Indonesian Political, Business & Finance News

Archive: 25 March 1998

57 articles found

Taiwanese company eyes RI business opportunities

Taiwanese company eyes RI business opportunities JAKARTA (JP): One of Taiwan's top companies said yesterday it was eying several attractive investment opportunities in Indonesia in the wake of the country's economic turmoil. Core Pacific Group's chairman, Sheen Ching Jing, said that his company was actively seeking corporate investment opportunities in Indonesia.

Germany recommends better banking system

Germany recommends better banking system By Oei Eng Goan JAKARTA (JP): Indonesia's sudden economic meltdown last July has so shocked friendly nations from within and outside the region that they are willing to lend a helping hand to try to resolve the monetary crisis the country is facing.

Singapore PM in Myanmar

Singapore PM in Myanmar YANGON (Reuters): Singapore's Prime Minister Goh Chok Tong arrived in the Myanmar capital yesterday for talks with the military government and the expected signing of a pact on mutual visa exemptions. Analysts expect Goh, on a 24-hour visit, to discuss Asia's financial problems and possibly to review with his hosts a proposal for members of the Association of South East Asian Nations (ASEAN) to conduct trade in non-dollar regional currencies.

RI budget forecasts may be revised

RI budget forecasts may be revised SINGAPORE (Reuters): Signs this week that Indonesia has climbed back aboard the IMF bus had analysts forecasting yesterday that a new letter of intent is in the works, and with it the likelihood of updated government budget forecasts with a fresh rupiah target. Most analysts believe that the new level for the average rupiah dollar exchange rate, required for budget accounting purposes, is expected to be around 6,000 to the dollar.

Rudini defends Wiranto on dialog offer to students

Rudini defends Wiranto on dialog offer to students JAKARTA (JP): Political observer Rudini said he was convinced about the sincerity of the Armed Forces offer, made through its commander Gen. Wiranto, to hold a dialog with students who have been protesting price hikes and advocating political reform.

Officer stabbed to death

Officer stabbed to death JAKARTA (JP): An army officer was killed by a mob in the basement of the three-star Sentral Hotel on Jl. Pramuka Raya, Central Jakarta, early yesterday, after he collected a woman from the hotel's discotheque, police said. Central Jakarta police chief Lt. Col. Iman Haryatna told reporters that the attack on First Sgt. Moh. Irsal Rumalian, 28, may have been premeditated. "Apparently the gang waited for the victim for quite some time before the stabbing," Iman said.

Govt 'serious' about fighting Kalimantan forest fires

Govt 'serious' about fighting Kalimantan forest fires By Sugianto Tandra JAKARTA (JP): The raging forest fires in East Kalimantan may be among the most exposed issues currently facing Indonesia, but the concerted efforts launched to fight them have gone largely unreported.

Police hold car parts sale

Police hold car parts sale JAKARTA (JP): City Police are holding a two-week sale of essential car parts and lubricants at the headquarters' complex, spokesman Lt. Col. E. Aritonang said yesterday. Items, sold jointly with 18 local vehicle spare parts and lubricants manufacturers, include air filters, batteries, brake shoes, brake linings, grease, spark plugs and various lubricants.

Skepticism around Indo-Pakistan ties

Skepticism around Indo-Pakistan ties By Raja Asghar ISLAMABAD (Reuters): The election of a new government in India will do little to break the deadlock in Indo-Pakistan peace talks, analysts said in Pakistan. Prime Ministers Nawaz Sharif of Pakistan and Atal Behari Vajpayee of India have vowed to go the "extra mile" to improve ties between the two countries, which have fought three wars in the 50 years since they gained independence.

Where to go in Surabaya:

Where to go in Surabaya: Music and Entertainment * Hyatt Regency Surabaya, Jl. Jend. Basuki Rakhmat 106-128: - The Tavern Pub: Cosindos Band, daily except Sunday 9 p.m. to 1 a.m., Hazztoria Band, live music performance on Sunday, 8:30 p.m. to 12:30 a.m. - Atrium Lounge: Solo Pianist, Monday to Friday, 7 p.m. to 10:45 p.m., Saturday at 7 a.m. to 11 p.m. - Lobby: Gamelan, Traditional Music, daily, 6 p.m. to 12 p.m. * Shangri-La Hotel, Jl. May. Jend.

