Indonesian Political, Business & Finance News

Archive: 15 May 1999

56 articles found

Campaigns: Latest tourist attraction

Campaigns: Latest tourist attraction BATAM, Riau: The local administration announced here on Thursday plans to make a tourist attraction out of the often violent campaigning of political parties. Mayor R.A. Azis told Antara that a parade of 29 parties would take place on May 16, with each party sending 30 supporters to march together with residents. After the parade, all participants would be served special foods, including chicken porridge, the mayor said.

Villagers till national park

Villagers till national park PALU, Central Sulawesi: The heavy burden of the economic crisis has forced villagers here to use about 200 hectares out of the 229,000-hectare Lore-Lindu national park, in Poso regency, to grow crops. Quoting the head of the park authority, Banjar Yulianto Laban, Antara reported on Thursday that the villagers were from the villages of Pongoa, Kamarora, Sri Rejeki, Berdikari and Rahmat.

PGSI to send wrestlers to international meet

PGSI to send wrestlers to international meet JAKARTA (JP): With a new chief at the helm, the Indonesian Wrestling Association (PGSI) announced a new era of training and achievement during which it will frequently send its wrestlers to compete in international competitions. Antara quoted PGSI executive chairman Endro Soemardjo as saying that Attorney General Andi Muhammad Ghalib, the newly installed chairman of PGSI, also would improve the domestic championships to boost athlete development.

Foreigners formally allowed 99 percent bank ownership

Foreigners formally allowed 99 percent bank ownership JAKARTA (JP): Bank Indonesia issued on Friday new banking rulings which include a regulation allowing a 99 percent foreign ownership in the country's banking industry. BI director Subarjo Joyosumarto said that foreigners could either enter local banks through the stock market or through direct investment. But he added that local investors must hold at least a 1 percent stake in the banks.

Taiwanese companies express interest in buying Indonesian banks

Taiwanese companies express interest in buying Indonesian banks TAIPEI (JP): Two Taiwanese financial companies have expressed a strong interest in buying into ailing banks currently under the authority of the Indonesian Bank Restructuring Agency (IBRA). Chief of the Indonesian Trade and Investment Mission to Taiwan Rahardi Ramelan said here on Friday the two firms -- KMT Group and Core Pacific Group -- were considering the possibility of providing capital to allow the banks to remain afloat.

KPU defends ruling allowing members to campaign

KPU defends ruling allowing members to campaign JAKARTA (JP): The General Elections Commission (KPU) decided on Friday to uphold its decision to allow all members to campaign. KPU chairman Rudini said the 48 political party representatives in the 53-member commission agreed not to revise the rule, which is part of its campaign code of conduct, for the sake of the national interests and the success of the election.

Humpuss upbeat despite anti-Soeharto campaign

Humpuss upbeat despite anti-Soeharto campaign JAKARTA (JP): The Humpuss Group, controlled by former president Soeharto's youngest son Hutomo "Tommy" Mandala Putra, is upbeat about the survival of its businesses, despite the anti- Soeharto campaign launched by politicians. "We still have good business prospects," company president Abdul Wahab said on Tuesday after the shareholders' meeting of publicly listed subsidiary unit PT Humpuss Intermoda Transportasi.

Biography of human rights champion Siauw launched

Biography of human rights champion Siauw launched JAKARTA (JP): A biography of former minister and pioneer of nation building -- the late Siauw Giok Tjhan -- was launched on Wednesday, following a discussion on the book at the National Library building in Central Jakarta. Siauw Giok Tjhan -- The Struggle of a Patriot to Build the Indonesian Nation and a Plural Society was written by Siauw's youngest son Siauw Tiong Djin.

Mahathir seeks support in Sabah

Mahathir seeks support in Sabah KUALA LUMPUR (AFP): Prime Minister Mahathir Mohamad urged Malaysians on Friday to support his ruling coalition, saying it had brought prosperity and ensured equal opportunities for all races. Mahathir, on a two-day visit to the eastern timber-rich state of Sabah, said cooperation between various parties in the National Front coalition had ensured that the interests of all races were protected.

