Indonesian Political, Business & Finance News

Archive: 14 February 1998

61 articles found

Firm to extract gas from garbage

Firm to extract gas from garbage JAKARTA (JP): A private firm has submitted a proposal to municipal authorities which, if approved, could see gas being extracted at the 108-hectare Bantargebang rubbish dump in Bekasi, 40 kilometers west of Jakarta. A golf course would then be developed on the vacant site, according to the president of PT Suar Bhumi Tirta Pratama, Bambang Tri Budiman, whose company submitted the proposal.

Police seal three warehouses full of foodstuffs

Police seal three warehouses full of foodstuffs TANGERANG (JP): Tangerang police and military district personnel have sealed three warehouses here suspected to be housing stockpiles of basic commodities withheld from the market. The warehouses contained mainly milk, cooking oil, instant noodles and wheat flour. One of the sealed warehouses, inspected by the joint police- military team led by Tangerang Police precinct deputy chief Maj. M.

30 city schools prone to flooding: Councilor

30 city schools prone to flooding: Councilor JAKARTA (JP): At least 30 schools in the city are prone to flooding, a city councilor said yesterday. City councilor Soeparmo, head of Commission E for welfare affairs, told The Jakarta Post that over the last few years most of these schools had been regularly flooded during the monsoon. "The schools are mostly located in North Jakarta. The land there is sinking, possibly due to the effects of the sea water intrusion in the area," he said.

Three Fretilin rebels found dead

Three Fretilin rebels found dead DILI (JP): The military said yesterday three Fretilin separatist rebels were found dead in a river in Viqueque, about 300 kilometers east of here. East Timor military chief Col. Salamat Sidabutar said the "security disturbers", as the army calls separatists, were from those involved in a shootout with soldiers in Viqueque on Feb. 5. Two soldiers were wounded in the incident.

President confident of CBS therapy

President confident of CBS therapy JAKARTA (JP): President Soeharto expressed confidence yesterday that a currency board system (CBS) would be Indonesia's best and least-risky option to stabilize the rupiah exchange rate, an American economist said. The President was encouraged with the positive international market reaction to Indonesia's plan to peg the rupiah to the U.S. dollar at a fixed exchange rate, Steve Hanke, the President's CBS adviser, said yesterday.

U.S. human rights report misses the mark

U.S. human rights report misses the mark By Dino Patti Djalal JAKARTA (JP): The annual human rights report published recently by the U.S. Department of State has, as usual, drawn a sharp response from many of the 194 foreign governments reviewed in the text. America itself is not included in the report. The U.S. Foreign Assistance Act of 1961, revised in 1974, obliges the U.S. government to report periodically to Congress on the issue of human rights.

BIS urges early deals between creditors, lenders

BIS urges early deals between creditors, lenders BALI (AFP): A top official of the Swiss-based Bank for International Settlements (BIS) called here yesterday for an early and voluntary agreement among creditors and debtors to resolve Asia's mounting debt problems. "It is important at an early stage to come up with an early and voluntary agreement with all creditors," BIS general manager Andrew Crockett said on the sidelines of a Southeast Asian central bankers' meeting here.

Public advised not to told mass meetings during MPR session

Public advised not to told mass meetings during MPR session JAKARTA (JP): The police are advising people not to hold meetings, conferences, gatherings or parties involving a large number of people from Feb. 22 to March 18, from seven days before through to seven days after the General Session of the People's Consultative Assembly. National Police spokesman Brig. Gen. Da'i Bachtiar said yesterday that the advice applied particularly to political, mass and non-governmental organizations.

Harmoko says he won't refuse VP nomination

Harmoko says he won't refuse VP nomination JAKARTA (JP): Golkar vice presidential candidate Harmoko asserted yesterday his intention to remain in the race until Golkar's chief patron, President Soeharto, decided otherwise. "I won't refuse my vice presidential nomination," he told reporters after addressing a congress of the Communication Forum of Indonesian Veterans' Children (FKPPI) in East Jakarta.

