Indonesian Political, Business & Finance News

Archive: 26 March 1998

61 articles found

Stock Exchange

Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on March 25, 1998: Shares Close Change Trading Volume -------------------------------------------------------------- Ades Alfindo 700 0 0 AHAP Insurance 500 0 0 Alter Abadi 600 25 86,000 Alumindo Light Metal 350 -25 311,000 Alumindo Perkasa 400 25 20,000 Aneka Kimia Raya 600 25 578,500 Aneka Tambang 1,525 0 1,749,000 Anwar Sierad 350 25 176,500 Apac Centertex Corp.

Hendro told to improve transmigration sites

Hendro told to improve transmigration sites JAKARTA (JP): The government intends to improve the quality of existing transmigration sites rather than open new ones, President Soeharto said yesterday. The President told Minister of Transmigration and Resettlement of Forest Squatters A.M. Hendro Priyono to provide better protection and living conditions for the resettled farmers.

Shooting lesson for journalists

Shooting lesson for journalists JAKARTA (JP): The Jakarta Military Command gave journalists a shooting lesson at its main regiment headquarters in Condet Raya, East Jakarta yesterday. Command spokesman Lt. Col. D.J. Nachrowi said that the lesson was aimed at increasing the journalists' knowledge about how soldiers and police officers defended themselves.

U.S. farm exports to RI may fall 50%

U.S. farm exports to RI may fall 50% WASHINGTON (Reuters): U.S. agricultural exports to financially-troubled Indonesia could decline by 50 percent in fiscal 1998 (October-September), a top U.S. Agriculture Department official said yesterday. Last year, Indonesia imported about $776 million worth of U.S. farm goods. "Probably, we'll see that cut in half this year," USDA Undersecretary Gus Schumacher told the Senate Appropriations subcommittee on agriculture.

What religion means to Indonesia politics

What religion means to Indonesia politics JAKARTA (JP): A quarter of a century ago the political scientist and Indonesia specialist Benedict Anderson suggested that to understand Indonesian politics one must attempt to view events from the perspective of Javanese religious assumptions about the nature of power and authority.

PT Semen Padang in the international market

PT Semen Padang in the international market PT Semen Padang is the oldest cement plant in Indonesia. It began production on March 18, 1910, as NV Nederlands Indische Portland Cement Maatschapij. Production in 1913 was 22.9 tons per year. By 1939, production had risen to 172,000 tons a year. Current production is 3.5 million tons a year, which is shared between four factories. As well as producing cement for local consumption, Semen Padang began exporting in 1981 to Bangladesh.

Car production, sales may drop 90% in March

Car production, sales may drop 90% in March JAKARTA (JP): The Association of Indonesian Automotive Industries estimated yesterday that the country's economic crisis would drag down car production and sales by 90 percent this month. The association's chairman, Herman Z. Latief, estimated sales in March would total only about 3,000 cars, about 10 percent of the 34,046 cars sold in the same month last year and less than half of last month's figure of 6,431.

Consumers turn to local cosmetics

Consumers turn to local cosmetics JAKARTA (JP): Whether there is an economic crisis or not, cosmetics, in the words of a beauty expert, are "a second skin to urban women". Claudia Angelique, a skincare and make-up facilitator at John Casablanca's Modeling and Career Center, says this need for cosmetics -- a basic commodity for the image conscious -- "helps a great deal with one's personality and one's emotional status".

National drive required to conserve water

National drive required to conserve water By Asep Fathulrachman Unfortunately, it is not a case of water, water everywhere for the world today. An estimated two billion people lack clean drinking water and many countries suffer acute water shortages. The articles on this page are published in conjunction with World Water Day, which fell on March 22.

