“There is always a tendency to look to help national champions,” said Kammer. “But it leads to a misallocation of capital if you favour one company over others.”

“Indonesia has the potential to be a regional and even global champion in the future green economy,” said Porwanto. Other than supplying raw materials such as nickel — Indonesia has the world’s largest reserves of the metal used in batteries — the country could also be a centre for EV production and carbon monetisation, he said.

What are the implications for investors? Perhaps counter-intuitively, investors should continue to embrace bonds, which look attractively priced. We continue to favour high-quality sovereign debt, including US Treasuries.

An army statement said the minister had been briefed on preparations for the destruction of Hamas’s Rafah Brigade, “an achievement which will finalise the dismantling of Hamas as a military authority in Gaza”.

“We cannot live in a society in which billionaires domiciled abroad have control of social networks and put themselves in a position to violate the rule of law, failing to comply with court orders and threatening our authorities.

“Canada has also emphasised that extension should contribute to the timely conclusion of a bilateral free trade agreement that serves the interests of both parties,” it said.