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Sat, 23 May 1998
Japan's banks reopen offices
Japan's banks reopen offices TOKYO (Nikkei): Bank sources said Japanese banks planned to resume business operations in Indonesia yesterday, expecting the social unrest to subside with the resignation of President Soeharto, the Nihon Keizai Shimbun said in its yesterday morning edition.
Sat, 23 May 1998
Fund managers remain wary about Indonesia
Fund managers remain wary about Indonesia SINGAPORE (Dow Jones): Despite the resignation of Indonesia's President Soeharto Thursday, fund managers say it's not time yet to plough funds back into Indonesia as fears of continued political and economic upheavals linger.
Sat, 23 May 1998
Pertamina reduces prices
Pertamina reduces prices JAKARTA (JP): State oil and gas company Pertamina has reduced prices of compressed natural gas (CNG) and the Bensin Biru Dua Langkah (BB2L) gasoline but maintained those of Premix, Super TT gasoline, lubricating oils and liquefied petroleum gas (LPG).
Sat, 23 May 1998
Deadline for phone bill extended
Deadline for phone bill extended JAKARTA (JP): The Jakarta division of state telecommunications company PT Telkom has extended the deadline for the payment of telephone bills from May 20 to May 31 because many banks and automatic teller machines were forced to close down business by last weeks...
Sat, 23 May 1998
ABRI calls on students to end protests
ABRI calls on students to end protests JAKARTA (JP): Minister of Defense and Security/Armed Forces Commander Gen. Wiranto has urged university students and other government critics to end their protests.
Fri, 22 May 1998
Feed meal prices cut to help ailing industry
Feed meal prices cut to help ailing industry JAKARTA (JP): The government has lowered feed meal prices to Rp 1,400 (14 U.S cents) per kilogram from between Rp 1,500 and Rp 1,800 per kilogram to help the country's ailing poultry industry, a senior official at the Ministry of Agriculture said Tuesday.
Fri, 22 May 1998
A political compromise
A political compromise On Tuesday, a number of Islamic and intellectual leaders met with President Soeharto in the State Palace's Jepara Room. Discussed during this two-hour meeting were the proposals and demands that have been made by various parties, including the faction leaders who had asked...
Fri, 22 May 1998
OECD maintains forecast
OECD maintains forecast ROME (Reuters): The Organization for Economic Co-operation and Development will maintain its 1998 forecast for growth in developed nations, despite the current crisis in Indonesia, an OECD chief economist said on Wednesday.
Fri, 22 May 1998
Analysts say Soeharto leaves behind appaling economic mess
Analysts say Soeharto leaves behind appaling economic mess SINGAPORE (Reuters): Indonesian President Soeharto has stepped down from the helm of a country in its worst economic mess since the 1960s and the problems can only worsen amid continuing political uncertainty, analysts said yesterday.
Fri, 22 May 1998
Australia-RI loan talks
Australia-RI loan talks ADELAIDE (Reuters): Australian Treasurer Peter Costello said on Wednesday that the government was in talks with Indonesia about the release of the first part of its US$1 billion assistance package.
Fri, 22 May 1998
Where to go in Jakarta:
Where to go in Jakarta:Exhibitions * Cartoon Exhibition: Population Issue, by Cartoonists from 9 countries in Asia, 10 a.m. to 5 p.m., in Gallery Pasar Seni Jaya Ancol, Jl. Lodan Timur, North Jakarta, until May 31.
Fri, 22 May 1998
Deutsche Bank prepared for the worst in Indonesia
Deutsche Bank prepared for the worst in Indonesia FRANKFURT (Reuters): The head of Germany's largest bank said on Wednesday that the situation in Indonesia had worsened significantly since the end of 1997, when it made a large risk provision to cover its exposure to the Asian crisis and it was now...
Fri, 22 May 1998
Japan's aid to Indonesia to continue
Japan's aid to Indonesia to continue TOKYO (Dow Jones): Japan will continue to extend financial aid to Indonesia while maintaining close contact with the International Monetary Fund (IMF) regarding future policy on that issue, Koji Tanami, administrative vice finance minister said yesterday.
Fri, 22 May 1998
`I QUIT'
`I QUIT' JAKARTA (JP): Bowing to pressure, president Soeharto announced his resignation yesterday and immediately handed power over to vice president B.J. Habibie."I quit as president," Soeharto said in a short ceremony broadcast nationwide shortly after 9 a.m. from Merdeka Palace.
Fri, 22 May 1998
Release of political prisoners demanded
Release of political prisoners demanded JAKARTA (JP): Just hours after the resignation of President Soeharto, there were already strong calls for the new government to release those incarcerated on "political" grounds.
Fri, 22 May 1998
Kerosene price
Kerosene priceFrom NeracaThe government's announcement of a reduction in fuel prices several days ago was quite a relief. One of the most welcome points is the cancellation of the increase in the price of kerosene. So kerosene costs the same as before, Rp 280/liter.