Habibie's nomination draws mixed reactions

Habibie's nomination draws mixed reactions JAKARTA (JP): Golkar's nomination of incumbent President B.J. Habibie as its sole presidential candidate has prompted mixed comments over the move's impact on the ruling party's share of the vote in the upcoming June 7 general election. A political analyst contacted on Friday said Habibie's nomination would harm Golkar, but another disputed this. "Golkar is just trying to be unpopular.

Memorandum of Economic and Financial Policies

Memorandum of Economic and Financial Policies The following is the supplementary memorandum of Economic and Financial Policies (MEFP), the fifth review under the extended agreement. This document is an attachment to a May 14 letter by Ginandjar Kartasasmita, the Indonesian Coordinating Minister of the Economic, Finance and Industry, to International Monetary Fund (IMF) Managing Director Michel Camdessus. 1.

JSP not to pay dividends for 1998

JSP not to pay dividends for 1998 JAKARTA (JP): Publicly listed PT Jakarta Setiabudi Property (JSP), which suffered a net loss of Rp 196.6 billion last year, will not pay dividends for 1998, a company executive has said. JSP vice president director Purwo Hari Prawiro said on Friday that the company booked higher revenues last year, but fell into the red as the result of high spending on interest payments and foreign exchange losses.

LKMD boss sacked for corruption

LKMD boss sacked for corruption JAKARTA (JP): Karang Anyar subdistrict head Erwanto fired the chairman of the local village resilience board (LKMD) on Friday for misuse of the social safety net fund. According to Erwanto, the local LKMD boss, Sutarmo, confessed to loaning 10 individuals a total of Rp 10 million (US$1,250) of the Rp 764 million disbursed to his area in Central Jakarta as part of the fund.

Conflicting East Timorese groups go to Bali for peace talks

Conflicting East Timorese groups go to Bali for peace talks DILI, East Timor (JP): East Timorese from proindependence and prointegration camps flew to Bali on Friday to meet with Minister of Foreign Affairs Ali Alatas and Minister of Defense/Indonesian Military (TNI) Commander Gen. Wiranto. Participants expressed hope that the two-day meeting would help ease tension ahead of the direct ballot planned for Aug.

PPI gives less time to public

PPI gives less time to public JAKARTA (JP): The public will only have two days to judge and raise objections to the provisional list of 13,000 legislature candidates that the National Elections Committee (PPI) was scheduled to announce on Friday night. The provisional list was originally scheduled for release on May 12 and was to followed by three days of dissemination across the country.

Japan vital for Asian recovery: Forum

Japan vital for Asian recovery: Forum JAKARTA (JP): The Fourth Asian Neighbors Forum's meeting held recently in Seoul, South Korea, agreed that Japan's leadership was crucial to lead East Asian countries out of the economic crisis.

Watch Habibie's moves

Watch Habibie's moves Golkar has finally taken the plunge and named the incumbent B.J. Habibie as the party's sole presidential candidate before the general election campaign starts next week. The ruling party overcame its own apprehensions that, given Habibie's lack of popularity, naming him as the only candidate could undermine, rather than bolster, its electoral chances.

Wolfensohn meets Azizah Ismail

Wolfensohn meets Azizah Ismail LANGKAWI, Malaysia (Reuters): World Bank president James Wolfensohn said on Friday he met the wife of Malaysia's jailed former finance minister Anwar Ibrahim as a gesture of friendship unrelated to Malaysian domestic politics. Wolfensohn told reporters on the Malaysian island of Langkawi when asked about his 30-minute meeting on Thursday with Azizah Ismail.

