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.

With the exception of Amman Mineral (AMMN), the second largest gold producer in Indonesia, other gold miners and traders listed on the Indonesia Stock Exchange (IDX) gained significantly in the past few months to tracking gold price. 

Amidst slowdown of foreign direct investment (FDI), China continues to invest in Indonesia. That’s why President Prabowo Subianto made time for a short visit to attend the 2025 China Victory Day Parade last week despite domestic issues following days of protests. 

The corruption scandal engulfing BRI Ventures should serve as a wake-up call for Indonesia’s digital economy. For years, the state-owned corporate venture capital (CVC) arm of Bank Rakyat Indonesia has been promoted as a vehicle to bridge public funds with private innovation. But instead of driving transformation, the case now reveals just how vulnerable state-backed capital is to abuse, weak oversight, and political interference.