President Susilo Bambang Yudhoyono during a stopover in Tokyo en route to Washington DC on Friday received a report from Bank Indonesia (BI) Governor Boediono that the national banking sector was still in a safe condition.
Minister/State Secretary Hatta Rajasa told reporters covering the president's overseas trip that Yudhoyono had had a long-distance conversation with Boediono in Jakarta on the latest developments in the national banking sector following the failure of PT Bank Century Tbk to settle interbank transactions.
"The President received information from the Bank Indonesia governor on the current banking situation which has remained good," Minister Rajasa said.
Wherever he was, the president always communicated with the vice president, cabinet ministers and other high ranking state officials in Jakarta, Rajasa said.
BI, Indonesia's central bank, said in a statement on Thursday PT Bank Century Tbk was having problems in making interbank payments due to technical problems but the case was no threat to the country's banking system.
The central bank said that the problem at Bank Century was expected to be resolved by Friday.
President Yudhoyono left for the United States on Thursday to attend a weekend meeting of Group of 20 (G-20) leaders in Washington DC on November 15.
Yudhoyono's visit to Washington would be part of a 13-day tour of four countries, namely the Un1ted States, Mexico, Brazil, and Peru November 13-26, 2008.
In Mexico and Brazil, Yudhoyono would hold bilateral meetings with the leaders of the two countries while in Peru, he would attend the 16th Asia Pacific Economic Cooperation (APEC) meeting.
On Saturday, November 15, President Yudhoyono and other heads of state/government of G-20 countries would meet to discuss overhauling the international financial system in response to the credit crisis and the threat of a global recession.
Sabtu, 15 November 2008
President Yudhoyono assured national banking still safe
President Susilo Bambang Yudhoyono during a stopover in Tokyo en route to Washington DC on Friday received a report from Bank Indonesia (BI) Governor Boediono that the national banking sector was still in a safe condition.
Minister/State Secretary Hatta Rajasa told reporters covering the president's overseas trip that Yudhoyono had had a long-distance conversation with Boediono in Jakarta on the latest developments in the national banking sector following the failure of PT Bank Century Tbk to settle interbank transactions.
"The President received information from the Bank Indonesia governor on the current banking situation which has remained good," Minister Rajasa said.
Wherever he was, the president always communicated with the vice president, cabinet ministers and other high ranking state officials in Jakarta, Rajasa said.
BI, Indonesia's central bank, said in a statement on Thursday PT Bank Century Tbk was having problems in making interbank payments due to technical problems but the case was no threat to the country's banking system.
The central bank said that the problem at Bank Century was expected to be resolved by Friday.
President Yudhoyono left for the United States on Thursday to attend a weekend meeting of Group of 20 (G-20) leaders in Washington DC on November 15.
Yudhoyono's visit to Washington would be part of a 13-day tour of four countries, namely the Un1ted States, Mexico, Brazil, and Peru November 13-26, 2008.
In Mexico and Brazil, Yudhoyono would hold bilateral meetings with the leaders of the two countries while in Peru, he would attend the 16th Asia Pacific Economic Cooperation (APEC) meeting.
On Saturday, November 15, President Yudhoyono and other heads of state/government of G-20 countries would meet to discuss overhauling the international financial system in response to the credit crisis and the threat of a global recession.
Minister/State Secretary Hatta Rajasa told reporters covering the president's overseas trip that Yudhoyono had had a long-distance conversation with Boediono in Jakarta on the latest developments in the national banking sector following the failure of PT Bank Century Tbk to settle interbank transactions.
"The President received information from the Bank Indonesia governor on the current banking situation which has remained good," Minister Rajasa said.
Wherever he was, the president always communicated with the vice president, cabinet ministers and other high ranking state officials in Jakarta, Rajasa said.
BI, Indonesia's central bank, said in a statement on Thursday PT Bank Century Tbk was having problems in making interbank payments due to technical problems but the case was no threat to the country's banking system.
The central bank said that the problem at Bank Century was expected to be resolved by Friday.
President Yudhoyono left for the United States on Thursday to attend a weekend meeting of Group of 20 (G-20) leaders in Washington DC on November 15.
Yudhoyono's visit to Washington would be part of a 13-day tour of four countries, namely the Un1ted States, Mexico, Brazil, and Peru November 13-26, 2008.
In Mexico and Brazil, Yudhoyono would hold bilateral meetings with the leaders of the two countries while in Peru, he would attend the 16th Asia Pacific Economic Cooperation (APEC) meeting.
