Archive: 16 November 2000
55 articles found
Thu, 16 Nov 2000, 00:00 WIB
Malaysian palm oil ends little changed, choppy
Malaysian palm oil ends little changed, choppy KUALA LUMPUR (Reuters): Malaysian palm oil futures closed little changed after a choppy session on Wednesday, with technical buying and short covering lifting prices from earlier lows, traders said. Weaker export data for Nov. 1-15 had dragged prices lower after the market started on a firmer note on the back of overnight gains in Chicago soyoil futures. "Players are generally cautious due to uncertainty over the near-term direction.
Thu, 16 Nov 2000, 00:00 WIB
Land and sea make Balinese culture exotic and intriguing
Land and sea make Balinese culture exotic and intriguing By Simon Marcus Gower DENPASAR, Bali (JP): Millions of international tourists have visited the exotic island of Bali. The vast majority of them arrive at Ngurah Rai International Airport and are whisked away to their hotels by taxis and shuttle buses. A majority will settle into hotels huddled on the southern edge of the island, perhaps only rarely venturing to more remote parts of this geographically diverse island.
Thu, 16 Nov 2000, 00:00 WIB
Don't blame the nightspots
Don't blame the nightspots This is with regard to the recent spate of attacks on nightspots. Don't the attackers realize the number of people who will be out of work and unable to have a fruitful Idul Fitri due to lack of money? (the nightspots will not pay salaries if they are closed). They complain about poverty in Indonesia and claim higher moral values but their own actions are detrimental to the economy and people of this country.
Thu, 16 Nov 2000, 00:00 WIB
Govt told to treat vocational education institutions fairly
Govt told to treat vocational education institutions fairly JAKARTA (JP): An observer asked the government on Wednesday to treat vocational education institutions and their graduates equally with other higher educational institutions, including universities.
Thu, 16 Nov 2000, 00:00 WIB
Six athletes qualify for SEAG training program
Six athletes qualify for SEAG training program JAKARTA (JP): The Track and Field Grand Prix and National Junior Championships opened on Wednesday at Senayan Madya Stadium with impressive performances by a number of athletes. Six athletes qualified for the 2001 Southeast Asian (SEA) Games long-term training program of the Indonesian Amateur Athletic Association.
Thu, 16 Nov 2000, 00:00 WIB
Indonesia names envoy to Lisbon
Indonesia names envoy to Lisbon JAKARTA (JP): Vice President Megawati Soekarnoputri swore in on Wednesday Indonesia's first ambassador to Portugal since 1975, when Lisbon broke off diplomatic relations following Jakarta's invasion of its former territory of East Timor. Harry Pryohutomo, a career diplomat, was sworn in as the Indonesian envoy to Lisbon at a ceremony at State Palace. Also sworn in on Wednesday was M.
Thu, 16 Nov 2000, 00:00 WIB
RI faces competition from Asian countries
RI faces competition from Asian countries JAKARTA (JP): A report from the United Nations Industrial Development Organization (UNIDO) said the Indonesian manufacturing sector was facing increased competition from other Asian countries, despite the brisk performance of its exports. Asif Hasnain, the UNIDO representative to Indonesia, said on Wednesday that despite strong overall export performance, Indonesia was very dependent on imported production components.
Thu, 16 Nov 2000, 00:00 WIB
Technical problems led to most of the train accidents this year
Technical problems led to most of the train accidents this year JAKARTA (JP): The country has witnessed 106 train accidents in the first 10 months of this year, a senior official at the Ministry of Transportation and Telecommunications said on Wednesday. Kalalo Nugroho, head of the ministry's public relation and overseas cooperation, said most of the accidents were due to technical problems.
Thu, 16 Nov 2000, 00:00 WIB
Where to go in Bali:
Where to go in Bali: Exhibitions * Painting Cultural Sensitivity by Inda C. Hoerhadi at The Gallery of the The Chedi - Ubud, in Payangan, Gianyar, Dec. 16. * Painting Refleksi Seni II, Warna Warni Ekspresi, Darga Gallery, Komplek Sanur Raya 20-21, Jl. By Pass Ngurah Rai, Denpasar (Phone: 0361 285249), 10:30 a.m. to 6 p.m., until Dec. 2. * Painting by German artist Peter Dittmar, at Gaya Fusion of Senses, Jl Raya Sayan (Phone: 0361 979253), Dec. 28 to Feb. 10.
