Jakarta (ANTARA News) - Bank Indonesia (the central bank/BI) said on Monday the domestic economy may grow above 5 percent in the first quarter of 2010. "The economic growth may exceed 5 percent. We will calculate it precisely later on. So the first-quarter economic growth will be revised upward as it will influence the overall economic growth in 2010," Bank Indonesia Deputy Governor Hartadi Sarwono said at the Office of the Coordinating Minister for Economic Affairs.

March 9 (Bloomberg) -- Indonesian President Susilo Bambang Yudhoyono begins a visit to Australia today to discuss a regional trade pact and cooperation in combating people smuggling and terrorism with Prime Minister Kevin Rudd. Yudhoyono will address a joint sitting of the Australian Parliament in Canberra tomorrow, the first time an Indonesian head of state has given a speech to the assembly. U.S.

Palm oil rose as crude oil gained to above $82 a barrel, raising the appeal of the commodity as a feedstock for biodiesel and as Indonesia and Malaysia, the top producers, agreed to tackle environmental and labor issues. May-delivery contract advanced as much as 1.5 percent to 2,709 ringgit ($810) a metric ton on the Malaysia Derivatives Exchange, the highest price since Jan. 6.

Indonesia has overtaken Cambodia as the most corrupt country in the Asia-Pacific region in the eyes of business executives, according to an annual survey by Political & Economic Risk Consultancy, a Hong Kong-based risk analysis firm. “The perception that corruption is especially bad in Indonesia will make it more difficult for the country to attract foreign direct investment,” the PERC report said.

From AAP Billabong being sued by Indonesian distributor Surfwear brand Billabong International is being sued by its former Indonesian licensee, CV Bali Balance, over the termination of its distribution licence in Indonesia.

Indonesia and Malaysia - the world’s two largest crude palm oil (CPO) producers - seek to jointly professionalize dispute management on environmental issues and public relations to counter EU negative campaigns.

Jakarta (ANTARA News) - The government will spur the spending of state budget funds to boost economic growth, Sjahrial Loetan, the secretary of the state minister for national development planning, said here on Monday. "We will push the use of state budget funds which so far has not been maximal," he said. He said the trend in budget spending kept improving but it seemed to remain slow. He said the absorption was still around 92-95 percent.

Jakarta (ANTARA News) - Oil observer Pri Agung Rakhmanto said that the government`s oil production target of 965,000 barrels per day (bpd) in the 2010 was unrealistic and needed revision. "The target is too ambitious and is baseless," he said here on Monday. Rakhmanto who is also director of ReforMiner Institute said that the government had better revise its oil production target in the 2010 revised budget with a realistic one, namely 950,000 bpd.

TEMPO Interactive, Jakarta:The government is targeting an increase in direct foreign investment. According to The Investment Coordinating Board (BKPM) chairman Gita Wirjawan, Indonesia has only been able to attract 0.17 percent of total foreign investment in the world. Whereas, he added, Indonesia has the potential to attract 0.75 percent of total foreign investment with the current economic development.

TEMPO Interactive, Cipanas: The Investment Coordination Board’s (BKPM) deputy chief for planning, Luky Eko Wuryanto, said the coal liquefaction project worth US$ 10 billion with South Africa Synthetic Oil Ltd (SASOL) is in the realization phase. The technical discussion is being organized between SASOL and the National Team, headed by the Oil and Natural Gas director.

Surf wear company Billabong says it is facing a civil claim from its former Indonesian licensee, which is seeking compensation over the termination of its distribution licence in that country. CV Bali Balance is asking for more than $58 million in compensation for losses it says it suffered from the alleged invalid termination. It is also seeking $110 million for unspecified damages. Billabong says it believes there is no basis for the civil claim.