Archive: 17 January 1998
73 articles found
Sat, 17 Jan 1998, 00:00 WIB
Kunarto favored to chair audit body
Kunarto favored to chair audit body JAKARTA (JP): Deputy chairman of the Supreme Audit Agency Kunarto looks set to fill the top position of the body left vacant by J.B. Sumarlin since December last year. Kunarto, a retired police general and former chief of the National Police, was named one of the three candidates for the chairmanship of the audit agency announced by the House of Representatives yesterday.
Sat, 17 Jan 1998, 00:00 WIB
Bulog ready to compete with private companies
Bulog ready to compete with private companies JAKARTA (JP): The State Logistics Agency (Bulog) is ready to compete against private firms in sugar and wheat trading after the government revoked its monopoly over imports of the commodities, agency chairman Beddu Amang said yesterday.
Sat, 17 Jan 1998, 00:00 WIB
Cartel-like associations to be scrapped
Cartel-like associations to be scrapped JAKARTA (JP): Minister of Forestry Djamaludin Suryohadikusumo said here yesterday that he was ready to dissolve all cartel-like associations under his ministry as part of the government's commitment to abolish all monopolistic practices in the country.
Sat, 17 Jan 1998, 00:00 WIB
Soeharto pledges IMF sweep economic reforms
Soeharto pledges IMF sweep economic reforms The following is a letter accompanying the memorandum of Indonesia's reinforced economic reform program signed in Jakarta Thursday. Mr. Michel Camdessus Managing Director International Monetary Fund Washington, D.C. 20431 Dear Mr. Camdessus: 1.
Sat, 17 Jan 1998, 00:00 WIB
Ramadhan time for Jakarta
Ramadhan time for Jakarta Saturday Maghrib 6:18 p.m. Sunday Imsak 4:19 a.m. Subuh 4:29 a.m.
Sat, 17 Jan 1998, 00:00 WIB
General Motors keen on Indonesia again
General Motors keen on Indonesia again SINGAPORE (Reuters): General Motors (GM) said yesterday it was ready to make new investments in Indonesia now President Soeharto had removed tax exemptions on Jakarta's national car project. The removal of the exemptions, part of a far-reaching agreement with the International Monetary Fund (IMF) in return for a $43 billion rescue package, "changes the competitive environment dramatically," GM said in a statement.
Sat, 17 Jan 1998, 00:00 WIB
'I love profit'
'I love profit' In an attempt to help alleviate the shortage of dollars in Indonesia due to the current economic situation, people are being encouraged to exchange personal dollars to rupiah in the "I Love Rupiah", campaign.
Sat, 17 Jan 1998, 00:00 WIB
Job seekers urged to be entrepreneurs
Job seekers urged to be entrepreneurs JAKARTA (JP): Hundreds of thousands of unemployed workers are being urged by Minister of Manpower Abdul Latief to hone their enterprising spirit by becoming small-scale entrepreneurs. "We encourage laid-off workers from this sector to go back to their villages and start a small-scale business with the Kuskesra funding scheme," Latief said.
Sat, 17 Jan 1998, 00:00 WIB
Suspected hoarders released by police
Suspected hoarders released by police JAKARTA (JP): Police have released four men suspected of hoarding basic food items during recent spates of panic buying here saying that there was a lack of evidence to charge them. City Police Spokesman Lt. Col. E. Aritonang said yesterday the four, whose identities had been kept undisclosed, were freed Wednesday night following three days of questioning.
Sat, 17 Jan 1998, 00:00 WIB
Student mistakenly shot by police during street brawl
Student mistakenly shot by police during street brawl JAKARTA (JP): A junior high school student died of a gunshot wound to the head believed to have been mistakenly fired by a police sergeant during a street brawl in Cempaka Putih in Central Jakarta Thursday. The victim was identified as Yusuf Gunawan, alias Ujang, 15, a student at the Pergunas private junior high school and a resident of Cempaka Baru.