Rp 12b of projects to be officiated

Rp 12b of projects to be officiated MAUMERE, East Nusa Tenggara: President Soeharto is due to inaugurate three government projects worth over Rp 12 billion ($1.5 million) in the near future, an official said yesterday. Deputy Governor Piter Alexander Tallo said the projects in the Sikka regency comprise legislative council offices worth Rp 1 billion, a market, Rp 2.3 billion, and a hospital, Rp 9.4 billion.

Mercedes-Benz prices set to rise as production restarts

Mercedes-Benz prices set to rise as production restarts By John Aglionby There's good news and there's bad news this week, as far as anyone wanting to buy a Mercedes-Benz as a generous Valentine's Day present is concerned. The good news is that the Indonesian sole agent of the German automotive giant, PT Star Motors Indonesia, has ended its six- week-long production "holiday" and is manufacturing again, albeit at only 60 percent of precrisis volume.

Japan outplays RI in Davis Cup

Japan outplays RI in Davis Cup SAPPORO, Japan (AP): Japan beat Indonesia in both singles tennis matches yesterday for a 2-0 record in their three-day duel in the first round of Group One in the Davis Cup Asia-Oceania Zone. Playing at Tsukisamu Green Dome in northern Japan, Takao Suzuki defeated Andrian Raturandang 6-1, 6-4, 6-4. In the other match, Goichi Motomura beat Dede Suhendar Dinata 6-1, 6-3, 6-2. In a doubles match today, Suzuki and Satoshi Iwabuchi take on Andrian and Sulistyo Wibowo.

Students concern prices of paper

Students concern prices of paper From Kompas The government has recently organized cheap markets for the nine basic commodities in order to help alleviate the burden on people in the lower income brackets. Students, however, find it difficult to easily meet their secondary needs as prices continue to skyrocket. These price increases usually come unexpectedly. The following is an illustration: Paper: Scrawling paper, previously costing Rp 4,000/ream, now costs Rp 10,000/ream.

TV today

TV today TVRI 2:00 p.m. News: Berita 14 2:30 My Country 2:35 TV Series: The Crystal Maze 3:10 Sundanese Traditional Perfomances 3:35 Tour and Travel: Wisata Nasional 4:00 Regional News 4:30 Sports 5:30 TV Series: Full House 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 TV Drama: Pulang 8:05 Saturday Night Music 9:00 World News 9:30 Quiz: Berpacu Dalam Melodi 10:30 Late News 10:40 Performance: Kunti Panilih Program 2...

Mohamad Sadli, BIS warn of great risks of CBS

Mohamad Sadli, BIS warn of great risks of CBS JAKARTA (JP): Former minister Mohamad Sadli warned the Indonesian government yesterday against adopting a currency board system (CBS) without IMF endorsement and support.

International call rates to rise due to rupiah's fall

International call rates to rise due to rupiah's fall JAKARTA (JP): International telephone calls will soon be 25 percent more expensive when the government adjusts the rates to a new lower rupiah exchange rate against the dollar. Minister of Tourism, Post and Telecommunications Joop Ave told a hearing with the House of Representatives Commission IV for public works yesterday the increase was necessary to keep PT Indosat healthy. He did not rule out further increases in the future.

Govt to reduce medicine prices to affordable levels

Govt to reduce medicine prices to affordable levels JAKARTA (JP): The government moved yesterday to alleviate public outcry over the soaring prices of generic drugs, promising to gradually reduce them to an affordable rate. "Insya Allah (God willing), we will slash generic drug prices starting next week," Minister of Health Sujudi told reporters during a break in a hearing with the House of Representatives' Commission VI for health and social services.

Sudjana defends PT Artha Daya

Sudjana defends PT Artha Daya JAKARTA (JP): Minister of Mines and Energy I.B. Sudjana has defended the designation of PT Artha Daya Coalindo to handle the sale of coal received by the government from private coal mining contractors. Sudjana said Artha Daya's designation to manage state coal sales was aimed at securing a sufficient coal supply for the state electricity company PLN which has experienced difficulties in the past in buying coal for its power plants.

Jusuf Wanandi meets authorities' summons

Jusuf Wanandi meets authorities' summons JAKARTA (JP): Jusuf Wanandi was questioned for almost five hours by the city branch of the Agency for the Coordinating of Support for National Stability (Bakorstanasda Jaya) yesterday, in connection with an explosion in a cheap apartment in Tanah Tinggi last month.

