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Wed, 13 Dec 2006
Indonesia, Malaysia agree to cooperate on palm oil development
Padang (ANTARA News) - Some Indonesian and Malaysian palm oil businessmen were reported to have reached an agreement to overcome problems which may hamper palm oil development in the world."The objective of the cooperation is to minimize and if possible, to eliminate all kind of obstacles that may...
Wed, 13 Dec 2006
Commonwealth Bank of Australia plans to buy Bank ANK
<>Jakarta (ANTARA News) - Bank Indonesia deputy governor Siti Fajriah said the Commonwealth Bank of Australia has expressed interest in acquiring Bank Arta Niaga Kencana (Bank ANK)."Commonwealth Bank is planning to acquire 65-70 pct of Bank ANK," Fajriah told reporters on the sidelines of a...
Wed, 13 Dec 2006
Is that a bank account or a lottery ticket?
The penetration of the major financial products in Indonesia today is still very low.We know that only one in five people above the age of 14 have a bank account, any kind of transaction account. Some have more than one account, some have several, in more than one bank.
Wed, 13 Dec 2006
Pertamina launches Biopertamax
Supporting the government's program of promoting alternative energy, state oil and gas firm PT Pertamina launched its first Biopertamax product Monday."This is a continuation of Pertamina's program to promote green energy after the launching of Biodiesel in April and Biopremium in August,"...
Wed, 13 Dec 2006
RI mulls new standards to curb sales of low-quality products
Andi Haswidi, The Jakarta Post, JakartaResponding to the complaints from the electronics industry about the mushrooming of potentially hazardous, low-quality goods, the government is currently preparing the launch of a quality standard to prevent such poor quality goods being sold.
Tue, 12 Dec 2006
Jamsostek May Fund Housing
The government and state-owned labor insurance firm, PT Jamsostek, have agreed to revise the 2005 regulation on the company's investments to allow it to develop more low-cost housing for workers in industrial zones and urban areas.
Tue, 12 Dec 2006
Aquatico Ready to Invest $15m in Water
Singapore-based Aquatico Pte Ltd said on Tuesday (5/12/06) it will invest $15 million in Thames Pam Jaya (TPJ) if the Jakarta administration approves its plan to buy 100% of shares owned by Thames Waters in TPJ.
Tue, 12 Dec 2006
Russian Group Looks at $2b for Telecom Sector
Russian industrial and financial holding Alfa Group plans to invest up to $2 billion in Indonesia's telecommunications sector as well as other sectors, Alfa Bank said in a statement Monday (4/12/06), citing its president Pyotr Aven.
Tue, 12 Dec 2006
Govt. to Give Investors Tax Incentive
From January 1, 2007, Indonesia will give investors in certain industries a tax allowance to attract investment to the country, Investment Coordinating Board (BKPM) chairman, Muhammad Lutfi, said Monday (4/12/06).
Tue, 12 Dec 2006
Indonesia consumer confidence index optimistic in November
Jakarta (ANTARA News) - The consumer confidence index in November showed more consumers were optimistic rather than pessimistic about the economy for the first time since July 2005, a Bank Indonesia survey showed.The index was at 101.6 points in November, up from 98.
Tue, 12 Dec 2006
Overlapping regulations hinder investment in mining sector
The lack of coordination among relevant ministries, which in turn leads to overlapping regulations, is primarily to blame for the country's failure to lure investment in the mining sector over the past few years, an official says.
Tue, 12 Dec 2006
South Korea's SK sees a lot of potential in Indonesia
A high-ranking delegation of South Korea's third largest company SK led by chairman Tae Won Chey visited Indonesia recently to explore new business opportunities in the country.Already engaged in 14 countries with its core business in energy and telecommunications, SK is committed to further...
Fri, 08 Dec 2006
VP declares "Beatiful Bali Indonesia" symbol of tourism promotion
Denpasar (ANTARA News) - Vice President M. Jusuf Kalla has ordered the Culture and Tourism Ministry and tour operators to start using "Beautiful Bali Indonesia" as the symbol of tourism promotion."Let`s start using "Beautiful Bali Indonesia" as our motto in tourism," the vice president said in a...
Fri, 08 Dec 2006
Govt believes foreign investment will revive in 2007
Jakarta (ANTARA News) - Indonesian Trade Minister Mari Elka Pangestu said here on Thursday she predicted that foreign investment in Indonesia would recover next year following improvement in the country`s investment climate and economic cooperation agreements with various countries.
Fri, 08 Dec 2006
VP: Indonesia to be world's biggest palm oil producer in 2008
Denpasar, Bali (ANTARA News) - Vice President M. Jusuf Kalla predicted on Thursday Indonesia will overtake Malaysia as the world`s biggest palm oil producer in 2008."In 2008, our palm oil production should be number one," Kalla said when opening a national seminar on oil palm here.