Badminton world rankings

Badminton world rankings LONDON (Reuters): Leading world rankings issued by the International Badminton Federation yesterday: Men: 1. Sun Jun (Chn) 348pts 2. Peter Gade Christensen (Den) 346 3. Luo Yigang (Chn) 293 4. Dong Jiong (Chn) 270 5. Poul-Erik Hoyer-Larsen (Den) 269 6. Hariyanto Arbi (Ina) 246 7. Ong Ewe Hock (Mal) 243 8. Chen Gang (Chn) 225 9. Marleve Mainaky (Ina) 223 10. Hendrawan (Ina) 218 Women: 1. Ye Zhaoying (Chn) 358 2. Gong Zhichao (Chn) 348 3. Wang Chen (Chn) 319 4.

RI's Moslem community coming into its own

RI's Moslem community coming into its own B.J. Habibie's election as vice president and the predominantly Moslem cabinet has fanned questions about the political map of Islam in Indonesia. Moslem intellectual Nurcholish Madjid, rector of Paramadina Mulya University, discusses the implications. Question: Some people say the election of Habibie, chairman of the Association of Indonesian Moslem Intellectuals (ICMI), as vice president will lead to Islamic fundamentalism?

Ecstasy dealer gets four years

Ecstasy dealer gets four years JAKARTA (JP): The North Jakarta District Court sentenced a man on Tuesday to four years in jail and fined him Rp 150 million ($15,000) or three months imprisonment for possessing 13 Ecstasy pills. Presiding judge Azynar Abbas said in his verdict that Endang Suryana had been caught red-handed with the Ecstasy tablets in a raid on Cleopatra discotheque in Sunter on Oct. 28 last year.

Jakarta on track with its transportation services

Jakarta on track with its transportation services JAKARTA (JP): A traveler's first steps in Jakarta may be tentative ones as he or she adjusts to the daunting task of becoming familiar with the byways and highways of this sprawling city. A dose of steely determination and a sense of adventure will serve in good stead in negotiating Jakarta's streets. There is little to fear, however, because the city's transportation network turns out to be surprisingly comprehensive.

Sagori islanders splash half their income on fresh water

Sagori islanders splash half their income on fresh water By Rolex Malaha KENDARI, Southeast Sulawesi (Antara): The inhabitants of isolated Sagori island could live comfortably on an average income of Rp 5,000 a day, except they lack one of life's basic necessities: water. Despite being surrounded by seawater, the indigenous Bajau are forced to spend a large portion of their income buying freshwater. "Every day we must spend between Rp 2,100 and Rp 4,200 to buy water.

Punishment for pedophile hailed

Punishment for pedophile hailed MEDAN, North Sumatra: The Indonesian Institute for the Protection of Women and Children has hailed the punishment meted out by the Medan District Court to Asinia David, 37, for sodomizing and killing three-year-old M. Anwar. "The sentence imposed by the court against the defendant is quite harsh and he deserves it," institute director Syafaruddin said yesterday.

Rates hike 'blow to banking industry'

Rates hike 'blow to banking industry' JAKARTA (JP): The current high deposit rates are a further blow to the beleaguered banking sector, which has very few options for reinvesting the money, banking experts said yesterday. Commercial banks have practically ceased lending to the private sector since the end of last year. The new rates make it impossible for banks to resume normal lending practices because banks must lend money at rate higher than they pay out on deposits.

Fair play

Fair play The current economic situation has forced a rise in production costs, and those affected include The Jakarta Post. Since this newspaper's announcement on March 15 that it would downsize to eight pages, I feared the worst, expecting eight pagers every day. But advertising support has enabled the Post to actually do better than that so far. Perhaps, I should state why this newspaper will have my continued backing.

Kidney patients ask for help

Kidney patients ask for help BANDAR LAMPUNG, Lampung: Some 30 kidney patients of the Abdul Moeloek General Hospital have requested help in continuing their treatment from the ministers of health and home affairs. They said dialysis had become so expensive they could no longer afford it. The patients, whose treatment was covered by state-owned insurance company PT Askes, said that not all treatment fees were covered, Antara reported yesterday. The fee for dialysis was about Rp 130,000.

