Archive: 26 January 1998
60 articles found
Mon, 26 Jan 1998, 00:00 WIB
Business gloomy in Tanah Abang market
Business gloomy in Tanah Abang market JAKARTA (JP): Business is not as usual at the Tanah Abang market, one of the city's biggest centers for garments and textiles in Central Jakarta, in the lead-up to this year's Idul Fitri. Traders, who reaped big profits in previous years, have felt the impact of the monetary crisis. They have not yet experienced any increase in their income despite Idul Fitri being just a few days away.
Mon, 26 Jan 1998, 00:00 WIB
Asian airlines slash fares to boost outbound travel
Asian airlines slash fares to boost outbound travel SINGAPORE (Reuters): Some airlines in Asia have slashed fares to boost outbound travel, anticipating tougher times when this month's holiday mood evaporates, airline officials said. They said steep losses on local currencies which have plunged in value against the U.S. dollar since July last year as financial crisis swept through Asian economies, have made flying a luxury.
Mon, 26 Jan 1998, 00:00 WIB
Free motor oil for travelers
Free motor oil for travelers SEMARANG, Central Java: The Central Java branch of the state- owned oil company PT Pertamina will give free motor oil from Jan. 23 to Feb. 7 to the lucky owners of certain vehicles passing certain gas stations in the province. Local official F. Kapitan said the "motor oil giveaway" was part of Pertamina's special service to the public at Idul Fitri holidays.
Mon, 26 Jan 1998, 00:00 WIB
Insurance firms must merge to boost capacities
Insurance firms must merge to boost capacities JAKARTA (JP): Indonesian insurance companies should follow the banking industry's merger move to boost their underwriting capacities, a senior insurance executive has said. Insurance council chairman Moenir B. Sjamsuddin said Saturday the country's 200 insurance firms, the largest number in Asia, should be squeezed into only five giant operations to become more competitive in the upcoming free market era.
Mon, 26 Jan 1998, 00:00 WIB
Radio stations feel the pinch of crisis
Radio stations feel the pinch of crisis YOGYAKARTA (JP): Following in the footsteps of the print and television media, private radio stations are now beginning to feel the pinch of the monetary crisis with advertising revenue declining by as much as 60 percent. The Bikima radio station, which went onto the FM band in October last year, has suffered a 40 percent drop in its advertisement income since last month.
Mon, 26 Jan 1998, 00:00 WIB
Proud to be part of RI's success story
Proud to be part of RI's success story Indonesia is the closest neighbor to Australia compared to other ASEAN countries and has become one of the most attractive markets for Australia. The trade relationship between the two countries has been growing considerably over the past few years. Despite the current economic turmoil, there is no doubt that investors from Australia will continue to commit to long-term investment in Indonesia.
Mon, 26 Jan 1998, 00:00 WIB
PLN's rating lowered as crisis goes on
PLN's rating lowered as crisis goes on JAKARTA (JP): The country's sole rating agency, Pefindo, has downgraded the rating of state-owned electricity company PLN's bonds from AA+ to AA- with a negative outlook as the current monetary crisis is severely affecting the company's financial performance. Pefindo said in a statement sent to The Jakarta Post Saturday that the downgrade reflected PLN's declining cash flow and rising financial costs resulting from the current monetary crisis.
Mon, 26 Jan 1998, 00:00 WIB
IMF must share responsibility
IMF must share responsibility It has been more than seven days since the Indonesian government signed a letter of intent with the International Monetary Fund. At that time, people hoped that the crisis would soon end, or at the very least, that the value of the dollar would stop skyrocketing. What happened? Yesterday (Thursday), the value of the dollar reached the absurd level of Rp 15,000. The bitter pill which we have swallowed has seemingly proven to be totally ineffective.
Mon, 26 Jan 1998, 00:00 WIB
Queensland and RI: Long-term partners
Queensland and RI: Long-term partners The state of Queensland in Australia enjoys a long-term partnership with Indonesia that endures despite the rise and fall of economic fortunes in our region. Present economic difficulties have not dulled the appetite of Queensland companies to seek out commercial opportunities in Indonesia and explore joint-venture possibilities with Indonesian companies.
