Archive: 18 May 1998
58 articles found
Mon, 18 May 1998, 00:00 WIB
Graceful exit
Graceful exit For 32 years, President Soeharto has firmly, and largely effectively, guided the development of a vast, crowded, multi- racial archipelago. Since he came to power in the mid-1960s, during a time of terrible bloodletting openly encouraged by the military, he took Indonesia from dreadful poverty to modest prosperity. Even in the horror of the current violence, that should be acknowledged.
Mon, 18 May 1998, 00:00 WIB
Canadian firms vow to operate in RI
Canadian firms vow to operate in RI TORONTO (Reuters): Canadian companies based in Indonesia said on Friday their operations were largely unaffected by the civil unrest threatening to topple President Soeharto, but some firms have moved to evacuate employees. Hundreds of people have been killed during the past four days as mass protests and widespread looting has gripped the Indonesian capital Jakarta in the first serious threat to the aging Soeharto's 32-year rule.
Mon, 18 May 1998, 00:00 WIB
Firefighters overwhelmed
Firefighters overwhelmed JAKARTA (JP): Firefighters admitted Saturday that they could do very little during last week's three-day orgy of burning throughout the city. "Frankly speaking, we are overwhelmed because so many buildings caught fire in so many places at the same time," said Johnny Pangaribuan, a senior official at the city fire department.
Mon, 18 May 1998, 00:00 WIB
Singapore hotels filling fast with evacuees from Indonesia
Singapore hotels filling fast with evacuees from Indonesia SINGAPORE (AP): It may be all woe in Indonesia, but Singapore seems to be profiting in part from the chaos of its riot-torn neighbor. The small city-state's previously low hotel occupancy have been receiving a boost from an unexpected source in recent days as people fleeing the bedlam of Indonesia are swiftly filling service apartments and hotels, according to industry officials contacted yesterday.
Mon, 18 May 1998, 00:00 WIB
Milking consumers
Milking consumers From Kompas I am a housewife and have a two-and-half-year- old child. She still drinks Procal milk, a product of PT Sugizindo. My question is: Why doesn't the price of milk go down as the prices of other commodities have? In fact, the government has announced that the price of milk was lowered by 20 percent as of March 1998. I need about 10 cans of milk a month, and an 800 gram container costs Rp 46,195. Every mother hopes for a cheaper price of their children's milk.
Mon, 18 May 1998, 00:00 WIB
Expensive art sells amid crises
Expensive art sells amid crises SINGAPORE (AP): Despite riots in Indonesia and a worsening economic slowdown across the region, Singaporean and Indonesian collectors are spending lavish amounts on art. An auction organized by Sotheby's netted S$2.85 million (US$1.73 million) in sales Saturday, including a record price for a painting by Dutch artist Le Mayeur, The Sunday Times reported.
Mon, 18 May 1998, 00:00 WIB
Japan to push for continued aid to RI
Japan to push for continued aid to RI BIRMINGHAM, England (AP): The turmoil in Indonesia indicates the need for political and economic reform, but should not derail aid programs through the International Monetary Fund, a senior Japanese government official said Friday.
Mon, 18 May 1998, 00:00 WIB
Malaysia sells COP to China
Malaysia sells COP to China KUALA LUMPUR (AP): A trade mission led by the Minister of Primary Industries, Lim Keng Yaik, will ask China to buy more Malaysian palm oil, a news report said Saturday. Palm oil export quotas to China, which totaled 1.3 million tons last year, would also be raised in the discussions, Lim told reporters here, the national news agency Bernama said. He hoped China, one of the biggest palm oil consumers, would maintain or increase the quota.
Mon, 18 May 1998, 00:00 WIB
RP trader abducted
RP trader abducted MANILA (AP): Kidnappers wearing ski masks seized a wealthy trader in a crowded southern Philippine commercial district in an abduction linked to a family feud, police said yesterday. Police said Emilio Enriquez was walking toward a family-owned store in Zamboanga City's downtown commercial area when three men armed with pistols pulled over and forced him into their car last Friday. One of the abductors punched Enriquez when he tried to fight.
Mon, 18 May 1998, 00:00 WIB
Bus owners need safety guarantee
Bus owners need safety guarantee JAKARTA (JP): Most buses in the city have remained off the street because there is no guarantee for their safety against continuing mob violence, an official said Saturday. The city's Land Transportation Agency chief Aip Sjaifudin said he hoped most city buses would resume operating today if their safety could be guaranteed by the authorities. "Many roads are still barricaded by either the authorities or mobs.
