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Jakarta proposes to construct three underpasses The Jakarta provincial administration plans to build underground crossing tunnels in several locations in the capital city to ease off pedestrian traffic at street crossings, Governor Joko Widodo stated here on Friday. "We will build tunnels in three locations. Hopefully, the construction can start within this year," the governor noted.

Posted in Infrastructure @ 09 May 2014 17:00 CET by Blog Bot · permalink · 0 reactions


Jakarta monorail project to be completed in 2017: Adhi Karya Publicly traded construction company PT Adhi Karya Tbk said construction of Jakartas monorail project linking Bekasi-Cawang and Cibubur-Cawang will start in 2015 to be completed in 2017. Construction of the Jakarta Link Transportation (JLT) will start in April , 2015 although it has yet to wait for the presidential regulation on monorail.

Posted in Infrastructure @ 03 April 2014 23:04 CET by Blog Bot · permalink · 0 reactions


Bank Mandiri official arrested over fictitious credit application The Attorney Generals Office has arrested a Bank Mandiri official in connection with the disbursal of loans to build a thermal power plant in Central Kalimantan, which led to Rp43 billion in losses for the state.

Posted in Corruption @ 03 December 2013 23:09 CET by Blog Bot · permalink · 0 reactions


Four people arrested with billions of rupiahs in fake money The police have arrested four people with billions of rupiahs in fake money in Sleman, Yogyakarta. "The suspects offered loans in fake money with interest rate below bank lending rate," Sleman chief detective Adj. Comr. Heru Muslimin, said here on Monday.

Posted in Crime @ 15 July 2013 19:07 CET by Blog Bot · permalink · 0 reactions


Bank Indonesia: 'Bank credit grows 26 percent' Bank credit grew 26 percent in April year-on-year, beating earlier estimates of 23-24 percent. Central bank deputy governor Halim Alamsyah said here on Monday that such growth indicated that the domestic economy was doing well.

Posted in Economy @ 07 May 2012 13:41 CET by Blog Bot · permalink · 0 reactions


Jakarta to spend $190 mln on controlling floods The Jakarta administration is planning to spend US$190 million on controlling floods in the capital under the Jakarta Urgent Flood Mitigation Project (JUFMP).

Posted in Environment @ 02 February 2012 03:35 CET by Blog Bot · permalink · 0 reactions


Indonesia to keep assets of ex-president Suharto's son Indonesia's Supreme Court has ruled in favour of the finance ministry keeping 1.22 trillion rupiah ($134.8 million) of assets of a company linked to the son of ex-President Suharto. The case illustrates how the clan of Suharto, who ruled Indonesia for 32 years, has seen its influence dwindle since Suharto stepped down in 1998.

Posted in Crime @ 17 July 2010 06:09 CET by Jeroen · permalink · 0 reactions


Bali brokers: 'Don't just establish zoning rules randomly' The chairman of the Organization of Indonesian Real Estate Brokers, Teguh Satria, has reminded the provincial government of Bali to exercise caution in establishing zoning rules, keeping in mind the coming "property boom." Satria said mistakes made in establishing zoning rules could thwart development and result in chaos.

Posted in General @ 02 May 2010 08:42 CET by Jeroen · permalink · 0 reactions


Garuda to go public within a matter of months The Indonesian government has confirmed that the national airline PT Garuda Indonesia will offer up to 25% of its shares via an initial public offering scheduled for Q2 of 2010. To this end, an underwriter has been appointed by Garuda.

Posted in Garuda Indonesia @ 21 January 2010 06:16 CET by Jeroen · permalink · 0 reactions


Indonesia to invest 6.5 billion euro on infrastructure next year 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.