Mon, 26 Jan 1998, 00:00 WIB
The risk and reward of being an amateur currency trader
The risk and reward of being an amateur currency trader By Tedy Novan YOGYAKARTA (JP): Yogyakarta's money changers are seeing newcomers in currency trading. Busy sites include PT Baruman Abadi at Hotel Garuda, Bank Dagang Negara and Bank BNI. Ridwan, 27, a tourist guide and a graduate of Gadjah Mada University and the IAIN Sunan Kalijaga Islamic College, is a seasoned trader. He has been in the currency business since 1988.
Mon, 26 Jan 1998, 00:00 WIB
Do not stop with dollars
Do not stop with dollars From Neraca The "Love rupiah" campaign has become a trend setter. Within one week after Mrs. Siti Hardiyanti Rukmana exchanged dollars for rupiah, government officials, business tycoons and the rich in general have gone to the banks to follow suit. As if by silent invitation to other dollar owners to do the same, they seem to show off when holding their "I love rupiah" stickers in front of cameras. The question is, are they serious? Is it a subterfuge?
Mon, 26 Jan 1998, 00:00 WIB
KWI urges Catholics to pray for President
KWI urges Catholics to pray for President JAKARTA (JP): The Indonesian Bishops Conference (KWI) has urged Catholics to pray for the President and the government to be given clarity of thought and strength when taking tough decisions to lift the country out of its economic doldrums. In a statement signed by KWI chairman Mgr. Josef Suwatan and secretary-general Mgr. J. Hadiwikarta, worshipers were called to summon their strength to pray for the nation.
Mon, 26 Jan 1998, 00:00 WIB
Bank Dharmala's rating cut
Bank Dharmala's rating cut JAKARTA (JP): The country's only rating agency, PT Pemeringkat Efek Indonesia (Pefindo), announced Saturday that it had lowered the corporate rating of the publicly listed Bank Dharmala to idBBB- from idBBB+, with a negative outlook. The agency said in a statement that it forecast the bank's asset quality and profitability would weaken due to the monetary crisis which has seen the rupiah's value to fall by 80 percent against the American dollar since last July.
Mon, 26 Jan 1998, 00:00 WIB
Battered rupiah remains a barrier to stock trading
Battered rupiah remains a barrier to stock trading JAKARTA (JP): Stock prices on the Jakarta Stock Exchange (JSX) are expected to further weaken this week due to continued uncertainty over the battered rupiah. Securities analysts said worries over the private sector's mounting offshore debt, which had caused the rupiah to decline further in the last few weeks, would continue to cast a shadow over stock-trading activities.
Mon, 26 Jan 1998, 00:00 WIB
More judges needed in Padang
More judges needed in Padang PADANG, West Sumatra: The chief justice at Padang State Administrative Court, Suparno, said the area was still in desperate need of judges. "The Padang court only has 10 judges who are divided into four committees, while the minimum is 15 judges for five committees," Suparno said. He said a request for more judges had long been submitted but had yet to be granted. "Maybe it's still being discussed and looked at," he said as quoted by Antara here Saturday.
Mon, 26 Jan 1998, 00:00 WIB
Medan airport authorities seize Rp 271 million
Medan airport authorities seize Rp 271 million MEDAN, North Sumatra (JP): Security officials at Medan's Polonia airport seized Rp 271 million from six separate passengers leaving for Singapore Saturday, because they allegedly broke a 34-year-old law prohibiting people from carrying more than Rp 50,000 (US$3.33) abroad.
Mon, 26 Jan 1998, 00:00 WIB
Reforms not seen hurting dairy producers
Reforms not seen hurting dairy producers JAKARTA (JP): The government's recent decision to liberalize the import of dairy products will not pose a major problem to local producers, a senior official said. Director General of Animal Husbandry Erwin Soetirto said Saturday local dairy products would still be able to compete with imported ones. The rupiah's sharp fall against the U.S. dollar would make imported dairy products too expensive for most local customers, he said.
