Indonesian Political, Business & Finance News

Archive: 26 July 1997

58 articles found

Banks urged to restructure, strengthen capital base

Banks urged to restructure, strengthen capital base JAKARTA (JP): Bank Indonesia director Hendrobudiyanto yesterday called on local banks to restructure, improve human resources and strengthen their capital base to face free trade in financial services. Speaking at the close of an Indonesian National Private Banks Association meeting last night, Hendro said it was time to take such measures, considering that free trade in services would start soon in the region and the world.

Religious harmony in E. Nusa Tenggara

Religious harmony in E. Nusa Tenggara MAUMERE, East Nusa Tenggara: The inauguration of the new secretary to the Kupang archbishop on Sunday will be a demonstration of religious tolerance. Ninety non-Catholic youths from the dominantly Catholic territory will volunteer to help the local security officers and 400 fellow Catholic youths secure the ceremony. Local police chief, Lt. Col.

RP to seed clouds to offset dry spell

RP to seed clouds to offset dry spell MANILA (AFP): The Philippine government will carry out cloud- seeding operations above four major dams later this year to offset an expected dry spell, an official said yesterday. Rogelio Concepcion, director of the Bureau of Soils and Water Management said cloud seeding would be carried out between October and December.

Russia sends five President's Cup finals

Russia sends five President's Cup finals BOGOR, Indonesia (AP): Denis Inkim stopped Dedi Mikaso of Indonesia in the third round Thursday, and led a parade of five Russians into the finals at the 18th President Cup Amateur Boxing Championships. Inkim will face Kulkov Yan of Uzbekistan for the middleweight gold. Yan was one of four Uzbeks to reach the final bout. Indonesia sent four to the title matches, all of which won on points.

New Porsche 911 to make debut at Frankfurt motor show

New Porsche 911 to make debut at Frankfurt motor show By Neil McDonald THE stunning new Porsche 911 will make its debut at the Frankfurt motor show in September. At the same time Porsche will also unveil the new 911 Turbo S. The new Porsche is the first entirely new 911 in 34 years. This is the same car that Indomobil is tipped to start assembling in Indonesia. If the car goes on sale here it is expected to cost about Rp 400 million (US$164,000).

ASEAN champions EAEC cause

ASEAN champions EAEC cause By Meidyatama Suryodiningrat PETALING JAYA, Malaysia (JP): ASEAN foreign ministers at the end of their annual meeting here yesterday expressed satisfaction at the progress of the East Asia Economic Caucus (EAEC) and hoped that it would soon be instituted.

Hotel tariff war hurts tourism industry: Soeharto

Hotel tariff war hurts tourism industry: Soeharto JAKARTA (JP): President Soeharto expressed his concern yesterday over the current tariff war among star-rated hotels in Indonesia, saying the unhealthy competition could damage the national tourism industry. The President said the tariff war would only benefit foreign travel agencies while Indonesia would become the loser because state revenues from the tourism sector would decline.

UK must honor arms contracts with RI

UK must honor arms contracts with RI LONDON (AFP): Britain must honor contracts to supply Hawk jets and armored cars to Indonesia despite its record of human rights violation, or pay hundreds of millions of dollars in penalties, government sources said. However, in line with Foreign Secretary Robin Cook's focus on human rights in his new foreign policy, criteria for such future sales will be considerably tighter than under the previous Conservative government, the sources said late Thursday.

VW predicts car boom in Asia Pacific

VW predicts car boom in Asia Pacific BONN: The Asia-Pacific region will catch up with North America in terms of car sales by the turn of the century, according to Germany's largest car-maker, Volkswagen. VW also says the Asia-Pacific region will replace North America as the world's biggest car market by the year 2005.

TV today

TV today TVRI 2:30 a.m. News: Lintas Nusantara 2:40 Travel: My Country 2:45 Children's Film: Road to Avonlea 3:10 Teenagers' Program: Jenjang Vokalia 3:35 Travel: Wisata Nasional 4:00 Regional News 4:30 Sports 5:25 Variety Show: Country Tracks 5:30 TV Series: Emergency Call 5:55 Music 6:00 News: Lintasan Berita 6:05 Nusantara, The Beloved Country 6:15 Village Program 6:30 TVRI News 7:00 Evening News 7:35 TV Drama: Losmen Pak Jono 8:00 News: Lintasan Berita 8:05 Saturday Night Music 9:00 World...