RP rebels step up attacks

RP rebels step up attacks MANILA (AFP): Separatist rebels have stepped up attacks in the southern Philippines this week as the government prepares to hold peace talks, the armed forces said on Friday. The attacks by the Moro Islamic Liberation Front (MILF), in which four soldiers were killed and three civilians wounded, were meant to force Manila into agreeing to hold formal negotiations abroad, armed forces spokesman Brig. Gen. Ernesto Carolina said.

Ten injured after train crashes into van

Ten injured after train crashes into van JAKARTA (JP): An express train crashed into a recklessly driven mikrolet public minivan at a level crossing in Kalibata, South Jakarta, on Friday morning, injuring at least 10 people, three of them critically. Nine of the 10 injured people were passengers of the M16 minivan plying the Kampung Melayu-Pasar Minggu route, while the other casualty was a motorcyclist. The minivan driver reportedly fled the scene after the 6:45 a.m. accident.

Riot troops sent to boost voter turnout in Aceh

Riot troops sent to boost voter turnout in Aceh JAKARTA (JP): A battalion of riot troops sent to Aceh are expected to jack up the voter turnout ahead of the June 7 elections, the Indonesian Military (TNI) said. A release made available to The Jakarta Post on Friday said that the troops, posted in three troubled regencies of North Aceh, East Aceh and Pidie, would protect people from separatist rebels who have reportedly threatened them against registering for the polls.

China reaches Sudirman Cup final

China reaches Sudirman Cup final COPENHAGEN (JP): Defending champion China moved a step closer to scoring an unprecedented hat trick of victory at the Sudirman Cup mixed team badminton championships here after beating South Korea 3-2 in the semifinals here on Friday. The Chinese will meet the winner of the other semifinal match between host Denmark and Indonesia, which started on 6 p.m. local time or 11 a.m. West Indonesia Time.

Local shares surge on renewed confidence

Local shares surge on renewed confidence JAKARTA (JP): Share prices on the Jakarta Stock Exchange (JSX) surged on Friday on renewed confidence in the country's economy. The Jakarta Composite Index rose 2.6 percent or 15.13 points to close at 591.63, with shares worth Rp 1.8 trillion changing hands. Securities analysts attributed the gains to newfound optimism among investors following an improvement in the country's key economic indicators and progress made towards bank restructuring.

Conversion Rates

Conversion Rates Bank Bali's conversion rates on May 14, 1999: TT rates Bank notes rates Buying Selling Buying Selling Rp Rp Rp Rp U.S.

SE Asian currencies down against dollar

SE Asian currencies down against dollar SINGAPORE (Dow Jones): Southeast Asian currencies were lower against the U.S. dollar in late trading Friday, as U.S. dollar strength against the yen forced investors into covering short U.S. dollar positions against regionals. Traders and economists said the U.S. dollar was heading above 122.00 yen after good economic news released on Thursday. U.S.

Family networks not enough

Family networks not enough YANGON (AFP): Asia's close family networks can no longer absorb unemployment brought on by crises like the 1997 economic crash, heightening the need for social safety nets, a senior ASEAN official said on Friday. Rodolfo Severino, secretary-general of the Association of Southeast Asian Nations (ASEAN), said the regional crisis had pushed Asian governments into fast-tracking social safety nets to help the unemployed.

Habibie's careless assumption

Habibie's careless assumption This time I would like to share with you my feeling of satisfaction that I made no slip of the pen in a number of letters in which I said it was improper for Akbar Tandjung to be general chairman of Golkar Party and at the same time keep his post as state secretary. This situation could not be allowed in order to prevent abuse of power and funds.

Stock Exchange

Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on May 14, 1999: Shares Close Change Trading Volume ----------------------------------------------------------- Ades Alfindo 400 25 177,000 AHAP Insurance 425 0 0 Alakasa Industrindo 275 0 0 Alter Abadi 300 0 114,000 Alumindo Light Metal 800 25 10,000 Aneka Kimia Raya 300 50 578,500 Aneka Tambang (Persero) 1,700 -50 11,238,000 Anwar Sierad 175 25 1,290,000 APAC Centertex Corp.

