological level Rp18,000 per US dollars.
People’s Schools: Under the radar
Talking about fiscal management, in recent weeks, public debate has been fixated on the MBG and the controversies surrounding it. Amid this intense scrutiny, the People’s School (Sekolah Rakyat) program has continued to expand under the radar, despite being another flagship initiative of the Prabowo Subianto administration backed by a substantial budget. It is worth asking: How far has the program progressed, and what issues deserve closer attention in the years ahead?
The real risk behind Grab’s exit rumor
A rumor rarely shakes a market unless it touches a deeper anxiety. That is precisely what happened when startup community account Ecommurz published a series of posts suggesting that Grab was reportedly considering a partial drawdown and even a potential exit from ride-hailing market following the government’s plan to cap platform commissions at 8 percent.
Taxing the digital giants
Indonesia is once again revisiting the idea of taxing foreign digital platforms through the concept of Significant Economic Presence (SEP). The proposal appears reasonable on its face: if global technology companies generate substantial revenues from users, why should they escape corporate income tax merely because they lack a physical office in the country?
Small cap to watch: Gunawan Dianjaya
Shares of steel manufacturer Gunawan Dianjaya (GDST) ended lower by 4.4% to Rp86 on broad market sentiment. At the last quoted price, GDST was worth Rp795 billion, way below equity (Rp1.42 trillion by March 31, 2026).
A more expansive Republikorp
Back in February 2025, we published an article titled ‘Growing Influence of Republikorp’. Pretty much explained in the article, the defense contractor has indeed gained more influences and businesses.
Where’s the bottom?
Rupiah officially crossed psychological level Rp18,000 per US dollar this morning. Foreign banks operating in the country had earlier sold US dollar bank notes above Rp18,000, while national banks and central bank tried to defend the currency. We asked some conglomerates: where’s the bottom?
Double blow: Corruption in the free meal program
A lot of people, including foreign investors, have long questioned effectiveness of Prabowo administration’s costly free meal program. Indonesians have also long suspected corruption in the program, but had only been confirmed at grandeur scale with the arrest of Dadan Hindayana, who has just been sacked as chief of the National Nutrition Agency (BGN) and two of his deputies on Wednesday (Jun 3).
Further market corrections: What’s next?
Composite index of IDX (IHSG/JCI) pared some losses to end lower by 4.11% Wednesday (Jun 3), while rupiah depreciated further and was traded above psychological level Rp18,000/US dollars in some banks.