Indonesia

The Indonesian Rupiah is under pressure against the US Dollar, with USD/IDR trading around 17,950 during early European hours on Monday ahead of key domestic economic releases. The pair is advancing as markets await September foreign exchange reserves and August retail sales figures, while Indonesia's external position remains fragile despite an August trade surplus, as elevated import demand and rising energy costs weigh on its balance of payments. Safe-haven demand for the US Dollar has been driven by sharply deteriorating geopolitical conditions in the Middle East, after Saudi-backed forces in Yemen launched a major offensive to reclaim territory from Houthi forces and the Iran-aligned group seized control of the Bab el-Mandeb strait, a critical maritime chokepoint between the Red Sea and the Gulf of Aden that serves as a vital bypass route for regional crude exports avoiding the Strait of Hormuz. Shifting US monetary policy expectations are also shaping sentiment, with the CME FedWatch Tool showing markets now price in nearly an 82% chance the Federal Reserve will hold benchmark rates steady at its upcoming meeting, up from 74% before the labor report. Analysts at MUFG/BTMU said the September US nonfarm payrolls report weakened the case for an October Fed hike, noting payrolls rose by 29k, below the 90k consensus and down from a downwardly revised 133k in August, while the unemployment rate edged up to 4.2% from 4.1% as labor-force growth outpaced employment gains.

Freeport reported third-quarter 2026 consolidated copper production of approximately 830 million pounds, in line with expectations, with slightly better international results offsetting slightly lower U.S. output. Consolidated gold production of approximately 230 thousand ounces also approximated expectations, but timing changes at PT Freeport Indonesia deferred roughly 60 thousand ounces of refined gold from the third quarter into the fourth quarter. As a result, Freeport expects third-quarter consolidated copper sales to approximate its July 2026 estimate of 750 million pounds, while gold sales are expected to approximate 100 thousand ounces, below the July estimate. Consolidated unit net cash costs are now expected to come in about 5% above the July 2026 estimate of $2.00 per pound of copper, mainly on lower by-product credits from the deferred gold sales, and the company estimates its third-quarter consolidated average realized price will exceed $6.50 per pound of copper. At the Grasberg minerals district, mill throughput averaged approximately 140,000 metric tons of ore per day, about 67% of normalized rates prior to the September 2025 incident, and PTFI's smelter in Eastern Java re-commenced operations in late August 2026, with Freeport still targeting 80% of capacity in mid-2027 and near full capacity by year-end 2027.

Indonesia's national statistics agency reported on October 1 that the country recorded a trade surplus of $3.55 billion in August, far above market expectations of a surplus of only about $630 million. August exports rose 6.72% year on year to $26.61 billion, compared with analysts' forecast of a 4.3% increase, driven by higher shipments of non-ferrous base metal products, nickel, aluminum, copper and basic chemical products. Meanwhile, August imports rose 19.09% year on year to $23.06 billion, below analysts' expectations of a 31.14% surge. Data from LSEG showed that the August trade surplus was the highest since September 2025, and the large surplus may help ease concerns about Indonesia's deteriorating current account position, after the country posted its largest deficit since 2018 in the April-to-June quarter.

PT AirAsia Indonesia, the Indonesian low-cost carrier, is considering restructuring its debt and raising funds through a share sale to restore its financial position, after its shares were suspended from trading since July because its latest financial statements showed negative shareholders' equity. In a document filed with the stock exchange on Wednesday, September 30, the company said AirAsia Indonesia is considering converting trade payables and lease liabilities owed to affiliates or controlling shareholders into perpetual financial instruments that can be counted as equity. The company is also weighing options to raise capital through a rights offering to existing shareholders on a pro-rata basis, or a private placement, to strengthen its capital structure. The move comes amid funding pressure on its parent, AirAsia Group Bhd., whose debt reached a record high of 4.1 billion dollars at the end of June, and which is seeking about 1 billion dollars in refinancing. Last month, Tony Fernandes, co-founder and adviser to AirAsia Group, said the group plans to inject new capital into its Indonesian and Philippine businesses, and expects new shareholders to invest in the subsidiaries. The company has not yet decided which route to take for the capital increase, and is assessing its funding needs, market conditions and the feasibility of each option together with shareholders and external advisers. The measures aim to strengthen its capital structure and help the company comply with stock exchange requirements, paving the way toward resolving the trading suspension.

