:: jawawa.id :: Indonesian Business and Finance News

Wed, 17 Jun 1998

JP/Book bazaar at Utan Kayu planned

Book bazaar at Utan Kayu planned JAKARTA (JP): A month-long book bazaar will be held at the Utan Kayu community parking lot, Jl. Utan Kayu No. 68H, East Jakarta, from July 1.

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Wed, 17 Jun 1998

JP/Habibie to open contest

Habibie to open contest DENPASAR, Bali: President B.J. Habibie is expected to open the national selection of finalists for the 13th Koran Reading Contest (STQ) here on June 27.

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Wed, 17 Jun 1998

JP/Scavenger found dead after fight

Scavenger found dead after fight JAKARTA (JP): A 40-year-old scavenger was found dead on a roadside in Kampung Bekasi Kaum, Bekasi yesterday with stab wounds to his body.

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Wed, 17 Jun 1998

JP/Rupiah breaks 15,000 barrier as stocks decline

Rupiah breaks 15,000 barrier as stocks decline JAKARTA (JP): The rupiah broke psychologically important level of Rp 15,000 against the U.S. dollar yesterday as local stock prices lost 1.7 percent over persistent domestic economic and political uncertainty and a bearish regional market.

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Wed, 17 Jun 1998

JP/Garuda to divest from subsidiaries

Garuda to divest from subsidiaries JAKARTA (JP): National flag carrier Garuda Indonesia plans to divest from all of its subsidiaries in order to focus on its air transportation business, the airline's new boss said here yesterday.

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Wed, 17 Jun 1998

JP/Regions warned of La Nina-induced floods

Regions warned of La Nina-induced floods JAKARTA (JP): Large areas of the country must beware of La Nina-induced floods predicted for later this year, head of the National Search and Rescue Agency (Basarnas) (ret.) Commodore Harinto warned yesterday.

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Wed, 17 Jun 1998

JP/Soedjono's dismissal puzzles legal profession

Soedjono's dismissal puzzles legal profession JAKARTA (JP): Prominent legal practitioners and observers expressed a degree of suspicion yesterday over the sudden dismissal of the attorney general and questioned the motive for making a military officer the country's top prosecutor.

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Wed, 17 Jun 1998

JP/Malaysia to buy stake in Bank Muamalat

Malaysia to buy stake in Bank Muamalat JAKARTA (JP): Malaysian Deputy Prime Minister Anwar Ibrahim promised President B.J. Habibie yesterday that Malaysia would purchase a 49 percent stake, worth US$15 million, in Indonesia's only Islamic bank, Bank Muamalat Indonesia.

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Wed, 17 Jun 1998

JP/Nonperforming loans soar to 25%

Nonperforming loans soar to 25% JAKARTA (JP): Banks' nonperforming loans at the end of April jumped to 25 percent of outstanding credit from 10 percent at the end of April last year due to the monetary crisis, Bank Indonesia Governor Sjahril Sabirin said yesterday.

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Wed, 17 Jun 1998

JP/PAP II's staff stage another rally

PAP II's staff stage another rally TANGERANG (JP): Two thousand employees of state airport management company Perum Angkasa Pura (PAP) II staged a second rally to demand complete reform of the management at the companies headquarters at Soekarno-Hatta International Airport yesterday.

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Wed, 17 Jun 1998

JP/Foreigners flock to Maluku

Foreigners flock to Maluku AMBON, Maluku: Amid worries that tourism in many parts of the country is in decline, officials here proudly announced yesterday that tourist arrivals in the first four months of the year had nearly doubled compared to the same period last year.

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Wed, 17 Jun 1998

JP/Govt needs Rp 2 trillion in rice drive

Govt needs Rp 2 trillion in rice drive JAKARTA (JP): The government will need Rp 2 trillion (about US$142.85 million) in this year's rice planting season if it is to boost production of the country's favorite food, a minister said yesterday.

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Wed, 17 Jun 1998

JP/Sentosa reports losses

Sentosa reports losses SURABAYA (JP): Publicly listed PT Trias Sentosa reported a net loss of Rp 24.67 billion (about US$1.76 million) last year compared to a net profit of Rp 31.10 billion in 1996.

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Wed, 17 Jun 1998

JP/Legislators back retenders on pacts with Soeharto clan

Legislators back retenders on pacts with Soeharto clan JAKARTA (JP): Legislators have backed the government's decision to retender contracts held by family and friends of former president Soeharto for shipment of state oil and gas company Pertamina's products.

