Indonesian Political, Business & Finance News

Archive: 6 January 1998

56 articles found

Bank Jakarta requests operating license as legal battle seesaws

Bank Jakarta requests operating license as legal battle seesaws JAKARTA (JP): Bank Jakarta submitted yesterday a request for an operational license despite a letter from the State Administrative High Court ordering that a by-verdict, which allowed the closed bank to reopen, to be disregarded.

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. * Photo Exhibition: Kilas Balik 97, at Galeri Foto Jurnalistik Antara, Jl. Antara No. 59 Pasar Baru, Central Jakarta, daily except Monday, 11:30 a.m. to 7:30 p.m., until Jan. 14.

State bank mergers very good for the country

State bank mergers very good for the country The government has announced a plan to merge four state banks while inviting foreign capital participation. Economist Kwik Kian Gie discusses its impact on the country's banking industry. Question: What do you think about the government's merger of four state banks? Kwik: It is good and very realistic. There is actually nothing new in the policy.

Mother of two commits suicide

Mother of two commits suicide JAKARTA (JP): A mother of two hanged herself from a door lintel in the bedroom of her North Jakarta house, police said yesterday. City police spokesman Lt. Col. E. Aritonang said the body of the 31-year-old woman, Rohani, was found about 8 p.m. Sunday by her husband and mother. "Why on earth she decided to kill herself is still a mystery.

Workers protest unfair severance pay

Workers protest unfair severance pay JAKARTA (JP): A deputation of 217 workers dismissed by construction company PT Jaya Konstruksi Manggala Pratama went to the City Council yesterday to protest their severance pay. The deputation leader, Wim Kaluara, said the company only gave them a small amount of money without any detailed explanation.

Reforestation funds will be included in state budget

Reforestation funds will be included in state budget JAKARTA (JP): Reforestation funds will be included in the state budget for the 1998/1999 fiscal year, which will be unveiled by President Soeharto tonight, a minister said yesterday. Minister of Forestry Djamaludin Suryohadikusumo said that next fiscal year, which will start April 1, reforestation funds would be part of state receipts from nontax sectors.

Agribusiness is 'more attractive'

Agribusiness is 'more attractive' JAKARTA (JP): The agribusiness sector is expected to be more attractive to investors this year as the sharp depreciation of the rupiah will make farm products more competitive in overseas markets, an official says. Head of the agribusiness department at the Ministry of Agriculture Ato Soeprapto said the rupiah's sharp fall against the dollar would make the agribusiness sector one of the main foreign exchange earners this year.

BZW to sell Asian unit

BZW to sell Asian unit HONG KONG (AFP): British-owned investment bank BZW Asia Ltd. will announce this week an agreement to sell its Asian securities arm to Credit Suisse First Boston, a company official said yesterday. The official announcement of the sale would be made Friday, he said. The official added that employees had been told the deal with Credit Suisse has been agreed.

Dollar demand sends Asian currencies plummeting

Dollar demand sends Asian currencies plummeting SINGAPORE (Reuters): Asian currencies were pounded lower yesterday, the first serious trading day of the New Year, by corporate dollar demand and nagging regional financial woes. The Indonesian, Malaysian and Thai units all hit fresh lows during the day. "There is no silver lining in sight. It has been one bad news after another like a knock-on effect," said a dealer with a major European institution. A dealer with a U.S.

Many unleaded gas users unaware of benefits

Many unleaded gas users unaware of benefits By Stevie Emilia JAKARTA (JP): Despite all the clamor from the recent international talks in Kyoto on reducing pollutants, many users of unleaded gasoline here remain ignorant of its environmental benefits. The attraction in buying unleaded -- sold under the two brands of Petro 2T and Super TT here -- lies more in the convenient location of its distributors and its price.

Malaysia eyes farming as economic crisis rolls on

Malaysia eyes farming as economic crisis rolls on By Reme Ahmad KUALA LUMPUR (Reuters): As Asia's economic crisis rolls on, the country which has launched satellites and aims to be home to state-of-the-art multimedia technology is advising its citizens to return to the soil. Malaysia is looking to lease out land for commercial vegetable farming, wants to boost paddy cultivation and will be reviving 300 abandoned fish ponds.

Assembly resumes to settle key matters

Assembly resumes to settle key matters JAKARTA (JP): The People's Consultative Assembly resumed its session after two weeks of recess yesterday, hoping to resolve three crucial matters in the remaining 17 days. The Assembly's ad hoc committee chair in charge of the State Policy Guidelines R. Hartono said each of the five factions in the Assembly would need several days to regroup to discuss motions on general election rule changes, revocation of floating mass policy and human rights protection.