Posted in Economy @ 24 December 2008 11:41 CET by Jeroen · permalink · 0 reactions


ICW reports suspected corruption in Department of Religious Affairs to KPK Indonesia Corruption Watch (ICW) has evidence in the form of papers in which loans, which are signed by the minister of Religious Affairs Maftuh Basyuni and the general director of the Islamic department of the ministry, Taufik Kamil, are used to donate money to members of the parliament. The evidence has been handed over to the anti-corruption watchdog KPK last week.

Posted in Corruption @ 13 December 2008 09:38 CET by Jeroen · permalink · 0 reactions


Indonesia secures five billion dollar emergency loan 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.

Posted in Economy @ 06 December 2008 02:00 CET by Jeroen · permalink · 0 reactions


Indonesia court seizes assets linked to Suharto family Indonesia's government has seized 134 million US dollars from a firm linked to former President Suharto's family. Finance minister Sri Mulyani Indrawati, says Bank Mandiri had been ordered to transfer the funds to a government account.

Posted in General @ 29 August 2008 05:11 CET by Jeroen · permalink · 0 reactions


Bali government: '28 million euro to stop erosion of beaches' Tempo Interaktif estimates that as much as 25% of Bali's shorelines have suffered significant erosion caused by sea waves. Of the total shorelines abrased by high waves the government of Bali has only been able to take remedial steps on 53% of the affected beaches.

Posted in Environment @ 22 June 2008 05:29 CET by Jeroen · permalink · 0 reactions


Indonesia calls in Japan to deal with mud flow crisis The Japanese will most likely provide a soft loan with a value of up to 1 trillion Rupiah (84 million euro) to help the country stopping the mud flow from the gas drilling site in East Java, which has been gushing mud for almost one year now. The loans were proposed to President Susilo Bambang Yudhoyono just last week. The Japanese government offered possible solution to stop the mud flow, according to Purnomo Yusgiantoro, Minister of Energy and Mineral Resources.

Posted in Sidoarjo mudflow @ 17 May 2007 02:40 CET by Jeroen · permalink · 0 reactions


Almost 10 million bank accounts closed in three months Around 9.7 million bank accounts have been closed or emptied in the last three months according to the National Development Agenc (Bappenas). This raises alarm bells in the country's banking sector and the entire economy. The data, which was compiled by the Deposit Insurance Agency (LPS), referred mosty to accounts with deposits of less than Rp 100 million (8,333 euro).

Posted in Economy @ 24 March 2007 14:21 CET by Jeroen · permalink · 0 reactions


Paper: PLN narrows losses in 2006 Indonesian state electricity firm PT Perusahaan Listrik Negara (PLN) cut its losses by over three quarters in 2006, the Jakarta Post newspaper reported on Friday. PLN’s chief commissioner Alhilal Hamdi said the start of operations at new power plants in Cilegon, Tanjung Jati and Cilacap helped the company reduce losses to 1.08 trillion ($120.1 million) from 4.92 trillion a year ago, the paper said.

Posted in Economy @ 07 January 2007 02:21 CET by Jeroen · permalink · 0 reactions


Indonesia-Russia: Arms, atoms and oil The United States, China and now a resurgent Russia are all competing for regional influence in Southeast Asia, and Indonesian President Susilo Bambang Yudhoyono is shrewdly playing his diplomatic cards among all three suitors.

Posted in Military @ 13 December 2006 00:00 CET by Jeroen · permalink · 0 reactions


Indonesia central bank cuts key rate to 14-month low Indonesia's central bank cut its benchmark interest rate to a 14-month low, the seventh reduction since May, to help revive consumer spending and boost investment. Bank Indonesia Governor Burhanuddin Abdullah and his fellow policy makers reduced the rate used as a reference for bill sales by half a percentage point to 9.75 percent, a move predicted by 16 of 21 economists surveyed by Bloomberg News, and indicated further cuts are likely next year.

