Indonesian Political, Business & Finance News

Archive: 16 October 1998

56 articles found

Indonesia to stick to its plans despite strong rupiah

Indonesia to stick to its plans despite strong rupiah JAKARTA (JP): The International Monetary Fund's Asia Pacific director Hubert Neiss has said that Indonesia will not have to revise its economic reform program despite the strengthening of the rupiah.

Cult of personalily haunts Megawati's 'democratic' congress

Cult of personalily haunts Megawati's 'democratic' congress By Marcus Mietzner DENPASAR (JP): Megawati Soekarnoputri's recent Indonesian Democratic Party (PDI) congress in Bali has established her organization as the major nationalist force in Indonesia's political landscape. Riding on a wave of public sympathy, Megawati's party branches reelected her as their chairwoman without a single delegate opposing her nomination.

Bank DKI may use disputed Timor buildings: Sutiyoso

Bank DKI may use disputed Timor buildings: Sutiyoso JAKARTA (JP): City-owned Bank DKI will likely take over two disputed Central Jakarta office buildings owned by former president Soeharto's youngest son, Governor Sutiyoso said on Thursday. Companies owned by Hutomo "Tommy" Mandala Putra will relocate from the buildings on Jl. Medan Merdeka Timur to Bank DKI's office on Jl. Juanda III, Central Jakarta, in an exchange deal, Sutiyoso said.

Bakrie denies any wrongdoing in Freeport deal

Bakrie denies any wrongdoing in Freeport deal JAKARTA (JP): Chairman of PT Bakrie & Brothers Aburizal Bakrie denied on Thursday that he had acquired a lucrative stake in copper and gold mining company PT Freeport Indonesia through his political connections. Aburizal said Bakrie's affiliate Indocopper Investment Corporation (IIC) acquired a 10 percent stake in Freeport Indonesia, a subsidiary of the U.S.-based Freeport McMoRan Gold and Copper Inc., "in line with existing procedures" in 1991.

Habibie vows to get children off streets, back to school

Habibie vows to get children off streets, back to school JAKARTA (JP): President B.J. Habibie vowed to lure children off the streets and back into school, officials said Thursday. Minister of Research and Technology/chairman of the Agency for Assessment and Application of Technology (BPPT) Zuhal, accompanied by Minister of Education and Culture Juwono Sudarsono, said Habibie has ordered related ministries to make a list of street children in the country.

Let courts decide Anwar's fate: Mahathir

Let courts decide Anwar's fate: Mahathir KUALA LUMPUR (Agencies): Prime Minister Mahathir Mohamad said on Thursday that Malaysia's neighbors should let the country's courts decide the fate of his sacked deputy instead of implying that the government had influence over the case.

Utut to compete in CSAS Trophy chess tournament

Utut to compete in CSAS Trophy chess tournament JAKARTA (JP): Indonesian Grand Master (GM) Utut Adianto has been named one of three Asia-Pacific representatives for the US$48,000 CSAS Trophy intercontinental rapid chess tournament in Cap d'Agde, France, from Oct. 25 to Oct. 31.

Govt to own 95% of Bank Danamon

Govt to own 95% of Bank Danamon JAKARTA (JP): The government has taken control of a 95 percent stake in the publicly-listed Bank Danamon following a debt-for- equity agreement struck on Thursday. The Indonesian Bank Restructuring Agency (IBRA) said in a press release that Bank Indonesia liquidity support given to Bank Danamon would be converted into government equity in the bank. The agency added that Bank Danamon's shareholders had agreed to the proposal.

BI urged to maintain tight money policy

BI urged to maintain tight money policy JAKARTA (JP): The current strengthening of the rupiah is not yet sustainable and therefore Bank Indonesia should not overreact by relaxing its monetary policy, the Indonesian Economists Association's chairman Marzuki Usman suggested on Thursday. Marzuki, also minister of tourism, arts and culture, said the central bank should maintain its current tight monetary policy until the exchange rate was really stable.

Students protest for vagabonds

Students protest for vagabonds SEMARANG: About 100 students of the Diponegoro University's School of Letters here held a rally on Thursday to demand that the government help street children and their mothers. They said the number of vagabonds had increased because the government had been too slow in handling the economic crisis. "We demand the government really address the crisis, for instance lower the prices of basic essentials which have been skyrocketing," they said.

Perhapi holds mining summit

Perhapi holds mining summit JAKARTA (JP): The Association of Indonesian Mining Professionals (Perhapi) will hold a three-day exhibition and seminar on mining from Dec. 3 to Dec. 5 at the Jakarta International Exhibition Center in Kemayoran. Perhapi chairman Herman Afif Kusumo said on Thursday the event, dubbed the Indonesian Mining Investment Summit, would be coorganized by PT Pameran Buana Abadi and Australia's Asian Journal of Mining.

