30 May 2007

Crude Palm Oil Policy to be Effective from June 1

Crude palm oil (CPO) producers are to be obligated to set aside some of their products for domestic needs.

The domestic market obligation (DPO) policy will come into effect as from June 1, 2007.

“The DPO implementation is a mandate of the State Decree on Plantations,” said Anton Apriyantono, Agriculture Minister, after accepting bird flu vaccine aid from Chinese government at the Agriculture Department building, Jakarta, yesterday (29/5).

“(The implementation provision) is the Agriculture Minister Decision for a start,” he said

Anton explained that for the time being, the DMO policy was being implemented in order to fulfil domestic cooking oil needs because cooking oil is one of the nine staple household goods.

Therefore, CPO stocks are prioritized for domestic needs.

“It's unfortunate (for producers) if the price abroad is high, but we limit it here,” said Anton.

On the other side, in order to secure domestic stocks, the government cannot determine the price.

“We still leave the price to the market mechanism,” said Anton.

Regarding the CPO quota per producer, he went on to say it will be determined later with the Industry and Trade Departments.

“It can't be set by us alone,” said Anton

What is certain is the minimum limit being calculated based on the company's tax payment and amount shipped abroad.

Anton said that the DMO policy is effective even for companies associated with Malaysia.

Fahmi Idris, the Industry Minister, instead stated that the DMO policy for fulfilling domestic palm oil need will be effective by the end of the month.

He explained domestic CPO needs reach 4.5 million tons per year.

“So the obligation (DMO) amount is between 4.5 million to 5 million tons per year,” he said, on Monday (28/5) at the Vice President's office, Jakarta.

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this heart of mine was broken at 4:36 PM

Prosecutor Rejects Australian Expert Witness’ Statement

The public prosecutor in the review trial of the illegal drugs case involving Australian citizens--Tan Duc Tan Nguyen, Si Yi Chen and Matthew James Norman—has rejected an expert witness from Australia.

According to prosecutor Olopan Nainggolan at the Denpasar District Court, yesterday (29/5), the statement of Professor James R.P. Ogloff from Monash University was considered not to be relevant with the trial materials.

In his statement, Oglof said that during the last 30 years the number of countries which still implement death penalty continues to decrease.

The prosecutor also objected to the statement because the permit from the Australian Justice Minister for Ogloff was only sent by e-mail the print-out of which was not submitted during the trial.

The convicts' lawyer, Erwin Siregar, stated he brought a copy of Australian Supreme Court's statement that explained about Ogloff's whereabouts.

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this heart of mine was broken at 4:36 PM

29 May 2007

MoU Must be Reviewed, Indonesian Workers in Malaysia Suffering Losses

A number of Indonesian migrant workers activists have asked the government to review the Memorandum of Understanding (MoU) with Malaysia signed in Bali in 2006.

The agreement is regarded as being detrimental to Indonesian citizens working as migrant labors.

Miftah, Chairperson of the Indonesian Migrant Workers Association, said that under the MoU, employers were allowed to seize employees’ passports.

This was despite passports being individual identities which cannot be held by anybody except police and immigration officers.

“But the government easily gives permission that passport is submitted to employers or agents in Malaysia,” Miftah told Tempo yesterday (27/5).

The policy that allows employers to hold passports, said Miftah, actually triggered the large number of trafficking cases.

It is not surprising therefore that the rights of Indonesian workers in that country are often violated.

For example, torture, unpaid salary, prohibition to marry at work place and impediments to meet family members.

“All are human rights violations,” said Miftah.
Anis Hidayah, Executive Director of Migrant Care, questioned the deportation policy carried out by Malaysia.

According to Anis, a lot of Indonesian workers are to be deported due to the wrong recruitment system in Indonesia.

“Indonesia should have been able to struggle to remove the deportation option, and fight for legalization. The documents are legalized because the laborers there actually already have jobs.”

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this heart of mine was broken at 10:13 AM

Tangguh Field's Gas for America Can Be Transferred to Other Buyer

The sales of some liquefied natural gas (LNG) from Tangguh gas field, Papua, to Sempra, United States, can be transferred to another buyer.

The transfer will be carried out if the LNG sales price is higher than that of Sempra’s.

Eddy Purwanto, Deputy of Marketing and Finance at the Upstream Oil and Natural Gas Business Executing Body, emphasized that the gas transfer from Sempra can be done to any other buyer.