ASEAN to intensify concerted action on currency instability

ASEAN to intensify concerted action on currency instability KUALA LUMPUR (Agencies): ASEAN members agreed yesterday to intensify their cooperation in a bid to stabilise regional foreign exchange rates following recent plunges in Southeast Asian currency values. "Foreign ministers expressed serious concern over well- coordinated efforts to destabilize ASEAN currencies for self- serving purposes, thus threatening the stability of all ASEAN economies," a joint statement said.

Criminal procedure bill debated soon: Oetojo

Criminal procedure bill debated soon: Oetojo JAKARTA (JP): Minister of Justice Oetojo Oesman said yesterday that the government would take pains to ensure that the bill on criminal procedure was debated soon by the House of Representatives. The bill is intended to replace the Criminal Code, which dates back to Dutch colonial times. Oetojo said the government was hopeful that the bill could be submitted soon after the new House members assume their positions in October.

Slow Asian demand hits Japan petchem output

Slow Asian demand hits Japan petchem output TOKYO (Reuter): Sluggish demand for petrochemical products in Asia since the beginning of this year has forced Japanese petrochemical manufacturers to keep production levels down, petrochemical industry sources say. "It doesn't make sense to make petrochemical products in order to export (them) at loss-making prices, and consequently to put downward pressure on the already weak Asian market," one petrochemical trader said.

Central bankers fail to ease Asia's woes

Central bankers fail to ease Asia's woes SINGAPORE (Reuter): The statement from Asian central bankers after their meeting in Shanghai yesterday contained little of substance, and did not significantly change the somewhat gloomy outlook for beleaguered Asian currencies.

Reforms needed to curb violence

Reforms needed to curb violence By A. Wisnuhardana YOGYAKARTA (JP): The new year was greeted with apprehension and fears of more unrest instead of good cheer and hope. The prevalence of violence in recent years has left the Indonesian community unconvinced that these incidents will decline. Last year, in the towns of Situbondo, Tasikmalaya, Sanggau Ledo, Tanah Abang, Rengasdengklok, etc., there were a series of deplorable acts.

ASEAN waits for Hun Sen view on role in crisis

ASEAN waits for Hun Sen view on role in crisis By Santi WE Soekanto PETALING JAYA, Malaysia (JP): After days of consultation with Cambodia's Foreign Minister Ung Huot, the Association of Southeast Asian Nations (ASEAN) is now waiting for Phnom Penh's confirmation on its role to help solve the Cambodian crisis. ASEAN foreign ministers decided to wait before commencing with their offer to help restore political stability in Cambodia following confusion about Second Prime Minister Hun Sen's stance.

Bajaj driver tried for having knife

Bajaj driver tried for having knife JAKARTA (JP): A driver of a bajaj, a three-wheel motorized vehicle, was tried in Jakarta Central District Court yesterday for possessing a knife in public. The prosecutor said the defendant, named Sopianto, 27, was charged under Article 2 of the 1951 Emergency Law, which carries a maximum 10-year prison term for people found possessing sharp weapons in public without legal papers. Sopianto was a night driver, who operated in Kemayoran, Central Jakarta.

Asia's dollar peg may no longer be helpful: Expert

Asia's dollar peg may no longer be helpful: Expert TOKYO (Reuter): The pegging of Asian currencies to the U.S. dollar may no longer bring much benefit to regional economies, a leading Asian economist said yesterday. Given the current regional currency crisis, Asia should look towards the yen as a counterweight to the dollar to ensure economic stability, C.H. Kwan, a senior economist at Nomura Research Institute, told Reuters in an interview.

Deputy speakers installed, with two from Golkar

Deputy speakers installed, with two from Golkar JAKARTA (JP): Three deputy City Council speakers were officially installed yesterday with Golkar having two deputy speaker seats for the first time ever. The deputy speakers will serve under new speaker Brig. Gen. Edy Waluyo of the Armed Forces faction, who was also installed yesterday, for the 1997-2002 office term. The new deputy speakers were Sugeng Suprijatna and Ade Surapriatna of Golkar and Rusydi Hamka of the United Development Party (PPP).

