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Djoko Kirmanto, former minister of Public Works, has said that the government expected to start construction of the 40-kilometer long Sunda Strait bridge between the islands of Java and Sumatra at latest in 2014. The government is currently wrapping up a pre-feasibilty study and is to form a national team of representatives from related institutions.
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The Social Office for Work and Transmigration (Dinsosnakertrans) in the district of Gunungkidul in the province of Yogyakarta will send a number of so-called transmigrants to areas like Jambi in Sumatra and Gorontalo in Sumatra. Transmigrants are Indonesians that are being moved from one island to another for a better economic future.
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Indonesian exports have seen a big decrease during 2009 because of the worldwide economic crisis. Indonesian exports grew 17.7% between 2005 and 2008, higher than the 10% growth worldwide in that same period. It is expected that exports will drop some 20% this year, with exports outside the gas and oil sector decreasing 10 to 15%.
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The Agency for the Protection of Indonesians, the Department of Foreign Affairs and the Indonesian embassy in Kuwait have brought home 72 so-called TKW ('female Indonesian workers abroad') that requested help from the embassy. All 72 TKW arrived with a Singapore Airlines flight. They are part of a group of 646 TKW which are currently in shelter in the Indonesian embassy in Kuwait.
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As announced earlier, Bali will be the scene of rolling blackouts for two months to come. These planned outages are performed to lessen the use of power to prevent an overload on the entire Bali power grid. A gas plant in Gilimanuk is currently under maintenance, which causes a 130 megawatt drop in power supply for the resort island. The maintenance lasts until early December and will cause a power deficit of some 20 megawatts during evening hours.
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The expansion of the international airport of Ngurah Rai on the island of Bali will start early next year. Both the domestic as well as the international passenger terminals will be extended, and supporting facilities like parking lots will be upgraded.
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Starting tomorrow, higher tariffs of toll roads will become effective. The first increase in two years - according to laws that allow price increases once every two years to correct for inflation and increased operational costs - will be some 30 percent. A price hike was planned for earlier this month, but because of the Ramadan month of fasting and the following busy travel period, the increase was delayed.
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Some 174 internet hot-spots will be installed throughout Yogyakarta to help ease internet access in the city. A local partner of the tourism agency said this. "In the first phase, 14 internet hot-spots will be made available in Jalan Malioboro," said Fadjar Vyatatomo, general director of Hanoman Duta Mataram.
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A sub-sea interconnecting high-voltage cable carrying power from Java to Bali failed on Wednesday evening, September 15, 2009, plunging much of Bali into darkness starting from 19:05 local time (GMT+8). Frantic efforts to restore the peak demand capacity of 440 megawatt returned power in some areas within a half-hour, however, many consumers sat in the dark until late in the evening before power was fully restored.
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The government of West Kalimantan has proposed the allocation of just over 1 trillion Rupiah (71 million euro) for the maintenance of roads and new construction projects in the province. This number would be double that of this year's budget for the province. "We are hoping the allocation (for road projects) would double next year," said Jakius Sinyor, the head of the provincial Public Works.
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The state-owned power company PLN will propose to hike rates up to 30 percent for households and industries in the country to make the company profitable again. The proposal however was soon shot down by senior business representatives that said that such an increase would hurt economical growth.
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The state-owned PLN is in desperate need of more funds to cover operating deficits and undertake a much needed expansion of the Indonesian power grid. The House of Representatives has recently increased the subsidies paid by the government to PLN, while PLN president director, Fahmi Mochtar, has declared his desire to raise power tariffs - both moves intended to put the Company in a better position for what has been termed a "fast track" energy program.
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The state roll road management agency in Indonesia ( BPJT) has announced that three of the largest toll road operators in the country have asked to be allowed to increase their tolls with some 12 to 19 percent this year. Toll rates are allowed to rise every two years. If the agency agrees with the new prices, they will come into effect as soon as September 4, 2009.
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While Bali’s Ngurah Rai International Airport is the focus of much criticism concerning poor management, over-commercialization and appalling service, the managers of the airport recently presented “the other side of the story” detailing the many financial contributions made by the airport’s operation to the local economy.