Singapore PM visits Malaysia

Singapore PM visits Malaysia KUALA LUMPUR (Reuters): Singapore Prime Minister Goh Chok Tong will meet his Malaysian counterpart next week for the third time in a month to discuss Asia's financial crisis, the foreign ministry said yesterday. Goh was to arrive in Kuala Lumpur on Monday and then stop in the western state of Malacca before returning to Singapore by road Tuesday, the ministry said in a statement.

Movies for sweethearts this Valentine's Day

Movies for sweethearts this Valentine's Day JAKARTA (JP): Plans to spend Valentine's with your significant other today? A candlelit dinner at a star-rated hotel restaurant or dancing the night away to romantic music may tickle your fancy. But if these ideas leave your pocketbook screaming with pain, then a trip to the movies -- that equally fine and decidedly cheaper opportunity for intimacy -- is recommended.

Conversion Rates

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

Salim and Telkom head lists of largest taxpayers

Salim and Telkom head lists of largest taxpayers JAKARTA (JP): Tycoon Soedono Salim of the widely diversified Salim Group and PT Telekomunikasi Indonesia have topped the lists of largest individual and corporate taxpayers respectively for 1996.

Psychiatrists busy as many Jakartans seek help

Psychiatrists busy as many Jakartans seek help JAKARTA (JP): Ongoing economic difficulties have brought Jakartans, rich and poor alike, flocking to the psychiatrist's couch, according to experts. Renowned psychologist Sartono Mukadis, psychiatrist Dwijo Saputro and doctor Amir Hussein Anwar told The Jakarta Post in separate interviews yesterday that numbers seeking consultation would continue to rise if uncertainties brought about by the current crisis persisted.

Dancer twirls crockery in homage to mother

Dancer twirls crockery in homage to mother By Sirikit Syah SURABAYA (JP): Parmin Ras broke dozens of plates during the painstaking creative process for refining his dance number, The Empty Plates. It was not a pleasant experience, especially when the family income depended on how many bowls of gado-gado salad his wife could sell every day.

Prabowo sad to leave Kopassus for new post

Prabowo sad to leave Kopassus for new post JAKARTA (JP): Commandant of the Army's special force (Kopassus), Maj. Gen. Prabowo Subianto, said he was sad he had to leave the elite force to assume his new post as commander of the Army's Strategic Reserves Command (Kostrad). "I feel sad that I have to leave Kopassus because I love it very much," he told reporters after a meeting at Army headquarters in Central Jakarta yesterday.

Kijang production cut

Kijang production cut JAKARTA: Astra will sharply cut Toyota production in Indonesia due to the worsening economic crisis, company officials said. The firm's plant in Jakarta will halve monthly production of its popular Kijang commercial vehicle to 3000-4000, and may reduce output further if demand continues to fade.

Islam strives for peace: Farrakhan

Islam strives for peace: Farrakhan JAKARTA (JP): Visiting American Nation in Islam leader Louis Farrakhan said yesterday the Western world's fear of Islam stemmed from a smear campaign by anti-Islamic bodies, including industrialized countries' intelligence services and their mass media.

Edy promoted to major general

Edy promoted to major general JAKARTA (JP): Edy Waluyo, the City Council Speaker, will be promoted to major general, an employee of the council said yesterday. An official announcement is expected from the Ministry of Security and Defense on Monday. The promotion means that Jakarta's Governor and City Council Speaker are now of equal military rank. City Governor Sutiyoso, a former Jakarta Military Commander, also holds the rank of major general.

Taiwan firms form fund for SE Asia investment

Taiwan firms form fund for SE Asia investment TAIPEI (Reuters): Taiwan's Chinatrust Commercial Bank and up to seven other Taiwan firms are forming a fund to invest in stocks in Southeast Asia, chiefly Malaysia, Chinatrust chairman Jeffrey Koo said yesterday. Koo said a delegation representing the private fund donors would travel to Malaysia, Indonesia, Thailand and the Philippines within a week or two to carry out the plan.