“As long as the sales price is better than Sempra’s,” he told Tempo last weekend.

Based on information received by Tempo, gas sold to Sempra will be transferred to a buyer from Japan.
The reason is, Sempra's LNG facility was built quicker than first planned, in mid 2008.

Sempra signed Tangguh's 20 year gas purchase contract for a volume of 3.7 million tons at the price of US$5.94 per mmBtu.

Eddy went on to say, that the transfer of gas that was bought by Sempra to another buyer has compensations.

“Sempra will obtain certain compensations,” he said.

However, when asked whether the compensation was a penalty that the government must pay, Eddy did not give any answer.

Kurtubi, an oil and gas observer, said that the Tangguh gas sales price, which is under the average gas sales price from Badak refinery in East Kalimantan, will not result in any revenues for the state.

This is because, he said, with investment totaling US$6.5 million and the revenues totaling only US$8.5 billion for 25 years, all revenues are only sufficient to cover the investment costs.

“So what does the state obtain?” he said to Tempo.

Currently, the gas sales contract amounts to 2.6 million tons to Fujian, China for 25 years, with an average price of US$3.35 per mmBtu.

The contract with SK Power Korea amounts to 0.55 million tons for 20 years with US$3.5 per mmBtu sales price.

The contract with Posco Korea 0.55 million tons for 20 years with US$3.36 per mmBtu sales price and Sempra (West Coast, US) 3.7 million tons for 20 years with US$5.94 per mmBtu sales price.

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this heart of mine was broken at 10:13 AM

25 May 2007

Supreme Court Annuls Mystic Programs Provision

The Supreme Court has passed the judicial review proposed by the Association of Indonesian Private Television Stations (ATVSI) against the Indonesian Broadcasting Commission's (KPI) decision on the broadcasting performance guide and broadcasting program standard.

KPI must revoke the provisions, including mystic and pornographic television programs.

ATVSI Chairperson Karni Ilyas acknowledged having received the Supreme Court's decision recently.

“It was already sent to the Association's office this afternoon (yesterday). It was only the summary, the details will follow,” she said when contacted by Tempo yesterday (23/5).

In the decision, the Supreme Court gives three month time for KPI to revoke the letter no. 009/SK/KPI/8/2004.

If within three months the letter is not revoked, the provision will not have any legal force.

According to Karni, actually from the aspect of content, the association agrees with KPI provision.

“We agree that programs with mystic and porn nuance must in fact be limited,” he said.

According to him, the association's claim is more because KPI made the provision earlier than the government.

“In addition, KPI regulates the sanctions. Through the sanction is already regulated in the Broadcasting Decree,” he said.

In article 57 of the decision, for example, factual programs with occult, paranormal and black magic themes may only be broadcasted between 10pm and 3am.

The sanctions stated in article 77 are the forms of written notice, program temporary halt, duration
limitation, fines, freezing television program, turning down license extension up to television station's license revocation.

These sanctions are what the association considered as too heavy.

KPI acknowledged it will study the Supreme Court's decision.

According to KPI member, Don Bosco Selamun, the provision they made for all television stations including TVRI (state-owned television station), is normal.

“Because KPI is given the job in the Broadcasting Decree to protect the society from violence, pornography, sadism and mysticism,” he said.

According to Don Bosco, this KPI provision is different from ATVSI's code of ethics.

“ATVSI's code of ethics are valid for the internal, KPI's decision is general,” he said.
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this heart of mine was broken at 1:02 PM

World Health Assembly Grants Indonesia's Demand

The World Health Assembly, during the 60th meeting in Geneva, Swiss, granted Indonesia's request for a more transparent mechanism as regards sending bird flu virus samples.

Because of this, developed countries will no longer be able to take advantage of poor countries attacked by bird flu.

“The resolution will bind all members of the World Health Organization (WHO),” wrote I Nyoman Kandun, Director General of Disease Control and Environmental Improvement at the Health Department, in a short message to Tempo yesterday (23/5).

Earlier, Indonesia refused to send H5N1 virus samples to the WHO's collaboration laboratory.

The reason for this is the virus, that must be given freely by infected countries, will later be used for research, including for producing bird flu vaccines.

The problem is, the vaccine made by developed countries will then be sold at an expensive price to the infected countries.

“Bird flu virus is provided free from developing countries, but medicinal companies take on a patent on the vaccines and sell it at an expensive price,” said Health Minister Siti Fadilah Supari.