On Saturday, November 15, President Yudhoyono and other heads of state/government of G-20 countries would meet to discuss overhauling the international financial system in response to the credit crisis and the threat of a global recession.
Selasa, 11 November 2008
Intiland`s profit up 74 pct
Publicly-listed property company PT Intiland Development Tbk said on Tuesday its net profit in the third quarter of 2008 jumped 74.74 percent to Rp28.71 billion from the previous quarter on higher sales.
Intiland corporate secretary Theresia Rustandi said the rise in sales from the housing sector was responsible for the company`s profit growth.
The company posted a net profit of Rp16.43 billion in the third quarter of 2008.
Intiland corporate secretary Theresia Rustandi said the rise in sales from the housing sector was responsible for the company`s profit growth.
The company posted a net profit of Rp16.43 billion in the third quarter of 2008.
Pertamina starts supplying biodiesel to industries
State-owned gas and oil company Pertamina is to start supplying biodiesel to 28 industrial consumers in Jakarta, Banten and West Java, here Tuesday, a Pertamina executive said.
The operation would constitute the first phase of a plan to supply biodiesel to 436 industrial consumers in the three provinces after the implementation of a similar program for consumers in the transporation sector, Maulanatazi HZ, general manager for fuel marketing of Pertamina's Region III, said.
"The biodiesel will have a FAME (fatty acid methyl ester) content of five percent," he said.
Pertamina would on Tuesday also raise the FAME content of biodiesel at gas stations to five percent, Maulantari added.
The start of the biodiesel supply to industrial conusmers would be done at Peramina's Plumpang fuel oil depot in North Jakarta witnessed by Energy and Mineral Resources Minister Purnomo Yusgiantoro and Pertamina Managing Director Ari Soemarno.
The program was in line with the Energy and Mineral Resources Minister's Regulation No 32/2008 on mandatory minimum biofuel usage.
Maulanatazi said at first the mixing of FAME and diesel fuel was carried out in temporary tanks such at Tanjung Gerem, Padalarang, Ujung Berung, Cikampek, Tasikmalaya and Balongan.
However, the mixing would in the future be done directly at storage tanks in Plumpang, he said. "The mixing job will take six months' time since certain tools are required," he said.
All the 1,287 gas stations in Pertamina's Region III selling 200,000 kiloliters of fuel per month were scheduled to be offering biodiesel with a FAME content of five percent by the end of November.
The Plumpang depot had the largest fuel oil storing capacity in the country with the volume reaching 318,515 kiloliters comprised of diesel oil 91,466 kiloliters, premium 119,749 kiloliters, pertamax plus 11,800 kiloliters, pertamax 22,000 kiloliters, and kerosene 73,500 kiloliters.
Fuel oil supply to the Plumpang depot takes place through a pipeline from Pertamina's oil refinery at Balongan, Indramayu, West Java.
The operation would constitute the first phase of a plan to supply biodiesel to 436 industrial consumers in the three provinces after the implementation of a similar program for consumers in the transporation sector, Maulanatazi HZ, general manager for fuel marketing of Pertamina's Region III, said.
"The biodiesel will have a FAME (fatty acid methyl ester) content of five percent," he said.
Pertamina would on Tuesday also raise the FAME content of biodiesel at gas stations to five percent, Maulantari added.
The start of the biodiesel supply to industrial conusmers would be done at Peramina's Plumpang fuel oil depot in North Jakarta witnessed by Energy and Mineral Resources Minister Purnomo Yusgiantoro and Pertamina Managing Director Ari Soemarno.
The program was in line with the Energy and Mineral Resources Minister's Regulation No 32/2008 on mandatory minimum biofuel usage.
Maulanatazi said at first the mixing of FAME and diesel fuel was carried out in temporary tanks such at Tanjung Gerem, Padalarang, Ujung Berung, Cikampek, Tasikmalaya and Balongan.
However, the mixing would in the future be done directly at storage tanks in Plumpang, he said. "The mixing job will take six months' time since certain tools are required," he said.
All the 1,287 gas stations in Pertamina's Region III selling 200,000 kiloliters of fuel per month were scheduled to be offering biodiesel with a FAME content of five percent by the end of November.
The Plumpang depot had the largest fuel oil storing capacity in the country with the volume reaching 318,515 kiloliters comprised of diesel oil 91,466 kiloliters, premium 119,749 kiloliters, pertamax plus 11,800 kiloliters, pertamax 22,000 kiloliters, and kerosene 73,500 kiloliters.
Fuel oil supply to the Plumpang depot takes place through a pipeline from Pertamina's oil refinery at Balongan, Indramayu, West Java.