Severino installed as new ASEAN secretary-general

Severino installed as new ASEAN secretary-general JAKARTA (JP): Rodolfo C. Severino took over the reigns as Secretary-General of the Association of Southeast Asian Nations (ASEAN) yesterday saying that the group faces new challenges never before seen in its 30-year history. In his address at yesterday's transfer of office ceremony here, Severino said ASEAN was undergoing a period of transition. "But a transition, like this season, is also time for renewal.

Teachers take part in language course

Teachers take part in language course UJUNGPANDANG, South Sulawesi: Twenty-nine Australian teachers are taking part in a short course at the Institute of Teaching Training (IKIP) in Ujungpandang, an official said yesterday. The language teachers are expected to use the course to improve their skills in teaching the language at Australian primary schools.

Asian markets tumble on weak regional currencies

Asian markets tumble on weak regional currencies HONG KONG (AFP): Asian stock markets tumbled yesterday in a sell-off prompted by fresh weakness in ailing regional currencies at the start of the first full week of trading in the new year. The Malaysian ringgit, Philippine peso, Indonesian rupiah and the Thai baht all plumbed new depths against the US dollar in a blow to stock market sentiment. Hong Kong share prices fell 3.5 percent, Tokyo 2.0 percent, Kuala Lumpur 4.

Shuttlers want more openness in sponsorship

Shuttlers want more openness in sponsorship JAKARTA (JP): Better communications and transparency in sponsorship contracts were the main issues at an informal meeting between the newly elected chairman of the Badminton Association of Indonesia, Subagyo Hadisiswoyo, and national shuttlers at the Badminton Training Center in Cipayung, East Jakarta, yesterday. "The players hope all new officials will communicate better and be transparent with the athletes.

Few options remain for national economic cure

Few options remain for national economic cure By Wimar Witoelar JAKARTA (JP): If you take a look, you will see there is a long downhill slope ahead for the Indonesian economy. Currency traders would not be surprised if the rupiah falls to 7,000 per U.S. dollar this week if the President's annual budget address fails to bolster confidence in the financial market. Even a Rp 10,000 per U.S. dollar exchange rate figure is seen as not too farfetched if the slide continues.

State banks reformed

State banks reformed The reform of the state banking industry -- the second big wave of reform in the banking sector after the Nov. 1, 1997 closure of 16 insolvent private banks -- contains several major strategic components. The first, as announced by Minister of Finance Mar'ie Muhammad last week, is the consolidation of four state banks, Bank Bumi Daya, Bank Dagang Negara, Bank Pembangunan Indonesia and Bank Ekspor Impor Indonesia, into one large bank.

May the force be with them

May the force be with them I refer to the article, ABRI lends full support to govt, on page one of this newspaper on Jan. 3. This headline might create misconceptions about our ABRI, the Armed Forces. The title indicates the Armed Forces has no other choice but to fully support the government. In my opinion, the only way the Armed Forces can follow is through carrying out the government's policy.

All domestic transactions 'must be done' in rupiah

All domestic transactions 'must be done' in rupiah JAKARTA (JP): The Indonesian Chamber of Commerce and Industry has urged the government to require all domestic business transactions to be done in rupiah. "The government needs to rule that all services and goods offered domestically be priced in rupiah instead of foreign currencies," Aburizal Bakrie was quoted by the daily Bisnis Indonesia as saying.

Four Indonesian swimmers head to world championships

Four Indonesian swimmers head to world championships JAKARTA (JP): Indonesia is to send four swimmers to the world championships in Perth, Australia, from Jan. 8 to Jan. 16. Senior national coach Lukman Niode said yesterday the four are Armand Pandji, Catherine Surya, Rita Mariani and Silvy Triana. Lukman was a former national swimmer. The four swimmers will be accompanied by team manager P.P. Simatupang, Antara reported yesterday.

Executives of private banks to be questioned over fraud

Executives of private banks to be questioned over fraud JAKARTA (JP): The police said yesterday they would investigate executives of at least six private banks who have intentionally used improper procedures to receive loans from Bank Indonesia (BI). City Police spokesman Lt. Col. E.

Pertamina to have new boss

Pertamina to have new boss JAKARTA (JP): State oil and gas firm Pertamina will have a new boss today, with finance director Soegianto replacing incumbent Faisal Abda'oe, Antara reported. "The inauguration will take place tomorrow (today). The replacement will come within the company," Minister of Mines and Energy I.B. Sudjana told journalists yesterday. Antara said rumors on the promotion of Soegianto to the company's top position had been spreading for the past two months.

