Indonesian Political, Business & Finance News

Archive: 16 June 1998

55 articles found

City Island get credits

City Island get credits SINGAPORE (Dow Jones): City Developments Ltd. said yesterday it has signed a deal to lend US$7.35 million to its 30 percent owned Indonesian joint venture PT City Island Utama. City Developments, Singapore's biggest property developer, said the Indonesian company's other major shareholders will also be extending the credit in proportion to their shareholding. The other major shareholders include Hong Realty (Private) Ltd. and Trade & Industrial Development Pte. Ltd.

Time to return ill-gotten gains

Time to return ill-gotten gains From Merdeka I agree to the demand made by many quarters to the effect that the wealth of the Soehartos must be investigated and returned to the people, especially now that Probosutedjo, as the "spokesman" of the Soeharto clan, has given the green light on condition that everything should be done pursuant to the law.

SE Asian currencies share yen's debacle

SE Asian currencies share yen's debacle SINGAPORE (Dow Jones): Sky-high offshore interest rates failed to protect Asia's regional currencies from yesterday's plunge in the yen and the resulting collapse of regional stock markets. Despite the noose-tight liquidity, which drove the interest rates implied by offshore swap rates still higher yesterday, currencies throughout Southeast Asia ended the day substantially lower against the U.S. dollar.

N. Sumatra has new governor

N. Sumatra has new governor MEDAN, North Sumatra (JP): Minister of Home Affairs Syarwan Hamid swore in yesterday Maj. Gen. Rizal Nurdin as the new governor of North Sumatra, replacing Lt. Gen. (ret.) Radja Inal Siregar. The swearing-in ceremony was held during a plenary session of the provincial legislature presided over by speaker H.M. Iskak.

70 blind people protest at City Hall

70 blind people protest at City Hall JAKARTA (JP): A group of about 70 blind people went to City Hall yesterday to protest the cancellation of their cooperation with the city administration to manage a plot of land at Ragunan Zoo in South Jakarta in 1985. Wearing "peaceful reform" headbands, the protesters, who arrived at City Hall in two buses, demanded that the administration return their investment of least Rp 500 million in the joint project.

Riot rocks Tegal

Riot rocks Tegal TEGAL, Central Java (JP): At least 40 shops, a gas station and numerous vehicles were burned when about 15,000 people were involved in a riot with police and military personnel in the Central Java town of Tegal yesterday. The riot occurred when the demonstrators, who had assembled in the mayoralty office compound to demand the sacking of Mayor Zakir, were involved in a tussle with security personnel after being expelled from the compound. Tegal Military District commander Col.

Sumalindo Lestari expects higher earnings

Sumalindo Lestari expects higher earnings JAKARTA (JP): Publicly listed timber firm PT Sumalindo Lestari Jaya, a subsidiary of the country's largest automaker Astra International, expects an increase in earnings this year despite the economic crisis. Company president Adi Resanata Somadi Halim said that rupiah's sharp fall against the American dollar was a windfall for the firm, which exported 70 percent of its products overseas last year.

Ghalib named new attorney general

Ghalib named new attorney general JAKARTA (JP): President B.J. Habibie yesterday replaced Attorney General Soedjono C. Atmonegoro with the head of the Armed Forces (ABRI) prosecutor's office, Maj. Gen. Muhammad Ghalib. The move has raised eyebrows since Soedjono was one of the old faces retained by President B.J. Habibie when he announced his new Cabinet just three weeks ago.

U.S. lifts work ban on RI students

U.S. lifts work ban on RI students JAKARTA (JP): Indonesian students in the United States can now work full-time on or off campus while pursuing their studies in order to allow them to support themselves financially, the U.S. Embassy said yesterday. The Immigration and Naturalization Service has temporarily lifted certain employment restrictions for F-1 Student Visa holders from Indonesia to help them afford to continue their studies there, the U.S. Information Service (USIS) said.

Sutiyoso gives assurance on city employees' wages

Sutiyoso gives assurance on city employees' wages JAKARTA (JP): Governor Sutiyoso guaranteed yesterday that the city administration would not withhold or cut salaries of its employees due to the crisis. "Don't worry about that. I can't imagine the government would make such an extreme decision to reduce or suspend civil servants' salaries," he said.

Doubts about the IMF

Doubts about the IMF According to our records, in the nine months that it has been involved (in assisting Indonesia), the International Monetary Fund has released US$1 billion of a total of $43 billion it has committed to provide. This represents a most painful delay.

