Indonesian Political, Business & Finance News

Archive: 9 January 1998

58 articles found

Inspection on Boeing 737s

Inspection on Boeing 737s WASHINGTON (AFP): The U.S. Federal Aviation Administration (FAA) is about to order the inspection of 185 Boeing 737s in the wake of last month's 737 crash in Indonesia, ABC television said Wednesday. ABC said investigators probing that accident believe that attachments were missing on the horizontal stabilizers located at the rear of the aircraft. The FAA, which oversees U.S.

People told to suport economic rescue

People told to suport economic rescue JAKARTA (JP): Calls mounted yesterday for people to remain calm and take action to support the government's economic rescue package as the rupiah continued to dive to another low. Businesswoman Siti Hardiyanti Rukmana and Golkar legislator Theo Sambuaga asked the people to keep their faith in the rupiah and change their U.S. dollars into rupiah if necessary. "Let's stop the dollar buying spree.

The role of vendors

The role of vendors The recent decision taken by the authorities in Bandung and Jakarta to allow roadside vendors to operate during certain hours of the day in officially designated areas is a wise one that should be welcomed, especially under the present difficult circumstances.

The Indonesian art of criticizing

The Indonesian art of criticizing A long time ago, back in 1967, the Attorney General held a friendly meeting with the late Mahbub Djunaedi, from the Indonesian Press Association, to discuss a very interesting topic -- criticism in the Indonesian press. The personal opinion of the Attorney General at that time was, as conveyed to Mahbub, that he did not see any harm in criticism as long as it was constructive.

Indonesia downgraded, Thailand may be next

Indonesia downgraded, Thailand may be next LONDON (Reuters): Indonesia's long-term foreign currency rating was cut two notches yesterday, and Thailand appeared next in line as the Asian financial crisis deepened. International agency Fitch IBCA said Indonesia's downgrade to BB minus from BB plus reflected uncertainty after this week's 1998/99 budget proposals which had failed to maintain the confidence needed to roll over the high level of external debt.

Press association calls for help

Press association calls for help MEDAN, North Sumatra: The North Sumatran chapter of the Association of Newspaper Publishers (SPS) is calling on the government to save five weekly newspapers here that are on the brink of bankruptcy due to the skyrocketing price of newsprint. "Please listen and save us, as we are small newspaper publishers," chairman of the local SPS and managing directors of the five weeklies said in a joint statement yesterday.

Conversion Rates

Conversion Rates Jakarta (JP): Bank Ekspor Impor Indonesia's (Bank Exim) conversion rates on Jan. 8, 1998: Buying Selling Rp Rp U.S.

Where to go in Surabaya:

Where to go in Surabaya: Music and Entertainment * Hyatt Regency Surabaya, Jl. Jend. Basuki Rakhmat 106-128: - The Tavern Pub: Decada Band with a Saxophone player, daily except Sunday 9 p.m. to 1 a.m., Hazztoria Band, live music performance on Sunday, 8:30 p.m. to 12:30 a.m. - Atrium Lounge: Solo Pianist, Monday to Friday, 7 p.m. to 10:45 p.m., Saturday at 7 a.m. to 11 p.m. - Lobby: Gamelan, Traditional Music, daily, 6 p.m. to 12 p.m. * Elmi Hotel, Jl. Panglima Sudirman No.

Where to go in Bali:

Where to go in Bali: Exhibition * Painting Exhibition: Merekam Sejarah yang Menghilang, by Barbara Anello, at Le Meridien Nirwana Golf and Spa Resort, Jl. Raya Tanah Lot Kediri, Tabanan, 10 a.m. to 5 p.m., until Jan. 11. Music and entertainment * Ramada Bintang Bali, Kuta: - La Brasserie Cafe Restaurant: Crosstil Quatro, daily. - Alun-alun Lounge: The Heart Beat Band, nightly except on Thursday, 8:30 p.m. to 12:30 a.m.