Posted in Economy @ 08 December 2006 03:03 CET by Jeroen · permalink · 0 reactions


Indonesia becomes frontline in World Bank battle against corruption Paul Wolfowitz, a key architect of America's invasion of Iraq and its ambitions to reshape the world, was President George Bush's controversial choice to take the reins of the World Bank last year. Mr Wolfowitz, despised by many for his policies but admired for his intellect, ignored the furore over his appointment, waiting 12 months to make his first major policy pronouncement. Its location, Indonesia, and his warning of rampant corruption undermining global aid and development efforts, was almost as ambitious and controversial as his attempts to re-engineer the Middle East.

Posted in Economy @ 18 November 2006 00:00 CET by Jeroen · permalink · 0 reactions


Trials and travails of Indonesia's richest man Publicity-shy paper and plantation magnate Sukanto Tanoto is in Indonesia's national headlines after topping two high-profile lists. Forbes Asia last month listed the 56-year-old tycoon as the richest individual in Indonesia, with assets worth about US$2.8 billion (Rp25.2 trillion). In June, the self-made ethnic-Chinese tycoon also topped a list of state-owned Bank Mandiri's six biggest debtors.

Posted in General @ 15 October 2006 00:00 CET by Jeroen · permalink · 0 reactions


Indonesia police general gets 18 months for bribery An Indonesian police general received an 18-month jail term on Tuesday for taking a bribe in connection with a multi-million dollar graft case at state-run PT Bank Negara Indonesia Tbk (BNI), the country's third largest bank. Commissioner-General Suyitno Landung, Indonesia's former chief detective, received a bribe of a car from the main perpetrator of the 2003 fraud case at BNI involving $130 million worth of export credits, the South Jakarta court said.

Posted in Crime @ 11 October 2006 05:47 CET by Jeroen · permalink · 0 reactions


Indonesia’s super-rich in one list by Forbes Asia Forty names were crowned by Forbes Asia magazine as the richest in Indonesia. Three of them joined the list at the end of the economic and financial crises. They are Trihatma Kusuma Haliman (Agung Podomoro), Eddy William Katuari (Wings Group), and Arifin Panigoro (Medco Energi). What are their business secrets? Here is Tempo’s report.

Posted in Economy @ 01 October 2006 10:34 CET by Jeroen · permalink · 5 reactions


Indonesia's monorail struggles to get on track Gridlocked cars. Noxious traffic fumes. Indonesia's capital is crying out for a new transport network, but stop-start plans for a monorail illustrate the country's chequered efforts to build badly needed infrastructure. The idea of a gleaming monorail gliding above the congested tropical city of nearly 9 million people is an enticing one and proponents point to neighbouring Bangkok's Skytrain or Kuala Lumpur's monorail in at least easing equally grim transport woes.

Posted in General @ 20 September 2006 14:55 CET by Jeroen · permalink · 0 reactions


Indonesia told to return $5m after probe The World Bank is asking the Indonesian government to return $4.7m (€3.7m) in loans for road projects after an internal investigation found that a contractor allegedly paid more than $300,000 in kickbacks to government officials. The graft allegations are the first to hit the World Bank’s projects in Indonesia since it asked for Jakarta to return $10m (€8m, £5m) related to a school textbook corruption scam in 2004.

Posted in General @ 14 August 2006 12:04 CET by Jeroen · permalink · 0 reactions


New policy package on financial sector issued The government and Bank Indonesia (BI) have signed a joint decree to improve coordination between fiscal and monetary authorities and help reform financial markets. Announcing the package Wednesday, Coordinating Minister for the Economy Boediono said it was expected to accelerate reforms in the banking sector, non-bank financial institutions and in capital markets. It would also enhance businesses' access to capital, he said.

Posted in Economy @ 06 July 2006 14:53 CET by Jeroen · permalink · 0 reactions


Indonesia placed on U.S. trafficking watch list Israel and Egypt, both U.S. allies, were demoted in a State Department ranking of countries judged on efforts to combat forced labor and other forms of exploitation. Three countries in Asia -- Indonesia, Malaysia and Taiwan -- were added to the watch list, cited as destinations or transit countries for forced labor and sexual exploitation. The Philippines was moved off the list.

