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JAKARTA:  Indonesia’s economy recorded its slowest annual growth in over three years during the first quarter of 2025, expanding by 4.87% compared to the same period a year ago, according to official data released on Monday by Statistics Indonesia (BPS). The figure fell short of analysts’ expectations of 4.91%, as forecast in a Reuters poll, and marked the weakest quarterly growth since Q3 2021. It also reflects a decline from the 5.02% expansion posted in the fourth quarter of 2024. On a quarter-on-quarter basis, Indonesia’s gross domestic product (GDP) contracted by 0.98% in the January–March period, based on non-seasonally adjusted data. The weaker-than-expected performance signals mounting challenges for Southeast Asia’s largest economy, which has been struggling to maintain post-pandemic momentum amid slowing global demand, tightening fiscal space, and volatile commodity markets. For the past few years, Indonesia’s GDP growth has largely hovered around the 5% mark—a level now proving difficult to sustain. Headwinds to Growth President Prabowo Subianto, who assumed office in 2024, has set an ambitious target of achieving 8% annual growth within his five-year term. However, the latest GDP figures point to significant headwinds, including: Global trade uncertainties, such as the ongoing US-led tariff measures and broader geopolitical frictions. Weakened household consumption, which, despite Ramadan-related spending, rose just 4.89%—the slowest pace in five quarters. Sluggish investment, growing by only 2.12%, the lowest in two years, as domestic and foreign investors adopt a wait-and-see approach amid policy shifts and external risks. Declining government expenditure, reflecting fiscal consolidation efforts under tighter budget conditions. The government’s fiscal leeway has narrowed as it seeks to balance development goals with responsible spending. Jakarta is currently in talks with Washington to address potential tariff impacts on Indonesian exports, particularly as the United States considers broad-based reciprocal trade measures. Sectoral Performance: Mining Weakens, Agriculture Surges Sector-wise, the mining industry—a key export driver—shrank by nearly 1% year-on-year. This contraction was attributed to falling global coal prices, reduced demand from international buyers, and output disruptions due to maintenance activities at the Grasberg mine, one of the world’s largest copper and gold operations operated by Freeport McMoRan. In contrast, agriculture emerged as a bright spot, recording a robust 10.5% annual growth, driven by improved harvests of rice and corn. The sector benefited from favourable weather conditions and government support for food resilience initiatives. Net exports contributed positively to GDP, primarily due to a sharper decline in imports. However, this gain reflects softening domestic demand rather than export strength. Outlook and Policy Implications The first-quarter data presents a significant challenge to President Prabowo’s growth agenda and underscores the need for calibrated policy responses to rejuvenate domestic demand, attract investment, and shield Indonesia from escalating global trade risks. Bank Indonesia is expected to closely monitor inflation and capital flows before considering any monetary policy adjustments. Meanwhile, the government is likely to accelerate infrastructure projects and refine trade diplomacy to secure favourable terms with key partners, particularly the US and China. As the global economic environment remains uncertain, the coming quarters will be critical for Indonesia to stabilise growth and deliver on its economic reform commitments.–REUTERS

Senior leader with 30 years of insurance experience, 16 years with Chubb SINGAPORE Chubb announced today the appointment of Janene Blizzard as the Head of Accident & Health (A&H) for Asia Pacific, effective 1 June 2025. In this role, she will l:ead the strategy, growth, and performance of Chubb’s A&H portfolios across the region. Based in Singapore, Blizzard will report to Marcos Gunn, Regional President, Asia Pacific, with a matrix reporting line to Daniela Hernandez, Division President for International A&H, Overseas General Insurance. On announcing Blizzard’s appointment, Gunn said, “Janene is an exceptional leader with deep A&H experience. Her proven track record of cultivating high-performing teams whilst maximising portfolio profitability will be key in delivering our ambitions for the A&H business across the Asia Pacific region.” Hernandez added, “We are thrilled that Janene is joining our team in Asia Pacific. Her collaborative approach with partners and focus on client needs will boost our ability to deliver innovative solutions that meet the evolving priorities of our clients and partners.” Blizzard has over 30 years’ experience in the insurance industry, joining Chubb in 2008 as an Accident & Health Corporate Underwriter. Since then, she has progressively advanced through senior leadership positions to her most recent role as SVP, Chief Operating Officer for International Accident & Health. Hashtag: #Chubb The issuer is solely responsible for the content of this announcement. About Chubb Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 43,000 people worldwide. Additional information can be found at: www.chubb.com.

JAKARTA: Indonesia has secured a US$60mil investment from Standard Chartered, Germany’s DEG, and France’s Proparco to develop the 92 MW Saguling floating solar photovoltaic (PV) plant in West Java. The project, led by ACWA Power and PLN Indonesia Power, is expected to be operational by 2026 and offset over 63,000 tonnes of carbon emissions annually. This marks the first project-level financing under Indonesia’s Just Energy Transition Partnership (JETP) since the US withdrew its support earlier this year. Despite the US pullout, France and Germany continue to support Indonesia’s clean energy transition, with France alone committing around US$513mil. As Indonesia eyes a shift from coal to renewables, it relies on the backing of donor countries and private sector members of the Glasgow Financial Alliance for Net Zero (GFANZ) for financing. Germany and Japan, the new JETP coleaders, are expected to play key roles in reviving the initiative. — The Jakarta Post/ANN

HONG KONG: China Investment Corp (CIC), the country’s sovereign wealth fund, is divesting approximately US$1 billion worth of US private equity (PE) assets in the secondary market, as part of a broader portfolio optimisation strategy. The assets are spread across funds managed by eight US-based PE firms, including Blackstone Inc and Carlyle Group. US investment bank Evercore is advising on the sale, which CIC aims to complete by the end of June, sources told Reuters. Originally invested between 2016 and 2017, the portfolio is nearing the end of its investment cycle. The potential asset sale comes amid rising US-China geopolitical tensions, which have led Chinese state-backed funds to scale back new investments in American PE firms. CIC’s PE investments represent a significant portion of its nearly US$1.33 trillion in assets under management, with close to 64% of assets managed externally. Possible buyers include other sovereign wealth funds, secondary market specialists, and private investors such as family offices. Singapore’s GIC is reportedly among the interested parties. This strategic exit highlights a broader trend among global institutional investors rebalancing private equity exposure due to market volatility and limited exit opportunities.–REUTERS

BENGALURU: Japan’s internet giant Rakuten will invest at least $100 million in India this year and expand its headcount by 8%, aiming to strengthen its global capabilities, according to Rakuten India CEO Sunil Gopinath. The investment will focus on scaling technology, infrastructure, and hiring—particularly of AI-savvy professionals. Rakuten, which employs 4,000 people in India (90% in tech roles), is actively integrating artificial intelligence into core functions, including business operations, customer service, and employee productivity. Its India Global Capability Centre (GCC), instrumental in building Japan’s Rakuten Pay and the AI-driven SixthSense monitoring platform, now supports around half of Rakuten’s 70+ global businesses. Rakuten reported a ¥10.5 billion ($73.6 million) AI-driven profit in FY2024 and aims to double this in 2025. Its India operations span multiple cities, with two key centres in Bengaluru. India’s GCC market is projected to grow from $64.6 billion in 2024 to $105 billion by 2030, according to Nasscom and Zinnov.–REUTERS