Michael, an Indonesian of Chinese descent born in Kudus, Central Java, in 1939, jointly owned the Djarum Group with his brother Robert Budi Hartono, both sons of Djarum founder Oei Wie Gwan. Their father established the company in 1951 with just 10 employees, and it grew into one of the world’s largest clove cigarette firms with tens of thousands of workers.

China's show of willingness to work with the region of more than 700 million people would be welcome relief to Southeast Asian oil importers after an order by Beijing earlier this month to ban Chinese exports of diesel, gasoline and jet fuel.

The cost of the subsidised RON95 transport fuel, available for all Malaysian citizens, will be kept at 1.99 ringgit per litre, with the government expected to spend over 3 billion ringgit ($763.36 million) per month to fund its fuel subsidy bill, the ministry said in a statement late Wednesday. 

As a result of the war between Iran and the US and Israel, global crude oil prices have increased to above US$100 per barrel, far exceeding the $70 per barrel assumption in the 2026 state budget, which may result in higher energy subsidies.

Interest rates were kept steady at a range of 3.50 percent to 3.75 percent, with officials flagging one expected cut by the end of the year.

Iran's huge Pars gas field was hit on Wednesday in the first reported strikes on Iranian energy infrastructure in the Gulf during the US-Israeli war, a major escalation that prompted Tehran to warn its neighbors to evacuate their energy installations.

Some online travel agents have stepped in line with the government's calls for clearer information on ticket availability and transit flights, especially those with overseas layovers, to help mudik travelers reach their holiday destinations.

The government is focusing on gathering data and evidence for its rebuttal strategy against the USTR's new Section 301 probes into unfair trade practices, which are racing toward a July deadline, when Washington's latest 10 percent tariff  expires.

Asia spot LNG prices have doubled to three-year highs in the second major supply shock in four years, as shipping through the Strait of Hormuz has all but stopped and No.2 global exporter Qatar has halted shipments. 

Uncertain economic prospects and delayed or absent holiday allowance disbursements have made some consumers more cautious, prompting them to spend less and save more.

Bank Indonesia (BI) has left its benchmark interest rate unchanged as the United States-Israel war on Iran puts pressure on the rupiah, prompting the central bank to respond with forex market intervention and tighter foreign exchange controls.

International Finance Corporation (IFC), the World Bank’s private sector arm, has urged Indonesia to prioritize the growth of more productive, higher-value businesses through regulatory reforms.  

The President's brother, who heads the public housing task force, says he has temporarily allayed Prabowo's concerns by pointing to the relatively recent existence of the housing ministry as a stand-alone institution.

Australia's central bank raised its cash rate for a second straight month on Tuesday, saying higher borrowing costs were needed to contain inflation, though a very tight vote suggested further tightening is far from certain.

International Energy Agency chief Fatih Birol said Monday more strategic oil stocks could be released if necessary to limit the fallout of from the near complete blockage of supplies through the Strait of Hormuz owing to the war on Iran.

Nearly half of the country’s daily fuel use is met through imports as consumption climbed to 232,417 kiloliters per day in 2025.

The government has emphasized that lifting the fiscal deficit cap, which sits at 3 percent of GDP, could only happen in a crisis, and that it is focusing instead on slashing government spending.

The agreement is expected to strengthen the security and reliability of the critical minerals supply chain for both countries while supporting the development of clean energy technologies using Indonesia's mineral resources.

Industry players estimate that packaging costs in the bottled water industry could increase by as much as 45 percent if supply disruptions persist.

US President Donald Trump said Sunday he had the authority to impose duties despite the US Supreme Court last month striking down his global tariffs.

Oil prices hovered around US$100 a barrel Monday and stocks fluctuated as the Iran war moved into a third week with both sides showing no sign of backing down and diplomats trying to ensure safe passage for tankers through the crucial Strait of Hormuz.

Analysts warned that many potential beneficiaries of subsidized housing programs work in the informal sector, with little job and income stability.

The government says this year’s fiscal deficit may temporarily exceed the legal limit for the sake of maintaining economic growth should oil prices remain elevated for a prolonged period as the US-Israeli war on Iran rages on.

Prabowo said he has no plan to revise Indonesia's legally mandated deficit cap of 3 percent of GDP "unless there's a very big emergency like COVID." 

US Federal Reserve policymakers are expected to leave interest rates unchanged at their meeting next week, as the US-Israel war on Iran sends shock waves through markets and recent economic data has begun to show weakness.

The bourse is racing against time as it tries to finish new rules on formalizing a minimum free float hike from 7.5 to 15 percent as part of its proposed solution to MSCI, with the Nyepi-Idul Fitri extended holiday just around the corner.

Google's final challenge against the KPPU's anti-monopoly ruling last year ended in failure on Tuesday, when the Supreme Court issued a decision to uphold the competition watchdog’s US$12 million fine and related orders against the mandated the use of its payment system for local developers.