State-Owned Enterprises (SOEs) Minister Erick Thohir announced on Saturday that he plans to transfer assets from all 47 SOEs to the newly established sovereign wealth fund Danantara Danantara manages seven major SOEs: Bank Rakyat Indonesia (BRI) The amended State-Owned Enterprises Law mandates that Danantara will eventually oversee the operations “We are planning a major reform and restructuring of SOEs It makes sense to transfer all state-owned companies to Danantara He added that consolidating oversight under a single authority would enhance transparency and accountability in managing SOE assets “I am fully committed to transforming SOEs into efficient and financially healthy business entities I don’t believe in doing things halfway,” he said Erick also serves as chairman of Danantara’s oversight committee he assured that his ministry will continue working to improve professionalism in SOE management During his five-year tenure as SOE minister Erick noted that combined SOE profits have exceeded Rp 310 trillion per year Hendrik Yaputra TEMPO.CO, Jakarta - President Prabowo Subianto revealed that he criticized directors of State-Owned Enterprises (SOEs) during the Danantara Town Hall Meeting at the Jakarta Convention Center (JCC) on Monday He refrained from disclosing the identities of those criticized or the specific nature of his reprimands Prabowo explained that the meeting was closed because of these criticisms it was closed because I reprimanded many directors It's not appropriate to reprimand them in front of you (journalists)," he stated at the JCC in Jakarta on Monday During the meeting with directors of SOEs, Prabowo emphasized that Danantara represents the nation's wealth and must be managed effectively "It must also implement a transparent and very strict system because this is an extraordinary wealth that can drive our nation's revival," he asserted Prabowo believes that well-managed assets will contribute to Indonesia's prosperity He projected that Danantara's assets would soon reach US$1 trillion this can generate a substantial fund for our nation," he said Prabowo also urged all directors to perform their duties diligently and eliminate inefficient practices "I leave it to the management to evaluate all directors Prabowo held a closed meeting during the Danantara Town Hall Meeting at the JCC He was accompanied by Danantara's Chief Executive Officer (CEO) Rosan Roeslani Chief Operating Officer (COO) Dony Oskaria and Chief Investment Officer (CIO) Pandu Sjahrir The event commenced with the arrival of Prabowo and the Danantara executives followed by a speech from CEO Rosan Roeslani Roeslani announced that all 844 SOEs had officially become part of Danantara since March 21 He described Danantara's presence as a tangible manifestation of the government's commitment "Danantara's presence is a tangible form of future government presence," Rosan stated during his address a video showcasing the 180-day work achievements of President-elect Prabowo Subianto and Vice President-elect Gibran Rakabuming Raka was presented the host invited Prabowo to deliver his speech leading to the host requesting media personnel to leave the room please leave the Cendrawasih room," the host announced Prabowo's speech was not accessible to the press and the live broadcast was terminated as he was about to begin speaking Editor's Choice: President Prabowo to Attend Danantara Townhall Meeting with SOEs Click here to get the latest news updates from Tempo on Google News Prabowo Subianto Plans to Establish 100 People's Schools Soon Prabowo Plans to Build Emergency Bulog Warehouses in Aceh, West Nusa Tenggara Prabowo's Reason for Involving the Military in Food Matters Prabowo Open to Meeting Retired Military Forum Urging Gibran's Impeachment Free Meal Poisoning Case, Prabowo Alludes to Students Eating Without Spoons Learn About the Outsourcing Practices Prabowo Intends to Scrap Prabowo: Bill Gates to Support Free Nutritious Meal 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joint SOE homecoming program with the theme “Mudik Aman Sampai Tujuan” which is an annual routine activity in order to welcome Eid al-Fitr 78 state-owned companies are ready to welcome and serve a target of 100,000 travelers divided into three modes of transportation namely 1,360 Bus Units (capacity of 67,000 travelers) 90 Train Trains (capacity of 28,000 travelers) 26 Sea Ship Units (capacity of 5,000 travelers) with destinations in more than 200 cities / regencies spread throughout Indonesia Minister of SOEs Erick Thohir explained that the Ministry of SOEs is ready to follow up on President Prabowo Subianto's direction to present pro-people policies in facing the Lebaran 2025 homecoming period This policy is carried out so that people feel safe comfortable in undergoing worship in the month of Ramadan and provide convenience on the way to meet with family in their hometowns “Mudik Bersama BUMN has become a routine agenda for BUMN this is a form of BUMN's commitment to continue to provide benefits to the people of Indonesia This is in accordance with President Prabowo Subianto's wish that we continue to provide good services to the community this joint homecoming agenda is similar to the policy in reducing airplane ticket prices or adding train carriages so that people are facilitated to gather with their families,” Erick said Technology and Information of the Ministry of SOEs said that the SOEs 2025 Free Homecoming Program covers more than 200 destination cities in Java The government and SOEs hope that this program can reduce traffic congestion and provide a safer and more comfortable homecoming experience for the community who is also the Chairperson of the SOE 2025 Free Homecoming Coordinator emphasized the safety aspect as a top priority One of the efforts made is to ensure that all fleets used have passed the feasibility test and drivers have valid licenses Rivan added that Jasa Raharja has coordinated with various related agencies and all SOEs to ensure that safety procedures are met thoroughly The inspection is not only of the fleet technically but also ensures the physical and mental readiness of the drivers and ships used must meet predetermined safety standards we also provide protection insurance for travelers to provide a sense of security during the trip,” he added As an effort to secure traffic preparation 29 standby service branches throughout Indonesia online monitoring through Online Accident Data (IRSMS) and hospitals active coordination through the Traffic Communication Forum mobile traffic safety units in 102 branches & representatives 22 integrated service posts in Java & Sumatra JR-Care and DC-FKMN-JR for the victim's vehicle system Registration for this program starts from March 3 to March 17 Free Mudik Bersama is scheduled to depart according to the type of transportation mode he government has begun transferring its shares in state-owned enterprises (SOEs) to a newly designated holding company BKI has been restructured to serve as the super-holding entity for all Indonesian SOEs under the newly established sovereign wealth fund Danantara Indonesia PT BKI and the entities underneath it have been embroiled in a series of corruption scandals in recent years involving palm oil plantations and procurement for fictitious projects Given the company’s troubled past, its designation as Danantara’s operational holding has drawn criticism, particularly amid a separate set of corruption cases involving state-owned enterprises emerging in the first few months of President Prabowo Subianto’s administration Four publicly listed state-run banks – PT Bank Mandiri PT Bank Negara Indonesia and PT Bank Tabungan Negara – have announced that the government’s stakes in their businesses They cited the revised SOE Law and Government Regulation No 15/2025 as the legal basis for the transfer With exclusive interviews and in-depth coverage of the region's most pressing business issues "Prospects" is the go-to source for staying ahead of the curve in Indonesia's rapidly evolving business landscape Please check your email for your newsletter subscription the government retains a single Series A Dwiwarna share in each company granting it special privileges through the SOE Ministry Quickly share this news with your network—keep everyone informed with just a single click Customize your reading experience by adjusting the text size to small or large—find what’s most comfortable for you Image: Minister of State-Owned Enterprises (SOEs) Erick Thohir Special Staff III of the Ministry of SOEs Arya Sinulingga and Bio Farma Deputy Director Soleh Ayubi (right) participated in a press conference at the Ministry of SOEs in Jakarta Indonesia's Minister of State-Owned Enterprises (SOEs) has commended Bio Farma for its growing influence on the global health stage The company has not only expanded its vaccine production capacity but has also reaffirmed its dedication to advancing humanitarian welfare worldwide “Bio Farma’s contributions transcend medical solutions,” said Mr Thohir at a press briefing in Jakarta on Friday “They also play a vital role in promoting peace and stability in vulnerable regions.” Bio Farma’s reputation as a cornerstone of global health efforts is reflected in its ability to supply vaccines to 700 million children in 153 countries This achievement underscores the company’s strategic commitment to positioning Indonesia as a major force in the global health supply chain Thohir also highlighted Bio Farma’s efforts in aiding Indonesia’s recovery from the pandemic citing the development of a vaccine tailored specifically for the Indonesian population revealed that Bio Farma represented Indonesia at the Annual General Meeting of the Developing Countries Vaccine Manufacturers Network (DCVMN) in São Paulo The company has also been chosen to host the prestigious event in 2025 The increasing global demand for vaccines presents Bio Farma with an opportunity to enhance its production capabilities Plans are underway to scale up manufacturing capacity from 3.1 billion doses annually to nearly five times that amount through the establishment of a cutting-edge facility This initiative positions Bio Farma as a frontrunner in the international vaccine market Bio Farma’s export revenue has soared by 80% By ensuring vaccine access for underserved communities the company continues to play a critical role in addressing global health disparities "Bio Farma has established itself as a reliable hub for vaccine production," said Mr the company meets the demands of its expansive international network reaffirming its commitment to global health." A recent example of Bio Farma’s humanitarian impact took place in Gaza where a three-day ceasefire was brokered to allow polio vaccinations for Palestinian children facilitated using Bio Farma’s vaccines Bio Farma is also advancing sustainability through a "traceback" system which tracks each vaccine batch and records the energy used during production This innovation is key for meeting the requirements for UNICEF's 2026 tender “Bio Farma’s focus on green energy and environmental responsibility strengthens its leadership in sustainable healthcare practices,” Mr With its strategic roadmap and unwavering dedication Bio Farma continues to shape its role as a global health leader ensuring both equitable healthcare access and long-term sustainability Students within SOE are weighing what the gift could mean for their programs their professional development and the future of the school itself The landmark grant, intended to elevate SOE’s standing as a leading institution for education and policy research, comes on the heels of a report of major restructuring While details of the restructuring were unknown conversation around the possibility of SOE being absorbed into the College of Arts and Sciences circulated widely creating a climate of uncertainty and concern recalls the moment she learned about the restructuring and possible absorption into CAS “I remember [receiving the email] so vividly I was sitting by The Bridge and I got the email,” Cohen said Carlos Gamez, a second-year graduate student in SOE’s online program “There was real fear that SOE would be dissolved or diminished,” Gamez said it was tied to the value of our degrees and the long-term vision for the school.” the new donation has — at least temporarily — eased those concerns But he and others remain cautiously optimistic noting that the true impact of the gift depends entirely on how it’s allocated and how transparently those decisions are communicated but what really matters now is strategic leadership,” Gamez said “SOE has to use this opportunity to define who it wants to be and to do that Central to the changes accompanying the donation is the introduction of a new position: an endowed leadership chair which will be the first endowed leadership position at any school at AU “[The donation] will provide permanent endowed resources for the school and establish an endowed leadership chair, which will be the first endowed leadership position for a school at AU,” Rodney Hopson, interim dean and professor at SOE wrote in an official announcement published Feb the University has not publicly announced who will fill the newly established leadership chair.  “SOE needs a leader who’s not just managing operations but actively building relationships across AU and within the wider educational landscape.” will empower SOE to assert itself in institutional decision-making and forge stronger collaborations.  “Higher education is now in a very tumultuous space with different policy actors especially at the federal level,” Gamez said “I would hope that this leadership chair really allows for SOE to be innovative and competitive and truly bring out the best of students One of the most anticipated outcomes of the gift is the expansion of scholarships for graduate students — aid that is especially critical as tuition continues to rise and federal student loan reforms remain uncertain I’ve felt the financial pressure firsthand,” Gamez said “Funding for scholarships isn’t just helpful It could be the difference between someone pursuing this path or walking away from it entirely.” students are calling for meaningful investment in faculty development.  “I’ve had phenomenal young professors — smart mentoring them and giving them the chance to lead is where the real value lies It has to be a home for talented educators.” Gamez also advocated for more structured research opportunities With part of the grant allocated for community partnerships Gamez said he’s hopeful that SOE will strengthen its ties to local organizations and public institutions and become a “key player in D.C.’s education network.” He also emphasized that community engagement can’t be an afterthought.  then SOE has to show up — not just in name “Students need pathways into those partnerships.” Cohen also looks forward to seeing SOE strengthen connections beyond AU notably with DC Public Schools and educational outreach nonprofits.  “That’s what students really care about and what they really come here for — they come from experiential learning experience,” Cohen said “That is what sets this major aside from other majors at AU and our school aside from other schools with education programs.” Cohen hopes to see an expansion of the course offerings.  so it would be great to keep adding,” Cohen said “I think we should use [the donation] to continue growing these programs.”  the strength of the program for Cohen lies t in its academics I love bragging about this program and I encourage anybody who’s looking to go to school for education or even anyone who’s already here who’s thinking about adding a major or minor in SOE Correction: A previous version of this article specified an incorrect donation amount from H The article has since been updated and the number removed This correction was also updated to include additional context of the number’s removal Olivia Citarella Sabine Kanter-Huchting and Hannah Langenfeld features@theeagleonline.com  Section 202 hosts Connor Sturniolo and Gabrielle McNamee are joined by fellow Eagle staff member and phenomenal sports photographer Follow along as they discuss the United Football League and the benefits it provides for the world of professional football The State-Owned Enterprises (SOEs) Ministry is ramping up efforts to streamline state-owned companies through mergers aiming to reduce their number from 47 to just 30 The initiative focuses on consolidating SOEs within similar sectors SOE Minister Erick Thohir revealed that the merger process is underway for companies in the construction state railway operator Kereta Api Indonesia (KAI) will merge with train manufacturer Industri Kereta Api (INKA) port operator Pelabuhan Indonesia (Pelindo) shipping company Pelayaran Indonesia (Pelni) and ferry operator ASDP Indonesia Ferry are also set to merge the ministry plans to consolidate them into three clusters The companies involved include Hutama Karya "We have discussed 45 programs for the next five years including consolidating 47 companies into 30," Erick Thohir said during a press conference at the SOE Ministry in Jakarta on Tuesday but it requires further studies and processes," he added Erick provided updates on the merger progress highlighting ongoing collaboration with relevant ministries the ministry is coordinating with the Public Works Ministry since many of these companies handle government-assigned projects the ministry is working closely with the Transportation Ministry to ensure the maritime and port sector mergers improve ferry transportation services "We’ve communicated with the Transportation Minister regarding Pelindo and he supports the plan as it provides effective solutions," Erick said Erick noted that legal and technical studies are being revisited to align with the current administration’s policies "This requires renewed studies to ensure legal compliance especially since there has been a change in leadership in the Public Works Ministry," Erick concluded the SOE Ministry has been restructuring corporations through holding companies but this number has declined to 47 as of this year there are currently 12 SOE business clusters covering various sectors the ministry has established a holding structure to enhance efficiency and performance Each holding oversees 2 to 14 subsidiaries categorized based on their respective business sectors Sultan Abdurrahman TEMPO.CO, Jakarta - Indonesian House of Representatives held a closed meeting with the Ministry of State-Owned Enterprises (SOE) on Wednesday, March 19, 2025. The meeting that took place at the parliamentary complex in Senayan, Jakarta, discussed the process of the transfer of government shares (inbreng) from SOE to the Daya Anagata Nusanatara Investment Management Agency (BPI Danantara) The closed meeting between the Ministry of SOE and Commission VI of the House of Representatives stated that his ministry discussed the next stages of BPI Danantara after it was officially formed on February 24 The next stage that we have to go through is to immediately carry out the inbreng of SOE companies to Danantara,'' said Dony who also serves as the Chief Operating Officer of Danantara Two deputy ministers represented the Ministry of SOE in this closed discussion They are Dony Oskaria and Kartika Wirjoatmodjo Inbreng is a non-cash asset transfer transaction to a company and other legal entities as a substitute for shares Inbreng is also known as a form of capital participation Inbreng generally includes the process of capital participation in the form of assets such as land and buildings previously stated that the inbreng of SOE company shares to BPI Danantara is targeted to be completed within a month after the establishment of the investment management agency He said the handover of share ownership is carried out following the applicable regulations in the capital market ''We will complete the inbreng within a month we have to do this according to regulations There are regulations in the capital market and so on,'' he told the media at The Westin Jakarta President Prabowo Subianto officially launched BPI Danantara on February 24, 2025. This agency manages the assets of state-owned red plate companies worth around US$900 trillion. Danantara will oversee two parent companies or SOE holdings These two holdings are investment holdings and operational holdings Ilona Estherina contributed to the writing of this article Editor's Choice: Indonesia to Streamline Waste Management Permits to Attract Investors Click here to get the latest news updates from Tempo on Google News Prabowo Instructs GBK Assets Transfer to Danantara Indonesian Minister Reveals Korean Company Set to Invest in Danantara Today's Top 3 News: Prabowo Confident Danantara Could Exceed US$1tn in Assets 19 South Korean Firms to Increase Investment by Rp30tn in Indonesia Prabowo Confident Danantara Could Exceed US$1tn in Assets Danantara Manages 844 State-Owned Companies Prabowo Said to Have Scolded SOE Leaders During Closed Danantara Town Hall President Prabowo to Attend Danantara Townhall Meeting with SOEs IHSG Climbs 3.74% in a Week as Market Cap Touches Rp11,561 Trillion The company won a prestigious award at the BUMN Branding & Marketing Awards 2024 event held in Jakarta namely the Platinum Award in the Brand Creative Communication & Activation category and the Gold Award in the Innovation & Technology Advancement category The awards were received by Senior Vice President (SVP) Retail Business PT Pos Indonesia W Lily Selanno and Vice President (VP) Marketing Retail Business Pos Indonesia Ari K Wibowo awards were also received by dozens of other outstanding SOEs SVP Retail Business PT Pos Indonesia W Lily Selanno said this award is an appreciation given by external parties for Pos Indonesia's performance so far Pos Indonesia is committed to continuing to strengthen the company's brand both nationally and internationally “This success shows Pos Indonesia's commitment to strengthening the company's brand through creative communication and sustainable technology-based innovation,” she explained in Bandung on Saturday the BUMN Branding & Marketing Awards 2024 is an appreciation event for BUMNs that have succeeded in maximizing the potential of branding and marketing The assessment is carried out based on concrete steps of reliable talent and advanced technological support resident Prabowo Subianto has announced that Indonesia’s new sovereign wealth fund Danantara will be seeded with US$20 billion drawn from deeper government-wide budget cuts and state-owned enterprise (SOE) dividends Speaking at his Gerindra Party’s anniversary celebration in Bogor he said SOE dividends would contribute a significant portion of the fund that would be formally launched by the President on Feb “We’re making sure we start strong without relying on foreign investment as Bung Karno envisioned,” Prabowo said in his speech referring to the country’s founding father The fund’s immediate priority would be kickstarting 15 multibillion-dollar megaprojects without tapping external financing Read also: Prabowo to launch Danantara’s $20b venture on Feb. 24 Prabowo explained he is eyeing savings of over Rp 750 trillion (US$44 billion) through multiple phases of fiscal consolidation this year His administration has concluded the first phase by identifying over Rp 300 trillion to be saved up in the state's discretionary fund The second phase is set to save up Rp 250 trillion more from budget cuts across ministries and agencies Indonesia’s newly launched sovereign wealth fund will oversee all state-owned enterprises (SOEs) as part of a broad consolidation strategy CEO Rosan Roeslani said after the fund’s official launch at the Presidential Palace in Jakarta on Monday "All SOEs will eventually be consolidated under Danantara," Rosan said signaling a major restructuring of Indonesia’s state assets The initial phase will see seven major SOEs—Bank Mandiri and MIND ID—brought under Danantara’s management The consolidation will take place in stages "It’s not just these seven SOEs; we will gradually expand the scope," Rosan added Danantara is set to manage over $900 billion (Rp 14,724 trillion) in total assets making it one of the world's largest sovereign wealth funds the fund will oversee $20 billion (Rp 325.8 trillion) channeling capital into strategic projects focused on downstream industrialization and sustainable sectors who also serves as Investment Minister said Danantara is designed to accelerate economic growth on both regional and global scales while driving job creation "We are consolidating all these assets to create value The president’s key directive is to position Danantara as a global champion—not just regionally but internationally our top priority is job creation," he said Danantara will operate with strict governance principles Comprehensive evaluations will be conducted to ensure the fund’s long-term success "We aim to uphold good corporate governance and maintain the highest standards in managing these assets," he said With Danantara taking control of Indonesia’s SOEs the fund is poised to become a powerful force in global markets leveraging the country’s vast state-owned assets to drive long-term economic expansion Ilona Estherina TEMPO.CO, Jakarta - Eight publicly listed state-owned enterprises (SOEs) have begun transferring government-owned Series B shares to PT Biro Klasifikasi Indonesia (BKI), the newly designated operational holding company under the Danantara Investment Management Agency The transfer