New resort in Riau

New resort in Riau JAKARTA (JP): Singapore-based Riau Investment Resources Pte Ltd will develop a multimillion dollar tourist resort in Bengkalis, Riau. Company president Mohamed bin Osman said Riau Investment Resources had been approved by the Riau administration to develop the resort on a 3,000-hectare plot owned by its partner PT Datuk Laksamana Raja Dilaut Bukit Batu Bengkalis.

Rupiah bottoms at 6,700

Rupiah bottoms at 6,700 JAKARTA (JP): The Indonesian rupiah hit a historic low of 6,700 against the U.S. dollar midday yesterday on continuing corporate demand and weakness in regional currency markets. As the rupiah weakened, stock prices on the Jakarta Stock Exchange (JSX) closed slightly higher in thin trading.

Idul Fitri 'will fall on Jan. 29'

Idul Fitri 'will fall on Jan. 29' JAKARTA (JP): Moslem organization Muhammadiyah announced yesterday that the Idul Fitri holiday will fall on Jan. 29. Nadjib Hamid, executive secretary of the East Java office of the modernist-oriented group, quoted a decree signed by Muhammadiyah leaders Amien Rais and Muchlas Abror as saying the date was decided after a mathematical calculation made by the organization's staff in charge of astronomic and Islamic law matters.

Nippon to build glass plant

Nippon to build glass plant HANOI (AFP): Japan's Nippon Sheet Glass Corp. (NSG) has received a license to build a US$145 million float glass plant in Vietnam, a report said yesterday. NSG is to take a 70-percent stake in the new glass plant with two local partners, the Saigon Times daily reported. Construction Materials Corp.

TV today

TV today TVRI 2:00 p.m. News: Berita 14 2:30 My Country 2:35 Children's Film: The Big Valley 3:10 Teenager's Program: Remaja Indonesia 3:35 Economic News 4:00 Regional News 4:30 Science and Technology 5:00 English Lessons 5:30 Religious Drama: Pertemuan 6:05 Nusantara, The Beloved Country 6:15 Village Program 6:45 TVRI News 7:00 Evening News 7:35 Talk Show: Wawasan 8:00 News: Lintasan Berita 8:05 Comedy: Salah Paham 9:00 World News 9:30 Koran Recital 9:45 Religious Program: Pesantren ke...

Ramos plans Marcos wealth

Ramos plans Marcos wealth MANILA (AFP): Philippine President Fidel Ramos will make an official visit to Switzerland this month to discuss assets salted away in Swiss banks by late dictator Ferdinand Marcos, a senior aide said yesterday. The Jan. 28 to Feb. 3 trip will involve negotiations on the transfer of Marcos' "ill-gotten wealth" to the Philippine government, said Apolinario Lozada, presidential adviser on foreign affairs.

Rubin defends Asian bailouts, seeks IMF boost

Rubin defends Asian bailouts, seeks IMF boost WASHINGTON (Reuters): The Clinton administration on Sunday defended its role in multibillion-dollar bailouts for Asia's embattled economies and said it expected Congress to boost IMF funding to cope with financial catastrophes. "It is extremely important that the United States provide the kind of leadership that we are -- important because our economic interests are so much at stake," U.S.

Conversion Rates

Conversion Rates Jakarta (JP): Bank Ekspor Impor Indonesia's (Bank Exim) conversion rates on Jan.

Parents refuse to pay school fees in U.S. currency

Parents refuse to pay school fees in U.S. currency JAKARTA (JP): Parents who send their children to a Central Jakarta playgroup protested yesterday against the school's decision to double monthly fees and accept payment only in U.S. currency. Twenty-five parents went to Sunshine Playgroup on Jl. Cempaka Putih Timur to demand the school's principal review the decision. "We are all suffering from the monetary crisis. How come the school suddenly ups the fees and asks us to pay in American dollars?

Navy gears up for massive evacuation

Navy gears up for massive evacuation JAKARTA (JP): The Navy is preparing warships to bring home Indonesian workers from Malaysia and help transport travelers in Indonesia as the busy Idul Fitri holidays approach. Navy Chief Adm. Arief Kushariadi said the navy if needed will commit their warships to take part in repatriation of Indonesian workers from Malaysia. "We are always ready to bring the migrant workers back. The ships needed to transport them here are always available.