Sat, 17 Jan 1998, 00:00 WIB
New Indonesia pact still leaves creditors waiting
New Indonesia pact still leaves creditors waiting HONG KONG (Reuters): Indonesia's new agreement with the International Monetary Fund offers little cheer to foreign creditors waiting to be repaid by the country's borrowers, financial sources said yesterday. "People are getting a little jaded by Indonesia. I don't think anyone was paid in the last week from Indonesia and companies aren't even paying their rupiah debt," said a fixed-income fund manager in Hong Kong. "And what can people do?
Sat, 17 Jan 1998, 00:00 WIB
KL won't recall students in Jordan
KL won't recall students in Jordan KUALA LUMPUR (AP): Malaysia scrapped a decision yesterday to recall 150 state-sponsored university students from Jordan after its government promised to review their tuition fee. The earlier decision to bring back the freshmen students, who are in Jordan on a scholarship provided by the Pahang state government, was forced by the doubling of their tuition fees because of the Malaysian currency's devaluation.
Sat, 17 Jan 1998, 00:00 WIB
Support, criticism pour in for reform package
Support, criticism pour in for reform package JAKARTA (JP): Senior economist Emil Salim said yesterday he was optimistic the government's economic reform package, to be conducted under the supervision of the International Monetary Fund, would give Indonesia a competitive edge necessary to face the ASEAN Free Trade Area by 2003. He supported his remarks by referring to what he called the package's structural reforms such as the elimination of some monopoly practices.
Sat, 17 Jan 1998, 00:00 WIB
New Blazer leads expanding SUV market
New Blazer leads expanding SUV market By John Aglionby "Never believe anything until it has been officially denied," is the advice given to an incoming minister by his private secretary in the British comedy TV series Yes Minister. That is almost the reaction when, rather than cutting back production schedules at the moment, PT General Motors Buana Indonesia (GMBI), the local arm of General Motors European operation Opel, is almost breaking sweat to meet demand.
Sat, 17 Jan 1998, 00:00 WIB
Imelda lays claim to Swiss deposits
Imelda lays claim to Swiss deposits MANILA (AP): Imelda Marcos owns nearly all of the more than US$500 million in Swiss bank deposits said to belong to her late husband, and no one can claim her money, a Marcos family lawyer said yesterday. Lawyer Rey Dario issued the statement a day after Switzerland's highest court decided that all of the Swiss accounts of the late dictator Ferdinand Marcos could be returned to the Philippines.
Sat, 17 Jan 1998, 00:00 WIB
Currencies defensive despite IMF cheer
Currencies defensive despite IMF cheer SINGAPORE (Reuters): Asian currencies firmed late yesterday but were crouched in defensive positions, reacting only mutely to a slew of positive comments from U.S. and IMF officials on the progress of financial reform in Asia. The Indonesian rupiah and Malaysian ringgit blipped up a fraction, but the underlying tone was fragile, dealers said. "We're into a correction phase ...
Sat, 17 Jan 1998, 00:00 WIB
A reminder worth noting
A reminder worth noting When, in January 1994, the National Commission on Human Rights (Komnas HAM) came into being, observers were quick to question its independence while many activists chose to keep their distance from the newly established organization.
Sat, 17 Jan 1998, 00:00 WIB
TV today
TV today TVRI 2:00 p.m. News: Berita 14 2:30 My Country 2:35 TV Series: The Crystal Maze 3:10 Teenager's Program: Vokal Group SLTA 3:35 Tour and Travel: Wisata Nasional 4:00 Regional News 4:30 Sports 5:30 TV Drama: Perbuatan yang Merusak 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: Penyanyi Tua 8:05 Music: Dibalik Kreasi 9:00 World News 9:30 Koran Recital 9:43 Religious Program: Pesantren ke Pesantren 10:03...
Sat, 17 Jan 1998, 00:00 WIB
Motorcyclist killed in street racing
Motorcyclist killed in street racing JAKARTA (JP): A motorcyclist died in the early hours of yesterday after skidding out of control in a street race against another motorbike on Jl. M. Saidi in Petukangan Lama in South Jakarta. The victim, identified as Erna Hermawan, 21, died instantly while his passenger Wahyudi, 21, was treated at the intensive care unit of Cipto Mangunkusumo General Hospital for severe head wounds.