Secretary posts in E. Java vacant

Secretary posts in E. Java vacant SURABAYA: The East Java provincial administration is seeking replacements for seven regency and mayoralty secretaries, who have vacated their posts due to promotion. The provincial secretary, Soenarjo, told Antara on Friday that he would summon on Monday the mayors of Madiun, Kediri and Batu and the regents of Probolinggo, Tuban, Sidoarjo and Malang to discuss the selection of their new secretaries.

Taiwanese businessmen worried about RI security

Taiwanese businessmen worried about RI security By Sylvia Gratia M. Nirang TAIPEI (JP): Worried Taiwanese businessmen called on the Indonesian government on Friday to give them special protection in doing business in the crisis-hit country. "Our main fear is about our personal and investment security in Indonesia," one of the Taiwanese businessmen said at a seminar on Indonesian trade and investment.

Indonesian families want parties to curb violence

Indonesian families want parties to curb violence JAKARTA (JP): In anticipation of a turbulent campaign period, thousands of families are expected to gather on Sunday to demand that political parties act to curb violence. During the gathering, leaders of political parties will pledge to uphold law and order and keep the streets safe for the general public, an organizer of the event said Friday.

Telkom reports US$37m first quarter earnings

Telkom reports US$37m first quarter earnings JAKARTA (JP): State telecommunications company PT Telkom reported on Monday a consolidated net income of Rp 306.04 billion (US$36.87 million) in the first quarter of this year, compared to a net loss of Rp 398.9 billion in the same period of 1998. The company said the turnaround was the result of an increase in operating revenue and a drastic drop in foreign exchange losses.

PT Astra's debt proposal meets creditors' approval

PT Astra's debt proposal meets creditors' approval JAKARTA (JP): Local auto giant PT Astra International on Friday reached agreement with its overseas bondholders on a proposed US$1.1 billion debt-restructuring plan. Astra said in a statement that it held three successive bondholders' meetings in Singapore for three types of U.S. dollar-denominated bonds totaling $450 million. Bondholders voted overwhelmingly to accept the debt- restructuring plan.

Dynaplast, Makindo plan to buy back stocks

Dynaplast, Makindo plan to buy back stocks JAKARTA (JP): Publicly listed plastics components manufacturer Dynaplast and securities company Makindo have said they plan to buy back up to 10 percent of their shares to prop up their ailing stock prices. Dynaplast said on Friday that it planned to buy up to 29.7 million of its shares, or approximately 10 percent of the total shares listed on the Jakarta and Surabaya stock exchanges.

State insurance firm sets up labor union

State insurance firm sets up labor union JAKARTA (JP): Some 3,000 employees of state-owned insurance company PT Jamsostek have quit the civil servants corps (Korpri) and set up an independent labor union to protect their rights. Herdy A., elected chairman of the Jamsostek trade union, said Wednesday the workers decided to form their own union in a week- long meeting attended by representatives of the company's 27 provincial offices.

Govt's oil income surges

Govt's oil income surges SINGAPORE (Bloomberg): Indonesia, the only Asian member of the 11-member Organization of Petroleum Exporting Countries, said it will stick with an OPEC pledge to cut oil output because its income soared as prices rose. "The price rise has exceeded our expectations. We will continue with the oil supply cuts because it's obviously benefiting us," said Iin Arifin Takhyan, director of exploration and production at the Ministry of Mines and Energy.

Golkar names Habibie as presidential candidate

Golkar names Habibie as presidential candidate JAKARTA (JP): Golkar Party leaders ended their closed-door haggling early Friday by finally naming incumbent President B.J. Habibie as its presidential candidate, a decision that inside critic Marzuki Darusman said would harm the party's chances in the June 7 general election.