Mon, 18 May 1998, 00:00 WIB
Legislators threaten to resign
Legislators threaten to resign MEDAN, North Sumatra: The speaker of the provincial legislature, Mat Iskak, claimed yesterday that as many as 54 legislators were ready to resign if the political, economic and legal reforms demanded by the people failed to be achieved. "We are confident that the government has conducted reform efforts in all sectors.
Mon, 18 May 1998, 00:00 WIB
RI needs new political party
RI needs new political party By Vedi R. Hadiz JAKARTA (JP): The present crisis of confidence in the government stems from the fact that the vast majority of the population feels their aspirations and interests are not being represented in the existing political system. Although there are three political parties (for convenience sake, let's not provide Golkar a special status) none seems to be equipped to deal with the challenges of the times.
Mon, 18 May 1998, 00:00 WIB
More support for reform
More support for reform Support for the idea of total and peaceful political reform is pouring in from people of all ages and walks of life. These people's voices are being clearly heard above the boisterous mayhem and worsening economic crisis gripping the country. They speak for the nation in demanding total political reform because changes that include no less than a changing of the guard would fail to heal the country's wounds.
Mon, 18 May 1998, 00:00 WIB
Asian crises a test to Japanese diplomacy
Asian crises a test to Japanese diplomacy By Brian Williams TOKYO (Reuters): This is not the best of times to be the world's biggest aid donor. After years of reaping business benefits from giving generous aid, Japan finds itself in the thick of a host of crises in its own backyard of Asia that have its diplomacy stretched to the limit.
Mon, 18 May 1998, 00:00 WIB
The six Trisakti students
The six Trisakti students From Neraca The death of six Trisakti University students in Jakarta and the injury to others by security forces amid the peaceful actions of concern by students have saddened and angered us all. The event was anarchistic and savage. We, the Indonesian Environment Management (BLHI) for the whole of Indonesia, express our deepest condolences. We will always remember the six students as heroes of the people.
Mon, 18 May 1998, 00:00 WIB
People queue for hours to get cash at ATMs
People queue for hours to get cash at ATMs JAKARTA (JP): Jakarta residents were forced to queue for hours at automatic teller machines (ATMs) in shopping centers and business areas yesterday after last week's temporary bank closures prompted by Thursday's rioting. Long queues were seen at BCA, Bank BNI and Bank Lippo automatic teller machines. Some customers had to wait for three hours to make cash withdrawals. Among branch ATMs swamped from 8 a.m.
Mon, 18 May 1998, 00:00 WIB
Indonesia given fright by unheralded Dutch
Indonesia given fright by unheralded Dutch HONG KONG (Reuters): Holder Indonesia nearly paid the price for resting top singles player Susi Susanti yesterday when they just edged Netherlands 3-2 to reach the semifinals of the Uber Cup women's team championship. The 21-year-old Ellen Angelina, playing her first Uber Cup match, was the heroine for Indonesia, beating Lonneke Janssen 11- 2, 11-7 in the deciding match of the group B tie.
Mon, 18 May 1998, 00:00 WIB
Looting, arson cost retail stores $60m in financial losses
Looting, arson cost retail stores $60m in financial losses JAKARTA (JP): Indonesian retail stores may lose about Rp 600 billion (US$60 million) from the two days of looting, rioting and arson in the capital and nearby towns last week, a retail store association executive said. Kustarjono Prodjolalito of the Indonesian Retail Merchants Association (Aprindo) said the tentative estimate did not include lost business from closures of the businesses.
Mon, 18 May 1998, 00:00 WIB
Pasar Jaya gets official backing over policy row
Pasar Jaya gets official backing over policy row JAKARTA (JP): A municipality investigation team has found nothing wrong with the city-owned market management company PD Pasar Jaya's decision to raise parking fees without the governor's consent. Chief of the city's inspectorate office Bambang Sungkono said on the weekend his team did not find any evidence that PD Pasar Jaya had violated any rules.
Mon, 18 May 1998, 00:00 WIB
Ambulances idle due to riots
Ambulances idle due to riots JAKARTA (JP): Five of nine ambulances belonging to Cipto Mangunkusumo Hospital were out of operation on Thursday night because of a shortage of fuel. Many gasoline filling stations closed after rioting erupted on Wednesday. "It was a long and tiring night. We had to transport many riot victims in only four ambulances," Abdul Hadi, an ambulance driver, said.