Stock Exchange

Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on March 24, 1998: Shares Close Change Trading Volume -------------------------------------------------------------- Ades Alfindo 700 0 0 AHAP Insurance 500 0 0 Alter Abadi 575 0 0 Alumindo Light Metal 375 -25 440,500 Alumindo Perkasa 375 0 0 Aneka Kimia Raya 575 -25 80,500 Aneka Tambang 1,525 -25 1,542,500 Anwar Sierad 325 -50 1,037,500 Apac Centertex Corp.

39 street walkers escape detention

39 street walkers escape detention BOGOR, West Java (JP): Public order officers from the Bogor mayoralty rounded up 39 prostitutes and transvestites Monday night. They were temporarily accommodated in a house in Sukamulya subdistrict, but fled after bribing an officer yesterday. A mayoralty spokesman, Hari Harsono, who went to the house with reporters at 11 a.m. yesterday found the house empty.

Fears on impact of Asian crisis overblown, says WTO

Fears on impact of Asian crisis overblown, says WTO GENEVA (AFP): Fears that limping Asian economies will export their way back to health, harming business in developed economies, are unjustified, the World Trade Organization said in a report issued yesterday. But a slowdown in Asian and U.S. economic growth rates could lead to a cut in global trade of two to three percentage points in volume terms in 1998, the WTO report on 1997 trade developments warned.

PBSI to probe missing $250,000

PBSI to probe missing $250,000 JAKARTA (JP): The Badminton Association of Indonesia (PBSI) has set up a four-person team to track down contract money worth US$250,000 from Japanese sports equipment maker Yonex. Association secretary-general Leo Ch. Wiranata said Monday the money should have been paid to the country's elite shuttlers in exchange for them using the company's products over the past four months.

Closer Europe-Islamic world relations urged

Closer Europe-Islamic world relations urged KUALA LUMPUR (AFP): Malaysian Prime Minister Mahathir Mohamad called yesterday for closer cooperation and understanding between Europe and the Moslem world to improve relations. "This is a subject of great importance to Islam and the Moslems, for the European perception of Islam and its followers will always have repercussions in the Moslem world," he said at a Malaysia-European Union joint seminar on Islam.

Aussie to benefit from credit guarantees

Aussie to benefit from credit guarantees SYDNEY (Dow Jones): Australia's cotton growers are confident they will be able to tap up to US$250 million in emergency export credit guarantees provided by the Australian government to facilitate trade with Indonesia, an industry official said.

Suspects named in soccer scam

Suspects named in soccer scam JAKARTA (JP): Police officially named six suspects yesterday in an alleged match-fixing and bribery scam during the Indonesian League from 1994 to 1997. City Police spokesman Lt. Col. E. Aritonang identified the suspects by their initials as Nas, HL, JC, SP, DD and a senior national soccer referee, DU. "Four out of the six are referees, and the other two are officials of the Referees Committee and a soccer club," Aritonang said.

Pancasila University students explain

Pancasila University students explain On March 18 The Jakarta Post reported on Students continue pressure for reform. We, the senate of Pancasila University students wish to make the following remarks on the report. 1. The whole Civitas Academica of Pancasila University gave their blessings and support to the entire plan, implementation and supervision of the action expressing concern on the part of students, organized by the senate of the Pancasila University students' association. 2.

Rights body urges NGOs to help overseas workers

Rights body urges NGOs to help overseas workers JAKARTA (JP): The National Commission on Human Rights is urging non-governmental organizations (NGOs) to take concrete steps to help Indonesian workers overseas, including the tens of thousands of illegal migrants currently facing deportation from Malaysia. Commission members Clementino dos Reis Amaral, B.N.

RP trade deficit falls

RP trade deficit falls MANILA (AFP): The Philippines' merchandise trade deficit fell 37.4 percent from a year earlier to US$717 million in January, the National Statistics Office said here yesterday. Export receipts rose 25 percent to $2.115 billion while import payments dipped 0.2 percent to $2.832 billion. The government agency said imports of electronic components surged 37.5 percent to $566.28 million, accounting for 20 percent of total payments. Semiconductors are the country's top exports.