National Police should not be part of ABRI: Experts

National Police should not be part of ABRI: Experts JAKARTA (JP): Efforts by the national police to improve their professionalism are hampered by the fact that they are part of the Armed Forces, a seminar concluded yesterday. Trimoelja D. Soerjadi told the seminar -- held by the Indonesian Legal Aid Foundation -- that the police should be separated from the Armed Forces in view of their different doctrines.

Southeast Asian debts go into tailspin

Southeast Asian debts go into tailspin HONG KONG (Reuter): The last time Southeast Asia experienced a currency crisis, its debt markets went into a tailspin, caused by the retreat of U.S. investors. That was then. This is now. While some Asian issuers are sidelined, for others it is business as usual. "You can't tar everything with the same brush," the vice president of a U.S. investment bank told Reuters.

Red Cross HIV policy questioned

Red Cross HIV policy questioned By Renata Arianingtyas JAKARTA (JP): Jaka (not his real name) donated blood 32 times between 1987 and July 1996 before he found out he had the Human Immunodeficiency Virus (HIV). His first concern was whether he had, through blood donations, infected other people. An official at the Red Cross said airily that he had not -- the sample of his blood was taken, tested and found HIV positive, and so was not given to anyone.

Astra-Daewoo rubber project

Astra-Daewoo rubber project JAKARTA (JP): PT Jambi Waras, a subsidiary of Astra Group and South Korea's Daewoo are studying the possibility of developing a rubber processing plant in Sarolangun Bangko (Sarko) regency, in Jambi. Sarko Regent Zainul Imron said in Jambi that the investors plan to implement the project in cooperation with local cooperatives but he did not give further details.

Rupiah stable against dollar

Rupiah stable against dollar JAKARTA (JP): The rupiah stabilized against the U.S. dollar in slow trading yesterday as many traders sidelined the market. On the spot market, the rupiah closed at 2,610 against the greenback, rising two points from the opening of 2,608. Tomorrow and today rupiah closed at 2,607.75/13.75 and 2,613/18. Dealers said operators preferred to stay square ahead of the weekend and further uncertainty in the regional markets.

House leaders differ over broadcasting bill changes

House leaders differ over broadcasting bill changes JAKARTA (JP): There were signs of disagreement yesterday between the speaker and deputy speaker in the House of Representatives in relation to an unprecedented second deliberation of the broadcasting bill, which is scheduled to begin on Aug. 25.

RI to host meeting for Malay writers

RI to host meeting for Malay writers JAKARTA: Indonesia will host a conference of Malay writers in December, the organizing committee announced here on Thursday. The conference, to be held in the West Sumatran capital of Padang, will bring together some 800 writers from Indonesia, Singapore, Malaysia and Brunei. To be held alongside the 1997 conference of Indonesian writers, the Malay writers' conference will discuss the development of literature in the participating countries.

Golkar recruits experts to help legislators

Golkar recruits experts to help legislators JAKARTA (JP): Following its landslide victory in the May 29 general election, Golkar is recruiting economic and legal experts to advise its representatives in the House of Representatives. Golkar Secretary-General Ary Mardjono told reporters yesterday that the consultants will be made available to the grouping's legislators in each of the House's 11 commissions to help them perform better.

SEA Games funds

SEA Games funds I am fed up with the polemics about SEA Games funds and similar fund-raising drives which are forced on the community. How many times have members of the community been bothered with such donations? Funds have been raised for the National Games (PON), the scout movement (Pramuka) and so forth and the donations are included in telephone and electricity bills, vehicle plate number certificates (STNK) and even in restaurant bills.

Tear gas disrupts local soccer match

Tear gas disrupts local soccer match JAKARTA (JP): Tear gas, which security officials have denied firing, stopped the semifinal national league soccer match between Bandung Raya and Mitra Surabaya when the Bandung-based team took a 1-0 lead yesterday. The tear gas was released in Bandung Raya's defense area when I Putu Gede, Kuncoro and Tibidi Alexis of Mitra Surabya were ready to level the score at 68 minutes of the second half.