Police 'breached professional ethics'

Police 'breached professional ethics' JAKARTA (JP): A lawyer representing the Volunteers for Humanity accused the police on Thursday of violating professional ethics in its handling of a murder case that rights activists allege is linked to an investigation into sexual assaults and rapes of Chinese-Indonesians during the May riots.

Where does the economic catastrophe really belong?

Where does the economic catastrophe really belong? SINGAPORE: Reviewing the Southeast Asian crisis a year or so later, there is little doubt that it has been devastating: gross domestic product (GDP) in Indonesia this year is running at a staggering 15-20 percent down on last year's levels. Even in South Korea and Thailand, which are supposed to be the success stories to emerge from the Asian crisis, the reductions in GDP are respectively estimated at 6 and 8 percent.

BPS increases its rice forecast

BPS increases its rice forecast JAKARTA (JP): The Central Bureau of Statistics (BPS) has increased its unhusked rice production forecast for this planting year to 46.44 million metric tons from an initial estimate of 46.29 million tons. Minister of Agriculture Soleh Solahuddin said on Thursday the upward revision was made due to a better-than-expected rice harvest in August and September. But he said this year's rice production would still be lower than the 49.38 million tons recorded in 1997.

Violence leads to disintegration

Violence leads to disintegration The cycle of violence rolls on. Abductions of activists, the fatal shooting of Trisakti University students, the May riots, robberies, looting, murder and now the gruesome Banyuwangi killing spree. Franz Magnis-Soeseno, professor of social philosophy at Driyarkara School of Philosophy, looks at the implications for the country. Question: Is there any political motive behind the spate of violence throughout the country? Magnis-Soeseno: We cannot speculate.

Rubber producers, users to decide on INRO fate

Rubber producers, users to decide on INRO fate KUALA LUMPUR (Reuters): Rubber producing and consuming countries will meet in the Malaysian capital next week with the outcome likely to determine the future of the International Natural Rubber Organization (INRO). Industry sources said it will be a crucial meeting to prevent a collapse of the world's only surviving producer-consumer commodity grouping. "It will be crucial in that sense," a Malaysian official said.

Stock Exchange

Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on Oct. 15, 1998: Shares Close Change Trading Volume -------------------------------------------------------------- Ades Alfindo 325 0 0 AHAP Insurance 400 0 0 Alter Abadi 250 0 450,500 Alumindo Light Metal 250 0 0 Alumindo Perkasa 225 0 0 Aneka Kimia Raya 125 25 1,000 Aneka Tambang 1,375 25 2,703,500 Anwar Sierad 100 0 0 Apac Centertex Corp.

A replacement for Bulog

A replacement for Bulog State Minister of Food and Horticulture A.M. Saefuddin has announced that the government is planning to have the State Logistics Agency (Bulog) replaced by another agency -- at the end of this year at the latest -- in order to improve the distribution and price stability of food and other essential commodities. According to Saefuddin, the new agency will be noncommercial and financed with funds provided by the state and other sources.

Kadin plans national congress

Kadin plans national congress JAKARTA (JP): The Indonesian Chamber of Commerce and Industry (Kadin) plans to hold its five-yearly national congress from Dec. 8 to Dec. 10. The chamber announced on Thursday that its third national congress would be attended by 800 people representing Kadin's executive board, its provincial chapters, business and industry associations, foreign committees and executives of the chamber's other bodies.

Drivers to sue transportation body

Drivers to sue transportation body JAKARTA (JP): The drivers and owners of six public transport minivans whose licenses to ply the Salemba-Rawamangun route were withdrawn only two weeks after they were first issued have said they plan to sue the city's Land Transportation Agency (DLLAJR) over the matter. Paulus R.

Government backtracks on plan to replace Bulog

Government backtracks on plan to replace Bulog JAKARTA (JP): Minister of Industry and Trade Rahardi Ramelan said on Thursday that despite reports to the contrary, the government had not yet decided to replace the State Logistics Agency (Bulog) with a new body.

Half of all audited banks 'lack capital'

Half of all audited banks 'lack capital' JAKARTA (JP): About half of the country's commercial banks already audited by international accountants and the central bank have acute lack of capital, Bank Indonesia Governor Sjahril Sabirin said on Thursday. Of the 80 banks audited, most had a capital adequacy ratio (CAR) of less than 4 percent. "Only a few have a CAR of more than 4 percent," he told reporters following a seminar on economic and debt restructuring. He declined to name the banks.

