Latest news with #IDX
Yahoo
6 days ago
- Business
- Yahoo
Lee Enterprises Provides Notice of Data Incident
DAVENPORT, Iowa, June 5, 2025 /PRNewswire/ -- Lee Enterprises ("Lee") is writing to notify the community of a data security incident which may have affected your personal information. We take the privacy and security of all information within our possession very seriously. Please read this letter carefully as it contains information regarding the incident and information about steps that affected individuals can take to help protect your information. Please review this communication to learn what happened and the steps that you can take to protect yourself against identity fraud. What Happened? On May 28, 2025, we learned that sensitive information of private individuals was potentially accessed without authorization. The unauthorized access was the result of a suspicious event we first learned of on or about February 3, promptly initiated an investigation of the matter and engaged cybersecurity specialists to assist with the incident response. As a result, we determined that certain files may have been accessed or acquired without authorization on February 1, 2025. With the help of a third-party vendor, we undertook a comprehensive review and, on or about May 28, 2025, learned that some of your personal information was contained within the affected data set. Please note, we have no evidence of the misuse, or attempted misuse, of any potentially impacted information. What Information Was Involved? The incident may have included a person's name with a combination of one or more of the following: Social Security Number, Driver's License, Financial Account Number, Medical Information, or Health Insurance Policy Number. What We Are Doing As soon as we discovered this incident, we took the steps described above and implemented measures to enhance security and minimize the risk of a similar incident occurring in the future. We also notified the Federal Bureau of Investigation and will cooperate with any resulting investigation and provide whatever cooperation may be necessary to hold the perpetrators accountable. In addition, we are offering identity theft protection services through IDX, the data breach and recovery services expert. IDX identity protection services to include credit and CyberScan monitoring, a $1,000,000 insurance reimbursement policy, and fully managed ID theft recovery services. With this protection, IDX will help you resolve issues if your identity is compromised. The deadline to enroll in these services is September 3, 2025. What You Can Do. You can follow the recommendations on the following page to help protect your personal information. You can also enroll in the complementary services offered to you through IDX. For More Information. Further information about how to protect your personal information appears on the following page. If you have questions or need assistance, please call 1-855-200-0677. We take your trust in us and this matter very seriously. We regret any worry or inconvenience this may cause. Sincerely, Lee Enterprises4600 E. 53rd StreetDavenport, IA 52807 Steps You Can Take to Help Protect Your Personal Information Review Your Account Statements and Notify Law Enforcement of Suspicious Activity: As a precautionary measure, we recommend that you remain vigilant by reviewing your account statements and credit reports closely. If you detect any suspicious activity on an account, you should promptly notify the financial institution or company with which the account is maintained. You also should promptly report any fraudulent activity or any suspected incidence of identity theft to proper law enforcement authorities, your state attorney general, and/or the Federal Trade Commission (the "FTC"). Copy of Credit Report: You may obtain a free copy of your credit report from each of the three major credit reporting agencies once every 12 months by visiting calling toll-free 1-877-322-8228, or by completing an Annual Credit Report Request Form and mailing it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348. You also can contact one of the following three national credit reporting agencies: Equifax P.O. Box 105851 Atlanta, GA 30348 1-800-525-6285 Experian P.O. Box 9532 Allen, TX 75013 1-888-397-3742 TransUnion P.O. Box 2000 Chester, PA Fraud Alert: You may want to consider placing a fraud alert on your credit report. An initial fraud alert is free and will stay on your credit file for at least one year. The alert informs creditors of possible fraudulent