Sat, 17 Jan 1998, 00:00 WIB
El Nino's effects to go on until May, Agency predicts
El Nino's effects to go on until May, Agency predicts JAKARTA (JP): The National Meteorology and Geophysics Agency has predicted that the El Nino phenomenon would continue to affect weather patterns in much of Indonesia until May. Widodo Sulistya, head of the agency's meteorology service, told The Jakarta Post Thursday that earlier predictions of constant rain for later this month in the southern part of Indonesia may prove to have been false.
Sat, 17 Jan 1998, 00:00 WIB
Businesspeople await implementation of reforms
Businesspeople await implementation of reforms JAKARTA (JP): Businesspeople agreed yesterday that the reform program set out by the government Thursday was good, but warned that negative sentiments would remain until the election of the country's new president in mid-March.
Sat, 17 Jan 1998, 00:00 WIB
Where to go in Jakarta:
Where to go in Jakarta: Exhibitions * Painting Exhibition: Kumuh by Margono at Galeri Cipta III, Taman Ismail Marzuki Arts Center, Jl. Cikini Raya 73, Central Jakarta, 10 a.m. to 9 p.m., until Jan. 18. * Photo Exhibition: 100 old photos from Indonesia and Singapore, at Galeri TC (Twilight Cafe), Jl. Kemang Raya No.24A South Jakarta, Sunday to Thursday, 11:30 a.m. to 12 p.m., Friday to Saturday 11:30 a.m. to 2 a.m., until Jan. 29.
Sat, 17 Jan 1998, 00:00 WIB
Commander lucky with gold find
Commander lucky with gold find MEDAN, North Sumatra (JP): The commander of the Bukit Barisan military command, Maj. Gen. Rizal Nurdin, while helping to carry a bag of a fellow passenger on board a Jakarta bound flight, discovered that it contained 34 kilograms of gold bars. Rizal boarded an afternoon flight Thursday from Medan to Jakarta to attend a meeting with Armed Forces chief Gen. Feisal Tanjung.
Sat, 17 Jan 1998, 00:00 WIB
Boxing body challenges Tourino in court hearing
Boxing body challenges Tourino in court hearing JAKARTA (JP): A dispute between two promoters over who has the right to stage an international boxing bout intensified when one insisted he would still take the matter to court. An Indonesian Boxing Committee (KTI) official said he was not frightened by promoter Tourino Tidar's threat that the organization would be sued in court. "We are not scared that we (KTI) will be sued by Tourino.
Sat, 17 Jan 1998, 00:00 WIB
Govt urged to draft antimonopoly law
Govt urged to draft antimonopoly law JAKARTA (JP): Agriculture analysts hailed yesterday the government's decision to scrap the monopolies so far enjoyed by the State Logistics Agency (Bulog). But they called on the government to prepare an antimonopoly law soon to ensure fair-trading practices.
Sat, 17 Jan 1998, 00:00 WIB
Short-term survival the priority for local carmakers
Short-term survival the priority for local carmakers By John Aglionby GOVERNMENT ministers struggling with limited job security, International Monetary Fund economists stuck between the beads on their abacus and numerous visiting dignitaries have spent all week talking up Indonesia's long-term economic prospects. Unfortunately, the short-term has to be overcome first and in this department, the doom and gloom merchants definitely have the upper hand.
Sat, 17 Jan 1998, 00:00 WIB
Asian crisis could boost anti-U.S. feeling
Asian crisis could boost anti-U.S. feeling By Stefan Kornelius WASHINGTON (DPA): U.S. Defense Secretary William Cohen prepared his Asian tour well in advance. He was planning to discuss security policy and strategic interests. But he suddenly found himself in the middle of what, at the moment, is the world's most serious crisis.
Sat, 17 Jan 1998, 00:00 WIB
Tangerang ready for labor-intensive projects: Regent
Tangerang ready for labor-intensive projects: Regent TANGERANG (JP): In an attempt to curb unemployment and prevent social unrest, the Tangerang Regency Administration has provided Rp 1.3 billion (US$162,500) for its short-term labor-intensive projects, an official said yesterday. Regent Saifullah AR said the projects would focus on blue- collar workers who have been dismissed due to the economic crisis.
