Archive: 30 May 1998
61 articles found
Sat, 30 May 1998, 00:00 WIB
Chinese-Indonesians
Chinese-Indonesians At the beginning of World War II, Japanese-American citizens were put in concentration camps throughout the United States by then president Roosevelt. Sensing this mistake, the government subsequently released them and later on, the Japanese-Americans formed Japanese battalions in the American army fighting against Japan. Japanese-Americans have been respected citizens of their country ever since.
Sat, 30 May 1998, 00:00 WIB
'Natural selection' will sort out new parties: Syarwan
'Natural selection' will sort out new parties: Syarwan BANDUNG (JP): Minister of Home Affairs Syarwan Hamid, facing the prospect of new political parties cropping up on a daily basis, has said there should no restriction on the number of parties in existence. Syarwan instead believes the process of "natural selection" will eventually sort out the political organizations which endure.
Sat, 30 May 1998, 00:00 WIB
Bakrie appointed to resilience council
Bakrie appointed to resilience council JAKARTA (JP): The government has appointed the chairman of the Indonesian Chamber of Commerce and Industry (Kadin), Aburizal Bakrie, to replace noted businessman Anthony Salim as the secretary-general of the Economic and Monetary Resilience Council. Aburizal, known as Ical, confirmed his appointment to reporters yesterday, but said the presidential decree for it had yet to be issued.
Sat, 30 May 1998, 00:00 WIB
19th Games consortium seeks debt clearance
19th Games consortium seeks debt clearance JAKARTA (JP): Chances appear slight the 19th Southeast Asian Games (SEA Games) underwriting consortium will sway management of the Gelora Senayan sports complex to waive its Rp 1 billion (US$100,000) in debt arrears. Gelora Senayan director Yasidi Hambali said yesterday he would reject the request because granting it would only increase the financial burdens on the sports complex's management.
Sat, 30 May 1998, 00:00 WIB
Bus accident takes three lives
Bus accident takes three lives JEMBER, East Java: Three people were killed when an intercity bus rammed into a tree early yesterday morning at Yosorati village, Sumber Baru district. The bus, license plate L 1789VA, crashed into the tree after veering out of control to avoid a head-on collision with a truck. Details of the accident remain sketchy, but witnesses said the bus was trying to overtake another vehicle when it nearly collided with the truck, Antara reported.
Sat, 30 May 1998, 00:00 WIB
$4.4b up in smoke due to 'poor govt policy'
$4.4b up in smoke due to 'poor govt policy' JAKARTA (JP): Two international environmental organizations charged yesterday that poorly designed government policy helped escalate last year's calamitous forest fires in Sumatra and Kalimantan which, according to fresh estimates, caused US$4.4 in damages.
Sat, 30 May 1998, 00:00 WIB
Farewell Indonesia
Farewell Indonesia Six years in Indonesia have come to a too fast end for my wife and myself and now it is time for us to say goodbye to a country and its people that had developed into a place we called our home and where we really enjoyed living. In the first years of our stay, it was still possible for us to travel a lot through the archipelago, although there are still hundreds of places we haven't seen yet. But what we saw was beautiful.
Sat, 30 May 1998, 00:00 WIB
Police plan to review cooperation with Tutut
Police plan to review cooperation with Tutut JAKARTA (JP): The National Police will review its cooperation agreement with a company belonging to Siti "Tutut" Hardijanti Rukmana whose dealings it claims are riddled with corruption and nepotism. The police signed the five-year accord in 1992 with PT Citra Permata Persada (PT CPP), which is owned by the eldest daughter of former president Soeharto, to administer applications for driver's licenses. National Police Commander Gen.
Sat, 30 May 1998, 00:00 WIB
A crop of new parties
A crop of new parties With the winds of reform only just starting to blow across this country, Indonesians have been watching with a good deal of amazement, if not amusement, the emergence of new political parties which are ready to luster up a general election, the schedule of which, at least for the present, is not even known.