Thu, 16 Nov 2000, 00:00 WIB
Aspac optimistic to win 2000 basketball league
Aspac optimistic to win 2000 basketball league JAKARTA (JP): Home team favorite Aspac was optimistic of its chances to win the President's trophy in the 2000 Nuvo Kobatama national basketball league due to its preparation. Aspac will face Jakarta-based Indonesia Muda (IM) Texmaco while Bandung-based Panasia Indosyntec will play defending champion Mahaka Satria Muda in Saturday's semifinals. The finals will be staged on Sunday. Both matches will take place in the Senayan indoor stadium.
Thu, 16 Nov 2000, 00:00 WIB
Work of distinguished artists on display
Work of distinguished artists on display By Aendra H. Medita JAKARTA (JP): Three artists Danarto, Sukamto and Ipe Mar'oef expressively depict objects, taken from not only daily life but also the shadow puppet world, through their works currently exhibited at the Lontar Gallery which will end on Friday (Nov.17) While the daily objects that Ipe Mar'oef has drawn, show his firm lines and Danarto's forceful sweeps result in extraordinarily strong lines, Sukamto shows greater emotion in his lines.
Thu, 16 Nov 2000, 00:00 WIB
JiFFest-2
JiFFest-2 It was interesting to read the comprehensive article on JiFFest-2 by Risa Permanadeli (The Jakarta Post, Nov. 14, Looking back on Jakarta International Film Festival). In her article, she said that Russian Bachtiar Khudoynazaroc's Luna Papa (1999) should have been replaced by Yugoslav Emir Kusturica's Black Cat, White Cat (1998) for stealing Kusturica's cinematic language. As far as I remember, the film Black Cat, White Cat had been screened in JiFFest-1 here last year.
Thu, 16 Nov 2000, 00:00 WIB
Organizing JiFFest
Organizing JiFFest I have always been diligent in attending film festivals wherever I am, but no longer when it comes to the Jakarta Film Festival (JiFFest). JiFFest claimed in its magazine that tickets could be bought at the Umar Ismail Film Center from Nov. 3 to Nov. 12. So many people, including my friend and I tried to purchase tickets there but failed. When we went to the center to buy our tickets, we were told we could not as we had not made a booking.
Thu, 16 Nov 2000, 00:00 WIB
Police to summon Tommy's family members soon
Police to summon Tommy's family members soon JAKARTA (JP): National Police spokesman Brig. Gen. Saleh Saaf said on Wednesday that police would summon Hutomo "Tommy" Mandala Putra's family for questioning in the hope of finding clues as to where the country's most wanted fugitive is hiding. "We will summon them tomorrow (Thursday) or the day after (Friday)," Saleh said at the National Police Headquarters.
Thu, 16 Nov 2000, 00:00 WIB
East Timor avoided in Australia-Indonesia talks
East Timor avoided in Australia-Indonesia talks BANDAR SERI BEGAWAN (Agencies): President Abdurrahman Wahid and Australian Prime Minister John Howard (photo above) chat before the start of their bilateral meeting on the sidelines of the Asia Pacific Economic Cooperation (APEC) forum here.
Thu, 16 Nov 2000, 00:00 WIB
Press freedom hampers RI diplomacy: Former ambassadors
Press freedom hampers RI diplomacy: Former ambassadors JAKARTA (JP): The country's newfound freedom of the press has merely weakened Indonesian diplomacy abroad, former ambassadors said during a one-day seminar here on Wednesday. Former Indonesian ambassador to Australia S. Wiryono Sastrohandoyo said the media now only sold sensational and negative news. "The media tends to be sensational and obtrusive, and focuses on negative points.
Thu, 16 Nov 2000, 00:00 WIB
Indorayon hopes to resume operations
Indorayon hopes to resume operations JAKARTA (JP): Shareholders of troubled pulp producer PT Indorayon Utama named new directors on Wednesday and proposed a new corporate name, PT Toba Pulp Lestari, in the hope of resuming its operation in North Sumatra after a nearly two-year hiatus. The proposed name change and the line up of the board of directors were intended to show Indorayon's "commitment to the aspirations of the local people," it said in a statement.