Taiwanese man faces jail

Taiwanese man faces jail JAKARTA (JP): Bogor District Court has been asked to sentence a 47-year-old Taiwanese man to 18 months in jail for counterfeiting his country's currency here. Prosecutor Junus Saiya told the court on Thursday that James Wang, alias Wang A. Sung, had admitted to financing the printing of at least 8,000 fake 1,000 Taiwan dollar notes in Bogor and distributing them in his country. One Taiwan dollar equals Rp 265.

Golkar yet to decide on its presidential candidate

Golkar yet to decide on its presidential candidate JAKARTA (JP): Golkar leaders will assemble here on Saturday for a three-day congress to announce its establishment as a "political party", Golkar chairman Akbar Tandjung said on Thursday. Despite acting like one all along, Golkar has always resisted being called a political party.

Rachmaninoff piece included in classic concert's program

Rachmaninoff piece included in classic concert's program JAKARTA (JP): The curtain comes down on the one-month Art Summit Indonesia 1998 in the next few days, but this does not mean that the end of quality performances in the capital. The Nusantara Symphony Orchestra is preparing to entertain classical music lovers with two concerts next week. The 60-member orchestra will be performing at Hotel Mulia Senayan on Jl.

DPR urged to limit govt involvement in poll organization

DPR urged to limit govt involvement in poll organization JAKARTA (JP): The House of Representatives must limit the government's involvement in the organization of the general election next year to ensure a clean and fair poll, a political expert suggested here on Thursday. In a discussion on the bill on elections currently being debated by the House, Muhammad A.S.

SE Asian monies firmer as funds flow back

SE Asian monies firmer as funds flow back SINGAPORE (Dow Jones): Southeast Asian currencies were stronger against the U.S. dollar in late trading Thursday, as a groundswell of positive sentiment over Japan's ongoing efforts to fix its ailing economy pushed funds back into the region, traders and economists said. "The improvement of sentiment towards Japan has relieved the pressure on regional currencies," said Kate O'Donoghue, regional economist at Barclays Capital.

Germany's exports to RI expected to fall 20 percent

Germany's exports to RI expected to fall 20 percent JAKARTA (JP): Germany's exports to Indonesia are expected to fall 20 percent this year due to declining orders from Indonesian companies, a German businessman said on Thursday. F. Kleinsteuber, the director of the German-Indonesian Chamber of Industry and Commerce (Ekonid), said the economic crisis, which has hit Indonesia since July last year, had severely weakened local companies' ability to import.

Art summit schedule of events

Art summit schedule of events Oct. 16-17: Music, Tsuchitori Toshiyuki (Japan), Taman Ismail Marzuki (TIM), Jl. Cikini Raya 73, Central Jakarta (Phone: 3154087). Oct. 18-19: Music, Kaija Saariaho (Finland), Gedung Kesenian Jakarta (GKJ), Jl. Pos No. 2, Central Jakarta (Phone: 3441892). All performances start at 8 p.m.

Use of flood prevention funds 'must be transparent'

Use of flood prevention funds 'must be transparent' JAKARTA (JP): A councilor has called for transparency in the spending of a central government grant of Rp 93 billion to fund the city administration's flood prevention projects this year.

ASEAN film week to be held in Vietnam

ASEAN film week to be held in Vietnam HANOI (Agencies): An ASEAN film week will be held in Hanoi the last week of November as the country prepares to host the ASEAN summit the following month, local press reports said Thursday. Each of the nine ASEAN member countries will send one film. The film week is funded by the Vietnam-ASEAN Culture and Information Cooperation Committee, the Investment newspaper said.

ASEAN police will play in Vietnam

ASEAN police will play in Vietnam HANOI (DPA): Policemen from Southeast Asian countries will swap uniforms for soccer jerseys in a regional tournament hosted by Vietnam next month that apparently is not open to all ASEAN members, diplomats said Thursday. Police teams from Thailand, Singapore, Laos and Cambodia are taking part in the two-week event that gets underway Nov. 1. A local newspaper has dubbed the event the ASEAN Police Football Tournament.

Conversion Rates

Conversion Rates JAKARTA (JP): Bank Bali's conversion rates on Oct. 15, 1998: TT rates Bank notes rates Buying Selling Buying Selling Rp Rp Rp Rp U.S.