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Wed, 17 Jun 1998

JP/Security of contracts

Security of contracts Anger at revelations of wealth accumulated by those close to former president Soeharto during his time in office, and the nationwide clamor to root out corruption which this has prompted, has led many government agencies and state companies to announce a review of all ...

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Wed, 17 Jun 1998

JP/Conversion Rates

Conversion Rates JAKARTA (JP): Bank Ekspor Impor Indonesia's (Bank Exim) indicative conversion rates on June 16, 1998: Buying Selling Rp Rp U.S. dollar 1 14,500.00 15,500.

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Wed, 17 Jun 1998

JP/Inkud complains it overpaid for Goro chain deal

Inkud complains it overpaid for Goro chain deal JAKARTA (JP): The Confederation of Primary Cooperatives' Association (Inkud) paid far too much to take over the wholesale chain Goro from companies linked to former president Soeharto's children, an association executive said yesterday.

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Wed, 17 Jun 1998

JP/Police concerned about protests

Police concerned about protests JAKARTA (JP): National Police chief Gen. Dibyo Widodo expressed concern over the number of protests breaking out in many cities as an actualization of the demand for reform.

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Wed, 17 Jun 1998

JP/Electoral official jailed for graft

Electoral official jailed for graft KENDARI, Southeast Sulawesi: Kendari District Court sentenced the former treasurer of the Kendari electoral committee, Abdulah Martha, to five years in jail for embezzling Rp 186 million (US$12,400) of the Rp 518 million 1997 general election funds.

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Wed, 17 Jun 1998

JP/Bureaucratic corruption

Bureaucratic corruption In the drive to eradicate corruption, proponents of reform seem to be focusing exclusively on our governing and business elite. However, it should not be forgotten that bureaucratic corruption involving even the lowest ranking civil servants is equally entrenched.

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Wed, 17 Jun 1998

JP/Act in the name of reform

Act in the name of reformFrom Sinar PagiI agree with Jati Hartana's opinion (Sinar Pagi, May 21) that many people now act in the name of reform but actually do so out of self-interest.They may be opportunists. I prefer to refer to them as "advertising reformists".

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Wed, 17 Jun 1998

JP/Wanted banker falls to his death

Wanted banker falls to his death JAKARTA (JP): A former chief commissioner of privately run Bank Perniagaan, Hindoro Budianto, 52, reportedly fell to his death Monday from the eighth floor of Hotel Marbela in Anyer, West Java.

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Wed, 17 Jun 1998

JP/Soeharto's wealth

Soeharto's wealth An important dimension has emerged in the reform tide and is now taking an increasingly clearer shape. It concerns the wealth of our high-ranking government officials.

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Wed, 17 Jun 1998

JP/Army officers testify police shot at students

Army officers testify police shot at students JAKARTA (JP): Two military officers and three witnesses from Trisakti University who yesterday gave evidence to the military tribunal investigating the May 12 incident stated that it was the police who fired shots at demonstrators.

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Wed, 17 Jun 1998

JP/Group urges govt to adjust CPO exports to forex

Group urges govt to adjust CPO exports to forex JAKARTA (JP): The government should replace the 40 percent tax on crude palm oil (CPO) exports with a foreign exchange ruling to encourage exporters to sell the commodity on the domestic market, the Federation of Indonesian Vegetable Oils and Fats ...

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Wed, 17 Jun 1998

JP/Jakarta Fair to go on despite economic crisis

Jakarta Fair to go on despite economic crisis JAKARTA (JP): The annual Jakarta Fair will be held next month despite the absence of foreign participants and the sad fortunes of local firms, the organizer said yesterday.The month-long fair, to be opened by President B.J.

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Wed, 17 Jun 1998

JP/Local cigarette production to fall

Local cigarette production to fall JAKARTA (JP): The Association of Indonesian Cigarette Producers estimated yesterday that the country's cigarette output and sales would fall between 25 percent and 30 percent this year due to higher prices.

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Wed, 17 Jun 1998

JP/100 customers protest against developer

100 customers protest against developer TANGERANG (JP): More than 100 customers of the Modernland housing development went to the company's office here yesterday to protest the slow progress of the construction of houses, apartments and shop-houses they had bought.

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Wed, 17 Jun 1998

JP/Private TV stations want less state intervention

Private TV stations want less state intervention JAKARTA (JP): The owners of private television stations called on the House of Representatives yesterday to review the broadcasting law enacted last year in order to minimize state interference in their operations.