Six kilos of marijuana seized

Six kilos of marijuana seized JAKARTA (JP): East Jakarta Police detectives have busted three alleged drug dealers and seized six kilograms of marijuana from their possession. Chief of the precinct Lt. Col. Syahrir Kuba told reporters yesterday that one of the group members, whose identities are already known, was still at large. The marijuana haul, with a street value of at least Rp 12 million (US$2,100), was the first major drug raid this year.

Search operation for SilkAir debris officially ends

Search operation for SilkAir debris officially ends JAKARTA (JP): The search and rescue operation for the wreckage of a Singaporean passenger jet in the Musi River estuary in South Sumatra was officially abandoned last night. But the search for wreckage in the estuary about 60 kilometers downriver from Palembang, will continue unofficially, led by the Indonesian Navy. The 19-day intensive search failed to find the fuselage of the SilkAir plane or any intact body of the 104 people on board.

Stock Exchange

Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on Jan. 05, 1998: Shares Close Change Trading Volume ------------------------------------------------------------ Ades Alfindo 825 0 0 AHAP Insurance 500 0 0 Alter Abadi 450 0 0 Alumindo Light Metal 350 0 744,500 Alumindo Perkasa 250 0 0 Aneka Kimia Raya 1,175 -25 212,000 Aneka Tambang 1,375 75 2,721,000 Anwar Sierad 175 -25 294,500 Apac Centertex Corp.

Carmakers could cut production by 50%: Analysts

Carmakers could cut production by 50%: Analysts JAKARTA (JP): A sluggish market this year will force local automakers to slash production by 50 percent, analyst Suhari Sargo predicts. He said yesterday the production cut would lead to the layoff of about 80,000 workers. Suhari said large automakers would be the most affected by the slow market, which would force them to almost halve their production.

Authors told to promote Jakarta's projects

Authors told to promote Jakarta's projects JAKARTA (JP): Governor Sutiyoso has urged authors and novelists here to help support Jakarta's development programs, which are hindered by public ignorance. "Writers have to be aware that they have the power to inform the public. You are the ones who can modify public opinion.

Miner faces jail for using dynamite

Miner faces jail for using dynamite BOGOR (JP): Prosecutor Amir Hakim Nasution asked Bogor District Court yesterday to sentence Istiqomah, 37, to seven months in jail for using dynamite to mine for stones in Rengas Jajar village in Cigudeg district here. Istiqomah, chairman of the Serbaguna cooperative in Cigudeg, used dynamite to blow up the mine three times a week between 1996 and 1997, Amir said.

7 foreigners enter Tegal Motocross

7 foreigners enter Tegal Motocross JAKARTA (JP): Seven crossers from Australia and New Zealand have confirmed their participation in the first leg of the Gudang Garam Motocross in Tegal, Central Java, Feb. 7-Feb. 8. The seven foreign crossers will challenge the local crossers in the two-day event, one of the six in this year's national championships.

Regional rubber prices seen weak

Regional rubber prices seen weak SINGAPORE (Reuters): The Southeast Asian rubber market will not get a lift from the New Year this week, with prices seen languishing because of weak demand, traders said yesterday. "It looks like prices will drop down some more," said a senior rubber dealer for a Western commodity house in Singapore.

Malaysians await repatriation

Malaysians await repatriation PALU, Central Sulawesi: Two Malaysian fishermen, stranded in Palu since November, are still waiting to be repatriated as the Malaysian Embassy in Jakarta have yet to send their tickets and passports, an immigration official said yesterday. Head of the provincial immigration office, Husin Alaydrus told Antara that the embassy had promised to send all necessary documents for its citizens.

Firm offers to end city parking chaos

Firm offers to end city parking chaos JAKARTA (JP): A private company has offered to solve the city's parking woes and crack down on "disappearing" parking fees in a joint venture with the municipality, an official said yesterday. Deputy Governor for Economics and Finance Harun Al Rasyid said that PT Mega Nusa Agung Makmur was the 20th company in the last nine years to lodge a proposal. "We have not decided anything yet. But we will thoroughly examine all of the proposals.

Students join chorus for political reforms

Students join chorus for political reforms JAKARTA (JP): Leaders of prominent student and youth organizations joined the growing chorus for political reforms yesterday, calling for a more democratic system which they say is the only way out of the current economic predicament. The leaders signed a joint statement, Toward a National Reformation, in which they called on the nation to leave behind "conservative and status quo oriented attitudes".