activity within your report and requests that the creditor contact you prior to establishing any accounts in your name. To place a fraud alert on your credit report, contact any of the three credit reporting agencies identified above. Additional information is available at For TransUnion: Security Freeze: You have the right to put a security freeze on your credit file for up to one year at no cost. This will prevent new credit from being opened in your name without the use of a PIN number that is issued to you when you initiate the freeze. A security freeze is designed to prevent potential creditors from accessing your credit report without your consent. As a result, using a security freeze may interfere with or delay your ability to obtain credit. You must separately place a security freeze on your credit file with each credit reporting agency. In order to place a security freeze, you may be required to provide the consumer reporting agency with information that identifies you including your full name, Social Security number, date of birth, current and previous addresses, a copy of your state-issued identification card, and a recent utility bill, bank statement or insurance statement. For TransUnion: You also have certain rights under the Fair Credit Reporting Act (FCRA): These rights include to know what is in your file; to dispute incomplete or inaccurate information; to have consumer reporting agencies correct or delete inaccurate, incomplete, or unverifiable information; as well as other rights. For more information about the FCRA, and your rights pursuant to the FCRA, please visit Additional Free Resources: You can obtain information from the consumer reporting agencies, the FTC, or from your respective state Attorney General about fraud alerts, security freezes, and steps you can take toward preventing identity theft. You may report suspected identity theft to local law enforcement, including to the FTC or to the Attorney General in your state. Federal Trade Commission - Consumer Response Center: 600 Pennsylvania Ave, NW, Washington, DC 20580; 1-877- IDTHEFT (438-4338); For residents of Hawaii, Michigan, Missouri, North Carolina, Vermont, Virginia, and Wyoming: You are advised to remain vigilant for incidents of fraud and identity theft by reviewing credit card account statements and monitoring your credit report for unauthorized activity. For residents of Colorado, Illinois, Iowa, Maryland, Missouri, New Mexico, North Carolina, Oregon, and West Virginia: You may obtain a copy of your credit report, free of charge, whether or not you suspect any unauthorized activity on your account. You may obtain a free copy of your credit report from each of the three nationwide credit reporting agencies. To order your free credit report, please visit or call toll-free at 1-877-322-8228. You can also order your annual free credit report by mailing a completed Annual Credit Report Request Form (available at to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA, 30348-5281. For residents of Iowa: You are advised to report any suspected identity theft to law enforcement or to the Attorney General. For residents of New Mexico: You are advised to review personal account statements and credit reports, as applicable, to detect errors resulting from the security breach. You have rights under the federal Fair Credit Reporting Act (FCRA), which governs the collection and use of information pertaining to you by consumer reporting agencies. For more information about your rights under the FCRA, please visit or For residents of Massachusetts: You have the right to obtain a police report filed in regard to this incident. If you are the victim of identity theft, you also have the right to file a police report and obtain a copy of it. For residents of Oregon: You are advised to report any suspected identity theft to law enforcement, including the Attorney General, and the Federal Trade Commission. For residents of Rhode Island: You have the right to file or obtain a police report in regard to this incident. For residents of Arizona, Colorado, District of Columbia, Illinois, Maryland, New York, North Carolina, and Rhode Island: You can obtain information from the offices of your state Attorney General and the Federal Trade Commission about fraud alerts, security freezes, and steps you can take toward preventing identity theft. Federal Trade Commission - Consumer Response Center: 600 Pennsylvania Ave, NW, Washington, DC 20580; 1-877- IDTHEFT (438-4338); Arizona Office of the Attorney General Consumer Protection & Advocacy Section: 2005 North Central Avenue, Phoenix, AZ 85004 1-602-542-5025 Colorado Office of the Attorney General Consumer Protection: 1300 Broadway, 9th Floor, Denver, CO 80203 1-720- 508-6000 District of Columbia Office of the Attorney General – Office of Consumer Protection: 400 6th Street, NW, Washington, DC 20001; 202-727-3400; Illinois office of the Attorney General: 100 West Randolph Street, Chicago, IL 60601; 1-866-999-5630; Maryland Office of the Attorney General - Consumer Protection Division: 200 St. Paul Place, 16th floor, Baltimore, MD 21202; 1- 888-743-0023; New York Office of Attorney General - Consumer Frauds & Protection: The Capitol, Albany, NY 12224; 1-800-771-7755; North Carolina Office of the Attorney General - Consumer Protection Division: 9001 Mail Service Center, Raleigh, NC 27699; 1- 877-566-7226; Rhode Island Office of the Attorney General - Consumer Protection: 150 South Main St., Providence RI 02903; 1-401-274-4400; View original content: SOURCE Lee Enterprises Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
22-05-2025
- Business
- Business Times
Indonesia's collapsed textile giant Sritex faces delisting as former executive named suspect in bank loan scandal
[JAKARTA] Indonesia's collapsed textile giant Sri Rejeki Isman (Sritex) is facing potential delisting from the Indonesia Stock Exchange (IDX) after the Attorney General's Office (AGO) named a former executive as a suspect in a corruption case involving the alleged misuse of bank loan facilities. IDX director I Gede Nyoman Yetna said on Thursday (May 22) that Sritex shares, which have been suspended from trading since 2021, now meet the criteria for delisting and reverting to private status. However, he did not specify when the delisting would take place, saying the exchange is currently coordinating with the Financial Services Authority and a curator on the process. 'Given that Sritex has been officially declared bankrupt, management responsibilities have now been transferred to the court-appointed curator,' Nyoman said in a statement. 'Late (on) Wednesday (May 13), the Attorney General's Office named Iwan Setiawan Lukminto, who served as president director of Sritex from 2014 to 2023, as a suspect in a corruption case involving approximately 693 billion rupiah (S$54.7 million) in unsecured loans issued to the company,' said AGO spokesperson Harli Siregar. Two other suspects were also named: Zainuddin Mappa, former chief executive officer at Bank DKI, and Dicky Syahbandinata, a former executive at Bank BJB. Bank DKI is a regional lender owned by the Jakarta provincial government, while Bank BJB is owned by the West Java and Banten provincial governments. Abdul Qohar, director of investigation at the AGO, said corruption occurred in the disbursement of loans from several state-owned banks to Sritex, with total outstanding debt reaching 3.6 trillion rupiah as at October 2024. He said executives at the regional banks failed to conduct sufficient analysis, and did not comply with procedures and requirements. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up He noted that unsecured loans should only be granted to companies or debtors with an A credit rating, whereas Sritex had been rated BB- by Moody's. Once a textile powerhouse in South-east Asia known for supplying global fashion giants like H&M and Zara, as well as producing uniforms for Nato, Sritex began to unravel during the pandemic. Plummeting orders pushed the company into a spiral of debt and financial distress. The company was declared bankrupt by a court last year after failing to repay debts totalling US$1.6 billion. The Sukoharjo, Central Java-based company halted operations on Mar 1, leading to the dismissal of over 10,000 workers, after rescue efforts initiated by President Prabowo Subianto's administration failed to yield results. The court-appointed curator is reportedly exploring opportunities to attract investors interested in leasing Sritex's assets, as part of ongoing efforts to manage the bankrupt company's remaining resources and potentially revive its operations. Sritex made its stock market debut on IDX in 2013, riding high on its reputation as a textile titan. The Lukminto family, which owns the company, were once among Indonesia's 50 richest, with a fortune estimated at US$515 million on Forbes' 2020 list. Although Sritex shares have been suspended since 2021, they remain priced at 146 rupiah, giving the company a market valuation of nearly three trillion rupiah, with close to 40 per cent held by public investors.