Mon, 26 Jan 1998, 00:00 WIB
Asia feels the bite of higher interest rates
Asia feels the bite of higher interest rates SINGAPORE (AFP): Asian nations embroiled in financial turmoil are struggling against interest rates pushed sharply higher to defend their currencies, but which are taking a toll on their economies. But analysts believe monetary authorities will maintain the steep rates even at the expense of higher mortgage rates, a squeeze on company earnings, a slide in stock markets and property prices.
Mon, 26 Jan 1998, 00:00 WIB
RI's budget aside, investors await bank plan
RI's budget aside, investors await bank plan NEW YORK (Reuters): U.S. investors on Friday shrugged off the Indonesian government's revised budget and waited for it to announce programs to deal with Indonesia's banking sector difficulties. The revised budget for the 1998/1999 fiscal year, which adheres closely to the deal with the International Monetary Fund, was more realistic than the original version presented on January 6, U.S. analysts said.
Mon, 26 Jan 1998, 00:00 WIB
Assembly reluctant to make changes
Assembly reluctant to make changes By Dwi Atmanta JAKARTA (JP): Two months of deliberation in the People's Consultative Assembly concluded last week with an inevitable resolution that silenced calls for a political overhaul.
Mon, 26 Jan 1998, 00:00 WIB
Challenges facing the MPR
Challenges facing the MPR In just little more than a month Indonesia's highest lawmaking institution, the People's Consultative Assembly (MPR), will begin its 10-day general assembly to deliberate topics and policies that may have the most far-reaching consequences for this country. Under the 1945 Constitution, the MPR is the highest body representing the people's sovereignty.
Mon, 26 Jan 1998, 00:00 WIB
The Asian crisis: Towards democracy?
The Asian crisis: Towards democracy? By Gwynne Dyer This is the last in a three-part series of articles examining the economic, social, and political implications of the crisis that began in Asia and now threatens to involve the entire world. Previous parts appeared in this newspaper's Friday and Saturday (Jan. 23-24) editions.
Mon, 26 Jan 1998, 00:00 WIB
Corpse gets a free ride
Corpse gets a free ride JAKARTA (JP): A North Sulawesi teacher moonlighting as an ojek (motorcycle taxi) driver came home a hero after he took a corpse on a 150-kilometer, midnight journey through a jungle. Wahab Daulima said his strong desire to help a neighbor had helped him overcome the fear of having a stiff body pressing against his back, something that would send a chill down his spine under "normal circumstances".
Mon, 26 Jan 1998, 00:00 WIB
Dollar quotations
Dollar quotations Despite the launch of the high-profile "Love Rupiah" campaign, some local suppliers of raw material have lately started to quote their prices in U.S. dollars for local supplies. Room rates at star-rated hotels, airline tickets for international travel, office and apartment rents etc. have already been quoted in U.S. dollars for a number of years. In order to curtail further use of foreign currency for local transactions, some restrictions could be imposed.
Mon, 26 Jan 1998, 00:00 WIB
12 die, two missing in ship accident
12 die, two missing in ship accident SAMARINDA, East Kalimantan: Twelve people died and two others went missing when a ship capsized last Thursday in the Labuangkallo waters in Tanjungaru subdistrict of East Kalimantan's regency of Pasir, a report said yesterday. The Rahmat Sejati was carrying 53 passengers and three crewmen in a regular trip from Tanah Grogot to Tanjungaru, when it was hit by high tide Thursday, Kompas reported. Forty-two people were rescued by passing fishing boats.
Mon, 26 Jan 1998, 00:00 WIB
The search for dollar profit: A tale of two cities
The search for dollar profit: A tale of two cities By Stevie Emilia and Tedy Novan JAKARTA (JP): "Hurry up, change all your dollars into rupiah now or you will suffer a great deal. The rupiah's value is strengthening..." a man on a cellular phone said at a Gunung Agung money changer here. He was in a long line with scores of people looking to get the most from their savings. The currency turmoil has seen most people suffer -- but a few have profited, intentionally or otherwise.
Mon, 26 Jan 1998, 00:00 WIB
Sumitro's statement
Sumitro's statement From Kompas I agree with Sumitro Djojohadikusumo's statement regarding the crisis saying that "the problem now is not monetary any longer" (Kompas, Jan. 11). What is the meaning of a nation if the people only focus on economic, technological and other matters which are viewed as "prestigious" in the eyes of certain groups. We seem to have forgotten that a nation's progress and resilience are related to various social aspects.