Irian Jaya to get new governor

Irian Jaya to get new governor JAYAPURA, Irian Jaya: The provincial legislative council has elected Commodore Freddy Numberi, chief of the Jayapura naval base, as the new governor for the 1998/2003 period to replace Jacob Patippi. In the election chaired by Robert Sitorus here Tuesday, Freddy swept 33 of 44 votes and defeated two other candidates, HE Mackbon and Herman Monim.

Unemployment surged to 8.7 million in February

Unemployment surged to 8.7 million in February JAKARTA (JP): The number of unemployed people doubled from 4.4 million last year to 8.7 million at the end of last month, an official said yesterday. Sri Harto, spokesman for the Ministry of Manpower, also said the number of people working less than 35 hours per week had doubled from 9.1 million last year to 18.4 million.

Banned referees cry foul at charges

Banned referees cry foul at charges JAKARTA (JP): A group of soccer referees, banned from officiating after an alleged match-fixing scam, decried yesterday what they termed unfair treatment by the All-Indonesia Football Federation (PSSI).

Krugman mocks currency board proposal for RI

Krugman mocks currency board proposal for RI HONG KONG (Dow Jones): Leading U.S. economist Paul Krugman lashed out yesterday at "economic snake-oil salesmen" seeking to offer a quick fix to Indonesia's complex problems. At a conference organized by Credit Suisse First Boston, Krugman, Ford International professor of economics at Massachusetts Institute of Technology, sharply criticized fellow economist Steven Hanke's proposals to set up a currency board in Indonesia.

Side meetings arranged for Habibie at ASEM

Side meetings arranged for Habibie at ASEM By K. Basrie LONDON (JP): The Indonesian Embassy here has arranged a series of bilateral meetings for Vice President B.J. Habibie with several Asian and European leaders when they gather here next week.

Robbery believed behind murder of Taiwanese lady

Robbery believed behind murder of Taiwanese lady JAKARTA (JP): A Taiwanese woman, found dead at a residence in North Jakarta Tuesday afternoon, is believed to have been murdered during a robbery, police said yesterday. City Police spokesman Lt. Col. E. Aritonang said Tai Tung Hui, 32, may have been killed when she resisted the robbers at her boyfriend's home on Jl. Kelapa Cengkir in Kelapa Gading district.

Local orangutans face extinction

Local orangutans face extinction SAMARINDA, East Kalimantan: Forest fires and illegal hunting have been posing grave threats to orangutans (Pongo pygmaeus) living in East Kalimantan's forests, an expert of the Ministry of Forestry said yesterday. Dr. Willie Smits said the fires have been burning their food, making them weak and vulnerable to poachers.

Brunei orders schools closed

Brunei orders schools closed BANDAR SERI BEGAWAN (AFP): Brunei authorities ordered yesterday all schools closed for two weeks as haze from forest fires in nearby areas worsened. Citizens of the largely-Moslem sultanate have also been requested to fast for two days to pray for rain, and prayers were led yesterday by Sultan Hassanal Bolkiah and top religious leaders in mosques throughout the tiny, oil-rich nation.

ABRI starts dialog with critical groups

ABRI starts dialog with critical groups BANDUNG (JP): The Armed Forces (ABRI) made good on its recent offer yesterday by opening a series of dialogs with critical groups in a bid to settle the monetary crisis and answer growing calls for reform. A delegation led by Armed Forces Chief of Sociopolitical Affairs Lt. Gen. Susilo Bambang Yudhoyono held a closed-door meeting with 25 leading figures of West Java universities in Bandung. He was accompanied by West Java Regional Military Commander Maj.

RI private debt to be rescheduled

RI private debt to be rescheduled TOKYO (Agencies): Leading banks from Europe, Japan and the United States are likely to agree on a plan to reschedule repayments of principal on loans made to Indonesia's private- sector companies, the Japanese daily Nihon Keizai Shimbun reported in yesterday's evening edition.

Man arrested with 4.8kg of heroin

Man arrested with 4.8kg of heroin TANGERANG (JP): Customs officers at Soekarno-Hatta International Airport have made their first illegal drugs arrest of the year of an Indonesian man who allegedly tried to smuggle 4.884 kg of second-grade heroin into the country.