Thu, 16 Nov 2000, 00:00 WIB
Ex-bank owners agree to surrender more assets
Ex-bank owners agree to surrender more assets JAKARTA (JP): Three former bank owners agreed on Wednesday to surrender additional assets and provide personal guarantees to the Indonesian Bank Restructuring Agency (IBRA) to repay their debts to the government. Attorney General Marzuki Darusman said the ex-bank owners, Anthony Salim, Bob Hasan and Sjamsul Nursalim, submitted lists of the additional assets they would surrender.
Thu, 16 Nov 2000, 00:00 WIB
RI ready to beat Vietnam in Tiger Cup
RI ready to beat Vietnam in Tiger Cup JAKARTA (Agencies): Acting national team coach Dananjaya was steadfast on Wednesday that Indonesia could beat Vietnam's strong team for a final berth. "All the players have the same vision to win. They are mentally prepared for the semifinals and will do anything to win," he said, adding that the dismissal of coach Nandar Iskandar did not affect the team's preparations.
Thu, 16 Nov 2000, 00:00 WIB
Grenade found in garbage can
Grenade found in garbage can JAKARTA (JP): A hand grenade was discovered on Wednesday in a garbage can in front of the Plaza 89 building on Jl. H.R. Rasuna Said, South Jakarta, Setiabudhi Police chief Asst. Supt. Bambang Sutrisno said. The grenade was found at 7 a.m. by a janitor, Muhammad Jafar, who was cleaning the building, Bambang told The Jakarta Post by phone.
Thu, 16 Nov 2000, 00:00 WIB
Property industry shows improvement
Property industry shows improvement JAKARTA (JP) The property industry, one of the sectors hardest hit by the economic crisis, showed improvement in the third quarter of this year on rising occupancy rates, according the latest survey issued by property consultant PT PricewaterhouseCoopers property group. The occupancy rates of retail outlets, office space and apartments all showed an increase but the company said that the trend had yet to indicate a recovery in the industry.
Thu, 16 Nov 2000, 00:00 WIB
Govt to build flood control system in southern Java
Govt to build flood control system in southern Java JAKARTA (JP): The government is planning to build a flood control system at the southern part of Java in an effort to deal with related natural disasters in the area, an official said on Wednesday.
Thu, 16 Nov 2000, 00:00 WIB
Rupiah Rates Nov.15
Rupiah Rates Nov.15 Bank notes rates TT rates Buying Selling Buying Selling Rp Rp Rp Rp U.S.
Thu, 16 Nov 2000, 00:00 WIB
Taufik disappointed with Subagyo's absence at hearing
Taufik disappointed with Subagyo's absence at hearing JAKARTA (JP): Indonesia men's singles shuttler Taufik Hidayat expressed his disappointment in his hearing with the Badminton Association of Indonesia (PBSI) clarification team. The hearing concerned the critical statements made by Taufik after winning the Asian Badminton Championships early this month. "I'm disappointed because I didn't meet chairman Subagyo (Hadisiswoyo) in person.
Thu, 16 Nov 2000, 00:00 WIB
Spotlight
Spotlight Photo B: Yogyakarta A smile of hospitality from Yogyakarta is Santika Hotel Yogyakarta's trademark when welcoming their guests. Here, a Guest Relations Officer welcomes guests from NECKERMANN GRUPPE in the hotel's lobby with garlands of flowers on Nov. 9. Neckermann Gruppe is one of the biggest German group of companies which routinely sends its guests to Indonesian hotels, including Santika Hotel Yogyakarta.
Thu, 16 Nov 2000, 00:00 WIB
Minister Sonny inaugurates Clean River Program II
Minister Sonny inaugurates Clean River Program II JAKARTA (JP): State Minister for Environment Sonny Keraf inaugurated on Wednesday the second phase of the Clean River Program (Prokasih), emphasizing a comprehensive approach to water management spanning from upstream to downstream and preservation of the water catchment area.
Thu, 16 Nov 2000, 00:00 WIB
Farmers stage rally at Police headquarters
Farmers stage rally at Police headquarters JAKARTA (JP): Dozens of farmers from Tulang Bawang regency in Lampung staged a protest in front of the National Police Headquarters on Wednesday to demand the release of their families and friends being detained at Lampung Police Headquarters.