Mon, 18 May 1998, 00:00 WIB
Activists set up posts to help riot victims
Activists set up posts to help riot victims JAKARTA (JP): Human rights activists, namely Volunteers for Humanity, have set up monitoring posts at a number of strategic city locations to help riot related victims. In a statement signed by priest Sandyawan Sumardi here yesterday, the posts will provide medical support, food, legal counseling and up-to-date information on the latest situation.
Mon, 18 May 1998, 00:00 WIB
Market operation to be resumed
Market operation to be resumed JAKARTA (JP): The city administration will resume selling essential foodstuffs directly to the public at reduced prices following last week's riots, a senior official says. Chief of the city's logistics agency Zawawi said the move was necessary because foodstuffs were becoming scarce and prices had skyrocketed because countless shops and wholesale stores were looted and destroyed during the riots.
Mon, 18 May 1998, 00:00 WIB
Where to go in Jakarta:
Where to go in Jakarta: Exhibitions * Cartoon Exhibition: Population Issue, by Cartoonists from 9 countries in Asia, 10 a.m. to 5 p.m., Gallery Pasar Seni Jaya Ancol, Jl. Lodan Timur, North Jakarta, until May 31. * Art Exhibition: Works of Suromo, at Lontar Gallery, Jl. Utan Kayu 68 H, East Jakarta (Phone: 8573388), 10 a.m. to 8 p.m., until May 28. * Painting Exhibition: Study for Distance by Hanafi, at Galerie Focus, Jl. Kemang Selatan X B No.
Mon, 18 May 1998, 00:00 WIB
U.S. firms close offices, pull workers from Indonesia
U.S. firms close offices, pull workers from Indonesia BOSTON (Reuters): Widespread rioting in Jakarta prompted at least a dozen major U.S. companies to close their offices or curtail operations in the Indonesian capital Friday and evacuate employees and their families. American Express Co., Boeing Co., Citicorp, Nike Inc., Mobil Corp., Mattel Inc. and McDonald's Corp., among others, said they would temporarily close their offices in the riot-torn city. Caterpillar Inc.
Mon, 18 May 1998, 00:00 WIB
Pertamina plans to redesign Balongan refinery
Pertamina plans to redesign Balongan refinery JAKARTA (JP): State oil and gas company Pertamina plans to redesign its US$2 billion Balongan refinery in West Java following intermittent production problems. Company processing director Samto Utomo said the refinery's residue catalytic cracker (RCC) unit, which produces liquefied petroleum gas (LPG) and gasoline, might have a design "fault" in view of its repeated production failure over the past four months.
Mon, 18 May 1998, 00:00 WIB
Thai, Brunei leaders concerned by RI riots
Thai, Brunei leaders concerned by RI riots BANGKOK (Agencies): The leaders of Thailand and Brunei have expressed concern over the upheaval in fellow Association of Southeast Asian Nations (ASEAN) member Indonesia and hope the unrest ends soon. But the sultan of Brunei and Prime Minister Chuan Leekpai did not propose any solutions during a meeting Saturday on how embattled Indonesian President Soeharto should deal with mounting riots and protests against his 32-year rule.
Mon, 18 May 1998, 00:00 WIB
City expects to see fresh mass protests
City expects to see fresh mass protests JAKARTA (JP): After calm descended on the capital over the weekend, people are expecting to see mass protests demanding President Soeharto's resignation. A student at University of Indonesia said that representatives, alumni and lecturers of dozens of universities in Jakarta and other cities would visit the House of Representatives complex this morning.
Mon, 18 May 1998, 00:00 WIB
Singapore faces risk from RI woes
Singapore faces risk from RI woes SINGAPORE (Reuters): Singapore faces more risks from the political and economic chaos sweeping Indonesia than many people think and the city-state's financial markets have still not fully taken this into account, economists say. "Singapore has one of the highest exposures to Indonesia of any country in Southeast Asia in terms of capital and direct investment," said Kevin Scully, director of Kay Hian Research.
Mon, 18 May 1998, 00:00 WIB
Achmad denies rift with Habibie on ICMI statement
Achmad denies rift with Habibie on ICMI statement JAKARTA (JP): The acting chairman of the influential Association of Indonesian Moslem Intellectuals (ICMI), Achmad Tirtosudiro, has denied there is any split in the organization's leadership and insists that differences have been settled. "It's not true that there's friction between me and Pak Habibie," he said, referring to Vice President B.J. Habibie who, technically, is still the chairman of ICMI.