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The board of governors of Bank Indonesia have decided yesterday that the benchmark interest rate was to be lowered with 25 basis points to 6.50 percent per year. "This decision was made after the board of governors concluded that the declining inflation rate continues in line with the limited domestic demand as well as the expectation of declining inflation," said Bank Indonesia in a statement.
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The national budget for 2010, which is currently being talked about, makes room for an average of five percent pay rise for civil servants, members of the Indonesian army, the police and retirement payouts. 2010 will see 28 trillion Rupiah (2 billion euro) - or 21 percent - in extra funds to realize this. The funds are also planned to be used for the payout of a 13th month for salaries and retirement payouts.
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Poor people in Indonesia have been flocking to the island of Lombok, where they are finding gold, and it is transforming their lives. They are breaking the law but some have been able to earn more money in a day than they had in a year as farmers or labourers. Al Jazeera's Step Vaessen discovers that there are serious risks to the Lombok gold rush.
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Hard to imagine that Indonesia will have to do it without new BlackBerry smartphones as early as next month. With almost one million units told in recent years - most of them in 2009 - the Indonesian government demanded that the owners of BlackBerry, Research in Motion (RIM) opens a service center in Indonesia. Guarantee cards and manuals should also be in the Indonesian language if distributed in Indonesia.
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Over 7.500 villages throughout Indonesia still don't have access to power from the state-run power company PLN. Not having access to power causes those villages to lag behind in economical development. The State Department for the Development of Underdeveloped Areas (PDT) is still working on getting power to those thousands of villages by the use of solar power and micro hydro plants.
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The Indonesian central bank, Bank Indonesia, has officially launched the new 2.000 Rupiah banknote today. The banknote with a value of 2.000 Rupiah is an addition to the current set of available values of 1.000, 5.000, 10.000, 20.000, 50.000 and 100.000 Rupiah. Bank Indonesia states that the banknote is fulfilling a need among the Indonesian population to have a value between the much-used values of 1.000 and 5.000 Rupiah.
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Indonesia's poverty rate dropped 1.3 percentage point this year from 15.4 per cent last year owing to stable inflation and higher wages, the national bureau of statistics said Wednesday. According to a survey conducted in March, 32.5 million Indonesians live under the poverty line, or 14.15 per cent of the country's population, the bureau said.
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Electricity rates for customers on the Indonesian islands of Java and Bali are likely to be higher than elsewhere in the Republic if current plans to introduce regional electrical tariffs are enacted by the government.
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The Indonesian central bank on Wednesday reduced its benchmark interest rate for a seventh straight month by 25 basis points to 7.0 percent to help spur economic growth, the bank said in a statement. Indonesia's economy is struggling to achieve the 4.5 percent target set for this year.
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Indonesian exports in April fell 22.5 per cent from the same month a year ago to 8.46 billion dollars, the Central Bureau of Statistics said Monday. Indonesia, South-East Asia's largest economy, had a trade surplus of 2.08 billion dollars in April because its imports dropped 45 per cent to 6.38 billion dollars, the bureau said.
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Bisnis Indonesia reports that the Indonesian Department of Trade is in the process of revising regulations pertaining to the import of alcoholic beverages. Currently under consideration is a simplification of the current rules that would unify the two different set of rules now governing imported and locally produced alcohol.
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The Jakarta Post reports that limited power supplies are causing headaches for domestic and foreign investors in Bali. Quoting the vice-chairman of the Bali branch of the Indonesian Chamber of Commerce (KADIN), Tedja Nandi Yasa, the lack of power on Bali's electrical grid has become severe: "We have been working hard to promote Bali, but the anxiety over the minimum electricity supply has eliminated almost 50 percent of the chance to invest here."
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The Indonesian central bank (Bank Indonesia) Tuesday reduced benchmark rate by 25 basis points to 7.25 percent, a Bank Indonesia senior official said. "The decision to reduce the benchmark rate was made after the governor board learned about the ongoing economic developments in both the domestic and international market," said Strategic Planning and Public Relations Director at Bank Indonesia Dyah Makhijani.
