Indonesian conglomerates (reportedly with financing from state bank) have agreed to subscribe Rp50 trillion ‘Patriot Bonds’ issued by sovereign wealth fund Danantara. Proceeds will be used to finance waste-to-energy (WtE) projects in 33 cities across the nation. 

Property giants PT Ciputra Development Tbk (CTRA) and PT Summarecon Agung (SMRA Tbk reported contrasting results in the first half of 2025. Ciputra enjoyed 20% growth in net profit, while Summarecon suffered almost 35% fall in net profit. 

We’ve been given confirmation by some conglomerates about their participation in the so-called Patriot Bonds issued by sovereign wealth fund Danantara. Usual ‘suspects’ like Prajogo Pangestu (Barito Pacific Group), Garibaldi ‘Boy’ Thohir (co-owner of Adaro Group), and Franky Widjaja (Sinarmas Group) have openly supported the plan and their subscription.

Saved by the bell on Monday, but then saved by gold in the first minutes of trading Tuesday. Composite index of IDX (IHSG) opened briefly lower ground this morning, but then cut losses and returned to positive territory thanks to substantial gains in the shares of gold miners/traders.

For years, state-owned construction giant Waskita Karya was synonymous with toll road projects. The company played a central role in building the Trans-Java toll network, handling sections such as Pejagan–Pemalang, Solo–Ngawi, and Pasuruan–Probolinggo. More than half of the 1,167 kilometers of Trans-Java was developed or managed by Waskita.

Shares of Gudang Garam (GGRM), second largest cigarette maker in Indonesia controlled by Wonowidjojo Family, ended substantially higher by 12.5% to Rp9,900 on Monday (Sep 8) for unknown reason. The stock, however, lost nearly 90% from its all time high in March 2019 due to falling margins from higher tobacco excise. 

Over the weekend, we met two police officers in two areas in West Java province from whom we understand dynamics at very low level in the country’s ‘largest political organization’. From the conversations, we learned about the gap between what’s said and done in our beloved country.

Immediately after sworn in by President Prabowo Subianto, minister of finance Purbaya Yudhi Sadewa issued some statements, which pretty much in line with how those familiar with the economist described him. 

President Prabowo Subianto has on Monday (Sep 8) appointed Purbaya Yudhi Sadewa as minister of finance to replace Sri Mulyani Indrawati, who has been in that position for more than one decade (under three presidents). Who is Purbaya? Will he be different?

President Prabowo Subianto has on Monday (Sep 8) replaced some cabinet members, including minister of finance Sri Mulyani Indrawati, who has been in that position for more than one decade including under both president SBY and Jokowi). This is, by far, the largest reshuffle, part of consolidation of Prabowo’s power away from predecessor Jokowi, who tacitly supported his campaign in 2024 election.