Mon, 26 Jan 1998, 00:00 WIB
Firms' travel freebies speed up holiday exodus
Firms' travel freebies speed up holiday exodus JAKARTA (JP): With the monetary crisis hitting workers hard, some major companies have given employees free tickets back to their hometowns in West, Central and East Java to celebrate Idul Fitri. PT Sido Muncul, a large herbal medicine company, hired 170 buses to send 12,000 of its employees to Cirebon, Kuningan, Banjarnegara, Wonogiri, Tegal and Solo yesterday. They departed from the eastern parking lot of Senayan Plaza, Central Jakarta, at 9.30 a.
Mon, 26 Jan 1998, 00:00 WIB
Thieves steal Rp 66m in two robberies
Thieves steal Rp 66m in two robberies JAKARTA (JP): Police are searching for five men who were involved in two separate bank robberies over the weekend in West and Central Jakarta. City police spokesman Lt. Col. E. Aritonang said yesterday the five had stolen a total of Rp 66 million (US$5,500) -- Rp 60 million from privately run Bank Servitia and Rp 6 million from a businessman. "We're still working hard to identify the suspects.
Mon, 26 Jan 1998, 00:00 WIB
RI market offers Australia new opportunities
RI market offers Australia new opportunities Bilateral trade with Indonesia grew by 30 percent last financial year to a total figure in excess of A$5 billion. It is now Australia's 10th largest trading partner and will soon be its biggest partner in the region. Austrade has been actively promoting Australian business interests through its offices in Jakarta, Surabaya and a new office in Medan.
Mon, 26 Jan 1998, 00:00 WIB
Forest fires threaten Kalimantan
Forest fires threaten Kalimantan JAKARTA (JP): After weeks of rain that has brought respite from last year's drought, forests in Kalimantan are again under threat of fire, Antara reported over the weekend. The head of the East Kalimantan forestry office, Heru Basuki Sukiran, said in the provincial capital of Samarinda that this month's satellite monitoring showed hundreds of hot spots scattered across Kalimantan, including 27 in the province.
Mon, 26 Jan 1998, 00:00 WIB
Oka sends letter of resignation
Oka sends letter of resignation DENPASAR, Bali (JP): Bali Governor Ida Bagus Oka said Saturday he had sent in his letter of resignation to President Soeharto. The governor said the letter was submitted Jan. 16 through the Ministry of Home Affairs. It would only come into effect when approved by the President after which the local legislator can begin the process of selecting a new governor.
Mon, 26 Jan 1998, 00:00 WIB
Air France to add flight to Paris-Jakarta route
Air France to add flight to Paris-Jakarta route JAKARTA (JP): Air France says it will go ahead with its expansion plan to add another flight serving the Paris-Jakarta route this year, despite the country's economic slowdown. The airline's regional general manager Christian Herpin said last week the new flight, an addition to the five existing flights, would start in the middle of this year during an expected peak in tourism.
Mon, 26 Jan 1998, 00:00 WIB
Victoria's business opportunities
Victoria's business opportunities The Victorian Government Business Office in Jakarta is developing networks with Indonesian companies, industries and government to identify and secure investment and trade opportunities. The office's newly appointed Executive Director, Phillip Morey, will be working with the Indonesian government, industries and companies to identify and secure two-way investment and trade opportunities for the Victorian government and the private sector.
Mon, 26 Jan 1998, 00:00 WIB
Trade and Investment -- Australia's potential
Trade and Investment -- Australia's potential Far-reaching structural reform and opening of the economy to global competition over the past decade has made Australia a more competitive exporter of a diverse range of goods and services, and an increasingly attractive location for foreign investment. The pattern of Australia's trade has changed markedly over the past decade.