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Indonesia is likely to host the East Asia Summit (EAS) following its cancellation in Thailand, according to the government on Tuesday. "We might propose to host, on the grounds that Jakarta is the location of the ASEAN (Association of Southeast Asian Nations) Secretariat," said Indonesian Foreign Ministry spokesperson Teuku Faizasyah.
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Indonesia's central bank has reduced its key interest rate by a quarter percentage point to 7.5 percent. The governor of Bank Indonesia said Friday the decision was made after closely watching economic developments at home and abroad.
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Indonesia is suffering from the gradually increasing impact of the global financial crisis, with its export value growth in 2009 predicted to drop below zero. Indonesian central bank (Bank Indonesia)'s Deputy Governor Hartadi Sarwono said on Thursday that the country's export value is expected to drop 4.6 percent this year.
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The Jakarta Globe reports that a massive US$600 Million mega-resort planned for South Lombok is now in jeopardy. The project of shopping, recreation areas, golf courses and luxurious hotels on a 1,200 hectare site is a "pet project" of Indonesia's Vice President, Jusuf Kalla, who personally invited Dubai's state-owned Emaar Properties to spearhead the investment.
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The Indonesian central bank on Wednesday cut its benchmark interest rate by a half percentage point to 7.75 percent to boost economic growth and reduce unemployment, the bank said in a statement. Easing inflation and the fall of overseas sales have triggered governor Boediono and his seven colleagues to reduce the rate, which is more than the expected 25 basis points.
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Indonesia's exports fell 36 percent in January from a year ago, the biggest drop since 1986, amid plunging demand for the country's vast natural resources and manufactured goods, the statistic's agency reported Monday. The downward trend - which began in October - was in line with declines in exports from other nations across Asia.
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Commerce ministers of Thailand and Indonesia Saturday hold a meeting, agreeing to launch a bilateral trade agreement on economic cooperation, according to news release from the Thai Ministry of Commerce. Porntiva Nagasai, Thai Minister of Commerce, and Mari Elga Pangestu, Indonesian Minister of Commerce, met on the sideline of the 14th Association of Southeast Asian Nations (ASEAN) Summit which opened here on Saturday.
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Indonesia has completed the largest Asian debt sale for five years by selling $3bn in sovereign bonds in a dual-tranche transaction to fund a stimulus package aimed at mitigating the impact of the global crisis. The yields were 11.75 per cent on a $2bn 10-year offer and 10.5 per cent on a $1bn five-year offer. These were higher than expected, and both more than 8.4 percentage points higher than similar US Treasuries. But Sri Mulyani Indrawati, finance minister, told the Financial Times that the price was worth paying to ensure the "security of the whole national economy".
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The government on Friday tightened regulations on the import of 202 iron and steel products in a bid to protect local producers caught in the economic slump. Diah Maulida, director general of trade at the Ministry of Trade, said the decree, effective April 1, was issued in order to allow the market to absorb 2.5 million tons of domestic iron and steel products.
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The Indonesian Trade Minister has expressed hopes that Australia will support a key Indonesian proposal at the G20 meeting in April. Mari Pangestu says she would like Canberra to canvass rich nations to commit to a fund to support developing countries through the global financial crisis at the G20 talks in London.
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Indonesia's per capita income rose 24 per cent to US$2,271 in 2008 from US$1,942 in 2007 with Gross Domestic Product at Rp4,954 trillion (US$450 billion) based on current prices. Last year, the country's GDP based on constant prices of 2000 reached Rp2,082.1 trillion, head of the central bureau of Statistics Rusman Heriawan said.
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Indonesian state oil firm Pertamina has scrapped plans to export diesel this month for the first time because of low regional diesel prices, a company official said on Monday. Pertamina had earlier planned to export some diesel to reduce high stockpiles and was also looking at cutting runs at its nine refineries with a combined capacity of around 1 million barrels per day.
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Bank Indonesia Governor Boediono and his board voted unanimously on Wednesday morning to cut interest rates by 50 basis points from the current 8.75 percent to 8.25 percent - exactly in line with analyst expectations.