Where to go in Jakarta:

Where to go in Jakarta: Music * The Regent Hotel: Jl. Rasuna Said, Kuningan, South Jakarta: - Garden Terrace: Indonesia's Top Musicians, Friday and Saturday,, 9.30 p.m. to 1 a.m. - Pool Side: Sahata Vocal Group, Saturday, 6.30 p.m. to 9 p.m. * Holiday Inn Crowne Plaza, Jl. Gatot Subroto Kav. 2-3, South Jakarta: - Semanggi Lounge: Classic Guitar Melodies with Nelson Rumantir, daily except Sunday, 7.30 a.m. to 9.30 a.m., Arol (Pianist and flutist), Monday to Saturday, 12 p.m.

More apartments planned for small business owners

More apartments planned for small business owners JAKARTA (JP): PT Sarana Jaya plans to build four other low- cost apartment projects here, its development director said yesterday. Kemal Basha said the apartments are for low-income people with small businesses. They will follow the first type of apartment in Rawabilal, Tebet, South Jakarta. He said the apartments' basement and lower floor would be allocated for small-scale business purposes.

Games consortium expects Rp 3b from PLN, Telkom

Games consortium expects Rp 3b from PLN, Telkom JAKARTA (JP): The 19th SEA Games consortium is expecting to receive Rp 3 billion (US$1.15 million) from sticker sales from state-owned PLN and PT Telkom. The consortium's business and promotion deputy, Enggartiasto Lukita, announced yesterday that PLN was expected to hand over Rp 1.1 billion and PT Telkom Rp 1.9 billion. The money has been collected since March. "We went to PLN and PT Telkom and they promised to give the money as soon as possible.

Bira fund investors up

Bira fund investors up JAKARTA (JP): PT Bira Aset Manajemen, which manages two open- end mutual funds Bira DanaSaham and Bira DanaObligasi, has gained about 500 new investors in the last two months to increase the number of investors to 1,261. The company said in a statement yesterday that about 600 retail investors had invested in the company's Bira DanaSaham, while Bira DanaObligasi attracted mostly institutional and corporate investors.

Bumi Serpong Damai has invested Rp 2 trillion to develop township

Bumi Serpong Damai has invested Rp 2 trillion to develop township JAKARTA (JP): Property company PT Bumi Serpong Damai (BSD) have invested about Rp 2 trillion (US$800 million) over the past nine years to develop a 6,000 hectare Bumi Serpong Damai township in Tangerang, West Java, the company said yesterday.

Body Shop holds seminar

Body Shop holds seminar JAKARTA (JP): The State Minister of Environment's office and cosmetic company Body Shop-Indonesia will host a one-day seminar at the Shangri-La Hotel on retail business roles in promoting environmental awareness on Monday. State Minister of Environment Sarwono Kusumaatmadja is scheduled to open the seminar, which will feature economist Didiek J.

Making Jakarta green

Making Jakarta green From Merdeka I would like to suggest that useless trees like Acacia not be used for greenery purposes. I noticed that Acacias are planted in some Jakarta areas. To make Jakarta green is not done merely by planting any trees. The beauty, shadiness and quality of the species should also be taken into account. Acacia is certainly not the right species to be planted in the city. This is evident from our observation that no birds, not even butterflies, perch on the Acacia trees.

Limit on secretary-general term 'must be transparent'

Limit on secretary-general term 'must be transparent' By Santi WE Soekanto & Meidyatama Suryodiningrat PETALING JAYA (JP): Outgoing ASEAN Secretary General Dato Ajit Singh said it should be made transparent if member states want a secretary general to serve only one term. "Let it be known clearly before the secretary general comes in that he's only there for one term so at least he knows from the beginning that is his fixed term and then he can prepare himself," Ajit Singh said here yesterday.

E. Asia risks losing lure for investment

E. Asia risks losing lure for investment SINGAPORE (AFP): East Asia risks losing its attraction for foreign investors if the region relaxes corporate governance standards to spearhead capital market development, a conference was told yesterday. Corporate governance is the system by which companies are directed and controlled and concerns the effectiveness and accountability of directors to their shareholders.