Three teenagers detained for attempted robbery

Three teenagers detained for attempted robbery JAKARTA (JP): Three teenagers were arrested for attempting to rob taxi drivers in two separate incidents in Central and South Jakarta, a police officer said yesterday. City police spokesman Lt. Col. E. Aritonang said the three, identified as Dadang Suhendar, 17, Hadi Sirwanto, 17, and Ardiyanto, 18, were all unemployed.

Probosutedjo in China

Probosutedjo in China BEIJING (AFP): The half brother of Indonesian President Soeharto met yesterday with Chinese Vice Premier Wu Bangguo to discuss the financial crisis which has wracked the Southeast Asian region, the official Xinhua news agency said. Probosutedjo, described as "a well-known banker and entrepreneur in Indonesia", said he was "impressed" by China's economic growth and stability in the face of the Asian financial storm.

Opel defies trend as vehicle sales blaze ahead

Opel defies trend as vehicle sales blaze ahead By John Aglionby A new rare breed has been discovered in Indonesia, a non- exporting company that is expanding production despite the near- paralyzing effects of the economic crisis. PT General Motors Buana Indonesia (GMBI) falls into this category with its sport-utility Blazer.

More food protests grip W. Java towns, military in control

More food protests grip W. Java towns, military in control By M.M.I. Ahyani LOSARI, West Java (JP): More than 1,000 people, desperate in the face of dramatic price hikes, ran riot here yesterday, smashing, burning and looting shops. The angry mob broke into shops, took out the merchandise and threw it into the street and burned it. Forty-two shops were damaged and five set ablaze in the eight-hour chaos.

Peg useless without political change

Peg useless without political change Indonesia is gearing up to establish a currency board system aimed at stabilizing the beleaguered rupiah. This would mean pegging the Indonesian rupiah to the United States dollar. Sounds familiar? It should. Financial experts here generally agree that our own currency's link to the U.S. dollar has served Hong Kong well and has underpinned confidence and stability here.

Perspective on Asian crisis (2)

Perspective on Asian crisis (2) This is the second of two articles based on a paper presented by Deputy Prime Minister and Minister for Foreign Affairs of the Netherlands Hans van Mierlo before the Indonesian-Netherlands Association and the Forum Indonesia-Netherlands on Feb. 11, 1998 in Jakarta. JAKARTA: Apart from the effects of the crisis on the global economies, there are other consequences in Asia itself which are, in my view, far more worrying.

Boeing joints with KL firms

Boeing joints with KL firms SEATTLE (AP): Boeing Co. said Thursday it had joined with three other companies in a joint venture in Malaysia to make composite parts for commercial aircraft. Boeing will join Hexcel Corp. of Kent, Washington, and Malaysia's Sime Darby Berhad and Malaysia Helicopter Services in the venture, to be known as Asian Composite Manufacturing.

Give Wiranto a chance

Give Wiranto a chance Even before the presidential decree was made public, military observers predicted that Gen. Wiranto would be appointed commander of the Army. A 1968 graduate of the National Military Academy, Gen. Wiranto is regarded as the most appropriate for the post both because of his seniority in the Army and because of the leadership capabilities he has shown so far.

'Jakarta Post' wins photography awards

'Jakarta Post' wins photography awards JAKARTA (JP): The organizer of badminton's Lipton World Grand Prix final judged two photographs from The Jakarta Post as the winning images from the four-day meet in December last year. IGGP Bayu Ismoyo's photo Nice Try earned him the top honor and Rp 1 million in prize money while Suyoto was awarded a Canon camera for his photo Jumping Smash.

Film description

Film description On Nov. 8, 1997, The Jakarta Post printed a letter written by Branimir Salevic (TV programs) in which attention was drawn to an ongoing deficiency in the Post's daily TV program guide. This deficiency was (and still is) the lack of even basic information about the content of some of the programs on each day. The editor thanked the writer for the suggestions made. But judging from recent editions of this newspaper, nothing has been done yet.

Thailand to revise old law

Thailand to revise old law BANGKOK (AFP): Thailand is considering abolishing its decades- old anti-Communism law which some politicians say could be used to suppress ordinary citizens, reports said yesterday. Almost a decade after the fall of the Berlin Wall and the collapse of the Soviet Union, Thailand has begun to mull over the possibility that its 1952 Anti-Communism Act may no longer be necessary.