How to understand the crisis

How to understand the crisis The economic crisis befalling Indonesia has been dragging on with no hint as to when it will be over. The following two articles provide a political-culture approach to the crisis with an historical perspective. Dr. Mark R. Woodward,professor of religious studies at Arizona State University and Dr.

Presidential decree on sticker system issued

Presidential decree on sticker system issued JAKARTA (JP): A presidential decree on the sticker system which will replace the controversial three-in-one traffic system was issued on Monday and the city is preparing supporting bylaws, an official said yesterday. Deputy Governor for Administrative Affairs Abdul Kahfi told The Jakarta Post that the decree, which approves the sticker system, deals with administrative matters only. "Supporting bylaws are under preparation.

Consequences of high interest rates

Consequences of high interest rates This is not the first time the government has followed a policy of raising bank interest rates. When the government in August last year abandoned the intervention band that allowed the rupiah's value against the U.S. dollar to fluctuate within certain limits, then Bank Indonesia governor J. Soedradjad Djiwandono warned the community that it should be ready to accept whatever risks the move might bring.

PT Toyota-Astra Motor launches new Corolla

PT Toyota-Astra Motor launches new Corolla JAKARTA (JP): PT Toyota-Astra Motor is shrugging off the worst ever recession in the history of the country's automotive industry and launching the latest generation of its Toyota Corolla tomorrow. Despite nationwide vehicle sales collapsing by more than 80 percent since last July, Toyota bosses say the launch is part of the company's long-term strategy for the country's small sedan market.

All oil producers urged to cut output

All oil producers urged to cut output JAKARTA (JP): Minister of Mines and Energy Kuntoro Mangkusubroto asked all OPEC members and independent oil producers yesterday to voluntarily cut their output to prop up the crude oil price. Kuntoro said it was important that all oil producing countries cut their production to reduce the crude oversupply on the world market.

Conversion Rates

Conversion Rates JAKARTA (JP): Bank Ekspor Impor Indonesia's (Bank Exim) indicative conversion rates on March 25, 1998: Buying Selling Rp Rp U.S.

Govt, IMF discuss another revision of RI state budget

Govt, IMF discuss another revision of RI state budget JAKARTA (JP): The government and the International Monetary Fund (IMF) are discussing another revision of the country's 1998/1999 state budget, Minister of Finance Fuad Bawazier said yesterday.

CDC plans SE Asia fund

CDC plans SE Asia fund MANILA (AFP): Taiwan's China Development Corp. (CDC) will organize a billion dollar venture capital fund to invest in four Southeast Asian countries hit by currency crises, a Philippine subsidiary of the firm said yesterday. The fund will funnel investments into the Philippines, Malaysia, Thailand and Indonesia, the three Southeast Asian countries most affected by the currency crisis, said Joseph Tseng, president of CDC subsidiary Sino-Philippines Asset Management Inc.

W. Java flood victims need more aid

W. Java flood victims need more aid JAKARTA (JP): Thousands of residents in flood-hit areas in South Bandung regency, West Java, need more food and medical supplies to ease the suffering they have experienced over the past two weeks, Antara reported yesterday. Supplies are particularly needed in the villages of Cipanileuman, Babakansayang and Tegalluar in Cileunyi and Bojongsoang subdistricts.

Rupiah in steady rise as other currencies rebound

Rupiah in steady rise as other currencies rebound SINGAPORE (AFP): The Indonesian rupiah persisted in its steady rise against the U.S. dollar in thin trade yesterday as other Asian currencies led by the Thai baht made up for their losses after a brief sell-off the day before.

Boat people from Indonesia?

Boat people from Indonesia? Much has been said and written about the plight of the Indonesians who feel compelled to seek a better life in neighboring countries, Malaysia and Singapore in particular. There also can be no question about the government's sincerity in trying to resolve the problem as well as is possible under the current very difficult circumstances.