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Indonesia unveiled its stimulus package worth 71.3 trillion rupiahs (about 4.75 billion euro) or 1.4 percent of its GDP to boost economy amid the threat of global financial crisis, the Jakarta Post reported Wednesday.
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Indonesian President Susilo Bambang Yudhoyono announced subsidized-oil prices cuts to boost purchasing power. The move is Indonesia's latest effort to cushion the deepening fallout of the global recession, following the fall of global oil price up to over 40 U.S. dollars per barrel after reaching record of 147 U.S. dollars a barrel in July.
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Indonesia's Vice President Jusuf Kalla has apparently brought to an end the long-standing debate on the future of Bali's international airport by instructing that a Rp. 1.2 trillion (80 million euro) expansion must be completed by 2011. As reported by Bisnis Indonesia, the Vice President issued his instructions following an inspection visit to the airport over the Christmas/New Year period. He was accompanied on his visit by the Minister of Communications Jusman Syafii Djamal and the Minister of Culture and Tourism Jero Wacik.
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The Indonesian central bank Wednesday slashed its benchmark interest rate by 50 basis points to 8.75 percent following the good outlook of inflation to spur growth, according to a statement by the bank. The 50 basis point cut is in line with the recent demand from the government and business sector, as the country has decided to rely much on the huge domestic market following the fall of demand of its products in overseas.
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A fuel crisis that grips six districts near Kupang, in the province of East Nusa Tenggara, has caused the price for just one liter of petrol to be as high as 50.000 Rupiah, which is ten times as much as the current official price. Diesel fuel and cooking oil are traded at 25.000 per liter, which has caused the transportation sector to come to a complete stop. "Only rich people can afford it to buy fuel here for their vehicles," said Martinus Rohi, a teacher at an elementary school in the area.
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Indonesian President Susilo Bambang Yudhoyono said Wednesday his country will launch a stimulus this year to boost economic growth as an effort to cushion the deepening impact of global recession. "There is a stimulus on top of the state budget in 2009," Yudhoyono told at a press conference after a cabinet meeting.
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Indonesia planned to raise spending on infrastructure next year to 100 trillion rupiah (some 6.5 billion euro) from this year's 60 trillion rupiah (about 3.9 billion euro) to create jobs and boost economic growth in an effort to cushion the impact of the global financial routs, the finance ministry said here Wednesday. The global economic turmoil is predicted to deepen in 2009, particularly in the first quarter, Indonesian acting Coordinating Minister for Economy Sri Muyani Indrawati said.
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Indonesia has revised down its investment target next year to 17 billion U.S. dollars from the previous target of 20 billion U.S. dollars, due to the fallout of the global financial problems, chairman of the country's investment board Muhammad Lutfi said here Monday.
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Indonesian President Susilo Bambang Yudhoyono announced on Sunday the reduction of oil prices to protect the country's economy from the fallout of the global financial crisis. The president made the decision after a cabinet meeting on Sunday evening, following the ease of the global oil prices to nearly 40 U.S. dollars a barrel from a record of over 147 U.S. dollars a barrel on July 11.
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President Susilo Bambang Yudhoyono has announced that fuel prices in Indonesia will be lowered once again in 2009. This can be done because the global prices for crude oil keep falling as well. He announced this at a speech during harvesting activities and the inauguration of an irrigation system in the district of Dharmasraya in western Sumatra.
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The number of Indonesia's car sales in November dropped to over 47,000 units from that of 54,000 units in the previous month, chairman the Indonesian Automotive Industry Association Bambang Trisulo said here Tuesday. The high interest rates, tumbling commodity prices and lack of U.S. dollars liquidity as a fallout of the global financial turmoil, have started battering consumption.
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Indonesia has secured emergency loans worth five billion dollars to help plug its budget deficit and boost growth, authorities have said. "The loans, which come from the World Bank, the Asian Development Bank, Japan, Australia and France, can be drawn upon whenever Indonesia needs them," finance ministry official Rahmat Waluyanto told on Saturday.