Indonesia's central bank increased its purchases of government bonds in the secondary market in September 2026 to inject liquidity into the financial system, amid efforts to balance safeguarding the stability of the rupiah and supporting economic growth. Erwin Gunawan Hutapea, head of the central bank's financial management department, disclosed that from the start of the year through the end of September, the central bank had purchased nearly 300 trillion rupiah worth of government bonds, or approximately 16.79 billion US dollars, covering both short-term treasury bills in the primary market and longer-dated bonds in the secondary market. Since July 21, the central bank has spent more than 110 trillion rupiah on additional government bond purchases, up from cumulative purchases of 188.7 trillion rupiah at that time. However, after Perry Warjiyo, governor of Indonesia's central bank, resigned abruptly in late July, the central bank did not disclose the volume of its government bond purchases in the monetary policy statement published after the monthly board meeting. Previously, Indonesia's central bank raised its policy interest rate by a total of 100 basis points between May and June to counter pressure from the depreciation of the rupiah, but it still affirmed that it would keep domestic liquidity at a sufficient level to support economic growth.

Tedeen, chair of the Basel Committee on Banking Supervision, which sets international standards for bank regulation, said on the 30th that international cooperation among banking supervisory authorities is becoming increasingly difficult as financial risks grow more interconnected. He warned that fragmented supervisory frameworks could make it harder to grasp and manage risks spanning multiple countries and regions, and stressed the importance of central bank independence. Speaking at the 24th International Conference of Banking Supervisors held in Bali, Tedeen said geopolitical tensions are making the outlook even more uncertain. He noted that such tensions have already raised doubts about how far supervisory authorities and related institutions can cooperate in the future, from risks associated with artificial intelligence to responding to future financial crises. "Fragmentation of the supervisory framework ultimately leads to financial fragmentation," he said. "Information gaps widen, and opportunities to exploit differences in regulation increase. It also becomes harder to grasp and manage risks that cross borders."

Zhibao Technology Inc. has entered into a definitive Merger and Acquisition Agreement dated September 28, 2026, to acquire 100% of the issued shares of NEXSYS TECH SDN. BHD., a newly incorporated Malaysian entity through which the InsurTech company intends to develop an AI computing infrastructure business. The total consideration consists of $1 in cash payable at closing plus up to $7.5 million in contingent earn-out consideration payable solely through the issuance of Zhibao's Class A ordinary shares, earned only if NEXSYS achieves an aggregate cumulative audited net profit target of $3.015 million over a 27-month evaluation term running from October 1, 2026, through December 31, 2028, supported by a reference revenue objective of $201 million and a reference net profit margin of 1.5%. NEXSYS's planned operations focus on high-end GPU servers, high-performance computing hardware, cluster integration and deployment, and computing power hosting and leasing for applications including large model training, AI inference, scientific computing, and 3D rendering. NEXSYS management reports cooperation arrangements relating to internet data center facilities in East Malaysia and Indonesia covering an aggregate rack power capacity of approximately 26 megawatts, and has completed know-your-customer verification in Malaysia for proposed procurement of systems incorporating top-of-the-line GPUs, with estimated delivery lead times of 4 to 8 weeks per order. The acquisition is expected to close within 30 days after signing, subject to customary closing conditions including satisfactory due diligence, clear title, and required corporate and regulatory approvals, after which Zhibao will become NEXSYS's sole shareholder and consolidate its financial results.