Fri, 08 Dec 2006
New resort worth US$6.58 bln to be built in Indonesia
Jakarta (ANTARA News/Asia Pulse) - Foreign investors are set to build resort projects with supporting facilities in Lagoi, North Bintan island in the province of Riau Islands worth Rp59.28 trillion (US$6.58 billion).
Fri, 08 Dec 2006
Local autonomy putting budget under strain, say officials
The implementation of regional autonomy and the creation of new regions has led to dramatically increased demands for funding on the central government's annual budget, an official says.Since the enactment of the 2001 Regional Autonomy Law, seven new provinces, 114 new regencies and 27 new...
Thu, 07 Dec 2006
Sutarto to be Pertamina’s Chairman
TEMPO Interactive, Jakarta: The President appointed former Indonesian Military (TNI) Commander Gen. TNI (retired) Endriartono Sutarto to be PT Pertamina’s Chairman of Board of Commissioners.At the same time, two new board of commissioner members were promoted, Irnanda from the State Enterprise...
Thu, 07 Dec 2006
'Corruption Eradication Hampering Economy'
TEMPO Interactive, Jakarta: Vice President Jusuf Kalla said that corruption eradication which is under the Corruption Eradication Committee (KPK) has created anxiety upon state officials in taking decisions. As a result, it obstructs the economy.
Thu, 07 Dec 2006
SKF expands production capacity
JAKARTA: PT SKF Indonesia, a motorcycle spare parts manufacturer, has expanded its production capacity to boost revenue in a move that will create 160 new jobs.The company's production area has been increased from 8,000 square meters to 20,000 square meters, SKF Indonesia's president director, Ilpo...
Thu, 07 Dec 2006
Genting discovers oil in Natuna
Malaysian-based Genting Oil and Gas Pte. Ltd. has found new oil deposits at two exploration wells in the offshore Northwest Natuna field, an official said Tuesday, while highlighting that the block still contained good prospects for further oil exploration.
Thu, 07 Dec 2006
Govt moves to help out debt-strapped water firm
The Jakarta Post, JakartaThe Finance Ministry will restructure debt of close to Rp 4 trillion (around US$440 million) owed by 176 local-government water utilities so that they can focus more on improving their services.
Thu, 07 Dec 2006
Realized investment continues to drop
Despite all the efforts to improve the investment climate, little seems to have changed in terms of results, with the figures for actual investment in Indonesia continuing to fall.Realized overseas investment for the eleven months ending Nov. 30 consisted of 801 projects worth US$4.
Thu, 07 Dec 2006
Pertamina, Korean SK JV build oil baase plant
Jakarta (ANTARA News) - State-owned oil and gas company PT Pertamina and SK Corp have set up a joint venture company, Patra SK, to construct an oil base plant here in January next year, Pertamina president Ari Soemarno said.He said construction of the plant is estimated to cost 200 mln usd.
Thu, 07 Dec 2006
Indonesian cellphone cos to spend US$4 bln
Jakarta (ANTARA News/Asia Pulse) - Nine cellular operators in Indonesia are projected to spend almost US$4 billion in 2007 mainly to expand their coverage in the country.The number of cellular phone subscribers is predicted to rise 25 per cent-30 per cent or28.
Wed, 06 Dec 2006
RI offers 15 sectors for S Korea investment
Jakarta (ANTARA News) - Indonesia offered 15 sectors for investment to around 70 South Korean businessmen attending the 13th meeting of the Indonesia-South Korea Joint Committee for Economic Cooperation here on Monday.
Wed, 06 Dec 2006
Indonesia has 19 billion ton coal deposits
Most of which is being torn from the heart of Papua, and not one penny will go to any Papuans.
Wed, 06 Dec 2006
Indonesia has 19 billion ton coal deposits
Denpasar, Bali (ANTARA News) - Indonesia has at least 19 billion tons of coal deposits that may replace oil and gas as a source of energy in the future, an Energy and Mineral Resources Ministry official said on Monday.
Wed, 06 Dec 2006
Import of machines, production tools up 10%
Jakarta (ANTARA News) - Indonesia`s imports of machines and production tools continue to increase by an everage of more than 10 percent per annum because most of these products are not yet produced at home, an Industry Ministry official said here on Monday.
Wed, 06 Dec 2006
Redefining Indonesia's socio-economic strata
The commonly used term "middle class" has never really been defined and, if it has, this writer hasn't seen it. In 1997, an economic crisis redefined the value of the rupiah and its buying power at the pasar.
Wed, 06 Dec 2006
Open-source system sought for SMEs, ministries
To help protect intellectual property rights and reduce costs, the State Ministry for Research and Technology is urging state institutions, and small and medium enterprises to adopt open-source software for their computers.
Tue, 05 Dec 2006
Govt. Gets$1.35b in Bio-fuel Proposals
The government has received applications for license to build new bio-fuel factories with a total investment of $1.35 billion.Data at the investment coordinating board, BKPM, showed that 31 domestic companies and 24 foreign investors have sought license to invest Rp8 trillion ($888 million) and...