Body found under garbage

Body found under garbage BOGOR (JP): The body of a man buried by garbage in Rancamaya on Saturday was found yesterday. The body, identified as that of Usup, 25, was discovered at 8:30 a.m. by his brothers after a lengthy search. A number of police and military officers, assisted by local residents, searched for Usup's body with the help of a bulldozer as soon as they heard Usup had been buried at the site on June 6.

Asian stocks plunge after fresh yen slide

Asian stocks plunge after fresh yen slide SINGAPORE (Reuters): A slide in the embattled yen past the 146-per-dollar mark yesterday unleashed ferocious pressures on regional stock exchanges, with Hong Kong leading the way with a drop of 6 percent before a slight recovery. The yen hit 146.10 per dollar in afternoon trade in Tokyo, but was quoted at 145.89/5.99 at 0817 GMT.

Nothing noble about turncoats

Nothing noble about turncoats From Merdeka Student demonstrations demanding reform in all fields led former president Soeharto to step down. We now hear frequent insults and mocking criticism. It would be understandable if it came from the people known to be vocal in their criticism against the government of the Soeharto era.

Tutut resigns from BCA

Tutut resigns from BCA JAKARTA (JP): Former president Soeharto's daughter Siti Hardijanti Rukmana, popularly known as Tutut, has resigned as a commissioner of Bank Central Asia (BCA), the bank said yesterday. BCA director A. Soebowo was quoted by Antara as saying that Tutut had reported on her retirement to the central bank, but he did not know if she had also sold her stake in the institution.

'Self-dispending' policy welcomed by doctors' body

'Self-dispending' policy welcomed by doctors' body JAKARTA (JP): The Indonesian Doctors Association (IDI) welcomed yesterday the government's "self-dispensing" policy which will see general practitioners directly provide medicines to their patients. The association lauded the Ministry of Health's June 9 decision as "a political decision which was taken for the sake of people's welfare". "There are two internationally known ways of handing drugs to patients.

Mitsubishi to restart RI auto plant

Mitsubishi to restart RI auto plant TOKYO (Reuters): Mitsubishi Motors Corp president Katsuhiko Kawasoe said yesterday that his company plans to restart a stalled automobile plant project in Indonesia following the change of government there. Mitsubishi Motors had put the project on hold following disturbances in Indonesia, which has been hit by a severe financial crisis in recent months.

Newspaper reporter tried for faking press card

Newspaper reporter tried for faking press card JAKARTA (JP): A newspaper reporter was indicted at Central Jakarta District Court yesterday for faking a press identification card specially designed for members of the media covering the general session of the People's Consultative Assembly (MPR) in March this year.

Immigration office in Medan

Immigration office in Medan With reference to Donna K Woodward's letter in The Jakarta Post of Saturday, June 6, 1998, which was intended as a response to the letter of the public relations head of the Directorate General of Immigration (M.A. Gani) published on June 3, 1998 in the same newspaper, we would like to bring the following to your notice: 1. Pursuant to the laws prevailing in Indonesia, every complaint must be accompanied with authentic evidence.

Govt begin efforts to tackle corruption

Govt begin efforts to tackle corruption JAKARTA (JP): The Coordinating Minister for Development Supervision and State Administrative Reforms revealed yesterday that he had ordered all ministers, governors, heads of state owned companies and related officials to speed up efforts to reduce the incidence of corruption. The minister asked all officials to terminate projects or contracts with private companies if they found any irregularities in the deals.

Property company PSP suspended from JSX

Property company PSP suspended from JSX JAKARTA (JP): The Jakarta Stock Exchange (JSX) suspended trading activities yesterday in property company PT Putra Surya Perkasa (PSP) for failing to submit its 1997 financial reports and to pay a Rp 10 million (US$680) fine. The JSX, however, is still allowing the trading of 18 other listed companies even though they have yet to submit their year- end financial reports.

TV today

TV today TVRI 12:15 p.m. World Cup Soccer (rerun) 2:00 News: Berita 14 2:35 Children's Film: Family Album 3:05 Children's Music: Album Kenangan Anak 3:30 Village Program 4:00 Regional News 4:30 Music: Lagu Pop Daerah 5:00 English Lessons 5:30 Documentary Film: Suku Sawang 6:00 News: Lintasan Berita 6:05 My Country: Rona Nusantara 6:15 Sports: Monitor Olah Raga 6:30 TVRI News (in English) 7:00 Evening News 7:35 Music: Profil dan Lagu 8:00 News: Lintasan Berita 8:05 Music: Profil dan Lagu 8:30...

