Ithaca’s acquisition of Vulcan coal mine
Indonesian miner PT Ithaca Resources, linked to President Prabowo Subianto’s six coal concessions in East Kalimantan province, has reportedly agreed to acquire the collapsed Australian coal miner Vitrinite for A$200 million. Vitrinite, which operated the Vulcan coal mine in the Bowen Basin, fell into administration, owing A$400 million to creditors.
Net sell, questions on Danantara
Foreign investors continued selling pressures on Indonesian stocks Monday (Jun 22) in a trading day dominated by domestic investors. Combined with more questions on Danantara, the composite index of IDX (IHSG/JCI) ended lower by 0.98%.
Improved, but not out of the woods yet
External pressures have eased off notwithstanding uncertainties surrounding the reopening of Strait of Hormuz. Brent crude oil futures were traded below US$80 per barrel. Some domestic issues have also been partially addressed, including budget cut for the free meal and village cooperatives.
Indonesia needs jobs before new roofs
In difficult economic times, governments are judged less by how many programs they launch and more by whether they understand what people need most.
Outsourcing reform: Protection or Illusion?
The government’s plan to limit outsourcing to just four types of jobs—security, cleaning services, drivers, and catering—has been welcomed by labor unions as a long-awaited step toward restoring job security. For years, workers have argued that outsourcing has expanded far beyond its original purpose, creating a class of employees who perform permanent functions without enjoying permanent employment status.
Coal oversight won’t ease the cost-of-living crisis
Indonesia’s latest coal blending regulation may appear to be a technical adjustment aimed at improving oversight in the mining sector. Yet its timing raises broader questions about energy security, economic management and the growing pressures facing the country’s middle class.
MBG’s Dilemma
After more than a year, the Free Nutritious Meal program (MBG) has now become a battleground. Students are protesting against it, SPPG partners are demanding its continuation, and BGN officials have begun pointing fingers amid an alleged corruption case. Each side has something at stake, and no matter how the program unfolds, someone will still be left paying the price.
IPO to Watch: Proline
PT Prodia Diagnostic Line Tbk (PRDL), member of Prodia Group, is offering 522.9 million shares to public investors or 30% of enlarged paid-up capital to finance expansion programs and debt payments. This is a small IPO, targeting up to Rp62.75 billion of proceeds, but a litmus test in the volatile stock market.
Here comes E5, higher import of sugar
Brazilian ethanol producer Inpasa Brasil and several other ethanol companies from Brazil have agreed to enter Indonesia and invest in the country’s ethanol industry, according to Todotua Pasaribu, Deputy Minister of Investment and Downstream Industries.
Last minutes manoeuvre, foreign net sell
Composite index of IDX (IHSG/JCI) ended slightly higher by 0.08% Friday (Jun 19) thanks to last minute surge of some inflated stocks in a trading day marked with huge net sell of Indonesian equities by foreign investors.