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☆ Indonesia's next president Prabowo made big promises on the campaign trail. Can he deliver?
▼ + stars: | 2024-02-23 | by ( Joseph Rachman | ) www.cnbc.com time to read: +3 min

Prabowo Subianto, Indonesia's presidential candidate and defense minister, center, waves to supporters in Jakarta, Indonesia, on Wednesday, Feb. 14, 2024. JAKARTA — Indonesia's Defense Minister Prabowo Subianto is set to become the next president in October after voters handed him a strong mandate at the Feb. 14 election. Under Widodo, Indonesia's gross domestic product has grown steadily at around 5% over the past decade — barring the pandemic years of 2020 to 2021. "Because at the end of the day, the voters will compare the economic policies which have been delivered well by the incumbent president with the next president." On the campaign trail, Prabowo's discussions on economic policy were limited, and mainly focused on promises to continue the Widodo administration's signature downstreaming policy.

Persons: Prabowo, Prabowo Subianto, Gibran Rakabuming Raka, Joko Widodo, who's, Josua Pardede, Peter Mumford, Erick Thorir, CNBC's Martin Soong Organizations: JAKARTA — Indonesia's, General, Commission, Investors, Permata Bank, Eurasia Group, CNBC Locations: Jakarta, Indonesia, JAKARTA, Asia

It is a three-way race for the presidency among current Defense Minister Prabowo Subianto and two former provincial governors, Anies Baswedan and Ganjar Pranowo. While he is the oldest candidate, his running mate is the youngest: 36-year-old Surakarta Mayor Gibran Rakabuming Raka, Widodo's son. His running mate is Mohammad Mahfud, who resigned as security minister to focus on campaigning. He is also a former defense minister, justice minister and chief justice of the Constitutional Court. His choice of Muhaimin Iskandar as his running mate in Wednesday's election is viewed as an attempt to rebuild that support.

Persons: Joko Widodo, Prabowo Subianto, Anies, Subianto, Gibran Rakabuming Raka, Suharto, Widodo's, Raka, —, GANJAR, Pranowo, ” Pranowo, Mohammad Mahfud, ANIES, Baswedan, Widodo, Basuki Tjahaja Purnama, Muhaimin Iskandar, Iskandar’s, ” Organizations: SUBIANTO, Gerindra Party, Constitutional, Indonesian Democratic Party of, Central Java, FIFA, Islamic, Fulbright, Awakening Party, Ulama, Associated Press Locations: JAKARTA, Indonesia, Jordan, Surakarta, Central, Israel, Jakarta, Chinese, Wednesday's, Nusantara, Borneo

☆ TikTok election? Indonesia's presidential hopefuls battle it out on social media
▼ + stars: | 2024-02-05 | by ( Joseph Rachman | ) www.cnbc.com time to read: +4 min

Indonesia's presidential election is due 14 February and candidates are going all out to win over voters in this country of 274 million. Sopa Images | Lightrocket | Getty ImagesJAKARTA — Indonesia's presidential hopefuls are pulling out all stops to win over voters on social media ahead of the Feb. 14 election. This time it's the TikTok election," says Aryo Seno Bagaskoro, a young spokesperson for the presidential campaign of Ganjar Pranowo, the former governor of Central Java. One of his supporters is a 22-year-old female student who posts on social media platform X about Anies and his campaign using Korean hangul captions. The Ganjar campaign has gimmicks of its own too, such as "Top Gun"-style jackets and penguin symbols.

Persons: TikTok, Seno, Ganjar Pranowo, Prabowo, Ganjar, Anies, belying, Karaniya Dharmasaputra, Mahfud, Pak Mahfud Organizations: Getty, Central Java, Defense, CNBC Locations: JAKARTA, Central, Indonesia, Jakarta, Islam, TikTok

YOGYAKARTA, Indonesia (AP) — Indonesia’s Mount Merapi erupted Sunday, spreading searing gas clouds and avalanches of lava down its slopes as other active volcanoes flared up across the country, forcing the evacuation of thousands. A column of hot clouds blasted 100 meters (about 109 yards) into the air as ash blanketed several villages without casualties, he added. Merapi is the most active out of more than 120 volcanoes across the country. Also on Sunday, Mount Marapi in West Sumatra province erupted again, its third biggest flare-up this month, albeit without discharging lava. In December 2021, Mount Semeru, the highest volcano on Java island, erupted, leaving 48 people dead and 36 missing.