'Ojek' driver murdered

'Ojek' driver murdered JAKARTA (JP): An ojek (motorcycle taxi) driver was found dead with his skull crushed early yesterday in a cassava field in Pamulang district of South Jakarta, City Police spokesman Lt. Col. E. Aritonang said yesterday. Aritonang said that the victim, identified as Yahya, 35, was found at about 8 a.m. by people going to harvest the cassava. Police believe the motive for the killing was to steal the motorcycle.

People's fate

People's fate From Merdeka As a senior citizen, I was prompted to write this letter after reading reports in Merdeka regarding the IMF orienting (us) on liberalization, the arrest of members of the Democratic People Party in an apartment and a letter to the editor written by Michael De Rozari on social concern.

Small publications to get cheaper paper

Small publications to get cheaper paper JAKARTA (JP): PT Aspex Paper, the country's largest newsprint producer, has agreed to give a 30 percent discount to small-scale publishing companies. However, the newsprint to be sold to the small publications would be of lower quality, or BB grade, than that sold to other companies, Aspex president Lee Won Je said yesterday. "We agreed to sell the newsprint at Rp 1,500 (18 U.S.

Ratna denies being caught re-handed

Ratna denies being caught re-handed JAKARTA (JP): Stage actress Ratna Sarumpaet and five others who filed a lawsuit for wrongful arrest challenged police claims yesterday that they were caught red-handed holding an illegal political meeting on Feb. 10. In a statement delivered to North Jakarta District Court, the six said the meeting had been canceled at the request of the hotel's proprietor.

Thugs clean out rich man's house

Thugs clean out rich man's house TANGERANG (JP): Police are tracking down five men suspected of robbing a businessman of 400 grams of jewelry, a Rolex gold- plated wristwatch, a 29-inch TV set and Rp 7 million in cash early Tuesday. One family member got a cut on her finger after she tried to repulse the armed robbers who forced their way into the house at about 3 a.m., Tangerang Police chief Lt. Col. Aryanto Boedihardjo said.

Thousands face food shortages on E. Timor coast

Thousands face food shortages on E. Timor coast BOBONARO, East Timor (JP): About 5,000 people in four coastal villages here are enduring food shortages after a dry spell since January caused massive crop failures, a local official has confirmed. Fransisco Martins Dias, the chief of the Atabae subdistrict some 140 kilometers west of the provincial capital of Dili, said yesterday that Aidabalete village was the most severely affected.

'Jury still out' on talks between IMF, Indonesia

'Jury still out' on talks between IMF, Indonesia WASHINGTON (Agencies): It is too early to tell if the IMF and the Indonesian government will be able to put a stalled economic bailout package back on track, a senior U.S. official said Tuesday. "The jury is still out," deputy assistant secretary of state for East Asian and Pacific affairs Aurelia Brazeal told a Senate subcommittee.

Shares up on news of debt rollover plan

Shares up on news of debt rollover plan JAKARTA (JP): Share prices on the Jakarta Stock Exchange (JSX) rose slightly yesterday after falling for two consecutive days on news of the rollover plan to tackle the country's mounting private debt crisis. Brokers said share prices remained under selling pressure in the morning but bounced back slightly in late trade on news of the debt rollover plan.

Questions loom on norms in political life

Questions loom on norms in political life By Mochtar Buchori JAKARTA (JP): When observing the behavior of our political leaders during this political and economic crisis, I cannot help comparing them with their predecessors in 1945 and the ensuing 10 years in our early existence as an independent state. What I see leaves me feeling dejected.

Ramos and rebel share prize

Ramos and rebel share prize MANILA (AFP): Philippine President Fidel Ramos said yesterday that he was delighted to have jointly won the UN Educational, Scientific and Cultural Organization (UNESCO) peace prize with a former battlefield adversary.

Singapore steps up blitz on illegal workers

Singapore steps up blitz on illegal workers By Raj Rajendran SINGAPORE (Reuters): A Singapore blitz on illegal workers may keep many Indonesians from trying to enter the island state, though some remain determined to flee their homeland's economic misery. For thousands squatting on Indonesia's Bintan island, 45 minutes by sea from Singapore, Malaysia is the alternative to avoid the tough punishment meted out by the city state to illegal immigrants and anyone overstaying visas.

