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Wed, 14 Jan 1998
Recouping stocks bolster Asian currencies
Recouping stocks bolster Asian currencies SINGAPORE (Reuters): Regional stock markets showed solid gains across the board on Tuesday and as overseas investors tentatively dipped a toe into the equities pool, local currencies firmed.
Wed, 14 Jan 1998
Stock Exchange
Stock ExchangeStock prices on the Jakarta Stock Exchange (in rupiah) on Jan. 13, 1998: Shares Close Change Trading Volume ------------------------------------------------------------- Ades Alfindo 700 0 0 AHAP Insurance 450 0 0 Alter Abadi 325 0 0 Alumindo Light Metal 250 0 144,500 Alumindo Perkasa...
Wed, 14 Jan 1998
Dorodjatun named ambassador to U.S.
Dorodjatun named ambassador to U.S. JAKARTA (JP): Minister of Foreign Affairs Ali Alatas said yesterday that Washington has approved economist Dorodjatun Kuntjoro-Jakti as the next Indonesian ambassador to the United States.
Wed, 14 Jan 1998
Rates for tax payment
Rates for tax payment JAKARTA (JP): The government announced yesterday new official conversion rates as the basis for payment of import duty, value added tax on goods and services, sales tax on luxury goods, export tax and income tax.The new conversion rates will be valid for one week, from Jan.
Wed, 14 Jan 1998
BankWatch downgrades Indonesian rating
BankWatch downgrades Indonesian rating JAKARTA (JP): Bank credit rating agency Thomson BankWatch downgraded its sovereign risk rating for Indonesia from BB to B+ on the country's heightening political uncertainty.Thomson BankWatch sovereign risk director Betty J.
Wed, 14 Jan 1998
Spotlight
SpotlightPhoto A: WorshipJP/OBYNEW SITE FOR WORSHIP: Jakarta Military Commander Maj. Gen. Syafrie Sjamsoeddin (third left) listens to the head of a Hindu community organization in South Jakarta, Vice Adm.
Wed, 14 Jan 1998
Amendment of press law to rest on new cabinet
Amendment of press law to rest on new cabinetBy Warief Djajanto Basorie JAKARTA (JP): Minister of Information R. Hartono has hinted at a possible review of the press regulation under which a number of media have been closed down, but their fate will not be clear until after March.
Wed, 14 Jan 1998
Alatas warns of possible global financial collapse
Alatas warns of possible global financial collapse NEW YORK (DPA): Indonesia has warned developed countries that the collapse of financial markets in some Asian countries could spill over to other parts of the world, destroying decades of economic growth.
Wed, 14 Jan 1998
Megawati's moral step
Megawati's moral step With the national crisis which is engulfing economic and political domains, in today's situation the people expect shocking announcements at any time.However, until last weekend nobody had expected any such element from ousted opposition leader Megawati Soekarnoputri, the...
Wed, 14 Jan 1998
Hashimoto tells Clinton of worries over SE Asia
Hashimoto tells Clinton of worries over SE Asia TOKYO (Reuters): Prime Minister Ryutaro Hashimoto told U.S. President Bill Clinton in a telephone conversation yesterday that Japan was worried about the financial crisis in Southeast Asia, a Japanese government source said.
Wed, 14 Jan 1998
Two arrested for brawling
Two arrested for brawling JAKARTA (JP): Police have formally charged two men for possessing sharp weapons during Sunday's sporadic brawls between residents of two districts in South Jakarta's Bukit Duri area.City Police spokesman Lt. Col. E.
Wed, 14 Jan 1998
INFID calls for peaceful political change
INFID calls for peaceful political change JAKARTA (JP): The International NGO Forum on Indonesian Development (INFID) called on the nation yesterday to join in efforts to peacefully and constitutionally prepare for immediate political change.
Wed, 14 Jan 1998
Management of Jamsostek
Management of JamsostekFrom KompasIt is amazing that with virtually no capital to speak of at its establishment three or four years ago, PT Jamsostek (the state-owned social security company) has collected funds amounting to Rp 5.3 trillion.