Tue, 05 Dec 2006
Japanese Firms Readying Big Energy Projects
Japanese trading houses and power companies are preparing to launch several large projects in Indonesia, including power generation, the Nihon Keizai Shimbun learned on Monday (27/11/06).Marubeni Corp is partnering with three firms, among them a subsidiary of Korea Electric Power Corp, to build and...
Tue, 05 Dec 2006
$308m Bond Issue to Fund Power Plants
PT BumiGas Energi plans to raise $308 million by selling bonds to finance the building of two geothermal power plants in Java, lead arranger, Malaysia’s Affin Investment Bank, said Monday (27/11/06).BumiGas will build a 120-MW plant in Dieng, Central Java and a 180-MW facility in Patuha, West...
Tue, 05 Dec 2006
BTN to Up Housing Loans by 26% in 2007
State-owned Bank Tabungan Negara (BTN) plans to set aside Rp7.8 trillion ($855 million) to provide housing loans next year to meet rising demands for housing."But it (allocation) will still need approval from the shareholders," BTN director, Kodradi was quoted as saying by The Jakarta Post on...
Tue, 05 Dec 2006
Mandiri, BRI Earmark Loans for Bio-fuel
State-owned Bank Mandiri said it will set aside credit worth Rp14 trillion ($1.55 billion) to finance the expansion of oil palm plantations and develop bio-diesel factories in 2007.The credits will be about 36% of the total credits extended by banks for the plantations sector, bank director, Abdul...
Tue, 05 Dec 2006
Jakarta, Seoul in New Pact
Jakarta and Seoul will sign a comprehensive strategic partnership agreement during a three-day state visit by South Korean President Roh Moo-hyun, which began Sunday (3/12/06). The pact includes 30 programs of action, as well as nine memorandums of understanding (MOUs) covering various industries.
Tue, 05 Dec 2006
President’s Governance Pledge
President Susilo Bambang Yudhoyono on Monday (27/11/06) pledged his commitment to good governance after receiving an honorary doctorate during his visit to major investor Japan, where he set the seal on a framework for a free trade deal.
Tue, 05 Dec 2006
Dell: Aiming to be No.1 in enterprise market
Indonesia is an attractive market for top global computer manufacturers, supported by the steadily improving economy over the past few years. Dell is one of several companies competing fiercely to tap the country's huge market.
Sun, 03 Dec 2006
Indonesian power plants start using biofuel
Indonesia's state-owned power firm Perusahaan Listrik Negara (PLN) will start using biofuel to fire 114 small- and medium-scale power plants around the country beginning next year.PLN chief commissioner Alhilal Hamdi said the plan had been approved following the success of pilot projects for the...
Sun, 03 Dec 2006
Bali attracted 1.1 million foreign tourists
Denpasar, Bali Province (ANTARA News) - Bali Island, Indonesia`s most famous tourist destination, was visited by around 1.1 million foreign tourists in the January-October period in 2006, or by about 38 percent more than in the same period last year.
Sun, 03 Dec 2006
Theft of genetic resources a major problem
The government, concerned over the looting of the country's biological resources and the ensuing loss of intellectual property rights, convened a workshop Thursday to discuss how to respond to the theft.
Sun, 03 Dec 2006
10 companies eying $100 million airport project
At least 10 local and overseas firms have expressed interest in participating in the construction of the Rp 900 billion (about US$100 million) rail link between Manggarai in East Jakarta and Soekarno-Hatta International Airport,Masjraul Hidayat, president director of PT RailLink, which will operate...
Sun, 03 Dec 2006
machine industry to become govt' top priority
The Industry Ministry says it intends to focus on promoting four industrial engineering sectors -- the agricultural, factory, electrical and heavy machinery industries -- as part of the government's long-term industrial development program.
Sun, 03 Dec 2006
Indonesia to continue gas exports
Dili has been awarded the personal thanks of SMY for the Kentut efforts........
Sun, 03 Dec 2006
Indonesia's bond market: The price of risk
From The Economist print editionBullish lenders shrug off the growing threats in IndonesiaMODEST-sized bond offerings even in volatile countries such as Indonesia do not usually set tongues wagging. They are manufactured in droves on the financial equivalent of an assembly line.
Sat, 02 Dec 2006
Indonesia to continue gas exports
Jakarta (ANTARA News) - Vice President Jusuf Kalla said here on Friday Indonesia would continue exporting gas to several countries including Japan, but the export volumes still had to be determined after consideration of Indonesia`s gas consumption.
Sat, 02 Dec 2006
BPPT, PLN to hold trial of cars running on bio
Jakarta (ANTARA News) - The National Agency for Assessment and Application of Technology (BPPT) in cooperation with state electricity company PT PLN will be testing cars running on biofuel, an official said.