Legislator dies of heart attack

Legislator dies of heart attack SURAKARTA, Central Java: Legislator Sentot Suwarsiman died of a heart attack just minutes after delivering a speech before the provincial legislative assembly Wednesday. Sentot, chief of the Indonesian Democratic Party faction at the Surakarta Legislative Assembly, collapsed and lost consciousness five minutes after he delivered his party's view on the amendment of the municipality's 1998/1998 regional budget.

Angry woman stabs husband

Angry woman stabs husband JAKARTA (JP): A woman was arrested in Central Jakarta yesterday for attempting to kill her husband, City Police spokesman Lt. Col. E. Aritonang. He said the woman, identified as Nuraida, 39, stabbed Rozali, 39, in the abdomen, chest and face with a knife following a quarrel between them. The victim is now being treated at Cipto Mangunkusumo General Hospital in Central Jakarta.

No respite for Asian stock markets

No respite for Asian stock markets SINGAPORE (AFP): Asia-Pacific stock markets kept up their new- year plunge yesterday with no signs of a respite from the deepening regional financial crisis. Jakarta plunged 12 percent to a four-year low, Hong Kong 3.0 percent to a two-year low and Singapore 7.1 percent to levels last seen during the October 1987 crash. Bangkok fell 2.7 percent, Kuala Lumpur 2.7 percent, Shanghai 5.3 percent and Manila 5.2 percent.

Heavy rush seen at city's food markets

Heavy rush seen at city's food markets JAKARTA (JP): The rupiah's freefall to 10,200 against the U.S. dollar yesterday prompted crowds of shoppers to flock to markets throughout the city to purchase as many staple food items as they could. The unexpected buying spree forced many shop owners to limit the purchase of several items and close their businesses early. Some sellers raised their prices as much as 50 percent. Many stores even rejected the use of credit cards.

French minister warns of possible Asian woes effect

French minister warns of possible Asian woes effect PARIS (AFP): There is still a risk of a "domino effect" on other economies from the Asian crisis and the G-7 is working "very hard" to limit the effects of the turmoil, French Finance Minister Dominique Strauss-Kahn said yesterday. "Stabilization in Asia does not seem to be totally sure, which is worrying," Strauss-Kahn told a press conference.

RP govt imposes national dress

RP govt imposes national dress MANILA (AFP): Filipinos working in government offices must wear national dress every Monday as part of celebrations of the centennial of the country's independence from Spain, the presidential palace said yesterday. Presidential Press Secretary Hector Villanueva said employees of all government agencies, state-run corporations and those working in state schools were obliged to wear the national costume once a week until Dec. 31, 1998.

Bank Jakarta asks for adjournment, seeks settlement

Bank Jakarta asks for adjournment, seeks settlement JAKARTA (JP): The Jakarta State Administrative Court postponed the trial of Bank Jakarta's suit against Bank Indonesia yesterday, as the privately owned bank said it would try to seek an out of court settlement over its closure. Bank Jakarta lawyers made the request to the court just as it was about to begin testimony from Bank Indonesia, the central bank, which would have exposed Bank Jakarta's financial state.

Where to go in Jakarta:

Where to go in Jakarta: Exhibitions * Painting Exhibition: Atin Pekok Wj.'s Specialist Spontanism Artist, at Shang Palace Foyer, Shangri-La Hotel, Jl. Jend. Sudirman Kav.1, Central Jakarta, 9 a.m. to 10 p.m., until Jan. 11. * 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., Jan. 9-18. * Photo Exhibition: 100 old photos from Indonesia and Singapore, at Galeri TC (Twilight Cafe), Jl. Kemang Raya No.

National Police gets new spokesman

National Police gets new spokesman JAKARTA (JP): National Police chief Gen. Dibyo Widodo inducted Brig. Gen. Da'i Bachtiar as the new spokesman to his office yesterday. Da'i, who formerly served under the chief on social and political affairs, replaced Brig. Gen. Trimada Dani, who was being promoted to a new position at the National Police Course and Training Institute. Trimada had served in the position since July 1997. (cst)

Rupiah recovers after free fall against dollar

Rupiah recovers after free fall against dollar JAKARTA (JP): The rupiah finally broke the psychological 10,000 barrier against the U.S. dollar in Singapore yesterday after a series of new lows in the last several days. But in Jakarta, the rupiah's free fall stopped at 9,900 against the dollar and even recovered to 7,600/9,800 in the afternoon due to massive dollar selling by state banks.