Sat, 17 Jan 1998, 00:00 WIB
NZ sees consensus ahead of talks in PNG
NZ sees consensus ahead of talks in PNG WELLINGTON (Reuters): New Zealand Foreign Minister Don McKinnon said yesterday he was hopeful of a formal cease-fire next week in the protracted secessionist war on Papua New Guinea's Bougainville island. Signs of a broad consensus for lasting peace bode well for progress at top-level talks, hosted by New Zealand, starting on Monday, he said.
Sat, 17 Jan 1998, 00:00 WIB
Bakrie, Chase sign deal
Bakrie, Chase sign deal JAKARTA (JP): Publicly listed PT Bakrie & Brothers has appointed Chase Manhattan as its financial advisor to guide the company through the current crisis. Bakrie & Brothers said in a statement yesterday that Chase had assessed the company's financial situation and would continue to provide thorough financial advice to the company.
Sat, 17 Jan 1998, 00:00 WIB
Moody's warns European banks on Asian exposure
Moody's warns European banks on Asian exposure PARIS (Reuters): Moody's served notice to European banks on Thursday that exposure to Asia's troubled economies could prove costly, warning that it might review or downgrade financial institutions. On Wednesday, Moody's Investors Service put on review for possible downgrade Credit Lyonnais's A3/Prime-2 deposit ratings and financial strength rating because of what it called the bank's "very large" exposure to troubled Asian economies.
Sat, 17 Jan 1998, 00:00 WIB
Cohen pledges help for old ally Thailand
Cohen pledges help for old ally Thailand BANGKOK (Reuters): U.S. Defense Secretary William Cohen pledged assistance to old ally Thailand yesterday, now financially strapped and facing problems paying for military equipment from the United States. Cohen, on the fourth leg of a 12-day seven-nation trip that includes China, went into talks with top Thai officials immediately after flying in from Singapore. "You are one of our oldest friends. We have a strong treaty relationship with you.
Sat, 17 Jan 1998, 00:00 WIB
API appoints new board
API appoints new board JAKARTA (JP): The Indonesian Textile Association (API) announced yesterday the members of its executive board for the 1998/2000 period. The new board includes Bambang Riyadi Soegomo as the association's chairman and Irwandi Muslim as the secretary- general. Bambang Riyadi said he expected the new board would improve the performance of Indonesia's textile industry, especially in coping with the current monetary turmoil hitting the country.
Sat, 17 Jan 1998, 00:00 WIB
Conversion Rates
Conversion Rates Jakarta (JP): Bank Ekspor Impor Indonesia's (Bank Exim) conversion rates on Jan.
Sat, 17 Jan 1998, 00:00 WIB
Bank Pacific's repayment
Bank Pacific's repayment JAKARTA (JP): The liquidation team of Bank Pacific, one of 16 banks shut down by the government last year, will begin its second phase of repayment for bank customers on Jan. 26. The team's head, Muhammad Ma'ruf Saleh, said it would disburse the funds of 1,200 deposit and savings accounts worth a total Rp 23 billion (US$2.87 million) in the bank's 20 branches located in Jakarta, Surabaya, Medan and Bandung.
Sat, 17 Jan 1998, 00:00 WIB
RI following the right path: Analysts
RI following the right path: Analysts LONDON (Reuters): Indonesia's latest steps to restore confidence in its ailing economy are a move in the right direction but its battered currency may be slow to react, London analysts said. The economic and political uncertainty hanging over Indonesia, in terms of its hugely indebted private sector and President Soeharto's grip on power, still looms large. But the reform package announced by Soeharto on Thursday was a necessary, if not sufficient, move.
Sat, 17 Jan 1998, 00:00 WIB
Exim Bank to honor loan commitments
Exim Bank to honor loan commitments JP/bay JAKARTA (JP): The chairman of the U.S. Export-Import Bank said yesterday that the bank would support all $4.4 billion worth of loans in Indonesia now under consideration. "Our current exposure is about $3.8 billion and we have in the pipeline $4.4 billion. We intend to honor and support all our current activities here and to look for opportunities to be supported in the future," James Harmon (photo above) told a news conference.