Mon, 26 Jan 1998, 00:00 WIB
Warehouse engulfed by flames
Warehouse engulfed by flames JAKARTA (JP): A major fire engulfed a two-story warehouse of a cosmetic and medical equipment distributor at the Pulogadung industrial complex in East Jakarta on Saturday afternoon. No fatalities were reported, but the warehouse owner, PT Mensa Bina Sukses, suffered an estimated hundreds of millions of rupiah in material losses. An eyewitness said he heard an explosion somewhere in the warehouse, but he was not sure whether the explosion came first or the fire.
Mon, 26 Jan 1998, 00:00 WIB
Asia-Pacific triangle business project
Asia-Pacific triangle business project In the arena of global trade, which is increasingly becoming a "world without frontiers", the importance of cross-border, or multilateral trade, in relationships cannot be overlooked. Austrade believes that there are a myriad of benefits to be obtained for all parties from the development of "triangle business" between three major players in the Asia-Pacific Region such as Australia, Japan and Indonesia.
Mon, 26 Jan 1998, 00:00 WIB
Where to go in Jakarta:
Where to go in Jakarta: Exhibitions * 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. * Painting Exhibition: From Mooi Indi to Persagi, at Museum Seni Rupa Jakarta, Jl. Taman Fatahilah, West Jakarta, on Tuesday to Friday, Sunday at 9 a.m. to 3 p.m., Saturday 9 a.m. to 2 p.m., Jan. 26.
Mon, 26 Jan 1998, 00:00 WIB
TV today
TV today TVRI 2:00 p.m. News: Berita 14 2:30 My Country 2:35 Cartoon Film: The Big Valley 3:10 TV Drama: Benang-Benang Kasih 3:35 Belief in God The Almighty 4:00 Regional News 4:30 Creative Program: Karya Tepat Guna 5:00 Indonesian Lessons 5:25 Variety Show 5:30 TV Drama: Kewajiban 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 Education Program: Dunia Mahasiswa 8:00 News: Lintasan Berita 8:05 Comedy: Humoria; Teater...
Mon, 26 Jan 1998, 00:00 WIB
Aceh jewelers offer quick cash for gold
Aceh jewelers offer quick cash for gold BANDA ACEH, Aceh: Several jewelry stores have been doing unusually brisk business this past week, not because people have been buying jewelry, but because people have been selling it, Antara reported Saturday. Shops in the city were reportedly packed by people selling their gold so they could get cash for the Idul Fitri holiday, which is traditionally a festive time of celebration. Idul Fitri will be on Friday.
Mon, 26 Jan 1998, 00:00 WIB
Ramadhan time for Jakarta
Ramadhan time for Jakarta Monday Maghrib 6:19 p.m. Tuesday Imsak 4:23 a.m. Subuh 4:33 a.m.
Mon, 26 Jan 1998, 00:00 WIB
Qantas' Indonesian services
Qantas' Indonesian services Effective Feb. 21, 1998, Qantas will suspend its twice-weekly service between Jakarta-Brisbane and Jakarta-Melbourne. It will, however, maintain its daily service between Jakarta-Sydney and thrice-weekly service between Jakarta-Perth. The Jakarta-Perth flights will be as follows: From Jakarta to Perth every Thursday, Saturday and Monday. From Perth to Jakarta every Thursday, Friday and Sunday.
Mon, 26 Jan 1998, 00:00 WIB
Japan, IMF have secret plan for RI
Japan, IMF have secret plan for RI TOKYO (Reuters): Japan's Vice Finance Minister for International Affairs said yesterday that Japan and the IMF planned "some sort of measures" this week on Indonesia's growing financial crisis. Eisuke Sakakibara, long dubbed "Mr Yen" for his influence on currency markets, also said he believed the value of the Indonesian rupiah and South Korean won had sunk too far against the U.S. dollar.
Mon, 26 Jan 1998, 00:00 WIB
Forestry firms 'still need supervision'
Forestry firms 'still need supervision' JAKARTA (JP): Minister of Forestry Djamaludin Suryohadikusumo has said the ministry should be allowed to continue technical supervision of state forestry and timber companies despite the change in the legal basis of state enterprises' operations.