Inconsistent policies

Inconsistent policies The government's policy decision to slap a 5 percent tax on foreign exchange purchases has been aborted. It was (Minister of Finance) Fuad Bawazier himself who last Friday announced the short-lived policy to the public. Yesterday (Monday), even before the decision could be implemented, Fuad announced its cancellation, without going into more detail concerning the reasons for this step.

Karabha Unggul helps the poor

Karabha Unggul helps the poor JAKARTA (JP): PT Karabha Unggul, which manages Makro wholesale stores, is allowing poor families living near the company's nine outlets to buy discounted foodstuff packages, a release stated. The packages, valued at Rp 45 million, were symbolically handed over for sale yesterday by the company's director of human resources, Imam U. Ismojo, to the head of West Jakarta's North Meruya subdistrict, Haji Damin.

Homes and industry hit by flooding

Homes and industry hit by flooding TANGERANG (JP): Hundreds of houses and dozens of industrial plants in the town were flooded yesterday, forcing residents to evacuate to nearby safe areas and halting the plants' operation. The flood, which reached a level of between 30 centimeters and two meters, was caused mainly by the Cisadane river overflowing due to heavy rain in Bogor. "The water started inundating the area at 2 a.m. on Tuesday when the sky was clear," one of the flood victims said.

New military chief for Kalimantan

New military chief for Kalimantan BALIKPAPAN, East Kalimantan: A combat-hardened soldier, Maj. Gen. Sang Nyoman Suwisma, was installed as the new regional military commander overseeing the vast area of Kalimantan yesterday. The transfer of duty, led by Army Chief of Staff Gen. Subagyo Hadisiswoyo, was held at the Tanjungpura Regional Military Command headquarters in Balikpapan yesterday. Suwisma replaced Maj. Gen.

Semen Gresik cuts output

Semen Gresik cuts output PURWOKERTO, Central Java (JP): PT Semen Gresik said yesterday that the economic turmoil had forced it to slash its annual production by almost 50 percent to 3.5 million tons from the usual 6.9 million tons. The company's director of research and development, Djoko Susilo, said the crisis had slowed domestic demands for cement nationwide. National cement production this year is estimated to be 35.8 million tons while national demand is expected to be 27.9 million tons.

Govt criticized for revoking foreign exchange tax policy

Govt criticized for revoking foreign exchange tax policy JAKARTA (JP): The government was strongly criticized yesterday for revoking a decree on a planned 5 percent income tax for foreign exchange purchases. Legal expert Dimyati Hartono and corporate lawyer Todung Mulya Lubis agreed the move did not encourage the much-needed legal certainty needed in the country. They also agreed Minister of Finance Fuad Bawazier should have considered various legal aspects before issuing or revoking the decree.

Local stock trading remains under pressure

Local stock trading remains under pressure JAKARTA (JP): Trading on the Jakarta Stock Exchange (JSX) remained under a strong selling pressure yesterday with most investors dumping most of their shares. Securities dealers said that many fund managers and individual investors sold their blue-chip shares and switched their investments to fixed income instruments to benefit from the sharp increase in domestic interest rates.

TV today

TV today TVRI 2:00 p.m. News: Berita 14 2:30 My Country 2:35 TV Series: Big Brother Jake 3:10 Indonesian Children 3:35 Talk Show: Kotak Pos 4:00 Regional News 4:30 Education Quiz: Cepat Tepat 5:10 TV Series: Road to Avonlea 6:00 News: Lintasan Berita 6:05 My Beloved Country 6:15 Village Program 6:30 TVRI News 6:53 Music 7:00 Evening News 7:35 Entrepreneurship Program: Mitra Kita 8:05 Entertainment 8:30 Music: Gelora 9:00 World News 9:30 Music: Musik Pilihan 10:30 Late News 10:40 TV Drama:...