Wed, 14 Jan 1998
U.S. politicians attack IMF for its aid to Asia
U.S. politicians attack IMF for its aid to Asia WASHINGTON (Reuters): The International Monetary Fund came under fire on Monday for its Asian bailouts as former Republican presidential candidate Steve Forbes said it and the Clinton administration were making the financial crisis worse.
Wed, 14 Jan 1998
Merrill Lynch sees no fast end to Asian crisis
Merrill Lynch sees no fast end to Asian crisis FRANKFURT (Reuters): There are no signs of the Asian currency crisis abating as the region's businesses and households shun local units in favor of the U.S. dollar, Merrill Lynch chief global currency strategist said on Monday.
Wed, 14 Jan 1998
Rubber recovers in S'pore
Rubber recovers in S'pore SINGAPORE (Reuters): Rubber traders used the relative calm seen in Southeast Asia's financial markets yesterday to engage in some light shortcovering while likewise keeping a wary eye on the situation in Indonesia, dealers said.
Wed, 14 Jan 1998
U.S concerned crisis could disrupt stability
U.S concerned crisis could disrupt stability JAKARTA (JP): Discussions with United States Defense Secretary William Cohen revealed yesterday that Washington harbors concerns that the economic turmoil in Southeast Asia could disrupt regional stability.
Wed, 14 Jan 1998
Thai-Myanmar gas row continues
Thai-Myanmar gas row continues BANGKOK (AFP): A dispute between Thailand's state-owned petroleum authority and conservationists over a Thai-Myanmar gas pipeline is no closer to resolution, even though work has resumed on the project, reports said yesterday.
Wed, 14 Jan 1998
Coup en Passant
Coup en PassantBy Djanwar Madjolelo JAKARTA (JP): This deal is from the qualifying third session of the European Pairs in The Hague, the Netherlands. Board : 25Dealer : NorthVulnerable: East-West NORTH (S) 10 7 (H) K 9 4 (D) 9 8 7 5 3 (C) A 5 2 WEST EAST(S) J 8 (S) K 9 4 2(H) Q 7 6 3 (H) J 10(D) 4...
Wed, 14 Jan 1998
Asiad on track despite crisis: Thailand
Asiad on track despite crisis: Thailand BANGKOK (Reuters): Thailand said yesterday it would be ready to hold the 13th Asian Games in Bangkok as scheduled in December despite budget cuts, regional economic turmoil and some sponsor threats to pull out.
Wed, 14 Jan 1998
The power of information
The power of information In time of crisis, whether it is economic, political or monetary, such as that we are experiencing at present, we feel the importance of the role of information, especially information coming from the right source, which is the government.
Tue, 13 Jan 1998
Hun Sen against ASEAN advice
Hun Sen against ASEAN advice PHNOM PENH (AFP): Cambodian strongman Hun Sen rejected any advice on democracy and human rights from the Association of Southeast Asian Nations yesterday, saying it was in no position to lecture on those subjects.
Tue, 13 Jan 1998
Govt allocates Rp 204b for drought-hit areas
Govt allocates Rp 204b for drought-hit areas JAKARTA (JP): The government will allocate more than Rp 204 billion (US$25.5 million) in the next two and a half months to help restore food subsistence and develop the three drought-hit regencies in Irian Jaya.
Tue, 13 Jan 1998
Aid to S. Korea seen squeezing Asia liquidity
Aid to S. Korea seen squeezing Asia liquidity TOKYO (Reuters): The global injection of liquidity into South Korea to help Seoul ride out its crisis is choking off capital flows to the rest of Asia as international banks draw funds from other places, senior analysts say.
Tue, 13 Jan 1998
Depositors demand their money
Depositors demand their money JAKARTA (JP): Twelve people claiming to represent some 38,000 holders of savings accounts in banks liquidated by the government in November asked the House of Representatives yesterday to push the government to reimburse all their money.