According to Kandun, in the future the resolution will be followed up with cooperation among governments and among divisions.

The cooperation is aimed at revising the term of reference and documents on virus shipping.

“Virus shipping must be done transparently, responsibly and beneficially for all sides in maintaining the world's health,” he said.

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this heart of mine was broken at 1:02 PM

24 May 2007

Indonesia: Market for China's Export Product Remainders

Indonesian domestic product industries are losing the competition against China's imported goods in the domestic market.

The goods from China which enter Indonesia are export remainders.

Cyrillus Harinowo, BCA's Independent Commissioner, said most of China's goods in Indonesia are export goods remainders.

“So the prices are much cheaper,” he said during the “Dragons at Your Door: China's Position in the World Trade Course and How Indonesian Entrepreneurs Response China's Excellence” discussion yesterday (21/5).

Almost all of Chinese exports to Indonesia are export product remainders sold at a very low price.

It is estimated that Chinese products that enter Indonesia amount to 10 percent of China's total exports.

Cyrillus asked that domestic producers make goods which can compete with China-made products.

This is because tariff and non-tariff impediments for restraining the export goods remainders are also not effective.

“It's difficult to face such goods,” said Cyrillus.
Imposing a 100 percent import duty, he said, would not influence the abundance of Chinese products.

The reason for this is that Chinese products will still be cheaper than the normal prices on the international market.

Cyrillus suggested that producers group together to produce medium quality products in order to face the invasion of Chinese products.

This is because Indonesia can export more natural resources products especially energy source and agriculture products that China does not have.

The University of Indonesia's Chinese Study Center Head, Ignasius Wibowo, said that productivity of workers in China is very high, so China can produce cheap products.

“No bureaucracy impediments and production costs are much cheaper. China has managed to build industrial centers,” he said.

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this heart of mine was broken at 12:15 PM

World Bank Supports Freedom of Information Bill

The public being ably to access easily information from governmental institutions is considered as one of the important factors in advancing corruption eradication.
This was conveyed by World Bank communication officer, Ahmad Sukarsono.

“Indonesia already has good instruments for corruption eradication, but without public open access, i believe corruption eradication will be more difficult,” said Ahmad during the Workshop of Access to Obtain Information and Good Governance in Indonesia at Le Meridien Hotel, Jakarta, Tuesday (22/5).

According to Ahmad, the Freedom to Obtain Public Information (KMIP) Bill which is being discussed by the House of Representatives (DPR) will be the oxygen for corruption cases in Indonesia.

World Bank as a financial organization which often provides loans, supports this KMIP Bill being passed.

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this heart of mine was broken at 12:13 PM

23 May 2007

Medicine Prices in Indonesia Extremely High

The public buys medicine with a price that is actually higher than the standard price. This fact is rarely realized because the medicines are needed and the consumers are not given an option to use other medicines.

“Patients are often deceived,” said the Head of Indonesian Health Consumers Empowerment Foundation, Marius Widjajarta, in Jakarta yesterday (21/5).

According to Marius, the foundation he is leading has carried out a survey in 25 hospitals in Indonesia. The result is the costs expended by patients for medical devices and medicines reach 60 to 70 percent of the total cost. “This isn't natural. Patients should only spend 30 percent of the total cost for buying medicines,” he said.

Marius assumed that the ruse against patients is practiced by pharmaceutical companies and doctors who give the prescription. Pharmaceutical companies set a high price for medicines they produce. “The difference can be 200 percent of the generic medicines price,” he said.

It is very rare that patients refuse a prescription given by a doctor. In the meantime, doctors have a motive that patients buy the medicines they recommend. “Pharmaceutical companies give commissions to doctors. The commission is a reward as the doctors prescribe the medicines they produce,” said Marius.

This sham actually does not have to happen if the government's role in monitoring the labeling of medicines runs well. The government must also issue a regulation to determine the price of branded medicines.

Director General of Pharmaceutical Service and Medical Device Improvement at the Health Department, Richard Panjaitan, said that the government does not have the authority to determine the prices of branded medicines.

The government is only authorized to determine the prices of generic medicines to be consumed by the public. “For determining medicine’s price, a law is necessary. Now the draft is being composed by us,” he said.

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this heart of mine was broken at 10:09 AM

AGO Reopens BPPC Case

The Attorney General's Office (AGO) will once again investigate the alleged corruption of the Coordination Body and Clove Marketing (BPPC) which involved Hutomo Mandala Putra a.k.a. Tommy Suharto. The investigation is the AGO's priority as it is considered as the case with the fastest verification process compared to the other Tommy's cases.

