TGIF Monthly Wrap: July 2025
- ICMSS
- Aug 1
- 3 min read
Senate Approves Trump’s Bill, CDIA Raises Rp2.37 T, Indonesia-US Tariff Reduction, Indonesia Plans US$8 B Refineries with KBR, JPMorgan in Talks to Acquire Apple Card Program
By Fayza Nawra Avanitanya, Muthia Noor Safitri, Kenzie Aryasatya, Imam Fakhri Prayogo Harianto
August 1, 2025 at 16:30 GMT+7
Vance testifies during a Senate Banking Committee hearing on Capitol Hill in Washington | Source: Andrew Harnik via AP Photo
Senate Republicans narrowly passed President Trump’s US$3.4 trillion “Big Beautiful Bill,” with Vice President J.D. Vance casting the tie-breaking vote. The bill includes major tax cuts for businesses and individuals, but rolls back clean energy incentives. It also imposes stricter Medicaid work requirements, limits state funding flexibility, tightens SNAP regulations, and bans gender-affirming care under federal health programs.
Despite internal GOP tension and a rushed timeline, the bill now heads to the House for a final vote. Critics warn it could harm vulnerable groups, while supporters praise its fiscal and economic reforms.
Illustration of: Prajogo Pangestu, PT Chandra Daya Investasi Tbk (CDIA) | Source: IDN Financials
PT Chandra Daya Investasi Tbk (CDIA) made a historic debut on the Indonesia Stock Exchange with a 563.64x oversubscription and a 35% share price surge on the first day of listing, driven by strong investor confidence and branding, particularly linked to Prajogo Pangestu. The IPO drew overwhelming interest from retail and institutional investors, making CDIA one of the most actively traded stocks.
More than a capital-raising event, the listing aims to support Indonesia’s industrial self-sufficiency by strengthening the downstream sector, especially petrochemicals. The company’s success highlights how strategic communication, market timing, and national economic goals can converge in a record-breaking IPO moment.
Indonesian Coordinating Minister for Economic Affairs meets with US Trade Representatives (07/09) | Source: Antara
The US has lowered tariffs on Indonesian exports from 32% to 19%, signaling stronger economic ties. This move, part of broader trade negotiations, is expected to boost Indonesia’s textile, electronics, and palm oil exports. The agreement includes US$15 billion in energy, US$4.5 billion in agriculture, and 50 Boeing aircraft deals, enhancing US-Indonesian cooperation.
It also expands US agricultural exports and deepens aviation partnerships. The tariff cut supports Indonesia’s industries, job creation, and global trade competitiveness, positioning it as a key US partner in diversifying supply chains, particularly in critical minerals and technology, while attracting foreign investment.
A sign for Indonesia's sovereign wealth fund Danantara in its headquarters | Source: Reuters (Willy Kurniawan)
Indonesia has signed an US$8 billion deal with KBR Inc. to build 17 modular refineries, boosting fuel capacity and reducing import reliance. This is part of a larger US$34 billion trade pact with the US, covering energy, aviation, and agriculture.
The agreement, led by Coordinating Ministry for Economic Affairs Airlangga Hartarto, also secures a reduced 19% tariff rate and is expected to raise Indonesia’s GDP by 0.5%. The move reflects Indonesia’s growing role in global trade and its strategy to align infrastructure development with international cooperation.
Source: Apple Pay logo is seen in this illustration taken May 10, 2023 | Source: REUTERS (Dado Ruvic)
JPMorgan in Talks to Acquire Apple Card Program
JPMorgan Chase is reportedly approaching an agreement to take over Apple’s credit card program from Goldman Sachs, which is ending its partnership with the tech giant. This development follows Goldman’s strategic withdrawal from the consumer banking sector due to sustained financial underperformance. Goldman originally partnered with Apple in 2019 to launch the Apple Card, but is now looking to offload the business.
Upon finalization, it would substantially augment JPMorgan’s robust credit card portfolio and further solidify its strategic alignment with Apple. The transition highlights shifting strategies within major banks and Apple’s continued interest in growing its presence in financial services.
Source:
CNBC
Bloomberg
Reuters
Tempo
Comments