Bank Bali's profits up
Bank Bali's profits up
JAKARTA (JP): Bank Bali, a private commercial bank listed on the Jakarta and Surabaya stock exchanges, yesterday reported a 7.1 percent increase in after-tax profits to Rp 61.6 billion (US$28.5 million) last year.
Rudy Ramli, the bank's president, said in a presentation here yesterday that the bank's profit per share rose to Rp 331 from Rp 309.
Bank Bali's operating profit slightly increased to Rp 82.58 billion from Rp 82.35 billion, he said.
Rudy said the bank's total assets increased by 20.9 percent to Rp 4.14 billion as of the end of last year from Rp 3.42 billion as of the end of 1992.
He said the bank expects a 15-percent increase in profits and a 17-percent rise in assets this year.(02)
Dollar down, gold up
TOKYO (Agencies): The dollar closed lower at 103.58 yen on the Tokyo foreign exchange market yesterday, down 0.60 yen from the previous day's finish of 104.18 yen.
In Singapore, dealers said that the dollar-mark was tested at a low of 1.6530 marks but recovered to 1.6590 marks as investors panicked and bought up the dollar.
The dollar eased to 5.6705 French francs, 103.60 Japanese yen, S$1.5360 and HK$7.7245. The British pound strengthened to $1.5070.
In London, the dollar was trading at 08:45 GMT for 1.6575 German marks in London against 1.6580 marks late Wednesday and 1.6570 marks in New York.
The greenback was also stable against the Japanese currency at 103.60 yen versus 103.55 on Wednesday in London and 103.58 in Tokyo.
The pound sterling failed to benefit from improved retail sales figures, trading slightly down at $1.508 versus 1.509 on Wednesday, at 2.499 marks (2.501 Wednesday) and at 8.554 France (8.573).
Gold closed higher in Hong Kong yesterday at $382.50-$383.00 an ounce, against the previous day's closing rate of $380.20- $380.70. The market opened at $381.50-$382.
Fund for IMF blocked
WASHINGTON (AFP): A congressional subcommittee blocked US$100 million in International Monetary Fund appropriations Wednesday, a signal to the organization to reform.
The House of Representatives foreign operations subcommittee dealing with foreign appropriations cut funding for the IMF Enhanced Structural Adjustment Facility (ESAF).
ESAF funds go to the poorest nations to restructure their economies and pay off international debt.
The subcommittee did however approve $23.2 million for the World Bank.
Non Governmental Organizations (NGO) hailed the IMF rejection, but expressed disappointment over the World Bank appropriation.
Both the bank and the fund have come under fire from various groups for their lending policies. "50 Years is Enough", a coalition of over 35 human rights and environmental groups, kicked off a campaign Tuesday calling for reform of the institutions.