“The order to begin investigation was issued on May 7,” said Director of Criminal Act Investigation, Muhammad Salim, yesterday (21/5).

Salim explained that the indications of corruption in the BPPC case are strong. He said these include the requirement that BPPC did not carry out as regulated by the Presidential Instruction No. 1/1992. However, he did not explain it further.

Salim also stressed he will examine all sides related to BPPC, including the former Main Village Unit Cooperative Chairman, Nurdin Khalid. The AGO team, he said, is formulating the role of the main cooperative chairman.

AGO's Civil Director, Yoseph Suardi Sabda, said the alleged corruption in BPPC can be made as a means of disbursing Tommy Suharto's money in Banque Nationale de Paris (BNP) Paribas of the Guernsey branch by the Indonesian government. If the investigation states Tommy's money must be seized, Yoseph believes that the money in Guernsey can be used to pay the compensation. The disbursement can be done through the civil and criminal procedure.

Tommy's lawyer, O.C. Kaligis, is of the opinion that AGO's measure is only a manipulation and seems to be forced. “The main purpose is only the verification of the Guernsey trial,” said Kaligis when contacted by Tempo.

A member of the Indonesian Corruption Watch (ICW) working body, Adnan Topan, is optimistic about the AGO's scenario. “The case hasn't expired. AGO can even name Tommy as a suspect,” he said.

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this heart of mine was broken at 10:08 AM

21 May 2007

“England Must Oversee Origins of Oil Palm”

England, as the biggest palm oil importer in the world after the Netherlands, must set up tight regulations on the origins of palm oil, which is to be a bio-fuel base commodity. This is because the development of a palm oil estate is closely related to deforestation and the orangutan slaughtering.

“We hope that the palm oil plantation will not destroy forests or habitats,” said Director of the Centre for Orangutan Protection (COP), Hardi Baktiantoro, during a rally in front of the British Embassy, Wednesday (16/5). In the rally, four COP activists wore the uniform of plantation officers and carried orangutan puppets, also fuel jerry cans.

Throughout 2006, said Hardi, the rescue team from the Forestry Department and the Nyarumenteng Orangutan Reintroduction Center, Central Kalimantan, managed to save 368 orangutans from a number of palm oil plantations. The plantation workers generally consider orangutans as pests as they eat palm oil leaves. They also chase orangutans from palm oil plantations. As a result, orangutans lose its habitats, water and food sources.

“This cruelty is a violation against the Decree No. 5/1990 on Natural Resources and Ecosystem Conservation. The perpetrators could face five year imprisonment or Rp100 million fine,” he said.

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this heart of mine was broken at 4:47 PM

18 May 2007

Producers Lower CPO Sales Price

The producers of crude palm oil (CPO) lowered the sales price at the factory level to Rp6,100 per kilogram starting yesterday (14/5). On Friday (11/5), the CPO sales price was Rp6,500 per kilogram.

By the decrease of the CPO sales price at factory level, it is expected that the price of cooking oil can decline to between Rp6,500 and Rp6,800 per kilogram, as expected by the government. The national average retail price of cooking oil is still Rp7,900 per kilogram.

This was an agreement between the government and CPO and cooking oil producers during the cooking oil price evaluation meeting at the Trade Department yesterday.

In the agreement in early May with the producers, the Trade Department threatened it will impose sanctions in the form of a hike in CPO export levies if producers could not lower the cooking oil price to Rp6,500-Rp6,800 on June 1.

Industry Minister, Fahmi Idris, said that producers were ready to supply between 100,000 and 150,000 tons of CPO to Java and outside Java. “As much as 80 percent goes to Java,” said Fahmi after the meeting.

Director General of Agriculture Products Marketing and Processing at the Agriculture Department, Djoko Said Damardjati, said yesterday that producers who are not in the Indonesian Palm Oil Entrepreneurs Association were also willing to provide 10,000 tons of additional CPO, which only awaits the approval of company leaders in Malaysia.

The price of cooking oil up to last weekend in several regions was still high.

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this heart of mine was broken at 8:32 AM

Some State Officials Do Not Pay Tax

The Tax Directorate General revealed several names of state officials who have not paid tax or submitted the Yearly Information (SPT) of Tax. “They also don't have a personal tax number (NPWP),” Tax Director General Darmin Nasution told reporters in Jakarta, yesterday (14/5).