Sat, 30 May 1998, 00:00 WIB
Liem stake in UIC 'not for sale'
Liem stake in UIC 'not for sale' SINGAPORE (Reuters): Indonesian tycoon Liem Sioe Liong has not put his stake in Singapore property group United Industrial Corp up for sale, Tan Kong King, managing director of KMP Pte Ltd, said yesterday. KMP is a Singapore company privately owned by Liem. It is also the vehicle which the Indonesian tycoon, who was closely associated with former president Soeharto, uses to hold stakes in several listed Singapore companies where he has interests.
Sat, 30 May 1998, 00:00 WIB
Military says rumors of 'wild troops' baseless
Military says rumors of 'wild troops' baseless JAKARTA (JP): The city military command dismissed as baseless rumors yesterday reports that about 200 deserting elite troops loyal to Lt. Gen. Prabowo Subianto had arrived to take control of the capital. Command spokesman Lt. Col. DJ. Nachrowi said that Jakarta Military Commander Maj. Gen. Sjafrie Sjamsoeddin was still in full command of all soldiers in the city.
Sat, 30 May 1998, 00:00 WIB
Tat Lee cuts RI exposure
Tat Lee cuts RI exposure SINGAPORE (Dow Jones): Tat Lee Bank Ltd of Singapore said yesterday that it has reduced its loan exposure to Indonesian clients with Singapore assets as collateral, in line with the fall in property and equity values, confirming a report in the Business Times.
Sat, 30 May 1998, 00:00 WIB
Elections will be held next year: Habibie
Elections will be held next year: Habibie JAKARTA (JP): President B.J. Habibie spelled out for the first time yesterday his promise that Indonesia would hold a free and democratic general election next year to enable it to have a new president and democratically elected government. The government will also allow people to establish new political parties as long as they are not against the state ideology Pancasila or the 1945 Constitution, he said.
Sat, 30 May 1998, 00:00 WIB
Bambang, Indra resign from Bimantara
Bambang, Indra resign from Bimantara JAKARTA (JP): Former strongman Soeharto's second son and son- in-law have resigned from publicly listed PT Bimantara Citra amid mounting public demands for an investigation into the family's wealth. Bambang Trihatmodjo resigned as president director and Indra Rukmana, married to Soeharto's eldest daughter Siti Hardijanti, resigned as chief commissioner, the company said after a shareholders meeting yesterday.
Sat, 30 May 1998, 00:00 WIB
Stock Exchange
Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on May 29, 1998: Shares Close Change Trading Volume -------------------------------------------------------- Ades Alfindo 650 0 0 AHAP Insurance 500 0 0 Alter Abadi 775 0 0 Alumindo Light Metal 275 -25 110,000 Alumindo Perkasa 275 0 0 Aneka Kimia Raya 400 25 2,000 Aneka Tambang 1,375 -25 854,500 Anwar Sierad 175 0 64,000 Apac Centertex Corp.
Sat, 30 May 1998, 00:00 WIB
Reform and insurance
Reform and insurance I would like to record my strong support for Mr. Kustarjono Prodjolalito's comments reported in The Jakarta Post May 27 on behalf of the Retailers Association on the stance taken by the Insurance Council toward recent rioting and looting in Jakarta and elsewhere. It is clear (as Mr. Kustarjono states) that the riots were criminal rather than political acts, reflecting frustration at the effects of the monetary crisis.
Sat, 30 May 1998, 00:00 WIB
Payment clarification
Payment clarification Correction: The writer's name for the letter Payment clarification in yesterday's edition was wrongly spelled. The correct name should be ELLYANA FUAD, not RILYANA FUAD. We apologize for the error. -- Editor
Sat, 30 May 1998, 00:00 WIB
PT Jamsostek elects new executive board secretly
PT Jamsostek elects new executive board secretly JAKARTA (JP): PT Jamsostek, the state-owned workers insurance company, recently criticized for allegedly greasing the passing of a controversial manpower bill, elected a new executive board behind closed doors Wednesday. Spokesman Ronny Irawan said yesterday the board's replacement was based on a recent decree of the state minister for the promotion of state enterprises.
