ASEAN 6 continues to benefit from deep integration into global manufacturing value chains, supported by a sizeable domestic market, UBS said.

First introduced in 2023, the previous conversion scheme offered buyers a Rp 7 million subsidy for new electric motorcycle purchases and a Rp 10 million subsidy to convert conventional two-wheelers into electric ones.    

The Energy and Mineral Resources Ministry offered up to a 50 percent split for potential cooperation contractors (KKKS), a significant bump up from the previous limit of 15 to 30 percent.

Indonesian carriers are yet to be hit by a surge in demand amid the US-Israeli strikes on Iran, according to an industry association, though many flights to Europe are filling up quickly ahead of the Idul Fitri holiday in mid-March, despite exorbitant price hikes.

The US Treasury Department is expected to announce measures aimed at combating rising energy prices in the wake of the Iran conflict, including potential action involving the oil futures market, a senior White House official said.

Asia stocks fell on Friday and were headed for their sharpest weekly drop in six years while oil prices were poised for their biggest jump in four years in a turbulent week for global markets as the conflict in the Middle East showed few signs of easing.

The outlook for Indonesia's credit rating has dimmed further as Fitch Ratings revised its view to “negative” from “stable”, adding to warnings over policy uncertainty following a similar downgrade from Moody’s.  

The Communications and Digital Ministry has issued a stern warning to the owner of Facebook and Instagram after finding the company’s compliance with Indonesian content moderation rules to be low when compared to other major digital platforms operating in the country.

Ships operated by state-owned energy firm Pertamina with a combined capacity of about 450,000 deadweight tonnes are stuck in ports as the US-Israeli war against Iran disrupts navigation in the Strait of Hormuz.

"The escalating crisis in the Middle East is significantly worsening the global economic and security environment," President Lee Jae Myung said.

Asia sources 60 percent of its oil from the Middle East, leaving the region vulnerable to the disruptions. Refiners in Indonesia and Japan are sourcing more oil from the US to replace the shortfall. India will consider buying more from Russia, sources at two companies have said.

Workers' associations have urged action to address the issue of “disguised employment” faced by some gig workers in Indonesia, while a government official says a dedicated bill to regulate the growing gig economy is underway.

Asian equities jumped Thursday after a three-day rout sparked by the Middle East war, but concerns about an extended conflict helped oil extend gains, while analysts warned of more volatility ahead.

China set its economic growth target for 2026 at 4.5%-5%, a slight downgrade from the 5% pace achieved last year, which leaves room for greater, albeit not decisive, efforts to curb industrial overcapacity and rebalance the economy.

Civil society and industry groups warn that the agreement on reciprocal trade (ART) could weaken local control over Indonesian data, erode publisher rights and tilt the digital economy further toward US tech giants.

The petrochemical company will reduce operational run rates at its plants as it monitors developments in the conflict, predominantly involving Iran, Israel and the United States.

Asian stocks tanked on Wednesday, with a record-breaking market crash in Seoul, as investors dumped crowded bets on chipmakers on worries a widening Middle East war will drive an oil shock that raises inflation and delays interest rate cuts.

The Financial Services Authority (OJK) has reaffirmed its commitment to swift capital market reforms aimed at addressing transparency concerns around Indonesian stocks flagged by global index compiler MSCI.  

Purbaya said expenditure on Indonesia's free meals program could be scaled back, saving the country about Rp 100 trillion ($6 billion).

Multiple Indonesian local media reported on Wednesday that Fitch Ratings has downgraded Indonesia's sovereign credit rating outlook to negative from stable.

The government also set holiday bonuses for ride-hailing drivers with app-based companies agreed to provide a total of Rp 220 billion this year, double the Rp 110 billion distributed last year.

The dollar rallied to a three-month high in early trading in Asia on Wednesday, with investors retreating from the euro as the growing conflict in the Middle East sparked fears of a sustained rise in energy prices.

The United States-Israeli attack on Iran has sent global oil prices surging past US$80 per barrel, putting additional strain on the state budget, which could force painful adjustments.

Brent crude futures LCOc1 were at $80.89 a barrel, up $3.15, or 4.1 percent, by 0745 GMT. On Monday, the contract surged to as high as $82.37, its highest since January 2025, though it pared those gains to settle 6.7 percent higher.

The first phase is projected to have an annual production capacity of 400,000 tonnes of caustic soda and 500,000 tonnes of ethylene dichloride (EDC), with operations targeted to commence in 2027.

Unlike in 2025, saving conditions entering Ramadan this year are weaker across income segments, limiting the spending before the disbursement of holiday bonuses.

Indonesia has recorded a slight increase in its inbound tourism, welcoming 1.01 million foreign visitors in January, Statistics Indonesia (BPS) data show.