Girl hit by stray bullet

Girl hit by stray bullet YOGYAKARTA: Doctors at Sardjito Hospital will operate today on Siti Darmayanti, an eight-year-old girl hit by a stray bullet from a policeman's gun as she walked to school last Saturday. The second-grader at elementary school in Temandang, Kranggan, Temanggung -- some 100 kilometers northwest of here -- was walking with her elder sister Irna Susanti on the embankment of a paddy field when she screamed and collapsed bleeding.

Court hears Ratna's lawsuit against police

Court hears Ratna's lawsuit against police JAKARTA (JP): North Jakarta District Court belatedly heard lawsuits yesterday filed by popular stage actress Ratna Sarumpaet and five other people against police officers they accuse of arresting them illegally. On Monday, the same court refused to hear the cases brought by the six plaintiffs' lawyers on the grounds that the police had not let the plaintiffs attend the hearing.

Brunei health minister fired

Brunei health minister fired KUALA LUMPUR (AP): The Sultan of Brunei has fired his health minister amid controversy over the worsening smog enveloping the oil-rich nation. Dr. Haji Johar Dato Haji Noodin, health minister for 14 years and Brunei's first medical doctor, will "no longer be minister of health" effective March 25, Sultan Hassanal Bolkiah said in a statement on Monday. Brunei's Education Minister Haji Awang was named acting health minister.

PD Wisata Niaga will sell assets to pay debt

PD Wisata Niaga will sell assets to pay debt JAKARTA (JP): City-owned trading and tourism company PD Wisata Niaga Jaya is to sell some of its assets to help pay debts of Rp 65 billion (US$7.2 million) it owes Bank DKI, it was announced yesterday. Tebyan A'maari, the company's president, said the assets to be sold were three plots of land estimated to be worth Rp 25 billion. The first step would be to pay outstanding interest on the loan, which is about Rp 12 billion, Tebyan said.

Boss may spend year in prison

Boss may spend year in prison JAKARTA (JP): A prosecutor has demanded the Central Jakarta District Court sentence the president of state-owned trading company PT Kerta Niaga to one year in jail for allegedly defrauding two private firms of Rp 5 billion (US$500,000). Prosecutor Oeri Hasan Basri said Monday the defendant, Abdul Djalil Martondang, 50, had swindled PT Sritex and PT Mitra Sarana of Rp 4 billion and Rp 1 billion respectively from February 1993 to June last year.

Hike in cigarette prices may cause massive layoffs

Hike in cigarette prices may cause massive layoffs JAKARTA (JP): An estimated 75,000 workers of 330 small and medium-scale cigarette producers may lose their jobs due to the planned increase in cigarette prices next month. Tosari Wijaya, chairman of the Tobacco, Cigarette, Food and Beverage Section of the All-Indonesia Workers Union Federation (FSPSI), said the decree on price increases would weaken smokers' buying power and reduce the income of cigarette producers.

RI to opt for Mexican model in debt crisis

RI to opt for Mexican model in debt crisis JAKARTA (JP): Indonesia is to adopt a revised version of the Mexican model to solve its private sector overseas debt crisis, State Minister of the Empowerment of State Enterprises Tanri Abeng said yesterday. This would likely include a grace period of a few years and provide an affordable exchange rate for the rupiah against the U.S. dollar, he added.

Rupiah rallied by moves to raise interest rates

Rupiah rallied by moves to raise interest rates JAKARTA (JP): The rupiah rallied yesterday as fund managers sold their dollars to benefit from the sharp increase in the domestic interest rates. The rupiah ended the day at 8,500 against the U.S. dollar, up from Monday's close of 8,900. Money market dealers said that some overseas fund managers had sold their dollars and switched their investments to one-month rupiah deposits to benefit from the sharp increase in the interest rates.

Hardiyanti serves meals to the needy

Hardiyanti serves meals to the needy JAKARTA (JP): Minister of Social Services Siti Hardiyanti Rukmana opened a campaign yesterday to lessen the blows of the monetary crisis by offering 400 free meals to needy workers at Tanjung Priok Port. The Managing Impacts of the Monetary Crisis Program aims at providing the poor with cheap but nutritious meals. It is paid for by the first-year salaries donated by President Soeharto and his cabinet ministers, and by donations from business tycoons.