RI gets loan from S. Korea

RI gets loan from S. Korea JAKARTA (JP): The South Korean government has agreed to provide 27.5 billion won (US$15.8 million) in a soft loan to support health facility development in Indonesia despite the monetary crisis in the country. The loan, which would be used to finance district hospital improvement projects in South Kalimantan and East Kalimantan, carries an interest rate of 2.5 percent per annum and will mature in 30 years, including a 10-year grace period.

Yamaha may reduce RI staff

Yamaha may reduce RI staff TOKYO (Reuters): Yamaha Motor Co. Ltd. is considering firing 700 part-time employees at its Indonesian unit if market conditions deteriorate, Yamaha president Takehiko Hasegawa told a news conference yesterday. He added that the company will cut shipments of motorcycle kits to the unit to 300,000 in calendar 1998 from 500,000 a year earlier. The company will also cut shipments of motorcycle kits to its Thai unit to 100,000 from 140,000, he said.

Housewife hospitalized for killing

Housewife hospitalized for killing JAKARTA (JP): The West Jakarta District Court yesterday sentenced a housewife, tried on charges of torturing her maid to death, to one year of treatment at a psychiatric hospital. Presiding judge Maryatmo said the defendant, Maria Ursula Tangguh, 35, was found guilty of killing her housemaid, Srini, 33, on Dec. 16, 1996.

Economists call for more concrete efforts to restore confidence

Economists call for more concrete efforts to restore confidence JAKARTA (JP): The loss of people's confidence in the government which has worsened the monetary crisis has to be restored by revamping the current government, economists said yesterday. Senior economist and former cabinet minister Mohamad Sadli said the monetary crisis, which has rapidly deteriorated in the past few days, showed that the market had lost confidence in the existing government.

Rupiah's sharp fall 'temporary'

Rupiah's sharp fall 'temporary' JAKARTA (JP): The governor of Bank Indonesia, the central bank, J. Soedradjad Djiwandono, said yesterday that he was optimistic the rupiah's free fall was temporary. Soedradjad said the rupiah's sharp fall against the U.S. dollar was caused more by market sentiment rather than the country's economic fundamentals. He said the sharp fall in the rupiah in the last two days was due to the market's negative reaction toward the draft state budget for fiscal 1998/1999.

Saba sells Indonesia property

Saba sells Indonesia property SANTA MARIA (Reuters): Saba Petroleum Co. said Wednesday it is looking for ways to raise shareholder value, including possible sale of a stake in its Jatiluhur Block in Indonesia. Saba said it plans to engage an investment banking firm to assist in developing alternatives.

Number of blood donors drops

Number of blood donors drops SURABAYA, East Java: The number of people donating blood at the Indonesian Red Cross office here has dropped by 65 percent in the first week of the fasting month, Antara reported yesterday. "On normal days, there can be between 200 and 300 donors per day. But now there are only about 125 per day," said Agung, the head of the office's service administration section.

Oil traders fear further RI action

Oil traders fear further RI action LONDON (Reuters): Prices for coconut oil soared in Europe late on Wednesday as traders rushed to cover their requirements ahead of a possible ban of exports by Indonesia. But other commodities showed relative stability after their downturn in the first few trading sessions of 1998.

Quality quest for this year's marquee of local films

Quality quest for this year's marquee of local films By Siti MB JAKARTA (Antara): Cautious optimism may be warranted for the local movie industry this year following production of several relatively good films in 1997. Noted director Garin Nugroho is among those feeling upbeat, despite the currency crisis. "True, there were only a few films in 1997, but in terms of quality they were better and more artistically made than previous ones," he said.