Mon, 18 May 1998, 00:00 WIB
Cabinet reshuffle may cause even worse unrests
Cabinet reshuffle may cause even worse unrests President Soeharto said Saturday he would accept it if the people no longer had trust in him and at the same time announced a plan to reshuffle the cabinet. Political science lecturer Arbi Sanit of the University of Indonesia discusses the meaning of such moves and their impact.
Mon, 18 May 1998, 00:00 WIB
You are all amazing
You are all amazing To all the staff of The Jakarta Post, I wish you safety, peace and a brighter future. I want to let you know how I admire all of you and the newspaper as a brave and glittering example of Indonesian ingenuity, generosity and intellect. I have seen cameramen take risks with their lives and humor presiding over terror. I think you are all amazing. To all of you, take care, stay safe and see you in three weeks.
Mon, 18 May 1998, 00:00 WIB
People buy up in fear of new riots
People buy up in fear of new riots JAKARTA (JP): Many people rushed to several traditional markets and a handful of stores, which reopened Saturday following days of unrest, to buy as large quantity of food as possible in fear of further unrest in the capital. Several said they did not really care about price increases because they really needed to stock up. Housewife Marni, 50, of Bintaro, South Jakarta, said Saturday that price increases would not stop people from stockpiling food items.
Mon, 18 May 1998, 00:00 WIB
Post of governor up for grabs
Post of governor up for grabs DENPASAR, Bali: The provincial legislator here will begin deliberating next month the 36 names submitted as gubernatorial candidates. "All the names were submitted from a total of 215 official letters submitted from political organizations, social organizations, non-governmental organizations and even individuals," said provincial House Speaker I Ketut Sundria. Ida Bagus Oka, the current governor, ends his tenure on Aug. 28.
Mon, 18 May 1998, 00:00 WIB
Malaysia may quit rubber body
Malaysia may quit rubber body KUALA LUMPUR (AP): Malaysia may quit the International Natural Rubber Organization if Thailand does, a newspaper said yesterday. The Sunday Star quoted Primary Industries Minister Lim Keng Yaik as saying that if both countries pull out, it could lead to a price increase for natural rubber. He said he had information that Thailand might pull out of the organization.
Mon, 18 May 1998, 00:00 WIB
Calls for Soeharto's resignation mount
Calls for Soeharto's resignation mount JAKARTA (JP): People are getting bolder in their calls for President Soeharto to resign and allow the country to begin fresh efforts to shake off the economic crisis. More intellectuals have sided with the student movement which has been spearheading demands for his resignation since February through almost daily demonstrations.
Mon, 18 May 1998, 00:00 WIB
TV today
TV today TVRI 2:00 p.m. News: Berita 14 2:35 TV Series: The Big Valley 3:05 Management Program: Kiat Manajemen 3:30 TV Drama: Dambaan Hati 4:00 Regional News 4:30 Creative Program: Karya Kita 5:00 Indonesian Lessons 5:30 Educational Quiz: Tangkas Cermat 6:00 News: Lintasan Berita 6:05 My Country: Rona Nusantara 6:15 Sports 6:30 TVRI News (in English) 7:00 Evening News 7:35 Teen Quiz: Gita Remaja 8:00 News: Lintasan Berita 8:05 Teen Quiz: Gita Remaja (contd.) 8:30 Religious Teachings: Buddha...
Mon, 18 May 1998, 00:00 WIB
That's justice for you...
That's justice for you... I read in the May 16 edition of Kompas daily that people fleeing the country are being charged up to Rp 5 million in unofficial levies at the Soekarno-Hatta Airport. At first, I couldn't believe it. Would anyone really try to profit from other people's misfortune through a form of extortion? It seems too amoral to consider, too contemptible and repugnant to fathom. But then a friend confirmed that he knew for a fact this was the case.
Mon, 18 May 1998, 00:00 WIB
Amien says MAR not meant to weaken govt
Amien says MAR not meant to weaken govt JAKARTA (JP): Moslem scholar Amien Rais has insisted that he never intended to undermine the government when he and a group of associates established the Majelis Amanah Rakyat (MAR) Council of People's Mandate. He also told a media briefing in Yogyakarta on Saturday that no actions of the council, known as MAR, would go against the 1945 Constitution.
Mon, 18 May 1998, 00:00 WIB
Ministers begin feeling heat on cabinet reshuffle rumors
Ministers begin feeling heat on cabinet reshuffle rumors JAKARTA (JP): Minister of Justice Muladi said yesterday that he did not know to what extent the cabinet would be reshuffle, but those who were obviously being replaced were feeling the heat. "All ministers in the Seventh Development Cabinet have to be ready for the reshuffle. I personally don't just who will be included in it, but I'm sure they are already feeling it," he said in Semarang, Central Java, yesterday.
