Indonesian Political, Business & Finance News

Archive: 11 December 1998

58 articles found

Bank liquidation costs revealed

Bank liquidation costs revealed JAKARTA (JP): The Indonesian Bank Restructuring Agency (IBRA) revealed on Thursday that it has so far cost US$226 million to overhaul beleaguered banks under its supervision. The agency's chairman Glenn S. Yusuf said that the total costs consisted of Rp 1.67 trillion ($222 million) denominated in rupiah and $4 million. He said liquidating 10 banks in April and August cost Rp 1.61 trillion.

ASEAN may go slow on free trade goals

ASEAN may go slow on free trade goals SINGAPORE (Reuters): Leaders of the Association of Southeast Asian Nations (ASEAN) are expected to talk loudly about the need to meet trade liberalization goals when they meet in Hanoi next week but quietly agree to allow the process to slow. Analysts say the region's 18-month-old financial crisis will not derail ASEAN's commitment to achieve tariffs of no more than 5 percent within the nine-country grouping by the year 2003.

China ends Indonesia's dream of tennis team gold

China ends Indonesia's dream of tennis team gold By Primastuti Handayani BANGKOK (JP): Indonesia's dream of reaching the women's tennis team final at the 13th Asian Games ended here on Thursday after losing to China in a hard-fought battle. The defeat, which brought tears to all Indonesian team members, came after world number 57 Yayuk Basuki went down 6-7 (2-7), 6-7 (3-7) in a tense second singles match to Li Fang.

Death threats cow Imelda Marcos

Death threats cow Imelda Marcos MANILA (AP): Former first lady Imelda Marcos asked a Manila newspaper to halt a series of articles about her claims of amazing wealth, saying she had received numerous death threats, the newspaper reported on Thursday. "It's getting too dangerous," she told the Philippine Daily Inquirer. "My fax machine is throwing up death threats.

Conversion Rates

Conversion Rates Bank Bali's conversion rates on Dec. 10, 1998: TT rates Bank notes rates Buying Selling Buying Selling Rp Rp Rp Rp U.S.

Stock Exchange

Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on Dec. 10, 1998: Shares Close Change Trading Volume ------------------------------------------------------ Ades Alfindo 400 0 30,500 AHAP Insurance 400 0 0 Alter Abadi 275 0 7,500 Alumindo Light Metal 325 50 467,000 Alumindo Perkasa 125 0 0 Aneka Kimia Raya 200 0 1,000 Aneka Tambang 1,675 25 4,892,500 Anwar Sierad 125 0 0 Apac Centertex Corp.

House factions still divided on structure of DPR and MPR

House factions still divided on structure of DPR and MPR JAKARTA (JP): Factions at the House of Representatives continued to be divided on Thursday over how much representation the Armed Forces should have in the next legislative body. Lively debates also failed to bring agreement among legislators deliberating political bills on the size and structure of the House and the People's Consultative Assembly (MPR), to be formed after general elections of next June 7.

Wiranto, Gus Dur agree on informal dialog

Wiranto, Gus Dur agree on informal dialog JAKARTA (JP): Minister of Defense and Security/Armed Forces Chief Gen. Wiranto and chairman of the Nahdlatul Ulama (NU) Islamic organization Abdurrahman Wahid have come to an agreement that a national dialog is needed to solve national problems. However, both also agreed that such a forum should not be held in a formal style nor need it be institutionalized.

S. Korea eyes 'vital' ASEAN meet

S. Korea eyes 'vital' ASEAN meet SEOUL (AFP): South Korean President Kim Dae-jung will head to this month's Association of Southeast Asian Nations (ASEAN) summit with a call for south and north Asia to tackle the region's economic crisis. Kim, the first South Korean head of state to attend an ASEAN summit in the decade since Seoul was granted observer status by the grouping, will hold up South Korea and Thailand as models for battling the Asian malaise.

Bearish stock market seen continuing

Bearish stock market seen continuing JAKARTA (JP): Share prices of the country's stock market will remain bearish next year as worries over the country's social and political prospects will continue to discourage investors, according to analysts. Stock market analyst Hasan Zein Mahmud said on Thursday that uncertainty over the country's political format and possible worsening of the social and security situations would continue to cast a shadow across the capital market's activities.