Mid East Info
14-05-2025
- Business
- Mid East Info
Ground Handling Priorities: Safety, Baggage, Global Standards and Sustainability
The International Air Transport Association (IATA) highlighted four priorities for ground handling at the IATA Ground Handling Conference (IGHC) which opened in Nairobi today hosted by Kenya Airways: Embedding safety in every action Driving global standardization Enhancing baggage operations Building a sustainable and inclusive future 'Ground handling is essential for aviation. It ensures safety, enables efficiency, and shapes the passenger experience. As the complexity of today's operating environment increases—tighter turnarounds, regulatory pressure, and the drive to decarbonize—the industry must come together to embed safety in every action, accelerate global standardization, and build a more sustainable and inclusive way forward,' said Monika Mejstrikova, IATA's Director of Ground Operations. Embedding Safety in Every Action Safety is aviation's top priority. IATA highlighted three key areas of action to enhance safety and performance in ground handling: Using Data to Improve Safety: 'For the first time, we've included ground-related fatalities involving aircraft in our global safety taxonomy. This gives us a clearer picture of the risks—and the data to act on them. Insights from IATA's Incident Data Exchange (IDX) and Accident Data Exchange (ADX) programs have already driven targeted updates to safety procedures in the Ground Operations Manual. The message is clear: the more data we share, the safer we become,' said Mejstrikova. Data from IDX and ADX has driven key safety updates to the Ground Operations Manual (IGOM), including clearer no-touch zones, mandatory brake checks, safer pushback procedures, and improved protocols for aircraft with inoperative Auxiliary Power Units (APUs) or hot brakes. Fire safety, chock placement, and sensor requirements were also enhanced. These changes are targeted, data-driven actions—and their impact depends on broad industry participation. IATA urges more airlines and ground handlers to contribute safety events data to help make ground handling even safer. Transition to Enhanced Ground Service Equipment (GSE) Enhanced GSE, equipped with proximity sensors, is a game changer for ramp safety. To drive adoption, IATA launched the Enhanced GSE Recognition Program in 2024. Since then, 98 ground handling fleets have been registered and 28 stations recognized. From April 2025, declarations will be mandatory at all ISAGO-accredited locations, with expanded criteria to include mobility equipment. 'The adoption of Enhanced GSE is a practical step toward reducing ground damage and improving safety on the ramp. It's a clear example of how smarter equipment leads to safer operations,' said Mejstrikova. Adoption of IATA's X565 Standard to Improve Accuracy of Weight and Balance Data Accurate weight and balance data is essential for safe, efficient turnarounds. IATA's new X565 standard automates data exchange, with early adoption by airlines including Lufthansa Group and Flydubai, with support from Boeing and Airbus. IATA is also finalizing the Electronic Load Instruction and Reconciliation (ELIR) standard, set for release this year, with early results showing fewer errors and delays. 'Digitalizing weight and balance is one of the most effective ways to enhance turnaround safety and reliability. We urge more airlines, handlers, and manufacturers to adopt these standards and help accelerate safer, smarter operations,' said Mejstrikova. Global Standardization of Processes: Global standards are the foundation for safe and efficient operations. Three key tools for ground handling service providers (GHSPs) are the Ground Operations Manual (IGOM) and the IATA Safety Audit for Ground Operations (ISAGO). ISAGO: In 2024, ISAGO reached a record 400 station accreditations, with over 170 airlines using audit reports and more than 50 regulators and airports integrating ISAGO into their oversight frameworks. This helped avoid 545 internal audits, streamline 359 procurement decisions, and reduce audit time at 350 stations—delivering USD 8.7 million in combined savings for airlines and GHSPs. An enhanced ISAGO model will launch in mid-2025, featuring single-auditor audits, remote documentation checks, updated checklists, and reduced fees. IGOM: To support IGOM adoption, the new Operational (OPS) Portal – formerly the IGOM portal is now used by 221 airlines and 259 ground handlers for gap analysis and benchmarking, with expanded functionality covering training, safety, and cargo handling. Broader participation in these tools will multiply their value across the industry. OPS portal membership includes over 240 airline members, 322 GHSPs, and there have been 312 published gap analyses. Enhancing Baggage Operations: Baggage operations are being modernized under a 10-year Global Baggage roadmap focused on digital messaging, end-to-end tracking, and automation. This includes support for Resolution 753 implementation, fraud prevention tools, and updates to key baggage standards. Together, these initiatives will help create a safer and more seamless passenger experience. 'Modern baggage operations are central to the passenger journey. The Global Baggage roadmap will move us closer to the automated digital baggage services that travelers want,' said Mejstrikova. Building a Sustainable and Inclusive Way Forward: Building a sustainable and inclusive way forward is a key priority for ground operations. Industry priorities include: Electrifying Ground Support Equipment (GSE): GSE can cut emissions by up to 48% per turnaround. To support this shift, IATA has published guidance covering operational planning, battery management, infrastructure readiness, and safety—alongside economic modelling tools for smarter investment decisions. Accessibility: Ensuring accessibility is embedded across the journey is an industry priority. IATA is working with regulators and manufacturers to improve handling guidance for over 400 types of mobility aids—many powered by lithium batteries. Baggage Operations: Baggage operations are also being modernized under a 10-year roadmap focused on digital messaging, end-to-end tracking, and automation. This includes support for Resolution 753 implementation, fraud prevention tools, and updates to key baggage standards. Together, these initiatives will help create a safer and more seamless passenger experience.
