Latest news with #MarinaBudiman
Bloomberg
19-03-2025
- Business
- Bloomberg
Indonesia's Market Woes Spread After Stocks Rout
Indonesia is under growing scrutiny after its stock market plunge yesterday led to the first trading halt since the pandemic. State-owned lender Bank Tabungan Negara scrapped a planned sale of dollar bonds after the equities rout quickly spread to other asset classes. The bank cited market volatility for its decision to pull the plug on notes it just started marketing on Tuesday, according to people familiar with the matter. Multiple concerns appear to be weighing on investors, contributing to doubts about the investability of Southeast Asia's largest stock market — down about a fifth from a September peak. A reversal of fortune is also playing out in the personal wealth of Indonesian tycoon Marina Budiman. For three weeks straight, the president commissioner of Indonesia's biggest data center operator became roughly $350 million richer each day, making her the nation's wealthiest woman, according to the Bloomberg Billionaires Index. Then the stock of DCI Indonesia crashed and Budiman's net worth fell by half in just three days. She's not alone.— Stephanie Phang Risks are top of mind for central bankers. Bank Indonesia kept its key interest rate unchanged for a second straight month, seeking to safeguard the rupiah after concerns about the economy's outlook triggered the market selloff this week. In Japan, the central bank's decision to refrain from hiking interest rates further was accompanied by comments that it's keeping an eye on global trade tensions. And the Bank of Thailand's rate-setting panel has shifted its focus toward the country's weakening growth outlook, with Nomura predicting more aggressive rate cuts to support the economy.
South China Morning Post
19-03-2025
- Business
- South China Morning Post
Indonesia's richest woman Marina Budiman loses half her wealth in 3 days
For three weeks straight, Marina Budiman became roughly US$350 million richer each day. Advertisement By mid-March the president commissioner of Indonesia 's biggest data centre operator sat atop a US$7.5 billion fortune after her company repeatedly soared by the daily limit, making her the country's wealthiest woman, according to the Bloomberg Billionaires Index. Then the stock of DCI Indonesia crashed. In just three days, Budiman's net worth fell by half, and Indonesia could add yet another infamous boom-and-bust stock price run to its growing tally. All told, Budiman and fellow billionaires and DCI controlling shareholders – Otto Toto Sugiri and Han Arming Hanafia – saw their combined fortunes soar by over US$17 billion before they plummeted. At Tuesday's close, the shares had given up more than half the gains since the rally began in mid-February. A man watches stock prices at the Indonesia Stock Exchange in Jakarta on Tuesday. Photo: AFP Wild price swings in stocks are a common and increasingly problematic feature of Indonesia's equity market. Advertisement Dozens of firms have moved by 1,000 per cent or more in recent years, their shares seemingly unshackled from the underlying financials. DCI closed on Tuesday with a market value of close to US$17 billion, compared to last year's revenue of US$112 million and US$49 million profit. The company trades at 416 times earnings.
Bloomberg
19-03-2025
- Business
- Bloomberg
Richest Woman in Indonesia Loses $3.6 Billion in Just Three Days
By and Pui Gwen Yeung Save For three weeks straight, Marina Budiman became roughly $350 million richer each day. By mid-March the president commissioner of Indonesia's biggest data center operator sat atop a $7.5 billion fortune after her company repeatedly soared by the daily limit, making her the country's wealthiest woman, according to the Bloomberg Billionaires Index.