Tue, 13 Jan 1998
Rupiah stabilizes against the greenback
Rupiah stabilizes against the greenback JAKARTA (JP): The rupiah stabilized against the U.S. dollar yesterday on a positive market response to talks between the IMF team and Indonesian officials on the country's worsening economy, currency dealers said.
Tue, 13 Jan 1998
Ex-husband jailed for damaging house
Ex-husband jailed for damaging house BOGOR (JP): The Bogor District Court sentenced a man to four months in jail yesterday for damaging a house belonging to his former wife in Kampung Sugutamu of Bakti Jaya village.
Tue, 13 Jan 1998
Spie may delay RI deal
Spie may delay RI deal PARIS (Reuters): A senior executive with construction firm Spie Batignolles was quoted yesterday as saying a three billion franc contract in Indonesia may be delayed due to economic problems, but he did not expect it to be cancelled.
Tue, 13 Jan 1998
Finding balance between stability and change
Finding balance between stability and changeBy Mochtar Buchori JAKARTA (JP): The seven-page resolution in the ASEAN summit in Kuala Lumpur last month, called ASEAN Vision 2020, states that ASEAN is "an outward-looking Association of Southeast Asian Nations, living in peace, stability and prosperity...
Tue, 13 Jan 1998
Smelter project continues
Smelter project continues TOKYO (Reuters): Japan's Mitsubishi Materials Corp. said yesterday it did not expect any delay in the launch of its copper smelter and refinery in Indonesia, despite a financial crisis sweeping the Southeast Asian country.
Tue, 13 Jan 1998
Save the rupiah
Save the rupiah I am an expatriate living in Indonesia for the last three years. Indonesia is a fantastic country to live in with its diversity in culture, people and the scenic landscape. It is a shame to observe over the last few months, especially since December last year, that the people of...
Tue, 13 Jan 1998
Megawati's nomination 'up to the people'
Megawati's nomination 'up to the people' JAKARTA (JP): Aides to Megawati Soekarnoputri said her willingness to run for the presidency was not a mere political show and it is the people who now have to decide whether they would like to see her nominated as the next president.
Tue, 13 Jan 1998
Hashimoto, Kohl phone Soeharto, Goh due here
Hashimoto, Kohl phone Soeharto, Goh due here JAKARTA (JP): Japanese Prime Minister Ryutaro Hashimoto and German Chancellor Helmut Kohl yesterday telephoned President Soeharto to express their concerns about Indonesia's deepening financial crisis.
Tue, 13 Jan 1998
Cohen calls for closer military ties with SE Asia
Cohen calls for closer military ties with SE Asia KUALA LUMPUR (Agencies): U.S. Defense Secretary William Cohen called yesterday for closer military ties with Southeast Asian countries to support the 100,000 American troops that guarantee regional security.
Tue, 13 Jan 1998
Economic, political reforms must work together
Economic, political reforms must work together JAKARTA (JP): Economic reforms made to deal with the lingering economic crisis will only succeed if they are coupled with democratic political reforms which ensure the enforcement of law, the National Commission on Human Rights said here yesterday.
Tue, 13 Jan 1998
Where to go in Jakarta:
Where to go in Jakarta:Exhibitions * Painting Exhibition: Kumuh by Margono at Galeri Cipta III, Taman Ismail Marzuki Arts Center, Jl. Cikini Raya 73, Central Jakarta, 10 a.m. to 9 p.m., until Jan. 18. * Photo Exhibition: 100 old photos from Indonesia and Singapore, at Galeri TC (Twilight Cafe), Jl.
Tue, 13 Jan 1998
Perumka prepares for exodus
Perumka prepares for exodus BANDUNG: The Perumka train company has prepared 247 locomotive and 1,006 passenger carriages to carry an average of 178,000 commuters daily during the Idul Fitri holiday at the end of the month.
Tue, 13 Jan 1998
12 karatekas selected for Asian Games
12 karatekas selected for Asian Games JAKARTA (JP): The Indonesian Karate-do Federation (Forki) is grooming 12 young karatekas to take part in the Asian Games in Bangkok this December.Boy Crain, the federation's technical director, said Sunday the 12 karatekas were chosen following their good...