Sat, 30 May 1998, 00:00 WIB
Bekasi official dismissed
Bekasi official dismissed JAKARTA (JP): Bekasi Mayor H. Nonon Sonthanie dismissed a Bojong Rawa Lumbu subdistrict official on Thursday for deliberately hindering the processing of local resident's identification cards. The mayoralty spokesman Cecep Sutandi said yesterday that the dismissal was intended mainly to demonstrate to the public that the mayoralty administration was determined to improve the services it provides.
Sat, 30 May 1998, 00:00 WIB
PT Krakatau Steel delays payment for Aussie project
PT Krakatau Steel delays payment for Aussie project SYDNEY (Reuters): Meekatharra Minerals Ltd said yesterday the joint venturers in their South Australian-based pig iron export project would look for funding elsewhere because of a delay in payments from their Indonesian partner. The Indonesia government-owned PT Krakatau Steel had said the situation in Indonesia may delay its planed payments of US$5 million into the joint venture, Meekatharra said.
Sat, 30 May 1998, 00:00 WIB
BCA rating changed to 'not meaningful'
BCA rating changed to 'not meaningful' MELBOURNE (Dow Jones): Standard & Poor's credit rating agency changed yesterday its counterparty rating on Bank Central Asia or BCA, to "not meaningful" from triple-Cpi in response to the bank coming under the supervision of the Indonesian Banking Restructuring Agency. An NM, or not meaningful rating refers to situations where considerable uncertainty exists as to the future financial profile of the financial institution, S&P said.
Sat, 30 May 1998, 00:00 WIB
Trust must be restored
Trust must be restored In his recent televised speech, President Habibie correctly pointed to the necessity to do something quickly about the disastrous and still worsening economic crisis. That requires immediate international support, a minimum of political stability and, most importantly, trust of foreign investors and the Indonesian people. There is only one way to forge that trust: The Indonesian government must overcome its hesitancy and take the lead in the process of democratization.
Sat, 30 May 1998, 00:00 WIB
Turmoil in Jakarta
Turmoil in Jakarta When a person is driven into a corner, his ingenuity is put to the test. Bisnis Indonesia this May 16 reported that many people were still scared on May 15 that the riots would explode again.
Sat, 30 May 1998, 00:00 WIB
Thousands of BCA customers rush to branches, ATMs
Thousands of BCA customers rush to branches, ATMs JAKARTA (JP): Thousands of customers of Bank Central Asia (BCA) flocked to branches and automated teller machines (ATMs) throughout the city yesterday and queued for hours to withdraw their money. The run on BCA trailed several days of heavy withdrawals from the country's largest private bank, which is owned by the widely diversified Salim Group and children of former president Soeharto.
Sat, 30 May 1998, 00:00 WIB
Food stall owners protest late payment
Food stall owners protest late payment JAKARTA (JP): The city administration promised yesterday to investigate allegations of delays in payment to many food stall owners engaged by the Ministry of Social Services to provide cheap meals to the poor. Deputy Governor for Social Welfare Affairs Djailani said he had requested the City Social Services Office look into the matter.
Sat, 30 May 1998, 00:00 WIB
Govt to conduct full probe into clove trade irregularities
Govt to conduct full probe into clove trade irregularities JAKARTA (JP): Minister of Cooperatives and Small Enterprises Adi Sasono said yesterday that the government would conduct a comprehensive investigation into irregularities in the country's clove trade.
Sat, 30 May 1998, 00:00 WIB
Rights body to probe Irian violations
Rights body to probe Irian violations JAKARTA (JP): The National Commission on Human Rights promised yesterday to investigate reports of killings and vandalism in a number of Irian Jaya villages allegedly committed by an Armed Forces unit. Commission members B.N. Marbun and Clementino dos Reis Amaral received a delegation of Irian Jaya students yesterday.
Sat, 30 May 1998, 00:00 WIB
Habibie pays social call on ailing Abdurrahman Wahid
Habibie pays social call on ailing Abdurrahman Wahid JAKARTA (JP): President B.J. Habibie paid an informal visit yesterday on the ailing chairman of Nahdlatul Ulama (NU) Moslem organization, Abdurrahman Wahid, at the latter's residence in Ciganjur subdistrict, South Jakarta. NU deputy chairman Arifin Junaidi confirmed the President's visit but said no discussion of political issues took place between him and the Moslem scholar, popularly known as Gus Dur. "President B.J.