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Indonesia`s exports in October 2008 dropped 11.61 percent to US$10.81 billion, according to the country`s Central Bureau of Statistics (BPS). BPS chief Rusman Heriawan said here on Monday Indonesia`s oil and gas exports dropped most drastically by 25.72 percent to US$1,808 million while non-oil and gas exports slid 8.10 percent to US$9 million from the month before.
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Uncertain oil prices and a worsening global financial crisis have prompted Indonesian aviation industry observers to project a potential downturn of between 10 and 15% in passenger totals in by year end 2008. Foreshadowing this downturn, only 23 million passengers were carried by Indonesian carriers through the end of September 2008. This compares with a total of 37 million passengers who flew in 2007.
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The Indonesian government says it is cutting petrol prices by more than six percent from the first of next month, in a bid to ease inflation and spur economic growth. The finance minister, Sri Mulyani Indrawati, says while the government is responding to public demand for cheaper fuel, diesel and kerosene prices will not be altered.
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Indonesian central bank kept on hold its benchmark interest rate at 9.5 percent on Thursday, the bank said. "Amid the current global financial upheaval and slowing of the world economy, the Bank Indonesia (the central bank) thinks that it is necessary to keep a right monetary policy so that it can achieve a balance between the economic growth and efforts to maintain monetary stability," the bank said in a statement.
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Indonesia has obligated state-own firms to place their U.S. dollars in the country and speed up the implementation of project funded by donors, Coordinating Minister for Economy Sri Mulyani Indrawati told a press briefing on Tuesday evening after a sudden cabinet meeting. The measure was aimed at boosting Rupiah value which has been declining against the U.S. dollars due to the impact of global financial turmoil.
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Indonesia's central bank may bail out a failed subsidiary in the Netherlands to avoid a possible sovereign credit rating downgrade, lawmakers said on Friday, in a deal that local media estimated could cost nearly $700 million. A Dutch court in early October froze assets and liabilities of Indonesische Overzeese Bank NV (Indover), a subsidiary of Bank Indonesia that is active in the interbank market, at the request of the Dutch central bank (DNB) amid the global credit crisis.
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The Department of Transportation is working closely with the national aviation industry to anticipate the negative effects of the current global economic crisis. According to the Minister of Communication, Jusman Syafii Djamal, national airlines may eventually encounter difficulties in securing aircraft leases and insurance as the result of a continuing economic downturn. "Fortunately," the Minister added, "the price of fuel is reducing. In addition, while the price of leasing aircraft is increasing, the lease contracts for most national airlines will not expire in the near future."
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Indonesia has awarded rights for exploration on 22 oil-and-gas blocks to energy companies, including ConocoPhilips, Chevron and Husky Energy, a director at the energy ministry said here Friday. "22 blocks have been awarded to foreign and local companies," Evita Legowo, director at the ministry told on telephone. The director said that a U.S. unit from Chevron got a right to look for oil on onshore and offshore oil and gas blocks of West Papua I and West Papua II.
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PT Bank CIMB Niaga Tbk and PT Bank Lippo Tbk have received approval from Bank Indonesia, the countrys banking regulator, to merge their businesses. In a statement here Thursday, CIMB Group said the approval was given yesterday, paving the way for the first banking merger under the Indonesian government's single presence policy. CIMB Group chief executive, Datuk Nazir Razak, said the merger would create the fifth largest bank in Indonesia by assets.
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The Indonesian stock-exchange fell by 5 percent at the reopening of trade on Monday after a three-day halt, despite the government increasing the bank guarantee to help restore investor confidence in the economy amid the global financial market crisis. Finance minister Sri Mulyani Indrawai announced that the government would extend the bank guarantee deposit from 100 million rupiah (7.500 euro) up to 2 billion rupiah (150.000 euro).
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Indonesia closed its stock exchange for the second day to halt a flurry of selling that sent the main stock index plummeting more than 20 percent this week, while Asian trading ended mixed. Stock exchange president Erry Firmansyah said it will remain closed to give investors a chance to "calm down before they make decisions."
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Bank Indonesia has increased its policy rate by 25 basis points to 9.5% as they continue their ongoing battle with inflation. Indonesia did not join Australia, who cut rates today by the highest since a recession in 1992. It is predicted however that today’s increase may be the last this year as the aim of the central bank moves onto supporting growth rather than continuing the fight against inflation.
