Indonesian Political, Business & Finance News

Archive: 2 October 1998

56 articles found

PT Hankook Ceramic buoys business in RI

PT Hankook Ceramic buoys business in RI Ceramics company PT Hankook Ceramic Indonesia was founded in 1991 at an investment of US$10 million, with its site at Pasar Kemis, Tangerang, West Java. The company's expansion was rapid. From the groundbreaking ceremony in August 1991, PT Hankook Ceramic Indonesia began production in July 1992, making its first export to the United States just a month later.

Estrada urges Danes boycott

Estrada urges Danes boycott MANILA (AFP): President Joseph Estrada called on Thursday for a national boycott of rising Hollywood star Claire Danes over published comments in which she trashed the Philippines for its beggars and unsanitary conditions. "She should not be allowed to set foot here," Estrada, a retired movie star himself, told reporters. He said he backed a resolution passed by the Manila city council this week to ban films featuring the teenager.

On foreign currency flows

On foreign currency flows I would like to respond to Mr.C.J.de Koning's two articles in your paper "RI's international stakeholders" on Sept. 18, 1998 and "Risk reduction strategy needed" on Sept. 25, 1998. In his first article, he has likened the foreign currency capital inflow and outflow as water which causes flooding if there is too much and droughts if there is too little. He has suggested the solution may lie in introducing government US$ short term promissory notes (SBI).

Bankers told to pay debt in one year

Bankers told to pay debt in one year JAKARTA (JP): President B.J. Habibie has ordered owners and former owners of the country's troubled commercial banks to repay obligations to the government in cash within one year or face stiff legal action, Frans Seda, a senior presidential economic advisor, said on Thursday.

Where does Asia go from here?

Where does Asia go from here? By Mar'ie Muhammad The following article is based on a paper presented at the Pacific Rim Forum in Shanghai on Sept. 23, 1998.

Canada to join APEC summit

Canada to join APEC summit OTTAWA (Reuters): Canada said on Wednesday it will attend the November APEC summit in Kuala Lumpur despite its concerns over the treatment of dissidents in Malaysia. "We are intending to go to Kuala Lumpur, and we will take up concerns with Mr. Mahathir when we're there," Sophie Galarneau, a spokeswoman for Prime Minister Jean Chretien, told Reuters.

Anti-dumping charge rejected

Anti-dumping charge rejected BRUSSELS (AFP): European Union members' permanent representatives on Wednesday rejected proposed anti-dumping duties for five years on unbleached cotton fabrics from China, Egypt, India, Indonesia and Pakistan, EU sources said. The rejection came at a meeting in Brussels of the members' permanent representatives, who voted 8 to 6 with 1 abstention to reject a recommendation for such duties made by the European Commission in July.

George calls for criminal proceedings against Soeharto

George calls for criminal proceedings against Soeharto JAKARTA (JP): The scholar and government critic George Junus Aditjondro has called for criminal proceedings to be brought against former president Soeharto, saying there is already enough circumstantial evidence to prove that the latter amassed a fortune while in office. Without a trial, foreign governments are unlikely to freeze Soeharto's assets abroad, George said on Thursday during the launch of his new book Dari Soeharto ke Habibie.

PDI 'reconciliation' efforts a failure, Budi Hardjono says

PDI 'reconciliation' efforts a failure, Budi Hardjono says JAKARTA (JP): The government-sanctioned chairman of the splintered Indonesian Democratic Party (PDI), Budi Hardjono, said on Thursday that he has brought to an end his self-initiated effort to reconcile his camp with that of popular opposition figure Megawati Soekarnoputri. Budi said the split in the party appeared to be terminal. "Yes, I can let go. Reconciliation is not possible.

Activists protest rights abuses

Activists protest rights abuses BANGKOK (DPA): A group of Asian political activists staged protests at the Myanmar, Malaysian, Indonesian, Philippines and Singapore embassies in Bangkok on Thursday against growing violations of human rights in Southeast Asia.

Conversion Rates

Conversion Rates JAKARTA (JP): Bank Bali's conversion rates on Oct. 1, 1998: TT rates Bank notes rates ------------------------------------------ Buying Selling Buying Selling Rp Rp Rp Rp U.S.

Economist warns fair election difficult in economic crisis

Economist warns fair election difficult in economic crisis JAKARTA (JP): Noted senior economist Sarbini Sumawinata said it was hard to imagine the realization of fair and free elections in the midst of widespread difficulties in buying inexpensive food. Antara quoted him on Thursday as saying that economic recovery should be the main agenda at least until the end of the year.