Sat, 17 Jan 1998, 00:00 WIB
RI, Thailand seen to recover by 2000
RI, Thailand seen to recover by 2000 KUALA LUMPUR (Reuters): International Monetary Fund managing director Michel Camdessus said yesterday that he believed Indonesia and Thailand would recover from an economic crisis by 2000. "I am pretty certain that within two years, two and a half years, you will see high growth" in Indonesia and Thailand, Camdessus told a news conference in the Malaysian capital.
Sat, 17 Jan 1998, 00:00 WIB
Greedy banks and money changers
Greedy banks and money changers From Pikiran Rakyat When the continuous monetary upheavals hit most people and all of us take steps to reduce our burdens, banks and money changers show themselves as antisocial in handling dollar transactions. There are many people who willingly suffer losses by selling their dollars. Banks and money changers arbitrarily fix their buying and selling rates with a difference of more than Rp 1,000 per U.S. dollar.
Sat, 17 Jan 1998, 00:00 WIB
Orangutan care center planned
Orangutan care center planned PANGKALAN BUN, Central Kalimantan: An Orangutan Care Center and Quarantine will be set up by the International Orangutan Foundation and Indonesia's Forestry Ministry in Kotawaringin Barat district, Central Kalimantan. The Rp 400 million (US$45,455) center, to be built on one- hectare in Pasir Panjang village, is expected to serve as a support facility for other ape rehabilitation centers in the world, according to orangutan expert, Birute MF Galdikas.
Sat, 17 Jan 1998, 00:00 WIB
Local papers reduce pages due to crisis
Local papers reduce pages due to crisis YOGYAKARTA (JP): Local publications have been forced to reduce pages and change publication regularity to survive the steep increase in the newsprint price over the past few months. The Kedaulatan Rakyat group, for example, has for about a month stopped the eight supplement pages of its daily. The Kedaulatan Rakyat, with a circulation of 90,000, now has 16 pages every day. General manager and president Soemadi M.
Sat, 17 Jan 1998, 00:00 WIB
Indonesian crude trade drops as crisis hits
Indonesian crude trade drops as crisis hits SINGAPORE (Reuters): OPEC member Indonesia has reduced its exports of crude oil for February for the third month in a row, reflecting the country's aim of relying more on domestic crude and limit imports in the face of financial problems, traders said yesterday. Since December, the monthly export volumes of crude oil allocated by Indonesian state oil company Pertamina has fallen steadily.
Sat, 17 Jan 1998, 00:00 WIB
Teenager arrested for attempted robbery
Teenager arrested for attempted robbery JAKARTA (JP): A 14-year-old junior high school student has been arrested in Bekasi, West Jakarta, for allegedly attempting to rob a taxi driver, police said. City Police spokesman Lt. Col. E. Aritonang said yesterday the student, Andi Nasution, was caught by residents at the Taman Galaxy housing estate Thursday night. He refused to disclose the name of Andi's school. "The suspect is being held at the Bekasi Precinct for further questioning.
Sat, 17 Jan 1998, 00:00 WIB
Indonesian memorandum of economic and financial policies
Indonesian memorandum of economic and financial policies The following is the full text of Indonesia's 50-point Memorandum on Economic and Financial Policies attached to the letter of intent signed by President Soeharto Thursday in Jakarta. I. BACKGROUND 1. For the past several decades, prudent macroeconomic policies and continuing structural reforms have kept Indonesia on a path of rapid economic development.
Sat, 17 Jan 1998, 00:00 WIB
Man face trials in Vietnam, U.S.
Man face trials in Vietnam, U.S. HANOI (DPA): A Vietnamese-American, sought for theft in Vietnam and a 1983 murder in the United States, was turned over by Cambodian authorities to Vietnam, where he will face charges before his expected deportation to the U.S., police said yesterday. Nguyen Kim Ninh, 40, was arrested last week in the Cambodian capital Phnom Penh, after an international manhunt that involved Thai police and agents of the U.S. Federal Bureau of Investigation.
Sat, 17 Jan 1998, 00:00 WIB
Britain backs call for Asian crisis meeting
Britain backs call for Asian crisis meeting LONDON (Reuters): Britain on Thursday gave its backing for a U.S.-proposed, top level international meeting on the Asian financial crisis. The meeting would involve the Group of Seven (G-7) leading industrial countries and the Asian nations affected by the crisis.
