Big illusions
So, looks like that Prabowo administration is moving in the opposite directions to what most initially thought. With ‘continuation’ campaign tagline and some new flagship programs, some predicted an expansionary State budget, supported by statements from Prabowo’s brother Hashim Djojohadikusumo about possible change in the 3% budget deficit cap.
Prajogo-Hapsoro partnership
Mining contractor PT Petrosea (PTRO), controlled by Prajogo Pangestu, and natural gas distribution firm PT Rukun Raharja (RAJA), controlled by Hapsoro (husband of Puan Maharani, speaker of the House of Representatives/DPR, daughter of PDIP matriarch Megawati Soekarnoputri) acquired 100% stakes in two oil and gas services firm, Hafar Group.
Prabowo’s less commitment for new capital city
Pretty much as predicted, President Prabowo reduced further funding commitment from the State for the development of the new capital city (IKN) Nusantara in East Kalimantan as he prioritizes on own signature programs, especially the free meal, three million homes per annum, and cooperatives.
Targeting The Hartonos (BCA)?
Duta Palma is taken. The assets have been handed over to newly established state company Agrinas. Riza Chalid is being investigated, some of his assets have been seized, where people close to the power are said behind the manoeuvre to take over the oil trading business. Wilmar Group is not taken yet, but has been forced to place Rp11 trillion in escrow account for the cases being investigated.
Genta, Coretax, and the ADB Loan
Indonesia’s tax administration has entered a high-stakes phase. In August 2025, the Directorate General of Taxes (DJP) made headlines with two intertwined developments: the introduction of Genta, a self-service tool for downloading taxpayer data from Coretax, and the securing of a US$500 million loan from the Asian Development Bank (ADB) to modernize the tax system. On paper, this looks like progress. In reality, the road ahead is strewn with technical, institutional, and political landmines.
Illusory gains
Composite index of Indonesia Stock Exchange (IHSG) closed at new ‘record’ of 7,931 on Thursday (Aug 14), gaining 10.7% year-to-date and making it one of the best performing stock markets in the region. This, however, was attributable to sky-high gains of overvalued stocks.
Lower investments from telco tower operators
PT Sarana Menara Nusantara Tbk (TOWR), PT Dayamitra Telekomunikasi Tbk (MTEL), and PT Tower Bersama Infrastructure Tbk (TBIG), three of the largest operators of telecommunication tower in the country, spent substantially smaller cash for new investments in the first half of 2025.
Bandung-Surabaya high (or-medium)—speed train
Agus Harimurti Yudhoyono, coordinating minister for infrastructure, told the press Wednesday (Aug 13) that he has been specifically tasked by President Prabowo Subianto to speed up the development of Bandung-Surabaya high-speed train.
Indonesia’s new telecom partnership and the rise of Karix
Indonesia’s ongoing battle against spam and scam messages has found a new ally in an unexpected place: India. Tanla Platforms, through its wholly owned subsidiary PT Karix Communications Indonesia, has entered into a multi-year partnership with Indosat Ooredoo Hutchison to deploy an AI-powered anti-spam and anti-scam solution.
Stronger Q2 for GOTO, but in red still
Shares of GOTO Gojek Tokopedia ended lower by 1.54% to Rp64 Wednesday (Aug 13) despite improvement of operations and financials in the second quarter.