Although he has pocketed the names, he refused to explain the identities of state officials who did not pay tax. He was also reluctant to give the details of institutions or departments of the officials who did not report their tax obligation by the Tax SPT because he will first report the cases to President Susilo Bambang Yudhoyono.

Regarding the names of civil officials of echelon IV up to I who neither have NPWP nor submitted Tax SPT, they will be reported to the respective ministry or state institutions. “This is a part of tax intensification to optimize the state revenue,” he said.

A House member, Andi Rahmat, said that the signals of state officials not paying tax have already been there a long time and this could happen. However, there is a possibility that the officials did not intend to break the law or avoid the obligation to pay tax.

The State officials generally have NPWPs. The problem is, he said, they are not accustomd to filling out Tax SPT. “Perhaps many ministers don't know how to fill out Tax SPT,” he said while mentioning that he already filled out his Tax SPT.

Therefore, he said that the Tax Directorate General must intensify the campaign of self assessment of tax much more. “Everybody must have an NPWP, especially those whose income exceeds the income that is tax-free,” he said.

He was sorry that Indonesia does not have a solid system yet like European countries which already implemented NPWP ownership. “In Europe, even people who want to make a call must show his or her NPWP, so they comply with the tax system,” he said.

He still supports the publication of the tax embezzlers. “The Tax Directorate General's findings must be revealed soon so that people feel the obligation to pay tax.”

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this heart of mine was broken at 8:31 AM

Tax Officials to Hunt Down Sukanto Tanoto

The Tax Directorate General at the Finance Department will concentrate on hunting down the main players in the Asian Agri Group tax embezzlement case, including the company's owner Sukanto Tanoto and the other shareholders.

Mochamad Tjiptardjo, Director of Tax Intelligence and Investigation at the Finance Department's Tax Directorate General, did not deny the possibility that the Asian Agri's owner could be legally charged.

”If there is proof, then why not? This is already classified as a criminal case,” said Tjiptardjo in Jakarta yesterday (15/5).

“The numbers of the suspects and the amount of the state's losses may increase,” he said

When asked the same question, whether or not the Tax Directorate General would also hunt down Sukanto Tanoto, on a separate occasion, Finance Minister Sri Mulyani Indrawati said, “We'll see how the Tax Directorate General handles the case. But clearly, the government will chase after payment of all the tax debts plus the fines.”

On Monday (14/5), the Tax Directorate General already stated that five Asian Agri Group directors were suspects of tax embezzlement. The five persons' initials are LA, WT, ST, TNK and AN.

Asian Agri is the second biggest holding company in the Grup Raja Garuda Mas – a company owned by Sukanto Tanoto, Indonesia's richest person in 2006 according to Forbes magazine.

According to Tjiptardjo, 18 members of the Tax Directorate General investigation team are working domestically and abroad to search for new findings in the case.

The legal base being used to charge the embezzlers, including those who asked for the manipulation to be carried out, he said, was Decree No. 16/2000 on Tax General Provisions and Procedures.

So far, according to him, the case development was only as far as the involvement of the five Asian Agri directors.

Signs regard new suspects have not yet been reached at this level of the investigation.

It is so far estimated that the state's losses amount to Rp786.3 billion, or around 30 percent from the total funds marked-up by the company which reached Rp2.62 trillion, but this amount could rise.

According to M. Salim, Director of the Attorney General's Office Investigators, the AGO is still analyzing public complaints about Asian Agri’s alleged corruption and tax embezzlement practices.

“We just received the reports last week,” said Salim.

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this heart of mine was broken at 8:30 AM

12 May 2007

Bappenas Reviews Foreign Loan Agreement Clause

The National Development Planning Agency (Bappenas) will review the clauses in the foreign loan agreement document.

According to the State Minister for National Development Planning, Paskah Suzetta, so far there is not any room for the government to change the current clauses in the foreign loan agreement document. The government could only agree upon the foreign loan agreement document. “Of course this has the potential to cause unfairness for debtor countries (Indonesia),” he said in Jakarta yesterday (10/5).

The composition of the foreign loan agreement document is a crucial phase. During this phase, he said, there must be a mastery of many substances such as financial and legal. “The two aspects are important prerequisites in the negotiation process,” he said.