Jack thief gets four months

Jack thief gets four months BOGOR (JP): An 18-year-old man was sentenced yesterday in Bogor District Court to four months in jail for stealing a car jack from the Ciparigi workshop on Jl. Raya Bogor. Prosecutor Titien had demanded that Jaenudin, alias Enan Aman, serve a six-month sentence for the offense on Oct. 19 last year. The defendant had robbed the workshop at 11 p.m. with the help of two accomplices who are still at large, presiding judge Suhartini said.

Rudini welcomes national dialog plan

Rudini welcomes national dialog plan JAKARTA (JP): Former President Soeharto's close aide, Rudini, yesterday welcomed the proposal for a national dialog to discuss solutions for the ongoing monetary crisis, but reminded the nation that the President would not turn a blind eye on the matter. Rudini, former Minister of Home Affairs, said must have anticipated the impact of the state currency rupiah depreciation.

Street vendors run amok in Bandung

Street vendors run amok in Bandung BANDUNG, West Java (JP): Hundreds of shops and kiosks on Jl. Ahmad Yani were wrecked when thousands of street vendors went on a rampage following an altercation with National Discipline Movement officers yesterday. The unrest broke out after several street vendors were treated harshly by the officers at about 2:30 p.m.

Ramadhan time for Jakarta

Ramadhan time for Jakarta Tuesday Maghrib 6.15 p.m. Wednesday Imsak 4:12 a.m. Subuh 4.22 a.m.

Rice imports going through Tanjung Priok totals 305,193 tons

Rice imports going through Tanjung Priok totals 305,193 tons JAKARTA (JP): Rice imports going through Tanjung Priok Seaport, the country's largest port, totaled 305,193 tons last year, according to the port authority. The spokesman for PT Pelabuhan Indonesia II, Sudjarwo, said there were 20 vessels currently unloading imported rice. He said 21 more vessels would arrive in the port between January and February to supply the main staple food for the Moslem fasting month and Idul Fitri.

One killed as train crashes into van

One killed as train crashes into van JAKARTA (JP): A man was killed and three others injured when a speeding train crashed into an Isuzu Panther van at the level crossing in front of Kepiting market in North Jakarta yesterday afternoon. Police quoted witnesses as saying that the driver of the van, who was killed in the accident, ignored traffic signals and warnings by other motorists. Chief Sgt. Moh. Rodji of Pademangan Police subprecinct said the accident took place about 11 p.m.

Photo image used to make passports

Photo image used to make passports JAKARTA (JP): Immigration offices in Jakarta started using photo imaging yesterday for the processing of new passports in a bid to prevent forgery, an official said. Moh. Iman Santoso, the coordinator of immigration affairs at the Jakarta office of the Ministry of Justice, said the new technique had been introduced at West, South, Central, North and East Jakarta offices as well as Soekarno-Hatta International Airport.

Traffic accidents claim 785 lives

Traffic accidents claim 785 lives SEMARANG, Central Java: At least 785 died in 752 traffic accidents last year in the province, police said. Provincial police chief Maj. Gen. Nugroho Djajusman, said yesterday that human error or negligence was the main reason for many of the accidents, which also seriously wounded 635 and slightly injured 925 people. But the number of road accidents in 1997 dropped 9 percent to 752 from 823 cases in 1996, Nugroho said.

RP inflation rate rises 6.1%

RP inflation rate rises 6.1% MANILA (AFP): Philippine consumer prices rose 6.1 percent from a year earlier in December, compared to 6.5 percent in the previous month, the official National Statistics Office said Monday. This brought the average inflation rate for 1997 to 5.1 percent, compared to 8.4 percent for the whole of 1996, the government agency said in a statement.

ABRI prepares to secure MPR plenary meeting

ABRI prepares to secure MPR plenary meeting JAKARTA (JP): Commanders and top officials of the Armed Forces (ABRI) will meet next month in Jakarta to map out a contingency plan against disturbances during March's plenary meeting of the People's Consultative Assembly. Armed Forces Commander Gen.

Rates for Tax Payment

Rates for Tax Payment JAKARTA (JP): The government announced yesterday new official conversion rates as the basis for payment of import duty, value added tax on goods and services, sales tax on luxury goods, export tax and income tax. The new conversion rates will be valid for one week, from Jan. 5 to Jan.

Media wages advertising war (2)

Media wages advertising war (2) By Atmakusumah The competitive media environment in Indonesia is strengthening the strong and sidelining the weak. This is the second of two articles. JAKARTA (JP): The phenomenal success of commercial television in taking a large piece of the advertising pie is an indication of the large numbers of TV viewers in Indonesia.