Sat, 30 May 1998, 00:00 WIB
Asian crisis threatens Japanese carmakers' high
Asian crisis threatens Japanese carmakers' high TOKYO (Reuters): Japan's vehicle exports in April notched a 23rd straight month of year-on-year gains, although shrunken demand in Asia threatens to end the trend, manufacturers said on Friday. Exports rose 4.9 percent in April from a year earlier to 380,113 units, as strong demand in the United States and Europe offset a sharp fall in Asia, the Japan Automobile Manufacturers Association (JAMA) said.
Sat, 30 May 1998, 00:00 WIB
Hari replaces Syarwan as House deputy speaker
Hari replaces Syarwan as House deputy speaker JAKARTA (JP): Chairman of the Armed Forces (ABRI) faction in the House of Representatives Hari Sabarno assumed his new post as House deputy speaker yesterday, replacing Lt. Gen. (ret) Syarwan Hamid who was recently appointed Minister of Home Affairs. In a plenary House session presided over by House Speaker Harmoko, Hari took his oath before Chief Justice Sarwata. It was not immediately clear yesterday who would take over the post vacated by Hari.
Sat, 30 May 1998, 00:00 WIB
Asahan reduces operation
Asahan reduces operation TOKYO (Reuters): Nippon Asahan Aluminum Co Ltd said yesterday it had further reduced operations at its smelter in Indonesia due to falling water levels in a lake which supplies power to the plant. However, an official at Nippon Asahan, which owns 59 percent of PT Indonesia Asahan Aluminum, would not disclose how many furnaces were currently in operation. "The number has come down quite a lot from 364 at end-April.
Sat, 30 May 1998, 00:00 WIB
Elephants go on rampage in Riau
Elephants go on rampage in Riau PEKANBARU, Riau: Two elephants went on a rampage in Kampung Pinang village, Kampar regency, Antara reported. Community chief Hamzah was quoted as saying that the elephants damaged local banana and coconut farms. One house was also damaged after the elephants forced their way into the kitchen. No casualties were reported. "They weren't wild elephants. If they were, they would have ran away when we chased them.
Sat, 30 May 1998, 00:00 WIB
OPEC oil price fell to $13
OPEC oil price fell to $13 LONDON (Reuters): The price of OPEC's basket of seven crudes fell to US$13.13 a barrel on Thursday from $13.21 a barrel on Wednesday, the OPEC news agency said quoting the OPEC Secretariat. The basket comprises Algeria's Saharan Blend, Indonesia's Minas, Nigeria's Bonny Light, Saudi Arabia's Arabian Light, Dubai of the UAE, Venezuela's Tia Juana and Mexico's Isthmus.
Sat, 30 May 1998, 00:00 WIB
City residents harvest crops
City residents harvest crops JAKARTA (JP): Twenty-one Cempaka Putih residents, five of whom were fired recently by their employers, enjoyed their first harvest of vegetable crops Thursday. After three weeks of planting on a 2.5-hectare plot in Central Jakarta which had previously been idle, each of the farmers earned about Rp 160,000 from 2,000 bundles of vegetables that cost Rp 80 each, Antara reported yesterday.
Sat, 30 May 1998, 00:00 WIB
Civil servants hit the streets
Civil servants hit the streets KUPANG, East Nusa Tenggara: Thousands of civil servants took to the streets yesterday, not to protest but to help clean up the city. An official at the provincial administration, Umbu Dapasapu, said the activity was part of celebrations to commemorate Environment Day on June 5. "On June 4, one day before Environment Day, we will again take to the streets to do more cleaning," he said as quoted by Antara.
Sat, 30 May 1998, 00:00 WIB
30,000 Indonesians deported by KL
30,000 Indonesians deported by KL KUALA LUMPUR (AP): Since the economic crisis deepened this year, Malaysia has deported 30,000 Indonesians found working without valid papers, the home ministry said. The figure for deportations between January and April given by Deputy Home Minister Tajol Rosli Ghazali was the first disclosure regarding the number of Indonesians the government has shipped back in chartered trawlers and Indonesian naval vessels.