So that the negotiation agreement is beneficial for Indonesia, the government will compose a guide of negotiations and composition of foreign loan agreement documents. The guide is aimed at making sure the bargaining positions of the government and the donors are equal. As a result, the relation between debtor and creditor is beneficial for each and this reduces the interest of one side. “The guide must be accompanied by the increase of the negotiators' ability,” said Paskah.

On Wednesday (9/5), Bappenas' Director of Development Funding Monitoring and Evaluation, Benedictus Benny Setiawan said the requirements and grant program or loans are made only for the creditors' interest. This can happen because the diplomatic ability of Indonesians is still weak. However, now the government's bargaining position has increased so it can decide by itself the project priority or programs funded by grant or loan in line with the work and development agenda
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this heart of mine was broken at 8:37 AM

11 May 2007

11 Japan Loan Bank Projects Delayed

The National Development Planning Agency (Bappenas) has discovered that the realization of 11 infrastructure projects funded with loans from the Japan Bank for International Cooperation has been delayed.

“The delayed projects belong to the Public Works Department, the Transportation Department, Cipta Karya and Bina Marga,” Benedictus Benny Setiawan, Director of Development Funding Monitoring and Evaluation told Tempo at his office, Jakarta, yesterday (9/5).

Benny explained that the projects were delayed because of land acquisition and project procurement.

Four projects were delayed because of land acquisition problem, Batanghari Irrigation; North Java Corridor Flyover, Tanjung Priok Access Road and Double Double-Track.

The projects which were delayed by procurement are Lower Solo River Improvement, Komering Irrigation Project, PTSL for Water Resources Development and the Railway Electrification and Double Double-Track.

The projects' procurement was hampered due to land acquisition.

The Dumai Port project was delayed by the Indonesian Military (TNI) Navy’s quay demolition.

The problem was settled in the end of 2006, but the process must be accelerated because it is likely to not to be completed on schedule.

The Maritime Education and Training Improvement project is also not in accordance with schedule due to design alterations.

The constraints resulted in the absorption of loans being low.

Benny said that not all of the loans from the Japan Bank were absorbed.

The US$5.95 billion in loans from the Japan Bank is equivalent to 40.8 percent of the total foreign loans for infrastructure projects.

Funds from Japan Bank are allocated for 51 projects.
The delay in projects and fund absorption did not make the government pay commitment fee to Japan Bank.

However, infrastructure facilities cannot be enjoyed soon by the general public and economic costs have occurred.
“Roads were ruined due to high transportation cost,s so goods' prices are also high,” said Benny.
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this heart of mine was broken at 1:51 PM

10 May 2007

Minimum 10 Percent Investment Growth Required

The government needs investment growth to be 10 percent in order to catch up with the targeted non-oil and gas export growth of 14.5 percent.

Last year, investment growth was only three percent.
Mari Elka Pangestu, Trade Minister, said that investment growth was required in order to increase export growth.

“This year investment growth must be 10 percent, up from last year's three percent,” she said, on Monday (7/5).

She went on to say that the competitiveness of export products in the world market no longer faces the matter of lowest production cost anymore.

“But how to deliver goods quickly and at a low distribution cost,” said Mari.

In order to support investment and export growth, she said the government will prioritize the state budget for building infrastructure.

“Inefficient transportation and logistics are problems that must be solved,” she said Mari.

Muhammad S. Hidayat, Chairman if the Indonesian Chamber of Commerce and Industry (Kadin), acknowledged he was pessimistic about the target set by the government last week.

At that time, the Coordinating Minister for the Economy said that investment amounting to Rp1,180 trillion was needed to reach the economic growth target of 6.8 percent by 2008.

It is expected that most of the investment will come from the private sector because the government can only provide around Rp141 trillion.

“With such target, we can no longer do business as usual. The government must do concrete policies in order to improve investment climate,” Hidayat told Tempo.

According to him, without concrete policies, such as government regulations, presidential regulations,
ministerial regulations or other regulations which separate the authority between central and regional governments, the investment target will not be met.
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this heart of mine was broken at 8:08 AM

09 May 2007

Banks Compelled to Implement International Standard Financial Statement

Bank Indonesia (BI) will oblige banks to implement the International Financial Reporting Standards/IFRC) by 2010. The implementation of this international-scale international financial reporting standard will be carried out gradually starting next year. “The implementation is gradual, but in 2010 all banks must utilize it,” said Deputy BI Governor Siti Fadrijah in Jakarta yesterday (7/5).