Wahono says lip service won't combat corruption

Wahono says lip service won't combat corruption JAKARTA (JP): House Speaker Wahono said yesterday that the government campaign to combat corruption and collusion should not rest on words alone. Addressing legislators in closing the current House session, Wahono said that there was no call for rhetoric or the trading of accusations over graft, since these would not solve the problem.

Stock Exchange

Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on July 25, 1997: Shares Close Change Trading Volume --------------------------------------------------------- Ades Alfindo 1,125 -25 85,000 AHAP Insurance 2,500 0 0 Alter Abadi 1,050 0 141,000 Alumindo Light Metal 1,375 25 1,224,500 Alumindo Perkasa 875 0 2,500 Aneka Kimia Raya 1,450 -25 90,000 Anwar Sierad 1,225 100 13,320,500 Apac Centertex Corp.

Swiss Air to improve Garuda's info system

Swiss Air to improve Garuda's info system NUSA DUA, Bali (JP): The state-owned Garuda Indonesia Airlines and Atraxis Swiss Air have agreed on further tightening their partnership by jointly developing Garuda's information technology system. Both Garuda and Atraxis, an information service subsidiary of the Swiss Air Group, signed the contractual agreement here yesterday.

Transplanted life of Jepara laborers at Grogol bridge

Transplanted life of Jepara laborers at Grogol bridge By Rebecca Mowbray and P.J. Leo JAKARTA (JP): Soerya is one of Indonesia's upwardly mobile. He is happy, making money, and is building a future for his family and for Jakarta. It does not matter to him that he lives under a highway bridge. Or that it has been 21 years since he left his native Jepara, and is still living outdoors.

Maleo hit by delays

Maleo hit by delays JAKARTA: Indonesia's much-rumored and long-awaited Maleo national car is unlikely to see the light of day before early next year. Originally, the Industry Mobil Indonesia consortium, which now controls the development of Maleo, Timor and Bakrie vehicles, was hoping to show about 60 prototypes of Maleo next month.

Ambassador keeps on driving in India

Ambassador keeps on driving in India By Jay Shankar NEW DELHI (AFP): Some things remain quintessentially Indian. The Taj Mahal. Curries. The Ganges. The Ambassador car. Go anywhere in India and you will see the high-axled, pug- nosed Ambassador, a throwback to the 1940s, barging its way through the traffic. Every taxi driver in the capital owns an Ambassador. The Prime Minister and his cabinet -- by official decree -- all use them.

Fire destroys 144 kiosks in Kebon Kembang market

Fire destroys 144 kiosks in Kebon Kembang market BOGOR (JP): A fire has gutted 144 temporary kiosks erected after a fatal blaze at Bogor's ill-fated Kebon Kembang market last year. Ten shop employees were killed in the fire which destroyed hundreds of shops and the Ramayana department store on March 28, 1996. There were no fatalities in Thursday's fire which started about 7:30 p.m. and caused hundreds of millions of rupiah in damage.

Manila gets ING offer

Manila gets ING offer MANILA (AFP): The Central Bank of the Philippines said yesterday it had received an offer from ING Barings to underwrite a Euro note issue to bolster reserves depleted by its defense of the peso. The central bank said in a statement that ING Barings proposed backing a one-year bond issue with a minimum value of US$500 million but did not say whether it would take up the offer.

Asian central banks to boost cooperation

Asian central banks to boost cooperation SHANGHAI (Reuter): Asian central bankers wound up their meeting in Shanghai yesterday with a pledge to strengthen cooperation to assist members in making economic adjustments. The 11 members of the group said in a statement the central bank governors would direct their deputies to work with domestic authorities and the International Monetary Fund to study arrangements for facilities to assist member states to implement adjustment programs when necessary.

Highlights of ASEAN ministers' joint communique

Highlights of ASEAN ministers' joint communique KUALA LUMPUR (AFP): Herewith highlights of the joint communique issued by Association of Southeast Asian Nations (ASEAN) foreign ministers at the end of their annual meeting yesterday: On implementing the decisions of the first ASEAN informal summit in Jakarta last year, the foreign ministers: -- welcomed the admission of Burma and Laos, agreeing that a firm foundation for common action to promote regional cooperation in Southeast Asia is being...