Sat, 30 May 1998, 00:00 WIB
Implement democratic measures
Implement democratic measures The new President lacks Soeharto's charisma and does not exercise control over Indonesia's Armed Forces. If he does not implement measures to wipe out corruption, antigovernment forces will vent their wrath on him. President Habibie should set up his reform council and implement the democratic measures that Soeharto had promised prior to his resignation.
Sat, 30 May 1998, 00:00 WIB
Economic recovery must be top priority: Kadin
Economic recovery must be top priority: Kadin JAKARTA (JP): The Indonesian Chamber of Commerce and Industry (Kadin) reminded the government yesterday to keep a tight focus on restoring the country's economy despite its political reform commitment. The chamber's chairman Aburizal Bakrie said political progress in the country was heartening but he warned the nation not to divert its attention from rehabilitating the ailing economy.
Sat, 30 May 1998, 00:00 WIB
Govt to increase subsidies for fertilizer: Soleh
Govt to increase subsidies for fertilizer: Soleh JAKARTA (JP): The government plans to increase subsidies for sales of fertilizers to farmers in a bid to check rising farming costs and ensure quality crops, the agriculture minister said here yesterday. Soleh Solahuddin said a proposal on the planned increase had been made to the International Monetary Fund. "The IMF reacted positively on our plan on the subsidy for fertilizers because they understand the benefit of the subsidy for farmers.
Sat, 30 May 1998, 00:00 WIB
Conversion Rates
Conversion Rates Jakarta (JP): Bank Ekspor Impor Indonesia's (Bank Exim) indicative conversion rates on May 29, 1998: Buying Selling Rp Rp U.S dollar 1 10,500.00 12,000.00 Austrian shilling 1 n/a n/a Australian dollar 1 6,489.00 6,948.60 Belgian franc 1 285.20 303.60 Canadian dollar 1 7,206.60 7,655.20 Swiss franc 1 7,109.00 7,566.50 Deutschemark 1 5,862.40 6,285.40 Danish krone 1 1,543.20 1,643.50 French franc 1 1,753.10 1,868.80 Poundsterling 1 17,115.00 18,181.80 Hong Kong dollar 1 1,337.90...
Sat, 30 May 1998, 00:00 WIB
YLKI urges court settlement for water agreement dispute
YLKI urges court settlement for water agreement dispute JAKARTA (JP): Zoemrotin KS, an executive of the Indonesian Consumers Foundation (YLKI), urged the city-owned water company PDAM Jaya yesterday to settle its current dispute with its local and foreign business partners in court. She said settling the dispute in court would likely constitute the best solution to clarify whether or not collusion was really involved in the awarding of the contracts.
Sat, 30 May 1998, 00:00 WIB
Rumors of looting rock Tangerang
Rumors of looting rock Tangerang TANGERANG (JP): Frightened proprietors closed hundreds of shops and offices in Tangerang yesterday after rumors of imminent looting and arson spread through the town center. Panicking housewives were seen rushing home with their shopping on the streets around Pasar Anyar traditional market. "There were women running about on the streets.
Sat, 30 May 1998, 00:00 WIB
Bogor gets new military chief
Bogor gets new military chief BOGOR (JP): Chief of the Suryakencana Bogor military resort, Brig. Gen. Eddi Budianto, handed over his post to Col. Soeprapto yesterday. The installation ceremony was led by West Java/Siliwangi Military Commander Brig. Gen. Purwadi. Eddy has been assigned as an officer at the Jakarta-based Coordinating Agency for Maintenance of National Stability. Soeprapto is a former officer at the Infantry College Center in the West Java capital of Bandung.
Sat, 30 May 1998, 00:00 WIB
IMF may release aid next month
IMF may release aid next month JAKARTA (JP): The International Monetary Fund (IMF) is expected to disburse its second US$1 billion tranche to Indonesia in the second or third week of June, a former economics minister said yesterday.