ABRI hails national coalition proposal

ABRI hails national coalition proposal JAKARTA (JP): Armed Forces Chief of Sociopolitical Affairs, Lt. Gen. Yunus Yosfiah, said yesterday the proposed coalition for political reform would only be welcomed if it was aimed at securing the economy and not at creating instability. "People are not prohibited from having opinions on state matters, which are different from the government," he said. Yunus said he had not seen any indication that the coalition would disrupt political stability.

Swimming body not affected by rupiah plunge

Swimming body not affected by rupiah plunge JAKARTA (JP): The rupiah downturn will not prevent the Indonesian Swimming Association from training their athletes in the United States. The association's swimming technical commission chairman, Lukman Niode, said after a meeting with the National Sports Council 13th Asian Games task force yesterday that the association would temporarily finance the swimmers before the chairman spoke to the main sponsor, the Tirtamas Group.

A collective effort to end the crisis

A collective effort to end the crisis Even though a reform plan has been announced by the President, the market has failed to respond in a positive manner. Rather, its reaction has been negative. The value of the rupiah has continued to decline, falling to a low of more than Rp 8,000 per U.S. dollar Wednesday (and plummeting to Rp 10,000 yesterday). The composite index at the Jakarta Stock Exchange also dropped. What could be wrong (with the budget) in the eyes of market players?

Nationalism is a hindrance

Nationalism is a hindrance By Joe L. Spartz JAKARTA (JP): In the wake of a free-falling rupiah and vanishing stock market values, financial gurus and investment pundits are vying to explain the causes of the financial disaster. They are the same people who, not so long ago, were falling over each other to extol the dynamic virtues of the so-called tiger economies.

Rice stock enough, says Bulog chief Beddu Amang

Rice stock enough, says Bulog chief Beddu Amang JAKARTA (JP): Chairman of the State Logistics Agency (Bulog) Beddu Amang called on the general public yesterday not to worry about the rice supply because the agency had enough stock for several months. "The public doesn't need to worry. Our stock of rice is enough," Beddu said on the sidelines of a seminar on crude palm oil organized by the Yayasan Indonesia Forum.

Pack up your troubles and head to the movies

Pack up your troubles and head to the movies JAKARTA (JP): The charmed world of the movies, always safe refuge from our troubles, may be your ticket this weekend to brief escape from unrelenting gloom on the sliding rupiah. Red Corner. Cast: Richard Gere, Bai Ling, Bradley Whitford. Director: John Avnet.

U.S. urges Indonesia to do more on reforms

U.S. urges Indonesia to do more on reforms WASHINGTON (Reuters): The United States, clearly worried about the course of Indonesia's economic program, said on Wednesday Jakarta should step up efforts to convince markets it was serious about IMF-sponsored reforms. U.S.

Stock Exchange

Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on Jan.8, 1998: Shares Close Change Trading Volume -------------------------------------------------------------- Ades Alfindo 825 0 0 AHAP Insurance 450 -50 12,500 Alter Abadi 325 -100 5,000 Alumindo Light Metal 300 -25 1,992,500 Alumindo Perkasa 250 0 0 Aneka Kimia Raya 825 -175 71,000 Aneka Tambang 1,125 -275 9,625,500 Anwar Sierad 125 0 232,500 Apac Centertex Corp.

Asian crisis may take bite out of U.S. exports

Asian crisis may take bite out of U.S. exports By Rob Lever WASHINGTON (AFP): U.S. agricultural exporters, facing the prospect of sharp declines in orders from Asia, are scrambling to avoid losing markets in countries affected by the region's financial turmoil. Asia accounts for 46 percent of the US$60 billion in U.S. agricultural exports, and U.S. producers are bracing for declines in exports of items such as beef to Japan and South Korea and cotton and apples to Southeast Asia. U.S.

City urged to speed up labor-intensive projects

City urged to speed up labor-intensive projects JAKARTA (JP): City councilors urged the municipality yesterday to speed up the implementation of its labor-intensive projects designed to ease the unemployment crisis which has gripped the city over the past few months. Saud Rachman from Commission D for development affairs told The Jakarta Post that the city needed to start the projects soon since they should have been started months ago. "The municipality is acting slowly on this matter.

