The Quantum Group of Australia will invest up to US$250 million to develop 100,000 hectares of land in East Nusa Tenggara to grow cassava, as well as set up four ethanol processing plants, employing as much as 60,000 local farmers. The memorandum of understanding between Quantum Petroleum, a subsidiary of Quantum Group, and Southwest Sumba administration was signed Wednesday.

Rizal Ramli, Jakarta The performance of Indonesia's macroeconomy in 2007 was satisfactory from the perspective of the rate of growth and the balance of payments. International commodity price increases improved the country's terms of trade and speculative capital flows drove up share prices on the Jakarta Stock Exchange (now the Indonesia Stock Exchange, or IDX) by 52 percent. Last year saw the formation of a financial bubble that is likely to expand in 2008.

Rendi Akhmad Witular, The Jakarta Post, Jakarta Aiming to boost private sector investment, the government and the House of Representatives are planning to cut corporate income tax to a single rate of 25 percent in an amendment of the income tax law. Wednesday's hearing between officials from the Directorate General of Taxation and House Commission XI on financial affairs proposed implementation of the new rate for the 2009 fiscal year.

Jakarta (ANTARA News) - The life insurance company Bumiputera 1912 plans to build the highest building in Indonesia, with 63 floors. "We have conducted the ground breaking ceremony of Bumiputera Tower located east of the Wisma Bumiputera on Jl. Jend. Sudirman, Jakarta," President of AJB Bumiputera Soeseno Hario Saputro told the press in Jakarta Wednesday night.

Jakarta (ANTARA News/Thomson Financial) - Fitch Ratings said Thursday it has upgraded Indonesia's long-term foreign and local currency issuer default ratings (IDRs) to "BB" from "BB-" as the country is making progress in boosting its investment climate. The outlook for both ratings is stable. Fitch said at the same time, it has upgraded the country ceiling to "BB+" from "BB" and affirmed the short-term rating at "B".

the sooner this oil palm biofuel mania has been killed off, the better. the recent EU ruling regarding biofuels seems to have put a bit of a sock in the "gold rush" for plantation land in Indonesia, but it's probably too late to stop the environmental carnage that will ensure in Kalimantan in particular.

Jakarta (ANTARA News) - The government has projected Indonesia`s soybean production at more than 1.3 million tons in 2008 in a bid to reduce dependence on imports of the commodity. Agriculture Minister Anto Apriyantono said here on Wednesday the government would have to enhance the country`s self-sufficiency in soybean from 2015 to 2011 with a production of one to 1.3 million tons.

Jakarta (ANTARA News/Asia Pulse) - Australian steel maker Bluescope Steel Limited (ASX:BSL) said it will increase investment by US$113 million to increase the capacity of its factory in Cilegon, Banten, Indonesia. Bluescope will triple the production capacity of its factory to 300,000 tons of aluminum coated steel a year, Paul O'Malley, chief executive officer of Bluescope Steel Ltd, said.