Mon, 26 Jan 1998, 00:00 WIB
Firecrackers vendor arrested
Firecrackers vendor arrested JAKARTA (JP): A man has been arrested in Rawa Bunga, East Jakarta, for selling about 480 kilograms of firecrackers, police said over the weekend. City police spokesman Lt. Col. E. Aritonang said the goods were confiscated on Thursday afternoon and would be used as evidence against the vendor, Azizan, 36. "It is prohibited by law to sell any explosive materials without an official permit from the related institutions.
Mon, 26 Jan 1998, 00:00 WIB
Garuda to add flights
Garuda to add flights JAKARTA (JP): National flag carrier Garuda Indonesia is to operate additional flights to seven destinations from the capital, in anticipation of a 10 percent increase in the number of passengers during the Idul Fitri holiday. Garuda General Manager Maladin said Friday the airline would add flights to Denpasar (Bali), Yogyakarta, Pontianak (West Kalimantan), Padang (West Sumatra), Palembang (South Sumatra), Surabaya (East Java) and Semarang (Central Java) on Jan. 24 to 28.
Mon, 26 Jan 1998, 00:00 WIB
Legal businesses allowed to continue in Kemang
Legal businesses allowed to continue in Kemang JAKARTA (JP): Business owners in Kemang who possess legal business permits will be allowed to continue their activities, Governor Sutiyoso said over the weekend. The decision was made following the municipality's plan to develop Kemang into a model urban village in South Jakarta as proposed in a six-month study on the area, the governor said. The study was conducted by a special team from Bandung's Institute of Technology (ITB).
Mon, 26 Jan 1998, 00:00 WIB
Amien, Megawati meet to reaffirm bid for presidency
Amien, Megawati meet to reaffirm bid for presidency YOGYAKARTA (JP): Prominent government critics Amien Rais and Megawati Soekarnoputri met here yesterday under the glare of great publicity to reaffirm their bid for the 1998/2003 presidency. In a gathering of some 5,000 students, Megawati -- the ousted leader of the Indonesian Democratic Party (PDI) -- touted what she called a common perception and goal with Amien, the chairman of the 28-million-strong Muhammadiyah Moslem organization.
Mon, 26 Jan 1998, 00:00 WIB
Asian markets can expect respite from volatility
Asian markets can expect respite from volatility SINGAPORE (AFP): Asian financial markets can expect a respite from volatility with the Lunar New Year and Moslem holidays ahead, but unrest in Indonesia looms as a threat to stability. With major Asian markets such as Hong Kong and Singapore closed for three days from Wednesday, analysts expect thin trading as investors keep a wary eye on political developments and potential social unrest in Indonesia.
Mon, 26 Jan 1998, 00:00 WIB
4 killed as rebels clash with soldiers
4 killed as rebels clash with soldiers COTABATO, Philippines (AFP): Three Moslem rebels and one soldier were killed and at least two others injured in a fresh round of fighting yesterday in the southern Philippines, military officials and radio reports said. The fresh clash which left at least two government soldiers wounded could be a further blow to efforts to hold peace talks, officials said.
Mon, 26 Jan 1998, 00:00 WIB
APEC panel unveils Asian self-help measures
APEC panel unveils Asian self-help measures TAIPEI (Reuters): A panel of Asia-Pacific economies proposed on Saturday a package of self-help measures for Asia's battered economies, including issuance of state bonds that would be backed by regional powers and the Asian Development Bank. Host Taiwan also pledged its full support for the package, saying it would back any decision made by the panel. "We have very close trade and investment ties with countries in east Asia.
Mon, 26 Jan 1998, 00:00 WIB
Independence pioneer Hamid Algadri dies aged 87
Independence pioneer Hamid Algadri dies aged 87 Hamid Algadri, a freedom fighter and chairman of an organization of Indonesian independence pioneers, died early yesterday at Medistra Hospital. He was 87. He was buried in a simple ceremony led by Minister of Foreign Affair Ali Alatas yesterday afternoon at Tanah Kusir Public Cemetery in South Jakarta. He is survived by his wife, four children and six grandchildren. According to relatives, Hamid died of old age.