Don't worry about 'civilian militias'

Don't worry about 'civilian militias' MAGELANG, Central Java (JP): Coordinating Minister for Political Affairs and Security Feisal Tanjung dismissed on Thursday concerns over the government plan to create an armed civilian militia. Feisal, however, failed to give a clear answer to suggestions that trained armed civilians might be prone to act irresponsibly. "It would not be a problem if they (the civilian militia) are armed," Feisal said.

Blora shopkeepers feeling jittery

Blora shopkeepers feeling jittery BLORA, Central Java (JP): Although calm has been restored, shopkeepers in the downtown area of Blora kept their shutters closed on Thursday in fear of renewed outbreaks of looting. Many traders were seen moving their stocks out to safer locations, in spite of a police appeal to reopen their shops for business. Blora Police chief Lt. Col. Guritno Sigit said police had been deployed to secure the area.

Xmas, Idul Fitri allowance a must: Deputy governor

Xmas, Idul Fitri allowance a must: Deputy governor JAKARTA (JP): Deputy Governor of People's Welfare Affairs Djailani has encouraged all companies operating here to pay this year's Christmas or Idul Fitri bonuses to their employees regardless of the business climate. "We can fully understand that many companies have been badly hit by the economic crisis which might cause difficulties in even running their businesses, let alone paying the annual holiday bonus," he said on Thursday.

Lawyers queried in assault of officer

Lawyers queried in assault of officer JAKARTA (JP): Seven students and three lawyers were among 12 people questioned on Thursday in the kidnapping and assault of a chief sergeant from the Central Jakarta police precinct. City police spokesman Lt. Col. Edward Aritonang said all 12 were questioned immediately when they accompanied Chief Sgt. Supratman to Jakarta Police headquarters early on Thursday.

Host Thailand celebrates heroics in pool

Host Thailand celebrates heroics in pool BANGKOK (Reuters): It was Thailand's night at the Asian Games pool on Thursday as one Thai swimmer set a brave Games record in the evening's big race and another came within arms-length of a major upset. Japan and China won two golds apiece, with freestyle star Shunsuke Ito anchoring the Japanese to a thrilling relay gold that kept them two ahead in the overall gold medal battle.

Tugu denies report

Tugu denies report JAKARTA (JP): Private insurance company PT Tugu Pratama Indonesia denied on Thursday that it still dominated the country's insurance market. A recent report which said that Tugu Pratama monopolized the indemnity insurance market in the oil and gas sector, which comprises about 70 percent of the total indemnity insurance market in the country, was baseless, the company said in a statement.

Soeharto's trial

Soeharto's trial From Merdeka I am writing in response to legal expert Prof. Dr. J.E. Sahetapy's article in the Merdeka daily, Nov. 19, where he says: "Article 4 of MPR Decree No.

No coup d'etat planned by ABRI, says Agum

No coup d'etat planned by ABRI, says Agum JAKARTA (JP): Governor of the National Resilience Institute Lt. Gen. Agum Gumelar said on Thursday that the Armed Forces (ABRI) would never consider launching a coup d'etat. This, he said, was because of its support for democracy based on the principles of Pancasila, adding that the Armed Forces was responsible for ensuring that the government did not abuse its authority.

Councilor supports arming militia

Councilor supports arming militia DILI, East Timor: A leading member of the East Timor legislative council said he supported the military's decision to arm the local militia, but warned against possible misuse of the weapons. Gabriel da Costa, the council's deputy chairman, said that if the weapons were misused, Col. Tono Suratman, the chief of the East Timor Military Command, should be held responsible, Antara reported on Thursday.

Bank Lippo to raise share capital by 2,000 percent

Bank Lippo to raise share capital by 2,000 percent JAKARTA (JP): Publicly listed Bank Lippo of the widely diversified Lippo Group announced on Wednesday a planned 2,000 percent increase in its share capital to 17.99 billion shares through the issuance of new shares with a par value of Rp 10 each. The bank announced that the significant increase in its share capital reflected its confidence and long-term commitment in the country's banking sector.