Mon, 18 May 1998, 00:00 WIB
KL says stands by Jakarta loan plan
KL says stands by Jakarta loan plan KUALA LUMPUR (Reuters): Malaysian Prime Minister Mahathir Mohamad said on Saturday the country would go ahead with its plan to provide Indonesia with a US$250 million bridging loan despite deadly riots in Jakarta. He also criticized the International Monetary Fund's rigorous aid program, which included withdrawing subsidies on Indonesians' fuel, electricity and transport. "We give it (the loan) to a nation.
Mon, 18 May 1998, 00:00 WIB
Estrada maintains big lead in Philippine presidential race
Estrada maintains big lead in Philippine presidential race MANILA (AP): President Fidel Ramos said yesterday he has invited Vice President Joseph Estrada and other candidates to discuss charges of fraud in the Philippines' presidential election and ways to ease conflicts hampering the vote count. Estrada, the main opposition candidate, maintained his strong lead after 67 percent of the votes had been counted, a poll watchdog group said.
Mon, 18 May 1998, 00:00 WIB
Four injured in plane mishap
Four injured in plane mishap JAKARTA (JP): Four passengers were injured when Merpati Nusantara Airlines flight MZ-715 made an abortive takeoff at Walter Monginsidi Airport in Kendari, Southeast Sulawesi, Friday. Passengers Gazali Ibrahim, L.M. Santoso, Mrs Tumbo Saranani and Eddy Yonjo were in good condition after sustaining only minor injuries, Antara news service reported. The 56 other passengers on the plane were uninjured.
Mon, 18 May 1998, 00:00 WIB
Police investigate striptease joint
Police investigate striptease joint TULUNGAGUNG, East Java: Tulungagung Police will summon the owners of the Gorga Restaurant dan Karaoke for allegedly having striptease shows in their establishment. Chief of the Tulungagung Police Resort, Lt. Col. Sunaryo, said the police had long been investigating the establishment over alleged striptease shows. "I will summon the owners. Please call me if they continue these nude shows," he said.
Mon, 18 May 1998, 00:00 WIB
Govt reports huge losses from massive riots, lootings
Govt reports huge losses from massive riots, lootings JAKARTA (JP): The government is still estimating material losses incurred by the massive rioting, looting and burning in the capital, its surrounding towns and other provincial cities over the last three days, but said the losses would certainly reach trillions of rupiah, a minister said yesterday.
Mon, 18 May 1998, 00:00 WIB
Bus falls into river
Bus falls into river JAKARTA (JP): A bus plying the Kampung Rambutan-Kota route plunged into the Ciliwung river which separates Jl. Gajah Mada and Jl. Hayam Wuruk in Central Jakarta on Friday night. No fatalities were reported. The bus with 20 passengers aboard careered into the river in front of the Central Jakarta Prosecutor's Office. Injured passengers took shelter in the office.
Mon, 18 May 1998, 00:00 WIB
RP banks to lower rates
RP banks to lower rates MANILA (Reuters): The Philippine central bank and the Bankers Association of the Philippines (BAP) have agreed to take further steps to lower lending rates, officials said yesterday. Central bank governor Gabriel Singson and BAP president Deogracias Vistan said these would involve slashing the statutory reserve requirement and increasing the interest-bearing portion of these reserves. Singson declined to say how deep the cut would be.
Mon, 18 May 1998, 00:00 WIB
Security personnel
Security personnel Security personnel have shown their true colors at last: shooting at students who were returning to their campus. "To shower with bullets" is no exaggeration, as could clearly be seen on TV (RCTI and SCTV). The number of bullet shells collected after the incident could fill a big box. The comment given by a Trisakti university student on TV that "we were shot like animals" is correct.
Mon, 18 May 1998, 00:00 WIB
IMF to review RP economy
IMF to review RP economy MANILA (Reuters): An International Monetary Fund mission is holding talks with the Philippines this week to check whether Manila is meeting targets under a US$1.37 billion standby arrangement with the IMF, officials said yesterday. "The challenge is on us. They will track our compliance with the targets," Finance Secretary Salvador Enriquez told reporters. The talks with the IMF team are to be held from May 20 to 27.