is being carried out through an inbreng scheme a mechanism for injecting assets into a company’s equity While the move marks a significant step in restructuring state-controlled businesses the Institute for Development of Economics and Finance (Indef) has criticized the government’s handling of the process an Indef researcher specializing in industry argued that while the regulatory framework—Government Regulation No 15 of 2025 (PP 15/2025)—is in place and being implemented “The regulation provides the legal foundation for SOEs to transfer their shares to BKI yet the government has not been fully transparent,” he said during an Indef public discussion on Tuesday Ariyo also noted difficulties in accessing PP 15/2025 and suspected ambiguities in its provisions “I believe there are unresolved issues within the government regarding this regulation it has already been enacted and put into effect.” He urged the government to clarify where PP 15/2025 was issued and why it has not been made publicly available Without a clear framework outlining the transfer process the lack of transparency could hinder public and market confidence in the inbreng scheme A disclosure published by the Indonesia Stock Exchange (IDX) on March 24 confirmed that the share transfer is underway The eight SOEs involved are PT Bank Mandiri Tbk (BMRI) Editor’s Choice: Five Legal Controversies Linked to Thaksin Shinawatra, Now a Danantara Advisor What Are the Cheapest Businesses to Start from Home Apple's AirTag Investment Not Significant for Indonesian Telecommunication Industry Minister: Apple Investments in Indonesia Unstirred by Looming Trade War Vale Indonesia Develops 3 Downstream Projects with Rp146.52tn Investment TEMPO.CO, Jakarta - The establishment of the Investment Management Agency Daya Anagata Nusantara (BPI Danantara) will alter the way State-Owned Enterprise (SOE) profits and losses are managed effectively removing the burden from the state This provision is stipulated in the revised State-Owned Enterprises or SOE Law approved by the House of Representatives (DPR) during a plenary session on Tuesday Danantara's profits and losses are considered to be its own This provision is written in Article 3H of the new legislation Executive Director of the Center of Economic and Law Studies (Celios) interprets this provision as a sign that SOE dividend payments to the state are no longer a government's priority Danantara prioritizes the safety of its internal finances and also its responsibility to investors or institutions that provide loans rather than depositing excess profits to the state," Bhima said in a voice message on Friday Bhima expressed critical views regarding this regulation given that Danantara may still need state capital participation in its operations the correlation between state capital participation and dividends paid may be inversely related," he said The following provisions regarding Danantara's profits and losses as detailed in Article 3H of the SOE Law draft obtained by Tempo (2) The profits or losses incurred by the agency in its investment activities part of the profits is determined as state income to be deposited into the state treasury after funds have been set aside to cover or mitigate investment losses and/or accumulate capital (4) Further regulations regarding the setting aside funds to cover or mitigate investment losses and/or accumulate capital will be regulated in a Government Regulation In addition, Article 4B of the revised SOE Law addresses the profits or losses of SOEs themselves, stating that they are to be considered SOE profits or losses. The article's explanation clarifies that SOE profits and losses include, but are not limited to, those arising from the management of part or all SOE assets in investment and/or operational activities of the respective SOE Editor's Choice: Luhut Projects US$25 Billion Profit from Indonesia's Danantara Fund Jakarta. State-Owned Enterprise (SOE) Minister Erick Thohir recently visited the national strategic project Bali International Hospital in Sanur The project is set for inauguration in the near future reported that the construction had entered the final stage. PTPP's President Director Novel Arsyad and Hotel Internasional Sanur Indonesia were present during the visit Bali International Hospital is a modern hospital with a healing resort concept -- combining world-class medical services with the comfort of Bali's natural environment including: emergency rooms with 12 treatment rooms as well as outpatient-inpatient services with a total of 45 beds The hospital also boasts 8 operating rooms There are also other special services such as special gym rehab facilities for injury recovery Bali International Hospital is also the first of its kind to open opportunities for diasporas namely Indonesian doctors who previously worked in various countries to return Erick also spoke with one of the diaspora doctors who had studied and worked in Germany for 24 years The doctor in question now works at Bali International Hospital PTPP's corporate secretary Joko Raharjo said that the project would help improve the quality of Indonesia's national health services "We ensure that this project runs with the best quality Bali International Hospital will be a symbol of state-owned enterprise collaboration in presenting superior health services in world-class tourist destinations," Joko said PTPP has taken part in Indonesia's infrastructure development It also continues to innovate by taking advantage of technologies such as building informatin modeling (BIM) and enterprise resource planning (ERP) is considering stepping in as a standby buyer for state-owned enterprises (SOEs) looking to strengthen their capital amid weak investor sentiment Chief Investment Officer Pandu Sjahrir said Thursday Speaking at the BNI Investor Daily Roundtable in Jakarta Pandu outlined Danantara’s potential role in stabilizing SOE stocks in the capital market as part of its broader strategy to enhance governance and financial performance aims to act swiftly while prioritizing risk management and transparency needs to offload shares to boost liquidity while the market remains hesitant Danantara could step in as a standby buyer,” Pandu said we welcome private investors to participate.” The initiative is part of Danantara’s early-phase measures following its official formation The fund is assessing opportunities to support publicly listed SOEs with solid returns but declining stock prices over the past four months there’s no reason not to invest,” Pandu said Danantara will focus on finalizing its composition alongside private sector players and assembling a top-tier management team before presenting its strategy to the public “We are evaluating what makes sense for the market Our first investments may not be the most exciting but they will be relatively safe,” Pandu said Danantara is focused on making SOEs more agile and efficient to optimize their contributions to Indonesia’s economy The fund is also revising dividend management shifting from direct state contributions to reinvestment strategies aimed at fueling national growth SOE dividends went directly to the state treasury providing a positive impact on GDP expansion,” Pandu said which will assume management of all 47 SOEs by the end of March is expected to become a key player in Indonesia’s economic transformation backed by a $20 billion investment plan and broader budget efficiency measures under President Prabowo Subianto’s administration The fund will oversee $900 billion in assets positioning it among the world’s largest sovereign wealth funds Ervana Trikarinaputri TEMPO.CO, Jakarta - The Ministry of State-Owned Enterprises (SOE) will soon launch the 2025 SOE Joint Recruitment offering employment opportunities for both fresh graduates and experienced professionals Registration will be open for all eligible candidates "The Joint Recruitment of State-Owned Enterprises for the year 2025 will be available again in the near future," as written on the ministry's official Instagram account @kementerianbumn the SOE Ministry is opening regular job vacancies for candidates with educational backgrounds ranging from senior high school (SMA) or equivalent The SOE Joint Recruitment 2025 program is free of charge In addition to regular or general recruitment SOE Joint Recruitment 2025 also provides opportunities for individuals with disabilities and people of Papua there is no detailed information regarding the start of registration or complete requirements and qualifications for prospective employees The implementation of this Joint Recruitment will be announced through the SOE Ministry's social media and the Forum for Human Capital Indonesia or FHCI BUMN provides information on the selection stages for the 2025 Joint Recruitment The selection stages for the SOE Joint Recruitment are as follows: Online test 1: basic competency tests (TKD) Online test 2: English language test (senior high school education level does not require an English language test) and a learning agility test (subtest to assess the ability to learn and adapt to new situations) Field-specific ability tests at each State-Owned Enterprise The SOE Ministry urges the public to remain vigilant against hoax news and fraud under the guise of the Ministry and FHCI BUMN. The official website for the 2025 SOE Joint Recruitment is fhcibumn.com Editor's Choice: Top 10 Best Side Hustles in 2025 That Could Replace Your Daily 9-to-5 Job KPK Ensures No Conflict of Interest Despite Joining Danantara's Structure 8 SOE Issuers Begin Stock Transfers to BKI Parliament and SOE Ministry Hold Closed-Door Meeting on Danantara AGO Transfers 221,000 Hectares of Duta Palma's Palm Oil Land to SOE Today's Top 3 News: 5 SOEs in Indonesia with the Most Corruption Cases Danantara Establishment Has a Good Intention IHSG Slightly Up as Pertamina Stocks Hit by Corruption Case Sentiment State No Longer Bears SOE Losses Upon Danantara's Establishment Erick Thohir Urges Private Banks to Help Fund Public Housing Program KPK to Question Former SOEs Minister Rini Soemarno in Alleged Gas Sales Corruption he newly established Investment Authority of Indonesia (IAI) Danantara is set to become one of the world’s largest sovereign wealth funds (SWF) with an estimated initial US$600 billion in assets under management by consolidating seven state-owned enterprises (SOEs) and a state-owned fund with a mandate to maximize their returns analysts question how the new agency will address the public service obligations (PSOs) of certain SOEs that are instructed by the government to offer products below market prices or take on unprofitable projects Experts suggest a separation of SOEs into two categories based on their key purpose: SOEs meant to generate profit and those meant to fulfil public functions According to a document seen by The Jakarta Post Danantara plans to consolidate seven major SOEs electricity provider PLN and mining holding firm MIND ID those companies hold approximately Rp 8.9 quadrillion (around US$570 billion) in assets representing over 85 percent of all Indonesian SOE assets They also contributed around Rp 72.8 trillion in dividends to the state budget last year accounting for nearly 90 percent of SOE dividend payouts Danantara is to absorb other state assets to bring its assets under management to $982 billion potentially positioning it as the world’s fourth-largest SWF It would be tasked with improving the efficiency of those assets to optimize their returns some of the SOEs it will hold also have a mandate to support government programs State-Owned Enterprises Minister Erick Thohir recently vowed to back President Prabowo Subianto’s plan to set up Danantara the overdue investment superholding that would manage $600 billion in assets by consolidating government-run businesses Prabowo intends to establish Danantara as an investment management body that would be akin to Singapore’s Temasek Danantara will start by combining the assets of 7 state-owned enterprises (SOEs) Prabowo was supposed to launch Danantara in early November but the inauguration date got pushed back as the president had to embark on a two-week Danantara head Muliaman Darmansyah Hadad said that the launch would have to wait for Prabowo’s return although its inauguration has yet taken place to this day The investment body is also still under review with key decisions on its legal status and operational spending SOE Minister Erick gave the latest updates to the much-awaited Danantara “I have stated that I would support Danantara by providing the facilities that we have We are still discussing the reviews [of its official launch],” Erick told reporters in Jakarta the government has long been working on the necessary groundwork for Danantara’s establishment on the SOE law draft.  “We are open to the idea [of Danantara] align with Prabowo’s vision to make Indonesia self-sufficient in food and energy and also to eradicate poverty,” Erick said Danantara has held talks with the top brasses of BRI and Telkom ahead of its launch Danantara also plans on managing the assets of the country’s sovereign wealth fund Indonesia Investment Authority (INA) Alfitria Nefi P TEMPO.CO, Jakarta - Attorney General Sanitiar Burhanuddin has entrusted 200,000 hectares of land, seized in the Duta Palma Group corruption case, to Minister of State-Owned Enterprises (SOE) Erick Thohir.  "We will hand it over to the SOE Minister so that these assets are maintained," said Burhanuddin at the Main Building of the Attorney General's Office Burhanuddin stated that this transfer was done to preserve the value of the seized land and prevent its depreciation the 200,000 hectares of land is also expected to generate profits for the government especially for the people who depend on PT Duta Palma was chosen to manage the land because it is deemed the appropriate state institution to handle the company Burhanuddin stated that this decision is not yet final the land is still managed by PT Duta Palma SOE Minister Erick Thohir stated that the management of the seized land by his ministry aims to prevent losses to the community It also prevents the seized assets from being sold illegally which could occur due to a lack of management "We are not improvising on the company's performance our focus is on how to maintain the recovery of these assets," said Erick Duta Palma boss Surya Darmadi was named a suspect for allegedly grabbing 37,095 hectares of oil palm land in Indragiri Hulu Regency cultivated this land without permission from 2003 to 2022 The case began when the Regent of Indragiri Hulu in 1999-2008 issued location and plantation permits (IUP) to four Duta Palma Group companies: PT Banyu Bening Utama in 2003 The issuance of these permits is suspected to be illegal and potentially caused losses to the state as the land is located within a forest area and without the release of the forest area hoped that the judges would decide proportionally the case against his client is not eligible for trial as it has been accommodated by the Omnibus Law "The indictment questioned by the Attorney General is about forest area But this issue has been accommodated by the Omnibus Law," he said on Wednesday was sentenced to 10 years in prison and a fine of Rp1 billion or six months substitute imprisonment the Corruption Court judges later reduced his sentence to 7 years in prison and a fine of Rp200 million The Attorney General named Surya Darmadi as a suspect on August 1 He reportedly ignored the Attorney General's three summons after being named a suspect the Supreme Court reduced the compensation the boss of PT Darmex Group and PT Duta Palma was required to pay to only Rp2 trillion from the original Rp42 trillion his prison sentence was increased by one year to 16 years Editor’s Choice: Prabowo: Indonesia's Corruption Level is Very Alarming Marselino Ferdinand Debuts for Oxford United in Championship Jakarta May Day: Prabowo Renews Call for Asset Forfeiture Bill Nonactive Jak TV News Director Granted City Detention Amid Health Concerns Former South Korean President Moon Jae-in Charged with Bribery Over Son-in-Law's Airline Job Jak TV News Director Suspended Over Obstruction of Justice in Corruption Cases Bisnis.com, JAKARTA — The appointment of prominent figures to the core management of the Danantara Investment Management Agency (BPI) is a breath of fresh air for the state-owned enterprise (SOE) stocks shares of state-owned issuers saw a notable rebound though they remain well below their year-end 2024 levels Following the announcement of Danantara’s leadership lineup, SOE stocks within the IDXBUMN 20 index surged, posting a 3.83% gain—outpacing the Jakarta Composite Index (IHSG) Ade Ridwan Yandwiputra TEMPO.CO, Jakarta - The Attorney General's Office (AGO) has handed over 221,000 hectares of PT Duta Palma Group's palm oil land to PT Agrinas Palma Nusantara (Persero) which is considered evidence in a corruption case Deputy Attorney General for Special Crimes Febrie Ardiansyah stated that there are 37 land and building plots totaling 221,868 hectares The land and buildings are from 9 corporations involved in corrupt practices related to Duta Palma Group's palm oil management "The land is located in Riau and West Kalimantan provinces," said Febrie during a press conference for the handover of 221,000 hectares of Palm Oil Land for Energy Security at the Danareksa Building Febrie explained that 7 land plots covering 43,824.52 hectares are in Riau 21 palm oil plantation land plots covering 137,626.01 hectares are scattered in West Kalimantan in the districts of Bengkayang and Sambas Due to limitations in managing this evidence the Attorney General's Office requested the Ministry of State-Owned Enterprises to take over its management," said Febrie Febrie stated that managing this palm oil land evidence is expected to contribute to the community and enhance economic potential "We hope its productivity will remain as it was at the beginning Earlier, Attorney General ST Burhanuddin and Indonesian State-Owned Enterprises Minister Erick Thohir discussed the seized assets deposit at the Main Building of the Attorney General's Office on Tuesday Burhanuddin revealed that the reason for the deposit of these assets in the form of land is to ensure that they maintain their quality and value The Attorney General also revealed that the deposit of PT Duta Palma Group's land assets was handed over to the Ministry of State-Owned Enterprises because the case is still ongoing and has not resulted in a final verdict its management must be transferred to state-owned enterprises an institution capable of managing state assets Editor's Choice: Prabowo Urges Companies to Pay THR to Online Motorcycle Taxi Drivers, Couriers AGO Issues Tracking Device for Jak TV Director Following City Detention Status AGO Names Jak TV News Director a Suspect in Obstruction of Justice Case Former Pertamina Chief Karen Agustiawan Questioned over Oil Governance Corruption Case Prabowo Voices Concern Over Indonesia's Legal System Following Bribery Scandal AGO Probes 3 Suspects in CPO Export Bribery Case Wilmar Employee Named Bribery Suspect Related to Palm Oil Graft Case AGO Examines Six Witnesses in Pertamina Corruption Case Indonesia Exports 680,000 Tons Palm Oil to Russia in 2024 Pegadaian recently partnered with “Real Star” a community of influencers who also work at state-owned enterprises (SOEs) to take kids at Jakarta’s Yayasan Remaja Masa Depan orphanage on a trip over the weekend The activity embraced the theme “Creativity and Happiness at the Taman Mini Indonesia Indah (TMII)” referring to the cultural park and famous tourist destination the state-run pawnshop Pegadaian and the SOE influencers took the kids on a series of activities including touring the park’s Transportation Museum They also provided operational assistance to the orphanage as well as some donations for the children in need said that the activity is part of Pegadaian Peduli’s program on fostering a healthy and prosperous life as well as quality education “We believe that we can spread happiness in simple ways We want to give the kids an unforgettable moment through this event and inspire them to dream big This is part of our commitment to implement the social principle on the environmental SOE influencer and the committee’s head Wahyu Purnomo Aji said that he wished to use his platform to encourage people to do good deeds “Seeing the kids smile has made us really happy,” Wahyu said including from the SOEs where these influencers are working and the Transport Ministry which has facilitated the free entry to the Transport Museum Pegadaian also hopes such activities can inspire others to do good for the local communities An analyst said Friday that President Prabowo Subianto would keep an eye on the bosses of Indonesian state-owned enterprises (SOEs) and would not think twice about replacing the underperformers.  Gerindra Party senior official Hashim Djojohadikusumo claimed that Prabowo would evaluate the performance of his cabinet members six months after being inaugurated indicating that the former army general would kick anyone whom he considers inefficient political analyst D Nicky Fahrizal said that this would likely apply to the directors of SOEs as well This performance-based SOE boss reshuffle is even more likely given Prabowo’s leadership style of making sure the executive functions are more effective.  “So I doubt Prabowo will just evaluate the ministers and deputy ministers I’m pretty sure he will do the same to the SOE’s board of directors,” Nicky an expert at the think-tank CSIS, told Beritasatu.com in Jakarta on Friday Prabowo will likely instruct SOE Minister Erick Thohir to make the reshuffles in these state-owned businesses Nicky added: “Prabowo might even fire the SOE minister if the latter does not get tough on the SOE boards.” Prabowo inaugurated the Red and White Cabinet which comprised over 100 ministers and deputy ministers Prabowo’s predecessor Joko “Jokowi” Widodo picked seasoned businessman Erick as his SOE minister in 2019 Erick got to keep his ministerial post under Prabowo M. Raihan Muzzaki TEMPO.CO, Jakarta - Former President Joko Widodo has officially dissolved the state-owned company PT Pembangunan Armada Niaga Nasional or PT PANN (Persero). The closure of the company is stipulated in Government Regulation (PP) No. 43/2024, which Jokowi signed on October 17 The completion of the liquidation of PT PANN has been carried out for a maximum of five years This means that since the company submitted a restructuring of the Subsidiary Loan Agreement (SLA) debt in 2019 the process of determining the liquidation of the company has been ongoing PT PANN was formerly known as PT PANN Multi Finance (Persero) founded in 1974 to serve as a vehicle for organizing national commercial ship investment programs the company purchased eight used merchant vessels from Europe including one bulk carrier and seven general cargo vessels the fleet business managed by PT PANN Multi Finance suffered losses due to the inability of four airlines to pay for the lease of 10 Boeing 737-200 aircraft Other losses were incurred by PT PANN Multi Finance which at the time was undertaking the construction of 31 fishing vessels for PT Industri Kapal Indonesia (Persero) The company was only able to complete 14 of these vessels It was forced to bear the construction cost of Rp120 billion for products that could not be absorbed by the market PT PANN Multi Finance applied to restructure its business through a spin-off to finance the maritime sector which serves as a non-operating parent company holding in the maritime sector PT PANN applied to the Finance Ministry for the restructuring of SLA's debt The Minister of Finance approved the settlement of government claims against PT Pengembangan Armada Niaga Nasional (Persero) as provided for in the Minister of Finance Decree No the company engaged in maritime management also applied for an additional non-cash state capital participation (PMN) from the conversion of SLA debt 20 of 2019 on the State Revenue and Expenditure Budget (APBN) for the fiscal year 2020 Editor’s Choice: ICW Says State Losses during Jokowi Era Reached Rp 290 Trillion Manpower Minister Unveils Reasons Behind Over 24,000 Layoffs by April 2025 Prabowo Praises Jokowi's Inflation Control in Cabinet Session Jokowi Visits Metro Jaya Police to Report Fake Diploma Allegations Today's Top 3 News: Jokowi Shares Front Row with Trump Macron at Pope Francis' Funeral in Vatican Dinda Shabrina TEMPO.CO, Jakarta - Urban planning observer Nirwono Yoga said that the government's move to hand over infrastructure development projects to the private sector could be a valuable opportunity for the State-owned Enterprise Karya After years of being burdened by large government projects BUMN Karya can now focus on completing unfinished obligations without adding new burdens "BUMN Karya has carried out large projects such as toll roads and the Indonesian Capital City (IKN) project with extraordinary pressure they have no choice but to carry out instructions," Nirwono said when contacted on Tuesday They can focus on restructuring and improving their finances," he said Although this is good news for SOEs, Nirwono said the policy could harm and confuse the private sector. He explained they will face at least three major obstacles in infrastructure projects which used to be handled by the government Now the private sectors have to deal with the issue themselves "The obstacle is not only land acquisition but also government support