Robust rupiah hits 8,575, stocks edge up 0.5%

Robust rupiah hits 8,575, stocks edge up 0.5% JAKARTA (JP): The rupiah continued its winning streak on Thursday, carding 8,575 against the U.S. dollar, and stock prices regained some of the losses of the previous day. Currency dealers and analysts said news the International Monetary Fund (IMF) was ready to start disbursing its loans on a quarterly basis boosted the currency because it signaled a rise in international confidence in the government.

Distribution scam

Distribution scam Somebody introducing himself as Syamsul Azwar, H. Abdurrahman Daud, H.

Pupils give food to orphanages

Pupils give food to orphanages JAKARTA (JP): Little Apple Pre-school in Kelapa Gading has been collecting donations of rice, sugar, instant noodles, cooking oil and syrup from pupils' parents to give to hungry orphans. "The response from parents has been so great that each pupil has given between 25 and 50 kilograms of rice along with other items like syrup, sugar and cooking oil," Meraj Saeed, the school's principal, said on Thursday.

Asian Games gives new life to dying Thai 'tuk tuk' firm

Asian Games gives new life to dying Thai 'tuk tuk' firm By Sutin Wannabovorn AMNART CHAROEN, Thailand (Reuters): The smile is back on Chusak Maratana's face as he watches workers in his factory finish the main structure of a tuk tuk, the traditional Thai three-wheeled motorcycle taxi. Business had been really down recently due to a national economic crisis that sharply cut orders for the popular taxis, which are widely used in Thai villages and towns alike.

Asiad organizers get venue on time

Asiad organizers get venue on time BANGKOK (Agencies): Asian Games organizers on Thursday definitively abandoned emergency plans to switch events after taking charge of the main sports complex for the event. The Muang Thong Thani complex was not completely finished for Thursday's deadline for a handover. "It's not 100 percent complete, but it's 99 percent with 1 percent... to be fixed later," Sakchye Tapsuwan of the Resort Authority of Thailand told AFP.

Indra to renegotiate debt

Indra to renegotiate debt JAKARTA (JP): The Jakarta Commercial Court approved on Thursday property developer PT Indra Maju Lestari's request to temporarily suspend due payments to construction firm PT Lukindo Technics. PT Lukindo filed a bankruptcy suit at the commercial court on Sept. 28 after the property developer failed to pay a Rp 8.12 billion and US$444,410 construction fee due on Aug. 25 last year.

Alatas holds meeting with E. Timor activists

Alatas holds meeting with E. Timor activists JAKARTA (JP): Minister of Foreign Affairs Ali Alatas on Thursday met and discussed solutions to all problems related to East Timor with both pro and anti-integration activists.

Executive tried for embezzlement of Rp 4b

Executive tried for embezzlement of Rp 4b JAKARTA (JP): A former private company executive was indicted at Central Jakarta District Court on Wednesday on charges of embezzling Rp 4 billion (US$470,588). Prosecutor Hapastan Harahap said the defendant, Soebiyanto Arifin, 40, the former president of PT Pan Gas Nusantara Industri, embezzled the money between May 1990 and July 1992. "The defendant caused the state a loss of about Rp 4 billion," Harahap said.

Govt decision to revoke decrees on projects hailed

Govt decision to revoke decrees on projects hailed JAKARTA (JP): Governor Sutiyoso hailed on Thursday the central government's decision to revoke three presidential decrees signed by former president Soeharto on the reclamation of North Jakarta Bay and Kapuk Naga coast and the development of Jonggol township. "There's nothing bad.

Sacked Golkar legislators protest their dismissal

Sacked Golkar legislators protest their dismissal JAKARTA (JP): Three members of the dominant Golkar political grouping protested their dismissal from the House of Representatives (DPR) on Thursday, calling their leaders authoritarian. Mubha Kahar Muang, Indra Bambang Oetojo and Bachriyoen Soetjipto, withdrawn from the House on Wednesday, separately said they did not know the reasons for their dismissal. They charged that Golkar had not changed despite the reform era. "I thought Golkar...

From Jenkins to Winters

From Jenkins to Winters When Sydney Morning Herald journalist David Jenkins wrote in 1986 that president Soeharto, his children and cronies were abusing his position to amass personal fortunes, the Indonesian government's response was harsh and swift.

10,000 children undernourished

10,000 children undernourished PURWOKERTO, Central Java: There are some 10,000 undernourished elementary school children in 73 poor villages in Banyumas regency, an official here said on Thursday. Toto Ismanto, a staffer at the Banyumas administration office, said the undernourished children were recorded from 150 schools and they had suffered since the economic crisis worsened a few months ago. The regency has 329 regencies.