Fri, 22 May 1998
Habibie promises 'gradual reform'
Habibie promises 'gradual reform' JAKARTA (JP): President B.J. Habibie outlined last night in his inaugural televised address his intention to execute "gradual and constitutional reform" and implement the IMF economic programs.
Fri, 22 May 1998
Stock Exchange
Stock ExchangeStock prices on the Jakarta Stock Exchange (in rupiah) on May 20, 1998: Shares Close Change Trading Volume ----------------------------------------------------------- Ades Alfindo 600 0 0 AHAP Insurance 500 0 0 Alter Abadi 750 0 0 Alumindo Light Metal 250 0 0 Alumindo Perkasa 350 0 0...
Fri, 22 May 1998
World leaders welcome Soeharto resignation
World leaders welcome Soeharto resignation SINGAPORE (Reuters): World leaders welcomed yesterday's resignation of Indonesian President Soeharto, and urged a peaceful continuation of political and economic reforms.
Fri, 22 May 1998
Taiwan asks RI for protection
Taiwan asks RI for protection TAIPEI (Reuters): Taiwan yesterday urged Indonesia to strengthen protection for Taiwan's investments and nationals after Vice President B.J. Habibie, seen as Taiwan-friendly, takes over from Soeharto as Indonesia's leader.
Fri, 22 May 1998
Business sector reacts positively to Soeharto's exit
Business sector reacts positively to Soeharto's exit JAKARTA (JP): Economic and business figures responded positively to Soeharto's resignation but expressed concern over newly appointed President B.J. Habibie.
Fri, 22 May 1998
Coffee market awaits traders' return home
Coffee market awaits traders' return home SINGAPORE (Reuters): Indonesia's coffee market has come to a stop since ethnic Chinese started to flee after riots last week, traders said."There is nobody you can contact in Indonesia.
Fri, 22 May 1998
ACPC cuts coffee exports
ACPC cuts coffee exports LONDON (Reuters): Major coffee producers said they would cut 1998/99 (July/June) coffee exports to 52.13 million 60-kilo bags from 52.75 million due to El Nino weather pattern and the political uncertainty in Indonesia.
Fri, 22 May 1998
Profile of outgoing, longest serving leader in Asia
Profile of outgoing, longest serving leader in Asia JAKARTA (JP): One of the most dramatic events in Indonesia's history took place yesterday morning when president Soeharto announced his resignation, bowing to the people's demands that he quit the presidency he has held for 32 years.
Fri, 22 May 1998
Cross-cultural week begins in Yogya
Cross-cultural week begins in Yogya JAKARTA (JP): Shadow puppet show Petruk Takon Bapa (Petruk Asks Father) will mark the opening of a week-long Indonesian and French culture exhibition and discussion in Yogyakarta today.
Fri, 22 May 1998
Soeharto's resignation gets warm welcome
Soeharto's resignation gets warm welcome JAKARTA (JP): Leading public figures and organizations expressed relief at the news of Soeharto's resignation yesterday, but doubted whether President B.J. Habibie was the most prudent choice of replacement to end the crisis beleaguering Indonesia.
Fri, 22 May 1998
IMF delays credit disbursement to Indonesia
IMF delays credit disbursement to Indonesia WASHINGTON (Dow Jones): The International Monetary Fund will delay credit disbursements to Indonesia until the terms of a $10.1 billion standby credit arrangement can be renegotiated, a senior IMF official said.
Fri, 22 May 1998
Political turmoil fuels Indonesia default fears
Political turmoil fuels Indonesia default fears HONG KONG (Reuters): The risk is increasing that Indonesia will default on its debt obligations and the possibility of a full-scale default will increase for as long as political confusion persists, analysts said.
Fri, 22 May 1998
Ratna, friends jailed for ignoring order
Ratna, friends jailed for ignoring order JAKARTA (JP): North Jakarta District Court sentenced stage actress Ratna Sarumpaet and four of her friends to two months and 10 days each for ignoring a police order to halt a meeting at a cottage in Ancol on March 10.
Fri, 22 May 1998
Parroting reports
Parroting reports After private TV stations Indosiar, ANteve, SCTV, RCTI and TPI gave accurate and interesting information on events in Indonesia earlier this month, the government, in this case state TV station TVRI, apparently felt it had been left behind by private TV stations.
Fri, 22 May 1998
Slow demand for EFIC's Indonesian export fund
Slow demand for EFIC's Indonesian export fund SYDNEY (Reuters): The Export Finance and Insurance Corp (EFIC) has seen slow demand for its A$900 million in special funding to underwrite Australian exports to Indonesia.
Fri, 22 May 1998
Asia, European stocks rally on Soeharto news
Asia, European stocks rally on Soeharto news SINGAPORE (Reuters): Asian and European stock markets soared as Indonesian President Soeharto resigned yesterday, but many bourses pared gains as investors contemplated his controversial successor.Only neighboring Singapore clung on.
Fri, 22 May 1998
Indonesians celebrate Soeharto's departure
Indonesians celebrate Soeharto's departure JAKARTA (JP): In Jakarta, the descension day of Soeharto was wildly celebrated at the House of Representatives by thousands of student demonstrators who had occupied the compound since Monday.