The Indonesia Stock Exchange, or IDX, has announced an overhaul of the criteria for placing listed companies on its Watchlist Board, shifting the emphasis to a company's fundamentals rather than its share price or trading volume. IDX commissioner Iding Pardi said the new criteria take effect from September 28. Under the new rules, the exchange has scrapped requirements tied to share price levels, liquidity and tradable share volume, effective the same day as the removal of the previous minimum share price of 50 rupiah, or roughly 0.0028 US dollars. At the same time, a minimum free-float requirement of 15 percent is being phased in across the market. However, IDX will retain criteria based on financial performance and the legal status of companies, such as their ability to generate revenue, as well as bankruptcy filings or entry into debt restructuring proceedings. The Indonesian capital market is pressing ahead with reforms after global index providers raised concerns about market transparency earlier this year. MSCI is expected to announce the results of its review of Indonesia's stock market reforms in November, having previously extended its assessment period.

Indonesia's central bank decided to hold its policy rate at 5.75%, in line with market expectations, at its September 23 meeting, the first official meeting under the leadership of Destry Damayanti, the country's first female central bank governor. The monetary policy committee also kept the overnight deposit rate at 4.75% and the liquidity lending rate at 6.50%. Destry said at her first in-person press conference in a year and a half that holding rates this time was aimed at stabilising the rupiah, keeping inflation within its target range, and supporting economic growth. The rupiah strengthened 0.36% against the US dollar after the decision was announced, following a period in which the central bank had raised rates by a total of 100 basis points through three hikes between May and June to stem the currency's slide to a record low. Meanwhile, headline inflation accelerated to 3.19% in August but remained within the central bank's target range of 1.5% to 3.5%. The central bank also kept its GDP growth forecast for 2026 at 4.9% to 5.7% and slightly raised its 2027 forecast to 5.2% to 6.0%.

RATCH Group Public Company Limited, or RATCH, plans to upgrade from a large-scale power producer, or IPP, to a full-service energy solutions provider to serve the power needs of data center operators. It will bring its existing IPP power plants whose power purchase agreements are gradually expiring back into service, refurbishing them to supply electricity and water to major data center operators. Its key strength is a roughly 500-rai plot in Ratchaburi province, zoned purple and equipped with comprehensive infrastructure, including natural gas pipelines, power stations, transmission lines, water sources, and an operations and maintenance team. Supplying electricity and water this way will not take resources away from the public, because usage will not exceed the original specifications of the two units whose contracts have already expired. On overseas investment, RATCH is in talks with local partners in Indonesia to prepare a competitive bid for a large-scale natural gas-fired IPP power plant project of about 500–700 megawatts, which is awaiting the Indonesian government's announcement of a new power development plan. At the same time, the company has studied small modular reactor, or SMR, nuclear power technology, and believes the government, through the Electricity Generating Authority of Thailand, should take the lead first. It has set an average investment budget of about 10 billion baht per year, covering projects in the pipeline, the expansion of IPP projects in Indonesia, and SMR feasibility studies. It also aims to adjust its generation capacity mix between natural gas and renewable energy to 50 to 50, from about 30 percent renewable energy at present.

Freeport-McMoRan's modeled fair value has edged up from US$70.68 to US$72.59 as analysts refreshed their models on the copper miner. Barclays, BofA, UBS, Morgan Stanley, Wells Fargo and RBC all set price targets in the US$70 to US$82 range, citing copper leverage and Grasberg execution, with RBC pointing to stronger than expected Q2 performance and a Grasberg mining rate tracking toward a planned full recovery. Goldman Sachs and Barclays called pullbacks in copper-exposed stocks an entry opportunity, and Goldman argued the recent tariff-headline selloff looks overdone given the lack of concrete policy detail. On the bearish side, Freedom Broker cut Freeport-McMoRan to Hold and Bernstein kept a Market Perform rating, with Bernstein flagging complexity and possible surplus in the nickel market. The updated model also lifted modeled revenue growth from 12.25% to 14.65%, cut the net profit margin assumption from 17.17% to 13.40%, raised the future P/E multiple from 20.50x to 25.89x, and revised the discount rate from 8.88% to 9.06%.