Posted in General @ 06 June 2006 08:13 CET by Jeroen · permalink · 0 reactions


Indonesia rejects foreign loan offers for quake victims The Indonesian government will reject any foreign offer to provide loans for its ongoing efforts to help victims of the Yogyakarta and Central Java earthquake, a cabinet minister said. "We will not accept any overseas loan although a number of foreign countries and international institutions, including the ADB, have offered to extend soft loans, we prefer grant aid," National Development Planning Minister Paskah Suzetta said here on Thursday.

Posted in Earthquake @ 02 June 2006 07:10 CET by Jeroen · permalink · 0 reactions


Indonesia to buy 50 diesel locomotives The Indonesian government plans to buy 50 diesel locomotives with about 1 trillion rupiah (108.5 million US dollars) to be financed with foreign loans, a local newspaper reported Thursday.

Posted in Economy @ 16 February 2006 07:06 CET by Jeroen · permalink · 0 reactions


BI to limit role of foreigners at lending banks The central bank plans to limit the role of foreign employees at foreign-owned lenders in the country, an effort it says will provide more jobs for local workers and encourage the institutions to increase their credit to homegrown businesses. Bank Indonesia (BI) Governor Burhanuddin Abdullah said expatriate staff positions at the banks would be limited to middle-level management -- two levels below directors.

Posted in Economy @ 17 January 2006 07:04 CET by Jeroen · permalink · 0 reactions


Homeless adrift a year after Boxing Day tsunami Billions of dollars have been pledged and thousands of new homes built but the city of Banda Aceh is still a scene of devastation after the Boxing Day tsunami of last year. Tens of thousands are surviving in shanty towns of scrap wood and metal churned up by the terrifying force of the sea. There are 67,500 still living in tents. More than 200,000 survivors are thought to be staying with friends or relatives. Along the coast, towns and villages are nothing more than swampland and rubble. Survivors are jammed together in windowless plywood barracks hurriedly built by the army.

Posted in Earthquake @ 18 December 2005 00:00 CET by Jeroen · permalink · 0 reactions


Indonesia July car sales rise 28.34% year-on-year Car sales in Indonesia rose 28.3 percent in July compared with the same period in 2004, data from the largest automotive distributor showed on Saturday. PT Astra International Tbk, controlled by Singapore’s Jardine Cycle & Carriage Ltd, said a total of 49,388 cars were sold by all distributors in the country last month, bringing the year to date national sales to 345,167 units.

Posted in Economy @ 22 August 2005 08:38 CET by Jeroen · permalink · 0 reactions


Lion Air will sign deal to buy 60 jets from Boeing Low-cost carrier Lion Mentari Airlines confirmed that it plans to sign an agreement for the purchase of 60 aircraft from Boeing worth 3.9 bln usd. Lion Air spokesman Hasyim Arsal Alhabsi told Agence France-Presse that the company is likely to order 737-800 and 737-900 aircraft as part of a memorandum of understanding due to be signed in the US this week.

Posted in Economy @ 26 May 2005 11:21 CET by Jeroen · permalink · 0 reactions


Three Mandiri Bank executives named in corruption probe Prosecutors investigating a graft case reportedly involving 1.3 billion dollars in loans from Indonesia's largest lender have named three state-bank executives as suspects. Bank Mandiri's president ECW Neloe, vice president I Wayan Pugeg and corporate banking director Sholeh Tasripan were Wednesday declared suspects in the corruption case, the attorney general's spokesman Suhandoyo told AFP.

Posted in Corruption @ 12 May 2005 00:01 CET by Jeroen · permalink · 0 reactions


Indonesia's economy grew 6.7% in 4th quarter Indonesia's economy expanded at its fastest pace in at least four years in the fourth quarter as the cheapest credit since 1998 spurred consumers to increase spending on goods including cars, motorcycles and mobile phones. Southeast Asia's largest economy grew 6.7 percent in the three months ended Dec. 31 from a year earlier, the statistics office said in Jakarta. The economy expanded 5.1 percent last year, the most since 1996.