Tue, 13 Jan 1998
For the love of money
For the love of money A group of individuals, led by businesswoman Siti Hardiyanti Rukmana, has launched the "Love Rupiah" campaign, aimed at shoring up people's confidence in the national currency by selling their U.S. dollar holdings in exchange for rupiah.
Tue, 13 Jan 1998
Project repeal draws mixed reactions
Project repeal draws mixed reactions JAKARTA (JP): The government's decision to cancel and review 15 megaprojects to cope with the worsening monetary crisis has drawn mixed reactions.The decision has disappointed investors who own the projects, but earned praise from legislators and analysts.
Tue, 13 Jan 1998
Rp 800m provided to slum program
Rp 800m provided to slum program JAKARTA (JP): The city administration and the Ministry of Social Affairs handed over a donation totaling Rp 800 million (US$100,000) to all five Jakarta mayoralties yesterday to help continue the city's slum rehabilitation program.
Tue, 13 Jan 1998
US$600,000 sold in `Love Rupiah' drive
US$600,000 sold in `Love Rupiah' drive JAKARTA (JP): Politicians, tycoons, religious leaders and senior government officials sold American dollars yesterday as they joined in the "Love Rupiah" campaign aimed at restoring people's confidence in the national currency.
Tue, 13 Jan 1998
Conversion Rates
Conversion Rates Jakarta (JP): Bank Ekspor Impor Indonesia's (Bank Exim) conversion rates on Jan. 12, 1998: Buying Selling Rp Rp U.S. dollar 7,100.00 9,100.00Austrian shilling 606.70 736.80Australian dollar 5,159.70 5,869.50Belgian franc 214.30 242.40Canadian dollar 5,644.60 6,372.
Tue, 13 Jan 1998
SE Asian wheat imports likely to fall
SE Asian wheat imports likely to fall SINGAPORE (Reuters): Southeast Asian wheat consumption is likely to fall by 10 percent in the June/May 1997/98 year due to a cash crunch caused by the currency crisis, industry and trade officials said yesterday.
Tue, 13 Jan 1998
ABRI cracks down on distributors hoarding supplies
ABRI cracks down on distributors hoarding supplies JAKARTA (JP): Armed Forces (ABRI) Chief Gen. Feisal Tanjung said yesterday that his office would crack down on food distributors found hoarding supplies to sell them at a higher price later.
Tue, 13 Jan 1998
Soeharto will pursue reforms: IMF
Soeharto will pursue reforms: IMF JAKARTA (JP): The International Monetary Fund (IMF) expressed confidence yesterday that President Soeharto would accelerate economic reforms to restore confidence in the economy.
Tue, 13 Jan 1998
Renegotiation is required
Renegotiation is required I was very pleased to read Sunday's Jakarta Post article (Jan. 11, 1998), Harvard economist slams IMF for Asian crisis. In this article Jeffrey Sachs, director of the Harvard Institute of International Development is quoted as being critical of the off- the-shelf IMF...
Tue, 13 Jan 1998
Ramos cancels trip to troubled area
Ramos cancels trip to troubled area ZAMBOANGA CITY, Philippines (DPA): Philippine President Fidel Ramos canceled a visit to a southern island yesterday after extremists threatened to disrupt his arrival and bomb an oil depot.
Tue, 13 Jan 1998
Stop hunting for dollars!
Stop hunting for dollars!From Media IndonesiaThe country's media report daily on the changes in U.S. dollar exchange rates against the rupiah. They also show photographs and scenes where people exchange rupiah for dollars. From day to day things do not get better.
Tue, 13 Jan 1998
Donation for labor programs
Donation for labor programs JAKARTA (JP): The municipality will start a campaign to advertise a special philanthropic fund called Dompet PHK (Wallet PHK) to raise money for its employment programs, Governor Sutiyoso said yesterday.