Competition picks trio of talented piano composers

Competition picks trio of talented piano composers By Yudha Kartohadiprodjo JAKARTA (JP): Many of us are quite familiar with jazz piano compositions. Some of us are even more familiar with classical piano pieces. Even though they do have selected audiences in the society at large, the two types of music have enjoyed a wider spectrum of audience compared to contemporary piano music.

Trauma counseling seminar for women

Trauma counseling seminar for women JAKARTA: Representatives of women's support groups from around the country are participating this week in a seminar on trauma counseling organized by the Australia-Indonesia Institute (AII) and the Indonesian Women's Coalition for Justice and Democracy. The seminar is being conducted at the Australian Embassy by two Melbourne-based Australian trauma counseling experts, Ida Kaplan and Diana Orlando, in conjunction with coalition leaders Myra Diarsi and Debra H.

Habibie leads ceremony marking abortive coup

Habibie leads ceremony marking abortive coup JAKARTA (JP): President B.J. Habibie led a brief ceremony at Lubang Buaya in East Jakarta on Thursday morning to mark Pancasila Sanctity Day. The ceremony was attended by Cabinet ministers and the families of the six generals and one captain killed in an abortive coup in 1965 which was blamed on the now outlawed Indonesian Communist Party (PKI).

Asian monies mixed against U.S. dollar

Asian monies mixed against U.S. dollar SINGAPORE (Dow Jones): Southeast Asian currencies were mixed against the U.S. dollar in late trade Thursday, as attention remained focused on the Deutsche mark and the yen, and non-Asian markets such as Brazil. "Clearly, the yen will remain the driver for regional currencies, although the market is currently quiet, as investors are waiting to see what happens with banking-sector reforms," said Winston Koh, regional strategist for J.P. Morgan in Singapore.

CalEnergy ready to settle dispute with local firms

CalEnergy ready to settle dispute with local firms JAKARTA (JP): Himpurna California Energy (HCE) Ltd, a subsidiary of U.S. giant power company CalEnergy Co., owner of the Dieng geothermal power project in Central Java, said on Thursday it was ready to settle the payment dispute with local contractors amicably. CalEnergy vice president for Indonesia Frederick L.

Students protest in various cities

Students protest in various cities JAKARTA (JP): Students took to the streets of many cities for various reasons on Thursday, with Jakarta witnessing at least two large rallies focusing on President B.J. Habibie. In Depok and Bogor, two towns south of Jakarta, student rallies also occurred -- both demanding the abolition of the Armed Forces (ABRI) dual-role doctrine which enables it to play both security and political roles.

Stock Exchange

Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on Oct. 1, 1998: Shares Close Change Trading Volume ------------------------------------------------------- Ades Alfindo 325 0 0 AHAP Insurance 400 0 0 Alter Abadi 200 0 50,000 Alumindo Light Metal 325 0 0 Alumindo Perkasa 225 0 0 Aneka Kimia Raya 125 0 29,500 Aneka Tambang 1,200 0 3,116,000 Anwar Sierad 100 0 94,500 Apac Centertex Corp.

PDI to fight for ABRI's presence in House

PDI to fight for ABRI's presence in House JAKARTA (JP): The tiny Indonesian Democratic Party (PDI) faction of the House of Representatives will fight for the continued representation of the Armed Forces in the legislative body, a party executive has said.

Reporter stabbed, robbed in car

Reporter stabbed, robbed in car JAKARTA (JP): A reporter from the Suara Pembaruan evening daily was robbed and assaulted in his car on Thursday morning after stopping to receive a call on his cell phone. Upa Labuhari had pulled over to the side of the street at about 9 a.m. near the Jl. Pemuda and Jl. Pramuka junction in East Jakarta.

Asia's banks hold $1,18 trillion in problem loans: Lehman Brothers

Asia's banks hold $1,18 trillion in problem loans: Lehman Brothers TOKYO (AFP): Asia's banks are holding US$1,180 billion in problem loans and face a long, slow road to recovery, the U.S. investment bank Lehman Brothers said in a report here Thursday. It will take some $386 billion to recapitalize the banks, the report said, with Japan, South Korea, Thailand and Indonesia the region's most troubled nations.

Soeharto, Prabowo invited to ABRI anniversary event

Soeharto, Prabowo invited to ABRI anniversary event JAKARTA (JP): Former president Soeharto and his son-in-law Lt. Gen. (ret) Prabowo Subianto, together with other senior retired generals, are to be invited to the Armed Forces' (ABRI) 53rd anniversary on Monday. Chairman of the organizing committee, Maj. Gen. Soeparto S., told a media conference the invitations would be sent before the end of the week. "Former president Soeharto and former chief of the Armed Forces Staff and Command School Lt.