to speed up the administration the government has been helping to complete the administrative aspects the private sector will have to work extra," he said the long duration of infrastructure projects The private sector has to face the risk of changes in government policy on a five-year cycle What if government policy changes five years later That is a big risk that the private sector has to calculate," he said the financing capacity of the private sector is also in question Infrastructure projects worth trillions of rupiah are forcing the private sector to rely on foreign loans The long-term debt is not necessarily in line with their income patterns Nirwono also criticized the euphoria of the business community in welcoming the policy it showed a lack of understanding of the major consequences they would bear happy because they were given the opportunity Nirwono doubted the private sector's interest after realizing that there was such a big burden after accepting the Prabowo government's offer to build infrastructure He cited examples such as the construction of the Indonesian Capital City (IKN) and the toll road in Sumatra Many of the toll roads in Sumatra have been cut off Not to mention other projects like dams or new airports Editor's Choice: President Prabowo Denies Plan to Halt Infrastructure Projects, Focuses on Privatization Retina Scanning for Crypto? Cyber Law Expert Warns of Worldcoin's Biometric Dangers State-Owned Enterprises Minister Erick Thohir has voiced support for an audit investigation at his ministry aimed at uncovering new details about the perpetrators behind the cyberattack on the Temporary National Data Center 2 (PDNS 2) a subsidiary of Indonesia's state-owned telecommunications company I am a professional and advocate for the removal of corrupt and incompetent individuals," Thohir told reporters in Jakarta's Old Town area on Wednesday Thohir emphasized his readiness to dismiss any ministry staff found guilty of negligence in connection with allegations concerning Telkomsigma and anyone found incompetent will be removed," Thohir stated The ministerial action is part of the government's commitment to resolve and eliminate the recent ransomware attack on PDNS 2 the Director-General of Communications and Information Technology resigned Hadi Tjahjanto's approach to rectify all inadequacies as directed by the president," he added the former Director-General of Informatics Applications at the Ministry of Communications and Informatics resigned following the breach, which significantly disrupted public services The compromised data in PDNS 2 remains unusable and unrecoverable but affected government services have resumed A former Lintasarta employee is allegedly responsible for the data breach but its parent company Indosat confirmed that the individual has not been employed by Lintasarta since 2021. The affected server is the temporary national data center number 2 while Indosat’s subsidiary Lintasarta manages facility number 1 Chairperson of the House of Representatives Commission I revealed negligence by Telkomsigma employees led to the PDNS 2 system breach in Surabaya Vice President for Legal and Compliance at Telkomsigma stated the company is fully cooperating with the Ministry of Communications and Informatics and the National Cyber and Encryption Agency (BSSN) to recover compromised government data and restore services announced plans to release decryption keys for the hacked data They initially demanded an $8 million ransom but later pledged to provide the keys for free Brain Cipher apologized to the Indonesian public for the disruption caused asserting that the attack was not politically motivated Laila Afifa Jakarta - The guilty verdict for Karen Agustiawan shows that in Indonesia even business decisions can easily lead to prosecution This will have a long-term negative impact on our economy THE nine-year jail sentence handed down to former Chief Executive Officer (CEO) of Pertamina business decisions can easily lead to prosecution This verdict will make directors of all state-owned enterprises nervous The threat of prosecution hangs over the business risks that they take Karen was sentenced to nine years in jail and fined Rp500 million by the Jakarta Corruption Court on Monday The judges took the view that the 2009-2014 Pertamina CEO had caused losses to the state totaling US$113.83 million (around Rp1.83 trillion) from the supply of liquefied natural gas from Corpus Christi Liquefaction between 2011 and 2021 This case began with the agreement between Pertamina and Corpus Christi Liquefaction from the United States in 2023 to import LNG for a period of 20 years the crisis in gas supplies was making things difficult for industry The government gave Pertamina a mandate to meet the domestic demand for gas through imports The problem is that when supplies of gas started arriving from Corpus in 2019 the domestic demand for gas was already being met Pertamina sold the imported gas at a low price the judges decided that Karen did not enjoy the proceeds of corruption This should have at the very least indicated there was no ill-intention or mens rea on the part of Karen This case will certainly ring alarm bells for senior SOE management staff when making decisions SOE managers who make mistakes in business calculations that result in losses for the company could be jailed These concerns will make SOE directors reluctant to take risks despite risks always being present in every business This reluctance on the part of SOE directors to take risks could clearly have a long-term impact The growth of state-owned companies could stall national economic growth could grind to a halt All of this could have been avoided if law enforcement officers had used the business judgment rule (BJR) doctrine This business evaluation method provides legal guarantees for company directors to make decisions carefully even if they eventually result in losses This means that business decisions cannot be the subject of prosecution if they have been taken in line with the principles of caution and are based on good intentions Indonesia adopted the BJR doctrine in Law No It is this doctrine that led to Karen being acquitted in another case in March 2020 In the alleged embezzlement of investment in the Basker Manta Gummy Block the Supreme Court found that Karen’s actions were not a crime the prosecution of business decisions could easily be a means of attacking political opponents SOE directors who disagree with politicians in power could easily be prosecuted on charges of making wrong business decisions Read the Complete Story in Tempo English Magazine Halal Label, But Haram The Customary Forest Recognition Sweetener The Sea Barrier is Not Simply a Matter of Documentation The Lifelong Good Example of Pope Francis The Political Motive Behind the Red-and-White Cooperatives Keep the Promise to Eliminate Import Quotas Empty Promises of a Clean Judiciary Intimidation for Opponents of the TNI Law Revision Free Nutritious Meal Project for Family and Friends A Problem Reserve from the Food Reserve Fuel Prices Drop Across Indonesia: Here's the Updated Price List from All Gas Stations 10 Most Profitable Businesses that You Can Consider in 2025 TEMPO Jakarta - A number of Prabowo Subianto supporters have been appointed as SOE commissioners This risks compromising their oversight function President Joko Widodo is still employing the bad practice of politicizing state-owned enterprises (SOEs) It seems like distributing seats on the Board of Commissioners of SOEs is a way of returning favors after the 2024 election that saw Prabowo Subianto elected to the presidency—along with Gibran Rakabuming Raka Mining Industry Indonesia (MIND ID) appointed Gerindra politician Fuaz Bawazier as its president commissioner Indonesian Solidarity Party (PSI) founder Grace Natalie was also awarded a commissioner’s seat Gerindra is the party established by Prabowo while the PSI supported Prabowo in the recent election Pertamina appointed as its president commissioner another man close to the president-elect Prabowo The state oil company also appointed Condro Kirono as an independent commissioner The two men were senior figures in the Prabowo-Gibran national campaign team State-Owned Enterprises Minister Erick Thohir may well claim that these appointments were not against the law it is the government that has the right to appoint commissioners Previous governments also appointed presidential supporters in those positions The problem is that the principle of the right man in the right place is no longer the determining factor and has been replaced by the need to return favors 19/2003 on SOE states that commissioners must have adequate knowledge of the sector in which the company operates The main job of commissioners is to oversee and give advice on the way the company is run it will not be possible for them to carry out these functions The management of the company will increasingly differ from expectations The spread of corruption in SOEs is directly linked with poor management and oversight The handing out of commissioners' seats in SOEs has repeatedly disrupted the business of these companies The latest example is when the Central Executive Board of Muhammadiyah withdrew its funds from Bank Syariah Indonesia (BSI) The total fund is estimated to be Rp13 trillion to Rp16 trillion but Muhammadiyah has said it was Rp1.8 trillion The withdrawal was related to the appointment of commissioners of BSI and this led to a sharp drop in the share price of this largest Sharia bank in Indonesia Indonesia’s second-largest Islamic mass organization was repeatedly offered a seat on the BSI Board of Commissioners the SOEs Ministry selected Felicitas Tallulembang a Gerindra Party member with experience as a hospital director Jokowi has frequently appointed commissioners from parties supporting the government According to a March 2021 survey from Transparency International Indonesia 14.3 percent of SOE commissioners are volunteers or members of parties that supported Jokowi in the 2014 and 2019 elections comprises bureaucrats as government representatives and only 17.6 percent of seats are occupied by professionals Seats on the boards of commissioners of SOEs must be occupied by competent people not offered as gifts for supporters of the elected president State-owned companies manage state assets totaling more than Rp10 trillion in order to bring prosperity to the people Prabowo: Don't be Afraid of Stocks Rising or Falling President Prabowo Arrives in Jordan for State Visit Bapanas Explains Prabowo's Move to Scrap Import Quotas ICJR Urges President Prabowo to Abolish Death Penalty in Drug Cases Construction of IKN Buildings to Begin Soon Prabowo Commends the Police Force Despite Public Criticism Chinese shipbuilder CIMC Sinopacific Offshore & Engineering (CIMC SOE) has secured a new contract to build a 20,000 cubic meter (cbm) LNG bunkering vessel According to Greece’s Intermodal Shipbrokers the order came from Belgian shipowner Somtrans The 20,000 cbm LNG bunkering vessel is scheduled for delivery in 2027 The price for the newbuild was not disclosed The family-run tanker shipping company owns and operates 24 barges with capacities ranging between 1,905 cbm and 13,461 cbm the newly ordered bunkering vessel will be the unit with the largest capacity in Somtrans’ fleet The orders come at the time of increased demand for LNG bunker vessels and port infrastructure with an additional 57 ports expected to be upgraded with LNG bunkering facilities by the end of 2026 thanks to the rise in the adoption of LNG as a marine fuel and a robust orderbook of LNG-capable vessels According to Intermodal Shipbrokers’ report from March an influx of eight newbuild orders totaling 137,900 cbm was seen in February 2025 bringing the overall orderbook to 28 vessels with a combined capacity of 481,400 cbm The orderbook-to-fleet ratio stands at 183%, implying strong growth dynamics. Additionally, the average size of newly ordered LNG bunkering vessels has increased to 17,179 cbm compared to the current average of 8,225 cbm Daily news and in-depth stories in your inbox Ingersoll Rand Engineering Project Solutions At Ingersoll Rand’s Engineering Project Solutions we have been managing and implementing engineered to-order air packages for complex technical requirements for over 60 years We provide specialized custom compressed air and gas compressors as well as nitrogen generation packages to international EPC contractors and engineering companies across a range of […] hree months before being sworn in as Indonesia’s next president, Defense Minister Prabowo Subianto appears to be taking early steps to solidify his control over strategic state institutions as a growing list of figures in his political