Lotus opens office here

JAKARTA (JP): Lotus Development Corporation of Singapore has established a representative office here to increase sales despite stiffer competition in the country's computer software market.

David Wee, a company executive, said that the opening of the representative office on the 12th floor of the Wisma Bank Dharmala building is part of the company's strategy to boost its sales in the country.

Thus far, Lotus has cooperated with PT Sistech Kharisma in the marketing of its products in Indonesia. The two companies have established a marketing network of eight authorized dealers. (hen)

Coal firm loses site

JAKARTA (JP): PT Bukit Sulah Perdana has been assessed as being incapable of mining coal in its 4,000-hectare concession at Padang Ratu in Central Lampung, the head of Central Lampung's mines and energy office, R.C.H. Simbolon, announced.

Simbolon said over the weekend that Bukit Sulah's mining area is being offered to other companies.

Antara news agency quoted Simbolon as saying that so far only a company from Thailand had expressed interest in taking over the concession. (03)

Talks on aid to small firms

JAKARTA (JP): Nusa Bank, a member of the Bakrie Group, will hold a seminar on government policies on the promotion of small- scale companies here on April 28.

Finance Minister Mar'ie Muhammad, Bank Indonesia Governor Soedradjad Djiwandono and Minister for Cooperatives Subiakto are expected to join the discussion, which will focus on the mandatory loans imposed on banks to help small-scale and medium- scale companies.

The mandatory loan policy has been in force for more than 10 years, but most banks are still unable to fulfill the credit obligation. (hen)

RI oil venture aborted

KUALA LUMPUR (AFP): Malaysian listed firm Advance Synergy Bhd (ASB) said Saturday it had aborted a US$34-million exploration deal clinched in Indonesia's oil and gas industry due to a lack of funds.

ASB signed a 20-year pact with Jakarta-based PT Ustraindo in November last year for a 49 percent stake in the exploration of four oil and gas fields owned by Ustraindo, but the deal was canceled owing to a delay faced by ASB in getting financing for the venture.

"The cancellation is due to the immediate working capital required to maintain the pace of activities in the agreement," ASB, an investment-based firm with timber interests, said in a statement.

The firm said it had depended on a special shares issue to raise the required capital but the process was stalled by Malaysia's stocks regulators, who did not approve the issue in time.

ASB said its directors felt it was imprudent for the firm to pursue the venture through borrowing and decided to abort the agreement so Ustraindo could seek other partners.

The concession to explore the four areas in Sumatra, Bunyu and Java -- which collectively hold estimated crude reserves of 2.058 million barrels -- was awarded to Ustraindo by Indonesia's state- owned oil and gas firm Pertamina.

Oil lifts above $15

LONDON (AFP): The price of Brent crude North Sea oil rose above US$15 per barrel last week, for the first time since November, as prices reflected a reduction in the number of oil tankers due for delivery in May.

Analysts said the rise in prices also mirrored the current low level of stocks in western countries.

The price of Brent crude North Sea oil rose to break up through the important $15-per-barrel barrier, reaching their highest level for four months.

Prices have gained over $2 since the end of March, when they fell dramatically in the wake of a disappointing meeting of OPEC ministers.

Analysts said the rise was mainly due to a cut in the number of oil tankers in the North Sea scheduled to discharge cargoes in May. May tankers now number 42 compared to 49 in April.

Fears of a swift cut in supply are also playing a part, said analyst Mehdi Varzi of Kleinwort Benson, adding that the level of stocks was relatively low.

Iran to remove subsidies

TEHRAN (AFP): Iran has announced plans to launch major economic reforms including an end to state subsidies of essential goods, risking widespread discontent among consumers already suffering from economic recession.

President Ali Akbar Hashemi-Rafsanjani said in Tehran that "crucial reforms" were necessary to restore the Iranian economy to good health, but warned that the lifting of state subsidies would "not be an easy task."

"In a healthy economy, basic commodities should have their real prices," Rafsanjani said, describing state subsidies for bread and fuel as "unfair."

Subsidies on essential commodities make up 20 percent of the budget, set at US$40 billion for 1994-1995.

Rafsanjani said about half the allocation was spent on commodities such as wheat, sugar, vegetable oil, rice and meat.

Bangladesh expects aid

DHAKA (Reuter): Impoverished Bangladesh expects overseas donors to promise US$2.1 billion in aid for the coming fiscal year despite its poor record in using earlier assistance, government officials said on Saturday.

Finance Minister Saifur Rahman left for Paris on Friday to attend the annual World Bank-sponsored Bangladesh Aid Club meeting on Monday and Tuesday.

At the meeting he will present a memorandum explaining his country's aid requirement in order to achieve 5.7 percent economic growth in the 1994/95 fiscal year starting on July 1.

A copy of the memorandum made available to Reuters on Saturday said the aid commitment for 1994/95 was projected at $2.1 billion and disbursement at $1.883 billion.

The officials said only $1.772 billion worth of aid was expected to be used in the current fiscal year against a total of $2.234 billion committed.

Foreign workers in Taiwan

TAIPEI (Reuter): Taiwan will freeze new applications for foreign workers as there are signs the labor shortage has eased, the cabinet's Council of Labor Affairs said.

"We will make a formal announcement soon that no more new applications will be accepted, but major investment projects can still apply and will be approved on a case-by-case basis," council Chairman Chao Shou-po was quoted by a spokesman as saying.

Chao told a cabinet meeting the labor shortage in local industries had improved after the introduction of foreign workers and that the council had decided to freeze new applications.

Hit by a severe labor shortage, Taiwan lifted a ban on the hiring of workers from Indonesia, Malaysia, the Philippines and Thailand by the private sector in 1991.

The private and state sectors have received approval to hire about 160,000 foreign workers, of which about 80,000 have arrived. Most are from Thailand and the Philippines.