Indonesian President Prabowo Subianto has ordered relevant agencies to tighten legal enforcement and penalties against those using slash-and-burn methods to clear land, after the country faced weeks of severe forest fires that produced haze affecting neighboring countries. At a cabinet meeting, Prabowo said the government would not be lenient toward individuals or companies responsible for the fires, and instructed the Minister of the Presidential Secretariat and the Minister of Law to consider ways to increase legal penalties, and proposed that the government discuss with the House of Representatives to tighten the law, possibly classifying such burning as "ecological terrorism" given the severity of the problem. He also ordered local governments to revoke exemptions that allow smallholder farmers to use fire to clear small plots, and directed police to pursue criminal cases against companies that violate fire prevention measures. Reports say the Indonesian government has mobilized more than 50 aircraft to drop water and conduct cloud seeding to control the fires, while Japan sent three CH-47 Chinook helicopters to join the water-dropping mission on Wednesday, September 16. This fire season is the most severe in 11 years, amid weather from a "super El Niño" phenomenon that has left forests and agricultural land severely dry, with Borneo and Sumatra the worst-affected areas. The haze has increased respiratory illness cases and pushed air quality in Singapore and Malaysia to levels harmful to health. Government data show that from January to July this year, fires burned 202,000 hectares, or nearly 500,000 acres, while YKAN, an environmental group, estimates that fires caused an additional roughly 600,000 hectares, or 1.4 million acres, of damage in August. Indonesian Forestry Minister Raja Juli Antoni warned that the fires could persist into early November, as the rainy season is likely to arrive later than previously expected.

President Prabowo Subianto's removal of Purbaya Yudhi Sadewa and appointment of Suahasil Nazara as Indonesia's new finance minister may be a warning sign that foreign capital flowing into the Thai stock market in recent months could flow back out. Some institutional investors currently holding Thai stocks are using money moved out of the Indonesian stock market after concerns over fiscal discipline, policy uncertainty, central bank intervention, and a weakening rupiah, choosing Thailand as a more stable market with large-cap stocks, sufficient liquidity, and relatively high dividends. The rise of Suahasil, a technical economist who has worked at the Finance Ministry for a long time, formerly headed the Fiscal Policy Office, and has served as deputy finance minister since 2019, is interpreted as an effort to restore fiscal credibility. If the market believes Indonesia is moving away from excessive populist policies, the risk that had pushed money out of Indonesia will immediately ease, and fund managers may sell some Thai stocks to take money back to buy Indonesian shares, especially those that have risen sharply and have high foreign ownership, including banking, communications, energy, and large-cap stocks used as proxies for ASEAN investment. However, changing just one finance minister is not enough to bring money flowing back immediately, because the final budget direction still depends on President Prabowo and the government's large-scale projects, especially the free school meals program and energy subsidies, which could put pressure on the fiscal position when oil prices rise and the rupiah weakens.

Indonesian new vehicle sales rose 32% year-on-year to 81,756 units in August 2026, up from 61,771 units a year earlier, according to wholesale data from the local automotive industry association Gaikindo. For the first eight months of 2026, the market expanded 20% to 599,491 units, with light passenger vehicle sales up over 13% to 437,374 units and commercial vehicle sales up 42% to 162,117 units, including a 54% surge in light- and medium-duty trucks to 131,813 units. Battery electric vehicle sales nearly doubled to 103,300 units year-to-date from 53,100 units, driven by Chinese brands and government tax incentives. Toyota led the first eight months with sales up 9% to 175,931 units, followed by Daihatsu at 100,884 units, Suzuki at 47,908 units and Mitsubishi Motors at 43,753 units, while BYD jumped 98% to 37,696 units to take fifth place ahead of Honda, which fell 37% to 26,437 units. Overall vehicle production rose 13% to 859,256 units in the period, and GlobalData forecasts Indonesia light vehicle sales to rise 3% to 770,000 units in 2026 from 750,000 units in 2025, easing to 765,000 units in 2027.