Students stage rally at campus

Students stage rally at campus BOGOR (JP): Dozens of Juanda University students staged a rally at their campus on Thursday to demand Bogor police end their investigation of students suspected of killing an intelligence officer during a clash between protesters and police in May. However they stopped their action immediately after being assured by their rector, Abdi Soetisna, that police have given a verbal assurance that the cases will be dropped. He also said that the suspects -- T.B.

Where to go in Jakarta:

Where to go in Jakarta: Exhibitions * Textile Exhibition, by Nelwan Anwar, at Klub Bimasena, The Dharmawangsa, Jl. Dharmawangsa Raya 39, South Jakarta, 10 a.m. to 8 p.m., Oct. 20-23. * Painting Exhibition: Apa Siapa di Pikiranku, by Kukuh Nuswantoro, at Galeri Kafe Linggar, Jl. Kemang Timur No. 36, South Jakarta (Phone: 7990008), 10 a.m. to 10 p.m., until Nov. 1. * Painting Exhibition: Wayang, the traditional Javanese puppet, at Sari Pan Pacific Hotel, Jl. M.H.

Minister suggests outlawing sorcery

Minister suggests outlawing sorcery SEMARANG (JP): Minister of Justice Muladi said on Thursday that sorcery, known locally as santet, should be made an offense under the Criminal Code because of its potential to stir up unrest in superstitious communities. The minister said that black magic and witchcraft needed to be brought under the criminal law urgently.

Police arrest 317 gamblers

Police arrest 317 gamblers MEDAN, North Sumatra: A predawn raid jointly held by the North Sumatra police and military commands arrested on Wednesday 317 people for gambling. Fifty-five of them were women and an Armed Forces member, chief of staff of the Bukit Barisan military command Brig. Gen. Djibut Hindarto announced on Thursday. "It's an operation to stop the spreading of gambling in North Sumatra," he said.

Child labor and economic woes

Child labor and economic woes By Nafsiah Mboi This is the second of two articles on a likely increase in child labor amid the economic crisis. JAKARTA (JP): Vast numbers of children and young workers will be entering the workforce in the next few years if Indonesia does not act promptly and decisively. Working conditions can damage the children; the potential damage to children can be clustered in three broad categories.

DLLAJ vows to speed up roadworthiness tests

DLLAJ vows to speed up roadworthiness tests JAKARTA (JP): A senior official pledged on Thursday to speed up services at the city's vehicle roadworthiness test stations in an attempt to reduce the number of drivers who preferred to hire middlemen to save time. The head of the vehicle testing unit of the City Land Transportation Agency (DLLAJ), Abubakar Ahmad, said trials for the new process had already been carried out at the Ujung Menteng test station in East Jakarta.

RP, RI may trade in own currencies

RP, RI may trade in own currencies MANILA (Bloomberg): The Philippines and Indonesia are studying using their own currencies, instead of dollars, in bilateral trade, Philippine President Joseph Estrada said Thursday. Estrada, who met with Indonesian President B.J. Habibie after a state visit to Singapore Tuesday, said the "intra-currency" concept could help both countries preserve foreign reserves.

High hopes place on new commission for women's rights

High hopes place on new commission for women's rights JAKARTA (JP): High hopes were placed on the new National Commission on Violence Against Women as speakers at a dialog on Thursday reported abuse by spouses and employers and prolonged trauma under military operations.

Winters banned from entering RI

Winters banned from entering RI JAKARTA (JP): The government has slapped a ban on American professor Jeffrey A. Winters from entering Indonesia for allegedly humiliating Coordinating Minister for Economy, Finance and Industry Ginandjar Kartasasmita, Minister of Justice Muladi said on Thursday.

TV today

TV today TVRI 2:00 p.m. News: Berita 14 2:30 Music 2:35 Cartoon: Warner Kartun 3:05 Sports Program 3:30 Village Program 4:00 Regional News 4:30 Performance: Cakrawala Budaya 5:00 Music: Paket 27 5:30 Educational Quiz: Cerdas Cermat 6:00 News: Lintasan Berita 6:05 Documentary: Rona Nusantara 6:15 Sports News 6:30 TVRI News (in English) 7:00 Evening News 7:35 Music: Gramaphone 8:00 News: Lintasan Berita 8:05 Music: Gramaphone (contd.) 8:30 Talk Show: Dialog 9:00 World News 9:35 Music: Gebyar...

Govt faces dilemma due to public skepticism: Marzuki

Govt faces dilemma due to public skepticism: Marzuki JAKARTA (JP): Human rights campaigner Marzuki Darusman said on Thursday the government faced a dilemma in solving various sociopolitical problems due to strong public skepticism. "On one side, skepticism could arise from the government's clumsiness in handling problems.