Fri, 22 May 1998
Cuts in bus and taxi fares accepted
Cuts in bus and taxi fares accepted JAKARTA (JP): The city chapter of the Organization of Land Transportation Owners (Organda) announced Tuesday that it had accepted the central government's decision to lower public transportation fares following the cut in fuel prices.
Fri, 22 May 1998
ABRI played a part in president's exit: Analyst
ABRI played a part in president's exit: Analyst JAKARTA (JP): A political observer said yesterday he believed the Armed Forces (ABRI) played an important role in the process toward Soeharto's resignation.
Fri, 22 May 1998
Estrada permits Marcos burial
Estrada permits Marcos burial MANILA (Reuters): Philippine President-elect Joseph Estrada said yesterday he would allow late dictator Ferdinand Marcos to be buried in Manila's Heroes Cemetery because it was time to entomb the past.
Fri, 22 May 1998
What sort of leaders are they?
What sort of leaders are they? It is surprising that while Soeharto was overseas and the situation in the country became serious following the deaths of a number of reform heroes, coupled with chaos and turbulence when looting was widespread and vehicles were set on fire, we did not see any signs...
Fri, 22 May 1998
Top Japanese firms warn of damage from Asia woes
Top Japanese firms warn of damage from Asia woes TOKYO (Reuters): Japan's top general trading firms on Wednesday warned that their business climate would remain cloudy this business year, given a long-running economic slump at home and financial and political woes in Asia.
Fri, 22 May 1998
No exchange rate
No exchange rate There were no foreign exchange rates available Wednesday as Bank Indonesia suspended clearing operations and did not announce exchange rates, as activities closed in expectation of a mass protest.
Fri, 22 May 1998
Many Chinese-Indonesians still afraid to go home
Many Chinese-Indonesians still afraid to go home JAKARTA (JP): Despite the military's assurance that the city is safe, hundreds of Chinese-Indonesians traumatized by last week's riots were still too scared to leave their refuges in the Thousand Islands and Soekarno-Hatta International Airport.
Fri, 22 May 1998
Foreigners seek reform commitments from Habibie
Foreigners seek reform commitments from Habibie HONG KONG (Reuters): B.J. Habibie's appointment as the new President of Indonesia lacks credibility and authorities have only days to resolve an outstanding succession issue with the economy at a standstill, investors and analysts said.
Fri, 22 May 1998
Briton killed in taxi robbery
Briton killed in taxi robbery JAKARTA (JP): The death of a British man on the Tangerang toll road last Thursday was due to an armed robbery and was not connected to widespread rioting on that day, police said yesterday.City police spokesman Lt. Col. E.
Fri, 22 May 1998
Chronology of recent major events
Chronology of recent major events JAKARTA (JP): This is the chronology of major events leading up to yesterday's handover of power from President Soeharto to Vice President B.J. Habibie. Student demonstrations are not listed here as they have been taking place almost on a daily basis since the...
Fri, 22 May 1998
Indonesians who fled abroad likely to return: Consultant
Indonesians who fled abroad likely to return: Consultant SINGAPORE (Reuters): The majority of Indonesians who left the country would most probably return within the next few weeks as the threat of more riots and destruction recede, an Indonesian expert said yesterday.
Fri, 22 May 1998
Tonasa raises cement output
Tonasa raises cement output JAKARTA (JP): PT Semen Tonasa, a state cement producer in South Sulawesi, plans to produce 3.3 million metric tons of cement this year, up 7 percent from 3.1 million metric tons produced last year.
Fri, 22 May 1998
Text of Soeharto's resignation speech
Text of Soeharto's resignation speech JAKARTA (JP): "During these recent times, I have been following carefully the development of our country, especially the demands of the people for reforms in all aspects in the life of our nation and state.
Fri, 22 May 1998
Indonesia through to face China in Uber Cup final
Indonesia through to face China in Uber Cup final HONG KONG (Reuters): Evergreen Susi Susanti guided holder Indonesia into a third successive Uber Cup final yesterday where the defending champion will face favorite China.
Fri, 22 May 1998
It should not have happened
It should not have happenedFrom Bisnis IndonesiaOn behalf of the alumni of Trisakti University at the University of New South Wales, Sydney, Australia, I would like to express deep concern about the deaths of our fellow students on May 12.
Fri, 22 May 1998
Can we be optimistic?
Can we be optimistic? Finally, president Soeharto bowed to his people's demand and resigned. This astonishing decision was unthinkable until the beginning of this week. Three days ago, despite the mounting public pressure for his resignation, the president was still doing his utmost to keep his...
Fri, 22 May 1998
Mixed reactions to Soeharto's sudden resignation
Mixed reactions to Soeharto's sudden resignation JAKARTA (JP): People from all walks of reacted differently to the news of President Soeharto's resignation which stunned the world yesterday.Generally, all those asked for comment hailed the 76-year-old five-star general's abrupt decision to step...