Commerzbank analysts report that USD/IDR extended gains as investors assessed the appointment of Suahasil Nazara as Indonesia's new Finance Minister, the third in under two years. The move reflects a market test of Indonesia's policy credibility following the latest leadership change at the finance ministry. Nazara takes over the role amid heightened scrutiny of the country's economic policy direction.

Indonesia's Presidential Palace announced on the 14th that President Prabowo has dismissed Finance Minister Purbaya and appointed Deputy Finance Minister Suahasil as his successor. Suahasil, who has served as deputy finance minister since 2019, said after taking office that running a trustworthy state budget is his top priority, and indicated a policy of keeping the fiscal deficit below the legal ceiling of 3 percent of gross domestic product. He said he will continue working to manage a trustworthy state budget, earn public trust through dialogue with citizens, and support the government's priority programs through the budget. Purbaya, who took office last September, was dismissed after a little over a year, a tenure marked by a string of developments that shook the economy, including a sharp plunge in the rupiah and a widening fiscal deficit. His policy of quickly supplying liquidity to banks to spur growth also created friction with the central bank.

Eramet announced that mining operations at PT Weda Bay Nickel are restarting after receiving authorization from the Indonesian authorities, following four months of Care and Maintenance. The restart is progressive and is being carried out by PT WBN with the support of its contractors, with safety remaining the top priority throughout the process. The timing of the ramp-up will depend on PT WBN's capacity to remobilize contractors and equipment, redesign its yearly mining plan, and finalize the relevant administrative work. At this stage, PT WBN said it is not in a position to provide a reliable estimate of nickel ore production and sales volumes, or the grades it can achieve for the remainder of 2026, and Eramet will provide an update of its 2026 guidance for external nickel ore sales in due course. PT WBN said it continues its constructive dialogue with the Indonesian authorities and remains committed to the responsible and sustainable development of its operations in Indonesia and to its long-term contribution to the economy of North Maluku.

Palm oil prices rose, with benchmark crude palm oil futures in Kuala Lumpur climbing as much as 0.9% to 4,975 ringgit ($1,229) per ton, as traders worried that wildfires raging in Indonesia, the world's largest palm oil producer, could affect supply. David Ng, a senior trader at Iceberg X Sdn Bhd, said the market is concerned about dry weather and haze affecting yields. Toxic haze has blanketed much of Southeast Asia, stalling harvesting in some areas as workers are mobilized to fight fires, and palm fruit growth may be affected by smoke and reduced sunlight. This year's severe El Nino has worsened the situation, with the ASEAN Specialised Meteorological Centre (ASMC) saying conditions are conducive to wildfires and transboundary haze, but increased rainfall in October is expected to provide some relief. More than 202,000 hectares on the islands of Borneo and Sumatra have been damaged by fires, while pollution has surged in Indonesia, Singapore, Malaysia, and the Philippines.

Singapore is facing haze from forest fires in Indonesia, pushing air quality into the "unhealthy" range today, as dry weather intensifies the regional fire situation. IQAir, a Swiss air quality monitoring company, ranks Singapore as the 8th most polluted major city in the world, while Kuching in Malaysia's Borneo ranks first. Singapore's National Environment Agency said on Thursday that fire-prone areas continue to experience prolonged dry weather, raising the risk of more severe transboundary haze. It advised the public to reduce prolonged outdoor activities or strenuous exertion. Meanwhile, several areas in the region are already feeling the impact of worsening air quality, with Malaysia's Sarawak state recording "hazardous" pollution levels. Indonesian authorities have warned residents in Kalimantan, an area with numerous hotspots, to be vigilant as conditions may worsen. Reports indicate that forest fires and haze are a recurring annual problem, partly caused by burning or clearing land for agriculture and commercial land use. This year, an El Niño expected to peak between September and October could prolong the fires and haze, increasing health impacts across the region. Indonesian media, citing the forestry minister, reported that the number of hotspots on Indonesia's part of Borneo has risen again after a slight decline, reflecting the difficulty authorities face in controlling the fires. The government has deployed at least 6,000 personnel to the field, along with water-bombing aircraft and cloud-seeding operations to fight the blazes.