Our two nations widen mutual partnership

Our two nations widen mutual partnership On October 3, we celebrate the 50th anniversary of the founding of the Republic of Korea. As the Korean Ambassador to Indonesia, I wish on this day to extend a warm hand of friendship to the Indonesian people. Since Indonesia and Korea opened official relations in 1966, both countries have maintained a very close and cooperative relationship in wide-ranging fields of politics, economy, culture and so forth.

Dozens arrested for timber thefts

Dozens arrested for timber thefts SEMARANG: Police on Tuesday confiscated more than 3,000 cubic meters of teak wood in three Central Java districts and arrested dozens of people suspected of stealing and receiving the stolen timber, Antara reported. In an operation code-named Wana Candi, the police also found stolen teak wood in the home of a Plangitan village official in Pati district.

Rupiah stays at 10,000 level but stocks fall

Rupiah stays at 10,000 level but stocks fall JAKARTA (JP): The rupiah managed to stay relatively unchanged at 10,000 level to the U.S. dollar on Thursday despite several other regional currencies losing ground. The rupiah ended slightly weaker at 10,775 against the greenback, compared to Wednesday's close of 10,750.

Masked men slay 83 in attacks on 'black magic'

Masked men slay 83 in attacks on 'black magic' SURABAYA (JP): A mysterious band of masked men has reportedly killed at least 83 people in the past two months in East Java. The first victims were said to be suspected practitioners of "black magic", but the toll has also included religious teachers and leaders. Police said the murders were almost daily occurrences since August in the regency of Banyuwangi, about 293 kilometers east of here.

BHP clarifies

BHP clarifies In order to avoid misinterpretation of BHP activities, I must correct several inaccuracies in the article Compensation demand in The Jakarta Post on Sept. 29. Firstly, BHP is not a U.S.-based nickel mining company but a diversified minerals and petroleum resources company with headquarters in Australia.

Man shot dead by robber for defending money

Man shot dead by robber for defending money JAKARTA (JP): A 45-year-old man, who daringly attempted to take on two robbers who had just stolen his company's Rp 60 million (US$5,500), lost his life on Thursday after one of the culprits fired three bullets into his chest. Karel Daniel Biere, an employee of contractor PT Sendiko and a father of four, died instantly after chasing and hitting the robbers' motorcycle on Jl. Raya Pos Pengumben in Kebun Jeruk, West Jakarta.

Local cooperatives protest against KDI

Local cooperatives protest against KDI YOGYAKARTA: Representatives of 40 local cooperatives protested against the state-appointed Indonesian Distribution Cooperative (KDI) for selling cooking oil at prices above the current retail prices. Wawan Edi, a spokesman for one of the local cooperatives, accused the KDI of causing traders and retailers to suffer a loss. He cited how the KDI sold cooking oil to traders for Rp 4,750 per kilogram, plus a transportation fee of Rp 25 per kilogram.

Miwon ready to face a global market

Miwon ready to face a global market PT Miwon Indonesia Tbk was incorporated in 1973 as a food manufacturing company, concentrating in fermented food seasonings. In 1995, it was the first company of its kind to be listed on the Jakarta Stock Exchange. The company's factory, spread over 34 hectares, can produce up to 48,000 tons annually of food seasonings, including Bio-Miwon, Miwon, Garam Guruh (table salt) and Lezzaa (chicken and beef seasonings).

Airport authorities foil animal smuggling attempt

Airport authorities foil animal smuggling attempt JAKARTA (JP): Soekarno-Hatta International Airport officials have foiled an attempt to smuggle a collection of reptiles, pythons, monitors and turtles out of the country, an official said on Thursday. Airport quarantine director Lukas A. Tonga said the animals had been packed in an unlocked bag, which was about to be loaded onto Garuda Indonesia flight 830, scheduled to depart for Singapore at 5:05 p.m. on Tuesday.

City should manage all properties: Sutiyoso

City should manage all properties: Sutiyoso JAKARTA (JP): Governor Sutiyoso plans to ask the central government for the authority to manage all government-supervised properties in the capital. Speaking to reporters on Wednesday, Sutiyoso said the request was in line with the reform spirit, which included the idea of provincial autonomy. The current system, he added, had only created problems for the city administration, such as the many instances of overlapping spatial planning.

Labor export firm faces stiff penalty

Labor export firm faces stiff penalty JAKARTA (JP): Labor export company PT Indra Caraka could lose its operational license for inhumane treatment of 350 job seekers who applied for overseas placements, an official said on Thursday. Kirnadi, director of labor placement of the Ministry of Manpower, said the government planned to mete out strict sanctions which could range from prohibiting the firm from sending workers for six months or revocation of its operational license.