Mon, 18 May 1998, 00:00 WIB
Stock market braces for uncertain days ahead
Stock market braces for uncertain days ahead JAKARTA (JP): Stock prices on the Jakarta Stock Exchange (JSX) are likely to reel from more turbulent days this week as investors remain jittery over the country's social catastrophe, stock analysts said. The anarchic violence hammering Jakarta and surrounding towns, which has resulted in the destruction of many shops and buildings, will likely scare investors away.
Mon, 18 May 1998, 00:00 WIB
Economy worsens, reshuffle won't help: Economists
Economy worsens, reshuffle won't help: Economists JAKARTA (JP): Last week's outrageous riots have severely damaged Indonesia's economy, and a mere cabinet reshuffle will have little impact on the recovery process, economists said yesterday. "It is a devastating catastrophe... the unrest has caused our economic system to collapse," Laksamana Sukardi told The Jakarta Post yesterday. Laksamana, a director of Econit advisory group, said the riots had disrupted upstream and downstream activities.
Mon, 18 May 1998, 00:00 WIB
Obtaining credit harder after downgrade
Obtaining credit harder after downgrade SINGAPORE (Reuters): Indonesia's latest credit rating downgrade signals concern going beyond its already battered corporate borrowers, economists said yesterday. U.S. rating agency Standard & Poor's (S&P) said on Friday it had cut its rating for the Republic of Indonesia's US$400 million Yankee bond due 2006 to triple-'C'-plus from single-'B'-minus.
Mon, 18 May 1998, 00:00 WIB
Indonesian upheaval disturbs commodity trade
Indonesian upheaval disturbs commodity trade SINGAPORE (Reuters): Asian traders fear any prolonged political and social upheaval in Indonesia would stifle commodity business in what is one of the world's top raw material exporters. "Cocoa shipments are still moving, but it could be a different story in seven to 10 days if they don't resolve the political mess and the social unrest worsens," said a commodity trader in Singapore.
Mon, 18 May 1998, 00:00 WIB
Thai exporters ponder RI risk
Thai exporters ponder RI risk BANGKOK (Reuters): Thai exporters are re-evaluating risks on orders for delivery of 200,000 tons of rice in June to Indonesia due to tensions there, the Nation newspaper said on Saturday. Vorapong Pichpongsa, president of the Thai Rice Exporters Association, was quoted as saying that Thai rice exporters had yet to receive letters of credit from Indonesia for the orders.
Mon, 18 May 1998, 00:00 WIB
Yogyakarta reporters tagged
Yogyakarta reporters tagged YOGYAKARTA (JP): Journalists in Yogyakarta hopefully can feel more secure when covering demonstrations after the local branch of the Indonesian Journalist Association gave out special identification cards. The head of the association's local branch, Oka Kusumayudha, said the cards were made so journalists could be identified. "This way we can avoid unwanted incidents," he said as quoted by Antara.
Mon, 18 May 1998, 00:00 WIB
IMF wants to continue support
IMF wants to continue support WASHINGTON (Agencies): The International Monetary Fund is concerned that deepening civil unrest in Indonesia could slow the country's economic reforms and delay the return of investor confidence. John Boorman, director of the IMF's Policy Development and Review Department, said Friday it was too soon to talk about any further delays in IMF lending to Indonesia, whose capital, Jakarta, has been torn by rioting.
Mon, 18 May 1998, 00:00 WIB
S&P cuts Indonesia credit ratings
S&P cuts Indonesia credit ratings NEW YORK (Reuters): Standard & Poor's yesterday lowered its rating on the Republic of Indonesia's US$400 million Yankee bond due 2006 to triple-'C'-plus from single-'B'-minus. Additionally, Standard & Poor's lowered its long-term foreign currency credit rating on the Republic to triple-'C'-plus from single-'B'-minus and its long-term local currency credit rating to single-'B'-minus from single-'B'-plus.
Mon, 18 May 1998, 00:00 WIB
Bank Indonesia reopens today
Bank Indonesia reopens today JAKARTA (JP): Bank Indonesia, the central bank, announced yesterday that all banking operations, including interbank clearing, would resume today. The central bank halted all clearing on Thursday and Friday because of widespread rioting in the city.
Mon, 18 May 1998, 00:00 WIB
Riot-induced losses 40 percent more than city budget
Riot-induced losses 40 percent more than city budget JAKARTA (JP): The three days of rioting in the city has left 5,000 buildings worth Rp 2.5 trillion damaged. The figure, which is 40 percent higher than the city budget for this fiscal year, was announced last night by Coordinating Minister for Economy, Finance and Industry/Chairman of the National Development Planning Board Ginandjar Kartasasmita before a meeting with President Soeharto.