Keating defends RI against market

Keating defends RI against market SYDNEY (Reuters): Indonesia has been "punished" by financial markets more severely than other Asian nations because of an inaccurate view that it was a rogue state, former Australian prime minister Paul Keating said yesterday. "The future of the Indonesian economy became caught up in judgments about its political system," Keating said in a lecture at the University of New South Wales.

Crisis is a drag for drag race organizers

Crisis is a drag for drag race organizers JAKARTA (JP): Organizers of the national drag race championship series said yesterday they expected fewer participants in the opening leg April 5 due to the monetary turmoil. Rio Sarwono, director of the Sentul circuit near Bogor, West Java, which will host all the series races, said 200 drivers were expected to participate, a drop from 300 last year. As of yesterday, 150 were registered for the one-day race.

U.S. to offer $56m in aid to Indonesia

U.S. to offer $56m in aid to Indonesia WASHINGTON (Dow Jones): The U.S. will offer US$56 million in food and medical supplies to meet immediate humanitarian needs in Indonesia, a government official said Tuesday. Stuart Eizenstat, undersecretary of State for economic, business and agricultural affairs, said the U.S. has significant national security and economic interests in the Asian country. A fact sheet distributed after Eizenstat briefed reporters said the U.S.

Foreign investment, economic development

Foreign investment, economic development The present government has clear and well-defined economic policies, geared to promoting foreign investment in the country. The country welcomes private investment in all areas of the economy, with the exception of five sectors due to national security issues. Investors are not restricted on the amount of investment. A foreign investor can own 100 percent of an asset without prior government approval.

100 soldiers armed with vegetable seeds

100 soldiers armed with vegetable seeds JAKARTA (JP): The Jakarta Military Command will soon deploy 100 soldiers not to a battlefield but to grow vegetables on neglected land in Tangerang in a bid to help raise the production of basic staples, an officer said. Commander Maj. Gen. Sjafrie Sjamsoeddin said the military personnel would be assisted by local people. The operation starts early next month.

City tightens building licensing

City tightens building licensing JAKARTA (JP): The city administration will refuse to issue occupancy permits for high-rise buildings unless they are provided with proper fire safety equipment, a senior official has said. "Developers and owners should not think they can transfer and use the building once it is completed but without adequate fire precaution facilities," Abdul Kahfi, deputy governor of administrative affairs, said Tuesday.

Subagyo hails Amien for wise criticism

Subagyo hails Amien for wise criticism BANDUNG (JP): Army Chief of Staff Gen. Subagyo Hadisiswoyo praised the outspoken scholar Amien Rais yesterday for his mature and wise criticism of the government. The general said the Armed Forces (ABRI) would accommodate the views of the chairman of the 28 million-strong Moslem organization Muhammadiyah because they were always presented through constitutional channels and in a constructive spirit.

Doctoral exam turns into gripping argument on govt

Doctoral exam turns into gripping argument on govt JAKARTA (JP): A panel of the University of Indonesia's law professors turned a viva yesterday into a grievance session and led legal doctoral candidate A.S.S. Tambunan into agreeing with them that the New Order administration had failed to uphold the 1945 Constitution in its purest form.

Pimps, patrons play strangers

Pimps, patrons play strangers PURWOKERTO, Central Java (JP): An encounter between officers, 10 pimps and 32 prostitutes in a police station on Monday took on shades of melodrama when many of the ladies of the night began to shed tears. The sex workers and their bosses were questioned after being rounded up in the Baturaden tourist resort the previous night for breaking a promise to stop operating in the area.

34 firms sign up for German center in BSD complex

34 firms sign up for German center in BSD complex TANGERANG (JP): Registration of 34 local and foreign companies is confirmed for the eight-story German Center for Industry and Trade in the Bumi Serpong Damai (BSD) housing complex here, the center's president said yesterday. Jochen Sauter, speaking at the topping-off ceremony of the US$32 million construction project, said the businesses would move in by the end of the year.