Bigger losses in fourth quarter for XLSmart Telecom

Feb 13, 2026 | Market

Shares of XLSmart Telecom (EXCL), a joint venture between Axiata Group and Sinarmas (Widjaja Family) opened lower by 2% to Rp2,950 this morning as investors responded to financial report for full year of 2025, where the company posted net loss of Rp4.43 trillion. ...

Inflated/Manipulated Stocks: Impack Pratama

Feb 13, 2026 | Market

Shares of plastic processor PT Impack Pratama Industri Tbk (IMPC) opened lower by 1.4% to Rp2,190 this morning. While the stock has lost nearly 50% from its peak, the last quoted price reflected PE multiple 190 on annualized earnings in Jan-Sep 2025, one of the most...

The hidden danger in revising financial law

Feb 13, 2026 | Law, Market

Barely three years after its passage, Omnibus Law on Financial Sector Development and Strengthening Law (UU P2SK) is already under revision. On the surface, the move appears technical, meant to follow up on a Constitutional Court ruling and clarify certain provisions....

When student leaders become targets

Feb 13, 2026 | Politics

The latest intimidation reported against the chairman of the Student Executive Board (BEM) at Gadjah Mada University (UGM) should alarm anyone who still believes universities are the last bastion of free expression in Indonesia. According to media reports, the student...

East Java’s grant scandal reaches the governor’s door

Feb 13, 2026 | Law

The East Java grant corruption case has entered a new and politically sensitive phase. What began as a bribery probe involving provincial legislators has now reached the witness stand of Governor Khofifah Indar Parawansa, underscoring how deeply rooted the problem may...

Will Purbaya change policy on multinationals’ royalty & service fees? Unilever Case

Feb 13, 2026 | Market

Finance minister Purbaya Yudhi Sadewa pledged to keep the budget deficit below 3% GDP this year. That means he has to significantly grow revenue side of the budget because slashing spending would compromise his ambition to record a 6% GDP growth.  Purbaya, as shown by...

Shelter Crisis Before Ramadan

Feb 13, 2026 | Politics

Nearly three months after the disaster in North Sumatra, West Sumatra, and Aceh, thousands of survivors remain stranded in emergency tents. They are expected to vacate these shelters before the holy month of Ramadan begins, yet the government’s promised temporary...

Nickel: Cut in plan, not supply (2)

Feb 12, 2026 | Commodities, Market

Indonesian Nickel Industry Forum (FINI) estimated actual nickel ore production of 265 million tons, way below the approved work plan and budget (RKAB) of 379 million WMT. The country, accordingly, imported 15.84 million WMT of ores, mostly from the Philippines. That...

The dangerous signal from the Martabe saga

Feb 12, 2026 | Law, Market

The controversy surrounding the Martabe gold mine has exposed a troubling pattern in Indonesia’s policymaking: decisions are announced first, and only afterward are the facts examined. The government’s handling of the Martabe permit is not just a sectoral issue in...

MBG budget reallocation

Feb 12, 2026 | Market

The Indonesian government seems comfortable ignoring criticism from its own citizens, but suddenly becomes attentive when an international rating agency speaks. Public concern meant little until Moody’s warned of fiscal strain from large-scale spending programs like...