Structure of the Rp50 trillion bonds to be issued by sovereign wealth fund Danantara doesn’t suggest it is anything close to the famous ‘Patriot Bonds’ issued by the US. It is just like regular bonds. The difference: investors should feel like ‘being extorted’ to participate, but Danantara or the State will award them with ‘patriot’ status.

PT Krakatau Posco, a joint venture between Pohang Steel Co (Posco) and state steel manufacturer PT Krakatau Steel Tbk (KRAS), started commercial operation of crude steel facility in March 2014. The plan was to pour another US$3.5 billion to boost capacity. What happened since?

Shares of steel manufacturer PT Gunung Raja Paksi Tbk (GGRP) ended lower by 3.4% to Rp230 on Tuesday (Aug 26). That means the stock has lost 66% its value since September 2024 following divestment of one operating subsidiary. 

On March 3rd, 2025, we published an article titled ‘Signs of economic slowdown’, where we quoted some people within President Prabowo Subianto’s inner circle about a plan to issue US$100 billion worth of 100-year bonds similar to the Patriot bonds issued by the US government.

Five years ago, Prabowo Subianto, then minister of defence, and Luhut Binsar Pandjaitan (then coordinating minister of maritime and investment affairs) met to discuss rare-earth mining investments. Yesterday, Prabowo, as president, announced the establishment of a new agency dedicated to the development of rare earth elements (RREs) and radioactive materials called Badan Industri Mineral (BIM)/Mineral Industry Agency.

Shares of Kencana Energi Lestari (KEEN) ended higher by 3.1% to Rp830 Monday (Aug 25) to make a market capitalization of Rp3 trillion. The renewable energy company is valued less than twice its equity, nothing compared to Barito Renewables (BREN), despite ambitious plan to grow capacity.

As if the cabinet is not fat enough, President Prabowo Subianto has on Monday, August 25, installed some high-ranking officers as leaders of two newly established agencies, namely Badan Industri Mineral/BIM (Mineral Industry Agency) and Badan Otorita Pengelola Pantai Utara Jawa/BOP Pantura (North Java Management Authority Agency).

When a member of the House of Representatives recently proposed the idea of designating a special carriage for smokers on long-distance trains, the response was swift and largely negative. The suggestion may have been intended to accommodate a segment of the public, but in reality it runs counter to Indonesia’s decade-long policy of maintaining smoke-free public transportation, as well as broader efforts to safeguard public health.

The latest dispute over music royalties in Indonesia reveals a problem that is larger than financial distribution: it is a crisis of governance. Instead of empowering musicians and strengthening the creative economy, the current royalty system has deepened mistrust among artists, institutions, and businesses.

Shares of state mortgage bank BTN (BBTN) ended lower by 0.8% to Rp1,270 last Friday despite a more promising ‘public housing program’ from Prabowo administration. At the last quoted price, BBTN was worth Rp17.7 trillion, way below equity (Rp33.5 trillion).