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Indonesia must face the current global economic turmoil by taking concrete and substantial steps, as the turmoil cannot be solved with conventional ways, an economic analyst Sutrisno Iwantono said. He added that Indonesia needs to take immediate steps such as diversification of export destinations, strengthening the domestic markets, as well as reinforcing the agricultural bases in rural areas, to salvage the national economy.
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Russian oil companies could be involved in broad cooperation in Indonesia, the southeast Asian country’s ambassador to Moscow said on Friday.
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Residents in some areas have protested against the latest price hike of LPG. The price of a 12 kilogram bottle of LPG was hiked today. The official price was increased by some 6.000 Rupiah, while local shops sold the LPG at prices around 75.000 Rupiah per unit. In just over a year the price of LPG has risen by almost 50 per cent, which means that many who were forced to transfer from cooking oil to gas earlier on, now feel the burden as well.
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Indonesia has sold only 4.7 trillion rupiah of its debut rupiah-denominated Islamic bond, or sukuk, an amount slightly below its target. As a result, the government is likely to increase the size of its global dollar sukuk later this year in a bid to make up for the shortfall, people close to the deal told Dow Jones Newswires on Friday.
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After a long wait, the Indonesian government will finally issue government shariah bonds (SBSN) or the first 'sukuk'. They will be issued tomorrow. The newly introduced sukuk will be sold as 'akad ijarah' or sell and rent back with a length of seven and ten years. The general director of the state dept department of the Department of Finance, Rahmat Waluyanto, said that this SBSN will be the same as the normally issued bonds (SUN, surat utang negara). The only difference is that this SUN will follow the principles of shariah.
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The Indonesian government has decided to increase the working capital for PT Merpati Nusantara Airlines with some 300 billion Rupiah (22 million euro). The funds will be used for lay-off premiums for 1.300 employees and to upgrade the 19 planes that are owned by the company. This decision was made during a cabinet meeting that was chaired by president Yudhoyono.
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Indonesia’s oil watchdog, BPMIGAS, warned on Friday that the country’s dwindling oil reserves could be exhausted in 10 years’ time if no new reserves are found. Indonesia has struggled to develop its rich energy resources, turning into a net importer of crude oil in recent years.
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The Indonesian state-owned energy company PLN will revise it's financial overview for this year. PLN will ask for an extra subsidy of some 20 trillion Rupiah (1.4 billion euro) for this year alone, according to Ali Hilal Hamdi, general chairman of PLN. Hilal said that the extra subsidy was based on the much higher prices for crude oil and coal.
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President Susilo Bambang Yudhoyono said on Wednesday oil subsidies may rise to 14.1 bn euro this year if crude prices average $140 a barrel and urged parliament to work with the government to tackle the issue. Fuel prices were increased in May due to ballooning subsidies on the back of soaring global oil prices, sparking protests in a country where millions are already suffering from higher food prices.
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As was expected before, the inflation rate in Indonesia was higher in June than in the month of May 2008. The inflation reached 2.46 percent, where it only was 1.41 percent in May. The numbers were released by Ali Rosidi, a member of the State Statistics Agency BPS, at a meeting with the press.
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The state-owned oil and gas company PT Pertamina said on Monday it will hike the price of liquefied petroleum gas (LPG) for households by 23 percent starting July 1. Pertamina said the move takes into account the sharp increase in LPG prices in the international market as well as the higher operation and distribution costs as a result of the fuel price hike.
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Gridcomm Shd. Bhd. and Isyoda Corporation Berhad, two investors from Malaysia have offered to build the toll road between Denpasar and Nusa Dua with a value of some 4.1 trillion Rupiah (286 million euro). Head of a regional government institution said that there was a big need for this toll road, which should be build to ease the traffic congestion in the area, mainly around the international airport of the island.
