Prabowo Subianto, Indonesia’s president, launched Danantara, a sovereign-wealth fund. At his disposal will immediately be the largest businesses in Indonesias

By bno - Surabaya bureau Peaceful student-led protests were held in several Indonesian cities from Jakarta to Surabaya on February 21. The demonstrations were themselves triggered by frustration over budget efficiency and the absence of stability in policy,

In January Mr Prabowo launched a cost-cutting drive unlike any the country has seen. He is seeking approximately $19bn in savings from this year’s budget, which comes to about 8.5% of Indonesia’s public-sector spending. A proposed second series of cuts, about which he has offered no other details, could lift the savings to $37bn.