Pertamina's gross profit drops to Rp1.8t

Pertamina's gross profit drops to Rp1.8t JAKARTA (JP): State oil and gas company Pertamina booked a gross profit of Rp 1.79 trillion (US$238 million) from its wholly owned oil and gas fields and joint ventures for the fiscal year of 1997/1998, a 42 percent decrease from Rp 3.09 trillion in the previous fiscal year.

Eight jailed for Rp1b shoe theft

Eight jailed for Rp1b shoe theft JAKARTA (JP): The North Jakarta District Court sentenced eight men on Thursday to three and a half months in jail each for stealing shoes worth a total of Rp 1 billion (US$132,000). Presiding judge Mansur Nasution said defendants Marseli, Nurdin Umar, Samlawi, Pujiono, Sariyadi, Surianto, Toni Hidayat and Salim, were arrested in Tanjung Priok port on Sept. 28, this year.

Parties court danger by politicizing religion

Parties court danger by politicizing religion As the wind of reform blows, more than a hundred of parties blossom including those based on Islam. Komaruddin Hidayat, director for the development of Islamic colleges at the Ministry of Religious Affairs talks about these Islamic parties. Question: How do you see the new political parties based on Islam? Komaruddin: I feel concerned because such parties are actually based on communalism, not on the rational values of the religion.

Violence still practiced

Violence still practiced On Thursday Dec. 10, I saw a news report on CNN about clashes between students and security apparatuses on Dec. 9 in Kuningan, South Jakarta, after the examination of former president Soeharto. The TV report showed a policeman wearing a dark blue and black beret kicking a student, who had been caught. This policeman was overacting. He kicked again, this time, another student, also already caught. He seemed to be eying other victims.

Where to go in Jakarta:

Where to go in Jakarta: Exhibitions * Painting Exhibition: Great Charcoals by Indonesian artist Krijono, at Hore-Hore Resto Kafe, Jl. Ampera Raya No. 11A, South Jakarta, 11 a.m. to 10 p.m., until Dec. 15. * Painting Exhibition: by Bagong Kussudiardja, at Galeri Nasional, Jl. Merdeka Timur 14, Central Jakarta, until Dec. 17 * Batik Exhibition: The Awakening of Batik at the end of the Millennium, at Galeri TC, Jl. Kemang Raya 24A, South Jakarta (Phone: 7194270), 11:30 a.m.

Two Achenese caught with drugs

Two Achenese caught with drugs JAKARTA (JP): Police officers have arrested two Acehnese for allegedly possessing 93 kilograms of marijuana at their rented house in West Jakarta, a reliable police source said last night. The marijuana confiscated from the two, identified as Novalian and Syahfrizal, both 28, has a street value of about Rp 130 million (US$17,350). It is one of the largest hauls in a single raid this year.

Banking analysts cast doubt over government plan

Banking analysts cast doubt over government plan JAKARTA (JP): Analyst have cast doubt on the feasibility of a plan to recapitalize 70 of the country's 166 commercial banks, saying that neither the government nor the banks would be able to afford such a costly program.

Korea sells steel stake

Korea sells steel stake SEOUL (AFP): South Korea's government has sold a US$300 million stake in steel giant Pohang Steel and Iron Corp. (POSCO) in the first overseas offering of a state-owned firm here, officials said Thursday. Seoul on Wednesday sold a 5.11 percent stake in the giant company, which is earmarked for privatization under reform plans, for a total of $300.4 million, the Planning and Budget Commission said.

Pity our farmers

Pity our farmers Indonesian farmers do not seem to count that much in the eyes of politicians, experts and university students. Although they constitute 90 percent of the population, they prefer to remain silent instead of joining others in the hurly- burly of reform. They keep on tilling the land despite the drought, flood, pests and fertilizer shortage. Unfortunately they often fall prey to groups seeking to exploit ulterior motives.