Thu, 16 Nov 2000, 00:00 WIB
Stock quotations on JSX
Stock quotations on JSX Stock prices on the Jakarta Stock Exchange (in rupiah) on Nov. 15, 2000: Shares Close Change Trading Volume ------------------------------------------------------------ Ades Alfindo 2,700 225 3,341,000 Adindo Foresta Indonesia 110 -5 537,000 Alakasa Industrindo 350 0 0 Alfa Retailindo 950 0 556,500 Alter Abadi 175 0 0 Alumindo Light Metal 975 0 0 Aneka Kimia Raya 275 0 0 Aneka Tambang (Persero) 1,000 -25 830,500 Anwar Sierad 300 0 0 APAC Centertex Corp.
Thu, 16 Nov 2000, 00:00 WIB
Be invigorated by From Indonesia with Love
Be invigorated by From Indonesia with Love By Pavan Kapoor JAKARTA (JP): When Indonesian painters express their fascination for their homeland through their paintings - the thoroughbred Indonesian shows through. But when a painter who has lived most of her formative years abroad and then returns to paint her country, the "East meets West" flavor is invigorating and intriguing.
Thu, 16 Nov 2000, 00:00 WIB
Free ID card registration soon
Free ID card registration soon JAKARTA (JP): Governor Sutiyoso dismissed on Wednesday remarks that he had failed to keep his promise that Jakartans would not have to pay for identity card registrations before the end of the month. "We (city administration) have to secure the green light from the City Council before we can implement free ID card registrations. "The free ID card registration is being discussed by the City Council. Hopefully, a decision will be taken on Nov.
Thu, 16 Nov 2000, 00:00 WIB
Jembrana regent sworn in
Jembrana regent sworn in DENPASAR, Bali: After two and a half months of delays, the new Jembrana regent and deputy were sworn in during a simple, but well-guarded ceremony in the regency capital of Negara on Wednesday. At least 2,000 police officers were on high alert at the Mendopo Kesari Wartmadewa building where I Gde Winasa and Ketut Suania were sworn in by Governor Dewa Made Beratha. No incidents were reported. Bali Police chief Brig. Gen.
Thu, 16 Nov 2000, 00:00 WIB
Maluku Police ask for reinforcements
Maluku Police ask for reinforcements AMBON, Maluku: A request made by the Maluku Police for Mobile Brigade (Brimob) reinforcement troops from Jakarta is hanging in the balance, provincial police chief Brig. Gen. Firman Gani said on Wednesday. Firman said additional personnel were badly needed now that the provincial police were intensifying law enforcement in the territory, which was licking its wounds after a prolonged sectarian conflict.
Thu, 16 Nov 2000, 00:00 WIB
Samator, DLLAJ keep winning
Samator, DLLAJ keep winning JAKARTA (JP): Surabaya-based Samator continued its winning streak on Wednesday, the third day of the second leg of the 2000 Samator Indonesian Volleyball League (Livoli), at the Senayan Basketball Hall, Central Jakarta. Losing the opening game, Samator beat DPPK of Jakarta 24-26, 25-21, 25-22, 25-22 for total points of 99-91 in the men's division.
Thu, 16 Nov 2000, 00:00 WIB
Asian coast guards propose armed guards
Asian coast guards propose armed guards KUALA LUMPUR (Agencies): Asian coast guards are considering a proposal to provide armed escorts aboard ships plying piracy- infested waters. Malaysia's proposal came in a two-day meeting ending on Wednesday in Malaysia. Malaysia said it could provide armed police escorts, if requested by vessels using the Straits of Malacca where more than 60 pirate attacks occurred this year.
Thu, 16 Nov 2000, 00:00 WIB
Manulife denies wrongdoing in purchase of shares
Manulife denies wrongdoing in purchase of shares JAKARTA (JP): Insurance company PT Asuransi Jiwa Manulife Indonesia denied on Wednesday any wrong doings in an alleged sales scam involving the now bankrupt PT Dharmala Sakti Sejahtera. President of Manulife Indonesia Philip Hamden Smith said that the purchase of a 40 percent stake in his company by its Canadian-based parent company, Manufacturers Life Insurance Co. (Manulife Co.) was legal.
Thu, 16 Nov 2000, 00:00 WIB
Correct and good Indonesian language
Correct and good Indonesian language I refer to The Jakarta Post editorial On Youth Pledge Day published on Oct. 28, 2000, which stressed the principle of one country, one nation and one language. However, I am slightly disturbed by the linguistic development of Bahasa Indonesia which often violates the standardized grammar and phonology, especially as spoken by actors and actresses on TV. Nowadays our evening TV programs are dominated by TV serials where nonstandard language is used.
