Forget about composite index of Indonesia Stock Exchange (IHSG), which set a new record, because trading manipulation in inflated stocks like those of Prajogo, Widjaja, Aguan, and Anthoni Salim, can easily take the index to series of new highs. Rupiah might be a better reading, whilst questions about independence of central bank (Bank Indonesia) could prevent deeper correction in the currency.

Governance concerns raised by civil society and academics fall on deaf ears. President Prabowo Subianto’s administration decided to appoint more politicians as commissioners of state-owned companies.

It’s been a mess in the downstream oil and gas industry with chaotic arrangements in the import of fuel for gas stations operated by global players like BP, Shell, and their local partners. These private-owned gas stations have temporarily agreed to buy products from state oil and gas company Pertamina. But, for how long?

Textile producer PT Sejahtera Bintang Abadi Textile (SBAT) went bankrupt after failing to pay its debts and restructuring. The company was declared bankrupt by the Commercial Court at the Central Jakarta District Court. The bankruptcy decision came after the Suspension of Payment of Debt Obligations (PKPU) with Case No. 3/Pdt.Sus- PKPU/2025/PN Jkt. Pst 2. 

September 2025 marked another low point. DJP had to announce a full weekend downtime for Coretax—20 to 21 September—to conduct capacity upgrades. On paper, this was a routine maintenance exercise.

PT Dian Swastatika Sentosa (DSSA) Tbk, an energy and infrastructure company controlled by Sinarmas Group (Widjaja Family), issues Rp256.7 billion bonds and Rp1.24 trillion worth of sukuk to make a total of Rp1.5 trillion. 

We’ve been told more interesting stories from the witnesses appeared in the trial of corrupt judges acquitting three palm oil groups, including SGX-listed Wilmar International Ltd, from corruption case in the export of crude palm oil (CPO). One of the stories is about series of the judges’ overseas golf tour. 

The Constitutional Court (MK) sided with majority of Indonesians and civil society group in ending dual roles of deputy ministers as commissioners of state companies. Yet, the sovereign wealth fund Danantara on Sep 16 appointed three deputy ministers as commissioners of state telecommunication company Telkom (TLKM).

Shares of United Tractors (UNTR), subsidiary of Astra International (ASII), engaged in construction machinery, coal mining contracting, own coal business, gold mining, power generation, and civil construction, ended 0.66% lower on Monday (September, 15) after the company’s acquisition announcement in gold business.

Indonesia has never been shy about big digital ambitions. The government’s announcement of a partnership with the United Arab Emirates (UAE) to train 10 million coders in just three years is its boldest statement yet. The idea is simple: Indonesia must stop being a mere consumer of digital tools and instead become a global producer of technology.