Mon, 26 Jan 1998, 00:00 WIB
Crisis grounds RI's space dreams
Crisis grounds RI's space dreams MOSCOW (Reuters): Indonesia's economic crisis has dashed Jakarta's hopes of putting a man into space, the head of the Russian Space Agency said on Friday. "There were negotiations with Indonesia but due to, well, the latest unpleasantness with the economy they've now been suspended," Yuri Koptev told a news conference in Moscow at which he outlined plans to send Frenchmen, Americans, a Slovak and maybe a couple of Russian actors to the Mir space station.
Mon, 26 Jan 1998, 00:00 WIB
Politics of East Asia's mirage
Politics of East Asia's mirage By Vedi R. Hadiz JAKARTA (JP): The highly vaunted East Asian economic miracle is now quickly being dubbed the East Asian economic mirage. As recently as the middle of last year, leaders of countries and international financial institutions now voicing their grave concern about the fate of East Asian economies, were virtually nothing but full of praise for the performances of the likes of Indonesia, Thailand, Malaysia, and South Korea.
Mon, 26 Jan 1998, 00:00 WIB
Economic crisis can erode govt's legitimacy: Arbi
Economic crisis can erode govt's legitimacy: Arbi JAKARTA (JP): The ongoing economic turmoil could erode the government's legitimacy as it can no longer compensate for the tight political restrictions with economic benefits, a political scholar believes. The University of Indonesia's Arbi Sanit said Saturday that the government would lose its legitimacy as the economy, which has been long-regarded as the New Order's major success story, begins to stagnate.
Mon, 26 Jan 1998, 00:00 WIB
Sofjan Wanandi denies alleged links with PRD
Sofjan Wanandi denies alleged links with PRD JAKARTA (JP): Business baron Sofjan Wanandi denied over the weekend alleged links with the People's Democratic Party (PRD) but said he would meet the Jakarta Military Command's summons for a questioning in connection with a bomb blast blamed on the banned party. Sofjan was quoted by Berita Buana daily as saying the questioning will take place today at the municipal agency for coordinating support for national stability's intelligent unit office on Jl.
Mon, 26 Jan 1998, 00:00 WIB
3 men arrested for cannabis
3 men arrested for cannabis JAKARTA (JP): Three men were arrested in Tangerang, West Java, Saturday for allegedly possessing two cannabis plants and an ounce of dried marijuana, police said. The cannabis plants are believed to the first found in Tangerang, said police chief Lt. Col. Aryanto Boedihardjo. He said Saturday his office would soon raid the area to find other suspected marijuana users and dealers. "Dried marijuana is quite common in the area. But cannabis plants? That's something else.
Mon, 26 Jan 1998, 00:00 WIB
The Australia-Indonesia Development Area
The Australia-Indonesia Development Area The Australia-Indonesia Development Area (AIDA) was launched on April 24, 1997, by the Australian Foreign Minister Alexander Downer, and Indonesian Coordinating Minister for Production and Distribution Ir Hartarto. AIDA is intended to develop closer economic relations between Australia and the Indonesian provinces outside Java and Sumatra. It is designed to improve the "enabling environment" for business activity.
Mon, 26 Jan 1998, 00:00 WIB
Nusamba banks' merger to pool assets of $1.7b
Nusamba banks' merger to pool assets of $1.7b JAKARTA (JP): Four private banks under the Nusamba Group have agreed to merge to create a new bank with combined assets worth Rp 21.2 trillion (US$1.76 billion). The banks -- Bank Duta, Bank Umum Nasional (BUN), Bank Bukopin, and Bank Tugu -- signed the memorandum of understanding for the merger Saturday. The publicly listed Bank Duta president Muchtar Mandala said the new bank was expected to be formed by the end of June.
Mon, 26 Jan 1998, 00:00 WIB
Corporate debt woes haunt foreign banks
Corporate debt woes haunt foreign banks SINGAPORE (Reuters): Indonesia's massive $65 billion corporate debt mountain is now virtually impossible to pay off given the sharp drop in the value of the rupiah, analysts said. "It's a nightmare. I think it would be helpful if the Indonesian government gave some leadership, some guidance," said Bill Belchere, head of fixed income and economic research at Merrill Lynch in Singapore. The rupiah was quoted at a midpoint of 12,200 to the U.S.