RI crude prices mixed

RI crude prices mixed TOKYO (Dow Jones): Unofficial prices for Indonesian crude grades for September are mixed from official August levels, according to industry calculations released late Wednesday. Prices of some grades including Sumatra Light Crude and Cinta dwindled, while those of the others such as Duri, Arun, Attaka for September rose by up to $0.32 a barrel from August. Sumatra Light Crude, or Minas, for September is set at $11.83/bbl, down $0.20 from its August ICP of $12.03/bbl.

Where to go in Jakarta:

Where to go in Jakarta: Exhibitions * Painting Exhibition: Creative Expression of a Conservation Message, WWF Indonesia and Sally Linder, at Cemara 6 Galerry and Cafe, Jl. HOS Cokroaminoto No.9-11, Central Jakarta (Phone: 324505), 10 a.m. to 5 p.m., until Oct. 3. * Painting Exhibition: Bias-Bias Akuarel, at the Hilton Executive Club, Jl. Gatot Subroto, South Jakarta, 10 a.m. to 9 p.m., Oct. 2-9. * Painting Exhibition: Ungkapan Dunia-Dalam, by Nasirun and Pupuk DP., at Galeri Santi, Jl. Benda No.

Govt upbeat about fund for social safety net program

Govt upbeat about fund for social safety net program JAKARTA (JP): Major donor countries and organizations have agreed in principle to fund the government's social safety net program in the 1999/2000 fiscal year, according to the chairman of the National Development Planning Board (Bappenas). "The bulk of the funding will come from large foreign donors.

Experts fault antitrust bill over monitoring flaws

Experts fault antitrust bill over monitoring flaws JAKARTA (JP): A German consultancy group has faulted the government's antimonopoly bill for not doing enough to bar against manipulation of its implementation by vested interests. Wolfgang Kartte, who leads the seven German experts hired by the government to advise on the antimonopoly bill, said on Thursday it was not apparent in the draft that the government would establish an independent team to guarantee just implementation of the law.

BI to continue cutting rates 'as situation allows'

BI to continue cutting rates 'as situation allows' JAKARTA (JP): Bank Indonesia Governor Sjahril Sabirin said on Thursday that he would continue to cut interest rates if the inflation rate was falling and the rupiah stabilized. Speaking to journalists after meeting with President B.J. Habibie, Sjahril said the central bank had cut its one-month promissory notes (SBI) from over 70 percent in early September to 64 percent now. "The cut is significant.

Asian recovery hinges on japan, IMF believes

Asian recovery hinges on japan, IMF believes WASHINGTON (Dow Jones): Asia's crisis-hit economies should see recovery in the second half of 1999 -- provided Japan executes proposals to stimulate its economy and reinvigorate its banking system, the International Monetary Fund said Wednesday.

The second nation-building movement

The second nation-building movement The current state of affairs, which can be described as the greatest national crisis since the end of the Korean War, resulted from a foreign exchange crisis and subsequent management of the nation's finances by the International Monetary Fund. This was followed by a chain of corporations' bankruptcies, mass unemployment, painful restructuring of companies, the Government and public organizations, as well as a rapid decline in incomes.

Citibank ordered to pay Rp 8.87b for credit mistake

Citibank ordered to pay Rp 8.87b for credit mistake JAKARTA (JP): The West Jakarta District Court has ordered the Jakarta branch of Citibank N.A. to pay Rp 8.87 billion (US$806,303) in compensation for wrongfully refusing to clear checks written by businessman Hendra Tjoa. Presiding judge H. Mohamad Arif said in his verdict on Tuesday that Rp 3.87 billion of the total was to compensate for material losses incurred from the refusal, while the other Rp 5 billion was for immaterial losses.

Akbar Tanjung regrets Anwar's beating

Akbar Tanjung regrets Anwar's beating JAKARTA (JP): Minister/State Secretary Akbar Tandjung aired deep concern on Thursday over the mistreatment of sacked deputy prime minister Anwar Ibrahim. He also said President B.J. Habibie would likely drop a scheduled visit to Kuala Lumpur due to his tight schedule. The Golkar chairman pointed out that as a former minister, Anwar deserved appropriate treatment from Malaysian police regardless of the charges leveled against him.

Malaysian politics now at a watershed

Malaysian politics now at a watershed By Nelson Graves KUALA LUMPUR (Reuters): A retired army officer says he no longer ventures outside at night in Malaysia's capital because he fears civil unrest. Kuala Lumpur is hardly under siege, but the officer's anxiety reflects the political sea change under way in a country known more for gentle people than riot police.