circle take on key posts at ministries and state-owned enterprises (SOEs) Prabowo will only officially start working in October when outgoing President Joko “Jokowi” Widodo ends his second and final five-year term some figures close to Prabowo and to the Gerindra Party have already assumed positions in SOEs and in Jokowi’s cabinet a renowned economist who heads the expert council of Prabowo’s presidential campaign a close aide to former president Susilo Bambang Yudhoyono from whom Prabowo has often sought advice Burhanuddin was named the new president commissioner of state-owned electricity company PLN by SOEs Minister Erick Thohir Andi was also appointed as one of the electricity firm’s commissioners Once considered for the vice presidential position on Prabowo’s ticket in the February presidential election Erick has reportedly been among several potential figures that Jokowi proposed to Prabowo for the latter’s cabinet in the incoming administration Delivered straight to your inbox three times weekly this curated briefing provides a concise overview of the day's most important issues covering a wide range of topics from politics to culture and society Read also: Close aide of SBY appointed PLN commissioner A Muay Thai dream match featuring two of the sport’s most electrifying veterans is heading to United States soil, as beloved British legend Liam “Hitman” Harrison will go toe-to-toe with Myanmar hero Soe “Man of Steel” Lin Oo on August 1 at ONE 173: Denver That bantamweight contest will take place at Ball Arena, joining a previously announced ONE Women’s MMA World Title unification clash between Stamp Fairtex and Denice Zamboanga. View this post on Instagram A post shared by ONE Championship (@onechampionship) Harrison and Soe Lin Oo are guaranteed to deliver fireworks from the opening bell. At 39 years old, former three-time Muay Thai World Champion Harrison has enjoyed a storied career in “the art of eight limbs,” earning his reputation as a fearless, all-action brawler with a penchant for finding the knockout. View this post on Instagram A post shared by ONE Championship (@onechampionship) Last September, “Hitman” returned from a two-year injury layoff to battle Thai star Seksan Or Kwanmuang, suffering a second-round knockout after a frantic back-and-forth firefight. While the Brit briefly announced his retirement from competition, he’s now returning to the United States and feels ready to throw down with another one of the striking world’s most entertaining athletes. View this post on Instagram A post shared by ONE Championship (@onechampionship) Soe Lin Oo spent almost two decades dominating Myanmar’s ultra-tough lethwei scene, making a name for himself as one of the grittiest competitors while compiling a near-perfect record. In early 2024, the 33-year-old brought his talents to the global stage of ONE Championship and quickly racked up a trio of highlight-reel knockouts under Muay Thai rules. View this post on Instagram A post shared by ONE Championship (@onechampionship) Since then, he’s dropped hard-fought battles against the likes of interim bantamweight Muay Thai king Nabil Anane and Seksan but “Man of Steel” hasn’t strayed from his crowd-pleasing style Soe Lin Oo’s granite chin and relentless combination striking should make for an explosive clash against Harrison’s show-stopping power and aggressive tendencies Keep checking onefc.com for more news about ONE 173: Denver on Friday Chinese shipbuilder Nantong CIMC Sinopacific Offshore & Engineering (CIMC SOE) recently signed a letter of intent to construct 1+1 12,000 cbm liquefied natural gas (LNG) transport bunkering vessels for compatriot firm Fuzhou Wuyang Refined Oil Trading (Wuyang Tanker) The dual-purpose newbuild(s) will feature two IMO Type C cargo tanks with a single tank capacity of about 6,000 cubic meters The ships will also have a shallow draft design and a bow thruster to enable flexible control in narrow inland waterways a full-load speed of about 13 knots and a projected service life of 30 years Equipped with an ‘advanced’ electric propulsion system the vessels will be capable of performing both LNG transportation and refueling operations They will be able to undertake ship-to-ship and ship-to-shore refueling and provide full-process professional services such as pre-delivery inerting and gas testing for large LNG-powered ships the ships will mainly undertake tasks such as domestic and international transportation refueling LNG-powered ships in coastal areas and LNG transshipment at inland river refueling stations and Yangtze River transit stations It is expected that the successful construction and operation of the ships will promote the application of clean and low-carbon energy in the domestic and foreign shipping industry and contribute to the development of a new sustainable shipping market The collaboration between the shipbuilder and the transportation company is also said to be in line with China’s ‘Carbon Peak and Neutrality’ goals CIMC SOE delivered in late October 2024 the second of three 7,600 cbm LNG bunker vessels The ship is set to provide LNG fueling services to vessels on the North American West Coast The third and final 7,600 cubic meters (cbm) liquefied natural gas (LNG) bunkering vessel booked by Canada’s shipowner Seaspan Energy and built by China’s CIMC Sinopacific Offshore & Engineering (CIMC SOE) has been delivered French classification society Bureau Veritas (BV) revealed The small-scale LNG bunkering vessel, christened the Seaspan Baker, was handed over during a ceremony held on January 27, 2025— about six months after its launch The Panama-flagged newbuilding measures 112.8 meters in length with a beam of 18.6 meters and a draft of 5.5 meters as per the London-headquartered data provider VesselsValue the 4,500 dwt Seaspan Baker—which has been classed by BV—boasts “advanced” capabilities including the possibility to run on both conventional fuel and liquefied natural gas (LNG) a DC power distribution system and twin type C cargo tanks It is understood that the NOx III-compliant ship has been outfitted with azimuth thrusters for main propulsion dual compressor systems for boil-off gas handling a sub-cooler unit to maintain tank pressure and three-manifold stations intended for increased flexibility during bunkering operations “After numerous meticulous adjustments and strict inspections the S1067 is the fruit of the close cooperation and joint efforts of the company and its partners all team members have painstakingly refined and worked tirelessly demonstrating CIMC SOE’s outstanding technical strength and innovation capabilities as well as the spirit of cooperation,” Shen Lintao the Deputy General Manager of the Shipbuilding Division The Canadian shipping group Seaspan Marine Transportation signed an agreement with CIMC SOE for the construction of two 7,600 cbm LNG bunker vessels As explained, this was not the first time for BV and CIMC SOE to collaborate. According to the classification society, the two parties have previously worked together on an array of ‘major’ projects, including a trio of 16,500 cbm liquefied petroleum gas (LPG) carriers and a sextet of 27,500 cbm LNG dual-fuel carriers. The two companies are reportedly set to also work on projects involving two 12,500 cbm LNG bunkering vessels, two 24,000 cbm liquefied ethylene gas (LEG) carriers as well as the new SPP40 platform supply vessels, said to be designed for electric propulsion. Ingersoll Rand Engineering Project Solutions At Ingersoll Rand’s Engineering Project Solutions, we have been managing and implementing engineered to-order air packages for complex technical requirements for over 60 years. We provide specialized custom compressed air and gas compressors as well as nitrogen generation packages to international EPC contractors and engineering companies across a range of […] HARBIN -- Chinese Vice-Premier Zhang Guoqing has called for the deepened reform of state-owned enterprises (SOEs) and the accelerated establishment of regional emergency rescue centers. Zhang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks during an inspection tour in Northeast China's Heilongjiang province which began on Monday and ended on Wednesday. He stressed the resolute need to make SOEs stronger and better, as well as the importance of reinforcing the principal role of enterprises in scientific and technological innovation, making breakthroughs in key technologies and forging new advantages. Work must be done to efficiently allocate resources to principal businesses and important industries and sectors, strengthen core competitiveness, and make steady progress on the path of high-quality development, Zhang said. It is necessary to advance the establishment of regional emergency rescue centers to cope with flood and forest fire, he said, stressing the importance of coordinating with local governments, of quick reactions, and of cross-regional support. When inspecting local dairy firms, Zhang called for strengthened source management and full-chain oversight to improve food safety. Nisi autem molestiae quasi itaque sunt saepe optio maxime. iste repellendus quos necessitatibus fuga in nam placeat. Lorem, ipsum dolor sit amet consectetur adipisicing elit. Sign inSign in to access your account, subscription and more. Create a new account to access your subscription. Brook Taye, the new head of Ethiopian Investment Holdings, says his focus is on the commercial viability of state-owned firms. he was taking on one of the biggest jobs in Ethiopia: reforming the country’s state-owned enterprises (SOEs) The institution was established in 2021 as the strategic investment arm of the Ethiopian state and now boasts a portfolio of 40 companies collectively worth tens of billions of dollars the state-run telecoms company and the country’s dominant bank as well as state firms involved in electricity “We think of ourselves as an entrepreneurial state,” says Brook who also sits on the committee that steers Ethiopia’s economic policy “We really think that we can achieve a huge amount of development growth through our state-owned enterprises.” The creation of EIH is a sign of the ambition of Abiy Ahmed His first six years in power were characterised by political turmoil including a devastating war in the Tigray Region and ongoing rebellions in large swathes of the country Now the government is trying to inject new energy into its economic agenda and opened up sectors such as banking to foreign competition that does not mean a rush to privatisation “Liberalising the market does not mean selling off state assets,” he explains “The government does not have a privatisation strategy: what we have is a state-owned enterprise reform strategy.” The state has dominated the Ethiopian economy for decades Ethiopian Airlines was established under the rule of Emperor Haile Selassie After his overthrow in 1974 the country was run by soldiers who aligned themselves with the Soviet Union and nationalised land and businesses the country was governed by the Ethiopian People’s Revolutionary Democratic Front (EPRDF) which took inspiration from Marx but came to see its mission as building capitalism under a “developmental state” More than 300 state-owned enterprises were privatised in the first two decades of its rule the state remained the most important actor in the economy with its remaining firms shielded from competition and given preferential access to finance “The government thought of them only as a policy instrument [without] a bigger emphasis on commercial viability,” says Brook who has previously worked as a regulatory analyst a private equity fund manager and a ministerial adviser “We paid dearly for that mistake with the debt burden that we had to fix as a result.” think and speak as an owner” of the assets it controls He says his focus is on the commercial viability of firms The fund will also co-invest in new ventures with private partners such as a recent partnership with a Japanese firm to manufacture passports EIH would not divulge profit figures for its portfolio but says that its companies generated revenues of $18.5bn in the 2022/23 financial year It paid a dividend of 5.8bn birr ($46m) to the government in the first quarter of this year The IMF has said that the amount of debt owed by state-owned enterprises is an “acute” fiscal risk It singles out loss-making companies in the railway In 2021 a chunk of debt equivalent to 9% of GDP was transferred from state companies to a newly-created corporation and is now treated as government debt – but that “was not accompanied by improvements in operational viability,” the IMF wrote this year “We have a very few companies that are struggling,” says Brook “They’re struggling because either they have legacy issues or some sort