Lampung gets new governor

Lampung gets new governor BANDAR LAMPUNG, Lampung: Oemarsono, 58, was elected Governor of Lampung for the 1998/2003 term yesterday in a tight contest which saw him defeat two other candidates -- Syamsuddin Zakaria and Rahmat Abdullah. Antara reported that the election was conducted under tight security, as supporters of the three candidates held vocal rallies outside. The election was attended by 43 out of 45 members of the provincial legislative council.

Only 22 listed companies remain healthy: Analyst

Only 22 listed companies remain healthy: Analyst JAKARTA (JP): Only 22 of 282 firms listed on the Jakarta Stock Exchange (JSX) are operating with sufficient cash flow, according to Pentasena Securities. The other 260 firms had serious cash-flow problems and were technically bankrupt, Pentasena head of research Mohammad Syahrial said.

Alamsjah dies at age of 72

Alamsjah dies at age of 72 JAKARTA (JP): Former coordinating minister for people's welfare and minister of religious affairs Lt. Gen. (ret) Alamsjah Ratu Perwiranegara, died yesterday morning at the age of 72. Alamsjah had been undergoing medical treatment for heart and asthma complications at the Metropolitan Medical Center (MMC) hospital since Nov. 5. He was buried with full military honors at Kalibata Heroes Cemetery, South Jakarta, yesterday evening.

Megawati free to hold private functions: ABRI

Megawati free to hold private functions: ABRI JAKARTA (JP): The ousted Indonesian Democratic Party (PDI) leader, Megawati Soekarnoputri, is free to hold private functions as long as it does not assume the party's name, Armed Forces (ABRI) Chief of Sociopolitical Affairs Lt. Gen. Yunus Yosfiah said yesterday.

Dictionaries

Dictionaries My job requires me to use dictionaries a lot. My favorite English-Indonesian and Indonesian-English dictionaries, by John M. Echols and Hassan Shadily, are published by PT Gramedia. I also use Oxford Advanced Learner's Dictionary. I usually search for words while working with my word processor and it is inefficient every time I have to open my dictionary manually. For my English dictionary I do not have any problems since I have the CD-ROM version.

Indonesia has no plans to close embassies yet

Indonesia has no plans to close embassies yet JAKARTA (JP): The Ministry of Foreign Affairs so far has no plans to shut down any Indonesian representative office abroad but admits that the severe depreciation of the dollar will severely effect diplomatic activities.

Ramadhan time for Jakarta

Ramadhan time for Jakarta Friday Maghrib 6.16 p.m. Saturday Imsak 4:14 a.m. Subuh 4.24 a.m.

Govt expects Rp 740b from reforestation funds

Govt expects Rp 740b from reforestation funds JAKARTA (JP): The government had targeted to collect Rp 740 billion (US$87.5 million) in reforestation funds in fiscal 1998/1999, a minister said yesterday. Minister of Forestry Djamaludin Suryohadikusumo said the government targeted to collect Rp 740 billion in reforestation funds. "The target of Rp 740 billion is much smaller than our annual revenue from reforestation funds in previous years.

Police seeks S'pore murder probe results

Police seeks S'pore murder probe results JAKARTA (JP): Indonesian police have called on their counterparts in Singapore to provide them with the latest investigation results of the killing of an Indonesian student there early this week, an NCB-Interpol officer said. "The investigation is purely theirs. We'll join the case only if there's a possibility that the suspect is an Indonesian or if the killing had something to do with someone here," newly- installed NCB-Interpol secretary Col.

PT Kujang books profit

PT Kujang books profit JAKARTA (JP): State fertilizer firm PT Pupuk Kujang posted Rp 87 billion (US$11.6 million) in profit last year, company president Edi Madnawidjaja said yesterday. Edi said Pupuk Kujang produced 600,769 tons of urea fertilizer last year, slightly above 596,425 tons in 1996. "Last year's production was our highest production since we began operations," he told Antara.