Persons: Agus Budi Santoso, Mount Lewotobi Laki, Mount Semeru, Niniek Karmini Organizations: Technology Research, Development, Volcanology, Mount, Associated Press Locations: YOGYAKARTA, Indonesia, Merapi, Java, Yogyakarta, East Nusa Tenggara, Marapi, West Sumatra, Semeru, East Java, North Maluku, Jakarta

On a trip to the sprawling factory in the port city of Haiphong in northern Vietnam, Widodo also sat behind the wheel of a VinFast electric car before wrapping up his three-day visit to Vietnam. The Vietnamese EV maker has said it will invest $1.2 billion in Indonesia and build a factory with the potential to make up to 50,000 vehicles every year. Green SM, an EV taxi operator that is mostly owned by VinFast’s founder, also announced an investment plan of $900 million in Indonesia. VinFast's plans to expand in Indonesia are part of their global goal of selling EVs in 50 markets worldwide. It is exporting EVs to the U.S. and also building a $4 billion EV factory in North Carolina, where production is slated to begin this year.

Persons: Joko Widodo, Widodo, GoTo, Tokopedia Tbk, Pham Nhat Vuong Organizations: Green SM, EV, VinFast’s, Group, AP Locations: HANOI, Vietnam, Indonesia, Haiphong, Vietnamese, Indonesian, North Carolina, India, Vingroup, Ukraine

AGAM, Indonesia (AP) — Indonesia’s Mount Marapi erupted again on Sunday, spewing smoke and ash high into the air, but no casualties were reported. The Marapi Volcano Observation Post in West Sumatra province recorded an eruption with an ash column about 1,300 meters (4,265 feet) high from its peak, followed by ash rain. Sprays of ash from the eruption were seen blanketing roads and vehicles in nearby villages. At least 100 residents have been evacuated since Friday after Indonesian authorities raised the alert level of the volcano from Level 2 to Level 3, or the second-highest level, on Wednesday. Marapi has been active since an eruption in January last year that caused no casualties.

Persons: Marapi, Gobah Cumantiang, Edna Tarigan Organizations: Associated Press Locations: AGAM, Indonesia, West Sumatra, Rubai, Jakarta

☆ Indonesians head to the polls in February. Here are key issues dominating the elections
▼ + stars: | 2024-01-04 | by ( Randy Mulyanto | ) www.cnbc.com time to read: +6 min

Indonesia is preparing to hold general elections for president and vice president for the 2024-2029 period in February 2024. The world's third-largest democracy will open its polls to over 204 million eligible voters casting their ballots, according to its General Elections Commission. While having greater opposition representation in Indonesia's parliament could raise the bar for passing such laws, Titi said there's still a very high barrier to entry for the candidacy process. According to Freedom House's Freedom in the World 2023 report, Indonesia ranked "partly free," scoring 58 out of 100. But for some Indonesians, the cozier relationship has also sparked debt-trap fears and concerns about an influx of Chinese workers.

Persons: Anies Baswedan, Prabowo Subianto, Ganjar, Aditya Irawan, Joko, Widodo, Gibran Rakabuming Raka, Muhaimin Iskandar, Ganjar Pranowo, Prabowo, Gibran, Anies, Titi Anggraini, Titi, there's, Indonesia's, Singapore's ISEAS — Yusof, Lina Alexandra Organizations: Nurphoto, Getty, JAKARTA —, Commission, Solo, National Awakening Party, Central Java, Politik, Nusantara, Association for Elections, Democracy, CNBC, Constitutional, House's, Institute, Indonesia's, of Economic, Law Studies, Initiative, Strategic, International Studies, Hamas, Lowy Institute Locations: Jakarta, Indonesia, JAKARTA, JAKARTA — Indonesia, Central, Politik Indonesia, Nusantara, Borneo, China, Beijing, Southeast Asia, Southeast, Israel, Australian

PADANG, Indonesia (AP) — Indonesia's Mount Marapi erupted with white-and-gray ash plumes Sunday, stranding and injuring climbers and spreading volcanic ash over several villages. About 75 climbers started their way up the nearly 2,900-meter (9,480-foot) mountain on Saturday and became stranded. Political Cartoons View All 1277 ImagesThe eruption sent ash plumes more than 3,000 meters (9,800 feet) into the air and hot ash clouds spread several miles (kilometers). Falling ash blanketed several villages and blocked sunlight, National Disaster Management Agency spokesperson Abdul Muhari said. Authorities distributed masks and urged residents to wear eyeglasses to protect them from volcanic ash, he said.