Bank Indonesia: credit growth predicted to go down in 2009
Jakarta (ANTARA News) - Bank Indonesia deputy governor Hartadi A Sarwono said here on Monday he predicted credit would grow around 22 percent next year or drop from this year which is estimated to reach above 30 percent.
"Credit can still grow 20 percent and this will not affect the economy deeply as it will be balanced by funds from a third party," he said at a meeting with the Regional Representatives Council.
He said next year`s credits would dominate working capitals while investment credits were expected to drop compared to this year.
"Investment seems to go down but working capitals will become significant while consumption should remain to support consumer activities," he said.
He said credit grew very fast this year reaching 36 percent while collection of third party funds grew below 20 percent and therefore liquidity in banks was thin making the cost of funds rise and bank credits also increase.
Because of that banks in the fourth quarter this year would slow down their distribution of credits to increase their liquidity, he said.
Therefore, he said, the growth of credits in 2009 had to be accompanied by growth of funds from a third party to make the country`s economy to sustain.
He said as a monetary authority the central bank would continue to monitor the flow of funds from banks to the real sector to assure that it was not hindered.
"What is important for us is enough liquidity to support economic activities so that they will not stop. What is meant by stoppage is that some people actually still have capability to conduct economic activities but could not do them because they have no funds. Investment funds or working capitals must not stop flowing. Bank Indonesia will monitor the liqudity from day to day," he said.
He said it was expected the 22 percent credit growth would support next year`s economic growth which was expected to reach five percent.
"Credit can still grow 20 percent and this will not affect the economy deeply as it will be balanced by funds from a third party," he said at a meeting with the Regional Representatives Council.
He said next year`s credits would dominate working capitals while investment credits were expected to drop compared to this year.
"Investment seems to go down but working capitals will become significant while consumption should remain to support consumer activities," he said.
He said credit grew very fast this year reaching 36 percent while collection of third party funds grew below 20 percent and therefore liquidity in banks was thin making the cost of funds rise and bank credits also increase.
Because of that banks in the fourth quarter this year would slow down their distribution of credits to increase their liquidity, he said.
Therefore, he said, the growth of credits in 2009 had to be accompanied by growth of funds from a third party to make the country`s economy to sustain.
He said as a monetary authority the central bank would continue to monitor the flow of funds from banks to the real sector to assure that it was not hindered.
"What is important for us is enough liquidity to support economic activities so that they will not stop. What is meant by stoppage is that some people actually still have capability to conduct economic activities but could not do them because they have no funds. Investment funds or working capitals must not stop flowing. Bank Indonesia will monitor the liqudity from day to day," he said.
He said it was expected the 22 percent credit growth would support next year`s economic growth which was expected to reach five percent.
Selasa, 04 November 2008
PTBA planning to join Northstar consortium
Minister for State Enterprises Sofyan Djalil said state-owned coal mining firm PT Tambang Batubara Bukit Asam (PTBA) was planning to join Northstar Pacific consortium which would buy 35 stake in PT Bumi Resources (BUMI).
"PTBA has told us its plan to join it. If there are others who will join it too, we would welcome them," the minister said here on Tuesday.
Northstar is an investment company which is part of the Texas Pacific Group of the United States. It has won the purchase offer of 35 state in BUMI worth US$1.3 billion. Northstar defeated other contenders San Miguel of the Philippines and Tata Group of India.
Besides PTBA, two other state-owned enterprises (SoE), namely PT Antam and PT Timah once expressed interest to purchase BUMI, failed to reach a deal due to low price.
According to Djalil, the government is in principle encouraging SoEs to take part in the purchase of state with BUMI.
"After the due diligence carried out on BUMI and it showed `clear and clear` and its price is promising then would not object to it," he said.
He said that BUMI was a good company and the due diligence indicated a good result, so that there would be no problem if a SoE was interested in it.
But the minister admitted he was not informed of the ability of the company to take part in the consortium, especially with regard to its fund and the portion of the shares it would buy.
As reported Sunday, Northstar is teaming up with state companies for the buyout.
"We are now evaluating what proportion we have in the consortium, but the deal the consortium and Bakrie & brothers has been completed, PTBA president director Sukrisno was quoted as saying.
Bakri & Brothers, the flagship of the wealthy and politically wired Bakrie family announced over the weekend that Northstar Pacific had agreed to pay US$1.3 billion for the Bakrie`s 35 percent stake in publicly listed BUMI, the world`s largest thermal coal exporter, to help its debts.
(*)
"PTBA has told us its plan to join it. If there are others who will join it too, we would welcome them," the minister said here on Tuesday.