of cyclical business cycle related turbulence With the government in default to foreign bondholders and the IMF urging a speedier pace of reform there is pressure to sell off state assets and make a quick buck But Brook says that Ethiopia has learned from the experience of other countries in Africa where rushed privatisations sometimes went disastrously wrong “They divested when companies were weak,” he says You don’t sell your house [in] a depressed market When EIH does try to part-privatise companies It has tried and failed to sell a 45% stake in Ethio Telecom “The 45% offer is still on the table,” he says The government might start looking for investment from companies in the financial sector after failing to find a telecoms operator to invest In the meantime, the government is selling a 10% stake in Ethio Telecom to domestic investors, which Brook says is going “really well” because the government “has no intention to maintain a majority [stake]” in the long-term The sale of Ethio Telecom shares is part of preparations for the launch of the Ethiopian Securities Exchange (ESX) in January Ethiopia is the largest country in the world without a stock exchange and Brook – who spent the last two years as director-general of the Capital Markets Authority– welcomes the launch “The market has the capacity to mobilise a huge amount of financial resources to support development,” he says “It would not only allow us to establish a proper yield curve on treasury bonds and treasury note instruments but also elicit finance from the local market and help institutional investors from abroad.” Brook says that EIH is also planning to list companies involved in shipping Ethiopia’s economic ambitions will be hard to achieve when the nation remains mired in a political Investors are unlikely to put their money in a country where they cannot drive outside the capital because of kidnapping on the roads But Brook remains optimistic about the long-term potential of Africa’s second most populous country he says the answer lies “in Ethiopia – it’s called Ethiopian Airlines” The national carrier has survived for 79 years through several turbulent changes of regime the Ethiopian state has been far too slow to relinquish its grip on the economy it is in danger of flogging the crown jewels too early in its journey to economic development where the state keeps control of major enterprises but exposes them to more vigorous competition including from foreign entrants – just as Ethiopian Airlines has been tested against competition from other carriers around the continent “We need to liberalise because Ethiopia doesn’t receive a gold medal for 10,000 metres [in Addis Ababa],” he says “We go and run in Paris and receive a gold medal because of competition.” You've read all your free articles for this month Subscribe now to enjoy full access to our content Receive full unlimited access to our articles Our best value offer - save £26 and gain access to all of our digital content for an entire year Arts & Culture Africa has some of the world's most precious ecosystems including vast carbon-storing rainforests of global significance Protecting biodiversity is both a response and challenge to global warming Terms of use Cookie Policy Privacy Policy Jakarta. The Ministry of State-Owned Enterprises (SOE) has initiated a trial of a 4-day work per week system. This was announced via the Instagram account @lifeatkbumn on Monday. "The compressed work schedule (CWS) system is currently undergoing a trial phase," the account stated. Under this system, SOE employees can apply for CWS once every two weeks, provided they work a minimum of 40 hours. According to the account, the program is designed not to reduce performance but to enhance employee well-being and productivity. "With CWS, you can enjoy more leisure time for family, pursue hobbies, or simply take a break from routine," it said. Previously, in March, SOEs Minister Erick Thohir proposed a 4-day work plan to provide employees with a 3-day weekend. Erick introduced this plan to safeguard the mental health of SOE employees, particularly given that 70 percent of the younger generation today faces mental health issues. He hopes this concept can be extended to other state-owned enterprises under the ministry. "We encourage this, not to encourage laziness. It's not that every Friday is a day off," he explained. "If you've worked more than 40 hours a week, you can register twice a month to have Fridays off as an alternative," Erick reiterated. Vice-Senior General Soe Win emphasised that the construction and repair of earthquake-damaged buildings must begin only after proper soil testing is conducted.  Soil conditions are to be reviewed in coordination with technical experts to ensure the safety and sustainability of new buildings. Particular attention will be given to avoiding construction on or near known earthquake fault lines. He reiterated that all new structures should be capable of withstanding earthquakes of up to magnitude 8 on the Richter scale. Existing buildings must be assessed for structural integrity and reinforced as necessary to meet the same standard. The government has ordered immediate relief operations in affected areas, the swift distribution of international assistance, and the collection of data on the needs of affected populations and public employees. Authorities are also tasked with drafting both short-term and long-term plans to repair roads, bridges, and restore transportation links disrupted by the earthquake. Temporary housing is to be provided for displaced government staff while permanent housing is developed. To date, 2,095 emergency personnel from 26 countries have arrived in Myanmar aboard 147 aircraft, seven ships, and 23 vehicles. They have delivered a total of 3,833.84 tons of relief supplies, including 2,635.92 tons of emergency goods and 1,197.12 tons of medical and other support materials. The International Medical Corps has established temporary hospitals and clinics in Sagaing Region, Mandalay Region, and the Naypyidaw Council area, offering emergency treatment and healthcare services. A total of 337 medical personnel from six countries are working alongside Ministry of Health staff in the affected regions. As of April 24, the government has received donations from local and international donors totalling more than Ks115.876 billion, US$2.437 million, five million Korean Won, 15 million Indian Rupees, two million Thai Baht, and 3,150 Singapore Dollars. These contributions have been deposited into the National Disaster Management Committee’s accounts and are being systematically used for ongoing relief and rehabilitation work. On April 19, the Head of State visited heavily affected areas in Sagaing and Mandalay Regions, offering support to communities and inspecting reconstruction efforts. He instructed local authorities to expedite the restoration of damaged religious and heritage sites, including pagodas and temples, and to provide financial aid to select private high-rise building owners. To facilitate recovery efforts, the National Disaster Management Fund has allocated Ks50 billion to Sagaing Region and Ks60 billion to Mandalay Region. An additional Ks10 billion has been allocated for the area and Ks5 billion for Shan State. These funds have already been disbursed to the respective regions to support early recovery and rehabilitation. Authorities have categorised the damage into short-term, medium-term, and long-term priorities. The Deputy Prime Minister stated that the recovery strategy will require phased implementation and sustained coordination for long-term rebuilding efforts. The March 28 earthquake impacted 128,965 households and 629,206 individuals across the affected areas. According to a Disaster Management Centre (DMC) report on April 23, 48,656 people were relocated to 135 relief camps, while 159,239 people relocated independently. An estimated 421,311 people remain in their homes despite the damage. Government inspection teams have assessed damage to staff housing using a three-colour classification system—blue, orange, and red—recognised internationally. Buildings marked orange and red are undergoing further inspection with specialised equipment. Affected families have either been relocated through ministry-organised plans or their own arrangements. The Deputy Prime Minister emphasised the need to ensure the timely provision of temporary shelters for those still in need. To address this, DMC has begun constructing temporary shelters and modular housing units for displaced families. As of April 23, a total of 155 aftershocks had been recorded, mostly below magnitude 4, with only one above magnitude 5. No further aftershocks have been reported since April 23. Efforts are now underway to boost production. By May 15, daily output is expected to reach 22,100 tons, equivalent to 442,000 bags. Further expansion is planned for September, with production projected to rise to 32,100 tons, or 642,000 bags, per day. To support rebuilding efforts in disaster-affected areas, the government has set the price of one bag of cement at 17,000 kyats. Detailed calculations have been made to determine the daily production capacity of each factory, ensuring efficient distribution of available supplies. Priority distribution is being given to the Sagaing Region, which suffered some of the most severe damage in the earthquake. Cement from currently operational factories is being sent to assist reconstruction efforts there. Vice-Senior General Soe Win stressed the importance of coordination between the Cement Distribution Committee and the National Disaster Management Authority to ensure timely and effective delivery of materials to affected areas. In addition, the Ministry of Energy needs to submit in advance the distribution plan for the 50,000 tons of fuel (gasoline and diesel) that will arrive from China soon. The Transport and Communications Committee and the Donation Receiving and Distribution Committee need to coordinate the transportation of container modulars and other supplies that will arrive by sea from Yangon to Naypyidaw and Mandalay, he added. BRN denies targeting civilians, calls for transparent investigation into Deep South violence  Cabinet delays 3rd phase of 10,000-baht handout pending input from govt agencies Thaksin case shifts politics, conservatives may rethink strategy Marketing Oops! Summit 2025 returns bigger than ever with new global & SME stages  April’s headline inflation falls 0.22% – first decrease in 13 months Former State-Owned Enterprise Minister Tanri Abeng passed away early Sunday while receiving medical treatment at a hospital in Jakarta Tanri was the first-ever minister responsible for managing state-owned companies in Indonesia He joined the cabinet as a businessman during the final year of the Soeharto presidency in 1998 and continued his role under interim President Bacharuddin Jusuf Habibie in 1999 His primary task was to reform the management of more than 150 SOEs aiming to make them "more professional and less political" as many strategic state-owned companies had served as ATMs for politicians Tanri served as a commissioner for several state-owned companies including the telecommunications company Telkom Tanri Abeng was a national figure who made a significant contribution to this nation," State-Owned Enterprise Minister Erick Thohir wrote in an Instagram post He was buried in the afternoon at Tanri Abeng University Chinese shipbuilding company CIMC Sinopacific Offshore & Engineering (CIMC SOE) has delivered and named the second of three 7,600 cbm liquefied natural gas (LNG) bunker vessels Launched in April this year the 4,500 dwt Panama-flagged barge has an overall length of 112.8 meters a beam of 18.6 meters and a draft of 5.2 meters as per information from the London-based data provider A year after Seaspan and CIMC SOE signed the contract for the series of three 7,600 cbm LNG bunker barges, the construction of Seaspan Lions began with a steel-cutting ceremony held on May 10 at the Chinese shipyard the bunker barge is fitted with a direct current power distribution system the ship is propelled by two 1,600 KW azimuth thrusters which are believed to ‘enhance’ the environmental performance in terms of reducing greenhouse gas (GHG) and operational pollution emissions while ‘improving’ economic efficiency Seaspan bid welcome to the first LNG barge of the series in August this year, nearly a year and a half after the construction of the vessel, christened Seaspan Garibaldi Seaspan Garibaldi reportedly has an “advanced” DC power distribution system alongside two tanks comprising TGE Marine Gas Engineering’s fuel gas system and cargo pumps for each tank as well as two compressor systems for boil-off gas (BOG) handling The remaining