State airlines may get subsidy for quiet routes

State airlines may get subsidy for quiet routes JAKARTA (JP): The government plans to subsidize state airlines to allow them to continue flying unprofitable routes abandoned by private airlines due to the current monetary crisis, a government official said yesterday. Director General of Air Communications Zainuddin Sikado said the planned subsidy was of national importance to provide a fast means of transportation to connect the vast archipelago.

Assimilation of ethnic Chinese

Assimilation of ethnic Chinese One of our new cabinet's tasks is "to strengthen national unity". This involves, among others, improving relations between ethnic Chinese Indonesians and their indigenous compatriots, which is better known as "assimilation of ethnic Chinese in Indonesia". In view of the above cabinet's important task, I would like to make the following suggestions.

Five locals to attend World Cup '98

Five locals to attend World Cup '98 JAKARTA (JP): The French government has included five Indonesian students among 700 selected from around the world to watch the World Cup soccer semifinals and final in France in July. Aji, a French Cultural Center (CCF) spokeswoman, told The Jakarta Post yesterday that three students came from Jakarta, while the other two were from Bandung and Yogyakarta. "The five finalists were among the 100 entrants in a writing contest held by the CCF recently.

New satellite to monitor fires

New satellite to monitor fires SINGAPORE (AP): A European-made satellite launched yesterday by Arianespace will be used in Southeast Asia and elsewhere to monitor crop growth or spot rain forest fires. The Spot 4 Earth observation satellite successfully separated from an Ariane 40 rocket at 10:46 p.m. Monday (8:46 p.m. Jakarta time yesterday) after liftoff from the Eurospace port in Kourou, French Guiana.

RI needs creative strategy to draw investors: Miranda

RI needs creative strategy to draw investors: Miranda JAKARTA (JP): Innovative breakthroughs are needed to attract badly needed capital to right the floundering economy, Bank Indonesia director Miranda S. Gultom said yesterday. Mergers, acquisitions and consolidations of private businesses and privatization of state firms should also be encouraged to lift the country out of its economic woes, she said.

Prosecutor wants shaman's death

Prosecutor wants shaman's death MEDAN, North Sumatra: The prosecution has demanded that the Lubuk Pakam District Court sentence to death shaman Achmad Suraji, alias Nasib Kelewang, alias Datuk, for the alleged premeditated murders of 42 women. In his 322-page sentencing demand Monday, Prosecutor Eddy Nurdin told the court, presided over by Judge Syamsul Bahri, that Datuk, 47, had strangled to death all his victims and sucked their saliva right before their death.

WB, ADB pledge 'safety net' aid

WB, ADB pledge 'safety net' aid JAKARTA (JP): Executives of the World Bank and the Asian Development Bank (ADB) assured Vice President B.J. Habibie yesterday they would closely work with the government in overcoming the country's economic turmoil and improving its competitiveness in the future.

Goh visits Thailand

Goh visits Thailand BANGKOK (AFP): Singapore Prime Minister Goh Chok Tong will meet with his Thai counterpart in Bangkok today to prepare for the Asia-Europe Meeting (ASEM) in London next month, government sources said. Premier Goh will meet with Thai Prime Minister Chuan Leekpai during an overnight stopover in Thailand following an official visit to Myanmar this week, a government spokesman said yesterday.

U.S. tennis coach hired for Asiad

U.S. tennis coach hired for Asiad JAKARTA (JP): The Indonesian Tennis Association, desperately seeking affordable foreign coaches to prepare its team for the Asian Games (Asiad) in December, has struck a deal with American Matt Willer. Deputy secretary-general of the tennis body, Subiyanto, said yesterday that Miller, recruited from tennis coaching agent Peter Burwash International, would join Austrian coach Gebhard Gritsch, who has already confirmed his return to the tennis team.

Conversion Rates

Conversion Rates JAKARTA (JP): Bank Ekspor Impor Indonesia's (Bank Exim) indicative conversion rates on March 24, 1998: Buying Selling Rp Rp U.S.