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The Minister of Finance in Indonesia, Sri Mulyani Indrawati, has informed that the prices of fuel are about to rise with some 28.7 percent. The new prices are most likely to be announced tomorrow afternoon after the handouts of the direct cash aid to poor families. The prices will most likely be as following: regular petrol (premium) Rp. 6.000, up from Rp. 4.500, diesel (solar) Rp. 5.500, up from Rp. 4.300 and cooking oil will become Rp. 2.500, up from Rp. 2.000.
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Indonesia's economy probably grew by more than 6 percent for a sixth quarter as the lowest interest rates in three years spurred spending on homes and cars. Southeast Asia's biggest economy expanded 6.2 percent in the three months to March 31 from a year earlier, about matching the 6.25 percent expansion in the preceding period, according to the median forecast of 17 economists in a Bloomberg News survey. The Central Statistics Bureau will release the data in Jakarta today.
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Middle East investors plan to spend about two billion euro on projects in Indonesia, Bisnis Indonesia newspaper reported, citing President Susilo Bambang Yudhoyono. Emaar Properties PJSC, Pacific Inter-Link Sdn Bhd, Al Ghurair Group, Ras Al Khaimah and Limitless LLC are among the investors planning to enter Indonesia, Bisnis said.
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The soaring cost of rice and other basic food in Asia has raised security concerns across many Asian countries. In Indonesia, the high cost of staple foods is hurting the poor and raising fears of social unrest.
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Indonesia will not buy rice from other countries this year because domestic supplies can meet the national demand, an official said Thursday. "The 2008 rice procurement will be filled entirely by domestic sources," state logistics agency Bulog head Mustofa Abubakar was quoted by leading news website Detikcom as saying.
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The Indonesian economy is expected to have grown at its fastest pace in 2007 since the country was hit by the Asian financial crisis 11 years ago, driven mostly by private consumption. Falling interest rates, a strong financial market performance, and an increase in pay for civil servants are expected to have underpinned the recovery in purchasing power, said Destry Damayanti, an economist at Mandiri Securities.
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The Indonesian government Monday submitted a list of 37 state-owned enterprises (SOEs) for its privatization drive this year to the House of Representatives. "There are 37 SOEs that we propose for the 2008 restructuring program," said Minister for State-owned Enterprises Affairs Sofjan Djalil. "But we have yet to get a final say from the privatization committee. We plan to hold a meeting with the committee this week regarding the 37 SOEs," he said during a hearing with the House commission four overseeing SOEs.
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The Indonesian government has removed the ten percent import tax on soybean effective from today and is studying more measures to deal with the rising price of the commodity in global markets, an official said Monday. The tax could be re-imposed if the price of soybean falls, said Bayu Krisnamurti, Deputy Coordinating Minister for Economic Affairs.
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The Indonesian government will exempt wheat from import duty as surging wheat and flour prices have hurt local food producers, an official said Monday. "The 5 percent duty on wheat will be scrapped, what we need now is a ministerial decree," Bayu Krisnamurthi, a deputy for coordinating minister for economic affairs, was quoted by leading news website Detikcom as saying.
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Pertamina is in need of twice as much foreign money because of high oil prices on the international market with prices reaching as high as 100 US dollars per barrel. Earlier today the general manager of PT Pertamina, Ari Hernanto Sumarno, said that Pertamina was in need of foreign money to pay for the imports of oil for the company. Pertamina has to buy oil from outside Indonesia, even if the prices rise. This is caused by the fact that the total production of oil in Indonesia is not sufficient to cover all of it's needs.
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Japan is to accept 1,000 nurses and health care workers from Indonesia starting early next year under the free trade pact. They need these workers to ease the shortage of such staff. This will be the first time that Japan is bringing foreign nurses and care workers on a full-time basis. Starting in April, Japan will accept 200 licensed nurses and 300 certified health care workers per year.
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German car-maker BMW said its sales in Indonesia rose by 86 percent in 10 months to October this year from the same period last year supported by improving macro economy in the country. Local subsidiary PT BMW Indonesia reported sales of 802 units in the January-October period of 2007 against 431 units in the corresponding period last year.