Friday the 13th spooks Asian stock markets

Friday the 13th spooks Asian stock markets HONG KONG (AFP): Asian markets were hit hard with investors apparently frightened away by ill omens yesterday, the 13th, with sharp falls in Hong Kong and Tokyo sparking profit-taking throughout the region, analysts said. Fears of further negative fallout from Indonesia's currency crisis hung like a black cloud over market sentiment despite talk that Jakarta was contemplating introducing a currency board mechanism to stabilize its beleaguered rupiah.

ADB to lend Thailand $1b

ADB to lend Thailand $1b BANGKOK (Reuters): The Asian Development Bank is finalizing details of a $1 billion, five-year syndicated loan to help Thailand boost its exports by March, Thai finance ministry officials said yesterday. A ministry official working on the loan said the export financing facility, to be guaranteed by the ADB during the first three years, would bear preferential interest rates below normal commercial borrowing.

Economists oppose RI currency board

Economists oppose RI currency board MANILA (AP): Southeast Asian economists believe Indonesian plans for a currency board and Malaysian proposals for the use of local currencies in trade will further aggravate the region's financial crisis, an official said yesterday. This was the consensus from a meeting in Manila of nearly 40 private and government economists from the Association of Southeast Asian Nations, Asian Development Bank Institute dean Jesus Estanislao said.

The currency board system

The currency board system President Soeharto's fast, bold move on a fixed exchange rate system under currency board arrangements, to arrest the wild volatility and downward spiral of the rupiah, is founded strongly on both economic and political rationale. Without a stable currency, nothing else will stabilize and improve the economy.

ASEAN electronic commerce

ASEAN electronic commerce KUALA LUMPUR (AFP): Malaysian Prime Minister Mahathir Mohamad called yesterday for the establishment of an ASEAN framework on electronic commerce amid the dawn of the digital marketplace. "An ASEAN framework on electronic commerce may provide the platform for a collective vision of the emerging digital marketplace," Mahathir told an international conference on electronic communities in Asia.

Quake jolts Bandarlampung

Quake jolts Bandarlampung BANDARLAMPUNG, Lampung: Thousands of people here rushed out of their homes in panic late Wednesday night as a strong quake jolted the municipality for a few seconds. Some residents in Way Halim and Karunia Indah housing complexes told Antara shortly after the quake that they did not dare go back inside their houses for fear of aftershocks. They said tremor was quite strong and produced a horrible rumbling sound.

RI currency board plan drives Asian currencies

RI currency board plan drives Asian currencies SINGAPORE (Reuters): Asian currencies recovered some lost ground late yesterday as traders hedged their bets on signs Indonesia would go ahead with a currency board system to stabilize its rupiah despite mounting criticism of the plan. Dealers said the rupiah jumped on comments by U.S. economist and advocate of the system, Steve Hanke, who said Indonesian President Soeharto shared his view that setting up a currency board was the least risky option.

New Deans

New Deans Former minister of mines and energy M. Sadli (left), new dean of the University of Indonesia's School of Economics Anwar Nasution (right) and new dean of the School of Social and Political Sciences Kamanto Sunarto. Sadli attended the installment of Nasution and Kamanto yesterday as new deans of the University of Indonesia's campus in Depok, West Java, by University of Indonesia's rector M.K. Tadjudin.

Malaysia against fixed rate

Malaysia against fixed rate SHAH ALAM, Malaysia (AFP): Finance Minister Anwar Ibrahim said yesterday that Malaysia would not consider adopting a currency board system such as that being planned by Indonesia. "For Malaysia, there has not been any call," Anwar told reporters attending the opening of an Ericsson plant west of Kuala Lumpur. "There is no need," he added. "The ringgit in the last few weeks has been strengthening.

Deadline for bank capital requirement rescheduled

Deadline for bank capital requirement rescheduled JAKARTA (JP): Bank Indonesia (BI) has agreed to postpone introducing a requirement that commercial banks hold a minimum capital of Rp 2 trillion for one year, until the end of 2000, following a request from the Private National Banking Association (Perbanas). The association has also asked for tax incentives to speed up the ambitious plans aimed at consolidating 212 banks into less than 30.

