As if the first quarter was not bad enough, nickel producer Merdeka Battery Materials (MBMA) reported a weaker performance in the second quarter, where sales and net profit crashed year-on-year due to a combination of falling volume and average price.

The Presidential Executive Office (KSP) recently shared that only 34 out of 8,583 SPPG kitchens have the hygiene and sanitation certificate (SLHS), despite its being part of the operational requirements. Meanwhile, another mass food poisoning incident occurred in two different locations in West Bandung Regency, totaling 842 victims as of September 24, 2025.

Indonesia’s recent fuel shortage has exposed not only logistical gaps but also deeper political maneuvers in the downstream sector. What the government presents as a technical fix—forcing private retailers to source base fuel through Pertamina—may in fact signal an attempt to consolidate control. The phrase “agree to consider” reveals both the limits of consensus and the high stakes of power in Indonesia’s oil market.

Minister of finance Purbaya Yudhi Sadewa defended economic data for second quarter, which is still doubted by many. Financial data from flag carrier Garuda Indonesia (GIAA), however, confirmed most economists’ belief about weaker economic conditions in the second quarter.

Shares of PT Steel Pipe Industry of Indonesia Tbk (ISSP) gained 3.64% to Rp456 this morning as some investors see the stock undervalued. Shares of Citra Tubindo (CTBN), another steel pipe producer—-whilst focus for oil and gas industry, meanwhile, were unchanged at Rp5,100.

With strong support from central government and Indonesian military (TNI), development of bioethanol factory in Merauke, South Papua proceeds despite growing opposition from the locals. Energy ministry said the bioethanol plant, started out by Jokowi administration, will be operational in two years time.

When Indonesia first announced its ambition to implement B50—biodiesel with 50 percent palm-based content—by 2026, the policy was hailed as a bold statement of the country’s energy transition. Yet recent signals from the Energy and Mineral Resources Ministry (ESDM) suggest that the target may not be met on time. Instead, the government is now weighing the possibility of B45 as a transitional step.

We do expect new minister of finance Purbaya Yudhi Sadewa will do what his predecessor Sri Mulyani Indrawati seemed not determined enough: looking into discrepancies in short-term tax payables of some corporations. 

Minister of finance Purbaya Yudhi Sadewa has given one week to around 200 taxpayers to settle around Rp60 trillion of payments in arrears or seeing their life ‘miserable’. He provided no detail about who those taxpayers are, and whether they include politically connected people/companies.

After nearly one decade of negotiations, Indonesia and the European Union are scheduled to sign a Comprehensive Economic Partnership Agreement (CEPA) in Bali Island today (Sep 23). It will take sometime to be implemented, pending ratification by EU members, the European parliament, and the House of Representatives (DPR).