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Indonesia Economy

sharon sanders

sharon sanders

Editor-in-Chief & President
<TABLE cellSpacing=0 cellPadding=0 width=610 border=0><TBODY><TR><TD width=15 rowSpan=3></TD><TD align=left width=570 height=35>Print</TD><TD width=25 rowSpan=3>
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</TD></TR><TR><TD width=570>Indonesian Economy Grows at Slowest in Almost 2 Years (Update2) May 15 (Bloomberg) -- Indonesia's economy expanded at the slowest pace since 2004 in the first quarter and the central bank cut its growth forecast. Stocks dropped the most in two years and the rupiah slumped.
Consumer spending in Indonesia's $276 billion economy fell after the government more than doubled fuel prices and the central bank raised interest rates six times last year to stem a plunge in the currency. Growth also slowed after the government missed spending targets.
Southeast Asia's largest economy grew 4.6 percent from a year earlier compared with 4.9 percent in the fourth quarter, the Central Statistics Bureau said a statement in Jakarta today. The central bank cut its growth forecast to 5.4 percent. That would be the first slowdown since 2000.
``The key to economic recovery is in the hands of the government,'' Fauzi Ichsan, chief economist at Standard Chartered Plc in Jakarta said before the announcement. ``There is concern that the government is not playing enough of a role to minimize the negative impact of the hike in fuel prices and interest rates.''
The rupiah plunged as much as 3.3 percent to 9020 against the U.S. dollar as of 3:20 p.m. in Jakarta, while the benchmark stock index lost 6.1 percent, its biggest drop in two years.
Bank Indonesia ``has been in the rupiah market'' today, Governor Burhanuddin Abdullah told reporters in Jakarta, without elaborating.
Cars, Motorcycles
PT Astra International, the nation's biggest car retailer, and rivals sold 45 percent fewer vehicles in the first quarter than a year earlier. Astra reported its second quarterly profit drop in the first three months. Net income fell 30 percent to 1.06 trillion rupiah ($120 million). Indonesians typically borrow to purchase vehicles.
Indonesia's new car sales may fall as much as 34 percent this year, PT Toyota-Astra Motor President Johnny Darmawan said on May 2, cutting a November estimate by the nation's main industry group. Indonesian retail sales fell 11.2 percent in February, according to a survey conducted by the central bank.
PT Unilever Indonesia, the nation's biggest consumer goods maker, reduced shampoo in brands such as Clear, as costs rose. The company cut the quantity of the hair wash in a sachet 17 percent to 5 milliliters, while keeping the price unchanged, Des Dempsey, chief financial officer of Unilever said. Lower-priced sachets are popular in Indonesia where 40 million people survive on less than 70 cents a day.
`Modest Growth'
``People are still feeling the impact of the fuel-price increase last year and high interest rates have prevented a pickup in economic growth,'' said PT Bank Danamon President Sebastian Paredes. ``The economy may see modest growth in the second quarter.''
Growth also slowed as President Susilo Bambang Yudhoyono's government failed to meet a promise to spend an extra 15 trillion rupiah ($1.7 billion) on social work projects in the first quarter.
Regional governments have spent 12 percent of this year's 204.2 trillion rupiah developmental budget, according to a report by the Indonesian unit of JPMorgan Chase & Co.
The government has been unable to boost spending because bureaucratic delays prevented regional governments from choosing projects in which to invest, Coordinating Minister for Economy Boediono said on April 20.

http://www.bloomberg.com/apps/news?pid=10000080&sid=azUMYYGj142Q&refer=asia# </TD></TR></TBODY></TABLE>
 
Re: Indonesia Economy

<TABLE cellSpacing=1 cellPadding=2 width="100%" bgColor=#e7e4e4 border=0><TBODY><TR><TD width="30%" bgColor=#c6c6c6><CENTER>[FONT=Verdana,Arial]USD DOLLAR - IDR RUPIAH
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Today's rupiah vs. USD dollar chart. Rupiah losing.


http://www.indoexchange.com/
 
Re: Indonesia Economy

Indian shares plunge nearly 7 pct




<!-- date --><SCRIPT language=JavaScript type=text/javascript> <!-- if ( location.hostname.toLowerCase().indexOf( "edition." ) != -1 ) { document.write('Thursday, May 18, 2006 Posted: 1335 GMT (2135 HKT)'); }else { document.write('Thursday, May 18, 2006; Posted: 9:35 a.m. EDT (13:35 GMT)'); } //--> </SCRIPT>Thursday, May 18, 2006 Posted: 1335 GMT (2135 HKT) <!--===========IMAGE============-->
<!--endclickprintexclude-->MUMBAI, India (Reuters) -- Indian shares plunged nearly 7 percent on Thursday, posting their biggest one-day fall in points, as investors dumped commodities on weak Asian markets and fretted about possible taxes on foreign portfolio investments.
Shares in metals firms Hindalco Industries and Tata Steel fell more than 10 percent, cement makers also clocked up double-digit losses and index heavyweight Reliance Industries Ltd. slipped nearly 8 percent to 1,004.70 rupees.
All 30 shares on the BSE index ended lower, dragging the index down 6.76 percent, or 826.38 points, to 11,391.43 points. The previous biggest one-day fall was 570.42 points on April 28, 1992.
Aluminium producer Hindalco shed 12 percent to 191.95 rupees and Tata Steel slid 11 percent to 545.45, also tripped up by a lower-than-expected quarterly net profit.
Associated Cement tumbled more than 12 percent to 798.40 rupees, while Grasim Industries fell 8.5 percent to 1,985.95.
The 50-issue NSE index fell 6.77 percent to 3,388.90.
The BSE index climbed 2.9 percent on Wednesday, extending gains into a second day after three days of declines shaved off 6.4 percent. However it is still up more than 21 percent this year.
The Indian government said on Wednesday it planned guidelines that would help distinguish between investors and stock traders so as to tax them differently.
That raised concerns that foreign funds, which have put $4.2 billion into Indian equities this year, may trim their positions, dealers said.