HK's Hopewell to postpone Tanjung Jati Power projects

HK's Hopewell to postpone Tanjung Jati Power projects HONG KONG (Dow Jones): Hopewell Holdings Ltd. chairman Sir Gordon Wu said the Hong Kong-based infrastructure developer's US$1.77 billion Tanjung Jati B power generator project would be postponed for one to two years. The Tanjung Jati B project is 70 percent-owned by Hopewell, with the remaining stake held by Indonesia's IMPA Energy Co.

Palm oil prices likely to stay firm this week

Palm oil prices likely to stay firm this week KUALA LUMPUR (Reuters): Asian palm oil prices are likely to stay firm with prospects of fresh export business and weakness in regional currencies underpinning sentiment, traders said. Palm oil traders are also waiting for Malaysia's official crop data and export figures to provide direction. The Palm Oil Registration and Licensing Authority (PORLA) is expected to release the May output/stock/export data yesterday. "We can't predict PORLA's numbers.

Asian crude market awaits news from RI

Asian crude market awaits news from RI SINGAPORE (Reuters): Focus in the Asian crude market this week will be on July export availabilities from Indonesia and the Middle East which help determine the direction of the market, traders said yesterday. Indonesia is due to release its July monthly allocations later yesterday, but compared to usual months, market speculations on volumes have been vague due to the reshuffling of the country's oil import/export methods.

RI's oppressed minorities

RI's oppressed minorities The Chinese in Indonesia have been well served by the policies of Indonesia's post-Independence governments, which have maintained a discriminatory, emasculating regulatory scheme that deprives Chinese-Indonesians of basic civil rights. Now the Chinese live in fear of physical attack from run-amok masses of pribumi (indigenous Indonesian) looters.

Regent to help downtrodden

Regent to help downtrodden JAKARTA (JP): About 30 percent of people of working age are jobless in Tangerang regency's population of two million, its regent has said. Agus Junara promised Sunday that his office would soon provide free chicks and fish to poor families so they could raise the livestock. He also vowed to allocate idle land to jobless residents for farming to provide them with a livelihood. "Apart from that, the regency office will soon distribute free essential goods," Agus said.

IMF loses momentum in helping RI

IMF loses momentum in helping RI The economy continues to deteriorate while the International Monetary Fund dithers over when it will disburse the next tranche of its bail-out fund for the country. Economist Kwik Kian Gie discusses its impact. JAKARTA (JP): IMF Asia-Pacific director Hubert Neiss has been busy working out the formula to help restore Indonesia's ailing economy.

Stock Exchange

Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on June 15, 1998: Shares Close Change Trading Volume -------------------------------------------------------- Ades Alfindo 450 0 0 AHAP Insurance 575 0 0 Alter Abadi 500 0 175,000 Alumindo Light Metal 375 0 0 Alumindo Perkasa 200 0 0 Aneka Kimia Raya 200 -75 13,500 Aneka Tambang 1,475 -25 5,114,500 Anwar Sierad 125 0 0 Apac Centertex Corp.

RI to open three sea-lanes for international passage

RI to open three sea-lanes for international passage JAKARTA (JP): Minister of Foreign Affairs Ali Alatas said yesterday that Indonesia would open three north-south sea-lanes to international shipping next year and that another east-west sea passage was also under consideration. Alatas said the Maritime Safety Committee of the London-based International Maritime Organization (IMO) had officially adopted the three archipelagic sea-lanes proposed by Indonesia on May 19.

Is reform a mere elusive dream?

Is reform a mere elusive dream? By Russell Emmerson JAKARTA (JP): If we choose to be lyrical, we may compare Indonesia to a giant garuda in a glass cage. Upon seeing the bounty of freedom before it, it flaps its wings and tries to soar toward it, only to bump its head on the diaphanous prison that contains it and plunge back to earth. What is this invisible barrier that bars its way?

Jamsostek looks to future to improve its image

Jamsostek looks to future to improve its image By Ridwan M. Sijabat JAKARTA (JP): PT Jamsostek, a state company that operates the only social security insurance policy for workers, has often been in the media spotlight in last eight months. Most reports have been unflattering, leaving the company with, to say the least, a severely damaged reputation.

Tourist arrivals seen dropping 50%

Tourist arrivals seen dropping 50% JAKARTA (JP): The Indonesian Tourism Promotion Board (BPPI) predicts tourist arrivals may drop 50 percent from the 5.2 million visitors reported in 1997 if the current political and social situation persists. The board's new chairman Pontjo Sutowo said yesterday that political instability remained the biggest worry for tourists considering a visit to the country.