Posted in Economy @ 16 February 2005 00:01 CET by Jeroen · permalink · 0 reactions


Donors pledge $5.1 billion to Indonesia A grouping of donor nations has pledged to provide Indonesia with $5.1 billion in aid this year, comprising $3.4 billion in regular assistance, as well as $1.7 billion to help rebuild northern Sumatra, where about 166,000 people were killed by last month’s earthquake and tsunamis.

Posted in Earthquake @ 21 January 2005 00:01 CET by Jeroen · permalink · 0 reactions


Germany to provide US$66m soft loan for Jakarta train service The German government plans to provide 52 million euros (US$66 million) in loans and grants for the improvement of commuter train services in Greater Jakarta. The funds, provided through the German Development Bank (KfW), will be used to finance the assembly of 10 trains and their engines, and is expected to be agreed upon in December.

Posted in General @ 09 November 2004 00:01 CET by Jeroen · permalink · 0 reactions


Indosat earmarks US$700m for cellular phone expansion Indonesia's second biggest telecoms firm Indosat is earmarking at least 700 million dollars to develop its lucrative cellular telephone communication business in 2005, a report said. "The 700 million dollar amount is deemed enough. We are also considering to issue bonds or borrow from banks," Indosat finance director Wong Heang Tuck said according to the Media Indonesia newspaper.

Posted in General @ 19 October 2004 00:02 CET by Jeroen · permalink · 0 reactions


Megawati says she set foundation for development Indonesian President Megawati Soekarnoputri, in her last televised debate before seeking re- election on Monday, said her three-year-old government set the foundation for the country's economic recovery. ``As a nation, we are required to continue the development that we have achieved so far or to start from a new beginning,'' she told a panel on the all-news MetroTV channel. ``The answer will certainly be -- to continue to develop from a strong foundation, to reduce poverty, provide more jobs and improve people's welfare.''

Posted in Elections @ 01 July 2004 00:02 CET by Jeroen · permalink · 0 reactions


IBRA raises IDR26.1T from assets sales in 2003 The Indonesian Bank Restructuring Agency has raised as much as IDR26.1 trillion (EUR 2,47 billion) from its sales of assets this year, compared with a year-end target of IDR26 trillion, said IBRA Chairman Syafruddin Temenggung. He said in a statement that the funds are being used to help finance the country's 2003 budget deficit.

Posted in Economy @ 26 December 2003 00:01 CET by Jeroen · permalink · 0 reactions


Just when investors might have been thinking it was safe to look at Indonesia a little less skeptically, the biggest banking scandal to hit the country since the central bank liquidity scandal, this one involving Bank Negara Indonesia (BNI) and allegedly fraudulent letters of credit, has shattered confidence yet again. With BNI marked for semi-privatization next year, the scandal could hardly have come at a worse time. It highlights concerns raised by the International Monetary Fund (IMF) over corporate governance in Indonesia and the central Bank Indonesia's failure to detect the scam until a year after it allegedly began.

Posted in General @ 03 December 2003 00:00 CET by Jeroen · permalink · 0 reactions


Inflation in November up 1.01%, but still on track for year Consumer price index rose in November by 1.01 percent from the previous month, bringing the cumulative inflation in the first 11 months to 4.08 percent, strengthening hopes that full-year inflation will be lower than the initial government forecast of 6 percent to 7 percent. Chairperson of the Central Statistics Agency (BPS) Sudarti Soerbakti said that although the November inflation rate was quite high, the bureau was optimistic that full-year inflation would be below 6 percent.