Northstar is an investment company which is part of the Texas Pacific Group of the United States. It has won the purchase offer of 35 state in BUMI worth US$1.3 billion. Northstar defeated other contenders San Miguel of the Philippines and Tata Group of India.
Besides PTBA, two other state-owned enterprises (SoE), namely PT Antam and PT Timah once expressed interest to purchase BUMI, failed to reach a deal due to low price.
According to Djalil, the government is in principle encouraging SoEs to take part in the purchase of state with BUMI.
"After the due diligence carried out on BUMI and it showed `clear and clear` and its price is promising then would not object to it," he said.
He said that BUMI was a good company and the due diligence indicated a good result, so that there would be no problem if a SoE was interested in it.
But the minister admitted he was not informed of the ability of the company to take part in the consortium, especially with regard to its fund and the portion of the shares it would buy.
As reported Sunday, Northstar is teaming up with state companies for the buyout.
"We are now evaluating what proportion we have in the consortium, but the deal the consortium and Bakrie & brothers has been completed, PTBA president director Sukrisno was quoted as saying.
Bakri & Brothers, the flagship of the wealthy and politically wired Bakrie family announced over the weekend that Northstar Pacific had agreed to pay US$1.3 billion for the Bakrie`s 35 percent stake in publicly listed BUMI, the world`s largest thermal coal exporter, to help its debts.
(*)
Rupiah nosedives on continued buying of greenback
The rupiah nosedived to nearly Rp12,000 per US dollar in the Jakarta interbank spot market on Tuesday morning, as market players were still in panic and buying huge amounts of US dollars over worries about the global financial crisis.
"The global financial turmoil which continues to pressure the money market is prompting market players to buy US dollars and causing the Indonesian currency to drop to nearly Rp12,000 per US dollar," Edwin Sinaga, a money market observer, said here on Tuesday.
The rupiah traded at Rp11,700/11,900 per US dollar, down 1,385 points from the previous day's close of Rp10,315/10,950 per US dollar.
Sinaga, president director of Finan Carpindo, said market players became more panic-stricken seeing the slumping down of regional stock markets and decided to buy US dollars in huge amounts.
In fact, the rupiah depreciated by around seven to eight percent while in other Asian countries such as Thailand and South Korea the local unit weakened by far more points, he said.
The rupiah's weakening was mainly due to the global turmoil therefore a stabilization effort should be given a priority to prevent the currency from plunging further, he said.
However, he was optimistic that foreign capital would flow into Indonesia's capital/stock market because shares in the capital market were overvalued.
Short- and long-term capital would enter Indonesia and help strengthen the rupiah, he said.
"Slowly, capital will come in. It's just a matter of confidence," he said.
Last weekend, the Association of Young Indonesian Businessmen (Hipmi) urged the government and Bank Indonesia (the central bank/BI) to take joint steps to halt the rupiah's depreciation against the US dollar.
The rupiah's current movement was worrying and thus, measures were needed to reverse the trend, Hipmi Chairman Erwin Aksa said.
"But neither the public nor businesspeople should panic," he said. (*)
"The global financial turmoil which continues to pressure the money market is prompting market players to buy US dollars and causing the Indonesian currency to drop to nearly Rp12,000 per US dollar," Edwin Sinaga, a money market observer, said here on Tuesday.
The rupiah traded at Rp11,700/11,900 per US dollar, down 1,385 points from the previous day's close of Rp10,315/10,950 per US dollar.
Sinaga, president director of Finan Carpindo, said market players became more panic-stricken seeing the slumping down of regional stock markets and decided to buy US dollars in huge amounts.
In fact, the rupiah depreciated by around seven to eight percent while in other Asian countries such as Thailand and South Korea the local unit weakened by far more points, he said.
The rupiah's weakening was mainly due to the global turmoil therefore a stabilization effort should be given a priority to prevent the currency from plunging further, he said.
However, he was optimistic that foreign capital would flow into Indonesia's capital/stock market because shares in the capital market were overvalued.
Short- and long-term capital would enter Indonesia and help strengthen the rupiah, he said.
"Slowly, capital will come in. It's just a matter of confidence," he said.
Last weekend, the Association of Young Indonesian Businessmen (Hipmi) urged the government and Bank Indonesia (the central bank/BI) to take joint steps to halt the rupiah's depreciation against the US dollar.
The rupiah's current movement was worrying and thus, measures were needed to reverse the trend, Hipmi Chairman Erwin Aksa said.
"But neither the public nor businesspeople should panic," he said. (*)
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