No problem with 23cm-long nails

No problem with 23cm-long nails JAKARTA (JP): Papud bin Muhammad Ali's main attraction lies in his left hand. Wherever he goes, people's curious eyes are glued to his left hand which has 23-centimeter-long nails on each finger. Papud, 42, who lives in Serang, West Java, said he began growing his nails in 1982, inspired by his brother, who also grew long nails. He said having unusually long nails is fun. He is careful about them wherever he goes and whatever he does.

Earthquake jolts Palu

Earthquake jolts Palu PALU, Central Sulawesi: An earthquake measuring 5.7 on the Richter scale shook this town on Thursday night at about 10:54 p.m., local time. Residents in the North Sulawesi towns of Manado and Poso also felt the quake. Police here told Antara there were no reports of fatalities or damaged buildings in the tremor.

Change ownership of Cendana assets

Change ownership of Cendana assets From Rakyat Merdeka Allow me to express my opinion about several recent news items which have drawn many people's attention: * Regarding efforts to collect the assets of Cendana's cronies stashed abroad, I suggest that ownership of these assets must be transferred from the cronies to the Indonesian government, in this case, the minister of finance.

2,693 candidates vie for seats at City Council

2,693 candidates vie for seats at City Council JAKARTA (JP): Chairman of the Jakarta Provincial Elections Committee (PPD I) Djafar Badjeber announced on Friday that the 48 political parties eligible for the upcoming general election proposed 2,693 candidates to vie for 76 seats at City Council. Djafar said the number of the temporary candidates, short- listed from thousands of entries from the parties, will more or less remain the same once the fixed number is announced on June 1.

Model tried for using drug

Model tried for using drug JAKARTA (JP): A female model was indicted at the Central Jakarta District Court on Friday for consuming and possessing 0.4 grams of shabu-shabu, a amphetamine derivative. Prosecutor Suleman Hadjarati said the 20-year-old defendant, Fairus Salim, was arrested in a room of Puri Mega Hotel in Central Jakarta on March 3. "Police officers found the shabu-shabu in her cellular phone cover when she was being searched," Suleman said.

'Office Space' is a white-collar comedy for cubicle-class

'Office Space' is a white-collar comedy for cubicle-class By Tam Notosusanto JAKARTA (JP): Workers of the world, unite! And go see Office Space. This film is an ode to those overworked, underpaid workers slaving away in cramped cubicles and performing pointless duties. Hanging onto what's left of their dignity and minuscule salaries, they have to grapple daily with job insecurity and evil superiors keen on making each working day a miserable one.

Taiwan, Canadian sign deal

Taiwan, Canadian sign deal TAIPEI (DPA): Taiwan and Canada will each allow a second airline to serve the Taipei-Vancouver route from June due to the increase in passengers, EVA Airways said Friday. Under a code-sharing agreement, EVA and Air Canada will join the route which has been served by Mandarin Airlines and Canadian Airline International since 1990. "From June 2 to July 5, In the first month, EVA will offer three flights per week using a Boeing 747-400 jet.

West Sumatra worst on malnutrition list

West Sumatra worst on malnutrition list JAKARTA (JP): West Sumatra has the most infants affected with malnutrition so far, followed by West Java and Central Java. Minister of Food and Horticulture AM Saefuddin said 56 children have died across the country while at least 2,866 children were affected. He was quoted by Antara on Friday in Semarang as saying there were 261 cases in Central Java, and eight had died.

All-Asian Debating Championships

All-Asian Debating Championships JAKARTA (JP): Two teams from the English Debating Society (EDS) of the University of Indonesia are currently taking part in the sixth All-Asian Inter-Varsity Debating Championships in Bangkok. Achmad N. Sukarsono of the university's school of political science said the Indonesian team was one of various teams from 10 countries, including the Philippines, Hong Kong, Singapore and Malaysia, joining the eight-day championships, which began on May 10.