Thu, 16 Nov 2000, 00:00 WIB
Coastal residents lack health services
Coastal residents lack health services BATAM, Riau (JP): Of the country's total population of about 210 million people, nearly half of them inhabit the coastal areas of Indonesia's some 17,508 islands. These coastal residents are more prone to health problems due to limited access to health services, especially in this time of crisis. Their high mobility also contributes to the problem.
Thu, 16 Nov 2000, 00:00 WIB
Creation of artificial coral reefs begins
Creation of artificial coral reefs begins PULAU PANJANG, Seribu Island (JP): Minister of Marine Affairs and Fisheries Sarwono Kusumaatmadja launched on Saturday an artificial coral reef plantation in Seribu Island waters, dubbed the model of a movement to save the country's deteriorating coral reefs and boost the fish production. "Other countries in Southeast Asia and the United States have developed the use of artificial coral reefs from ship or car wreckages to build a home for fish.
Thu, 16 Nov 2000, 00:00 WIB
Singapore and Australia launch free trade talks
Singapore and Australia launch free trade talks BANDAR SERI BEGAWAN (AFP): The next director general of the World Trade Organization, Supachai Panitchpakdi, on Wednesday warned that over-ambitious targets for global trade liberalization risked derailing the entire process.
Thu, 16 Nov 2000, 00:00 WIB
New date sought for peace talks on Aceh
New date sought for peace talks on Aceh JAKARTA (JP): The government said here on Wednesday it had agreed to resume peace talks with the Free Aceh Movement (GAM) rebels but ruled out the possibility of granting independence to the volatile province for fear that it would become another East Timor.
Thu, 16 Nov 2000, 00:00 WIB
Landslide prone areas identified
Landslide prone areas identified YOGYAKARTA: A team of 40 geologists from Gadjah Mada University have identified on Wednesday five areas prone to landslides -- three in Purworejo regency and two in Kulonprogo regency. Dwikori Karnawati, the team's coordinator, said in Kokap Kulonprogo district, the areas are Ngasih and Kalibiru villages while in Kaligesing Purworejo district, the areas are the villages of Bandungan, Tegalaren and Kalisat.
Thu, 16 Nov 2000, 00:00 WIB
Indonesia dominates pencak silat c'ship
Indonesia dominates pencak silat c'ship JAKARTA (JP): Indonesian fighters showed their dominance on the first day of the 2000 Pencak Silat World Championship at Pencak Silat Center in Taman Mini Indonesia Indah on Wednesday. Indonesia deployed eleven fighters in both the men's and women's divisions but two of them had to make early exits.
Thu, 16 Nov 2000, 00:00 WIB
Spain aims to win gold to boost pencak silat back at home
Spain aims to win gold to boost pencak silat back at home JAKARTA (JP): Spain is known in athletic circles for its soccer team and tennis players, so it is a bit strange to see the country competing in the 2000 Pencak Silat World Championship being held at the Pencak Silat Center in Taman Mini Indonesian Indah in East Jakarta. However, Spain has set a target of bringing home a gold medal from the biennial event, being held from Tuesday to Monday.
Thu, 16 Nov 2000, 00:00 WIB
Exports fuel robust growth
Exports fuel robust growth JAKARTA (JP): The economy grew by a surprising 5.12 percent in the third quarter year-on-year, driven by a strong export performance. The Central Bureau of Statistics (BPS) reported on Wednesday that compared to the second quarter, the economy as measured by gross domestic product (GDP), rose 1.97 percent. The official GDP data shows the economy is growing faster than most analysts expected.
Thu, 16 Nov 2000, 00:00 WIB
Low budget for education
Low budget for education From Republika It is sad to learn that the budget allocated for the education of Indonesian children only accounts for 3.8 percent of the total state budget of Rp 295.1 trillion. This amount is too small, especially compared with the budgets of Malaysia, Singapore and even Bangladesh. This low budget shows the government's small investment in building a strong younger generation. Children are national assets and they will later lead the country.