Protests greet human rights day

Protests greet human rights day JAKARTA (JP): The 50th anniversary of the Universal Declaration on Human Rights was marked here on Thursday with crowds of people from different backgrounds taking to the capital's streets to press their demands on various issues, including an end to human rights violations.

1,000 workers strike over overtime pay

1,000 workers strike over overtime pay TANGERANG (JP): At least 1,000 workers of transportation firm PT Mandira Erajasa Wahana went on strike on Thursday, demanding payment of their unpaid overtime fees and reemployment of their dismissed colleagues. The workers of the firm, a subsidiary of national flag carrier PT Garuda Indonesia, first struck on Wednesday night. They have demanded that the company pay their outstanding overtime fees from 1996 to 1998 in cash this month.

Vietnamese official denies deal with PTSI

Vietnamese official denies deal with PTSI JAKARTA (JP): A major business deal with Vietnam, which state- owned PT Surveyor Indonesia's president Toga M. Sitompul claimed last month to be in the bag, has turned out to be nonexistent. Ngo Khac Nghia, the commercial attache at the Vietnamese embassy here, denied a project was in the pipeline. "We don't have any business deal planned with PTSI.

Asian economic outlook dim for 1999: Poll

Asian economic outlook dim for 1999: Poll SINGAPORE (Reuters): The economic outlook for some of Asia's distressed economies worsened markedly in the past few months, a Reuters poll of more than 100 economists shows. Analysts have slashed estimates for 1999 gross domestic product growth in Hong Kong, Malaysia and Indonesia, all of which are now expected to show another year of contraction.

One dies during looting in Serang

One dies during looting in Serang SERANG, West Java: The transportation of raw sugar from the ports of Cigading and Banten in West Java to a nearby refinery plant has been temporarily halted following the death of a suspected looter along the route, Antara said on Thursday. Banten Police chief Col. Eddy Karnadi said all transportation had been canceled until further notice after hundreds of people rioted and looting raw sugar along the route.

Asian Games results

Asian Games results Swimming Men's 400m freestyle: 1. Torlarp Sethsothorn (Tha) 3:53.61, 2. Masato Hirano (Jpn) 3:54.13, 3. Kwok Kin-Ming (Hkg) 4:00.44 Men's 200m breaststroke: 1. Zhu Yi (Chn) 2:16.26, 2. Ratapong Sirisanont (Tha) 2:16.47, 3. Yoshinobu Miyazaki (Jpn) 2:16.97 Men's 4x100m freestyle relay: 1. Japan (Hirosuke Hamano, Shusuke Ito, Tomohiro Yamanoi, Shunsuke Ito) 3:25.53, 2. China (Wang Chuan, Zhao Lifeng, Zhang Qiang, Deng Qingsong) 3:25.86, 3.

TV today

TV today TVRI 5:30 a.m. Religious Teachings: Hikmah Pagi 6:00 Morning News 6:30 News: Nuansa Reformasi 7:00 Children's Program: Lagu Anak Nusantara 7:30 Cartoon 8:00 Music 8:30 Documentary: Widya Wahana 9:00 Music 10:00 Interval 2:00 p.m.

Citra Marga eying debt deal

Citra Marga eying debt deal SINGAPORE (Dow Jones): Indonesian tollroad operator PT Citra Marga Nusaphala said Thursday its request to extend a debt issue coming due Monday has been met with "understanding" from creditors. In a meeting in Singapore Thursday, Citra Marga asked its creditors for a six-month extension of a US$175 million floating rate note due Dec. 14.

6,518 buses ready for holidaymakers

6,518 buses ready for holidaymakers JAKARTA (JP): The City Land Transportation Agency has arranged 6,519 buses to accommodate an estimated 1.12 million holidaymakers during the upcoming Christmas, New Year and Idul Fitri, an official said. The number of buses prepared shows a significant drop compared to last year's fleet of 7,801 units. According to the head of the agency, J.P.

RI journalists lack protection

RI journalists lack protection By Lukas Kuwarso JAKARTA (JP): Journalists face high risks in the workplace but there is insufficient legal basis for their protection. On Nov. 23, 1998, the Alliance of Independent Journalists (known by its local acronym AJI), received a letter from Britain's National Union of Journalists (NUJ), reporting its recent loss in its lawsuit against the Financial Times (FT) daily.