Garuda's new boss to limit operations, renegotiate debt

Garuda's new boss to limit operations, renegotiate debt JAKARTA (JP): National flag carrier Garuda Indonesia's newly appointed president Robby Djohan announced yesterday a massive restructuring plan to lift the ailing airline out of its financial crisis. Robby said he would downsize operations and asked foreign creditors for a postponement of debt payments to boost efficiency and reduce the airline's financial burden.

Helicopter crash a 'pure accident': Army

Helicopter crash a 'pure accident': Army JAKARTA (JP): Army Chief of Staff Gen. Subagyo Hadisiswoyo has pronounced a "pure accident" as the cause of the crash of an Army helicopter in East Timor earlier this month, Antara reported yesterday. The Army's investigation confirmed the preliminary finding that the Bell 205 aircraft crashed after hitting a tree and the side of a mountain in bad weather, Gen. Subagyo said.

Cattle and beef stocks running low

Cattle and beef stocks running low JAKARTA (JP): Beef may become a rarity soon due to a sharp decline in imported cows and beef, the chairman of the Indonesian Retail Merchants Association (Aprindo) said yesterday. Steve Sondakh told members of the House of Representatives that stock in supermarkets and other retail outlets was sufficient for only one month. He declined to give details of stocks in warehouses of Aprindo members.

EU reform summit focuses on Asian economic crisis

EU reform summit focuses on Asian economic crisis CARDIFF (Reuters): Asia's economic crisis weighed on the European Union summit yesterday, with British Prime Minister Tony Blair telling fellow leaders the world economy faced its greatest risks in almost two decades. Blair, chairing the summit called to discuss political and economic reforms ahead of the 15-nation bloc's ambitious single currency and enlargement projects, warned that Europe could not shrug off Asia's financial woes.

Where to go in Bandung:

Where to go in Bandung: Exhibitions * Poster Exhibition: Jerman di Dalam Khayalan, at Goethe Institut Bandung, Jl. Martadinata 48 (Phone: 022 436440), until June 30. * Silver Accesories by Runa Jewelry at Preanger Aerowisata Bandung Hotel, Jl. Asia Afrika No. 81 (Phone: 022 431631), until June 30. Film * French Film at CCF - French Cultural Center, Jl. Purnawarman 32 (Phone: 022 4212417), 4 p.m.: Baxter, June 22. Music and Entertainment * Hotel Papandayan Jl. Gatot Subroto No.

Perhutani's soybean farm

Perhutani's soybean farm NGAWI, East Java (JP): State forestry firm Perum Perhutani will develop a 251.2-hectare soybean plantation in Ngawi, East Java, the company said recently. The head of Perhutani's Ngawi forest district, Noerhadi Siswoyo, said the soybean plantation was expected to yield 2.88 metric tons of first-grade soybeans per hectare, or 722 tons.

Rates for Tax Payment

Rates for Tax Payment JAKARTA (JP): The new official conversion rates as the basis for payment of import duty, value-added tax on goods and services, sales tax on luxury goods, export tax and income tax, valid from June 15 to June 21: U.S.

Alatas calls referendum in E. Timor 'unacceptable'

Alatas calls referendum in E. Timor 'unacceptable' JAKARTA (JP): Minister of Foreign Affairs Ali Alatas warned yesterday that a referendum on East Timor's status, as demanded by some East Timorese, would likely lead to clashes between supporters and opponents of integration with Indonesia. Alatas also dismissed the notion that a referendum would solve the East Timor problem.

Ex-regent grilled for six hours

Ex-regent grilled for six hours YOGYAKARTA: Former Bantul regent Col. Sri Roso Sudarmo was grilled for more than six hours by the military police here yesterday over allegations that he tried to bribe a Soeharto- linked foundation with Rp 1 billion (US$68,000) to get reappointed as regent. The former regent, who was mobbed by waiting reporters after the questioning, refused to comment on his questioning. The head of the Military Police investigating team, Lt. Col. Unggul K.

Hydro plant to reach full power

Hydro plant to reach full power JAKARTA (JP): The 114-Megawatt (MW) hydropower plant in Kota Panjang, Riau owned by state electricity firm PT PLN is to begin operating fully in October, the company said yesterday. The head of PLN's West Sumatra and Riau office for power generation and transmission, Iswardi Yahya, said the plant had three turbines but only two of the three generating units had come on stream, to generate 76 MW of power.

Johor issues alert on piracy: Report

Johor issues alert on piracy: Report KUALA LUMPUR (AP): A Malaysian coastal state has warned fishermen not to wander too far into international waters where they may be easy prey for armed pirates, a newspaper reported yesterday. After three instances of fishermen kidnapped by pirates for ransom, maritime security would be beefed up off the coast of Johor, said the southern state's chief minister Abdul Ghani Othman.