Business Times
11-05-2025
- Business
- Business Times
Indonesia IPO market 2025: Early surge at risk as global headwinds loom
[JAKARTA] Indonesia's initial public offering (IPO) market is off to a roaring start in 2025, raising nearly US$420 million from 13 listings – almost double last year's tally for the same period – but the rally may be short-lived. Analysts warned that the momentum may not last, as ongoing macroeconomic volatility, escalating geopolitical tensions and shifting capital flows cast doubt over Jakarta's ambitious IPO target for the year. By early May, 13 companies debuted on the Indonesia Stock Exchange (IDX), pulling in 6.94 trillion rupiah (S$543.2 million) in proceeds – a 79 per cent increase in value compared to the same period last year. Analysts cited the surge in renewed investor confidence after Indonesia's presidential election last year. The momentum could be fleeting, with mounting global headwinds – although Amit Singh, head of South and South-east Asia capital markets at Linklaters, pointed out that Indonesia's IPO pipeline has held up relatively well, with capital flows not shifting away from the country any more than from other markets. However, the stock exchange's target of drawing more than 60 IPOs this year is looking lofty. 'That number is unlikely to materialise, which gives the impression of a more significant impact to the country,' he told The Business Times. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up He noted that no IPO market in South-east Asia performed particularly well in the first quarter, as investor appetite for new listings cooled in recent months. 'Recent statements from the White House alone have caused near instant double-digit impacts on share prices on multiple occasions, and in an environment like that, issuers and investors will find it very difficult to do deals,' he said. South-east Asia's IPO market lost some steam in the first quarter of this year, with both deal count and proceeds sliding year on year. The region had just 27 IPOs raising a total of US$700 million, down from 37 deals that brought in US$800 million during the same period last year, based on the latest EY Global IPO Trends report. Still, there were pockets of resilience. Malaysia emerged as a bright spot, chalking up 14 IPOs that raised US$300 million – a notable jump from nine listings that raised the same amount a year earlier. In Indonesia, 11 companies went public between January and March, raising a total of US$400 million – doubling the US$200 million raised during the same period last year. Meanwhile, Thailand's IPO scene slowed to two listings worth US$150 million – half the volume and value of last year. Singapore, on the other hand, remained on the sidelines with no IPO activity recorded in the quarter. Based on IDX data, there are currently 30 companies in the pipeline, with 10 of them – each boasting assets exceeding 250 billion rupiah – set to debut on the market. Among the upcoming listings, one to watch is Chandra Daya Investasi, a unit of billionaire Prajogo Pangestu's Chandra Asri Group, that is set to raise 2.3 trillion rupiah in its debut. It is positioning itself to expand operations in Indonesia's booming industrial and petrochemicals sector. Delays among state-owned enterprises While private firms may still see public fundraising as a viable path, IPOs appeared to have fallen lower on the priority list for many state-owned enterprises (SOEs), their subsidiaries and regionally owned enterprises. Although no official postponements have been announced, several major state-linked companies – including Pertamina Hulu Energi and top fertiliser producer Pupuk Kaltim – have yet to make progress on their listing plans. The two companies were previously reported to target fundraising totals of 20 trillion rupiah and 7.5 trillion rupiah, respectively. If these plans come to fruition this year, they would mark blockbuster IPOs for Indonesia, following the IPO boom of 2023. Oktavianus Audi, vice-president at Kiwoom Sekuritas, suggested that the slow pace of SOE IPOs reflects a shift in strategic priorities, as these companies reassess their next steps in a changing market landscape under the new government. 