Posted in Economy @ 01 December 2003 00:04 CET by Jeroen · permalink · 0 reactions


BRI has people queuing If there remains a lack of confidence in Indonesia’s economy, no-one told the “huge crowd” that queued for a slice of the initial public offering of Bank Rakyat Indonesia (BRI) on Thursday (23/10/03). The Jakarta Post noted that very little noise has been made about the float, but word has clearly got around that, of all the banks on the market, this is the one that is producing the goods.

Posted in General @ 27 October 2003 00:03 CET by Jeroen · permalink · 0 reactions


Indonesia says to end IMF loan programme this year Indonesia said on Monday it had formally decided to end its loan programme with the IMF once it expires at the end of the year, ending a financial lifeline that has been in place since the 1997-98 Asian financial crisis. Ministers had been saying for months that Indonesia would not seek a new loan deal once the current $5 billion programme ended but the decision had needed President Megawati Sukarnoputri's final seal of approval.

Posted in Economy @ 28 July 2003 00:01 CET by Jeroen · permalink · 0 reactions


Just as they have in the developed world, big-box hypermarkets, which are taking over the top end of the retail trade, are causing severe dislocations in the rest of Indonesia's food chain, from smaller supermarkets down to wet markets to the warungs where housewives sell cigarettes and candy out of their living room windows.

Posted in Economy @ 26 July 2003 00:00 CET by Jeroen · permalink · 0 reactions


Indonesia to relaunch power projects The Indonesian government is to relaunch Wednesday the development of 26 power projects that were halted in late 1997 by an economic and monetary crisis, senior government officials said Monday, the Kyodo News Service reported. A dispute with Karaha Bodas Co. of the United States still needs to be settled, but renegotiations with most independent power producers are already complete.

Posted in Power supply @ 09 July 2003 00:02 CET by Jeroen · permalink · 0 reactions


Indonesia's post-IMF soon reality Indonesia is set, later this year, to exit the International Monetary Fund's lending program, the last country to graduate the post-Asian crisis of 1997-1998. Many economists agree it is time to leave the program but what will happen next remains open to debate.

Posted in General @ 06 May 2003 00:01 CET by Jeroen · permalink · 0 reactions


IMF: Indonesia may surpass 2004 GDP growth target The International Monetary Fund said Friday that Indonesia's economy in 2004 could grow by more than the government's forecast of between 4% and 5%. The IMF's director for Asia Pacific, Daniel Citrin, who is leading a review of Indonesia's economy, also said the government's 2004 budget deficit target of 1% of gross domestic product was "reasonable."

Posted in Economy @ 03 May 2003 00:01 CET by Jeroen · permalink · 0 reactions


IBRA plans to sell US$9b loans this year In Indonesia, the Bank Restructuring Agency, or IBRA, is racing against time to sell off its remaining assets before it disbands by year-end. It plans to sell 81 trillion rupiah (US$9 billion) of bad loans, starting next month.

Posted in Economy @ 29 January 2003 00:02 CET by Jeroen · permalink · 0 reactions


Graft forces Indonesia to beg for money Indonesia would not need to "beg" for money from the international community if it tackled the corruption costing the cash-strapped country some $28.4 billion a year, an outspoken minister said. In typically blunt comments, Planning Minister Kwik Kian Gie told donors meeting in Bali that among the losses to the state from graft, Indonesia was losing around $9 billion from stolen or smuggled logs, fish and sand and $8 billion from tax leakages.

Posted in Economy @ 22 January 2003 00:02 CET by Jeroen · permalink · 0 reactions


Fuel en electricity prices down again Indonesia's government cut selected fuel and electricity prices after recent hikes sparked popular protests last week, but tried to appease its international creditors by saying the move won't have any effect on the 2003 budget. Indonesia pushed fuel and electricity prices higher this month as part of a policy to slash the budget deficit under an International Monetary Fund approved reform program.