Conversion Rates

Conversion Rates JAKARTA (JP): Bank Ekspor Impor Indonesia's (Bank Exim) indicative conversion rates on June 15, 1998: Buying Selling Rp Rp U.S.

Stakes in banks 'should be limited' to 20 percent

Stakes in banks 'should be limited' to 20 percent JAKARTA (JP): The Federation of Private Domestic Banks (Perbanas) called on the government yesterday to limit bank ownership to no more than 20 percent. The head of the association's advisory board, Thomas Suyatno, told reporters the limitation would prevent banks from creating policies merely to cater to their majority shareholders.

Advisor denies charges against Soeharto

Advisor denies charges against Soeharto JAKARTA (JP): Yohanes Yacob, an advisor hired by Soeharto to defend his interests, said allegations that the former president and his family had illegally amassed trillions of rupiah were untrue. Yohanes, who heads the so-called Cendana Consulting Team, said Soeharto only had limited savings in local banks and no overseas holdings.

Century manages more hotels

Century manages more hotels JAKARTA (JP): Hong Kong-based hotel chain Century International Hotels will manage three more hotels in Indonesia, the hotel chain announced yesterday. Two of the three hotels, which are all owned by PT Usaha Pariwisata Sukses, are located in Bali -- Hotel Bali Saphir in Kuta and Hotel Mabisa in Legian -- while the other one is Hotel Yogya International located in Yogyakarta.

Museum planned to honor Trisakti 'heroes of reform'

Museum planned to honor Trisakti 'heroes of reform' JAKARTA (JP): A month has passed since the tragic shooting of four Trisakti University students. But the May 12 incident will not be easily forgotten by lecturers, fellow students and the university's management. They, instead, are planning to honor the four "heroes of reform" by setting up a museum, naming buildings after the victims and erecting a monument to them.

Rupiah sinks to 14,700 as stocks lose grounds

Rupiah sinks to 14,700 as stocks lose grounds JAKARTA (JP): The rupiah sank 5 percent yesterday to close at 14,700 against the U.S. dollar as the Japanese yen touched its lowest level since August 1990. The stock market, battered by sinking turnover, slid 0.46 percent despite gains in dollar-valued stocks which were buoyant on the rupiah's fall. Stock analysts said that prevailing uncertainties about domestic political and economic stability were also dragging the market down.

Birth of sectarian parties

Birth of sectarian parties With the dawn of Indonesia's current era of genuine openness, many politicians are acting as if they have heard a divine voice telling them to go forth and beget new mediums of political expression. Many have been invigorated by the fact that the country has thrown away the yokes of authoritarianism seen through three decades of president Soeharto's despotic rule. There is a sense of relief after a long pain.

RI's budget deficit may exceed 3.2% of GDP

RI's budget deficit may exceed 3.2% of GDP JAKARTA (JP): International Monetary Fund (IMF) Asia Pacific director Hubert Neiss estimated yesterday that the Indonesian budget deficit in the 1998/99 fiscal year would be significantly higher than the initial estimate of 3.2 percent of gross domestic product (GDP).

Hospital workers stage protest

Hospital workers stage protest JAKARTA (JP): At least 200 employees of Sumber Waras Hospital staged a rally inside the hospital complex on Jl. Kyai Tapa in West Jakarta yesterday, demanding the resignation of the chairman of Sumber Waras Health Foundation, Padmo Sumasto. Arend Karel Ponggawa, a director of the hospital who led the protest, said Padmo had not been open about financial matters during his 30-year chairmanship of the foundation.

RP centennial marks a glorious history

RP centennial marks a glorious history By Jamil Maidan Flores JAKARTA (JP): One hundred years ago this month, Emilio Aguinaldo y Famy, leader of the Filipino forces fighting for freedom against the Spanish colonial regime, unfurled what was to become the first Philippine national flag from the balcony of his residence in Kawit, Cavite, the Philippines, and declared the country's independence to the crowd gathered below and to the rest of the world.

Testimony has yet to connect suspects to Trisakti deaths

Testimony has yet to connect suspects to Trisakti deaths JAKARTA (JP): Four police officers summoned yesterday by prosecutors in the military tribunal investigating the Trisakti shooting said that neither of the defendants had shot the four victims. Sworn in under their respective religious oaths, the witnesses also insisted that none of the police officers at the scene had guns loaded with life ammunition. West Jakarta Police chief Lt. Col.