Indonesia gains mixed results in badminton

Indonesia gains mixed results in badminton BANGKOK (JP): Indonesia had mixed results in the 13th Asian Games badminton team competition on Thursday, while off the court, a defeat in the women's event sparked internal debate. Mia Audina, filling the role left vacant by badminton star Susi Susanti, provided a dreadful start to the Indonesian women's 1-4 loss to South Korean, who played without their Olympic gold medalist Bang Soo-hyun in the match held at the Thammasat University sports complex.

Newly-formed security council under fire

Newly-formed security council under fire JAKARTA (JP): Criticism poured in on the newly-established Council for the Enforcement of Security and Law, which the government has insisted would only be temporary in nature. Some observers said the council was nothing more than President B.J. Habibie's attempt to consolidate his power. Bambang Widjojanto from the Indonesian Legal Aid Foundation said the council was a display of the government's failure to learn from past mistakes.

Regional representatives of MPR to be appointed by KPU

Regional representatives of MPR to be appointed by KPU JAKARTA (JP): The House of Representatives agreed on Thursday to let the yet-to-be-established National Election Committee (KPU) appoint the People's Consultative Assembly members for the regional and societal groupings.

Civil servants

Civil servants From Republika The Indonesian Civil Service Corps (Korpri) celebrated its anniversary on Nov. 30, 1998. On this occasion, we would like to appeal to the board of managers -- both at the central office and at the regional offices -- who are generally high-ranking officials, to pay attention to the voice of civil servants in the lower echelons. We have been informed that Korpri will not be dissolved and will dissociate itself from Golkar and will not take part in practical politics.

Probing Soeharto useless

Probing Soeharto useless From Merdeka It is interesting to read the analyses regarding the latest situation written by Norman Diah, Nurcholish Madjid and Setiawan Djodi in Merdeka, Nov. 30, 1998, particularly on Soeharto's role, as also revealed by Amien Rais (Merdeka, Dec. 2, 1998) in the article Amien Rais: True, Cendana is at play.

Aburizal reelected as Kadin chairman

Aburizal reelected as Kadin chairman JAKARTA (JP): Aburizal Bakrie was reelected as the Chairman of the Indonesian Chamber of Commerce and Industry (Kadin) for a second five-year term at the close of the chamber's three-day congress on Thursday. Following his reelection, Aburizal, more popularly known as Ical, said that he would give priority to helping small and medium-scale enterprises over the next five years.

Activists march in Asia to decry rights abuses

Activists march in Asia to decry rights abuses HONG KONG (AFP): Thousands of Asians from India to Indonesia marched to denounce abuses ranging from mass murder to wife- beating on the 50th anniversary on Thursday of the Universal Declaration on Human Rights. In countries where public shows of dissent are stifled, individuals or exile groups took up the call but the message was the same: governments of all shades are failing to live up to the UN declaration.

Star TV ends ties with Indovision

Star TV ends ties with Indovision JAKARTA (JP): Hong Kong-based Star TV has decided to stop its cooperation with Indovision, which is managed by PT Matahari Lintas Cakrawala, in the marketing, distribution and technical operation of a satellite subscription TV platform in Indonesia.

Critics charged with conspiracy

Critics charged with conspiracy JAKARTA (JP): Former army general Kemal Idris, former Jakarta governor Ali Sadikin and 10 other government critics would be charged with conspiracy, police said Thursday. National Police Deputy Chief Lt. Gen. Nana Permana was quoted by Antara as saying in Semarang that dossiers on three of the alleged conspirators have been submitted to the prosecutor's office. Nana, however, said that he did not remember the names of the three.

Seminar set on great Moslem poet

Seminar set on great Moslem poet JAKARTA (JP): Two Indonesian ministers will address a seminar on the great Pakistani-born Moslem poet, philosopher and thinker Muhammad Iqbal on Saturday. Embassy of Pakistan spokesman Ayaz Pirzada said on Thursday that Minister of Cooperatives and Small Enterprises Adi Sasono and Minister of Tourism, Art and Culture Marzuki Usman were the scheduled guests of honor at the seminar, organized by the Iqbal Academy in cooperation with the embassy of Pakistan.