vessel—dubbed the Seaspan Baker—was launched on July 1 with an anticipated delivery date slated for 2025 Seaspan Baker will service the Long Beach containership market and join Seaspan Lions in the West Coast fueling services Ririe Ranggasari Petir Garda Bhwana TEMPO.CO, Jakarta - Indonesia's Ministry of State-Owned Enterprises has decided to reform the board structure of state-owned pharmaceutical company PT Kimia Farma (Persero) Tbk (IDX: KAEF) At the 2023 Annual General Meeting of Shareholders (AGMS) has been replaced by Djagad Prakasa Dwialam David took over the leadership of the company in May 2022 Djagad previously worked at Kimia Farma's subsidiary as President Director of Kimia Farma Trading & Distributions In addition to the position of President Director there was also a change in the position of Human Resources Director from Dharma Syahputra to Disril Revolin Putra Djagad Prakasa Dwialam said that this decision came entirely from the government in this case the Ministry of BUMN as the controlling shareholder of the company "Today's change of shareholders can happen at any time this is a normal thing and the aim is to improve the company's performance," he said in a press conference on Tuesday evening at the ILHI Bio Farma Group Building in Cipinang Djagad said he received a mandate from shareholders to transform the performance of the company Kimia Farma recorded its largest loss for the first time is to return Kimia Farma's financial position as a group to a positive direction," he said Shareholders decided that the four other directors will stay in their respective positions namely Lina Sari as director of finance and risk management Hadi Kardoko as director of production and supply chain and Jasmine Kamiasti Karsono as director of portfolio Editor’s Choice: Kimia Farma to Offer 2.7bn New Shares via Rights Issue Click here to get the latest news updates from Tempo on Google News SOE Recruitment 2025 Opening Soon with Six Selection Stages SOE Ministry to Provide Loans up to Rp100mn for Migrant Workers PHRI Boss Comments on Prabowo's Plan to Sell SOE Hotels; 'We Are Interested in Buying' Erick Thohir Reappoints Darmawan Prasodjo as President Director of PLN in Shareholders' Meeting A Muay Thai clash between two of ONE’s grittiest and most electrifying strikers is heading to ONE 170, as Thai hero Seksan “The Man Who Yields To No One” Or Kwanmuang will square off with Myanmar legend Soe “Man of Steel” Lin Oo in a 142-pound catchweight tilt. The contest will go down in Asia primetime on Friday, January 24, at the Impact Arena in Bangkok, Thailand. View this post on Instagram A post shared by ONE Championship (@onechampionship) A former four-time Muay Thai World Champion and a veteran of well over 250 career fights, Seksan has enjoyed a sensational career resurgence in the world’s largest martial arts organization. The 35-year-old began his ONE tenure with an electrifying eight-fight winning streak, with each victory providing fireworks from start to finish. View this post on Instagram A post shared by ONE Championship (@onechampionship) That streak was snapped this past April at ONE Friday Fights 58 when Seksan suffered a surprising hard-fought decision loss to Japan’s Yutaro Asahi However, he bounced back in September at ONE 168 by knocking out British Muay Thai icon Liam “Hitman” Harrison in highlight-reel fashion, marking one of the biggest victories in his lengthy career. View this post on Instagram A post shared by ONE Championship (@onechampionship) “The Man Who Yields To No One” will next put his ultra-aggressive, fearless style of striking to the test against an equally aggressive athlete in Soe Lin Oo. Aptly named “Man of Steel” for his granite chin and refusal to take a step backward, the 32-year-old veteran has long established himself as a lethwei superstar in his home country of Myanmar and is now making waves in ONE. Soe Lin Oo burst onto the global stage in 2024 with a trio of knockout wins, including an unforgettable finish of decorated Thai star and former ONE World Title challenger Pongsiri PK Saenchai In his last outing, though, he dropped a judges’ decision against young phenom and #5-ranked bantamweight Muay Thai contender Nabil Anane, leaving him anxious to return to his winning ways. View this post on Instagram A post shared by ONE Championship (@onechampionship) Considering each man’s penchant for brawling and willingness to trade strikes until someone falls fans can look forward to a barnburner at ONE 170 Chinese shipbuilder Nantong CIMC Sinopacific Offshore & Engineering (CIMC SOE) has held a delivery and naming ceremony for the third dual-fuel liquefied ethylene gas (LEG) carrier built for German shipping company Hartmann Group the ceremony for the 7,200 cbm vessel took place on September 20 coinciding with the 42nd anniversary of CIMC SOE’s production commencement which is the third and last LEG carrier in this series a new generation of environmentally friendly ships has garnered significant attention in the shipping industry Hartmann’s new vessels come equipped with dual-fuel main engines designed to comply with the latest emission regulations the company hopes that the LEG ships will play an important role in the future development of green shipping with their environmental protection Koedood Marine Group in Hendrik Ido Ambacht has been a leading and innovative company for many years After founding the company in 1961 by their father Arie and Bert Koedood extended the family business into an established player when it comes to Mitsubishi shipping Koedood Marine Group is a dynamic and […] Wei Fang and Xing Chong Climate change is now recognized as a major global issue With the signing of the Paris Agreement and the establishment of zero-carbon targets worldwide the concept of sustainable development has been divided into three dimensions: environmental the standards adopted by ESG ratings agencies lack transparency and their principles and methods for collecting corporate information are not unified making it challenging for companies to choose an ESG disclosure framework that best reflects their industry’s characteristics and current development status This strategy involves a three-step transition path of Clean Energy Substitution (2021-2025) Strategic Succession (2026-2035) and Green Transition (2036-2050) aiming to evolve into an integrated energy company encompassing oil Given the global nature of energy production coupled with the high carbon emissions of the traditional oil and gas industry this sector has garnered widespread attention in the context of climate change have set ambitious energy transition and carbon-reduction targets one of the earliest oil and gas companies to disclose non-financial information has been publishing ESG-related reports for 18 consecutive years As China’s largest oil and gas producer and supplier and one of the world’s largest oil and gas companies PetroChina is pursuing a green and low-carbon transition strategy tailored to its own development As a leading player in the global energy market PetroChina’s actions and strategies significantly influence the industry’s overall direction toward sustainability the company can contribute to the global dialogue on ESG practices influence industry standards and inspire other companies to adopt similar initiatives and in light of the global trends in climate change energy transition and increasingly professional ESG information disclosure requirements we believe the following three areas are essential for achieving the energy transition and improving ESG governance in China Many ESG concepts have long been internalized in modern corporate governance it is essential to establish a top-down ESG governance system and systematically embed ESG elements into various aspects of management This approach helps listed companies better identify and manage ESG risks A top-down ESG governance system requires listed companies to: Actively and responsively fulfilling information disclosure obligations required by regulators is the first step in effective communication with stakeholders Identifying and categorizing stakeholders and engaging in targeted communication through various channels is also essential Regular contact should be maintained with institutional investors ratings agencies and international organizations as they often represent multiple stakeholders with specific concerns Gathering their feedback and actively responding to their inquiries is vital conducting regular internal training programs can enhance the quality and effectiveness of communication it is important to address potential communication misunderstandings due to cultural differences by using clear and accessible language Compared with developed countries like those in Europe and North America ESG development in China is still in its early stages and the international influence of emerging domestic ratings agencies is relatively limited But the overseas ESG ratings system cannot be fully applied to China’s market and the ratings do not align with the actual situation of the companies it is crucial to build a localized ratings system suitable for China to attract more overseas investors to its capital market listed companies and institutional investors are collaborating to promote unified ESG information disclosure guidelines and improve the quantifiability and comparability of disclosure indicators it is necessary to increase support for the development of local ratings agencies so their ratings can become a significant reference for overseas investors In the context of the global energy transition and the pressing issue of climate change the oil and gas industry is confronted with the dual challenges of achieving green and low-carbon transformation while ensuring comprehensive ESG information disclosure By systematically integrating ESG principles and enhancing communication with stakeholders companies can significantly improve the transparency and credibility of their disclosures We call on all industry participants to actively share successful experiences and best practices we can collectively drive the green and low-carbon transformation of the industry and unlock the long-term value and opportunities associated with sustainable development Wei Fang is president of CNPC Europe and North America and Xing Chong is deputy director of IR at PetroChina In partnership with WHEN 8.00 am PT / 11.00 am ET / 4.00 pm BST / 5.00 pm CET DURATION 45 minutes About the event Amid constant tariff news geopolitical upheaval and other developments stemming from the new US administration IR teams have their work cut out as they prepare… In partnership with WHEN 8.00 am PT / 11.00 am ET / 4.00 pm BST / 5.00 pm CET DURATION 45 minutes About the event The demands on IR teams have climbed steadily in recent years An invitation-only event exclusively for senior IR officers Stay informed on critical issues affecting IR teams Our new tool lets you benchmark your IR program against peers in your region and sector Packed with industry trends and insights that define best-in-class practices across key Powered by the world’s largest survey of the buy side discover data-driven insights on running a successful IR program Save articles to a personalized dashboard and share with peers Financing firm PNM in partnership with the State-Owned Enterprises (SOE) Ministry will host a contemporary jamu competition and the Herb Euphoria Fest is asking its participants to give it a modern twist This competition will take place in Sarinah and at Bali’s Living World Mall on June 29 The competition is open to anyone who is aged between 17 and 45 years old and has the basic knowledge to make traditional jamu The first place will get a cash prize of Rp 5 million The second place will take home Rp 3 million while there is a Rp 2 million prize waiting for the participants to rank in third place Those who have participated in Jakarta cannot take part in the competition in Bali According to PNM president director Arief Mulyadi the company already launched what it calls the “business capacity development” program in which the participants took part in comparative studies and training for jamu making Arief said that such competition could help promote jamu while also encouraging people to develop this herbal drink using technological innovations “We truly have abundant resources spread in 26 provinces outside Java as there are 24,927 plants with medicinal properties and 13,665 types of traditional herbs This has huge potential for social and economic development,” Arief said Arief also encouraged us to be proud of jamu and see it as a cultural treasure in Indonesia.  "Let's make herbal medicine a good ‘host’ in our own country and even a great guest in other countries," Arief said.