Thu, 16 Nov 2000, 00:00 WIB
Gus Dur urged to make fundamental changes
Gus Dur urged to make fundamental changes JAKARTA (JP): Legislators attending Saturday's informal meeting sponsored by former coordinating minister for finance, economy and industry Kwik Kian Gie, issued on Wednesday their conclusion which included demands for President Abdurrahman Wahid to make essential changes to ensure he retains power till 2004.
Thu, 16 Nov 2000, 00:00 WIB
Wishful thinking vs debt crisis
Wishful thinking vs debt crisis This is the last of two articles on Indonesian debt by Juergen Kaiser, campaign coordinator of Erlassjahr 2000, the German Jubilee 2000 campaign, an international civil society initiative for debt cancellation and the reform of international debt negotiation procedures.
Thu, 16 Nov 2000, 00:00 WIB
Tenganese strive to maintain traditional way of life
Tenganese strive to maintain traditional way of life By Murdani Usman CANDI DASA, Karang Asem, East Bali (JP): Located in a mountainous valley, Tenganan village is home to Bali's oldest pre-Hindu community whose traditions, way of life and religious customs differ from the modern Balinese. The village is situated around 17 kilometers east of Karangasem. They are often called the Bali Aga, which literally means the innermost mountain people or ancient Balinese.
Thu, 16 Nov 2000, 00:00 WIB
Soccer coach seeks justice for all
Soccer coach seeks justice for all JAKARTA (JP): Sacked-coach Nandar Iskandar is seeking for justice and asking help from the Soccer Association of Indonesia (PSSI) chairman, Agum Gumelar, over his dispute with other soccer officials. Nandar met Agum at the latter's residence on Wednesday morning to report his results with the national team, which is still in Bangkok for the Tiger Cup's semifinal match against Vietnam.
Thu, 16 Nov 2000, 00:00 WIB
Caltex resumes operations at three burned oil wells
Caltex resumes operations at three burned oil wells SINGAPORE (Dow Jones): PT Caltex Pacific Indonesia has restarted pumping operations at three of the four oil wells knocked off line Nov. 6 in Riau province by fires set by local protesters, Robert Galbraith, senior vice president of CPI's Sumatra operations, told Dow Jones Newswires on Wednesday.
Thu, 16 Nov 2000, 00:00 WIB
UN mission calls on RI to clamp down on militias
UN mission calls on RI to clamp down on militias ATAMBUA, East Nusa Tenggara (JP): A visiting UN Security Council mission has demanded that the Indonesian government crack down on prointegration militias sheltering in East Nusa Tenggara (NTT) despite claims that significant steps have already been taken. "Intimidation must stop," said Namibian Ambassador to the UN Security Council Martin Andjaba, after laying flowers at the site where three UN aid workers were murdered by militiamen on Sept. 6.
Thu, 16 Nov 2000, 00:00 WIB
Doyok's lawyer asks charges be dropped
Doyok's lawyer asks charges be dropped TANGERANG (JP): The lawyer for noted comedian Sudharmaji, alias Doyok, on trial for the possession of drugs, asked a panel of judges at the Tangerang District Court on Wednesday to dismiss all charges against his client. With Doyok in tears for almost the entire session, lawyer Asjier said the charges should be dropped because the Criminal Code did not clearly define what was meant by the "possession" of drugs.
Thu, 16 Nov 2000, 00:00 WIB
Workers want nightspots open in Ramadhan
Workers want nightspots open in Ramadhan JAKARTA (JP): Some 300 employees from several nightspots gathered at the city council building here on Wednesday, urging the councillors to allow their entertainment centers to remain open during the Muslim fasting month of Ramadhan.
Thu, 16 Nov 2000, 00:00 WIB
Peso continues to stabilize, pressure mounts on rupiah
Peso continues to stabilize, pressure mounts on rupiah SINGAPORE (Dow Jones): The Philippine peso continued to stabilize Wednesday on hopes that President Joseph Estrada may be forced from office, while mounting pressure against the Indonesian rupiah pushed it to a fresh two-week low. Most other Asian currencies ended mixed and range-bound in thin trading conditions.
Thu, 16 Nov 2000, 00:00 WIB
Bailing out Bank Indonesia
Bailing out Bank Indonesia Bank Indonesia, the central bank, which holds the monopoly over fiat money and which in 1997 and 1998 bailed out dozens of commercial banks, has officially been declared insolvent, itself requiring a bailout capital to the tune of several billion dollars.