Diplomat's house burglarized

Diplomat's house burglarized JAKARTA (JP): Thieves are believed to have collaborated with a housemaid who ran away with electronic goods, expensive clothing and household appliances worth Rp 18 million from a diplomat's house, police said Wednesday.

Taiwan hopes to be in WTO

Taiwan hopes to be in WTO TAIPEI (AP): Taiwan said Friday it expects to be admitted to the World Trade Organization by November, possibly at about the same time as China. After completing a crucial round of multilateral talks in Geneva on Thursday, Taiwan now expects the WTO to hold the final round of talks to complete the island's application in July, setting the stage for its formal admission in November, said Economic Minister Wang Chih-kang.

Sectoral arrogance

Sectoral arrogance From Republika On an occasion of a book launching, former environment minister Emil Salim said there was a sectoral arrogance in managing natural resources. It has caused environmental destruction. "Officially ministers are in one cabinet, but in fact they fight each other out of self-interest. There is a kind of conflict among the ministers in getting hold of natural resources," he said (Republika, April 29). Certainly, Emil Salim has duly considered his opinion.

Joint parade to kick-off start of campaigning

Joint parade to kick-off start of campaigning JAKARTA (JP): Governor Sutiyoso, along with a number of cabinet ministers, high-ranking officials, foreign diplomats and political party leaders, will witness on Wednesday the kick-off ceremony of the joint float parade of 48 parties contesting the June poll.

Bank owners told to inject more cash

Bank owners told to inject more cash JAKARTA (JP): Owners of eight major private banks in the government-sponsored recapitalization program are required to inject additional cash by June 30, as the initial recapitalization cost estimates have increased, according to a government document. If the bank owners could not provide additional contributions, the government would cover the shortfall by commensurately increasing its own equity share in the banks.

Where to go in Jakarta:

Where to go in Jakarta: Exhibitions * Cartoon Exhibition: Cartoons For Democracy, in Gallery Pasar Seni Jaya Ancol, Jl. Lodan Timur, North Jakarta, until May 18. * Graphics Exhibition: Ekspresi Grafis Dalam Ekspresi Buku II, at Pusat Kebudayaan Jepang - The Japan Foundation, Summitmas I, Jl. Jend. Sudirman Kav. 61-62 South Jakarta (Phone: 5201266), Monday to Friday 10 a.m. to 6 p.m., Wednesday 10 a.m. to 4 p.m., until May 21.

Padang street children increase

Padang street children increase PADANG, West Sumatra: Over the past six months, there have been more street children here, an official said on Tuesday. Head of the Welfare Bureau of Ministry of Social Affairs Rahmad Kusnadi, said the recent survey conducted by his office together with a local private group recorded the number of street children reached 1,832. "Of the total, 362 are girls," he said. Most of them were working as shoe-shiners, scavengers and beggars, he said.

Tangerang deploys 600 troops for polls

Tangerang deploys 600 troops for polls TANGERANG (JP): At least 600 troops and police officers will be deployed to ensure security during campaigning and voting in the June 7 poll here, a military official said on Friday. Tangerang Military District Commander Lt. Col. Meris Wiryadi said the 400 soldiers and 200 police officers would remain on duty from May 19, the first day of the campaign, until the General Assembly of the People's Consultative Assembly in October.

A promise neglected

A promise neglected Not long after he was installed as President, B.J. Habibie promised to have all the events surrounding the May 1998 riots thoroughly investigated. A similar pledge was made by Armed Forces commander Gen. Wiranto. The government also set up a fact- finding team consisting of a number of independent citizens. There was hope the government would be serious in dealing with the subject. Various other political events, however, arose to overtake the matter.

Fire water firm workers, says former governor

Fire water firm workers, says former governor JAKARTA (JP): Former Jakarta governor Ali Sadikin urged Governor Sutiyoso on Friday to fire members of the labor union of the city-owned water management company PDAM Jaya. Workers from the firm have since April 8 staged strikes and rallies to protest the firm's cooperation deals with two foreign partners.