They contributed to ‘fly-to-the-moon’ labelled by finance minister Purbaya Yudhi Sadewa, but the same stocks led corrections of composite index of Indonesia Stock Exchange (IDX)/IHSG. This morning, IHSG fell 1.5% due to downfall of yo-yo and inflated stocks.

After the troubled flag carrier Garuda Indonesia (GIAA) and steel maker Krakatau Steel (KRAS), market participants anticipate bailout of the technically bankrupt state construction firm Waskita Karya (WSKT). 

Palm oil and its derivatives took the number one spot from coal in Indonesia’s export earnings in the first eight months of 2025, but its significance to the economy, especially in the context of State Budget, remains one of the largest. 

Nanik Sudaryati Deyang, deputy chief of the National Nutritional Agency (BGN), which manages the free meal project, said recently that the program (project) is not designed to enrich conglomerates, just week after Japfa Comfeed (JPFA) admitted ‘positive impact’ of Prabowo’s signature program. 

Open conflict between minister of finance Purbaya Yudhi Sadewa and sovereign wealth fund Danantara has escalated. Initially it was started with Purbaya’s refusal to use funds from the State budget to finance payments of debts related to Jakarta-Bandung high-speed train (HST). 

No one call it top. Discussions about bubble burst are around, but gold continues to hit record high. It was last traded at US$4,220 per troy ounce, gaining 61% year-to-date. Yet, some see US$5,000 is inevitable due to persistent hype in the safe haven.

Tin is a critical mineral due its position in the high-tech and energy transition industries. Indonesia holds a strategic position as home to the second largest tin reserves behind China. It is understandable if President Prabowo personally witnessed the handover of seized illegal mining assets to state tin producer Timah (TINS) in Bangka Island two weeks ago. 

Media outlets reported that PT Solusi Sinergi Digital Tbk (WIFI), through its subsidiary Telemedia Komunikasi Pratama, had won the 1.4 GHz spectrum auction for Regional I, covering Java, Papua, and Maluku. The bid was reportedly valued at around Rp 403 billion, while another conglomerate-linked entity, DSSA, secured Regional III. Although this information has not yet been formally confirmed by the Ministry of Communication and Digital Affairs (Komdigi), it has already fueled a wave of market speculation — and political suspicion.

When TikTok announced plans to raise its creator revenue share to as much as 90 percent in select markets, it caught global attention. Yet in Indonesia—the platform’s second-largest user base after the United States—this policy has not been implemented. The absence of formal rollout has not stopped speculation, however. For millions of local creators, brands, and regulators, the mere prospect of such a change already hints at a possible transformation of the country’s digital economy.

Sovereign wealth fund Danantara appointed Lt General (ret) Glenny Kairupan, long-time friend of President Prabowo Subianto and politician from Gerindra Party, as new president director of the troubled flag carrier Garuda Indonesia (GIAA).