http://edition.cnn.com/2006/BUSINESS/05/18/india.market.reut/

Thanks to DB for this find.
 
Re: Indonesia Economy

[FONT=Arial, helvetica]N. Sumatra poultry farmers disregard bird flu threat [/FONT]Apriadi Gunawan, The Jakarta Post,Medan
Wearing no protective gear, Rustam slowly walks past rows of crowded cages. He stops at one of the cages and reaches in with his bare hands, grabs 10 sick chickens and moves them to another cage.

snip

"At least two or more die every day. Most of them show blue marks on their bodies before they die," Rustam said.
The idea of biosecurity measures has still not filtered down to Rustam. Such measures include everything from building closed chicken sheds and erecting bird netting to chemical baths and vaccines. They also require farmers to protect themselves from infection by wearing masks and taking other precautions. But such ideas are foreign to Rustam, who does not wear gloves or a mask when tending to sick chickens.

snip

"The bird flu scare in North Sumatra reduced poultry production by up to 70 percent last year. The impact this year has been smaller, with production data showing around 3.8 million chicks were produced in April," Sastrawan said.
He said the recent cluster of bird flu cases in Karo regency had only affected poultry production in that regency, and had yet to have an impact on other areas. "The bird flu outbreak in Karo has not affected total poultry sales in North Sumatra thus far. Everything is running as usual," Sastrawan said.

http://www.thejakartapost.com/misc/PrinterFriendly.asp
 
Indonesia Economy

INDONESIA OUTLINES PLAN TO ATTRACT BUSINESSES
Bloomberg News, The Associated Press
September 4, 2006

Singapore -- President Susilo Bambang Yudhoyono of Indonesia promised Monday to step up efforts to combat corruption, terrorism, bird flu and other threats to stability, and he said that "with luck" the economy could double in 10 years.

ap99_indonesia_president_Yudhoyono_file_aug05_03feb06_2106.jpg

President Susilo Bambang Yudhoyono. Source

Addressing about 400 company executives and diplomats at a business conference in Singapore, Yudhoyono said his government was also committed to democratization and to creating a better climate for investment.

"With the successful reforms, Indonesia will be an easy, attractive and profitable place for businesses, local and foreign, to grow," Yudhoyono said in a speech at the Forbes Global CEO Conference. "I promise to do all I can to make it one of your best investment decisions."

Yudhoyono said his administration had taken concrete steps to curb corruption, which has chased businesses away in the past. "My government has now launched an anti-corruption campaign that is perhaps unprecedented in our nation's history. Our anti-corruption measures have spared no one from the arms of the law," he said.

Indonesia needs foreign investment to spur growth in the $276 billion economy, which accelerated for the first time in a year and a half in the second quarter. While the government expects growth to quicken to 5.9 percent this year, doubling GDP by 2016 is unlikely, said Ross McLeod, an economist at the Australian National University.

"That would require growth at about 7.1 percent on average for a decade," said McLeod. "Clearly, focused economic policy making is much more difficult these days, under genuine democracy."

Yudhoyono said his country would fight harder against terrorism through direct operations as well as by alleviating poverty. He added that Indonesia, the country worst hit by bird flu, had been working to curb the virus's spread and to prepare for the possibility of a flu pandemic, vaccinating poultry and stockpiling medicines. He acknowledged that more had to be done.

To attract investment, he said, lawmakers were working to revise legislation and policies. He added that the government was "fully committed" to lowering corporate taxes while expanding the country's tax base.

"In our new draft bill, we plan to lower corporate tax from 30 percent down to 25 percent by 2010," Yudhoyono said.

He said Indonesia was working hard to improve infrastructure, particularly in telecommunications, electricity and ports.

Yudhoyono reiterated his expectation that Indonesian inflation would fall to below 8 percent from the current double-digit levels, in keeping with government projections that inflation will drop below 8 percent by year-end.

He also said his government hoped that gross domestic product would double over the next 10 years as measures to fight corruption and promote jobs and economic growth take effect.

Indonesia's economy is growing at almost 6 percent a year, but that is not fast enough to provide work for the legions of people who enter the job market.

Yudhoyono, who took office in October 2004 as Indonesia's first directly elected president, met Monday with Prime Minister Lee Hsien Loong of Singapore, with whom he discussed regional and bilateral issues.

www.iht.com/articles/2006/09/04/business/rupiah.php
 
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