Land and Houses Securities noted that RATCH is in talks with 5-6 data center operators to utilize the former RG power plant site, which has the potential to support up to 1,400 megawatts. The company benefits from low land costs and comprehensive infrastructure. Meanwhile, RATCH, together with partners, is preparing to bid for a large gas-fired power plant in Indonesia of about 1,000 megawatts, which is an expansion of the Paiton power plant and is part of Indonesia's long-term power development plan. The company has set an investment budget of 20 billion baht over the next five years to expand renewable energy both domestically and internationally, aiming to increase the renewable energy share to 40% by 2035 and 50% by 2040, up from the current 31% of its 9,484 megawatt capacity. Additionally, RATCH announced an interim dividend of 0.70 baht per share, down from the usual 0.80 baht, to prepare capital for growth. As a result, brokers have upgraded their recommendation to "Buy," viewing the stock as transitioning from a dividend stock to a growth stock.

The defense ministers of Japan, Australia, and Indonesia have reached an agreement to enhance defense cooperation during their first trilateral phone talks today (August 26), amid China's growing influence in the Indo-Pacific region. Japanese Defense Minister Shinjiro Koizumi, along with Australian Defense Minister Richard Marles and Indonesian Defense Minister Sjafrie Sjamsoeddin, exchanged views on regional security and reaffirmed their commitment to working together to promote peace and stability both regionally and globally. Japan has been strengthening bilateral security cooperation with both countries and aims to expand this cooperation to a trilateral level. Currently, Japan is developing a shipbuilding project for the Australian navy featuring advanced frigate technology, and is also negotiating the export of destroyers to Indonesia.

Indonesia, Malaysia, and Singapore have announced they will jointly keep the Malacca Strait and surrounding waters free, open, and safe for international shipping, amid geopolitical concerns after the Strait of Hormuz crisis affected global energy trade. The Malacca Strait is the shortest route between the Middle East and East Asia, and more than one-fifth of the world's seaborne trade passes through it. Singapore's Transport Minister Chee Hong Tat said at a two-day meeting attended by senior officials from dozens of countries that this year's events in the Middle East are a reminder that the world cannot take open shipping lanes for granted. The three countries jointly manage the Malacca Strait, working with Thailand, which has a short stretch of coastline at the northern end of the route. Ships passing through the strait are not charged tolls, but voluntary contributions from the international shipping community have totaled about 26 million US dollars since 2007 to support navigational safety in the Malacca Strait and surrounding areas.

Hengtong Logistics disclosed its 2026 semi-annual report. In the first half, it achieved operating revenue of 720 million yuan, up 7.64 percent year on year. Net profit attributable to shareholders of the listed company was 184 million yuan, up 85.49 percent year on year. Net cash flow from operating activities was 145 million yuan, up 1,940.22 percent year on year. The profit growth mainly came from the full operation of its port business, which provides vessel berthing and cargo handling services for enterprises in the Shandong Yulong Petrochemical Industrial Park. As leading enterprises in the park reached full production, terminal handling volume rose substantially. The company also plans to invest 2 billion yuan in the Karang Batang Special Economic Zone on Bintan Island, Indonesia, to build a digital smart industrial park covering smart logistics park operations, data storage and processing and equipment leasing, information system integration and supporting digital technical services, along with supporting energy storage and diesel generator units. In addition, the company plans to pay a dividend of 0.70 yuan per 10 shares, totaling 49.2483 million yuan, and intends to use 80 million to 100 million yuan of its own funds to repurchase shares for cancellation. The controlling shareholder and persons acting in concert have increased their holdings by a total of 200 million yuan, of which 50 million yuan has been completed.