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The economy of Indonesia expanded at a faster pace than earlier expected with 6.5 percent growth in the third quarter compared to the same period last year. This is the strongest growth in the country since the Asian financial crisis, now ten years ago. Production in agriculture was the biggest contributor to this growth, followed by business investments, growing exports and higher consumer spending.
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The Indonesian Government is reportedly weighing the option of imposing a program of gasoline rationing for private vehicles if global oil prices continue their march to a level in excess of US$100 per barrel.
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Politicians in Indonesia are planning on building it's first casino on the island of Bintan, close to wealthy Singapore. It would be a potentially lucrative but highly sensitive venture in mostly Muslim Indonesia. Gambling is not allowed according to Islam and over 80 percent is Muslim in the country. Earlier plans to build casinos in other locations have already failed because of opposition from Islamic activists.
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Minister of Energy and Mineral Resources, Purnomo Yusgiantoro, on Wednesday assured that the government will not raise prices of subsidized fuel despite a surge in global crude oil prices. "So far, the government has not thought of raising the prices of subsidized fuel oil," said Purnomo after meeting President Susilo Bambang Yudhoyono at the presidential office.
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The Indonesian government is selling a 30 percent stake in PT Jasa Marga, the leading state toll road operator, at an IPO targeted at the top of the range to raise some 267 million euro. This makes it the fourth largest IPO in Indonesia since the Asian financial crisis in 1997-1998. The deal is the second sale of an Indonesian government owned company this year. Earlier PT Bank Negara Indonesia (BNI) had raised some 537 million euro, of which 43 percent went to the state coffers. The sale cut the government’s stake in BNI from 99.1% to about 73%.
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Migrant workers from Indonesia continue to make a huge contribution to the country's economy because the remittances they make. During the second quarter of 2007, these workers overseas send home some 1.1 billion euro. This is 5.4 percent more than the same period last year, according to data from Bank Indonesia. The central bank estimated that the figure for the full year will reach about 3.5 billion euro.
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The economy of Indonesia is likely to expand 6.1 percent this year, its fastest pace in 11 years, with growth further accelerating in 2008, helped by relatively low interest rates and strong commodity exports, a poll showed. The full-year growth forecast for Southeast Asia’s biggest economy matched the estimate of a similar quarterly poll conducted in June, but analysts revised up their outlook for 2008 to 6.45 percent from 6.40 percent previously.
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Domestic and foreign direct investment (FDI) in Indonesia has risen with 123 percent in the first eight months of the year compared to the same period last year and reached 11.70 billion U.S. dollars, according to a government body. The National Investment Coordinating Board (BKPM) said that actual FDI in the period from January to August rose 107 percent from last year to 8.13 billion U.S. dollars, while domestic investments grew with 172 percent to 3.57 billion U.S. dollars.
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Bank Arta Niaga Kencana in Indonesia will be merged into the Commonwealth Bank of Australia (CBA) when a planned take-over is completed, according to a statement from the bank on Friday. CBA has already obtained stock from ANK held by private shareholders until 57 percent of the total. After the merger, CBA will have 50 branch offices operating on the islands of Java and Bali.
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Indonesia is confident to meet its annual growth target of 6.3 percent this year due to stronger investment, higher domestic consumption and growth of exports, according to the Minister of Trade on Sunday. "At the moment, exports and investment are what is driving growth but resumption of consumer confidence especially since the last quarter of 2006 has also been important," told Mari Pangestu to reporters at a news conference in the Philippine capital.
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Indonesian Minister of Energy and Mineral Resources, Purnomo Yusgiantoro, said that the government would not raise fuel prices next year despite a 17 percent cut in fuel subsidy spending calculated in the 2008 state budget. Fuel subsidy is to be cut to 46.7 trillion Rupiah (3.68 billion euro), down from 56.4 trillion Rupiah (4.44 billion euro) this year.
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Indonesia's economy grew at the fastest rate for over two years in the second quarter as exports rose and lower interest rates helped fuel spending and investment. The largest economy of Southeast Asia expanded 6.3 percent in the three months ending at 30 June after gaining 6.0 percent in the first quarter of the year, according to the Central Statistics Bureau BPS. Economists had expected a growth of 6.1 percent.
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