The standard international financial statement are the accounting and reporting standards which are valid internationally. The financial standard accounting statement used by the Indonesian Accountants Association (IAI) is also based on the international provision.

The implementation of the standard international financial statement will influence the evaluation of companies’ or banks’ assets and liability. This affects both profit and loss. If the net difference is negative, the profit decreases automatically. Thus, he said, Bank Indonesia will analyze any concepts or components which will be included in the international standard financial statement analysis.

According to him, BI and IAI are also analyzing accounting standards which are to be included in the international financial statement component. “This (IFRS implementation) must be analyzed carefully so that it doesn't cause an upheaval.”

PT Bank Mandiri 's Director, Pahala N. Mansyuri, said that consistent IFRS implementation will benefit banks in the long term.

However, he is of the opinion that IFRS will face impediments if the international accounting standard component (IAS) 39 is included.
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this heart of mine was broken at 4:58 PM

08 May 2007

President Yudhoyono Announces New Ministers

President Susilo Bambang Yudhoyono announced several new ministers who will be in the United Indonesia Cabinet at 3.52pm WIB (Western Indonesian Time) in the Credential Room of Merdeka Palace, the Presidential Palace complex, Jakarta, Monday (7/5) .

The new ministers are not that different far from the recent media's reports, including Tempo.

They are Sofyan Djalil, State Minister for State-Owned Enterprises, replacing Sugiharto; Muhammad Nuh, Information and Communication Minister, replacing Sofyan Djalil.

Hendarman Supandji, Attorney General, replaceing Abdul Rahman Saleh; Hatta Radjasa, State Secretary, replaceingYusril Ihza Mahendra; and Andi Mattalata, Justice and Human Rights Minister, replacing Hamid Awaluddin.

The last is Lukman Edy, State Minister for Development of Disadvantaged Regions, replacing Syaifullah Yusuf.

Regarding Home Affairs Minister Mohamad Ma'ruf, now being treated in Singapore for illness, the President is still awaiting the health results from the Presidential Doctors Team and the Singaporean Doctors Team.

When he read out the new ministers' names, the President, wearing red batik and black trousers, was accompanied by Vice President Jusuf Kalla and Coordinating Minister for the Economy Boediono; Coordinating Minister for the People's Welfare Aburizal Bakrie and Coordinating Minister for Political and Security Affairs Widodo AS.

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this heart of mine was broken at 8:31 AM

07 May 2007

BPK Asks BNI to Close London Branch

The Head of the Supreme Audit Agency (BPK), Anwar Nasution, urged PT Bank Negara Indonesia (BNI) to close their branch office in London. “Just close the bank. It has been a source of problems,” said Anwar when handing over the BPK Examination Results Summary Semester II/2006 to the House of Representatives in Jakarta yesterday (3/5).

Based on the BPK audit into BNI London branch, he said in the last five years, between 2001 and 2005, the branch at the United Kingdom's capital only undermined the head office. For example, the placement of BNI’s foreign funds head office are loaned to foreign companies and caused stagnation of credit.

He said the monetary authority in UK has even asked the BNI London branch to close.

The former BI Deputy Senior Governor did not say in detail about BNI London branch's transactions that BPK considered as problematic. However, based on Tempo's analysis, BPK once questioned the deposit agreement between BNI London and Rio Tinto European Holdings with outstanding per 31 December, 2004 amounting to US$43.8 million. BPK also questioned the promissory notes purchase of Parmalat Participacoes Do Brasil Ltd amounting to US$2 million and SR Gent's credit facility with 13 million pound sterling outstanding.

BNI Managing Director, Sigit Pramono and BNI Secretary , Intan Abdams have not been able to ask for comments. Yesterday, when they were telephoned, Sigit said he was in a meeting.

However, in the BPK report, the Examination Result of Semester I/2006, BNI's board of directors explained, 'In line with the Commissioner's suggestion, we're now asking for a legal opinion based on Indonesian law regarding BNI position in the transaction and we can perform a legal risk assessment over the transaction. BNI London has been asked to stop the transaction with Rio Tinto and to study the termination of current contracts.”

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this heart of mine was broken at 11:44 AM

04 May 2007

Deflation Increase Possibility of BI Rate Decrease

It is possible that the Bank Indonesia's interest standard (BI Rate) will decrease due to deflation (goods and service's price decreases) last April.

It is estimated that by the end of the year, the BI Rate could reach 8.5 percent.