Posted in Protests @ 20 January 2003 00:02 CET by Jeroen · permalink · 0 reactions


Indonesian anger simmers Workers and students in Indonesia have clashed with police during protests over recent fuel and electricity price increases. The government price hikes, made in line with International Monetary Fund recommendations, have provoked thousands to strike and march throughout the troubled South-East Asian nation.

Posted in Protests @ 09 January 2003 00:02 CET by Jeroen · permalink · 0 reactions


Since the terror bombings that killed nearly 200 people and destroyed his Paddy's bar, Kadek Wiranatha has closed two hotels and put off the launch of Bali's first airline. His Bounty Hotel remains open, but employees say their earnings have been halved by the absence of tipping tourists.

Posted in Terrorism @ 26 December 2002 00:00 CET by Jeroen · permalink · 0 reactions


Indonesia to sell homes, apartments and warehouses Indonesia is offering to sell 1,700 pieces of property in its effort to clear its books of assets taken over after the 1997 financial crisis, officials said Thursday. The land, shops, apartment blocks, warehouses and villas are valued at dlrs 67 million. The money is to go toward balancing the country's budget deficit - expected to reach 2.5 percent of gross domestic product this year.

Posted in General @ 19 September 2002 00:01 CET by Jeroen · permalink · 0 reactions


Megawati unveils her team Indonesian President Megawati Sukarnoputri has named a new cabinet she hopes will revive the country's flailing economy. Two respected technocrats got the nod for the top economic posts, promotions viewed as welcome news for the country's efforts to cement economic recovery and repair the shattered financial system.

Posted in Politics @ 09 August 2001 00:01 CET by Jeroen · permalink · 0 reactions


Breaking in a new boss is always a complicated task. That's especially the case at the Indonesian Bank Restructuring Agency, responsible for almost $50 billion in corporate assets and bad debts surrendered to the government during Asia's economic crisis. You'd think IBRA staffers would have a neat routine in place by now, having greeted six new bosses since the agency was formed in 1998 — two in the past eight months. But it's always a pain. "People are demoralized," said one insider. This time round Edwin Gerungan, a career banker known for his honesty, was replaced by I Putu Ary Suta, a former head of the capital markets regulatory board.

Posted in Politics @ 05 July 2001 00:00 CET by Jeroen · permalink · 0 reactions


Budi Sadikin, a clean-cut, affable young executive, is smiling broadly. And for good reason. As head of consumer banking in Indonesia for ABN AMRO Bank, the 37-year-old has watched deposits at the Dutch bank's 15 branches triple in value in just three years — to $800 million at the end of 2000. Until 1998, ABN AMRO, which has been doing business in Indonesia for 175 years, did not even have a consumer-banking unit. Now Sadikin oversees a 200-strong team whose job it is to coax more affluent Indonesians to deposit their money in a foreign bank.

Posted in Politics @ 04 July 2001 00:00 CET by Jeroen · permalink · 0 reactions


Fuel price hike effective today The government finally raised fuel prices by a hefty 30 percent late on Friday, just one day after it had decided to delay the plan due to concerns over its social and security implications. Newly appointed Coordinating Minister for the Economy Burhanuddin Abdullah said the new fuel prices would take affect as of Saturday.

Posted in General @ 16 June 2001 00:01 CET by Jeroen · permalink · 0 reactions


Indonesian economy headed for sharp fall Indonesia's fragile economy appears to be heading for a sharp fall this year as the ongoing political tussle in the country is undoing all the gains of last year. High-level sources told The Business Times that the government is now bracing itself for a possible Budget deficit that is between 20 trillion and 30 trillion rupiah (S$3.3 billion to S$5 billion) higher than earlier forecast.

Posted in Economy @ 04 April 2001 00:01 CET by Jeroen · permalink · 0 reactions


RI to retain 40,000 tons of coffee to prop up prices Indonesia plans to retain up to 40,000 tons of coffee until August this year as part of its commitment to prop up falling coffee prices in the world, Minister of Agriculture Bungaran Saragih said on Monday. The minister said that the decision to join the coffee retention program initiated by the Association of Coffee Producing Countries (ACPC) last year was taken in October, 2000.