Entertainment spot temporarily closed

Entertainment spot temporarily closed BOGOR (JP): The owner of Dumas dangdut music nightspot has temporarily closed its doors following a stern warning from the government that it was not properly licensed, an official said yesterday. Bogor mayoralty spokesman Hari Harsono said the administration had requested that the owner, identified only as Wempy, process the license before resuming business. Hari said the owner was responsible for the welfare of the workers during the temporary closure.

Where to go in Bali:

Where to go in Bali: Exhibitions * Painting Exhibition: Image Dance by Made Budhiana at Ganesha Gallery, Four Seasons Resort, Jimbaran Bay, Nusa Dua, Bali, 12 p.m. to 8 p.m., until March 27. * Painting Exhibition: Ida Bagus Made, at Darga Gallery, Komplek Sanur Raya, No.21/22 Denpasar, until April 14. Music and entertainment * Grand Hyatt Bali, Nusa Dua: - Poolside: Pasar Senggol, daily, 6:30 p.m., Kecak Dance, Friday and Tuesday.

The spectre of inflation

The spectre of inflation Bank Indonesia's move on Monday to nearly double the interest rates on its benchmark instruments (SBI) to a range of 40 percent to 45 percent for papers of one week to two months should have been the best of the worst alternatives it has in addressing the threat of inflation and arresting the rupiah's fall. The immediate consequence, though, is that a lot more businesses may have to fold.

Soeharto to rule on officials' private wealth

Soeharto to rule on officials' private wealth JAKARTA (JP): President Soeharto will soon issue a decree as the legal foundation requiring ministers and other high-ranking officials to declare their wealth, a minister said yesterday. Coordinating Minister of Development Supervision and State Administrative Reforms Hartarto Sastrosoenarto said the decree would rule that ministers and provincial governors were obliged to report their wealth directly to the President.

Deposit rates soar after hike in SBIs

Deposit rates soar after hike in SBIs JAKARTA (JP): Domestic commercial banks have raised interest rates on one-month deposits to as high as 67.5 percent, following the sharp rise in central bank promissory note (SBI) rates on Monday. The rates are the highest seen during the era of New Order governance. But analysts warned yesterday that excessively high interest rates, if maintained for a long period of time, will annihilate an already weak banking sector.

House members shocked on provincial tours

House members shocked on provincial tours JAKARTA (JP): Members of the House of Representatives' Commission IV were taken aback Monday to see Central Kalimantan residents without protection in braving the haze choking the province.

Asia, Europe must not lecture over rights

Asia, Europe must not lecture over rights By Arif Havas Ugroseno JAKARTA (JP): With the summitry of the Asia-Europe Meeting (ASEM) fast approaching, Amnesty International has launched yet another campaign, which it has called Human Rights, the Missing Link in the Asia-Europe Meeting.

Fumigation planned to fight dengue fever

Fumigation planned to fight dengue fever JAKARTA (JP): The city administration will fumigate in 100 subdistricts with endemic populations of the carrier mosquito of dengue fever, a senior official said yesterday. Health workers will visit the subdistricts this month and April to spray the fumigant against the aedes aegepty mosquito. Particular attention will be paid to gutters and swampy areas where the animals live and breed.

Thousands evacuated after West Java floods

Thousands evacuated after West Java floods BANDUNG (JP): Floods have inundated thousands of homes in at least six villages in South Bandung regency over the past two weeks, forcing thousands of residents to evacuate. No official report of casualties was available for the flash flood which hit the villages of Tegal Sumedang, Jelekong, Sukamanah, Sangiang, Bojongloa, and Linggar in the Rancaekek and Bojongsoang subdistricts yesterday.

Student dies after attack

Student dies after attack JAKARTA (JP): A 17-year-old student died Monday of severe head injuries sustained during an attack involving five men on a bus last week, his relatives said. Syarif, a resident of Jl. Tomang Banjir Kanal in West Jakarta, died at Cipto Mangunkusumo General Hospital. He was buried in his hometown of Cirebon, West Java, his brother Kosim said. The attack occurred in Senen, Central Jakarta, last Thursday night when Syarif was on his way home from school.