Sat, 30 May 1998, 00:00 WIB
Soeharto's fall a near repeat of Sukarno's ruin (2)
Soeharto's fall a near repeat of Sukarno's ruin (2) By Tjipta Lesmana JAKARTA (JP): In the mystery which still shrouds first Indonesian president Sukarno's downfall in 1966, some theories point an accusing finger at the U.S. Central Intelligence Agency (CIA). In one of his books, Manai Sophiaan explains the CIA's possible involvement in Sukarno's downfall with great clarity. Of course, one is free to disbelieve what the former Indonesian ambassador to Moscow wrote.
Sat, 30 May 1998, 00:00 WIB
Indonesia regrets Pakistan's tests
Indonesia regrets Pakistan's tests JAKARTA (JP): Indonesia "deeply regrets" Pakistan's decision to conduct five underground nuclear tests on Thursday, Minister of Foreign Affairs Ali Alatas said yesterday. As party to the Non-Proliferation Treaty and signatory to the Convention for Test Ban Treaty, Indonesia "cannot justify nuclear arms tests by any country, including Pakistan", Alatas said in a statement released by his office.
Sat, 30 May 1998, 00:00 WIB
Indonesia's flight from modernity
Indonesia's flight from modernity Our Asia correspondent Harvey Stockwin remembers Gen. Ali Moertopo against the background of Indonesia's current crisis. This is the second of two articles. HONG KONG (JP): Some day, somebody should write a book on "Sycophancy In Asian Politics". If it was properly done by an author of stature, who felt no obligation to please anybody , it could be an invaluable as well as a wide-ranging volume.
Sat, 30 May 1998, 00:00 WIB
India feels unthreatened by escalating arms race
India feels unthreatened by escalating arms race NEW DELHI (Agencies): India said yesterday it neither threatened nor feared Pakistan, its neighbor and rival that declared its nuclear capability with five tests a day before. Pakistan blamed India for escalating the regional arms race, saying it was responding to five Indian tests two weeks earlier. India had said it needed a nuclear deterrence against China's declared nuclear arsenal and Pakistan's once-secret nuclear program. "It is...
Sat, 30 May 1998, 00:00 WIB
QAF cancels Indofood deal
QAF cancels Indofood deal SINGAPORE (Dow Jones): Singapore's breadmaker QAF Ltd said yesterday it decided to abort the proposed acquisition of a majority stake in Indonesian instant noodle maker Indofood Sukses Makmur, as a result of the region's woes. QAF also said that it has decided to abort the rights issue to finance the acquisition. The region's continuing uncertainty and difficult economic outlook led to the board's decision, the group said.
Sat, 30 May 1998, 00:00 WIB
More clubs lay off players as soccer body stops league
More clubs lay off players as soccer body stops league JAKARTA (JP): PSBL Bandar Lampung and PKT Bontang yesterday extended the list of soccer clubs sending their players packing after the All Indonesian Soccer Federation stopped the league earlier this week. Executives of the two clubs laid off their players for an "undecided period" and paid their May salaries plus transportation subsidies they might need if they wish to return to their respective hometowns or countries.
Sat, 30 May 1998, 00:00 WIB
Chinese invited to Thailand
Chinese invited to Thailand BANGKOK (AP): Thailand is wooing wealthy ethnic Chinese fleeing riots in Indonesia and other foreigners to take up legal residence in the country, with the price of admission 10 million baht (US$250,000) in investment. Capt.
Sat, 30 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., in Gallery Pasar Seni Jaya Ancol, Jl. Lodan Timur, North Jakarta, until May 31. * Art Exhibition by Sixteen Female Artists, at the Regent Jakarta, Main Lobby, Jl. H.R. Rasuna Said, South Jakarta (Phone: 2523456), until Jun. 20. * Painting Exhibition: Three Worlds by Ledek Sukadi, Herly Gaya, Kukuh Nuswanto, at Galeri TC, Jl. Kemang Raya No.
Sat, 30 May 1998, 00:00 WIB
Gloomy Asian marts shed early gains
Gloomy Asian marts shed early gains SINGAPORE (Reuters): Most Asian markets failed to hold early gains yesterday, while currencies also wilted as jitters over rising political tension in South Asia and fears of a looming recession hit sentiment. Pakistan said yesterday it planned no further nuclear tests after its first five atomic explosions on Thursday which brought widespread international condemnation.