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Wed, 17 Jun 1998

JP/Rice distribution system 'should be streamlined'

Rice distribution system 'should be streamlined' JAKARTA (JP): A city councilor has underlined the importance of cutting the lengthy rice distribution chain to help reduce the price of the essential commodity.

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Wed, 17 Jun 1998

JP/Stock Exchange

Stock ExchangeStock prices on the Jakarta Stock Exchange (in rupiah) on June 16, 1998: Shares Close Change Trading Volume ------------------------------------------------------------ Ades Alfindo ...

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Wed, 17 Jun 1998

JP/Details are important

Details are important As a U.S. citizen familiar with corrupt political practices in my own country, I would like to warn Indonesians to closely examine the details of their new electoral system if they want truly representative government.

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Wed, 17 Jun 1998

JP/Chinese-Indonesian man stands up to be counted

Chinese-Indonesian man stands up to be countedBy T. Sima Gunawan JAKARTA (JP): If you are an Indonesian of Chinese descent, you know from experience to keep a low profile.Being recognized for your ancestry is the last thing you want.

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Wed, 17 Jun 1998

JP/BI's claims from troubled banks drop

BI's claims from troubled banks drop JAKARTA (JP): Bank Indonesia (BI) said yesterday that its net claim on the Indonesian Bank Restructuring Agency (IBRA) declined slightly to Rp 131.91 trillion on June 12 from Rp 132.12 trillion the previous week.

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Wed, 17 Jun 1998

JP/ASEAN Secretariat holds arts expo

ASEAN Secretariat holds arts expo JAKARTA (JP): An exhibition featuring the region's arts and culture at the ASEAN Secretariat, Jl. Sisingamangaraja, South Jakarta opened on Monday.

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Wed, 17 Jun 1998

JP/Abacha's service to Nigeria

Abacha's service to Nigeria In the four-and-a-half years that General Abacha headed the provisional council holding the reins of power, Nigerian unity has been preserved.This must count as a success in a land in which, since independence was gained in 1960, 10 coups have taken place.

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Wed, 17 Jun 1998

JP/Sjafrie urges people to shun street rallies

Sjafrie urges people to shun street rallies JAKARTA (JP): Jakarta Military Commander Maj. Gen. Sjafrie Sjamsoeddin urged Jakartans, especially workers, yesterday not to participate in street rallies.

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Wed, 17 Jun 1998

JP/Pharmacists criticize govt's 'self-dispensing' policy

Pharmacists criticize govt's 'self-dispensing' policy YOGYAKARTA (JP): The Association of Indonesian Pharmaceutical Manufacturers here criticized the government's "self-dispensing" policy, saying it threatened the existence of drug distributors and drugstores.

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Wed, 17 Jun 1998

JP/Proreform leaders must learn to compromise

Proreform leaders must learn to compromise The clock on political reform has been ticking away since the resignation of president Soeharto on May 21.

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Wed, 17 Jun 1998

JP/Time for Golkar to reform itself

Time for Golkar to reform itselfBy Aleksius Jemadu BANDUNG (JP): As it turns out, the departure of Soeharto has caused major trouble for the dominant party, Golkar. Suddenly, Golkar seems to have a dark future.

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Wed, 17 Jun 1998

JP/Harmoko says Golkar remains very solid

Harmoko says Golkar remains very solid JAKARTA (JP): Golkar chairman Harmoko asserted yesterday that despite reports of infighting and dissent, the dominant political organization remains very solid and ready to hold an extraordinary congress early next month.

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Wed, 17 Jun 1998

JP/DHL launches new export service

DHL launches new export service JAKARTA (JP): International air express company DHL Worldwide Express launched a new service yesterday called USA First, for Indonesian exporters to deliver goods to the United States fast and cost-effectively.

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Wed, 17 Jun 1998

JP/Tegal under control after riot

Tegal under control after riot SEMARANG, Central Java: Diponegoro Military Commander Maj. Gen. Tyasno Sudarto claimed yesterday that antiriot forces had successfully restored security and order in Tegal, about 165 kms west of here, after violence erupted in the town Monday.

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Wed, 17 Jun 1998

JP/Religious leaders reject parties based on religion

Religious leaders reject parties based on religion JAKARTA (JP): Religious leaders yesterday warned against the formation of new political parties with ethnic or religious orientations, fearing that such organizations could lead to national disintegration.

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