Revisiting Harum Energy
PT Harum Energy Tbk (HRUM), a coal and nickel producer controlled by the family of Kiki Barki, is scheduled to hold a public expose today (Jun 3) where investors will have the chance to discuss issues like production cut (for coal and nickel), centralization of export (including ferro alloys), and mandatory deposit of forex earnings (DHE).
Company to watch: Modernland Realty
Singapore Court has on May 26 granted an application for a statutory moratorium to Modernland Overseas Pte Ltd (MLO), subsidiary of IDX-listed property developer Moderland Realty (MDLN), until August 31, 2026.
Tax first, rules later?
Ambition to expand tax collection from the digital economy is understandable. As more Indonesians pay for streaming subscriptions, cloud services, software licenses, AI platforms, and online games from overseas providers, the government has a legitimate interest in ensuring that value-added tax (VAT) is collected fairly and efficiently.
False recovery of stocks, rupiah remains under pressure
Composite index of IDX (IHSG) ended higher by 1.1% Tuesday (June 2), while Rupiah weakened 0.19%. Rupiah yet to cross the psychological level (Rp18,000), but remains under pressure from both global and domestic issues.
Key takeaways from April 2026 tourism & transportation data
Iran war, which led to soaring oil prices, hurt domestic air transportation significantly in April 2026 despite Lebaran holidays. Arrival of foreign tourists from the Middle East and Europe also dropped substantially in the month.
Key takeaways from April 2026 trade data
Indonesia booked trade surplus of US$89 million in April 2026, pretty much in contrast to prediction from some economists, but dropped substantially from US$159 million in the same period last year. This provided little help to the country’s widened current account deficit and balance of payment (BoP).
Review the MBG Reviu application
The controversy surrounding the National Nutrition Agency’s (BGN) Rp1.2 trillion information technology budget for the Free Nutritious Meals (MBG) program is not merely about software. It is about transparency, accountability and whether Indonesia is once again repeating a familiar pattern in public-sector digitalization: spending first and explaining later.
MBG Goes International
The National Nutrition Agency (BGN), which administers President Prabowo’s flagship free meal program, is back with another controversial move. This time, BGN Head Dadan Hindayana is reportedly exploring the possibility of bringing the MBG program to Indonesian schools in Jeddah and Mecca, Saudi Arabia. Such an expansion could help accelerate progress toward the government’s target of reaching 82.9 million beneficiaries. However, given the program’s ongoing operational issues at home, it does not seem like the right time for international expansion.
Not out of the woods yet
Brent crude oil futures hiked again by 4.8% to US$95.6 per barrel on Monday (June 1) due to uncertainties surrounding US-Iran peace deal. US dollars, accordingly, appreciated against most currencies.
United Tractors’ data tell us….
United Tractors (UNTR) has just released operational data for April 2026, which tells us a lot of things, including resumption of its Martabe gold mine in North Sumatra and ongoing pressures in heavy equipment and coal production.