Sat, 30 May 1998, 00:00 WIB
Pertamina to undergo fundamental change
Pertamina to undergo fundamental change JAKARTA (JP): Minister of Mines and Energy Kuntoro Mangkusubroto pledged yesterday to introduce fundamental changes to the operations of state oil and gas company Pertamina. The minister said a massive restructuring would be carried out to boost efficiency and turn Pertamina into a world-class enterprise. "We shall make Pertamina a world-class oil company by 2003, just like Petronas (of Malaysia)," Kuntoro said.
Sat, 30 May 1998, 00:00 WIB
Japanese banks aid Indonesia, but ensure of business outlook
Japanese banks aid Indonesia, but ensure of business outlook TOKYO (Reuters): Japanese banks have moved to support Indonesia's trade financing and boost capital in their Indonesian subsidiaries, but they are still far from optimistic about business prospects there. Bank of Tokyo-Mitsubishi Ltd (BTM) said yesterday it had agreed with the central bank, Bank Indonesia, to guarantee letters of credit issued by 28 major Indonesian banks.
Sat, 30 May 1998, 00:00 WIB
Military top brass briefed on ABRI's concept for reform
Military top brass briefed on ABRI's concept for reform JAKARTA (JP): The military top brass were briefed yesterday on the Armed Forces' (ABRI) concept of reform, as well as its campaign to help restimulate the economy and public confidence in the government. Armed Forces (ABRI) spokesman Brig. Gen. A. Wahab Mokodongan told reporters the meeting was held behind closed doors, and that the chief speaker was ABRI Chief of Sociopolitical Affairs Lt. Gen. Susilo Bambang Yudhoyono.
Sat, 30 May 1998, 00:00 WIB
JSX stocks strengthen but concerns remain
JSX stocks strengthen but concerns remain JAKARTA (JP): Stock prices on the Jakarta Stock Exchange (JSX) gained slightly yesterday but concerns over the country's political and economic uncertainty remained, analysts and dealers said. The rupiah, which opened at 11,400/11,500, managed to close at 11,200 against the U.S. dollar. But it is still lower than the previous day's close of 10,400. Money market dealers said the rupiah weakened to as low as 11,800 against the U.S.
Sat, 30 May 1998, 00:00 WIB
Govt announces sweeping reforms to lure investors
Govt announces sweeping reforms to lure investors JAKARTA (JP): The government will introduce massive reform of investment procedures in a bid to encourage domestic investors and lure back the foreign capital badly needed to restore the country's ailing economy, a senior minister announced yesterday. Coordinating Minister for Economy, Finance and Industry Ginandjar Kartasasmita said the measures would simplify licensing procedures significantly and improve transparency in the system.
Sat, 30 May 1998, 00:00 WIB
50% public phones useless
50% public phones useless PONTIANAK, West Kalimantan: More than half of all the public telephones in the city are out of order and the city administration has no immediate plans to repair them. Syaiful Mukmin, head of the local branch of state-owned PT Telkom, said here yesterday that 160 out of 311 coin-operated public phones were inoperative. He said there were no plans to fix the broken phones in the near future due to budget restraints.
Sat, 30 May 1998, 00:00 WIB
Giving sound to that which has long been unheard
Giving sound to that which has long been unheard By Yogita Tahil Ramani JAKARTA (JP): Reform embeds itself and elicits a voice from the most unlikely of places. Expressions of hatred, tragedy, regret and, most of all, rejoicing, graced three nights at Taman Ismail Marzuki, a primary venue for artistic and cultural performances located in Central Jakarta.
Sat, 30 May 1998, 00:00 WIB
Palm oil opens lower
Palm oil opens lower LONDON (Reuters): News that Pakistan has suspended all foreign currency transactions amid the world-wide outcry over its nuclear tests hit opening palm oil prices in Europe yesterday. Crude palm oil opened $15 to $7.50 lower with products down a similar amount, but traders said the market is quiet ahead of the holiday weekend in most of Europe. Traders said that a curb on foreign currency trading would mean that Pakistan would not easily be able to obtain U.S.