Sat, 17 Jan 1998, 00:00 WIB
Clinton focuses on Asia to safeguard the U.S.
Clinton focuses on Asia to safeguard the U.S. WASHINGTON (Reuters): President Bill Clinton has thrown himself into the effort to contain Asia's financial crisis, which may threaten the crowning achievement of his presidency -- the robust U.S. economy. U.S. officials provided an unusually detailed description of Clinton's work on the crisis, saying he reads voraciously about it, constantly fires off queries and receives a steady diet of briefings from foreign policy and economic officials.
Sat, 17 Jan 1998, 00:00 WIB
Officials support Megawati, Amien for nomination
Officials support Megawati, Amien for nomination JAKARTA (JP): Two high-ranking officials responded positively yesterday to recent calls for the nomination of government critics Megawati Soekarnoputri and Amien Rais as the next president and vice president. State Minister of Environment Sarwono Kusumaatmadja was quoted by Antara as saying that the nomination was only "symbolic" in nature, as it was meant to show that people could nominate or be nominated.
Sat, 17 Jan 1998, 00:00 WIB
Regional layoffs expected to rise due to crisis
Regional layoffs expected to rise due to crisis SINGAPORE (Agencies): As many as 15,000 people in Singapore may lose their jobs this year as a result of Southeast Asia's economic crisis, a report said yesterday. Layoffs are relatively rare in the prosperous city-state of three million people, which has long enjoyed strong economic growth and full employment. The estimate, by market pundits, exceeds a prediction of about 12,000 just a week ago.
Sat, 17 Jan 1998, 00:00 WIB
Ford eyes Kia
Ford eyes Kia SEOUL: Ford reportedly has notified the Seoul government, Korea Development Bank and Kia business group of its intention to take over the ill-fated Kia Motors.
Sat, 17 Jan 1998, 00:00 WIB
Assembly split over two crucial issues
Assembly split over two crucial issues JAKARTA (JP): After making some progress, the deliberation of the State Policy Guidelines in the People's Consultative Assembly ended on a low note yesterday as it failed to reach a unanimous agreement on the last two motions discussed. Chairman of the Assembly's ad hoc committee in charge of the policy guidelines, R.
Sat, 17 Jan 1998, 00:00 WIB
Forests project to cost Rp 7b
Forests project to cost Rp 7b BANDAR LAMPUNG: The provincial forestry office here has allocated Rp 7 billion in reforestation funds to rehabilitate 2,600 hectares of protected forest. The project began last December and is scheduled to be finished in March, head of the forestry office Ajat Sudrajat said here Friday. "As of now, we have already rehabilitated 2,000 hectares of forest area," he said as quoted by Antara.
Sat, 17 Jan 1998, 00:00 WIB
Taiwanese mission due here
Taiwanese mission due here JAKARTA (JP): Chairman of Taiwan's Council of Economic Planning and Development P.K. Chiang will lead a trade delegation from Taiwan on a two-day visit here to examine the country's business environment. The delegation is scheduled to arrive tomorrow. They will conduct individual meetings with their Indonesian counterparts, the Taipei Economic and Trade Office said yesterday.
Sat, 17 Jan 1998, 00:00 WIB
Most Asia-Pacific markets stage rebound
Most Asia-Pacific markets stage rebound TOKYO (AFP): Stronger Japanese shares led a return to confidence as investors maintained positive sentiment over the financial sector, as other markets in the Asia-Pacific were buoyed by comments from visiting IMF officials. A pledge to reform the Indonesian economy from President Soeharto during a visit by International Monetary Fund (IMF) managing director Michel Camdessus helped foreign investors return to the region, dealers said.
Sat, 17 Jan 1998, 00:00 WIB
Bank facts
Bank facts The boards of directors and commissioners are very disappointed with the misleading article in the Business and Investment section of the Jan. 10 The Jakarta Post. Although a Reuters article, the headline your newspaper chose and some of the contents were open to misinterpretation.
Sat, 17 Jan 1998, 00:00 WIB
Indonesian students in cash bind Down Under
Indonesian students in cash bind Down Under By Monika Winarto JAKARTA (JP): The Australian Education Center in Kuningan, South Jakarta, is busier than usual these days. But the up to 30 people dropping in to see counselors are not just prospective students weighing choices. Many are Indonesian students already enrolled in Australian schools, now justifiably worried by the plummeting value of the rupiah -- and the attendant skyrocketing in expenses.
