Forbes Indonesia - August 2021

In this issue

With the current suspension of the US government debt ceiling coming to an end on 31st July 2021, the 5th such suspension along with over 40 increases since 1982, the title of Blancmange’s UK Hit from that year would seem to be an apt description of where US federal debt has been over the last 40 years.

Recklessly Endangering Our Health

At a time when Washington routinely complains about China stealing our intellectual property, the Biden administration has announced that it supports what would be one of the most destructive thefts of intellectual property in U.S. history.

6 mins

SUSTAINABLE LUXURY

THE MACALLAN single malt Scotch whisky has teamed up with Bentley Motors to positively impact the environment. Through uniting The Macallan’s mastery of whisky-making with Bentley’s expertise in manufacturing luxury cars, the collaboration aims to create immersive experiences and inspirational products delivering timeless luxury, all balanced with a commitment to a more progressive world.

1 min

FRONTRUNNER

The recent surge in COVID-19 cases has thrown the country into yet another crisis. From around 6,000 new cases a day during May 2021, cases rose dramatically in the following weeks reaching over 20,000 a day by the end of June, forcing the government to impose another lockdown from early July.

3 mins

SINARMAS GROUP ACQUIRES A COAL MINE IN AUSTRALIA

Sinarmas’ Golden Energy Mines’ subsidiary, Stanmore Coal Ltd, acquired the Millennium and Mavis Downs Mine from Peabody Energy Australia last month. Located in Moranbah, Queensland, Australia, the acquisition was taken under MetRes Ltd, a joint venture company with M Resources Trading Pty Ltd with upfront cash of A$1.25 million and a royalty agreement for $1.25 million.

1 min

EMTEK INVESTS $375 MILLION IN GRAB INDONESIA

Country’s media conglomerate, PT Elang Mahkota Teknologi (Emtek), invested as much as $375 million in ride-hailing giant Grab Indonesia, forming a strategic alliance as the battle for dominance Southeast Asia’s fastest-growing digital economy heats up.

1 min

GudangAda raises $100 million of Series B

GudangAda, a B2B ecommerce platform, announced raising a $100 million series B, with Asia Partners and Falcon Edge leading the funding. Existing investors such as Sequoia Capital India, Alpha JWC Ventures, and Wavemaker Partners also participated in this oversubscribed round which exceeded the initial target of $75 million. This brings GudangAda's total raised funding to $135 million.

1 min

Opportunity in the Shrimp Industry

Blessed with abundant natural resources, Indonesia is well known as the world’s largest producer of crude palm oil as well as its fifth-largest coal producer, the largest nickel producer, the second-largest tin producer and second-largest rubber producer.

3 mins

Brewing Time

Owner of the largest coffee shop chain, Jiwa Group takes on the future of coffee consumption in Indonesia

4 mins

THE ACCIDENTAL BILLIONAIRE

ALI GHODSI WAS HAPPILY RESEARCHING AI AT BERKELEY WHEN HE HELPED INVENT A REVOLUTIONARY BIT OF CODE— AND HE WANTED TO GIVE IT AWAY FOR FREE. BUT FEW WOULD TAKE IT UNLESS HE CHARGED FOR IT. NOW HIS STARTUP IS WORTH $28 BILLION, AND THE CAREER ACADEMIC IS A BILLIONAIRE WITH A REPUTATION AS ONE OF THE BEST CEOS IN THE VALLEY.

10+ mins

LEGENDARY PASS

CHOPARD, a Swiss manufacturer and retailer of luxury watches, jewelry, and accessories, introduced the Mille Miglia Classic Chronograph Raticosa, a limited edition timepiece inspired by the classic Italian road race, The Raticosa Pass.

1 min

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Forbes Indonesia Magazine Description:

Forbes Indonesia is a world-class business magazine of uncompromising quality and scope, providing insights and information to readers critical to their business and inspiring them to greater success