Persons: Marapi, Ahmad Rifandi, Indonesia’s Volcanology, Hari Agustian, Abdul Muhari, Gobah Cumantiang, Niniek, Mari Yamaguchi Organizations: Hazard Mitigation, Rescue Agency, Disaster Management Agency, Associated Press Locations: PADANG, Indonesia, Marapi, Padang, West Sumatra, Rubai, Jakarta, Tokyo

☆ They fell in love with Bali after visiting 3 years in a row. Step inside the sleek, modern home they built in the jungle.
▼ + stars: | 2023-11-17 | by ( Amanda Goh | ) www.businessinsider.com time to read: +12 min

Anna-Carina Tetzner and Sean Peel moved to Bali, Indonesia, from Australia right before the pandemic. AdvertisementAfter a few vacations in Bali, Anna-Carina Tetzner and Sean Peel decided it was where they wanted to live full time. Anna-Carina Tetzner and Sean Peel standing in front of their modular home in Bali. AdvertisementA modular design for DIYInstead of brick and mortar, the couple designed their own modular house that comprises steel frames and wood panels. Anna-Carina TetznerThis building method isn't all that common in Bali, Tetzner said: "In fact, we don't know of anyone who has built like us, pre-fabricated."

Persons: Anna, Carina Tetzner, Sean Peel, —, Tetzner, Peel, He'd, Carina Tetzner Peel, I've, Sean, Wells, it's, Carina, It's, They've, Amanda Goh Organizations: Service, Peel, Google, YouTube Locations: Bali, Indonesia, Australia, Ubud, Anna, Brisbane, Asia, Bali . Anna, Sunshine, Bali — Indonesian, it's Bali, agoh@businessinsider.com

Forest and peat fires are an annual problem in Indonesia that strains relations with neighboring countries. In recent years, smoke from the fires has blanketed parts of Indonesia, Singapore, Malaysia and southern Thailand. Hundreds of forest fires in South Kalimantan province in Borneo island made the smoke haze even more widespread, especially during the last week. The local government has also called the students to do online learning because the air quality is unhealthy. “We are still working to handle the forest and land fires in Borneo and Sumatra islands as well as possible.

Persons: Siti Nurbaya Bakar, shouldn't, Bakar Organizations: —, Indonesian, Forestry, Associated Press, Indonesia’s Meteorology, Agency Locations: JAKARTA, Indonesia, — Indonesia, Sumatra, Borneo, Malaysia, Singapore, Thailand, Indonesian, Malaysia’s, Kuala Lumpur, Kuching, IQAir, Swiss, South Sumatra, South Kalimantan, Central Kalimantan

☆ Since Three Arrows Capital collapsed, the crypto fund's founders have reportedly been meditating in Bali, learning to surf, and taking shrooms
▼ + stars: | 2023-06-10 | by ( Madeline Berg | ) www.businessinsider.com time to read: +3 min

When hedge fund Three Arrows Capital collapsed last year, it left the crypto world reeling. But the firm's founders, Kyle Davies and Su Zhu, have reportedly had it pretty good ever since. Just because your crypto firm collapsed, doesn't mean you are going to end up on house arrest at your parents' pad. As the liquidation process began for their crypto firm, both founders flew to Bali — Indonesia notably doesn't have an extradition treaty with the United States — the Times reported. According to the Times, Zhu started to hang out with surfers and UFC fighters.

Persons: Kyle Davies, Su Zhu, Zhu surfed, Davies, Hemingway, Zhu, liquidators Organizations: Arrows Capital, Morning, New York Times, United, Times, Twitter, UFC Locations: Bali, Bali — Indonesia, United States, Bahrain, Singapore

☆ Indonesia’s Parliament passes law criminalizing adultery
▼ + stars: | 2022-12-06 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

JAKARTA, Indonesia — Indonesia’s Parliament passed a long-awaited and controversial revision of its penal code Tuesday that criminalizes extramarital sex for citizens and visiting foreigners alike. After ratification, the new criminal code must be signed by the president, according to Deputy Minister of Law and Human Rights Edward Hiariej. The criminal code will not apply immediately. Widodo had instructed Law and Human Rights Minister Yasonna Laoly to get input from various communities while lawmakers discussed the articles. “These laws let police extort bribes, let officials jail political foes, for instance, with the blasphemy law,” Harsono said.

☆ IPO funds raised by Southeast Asian companies fall amid economic headwinds
▼ + stars: | 2022-11-16 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Photographer: Dimas Ardian/Bloomberg via Getty ImagesThe funds raised by public listings in Southeast Asia fell by 52% this year compared to a year ago, data from Deloitte showed. Initial public offering (IPO) funds raised by companies in the region reached $6.3 billion from the January to Nov. 11 period, the management consulting company said. The findings also revealed that only eight large and medium-sized companies listed in 2022, less than half of the 19 large- and medium-sized companies that were listed in 2021. IPO activity in Southeast Asia was lower this year, with only two blockbuster IPOs — Indonesia's GoTo which raised $1.1 billion and Thai Life Insurance with $1 billion raised. This could mean that the bigger companies are holding out and postponing their listings in anticipation of better market conditions, Deloitte said.

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