Sat, 17 Jan 1998, 00:00 WIB
Reforms 'strong enough' to restore banking industry
Reforms 'strong enough' to restore banking industry JAKARTA (JP): Banking sector reforms -- part of overall sweeping reforms announced by President Soeharto Thursday -- were adequate enough to restore the ailing banking industry, analysts said yesterday. But they said the reforms should be fully implemented to ensure that the battered banking industry recovered as expected.
Sat, 17 Jan 1998, 00:00 WIB
Palm oil firm in European close on RI news
Palm oil firm in European close on RI news LONDON (Reuters): Palm oil closed firm on the European vegetable oil market on Thursday following news that Indonesia is to keep its ban on palm oil exports until the end of March. Traders said they were disappointed at the news, which was given in a letter of intent signed by the IMF and the Indonesian government on Thursday.
Sat, 17 Jan 1998, 00:00 WIB
Rupiah surges, stocks gain ground
Rupiah surges, stocks gain ground JAKARTA (JP): The government's economic reforms, which failed to impress the financial and stock markets at their announcement Thursday, managed to beef up the rupiah and stock prices yesterday. Currency dealers and stock brokers said a combination of the central bank's intervention and some degree of confidence in the government buoyed market sentiment in the currency and stock markets. The spot rupiah closed at 8,250/8,350 to the U.S.
Sat, 17 Jan 1998, 00:00 WIB
PPIP marks anniversary of Indonesia-Portugal ties
PPIP marks anniversary of Indonesia-Portugal ties JAKARTA (JP): The Indonesia-Portugal Friendship Association (PPIP) celebrates its fourth anniversary today. The association, chaired by President Soeharto's eldest daughter Siti Hardiyanti Rukmana, was established in 1994 as a bridge of communication between the Indonesian and Portuguese peoples. "We (Indonesian people) have no problem with the people of Portugal," the association's deputy chairman Theo L.
Sat, 17 Jan 1998, 00:00 WIB
Econ dumps Indonesian telecom deal
Econ dumps Indonesian telecom deal SINGAPORE (Reuters): Singapore's Econ International Ltd (Econ) said yesterday it was scrapping a US$66.65 million deal with Indonesian telecommunications firm PT Centralindo because of Southeast Asia's economic crisis. "The region has experienced extreme volatility in the value of its currencies in recent months with resultant impacts on their economies," Econ said in a statement.
Sat, 17 Jan 1998, 00:00 WIB
Ford undeterred by Asia's woes
Ford undeterred by Asia's woes FORD MOTOR Co believes Asia will overcome its economic troubles to become the world's biggest vehicle market, and hopes to announce soon the opening of a new plant in the Philippines, a senior executive said last week. Vice Chairman Wayne Booker told Reuters that Ford was "undeterred" by the economic downturn in Asia and would stick with its more than US$1 billion in investments in the region, including $500 million in Thailand.
Sat, 17 Jan 1998, 00:00 WIB
RI's gross forex assets total $20.39b
RI's gross forex assets total $20.39b JAKARTA (JP): Bank Indonesia, the central bank, announced yesterday that the country's gross foreign assets totaled US$20.39 billion as of Jan. 15, down from $27.56 billion as of last September. This was the first time the central bank defined the country's official foreign reserves as gross foreign assets, or simply called foreign assets -- the net amount of foreign currency assets available to the central bank.
Sat, 17 Jan 1998, 00:00 WIB
Gender bias
Gender bias I am a white foreigner. I am married to an Indonesian. I am a Moslem. We are expecting a baby. I am utilizing a social visit visa so I can stay with my wife. I have purchased a home for my wife and child. We have bought an Indonesian-made automobile, and Indonesian-made furniture. The balance of my entire cash reserves have been converted to rupiah and are invested in Indonesian state banks.
