Despite being framed as a corporate contribution to support public housing, analysts pointed out that transfers of strategic urban land to the state are rarely neutral in economic terms.

The dollar was up 0.9 percent at $1.1518 on the euro, its highest since November.

PLN's reassurances stand in stark contrast to warnings from independent power producers, whose stockpiles have fallen to an average of 10 operating days, well below the 25-day benchmark considered ideal.

Speaking at an emergency meeting on the impact of the Middle East crisis, Lee said the government would "swiftly introduce and boldly implement" a maximum price system on petroleum products "that have recently seen excessive price increases".

The ministry of finance said Sunday it had drafted a decree that would slash import tax rates to zero on some petroleum products to "help stabilize the domestic market and ensure national energy security".

The dollar surged on Monday as soaring oil prices sent investors scrambling for cash on worries that a protracted Middle East war could severely disrupt energy supplies and hurt global growth.

Share markets slid in Asia on Monday as the inflationary pulse from surging oil prices threatened to raise living costs, and perhaps interest rates, across the globe, while an investor hunger for liquidity kept the US dollar in demand.

Finance Minister Purbaya Yudhi Sadewa says the worst-case scenario of domestic crude averaging US$92 per barrel throughout the year could force the government to reduce fuel subsidies or cut spending elsewhere, such as on the free meals program.

India is the fastest-growing major economy, but not everyone has been able to enjoy the boom times as opportunities remain uneven.

The fund has picked Wangneng Environment Co., Ltd. to operate a plant in Bekasi, West Java, while Zhejiang Weiming Environment Protection Co., Ltd. will operate a plant in Denpasar, Bali.

WTO experts in January 2025 largely upheld EU restrictions on the use of palm oil in biofuels following complaints by Indonesia.

While striking down the tariffs that were a central part of Trump's economic policy as unconstitutional, the US Supreme Court did not say how the collected tariffs should be refunded, leaving small importers worried the process would be expensive and time-consuming.

Cinema operator Layar Digi has partnered with retail giant Alfamart to utilize second-floor commercial spaces in its outlets as screening rooms with a capacity of 30 to 50 seats.

The US economy unexpectedly shed jobs in February and the unemployment rate increased to 4.4 percent, potentially hinting at a deterioration in labor market conditions that could put the Federal Reserve in a difficult spot amid rising oil prices.

According to the Indonesian Food and Beverage Producers Association (Gapmmi), past disruptions of shipping routes could raise transportation costs by as much as 30 to 40 percent.

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.