China and Indonesia held a 2+2 meeting of foreign and defense ministers in Jakarta on Friday to discuss security, politics, trade, and investment amid tensions in the South China Sea. Chinese Foreign Minister Wang Yi said the two countries should upgrade cooperation amid increasingly complex global challenges, while Indonesian Defense Minister Sjafrie Sjamsoeddin said they plan to increase joint exercises, officer exchanges, and defense industry cooperation. On the economic front, China is a major investor in Indonesia, with Chinese direct investment in the first half of 2026 at about 3.9 billion dollars, but Chinese companies still face friction from higher tariffs and a new nickel pricing formula. Major Chinese investors in Indonesia include CATL, the world's largest electric vehicle battery maker, and Tsingshan Group, a steel producer and smelting operator.

Baker Hughes has secured a multi-year technology collaboration with Kuwait Oil Company and a substantial subsea systems contract for Indonesia's Kutei Northern Hub, including 17 deepwater trees, digital monitoring solutions, and a new research center in Kuwait's Ahmadi Innovation Valley. These awards deepen Baker Hughes' role in AI-enabled production optimization and large offshore gas developments, underscoring its push toward higher-tech, service-intensive energy infrastructure work. The Indonesia contract ties directly into the company's push toward digital, AI-enabled, and life cycle service contracts that feed backlog and recurring revenue. Baker Hughes' narrative projects $30.8 billion revenue and $3.3 billion earnings by 2029, requiring 3.3% yearly revenue growth and about a $0.2 billion earnings increase from $3.1 billion today. Some pessimistic analysts were assuming about US$34.7 billion of revenue and US$3.5 billion of earnings by 2029, showing how far opinions differ.

Wangneng Environment Co., Ltd.'s Bekasi waste-to-energy project in Indonesia received the outbound investment project filing notice issued by the Zhejiang Provincial Development and Reform Commission on August 14, 2026, with the filing valid for two years. The project is located in Bekasi City, West Java Province, Indonesia, and plans to build a new municipal solid waste incineration power plant with a daily processing capacity of 1,500 tonnes, with a total investment not exceeding 180 million US dollars. The investors are Wangneng Environment and Wangxin Huantou Hainan Investment Co., Ltd. The company reviewed and approved the project investment proposal at the 17th meeting of the 9th Board of Directors on March 4, 2026. Obtaining the Development and Reform Commission filing marks important progress in the project's outbound investment approval.

Indonesian President Prabowo Subianto has announced an escalation of his anti-corruption drive, targeting the bureaucracy, state-owned enterprises, the police, and the military, while signaling audits of state enterprise executives going back 30 years. In his second State of the Nation address to parliament on Friday, August 14, Prabowo also floated the idea of establishing a special court to conduct the audits and opened the door to amnesty for those who confess wrongdoing, while the law minister said there are no plans yet to set up such a court. Prabowo is aiming for Indonesia's economy to expand by 6 percent by the end of this year, amid pressure from a stock market that has fallen about 27 percent since the start of the year and a rupiah trading near record lows.