Tracer ventures Indonesia

Tracer ventures Indonesia VANCOUVER (Dow Jones): Tracer Petroleum Corp. agreed to acquire a 80 percent stake in the Sungai Gelam A, B and D Technical Assistance Contract in South Sumatra, Indonesia, for a US$1 million interest-free note payable in two years and 125,000 shares. Tracer agreed to buy the stake from Pertamina of Indonesia. In a press release Wednesday, Tracer said it will also pay an additional amount equal to $1 a barrel of proved reserves in excess of 2 million barrels.

Tax on migrant workers

Tax on migrant workers From Media Indonesia As a migrant worker in Brunei Darussalam I have followed with concern the developments in the situation at home. The monetary crisis, the U.S. dollar rate, the price increases and the riots. The most astounding was the increase of the fiskal (tax paid by Indonesian citizens when leaving the country) to Rp 1 million. I return on home leave three or four times a year.

Japan funds rated a boon for cash-strapped Malaysia

Japan funds rated a boon for cash-strapped Malaysia KUALA LUMPUR (Reuters): A Japanese-government guaranteed 66.6 billion euroyen (US$570 million) note issue for Malaysia was a boon for the cash-strapped nation as it tried to revive its recessionary economy, economists said on Thursday. They said the issue could be the start of Malaysia's slow return to the international financial system, after it isolated itself in September by introducing capital controls. "It is good news all around.

Ex-official ready to be questioned on Soeharto link

Ex-official ready to be questioned on Soeharto link JAKARTA (JP): Former vice Cabinet secretary Bambang Kesowo, who was named by former president Soeharto as a person who knew much about his past policies, said on Thursday that he was ready to be questioned by the Attorney General's Office.

Demonstrations marks rights declaration anniversary

Demonstrations marks rights declaration anniversary JAKARTA (JP): Demonstrations and discussions in a number of cities highlighted concerns over rights abuses, as Indonesians on Thursday marked the 50th anniversary of the Universal Declaration of Human Rights. In Semarang, some 1,000 students of the Satya Wacana Christian University protested rights abuses in politics, education, the economy, religion and law.

Wife of Malaysia's Anwar forms reform organization

Wife of Malaysia's Anwar forms reform organization KUALA LUMPUR (Agencies): The wife of Malaysia's sacked finance minister Anwar Ibrahim said on Thursday she was forming a national organization to press for reform and attract disgruntled citizens who have rallied around her husband. Azizah Ismail told a news conference at her suburban home the Movement for Social Justice was not a political party and its members would seek to register the movement with the government as a society.

Kupang back to normal

Kupang back to normal KUPANG, East Nusa Tenggara: Shops along Jl. Sudirman and Jl. Siliwangi in Kupang reopened for business on Tuesday, nine days after the town was rocked by sectarian riots, Antara reported. Local people blocked the two streets to prevent rioting and looting by a mob made up of people who came mostly from outside the town. Soldiers were seen standing by in the area.

Cambodia's entry may be left up to ASEAN leaders

Cambodia's entry may be left up to ASEAN leaders HANOI (AFP): ASEAN members remained split on Thursday over the timing of Cambodia's admission and may elevate the issue to their leaders' summit next week if foreign ministers fail to reach consensus, officials said. A statement from Singapore circulated on the eve of the ministers' talks on Friday confirmed that the nine-member Association of Southeast Asian Nations (ASEAN) had divergent views on when to grant membership to Cambodia.

Guppy heist hits Singapore

Guppy heist hits Singapore SINGAPORE (DPA): Thieves made off with 500 guppies from a tropical fish farm in this city-state which produces more than one third of the world's ornamental fish, a news report said on Thursday. The fish-nappers also grabbed 30 toman, or "snakehead fish", from the farm, which has had similar thefts three times in the past three weeks, the Straits Times newspaper said. The guppies were worth S$500 (US$303), and the toman worth S$250.