INDUSTRY
Indonesia Set Coal Export Duty at 1–5% Starting 2026
Indonesia’s Finance Minister Purbaya Yudhi Sadewa stated that the govt. plans to reintroduce a 1–5% coal export duty in 2026, restoring the pre–Job Creation Law tariff structure after several years of tax exemption for coal exports. The policy, coordinated with the Ministry of Energy and Mineral Resources, is projected to generate IDR 20 tn in export-duty revenue next year. The tariff will likely vary based on coal value or calorific category, ensuring equitable treatment across export volumes. (CNBC)

Indonesia Revised DHE SDA Policy Effective 01 Jan-26
Indonesia finalized revisions to PP 8/2025 on export foreign-exchange proceeds (DHE SDA), mandating exporters to place 100% of DHE SDA funds exclusively in state-owned banks (Himbara) starting 01 Jan-26, replacing the previous rule that allowed placement in any domestic FX bank. The 100% non-oil & gas DHE retention requirement for 12 months is maintained, but FX-to-rupiah conversion is now capped at 50% (from 100%). The policy expands FX usage to broader procurement and working-capital needs, removes LPEI as an eligible placement institution, and adds FX-denominated government securities (SBN Valas) as a new placement instrument, which cannot be withdrawn before the retention period ends. (Kontan)

India Targeted Coal-Fired Power Capacity of 307 GW by 2035
India stated it would expand coal-fired power capacity to 307 GW by 2035, with no additional expansion planned beyond that year, according to Energy Ministry Secretary Pankaj Agarwal on 07-Dec. The plan aligns with national energy-security needs as the country proposes a 46% increase from its current 210 GW coal capacity while doubling non-fossil capacity to 500 GW by 2030. Policymakers will reassess post-2035 expansion after monitoring demand growth, grid-integration pace, and battery-storage costs, as India continues to face grid challenges amid rising renewable penetration. Despite coal generation declining in 7 of the last 11 months due to milder weather, utilities are securing long-term coal contracts to meet expected night-time demand surges. (Reuters)

COMPANY
United Tractors (UNTR) Halted Gold Mining Operations at Martabe Mine
PT Agincourt Resources, UNTR’s gold-mining unit, halted all Martabe operations effective 06-Dec-25 following govt. instructions, reallocating resources to emergency response and committing full cooperation with KLH/BPLH’s audit process. PTAR stated it operates under valid permits and adheres to environmental standards, while the ministry signaled potential legal action as inspections indicated ecological pressure in the Batang Toru–Garoga watershed. (Kontan)

PP (PTPP) Secured IDR 3.5 tn IKN Building Projects
PTPP signed three institutional building contracts in IKN Nusantara worth IDR 3.5 tn, covering the OIKN supporting office, the Plenary Session building and complex, and the DPD building. All projects will be executed under joint-operation schemes involving Adhi Karya (ADHI), though PTPP did not disclose the work share split. As of 9M25, PTPP booked IDR 16.88 tn in new contracts (–18.8% YoY), achieving 59% of its IDR 28.5 tn 2025 target. (Company)

WIKA Gedung (WEGE) Secured IDR 1.96 tn DPR Building Contract in IKN
WEGE, through a KSO with Nindya Karya and WIKA, secured an IDR 1.96 tn Design & Build contract for the DPR II building and area development in IKN, with the agreement signed on 04-Dec-25. The 750-day project covers construction of Buildings B2, C2 and D, plus geotechnical works, landscape, lighting, roads, bridges and utilities, supported by advanced BIM, Green Building criteria and Smart The contract also includes a 360-day maintenance period posthandover. (Kontan)

US ISM Manufacturing PMI Rose to 48.7 in Aug-25

US ISM Manufacturing PMI Rose to 48.7 in Aug-25

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03 September 2025 - 07.53am

US ISM Manufacturing PMI Rose to 48.7 in Aug-25

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Indonesia Set Coal Export Duty at 1–5% Starting 2026

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Fixed Income Daily Notes 9 December 2025

bonds

Fixed Income Daily Notes 8 December 2025