Freeport-McMoRan reported second-quarter 2026 earnings and revenue above expectations on higher metal prices, but copper sales volumes tumbled roughly 30% year over year to 710 million pounds due to lower operating rates during the phased ramp-up of the Grasberg Block Cave mine in Indonesia following the September 2025 mud rush incident. The company's third-quarter outlook of 750 million pounds implies a 23% year-over-year decline, and in April 2026 it lowered full-year 2026 consolidated copper sales volume guidance to around 3.1 billion pounds from 3.4 billion pounds, a forecast it maintained on the second-quarter call. Peer Southern Copper sold 220,712 tons of copper in the quarter, down 1.5% year over year, while BHP Group's copper sales fell roughly 8% year over year to 483.3kt in the fourth quarter of fiscal 2026. Zacks estimates for Freeport's 2026 and 2027 earnings imply year-over-year growth of 55.9% and 33.3%, respectively, with EPS estimates trending higher over the past 60 days, and the stock carries a Zacks Rank #3 (Hold).

Indonesia is racing to control forest and agricultural fires in six provinces after haze drifted across the border and affected air quality in Malaysia. The government has designated key monitoring areas, including Riau, Jambi, South Sumatra, West Kalimantan, Central Kalimantan, and South Kalimantan, and has deployed 43 helicopters and 15 aircraft to fight the fires and conduct cloud seeding amid dry weather from the El Niño phenomenon. Data from Indonesia's Ministry of Forestry shows that from January to June, around 107,465 hectares of land have been burned, an increase of 110 percent from the same period in 2023. In Malaysia, 11 areas in Sarawak state recorded unhealthy air quality levels, and schools have been ordered to suspend outdoor activities if the air quality index exceeds 100. Meanwhile, the city of Pontianak, the capital of West Kalimantan, has ordered schools to switch entirely to online learning.

Indonesian President Prabowo Subianto has nominated 62-year-old Destry Damayanti, the acting governor of Bank Indonesia, as the sole candidate to become the new central bank governor, replacing Perry Warjiyo who abruptly resigned for personal reasons late last month. The nomination immediately restored investor confidence, sending the rupiah to its strongest level in nearly two months. Presidential spokesman Prasetjo Hadi said the president submitted Destry's name today, along with names for the board of governors and senior deputy governor, to the House of Representatives. The House, where the ruling coalition holds a majority, has one month to vote, and according to records since 2008, Indonesia's parliament has never rejected a presidential nominee. Analysts say the market welcomed the move because Destry is a policymaker focused on currency stability, is flexible, and is ready to act decisively when market conditions require. Destry holds a master's degree from Cornell University, has served as senior deputy governor of the central bank since 2019, and has extensive experience in financial markets, having worked as an economist at Citibank and Bank Mandiri, and as a board member of the Indonesia Deposit Insurance Corporation. The new central bank governor will face the challenge of balancing inflation control and currency stability with the government's goal of accelerating economic growth to 8 percent from the current level of around 5 percent. Bank Indonesia's next monetary policy meeting is scheduled for August 18th and 19th.

Thryve.Earth has secured its first corporate offtake commitments totaling 635,000 tonnes of carbon removal to restore 6,000 hectares of degraded land in Sulawesi, Indonesia. Symbiosis Coalition members Google and McKinsey committed to over 335,000 tonnes over 10 years, marking Symbiosis' first agroforestry offtake, while Tencent committed to 300,000 tonnes, its first offtake agreement outside China. The project will use a layered agroforestry system with fruit and timber trees to sequester carbon and provide lasting income for local communities. Thryve.Earth's model builds on decades of field-tested work by the Masarang Foundation, with long-term offtake commitments enabling the upfront financing needed to clear invasive grasses and establish new trees at scale.

Nokia Oyj has partnered with Ooredoo and Nvidia on a multi-billion-dollar AI compute platform for Southeast Asia, centered on Indonesia's Zankore platform. The collaboration focuses on building large-scale AI infrastructure to support regional demand for advanced compute and digital services. The deal marks a further step in Nokia's shift toward AI-focused network solutions and digital transformation projects in selected markets. It gives Nokia another reference project in high-capacity networking for AI workloads, an area where the company has been underpenetrated compared with players like Ericsson and Cisco. The partnership also fits with Nokia's push to use AI network solutions to deepen recurring software and services revenue.