Partnership needed for health promotion

Partnership needed for health promotion JAKARTA (JP): The fourth International Conference on Health Promotion closed here yesterday, ending with a declaration on health promotion strategy toward the next century. The Jakarta Declaration later announced by Indonesian Minister of Health Sujudi stressed the need for more partnerships with universities, the private sector and entertainment industries to increase health promotion.

Military guards arrival of more E. Java soccer fans

Military guards arrival of more E. Java soccer fans JAKARTA (JP): More and more East Java soccer fans, a part of whom were netted on Thursday for causing trouble, ranging from extortion to stealing food, arrived yesterday to watch this weekend's National Soccer League tournament finals. Over 2,000 fans came by train and were dropped off at the Senen Railway Station in Central Jakarta. Their arrival was organized by 100 soldiers from East Java Military Command.

Hun Sen must heed ASEAN's message

Hun Sen must heed ASEAN's message Cambodian Foreign Minister Ung Huot must feel like a small boy who visits his neighbor's house just as guests are arriving for a party to which he has not been invited. The party was, of course, the opening of the Association of Southeast Asian Nations (ASEAN) foreign ministers' meeting in Kuala Lumpur yesterday.

Man on trial for fraud

Man on trial for fraud JAKARTA (JP): A man, who claimed he was a business partner of a wealthy Brunei Darussalam businessman, was charged with fraud at Central Jakarta District Court yesterday. Businessman Iwan Hendra, 42, a resident of Petojo Barat, Central Jakarta, was accused of violating Article 378 of the Criminal Code for fraud, which carries a maximum four years' imprisonment.

Two locals move to Governor Cup semis

Two locals move to Governor Cup semis JAKARTA (JP): A veteran and one of the country's best young players are the Indonesian representatives in today's semifinals of the Governor Cup Women's Satellite at the Kemayoran Tennis Center. Irawati Moerid Iskandar, making a comeback after giving birth, upset fifth seeded Japanese Tomoe Hotta yesterday with a 2-6, 6- 4, 6-4 win in two and a half hours.

Mahathir declares verbal war on speculators

Mahathir declares verbal war on speculators By Madhav Reddy KUALA LUMPUR (Reuter): If words could kill, Malaysian Prime Minister Mahathir Mohamad would have wiped out the speculators causing havoc in Southeast Asian currencies. In the last four days, the tough-talking Mahathir has called currency speculators "rogues", "robbers", "anarchists" and "brigands" with a "political agenda" to "destroy all the progress that we have made".

Soerjadi, Megawati and PDI: Facing the realities

Soerjadi, Megawati and PDI: Facing the realities The following is an interview by The Jakarta Post's Yogyakarta correspondent, Asip Agus H, with Gadjah Mada University political science lecturer, Cornelis Lay. The interview was conducted on Monday, July 21, at the East Nusa Tenggara student dormitory, in Yogyakarta. Question (Q): How do you explain the existence of Megawati supporters in the Indonesian Democratic Party (PDI)?

Washington wants peaceful solution to Cambodian crisis

Washington wants peaceful solution to Cambodian crisis PHNOM PENH: (Agencies): The United States called yesterday for a peaceful solution to the Cambodian crisis, to allow supporters of the country's ousted first premier to return home ahead of elections next year. U.S. special envoy to Cambodia Stephen Solarz made the call after three hours of talks with the country's strong-arm Second Prime Minister Hun Sen aimed at finding ways of resolving the turmoil gripping the country.

ASEAN central banks renew currency swap accord

ASEAN central banks renew currency swap accord SHANGHAI (Reuter): Central banks from the Association of South East Asian Nations (ASEAN) signed an agreement yesterday to renew a currency swap accord after a one-day meeting in Shanghai. The renewed currency swap accord provides short-term liquidity financing to ease temporary balance of payments needs, ASEAN bank officials said. A member country in need of liquidity can exchange its local currency for U.S.

Two Jakartans study pollution

Two Jakartans study pollution JAKARTA (JP): Two Jakarta residents -- Soehatman Ramli and F.A. Gunawan -- have completed their studies in pollution at the University of California, the U.S. The two were enrolled at the University of California Berkeley Extension's Institute in Pollution and Control, the university said recently. Ramli and Gunawan both work for state-oil company Pertamina. Ramli is the environmental and health safety manager at state- owned oil company Pertamina.