Pakistan embassy responds

Pakistan embassy responds I refer to the London Observer story How a Third World leader lives beyond his country's means published by The Jakarta Post on Sept. 30, 1998. The whole story by the London Observer is based on a so-called report by Rahman Malik who is now an absconder and against whom an inquiry is being conducted on a number of charges.

S'pore planes, ships 'in Malaysia'

S'pore planes, ships 'in Malaysia' KUALA LUMPUR (Reuters): Malaysia said on Thursday that Singapore aircraft and vessels had entered Malaysian territory without permission at least seven times in two weeks. The government, citing noise and pollution problems and public concern, said on Sept. 17 that Singapore Air Force planes could no longer enter Malaysian airspace without authorization.

Hotel Mulia 'must keep commitments'

Hotel Mulia 'must keep commitments' JAKARTA (JP): State Minister of Youth Affairs and Sports Agung Laksono has urged the management of Hotel Mulia Senayan to honor their commitment to provide athletes with affordable accommodation. Commenting on a complaint made by the Badminton Association of Indonesia over the hotel's expensive room rate, Agung asked the management of the five-star hotel to offer reasonable prices and to quote them in rupiah.

Dong Joe Indonesia boasts a success

Dong Joe Indonesia boasts a success Shoe manufacturer PT Dong Joe Indonesia was founded in 1988 at an investment of US$4.2 million. Foreign investment totaled 80 percent and construction on the plant began the same year. The following year, PT Dong Joe Indonesia opened three lines of products and began expansion of its plant in Tangerang. It continued to increase its production, eventually reaching eight separate lines.

Bob Hasan still oversees athletic body: Official

Bob Hasan still oversees athletic body: Official JAKARTA (JP): The Indonesia Amateur Track and Field Association (PASI) is conducting business as usual, despite the ongoing police investigation into its boss, timber and banking tycoon Mohammad "Bob" Hasan, an official said on Thursday. PASI secretary general Barmawi Chaidir, said Hasan would remain the association's major financial backer at least until the election of a new chairman next year.

French Musicatreize plays with music and words

French Musicatreize plays with music and words By Izabel Deuff JAKARTA (JP): For superstitious people, "thirteen" is usually considered a number signifying misfortune. As far as Musicatreize (music played by thirteen people) is concerned, the number has brought it luck.

Estrada threatens to boycott APEC summit

Estrada threatens to boycott APEC summit MANILA (Agencies): Philippines President Joseph Estrada on Thursday threatened to boycott next month's Asia-Pacific Economic Cooperation (APEC) summit in Malaysia, citing the treatment meted out to jailed former deputy premier Anwar Ibrahim. Estrada made the remarks during a call at the presidential palace by officers of the 365 Club, an informal group of journalists and newspaper columnists.

Month-long program showcases women

Month-long program showcases women JAKARTA (JP): The ASEAN Secretariat is organizing ASEAN Women's Month to promote the role of women in all spheres of life at both national and regional levels. Titled Holding Up The Sky, the activities will take place from Oct. 3 to Oct. 31 at the ASEAN Secretariat, Jl. Sisingamangaraja 70A, Kebayoran Baru, South Jakarta. It opens with a women's bazaar in the secretariat grounds on Saturday from 10 a.m. to 5 p.m.

Government initiates only half-hearted change

Government initiates only half-hearted change By Adrianus Meliala JAKARTA (JP): A foreign friend asked me once what does reform actually mean to most Indonesians. Since it was then only about a week after Soeharto was toppled on May 21, 1998, I still had the courage to say that it was a mini revolution. Change would be the sole word which has any meaning.

Land certificate not yet issued

Land certificate not yet issued As the legitimate owner of a house on Jl. Metro Alam II, Pondok Indah, South Jakarta, that we bought more than three years ago, to date we have not received the HGB land certificate from the developer, PT Metropolitan Kencana (PT MK).

Bapepam urged to step up probe on trading scams

Bapepam urged to step up probe on trading scams JAKARTA (JP): Analysts have called on the capital market watchdog and stock exchange operators to step up efforts to investigate alleged insider trading practices in the local stock market. Senior economist Sjahrir said the capital market regulator's reluctance to take serious action over reported stock trading scams would further weaken the image of the country's flagging capital market.

TV today

TV today TVRI 2:00 p.m. News: Berita 14 2:30 Music 2:35 Cartoon: Warner Kartun 3:05 Family's Welfare: Harmoni Kehidupan 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 Entertainment News: Gelar Sinetron Pilihan 8:00 News: Lintasan Berita 8:05 Technology Program: Dunia Teknologi 8:30...