'Some SOEs are waiting for a clear policy direction from the new administration,' Oktavianus told BT. He added that broader market turbulence, amplified by tariff-related developments, has pushed investors into a more cautious stance – prompting several companies to hit the brakes on their plans to go public. The Jakarta Composite Index has been on a rollercoaster ride since US President Donald Trump's re-election in November, hitting rock bottom on Mar 18, when the stock exchange authority pulled the circuit breaker after a 7 per cent single-day drop. Trump's tariff policies, coupled with growing uncertainty over President Prabowo Subianto's inconsistent policy direction, have shaken investor confidence and triggered capital outflows from Indonesia's equity market. In the first quarter of this year, the benchmark posted a quarterly decline of 8 per cent, alongside foreign net outflows totalling 30 trillion rupiah. Since the end of April, however, the market has found some relief, with year-to-date losses narrowing to 3.5 per cent as tariff volatility eased amid ongoing trade talks between Washington and its global partners. Demand for Indonesia's Fore Coffee IPO soared, with subscriptions exceeding 200 times the available shares. PHOTO: ELISA VALENTA, BT Against the tide Despite the stormy weather, a number of recent IPOs have turned heads, with some deals sailing through oversubscription, showing that investor enthusiasm is still very much alive. IPO deals such as those of energy company Raharja Energi Cepu and Fore Coffee – each oversubscribed by 313 times and 200 times, respectively – generated significant investor attention, reflecting a level of enthusiasm that stands out in a challenging market environment. Yet, much of this enthusiasm may be driven by speculative appetite, said Oktavianus from Kiwoom, who noted that both issuers have ties to powerful business and political networks. Raharja Energi Cepu is reportedly owned by Happy Hapsoro, son-in-law of former president Megawati Sukarnoputri, while Fore Coffee is backed by Sinar Mas Digital Ventures, the venture capital arm of the Sinar Mas Group. Fleeting chance Among South-east Asian countries, analysts see Indonesia and Malaysia as the frontrunners to regain momentum in the latter half of the year. However, they agree that the rebound in IPO activity in 2025 will depend on the stabilisation of macroeconomic conditions and progress in resolving global trade tension. Hendriko Gani, investment analyst at Stockbit, said: 'If global conditions improve, we're likely to see more companies pursuing IPOs, supported by clearer expansion plans, stronger investor confidence and greater global stability.' Singh from Linklaters said Indonesia's resource-rich profile could mean certain companies might be disproportionately affected by tariffs or other import restrictions. 'However, most market participants believe it is still too early to determine the ultimate direction of these trade discussions, so it's premature to assume that Indonesia's IPO pipeline will be affected by this,' he said. He pointed out that sectors such as infrastructure, renewable energy and consumer goods could emerge as investor favourites once market conditions stabilise – potentially serving as key drivers of growth for Indonesia's IPO pipeline.