Snake smuggling attempt foiled

Snake smuggling attempt foiled SURABAYA: Customs and excise officials here foiled a company's attempt to smuggle 1,500 protected snakes out to China on Thursday, a press report said yesterday. The snakes, which were to be smuggled by PT Pilar Rekayasa Muda to Chinese restaurants in Guangzhou specializing in delicacies, will be released back into their natural habitat, Antara reported.

Stock Exchange

Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on Feb. 13, 1998: Shares Close Change Trading Volume -------------------------------------------------------------- Ades Alfindo 700 0 0 AHAP Insurance 350 0 0 Alter Abadi 575 0 0 Alumindo Light Metal 350 -25 63,500 Alumindo Perkasa 275 0 0 Aneka Kimia Raya 600 -25 171,500 Aneka Tambang 1,575 -50 9,101,000 Anwar Sierad 225 0 147,000 Apac Centertex Corp.

Activists oppose police phone tapping plan

Activists oppose police phone tapping plan JAKARTA (JP): A police plan to access cellular phones and stop political calls were met with strong criticism yesterday from a human right campaigner and a legal activist. Marzuki Darusman, from the National Commission on Human Rights, and Munir, from the Indonesian Legal Aid Foundation, said that not only is the tapping in violation of human rights but it also amounts to an "act of intimidation".

Precocious child in book of record

Precocious child in book of record JAKARTA (JP): She is only four-year-old, but she writes Roman numerals up to 2,000, calculates the cotangent, cosine and sine of a triangle and the roots of numbers of up to 225,000. Because of her precocious ability, Mega Cristivana from Surakarta, Central Java, was entered into the Indonesian Museum of Records Thursday. The toddler impressed a panel of judges, led by the museum's director Jaya Suprana, who "tested" her in the Central Java capital of Semarang.

Overseas trip prohibited

Overseas trip prohibited MEDAN, North Sumatra: Governor Raja Inal Siregar has prohibited regents and mayors from traveling overseas until after the upcoming meetings of People's Consultative Assembly in Jakarta scheduled for March 1 to March 11. Siregar said yesterday the officials should focus on security in their respective areas during that period, Antara reported.

RI corporate debtors set up contact committee

RI corporate debtors set up contact committee JAKARTA (JP): Indonesia's private corporate debtors established a contact committee yesterday to move forward on negotiations with their foreign creditors. The chairman of the Corporate Foreign Debt Settlement Team, Radius Prawiro, said yesterday the Contact Committee, representing about 1,000 Indonesian companies, would negotiate with a steering committee of foreign lenders.

Trading course for newly unemployed

Trading course for newly unemployed JAKARTA (JP): Central Jakarta mayoralty has been selected for a pilot project designed to return people recently made redundant to work, Mayor Andi Subur Abdullah said yesterday. The project, scheduled to begin next Friday, will initially include 200 participants from the mayoralty's 44 subdistricts, he said. Each subdistrict is required to send four or five of its residents for a week's training in the sale of staple foods.

Winter Olympics out in the cold

Winter Olympics out in the cold As far as I know, Indonesia is not participating in the ongoing Winter Olympics in Japan, but I still feel it is a great pity local TV stations are completely ignoring this important event, which people around the world are following with enthusiasm. I am convinced the majority of Indonesians would welcome the possibility to watch this exciting show of top international athletes.

UPS eyes Indonesian deal

UPS eyes Indonesian deal HONG KONG (Reuters): United Parcel Service (UPS) expects to finalize its joint venture with Indonesia's PT Cardig Citra and the Salim group at the end of this month, UPS vice president for Asia Pacific Charles Adams said. "We will have 48 percent in the joint venture in Indonesia," Adams said. UPS is also in the process of negotiating a joint venture with India's Elbee Services. "We have to work through the system in India and get approval," Adams said.

W. Sumatra to host 2nd leg Gudang Garam motocross

W. Sumatra to host 2nd leg Gudang Garam motocross JAKARTA (JP): The province of West Sumatra has been chosen to host the second leg of the Gudang Garam international motocross championships, from March 11 to March 12. West Sumatra capital Bukittinggi will probably be the venue for the event. West Sumatra was selected for the motocross event because it already has a keen audience, and to promote tourism there.