Money matters can deal marriage a harsh blow

Money matters can deal marriage a harsh blow By Mochtar Buchori JAKARTA (JP): Is it really hard for the fabulously rich to preserve their marriage? Is it harder for them to preserve their marriage than for ordinary people who do not feel the power of money? These questions came to my mind after reading Ellen Goodman's article "Money Gives Its Views On Marriage", in the Dec. 21 edition of The Guardian Weekly. Goodman wrote about a marriage that was wracked by money.

S. Korean Kim vows to stick to IMF terms

S. Korean Kim vows to stick to IMF terms SEOUL (AFP): South Korean president-elect Kim Dae-jung pledged yesterday to stick to a harsh International Monetary Fund (IMF) prescription and called for help in hauling South Korea out of its financial crisis. Addressing an Asia-Pacific Parliamentary Forum (APPF) meeting here overshadowed by the region's financial woes, Kim, 74, also pledged to try to improve ties with communist North Korea.

S'pore to maintain defense spending

S'pore to maintain defense spending SINGAPORE (AFP): Singapore will not slash defense spending despite an economic slowdown due to financial turmoil sweeping through the region, news reports said yesterday. "Building a credible defense force is a long-term process which requires prudent and steady investment over many years," deputy prime minister Tony Tan was reported saying by local newspapers.

RI needs to restore political system

RI needs to restore political system Calls for political reform have come out loud and clear as the country sinks deeper into economic crisis. Social scientist Arbi Sanit, of the University of Indonesia, shares his view on this issue. Question: The government has introduced various economic measures to overcome the economic crisis but the value of the rupiah continues to fall. What do we have to do?

Thamrin project to start in April

Thamrin project to start in April JAKARTA (JP): The city administration is scheduled to start the Thamrin Walk project along Jl. Thamrin, Central Jakarta, in April, deputy governor of development affairs Tb. M. Rais said on Wednesday. Rais said that all 28 of the high-rise building owners to be affected by the project had supported the beautification plan. "We will invite them again before the Idul Fitri holidays to talk about the project's development," he said.

The Listening Post

The Listening Post "Building English Skills Through Newspaper + Radio" Produced by American Language Center in cooperation with The Jakarta Post and Radio Sonora FM 100.9 Mhz * An underdeveloped sense of irony prevents many Indonesian learners of English from appreciating subtleties of discourse. Proficient speakers and readers will recall just how common forms of sarcasm, mockery and satire are, in conversation as well as literature.

Asian currencies tremble on rupiah's fall

Asian currencies tremble on rupiah's fall SINGAPORE (Reuters): Asia's battered currencies trembled yesterday as unfounded rumors swirled about the political situation in Indonesia. Dealers said social unrest could not be ruled out in Indonesia as the rupiah plunged 18 percent to a record low of 9,900 to the U.S. dollar in early trading.

PAL may cancel jet order

PAL may cancel jet order MANILA (AFP): Philippine Airlines (PAL) is planning to cancel its order for four Boeing 747-400 jets due to high interest rates and the currency crisis sweeping the region, a business newspaper reported yesterday. The Business World newspaper, quoting an unnamed PAL official, said the ailing national flag-carrier had written to Boeing Co. earlier this month, informing the aircraft-maker of the decision to cancel the order for the four planes.

TV today

TV today TVRI 2:00 p.m. News: Berita 14 2:30 My Country 2:35 TV Series: Tom and Jerry Kid 3:10 Children's Dance 3:35 Talk Show: Sambung Rasa 4:00 Regional News 4:30 Student's Quiz: Cerdas Cermat 5:10 Documentary Film: Science World 5:30 TV Drama: Senyum Buat Hari Esok 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 Development Program: Dynamic 8:05 TV Drama 9:00 World News 9:30 Koran Recital 9:45 Religious Program:...

Reduction of expat workers sought

Reduction of expat workers sought JAKARTA (JP): Legislators are calling on the government to selectively reduce the number of foreign workers in Indonesia to help reduce the burdens on the troubled national economy. "Expatriate workers, mostly paid in U.S. dollars, should be repatriated selectively since our country is experiencing a monetary crisis," said Muchsin Bafadal of the United Development Party faction.