The Star
25-04-2025
- Business
- The Star
Indonesian sovereign wealth fund entry into capital market raises long-term risks
JAKARTA: Danantara's planned entry into the domestic capital market is expected to significantly help stabilise the local stocks and bonds market, especially at times of volatility, but some have also warned that the move could disrupt the sovereign wealth fund's (SWF) focus on its much needed long-term projects for the economy. The move comes after the country's stock market and currency emerged as one of Asia's worst-performing this year amid uncertainties due to the United States' wide-sweeping tariffs and concerns over the country's fiscal policy. The IDX composite, the country's benchmark, fell to its lowest level of the year at 5,968 points on April 9, the second trading day after the announcement, marking a 15.9 per cent drop from its position at the start of 2025. Meanwhile, the rupiah momentarily hit around Rp 17,000 per US dollar on April 7, as it extended depreciation against the greenback since the beginning of the year. Danantara's chief investment officer Pandu Sjahrir said on April 14 that the fund was ready to act as a 'liquidity provider' for the domestic capital market. He noted that dividends from state-owned enterprises (SOEs), a key source of the fund's capital, are expected to start flowing later this April. He vowed to be careful in the placement of funds, saying 'what's important is the return', while ensuring the fund would start weighing investment in real strategic projects. Fikri C. Permana, an economist at local brokerage KB Valbury Sekuritas, said Danantara's intervention could serve as a positive sentiment for the IDX. He likened the fund's potential role to that of the Workers Social Security Agency (BPJS Ketenagakerjaan), which had limited activity in the stock market due to underwhelming returns from its existing investments. He also said Danantara should consider extending its role as a long-term institutional investor in the market, citing attractive return prospects in the future. 'Government-backed institutions in other countries have taken similar steps, even Japan's central bank invests in equities,' he told The Jakarta Post on Tuesday (April 22). On April 7, China intervened to support domestic stocks plunging on US tariff woes, with a sovereign wealth fund increasing its holdings in equities and saying it would defend market stability, Reuters reported. To manage risk, he recommended that Danantara diversify beyond its current holdings in SOEs' shares and consider investing in privately owned, publicly listed companies. 'They could look into sectors aligned with government programs, such as the free nutritious meal program, where profits from these firms would eventually flow back to Danantara in the form of dividends,' he added. Felix Darmawan, an economist at Panin Sekuritas, agreed that Danantara's active presence in the capital market could help stabilise share prices of publicly listed SOEs amid a bearish trend fueled by sustained foreign capital outflows. He noted that the fund's support should not be limited to banking stocks, which have an outsized influence on the IDX Composite, but should also extend to commodities such as gold and coal, as well as the construction sector. '[Still,] if Danantara wants to maintain investor confidence, especially from foreign investors, it must also push for greater transparency, stronger governance and better management within SOEs, not just intervene in the market,' Felix told Kontan on Tuesday. Both the IDX and the Financial Services Authority have welcomed Danantara's entry into the market, calling it a timely move to reinforce investor confidence and market resilience. Following the announcement of Danantara's plan, the IDX Composite continued its upward momentum, climbing 6.6 per cent to close at 6,634.4 on Wednesday, despite no official confirmation that the fund had already begun intervening in the market. Frederic Neumann, chief Asia economist at HSBC, acknowledged that short-term market interventions by government agencies can provide temporary relief for equity markets. However, he expressed skepticism about their long-term effectiveness. 'As an economist, I'd say that no matter the resources at your disposal, channeling them into strengthening growth fundamentals tends to yield better long-term outcomes,' Neumann told the Post on Tuesday. 'Indonesia has tremendous growth potential, and as long as the fundamentals are sound, the market should be able to correct itself.' In response to external pressures, such as US' blanket tariffs, Neumann urged the government to use its fiscal resources on investments that support sustainable economic growth as well as introducing deregulation and pro-business policies. Rully Wisnubroto, senior economist at Mirae Asset Sekuritas Indonesia, acknowledged that market intervention could be 'understandable' in the short term to stabilise prices and ease investor anxiety. However, he cautioned that such measures should not become a long-term strategy. He also flagged potential risks for Danantara to enter the market during a period of heightened volatility. "Frankly, I don't agree with using SOE dividends [collected by Danantara] to support market liquidity," Rully said during a press conference on April 17. "Those funds were meant to drive economic growth [through productive investments], as originally promised." - The Jakarta Post/ANN