Sat, 17 Jan 1998, 00:00 WIB
Pet vendors in Menteng offer bargains
Pet vendors in Menteng offer bargains By Fitriyanti Djoni JAKARTA (JP): A luxury sedan slows down to a halt right in front of some cages of puppies for sale on Jl. Latuharhary, in the Menteng area of Central Jakarta. A smartly dressed man gets out and dives right into bargaining with a seller for a spotlessly white two-month-old poodle. The seller starts with a price of Rp 250,000 (US$33) but after some haggling agrees to let go of the puppy for Rp 200,000.
Sat, 17 Jan 1998, 00:00 WIB
HP to remain in SE Asia
HP to remain in SE Asia MANILA (AFP): U.S.-based Computer giant Hewlett-Packard will stick it out in Southeast Asia despite the financial turmoil hammering the region, a senior official said Thursday. "We play for the long term. During this turbulent times, our strategies and tactics may change but our intent and vision remains the same," said Chea Kean Huat, regional sales managing director.
Sat, 17 Jan 1998, 00:00 WIB
Moody's reviews ratings of four Malaysian banks
Moody's reviews ratings of four Malaysian banks KUALA LUMPUR (AFP): Moody's Investors Service yesterday placed four leading Malaysian banks under review for possible downgrades of their credit ratings, citing mounting pressure on the financial system. The four were the country's top three banks -- Malayan Banking Bhd., Bank Bumiputra Malaysia Bhd. and Public Bank Bhd. -- and Sime Bank Bhd., the fifth largest.
Sat, 17 Jan 1998, 00:00 WIB
Stock Exchange
Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on Jan. 16, 1998: Shares Close Change Trading Volume ------------------------------------------------------------ Ades Alfindo 700 0 0 AHAP Insurance 450 0 0 Alter Abadi 325 -50 500 Alumindo Light Metal 225 -25 140,000 Alumindo Perkasa 250 0 0 Aneka Kimia Raya 1,200 150 286,500 Aneka Tambang 1,350 25 3,333,000 Anwar Sierad 125 -25 143,500 Apac Centertex Corp.
Sat, 17 Jan 1998, 00:00 WIB
Students on trial for killing and robbery
Students on trial for killing and robbery JAKARTA (JP): A prosecutor asked the Central Jakarta District Court yesterday to sentence three students to nine years in jail each for killing a housemaid and stealing jewelry worth Rp 3.5 million (US$388). Prosecutor Andrizal said the defendants -- Martin Togi Nababan, 16, Richard Ramses El Tobing, 16, and Rudi Yanto alias Lay Cien Sang, 16 -- were guilty of brutally killing Ningsih, 50, in a house on Jl. Gunung Sahari on Aug. 1.
Sat, 17 Jan 1998, 00:00 WIB
Alternate presidential candidates
Alternate presidential candidates Following in the footsteps of Dr. Amien Rais, Megawati Soekarnoputri -- in a statement made at her residence in the presence of many, including a number of foreign diplomats -- declared herself ready to be a candidate for the presidency.
Sat, 17 Jan 1998, 00:00 WIB
Austerity urged this Idul Fitri
Austerity urged this Idul Fitri MATARAM, West Nusa Tenggara: Chairman of the provincial chapter of the Indonesian Council of Ulemas, Ahmad Usman, is appealing to Moslems across the country to celebrate Idul Fitri in simplicity. "It is not necessary to wear new clothes and serve elaborate dishes. The real essence of Idul Fitri is strengthening one's faith to Allah and friendship with fellow Moslems," Usman said.
Sat, 17 Jan 1998, 00:00 WIB
KONI tightens criteria for sending teams to Asiad
KONI tightens criteria for sending teams to Asiad JAKARTA (JP): Due to the deepening economic turmoil, the National Sports Council's Asiad task force has decided to combine the three categories of sports set to compete at the 13th Asian Games in Bangkok in December into only one.
Sat, 17 Jan 1998, 00:00 WIB
Soeharto lauded over reforms
Soeharto lauded over reforms JAKARTA (JP): U.S. President Bill Clinton has lauded President Soeharto's courage and determination to conduct sweeping economic reforms, a minister said yesterday. In a telephone conversation Thursday evening (Jakarta time), Clinton congratulated Soeharto following the latter's signing of a letter of intent pledging to the International Monetary Fund (IMF) to carry out drastic economic deregulatory measures.