Posted in Economy @ 23 January 2001 00:01 CET by Jeroen · permalink · 0 reactions


IMF head hopes Indonesia avoids return to chaos Expressing concern about conditions in Indonesia, IMF Managing Director Horst Koehler urged Jakarta in an interview published on Thursday to implement a raft of policy changes to boost confidence in its shattered economy. Koehler, speaking in Singapore to the local Business Times newspaper and to the International Herald Tribune, said the Indonesian government needed to be more decisive in its efforts to tackle a situation he described as very difficult and complex.

Posted in General @ 11 January 2001 00:01 CET by Jeroen · permalink · 0 reactions


IBRA faces tough challenges in meeting target The Indonesian Bank Restructuring Agency (IBRA) admitted that the challenges ahead would be "incredibly huge" in meeting its 2001 target. IBRA deputy chairman Slamet Sumantri said that the agency would find it difficult to obtain a good price for its banking assets because of competition from other similar agencies in neighboring countries.

Posted in Military @ 08 January 2001 00:03 CET by Jeroen · permalink · 0 reactions


Tense times for the rupiah and the economy amid Bank Indonesia's crisis at the top. Syahril Sabirin is back at work after six months away, and there's something of a celebration on. Jacket tossed over his shoulder, Indonesia's mild-mannered banking chief wades through a crowd of central bank employees welcoming him back like some dear uncle. The odd thing is, he's just spent half a year under house arrest, on charges of corruption. But Sabirin is among supporters now. He speaks of the need to rebuild staff morale and clear his name. The government still aims to bring Sabirin to court over a scandal involving $80 million in commissions paid by Bank Bali to a firm linked to Golkar, the former ruling party. Allegedly in exchange for the money, funds were released to Bank Bali with central bank approval. "It's a soap opera," sniffs a senior state official, shocked by Sabirin's return. "A farce," adds another. - It would all be funny — if it weren't for real. In fact, Bank Indonesia has joined the hated military, the bungling police and a government adrift in the gallery of faltering national entities. "This is just one more example of the institutional vacuum," says Robert Broadfoot, managing director of the Hong Kong-based Political and Economic Risk Consultancy. Sabirin's woes are not the central bank's only problem by a longshot. Recently, all but two central bank governors resigned after the Supreme Audit Agency reported that during the financial crisis, nearly $9 billion in emergency loans to private-sector banks, many controlled by Suharto cronies, were diverted to unauthorized spending and lending (see table opposite). Little of the money is likely to ever be recovered. Can Indonesia's currency and economy survive the foibles at the central bank? So far, the rupiah isn't collapsing, though it's down 25% from its 2000 high.

Posted in Economy @ 28 December 2000 00:00 CET by Jeroen · permalink · 0 reactions


Megawati unveils 2001 draft budget Vice President Megawati Soekarnoputri unveiled on Monday the draft 2001 state budget which will be unlikely to provide any stimulus to the economy because quite a large portion of the spending will go on servicing government debt and financing subsidies. The budget envisages state revenues at Rp 243 trillion (US$27.93 billion)and total spending at Rp 295.1 trillion, resulting in an estimated deficit of Rp 52.1 trillion or 3.7 percent of gross domestic product (GDP).

Posted in Politics @ 02 October 2000 00:01 CET by Jeroen · permalink · 0 reactions


Neighbors asked to help rupiah The acting governor of Bank Indonesia has asked Singapore and other neighboring countries to provide technical assistance in shoring up the embattled rupiah. Anwar Nasution said on Thursday that Bank Indonesia's request pertained to stricter supervision of foreign exchange trading regulations, which could curb speculative attacks on the rupiah.

Posted in Economy @ 28 July 2000 09:33 CET by Jeroen · permalink · 0 reactions
    
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