“The room for a BI Rate decrease is larger,” said Burhanuddin Abdullah, Bank Indonesia (BI Governor) in Jakarta yesterday (2/5).

Deflation, he said, also enlarged the possibility of reaching the inflation target of six percent plusor minus one percent.

“The possibility to reach the inflation target is larger,” he said.

On Tuesday (1/5) the Central Statistic Bureau (BPS) announced there was 0.16 deflation, better compared to in March which underwent inflation of 0.24 percent.

Of 45 cities surveyed by BPS, 30 cities or 66 percent underwent goods and service's price decreases, while the remainders underwent inflation.

The deflation was due to the decrease of prices shown by the decreasing index of food category (11.30 percent) and leisure and sports education (0.03 percent).

The causes of deflation include the drastic decrease of rice and red chili prices as also other vegetables.

In the State Budget 2007, the government targets annual inflation to be 6.5 percent while BI's target is six percent plus-minus one percent.

Currently, the BI Rate is at the level of nine percent.
During the meeting of Governors Board in early April, the central bank did not lower the interest standard as there was a threat of inflation.

Boediono, Coordinating Minister for the Economy, stressed that the deflation in April was extreme.y good agreeable because it strengthened the government's optimism in maintaining economic stability.

Therefore, the government will maintain the low inflation rate maximally in the following months.

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this heart of mine was broken at 9:50 AM

02 May 2007

Cooking Oil Supply to be Increased

The government and producers have agreed to supply an additional 100,000 tons of cooking oil per month to neutralize unbranded cooking oil in the market.

With this additional supply, the price of unbranded cooking oil target in the market will be between Rp6,300 and Rp6,800 per kilogram.

Currently, the price of unbranded cooking oil is between Rp7,000 and Rp8,000 per kilogram.

Trade Minister Mari Elka Pangestu said that the measure for the additional supply means annulling other options – export tax hikes and cooking oil price subsidies.

“The policy taken was not control over exports or export taxes, but we are trying the form of market operations,” she said after the meeting with oil palm producers association and cooking oil producers yesterday (1/5).

According to Mari, the producers who procure additional cooking oil do not acquire profit.

“However, they obtain cross-subsidies from the profit of exports,” she said.

The 100,000 tons additional cooking oil supply will be ongoing until national crude palm oil production increases.

“It is estimated that in June there will be production increase,” said Industry Minister Fahmi Idris.

The Indonesian Retail Entrepreneurs Association confirmed that so far there have not been any problems regarding cooking oil distribution.

It is estimated that the product's soaring price in the market recently was merely because of price rises at the factory and retail supplier levels.

“There isn't any problem in terms of supply. There are still suppliers, but indeed there were price rises from factories and suppliers,” said the association's chairman, Handaka Santosa, yesterday.

In order to slow down the cooking oil price rises, Handaka agreed upon market operations.

He is even ready to assign association members to hold market operations.

“If we're asked by the government, we'll do it. The association was once asked by the Indonesian Chamber of Commerce and Industry to hold market operations, and we did,” he said.

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this heart of mine was broken at 5:37 PM

Advertisement Regulation Violators Threatened with Multiple Sanctions

The Information and Communication Minister Regulation on the Domestic Resources Usage for Advertisement Products Broadcast by Broadcasting Institution, is effective starting yesterday (1/5).

People who violate this new regulation are threatened with multiple sanctions.

Sofyan Djalil, Information and Communication Minister, said the regulation was issued in order to advance the domestic industry's and resources competitive power in broadcasting.

The regulation is in fact already included in the Article 46 Point 11 of the Decree No. 32/2006 on Broadcasting.
Unfortunately, the law does not explain in details about the definition of domestic resources.

As a result, a large number of advertising groups violated the law.

“In practice it’s extremely free,” said Sofyan in Jakarta yesterday (1/5).

According to Emmy Yuhasari, a member of Information and Communication Minister's expert staff, the use of local resources in the law is arranged from the process of production to post-production.

From the aspect of acting, the provision is effective for models, actors, supporting-actors, directors, creative directors, photography directors, lighting directors, production officers, camera persons, audio operators, production assistants, back sound operators and tele-cinema operators.

It is the same with on-line editors, off-line editors, effect editors, graphic artists, animation artists, musicians, music arrangers, effect persons, recording operators, technical advisers, stunt and audio as also visual 3-D special effect editors.

In the implementation, said Emmy, every advertising agency must sign a letter of statement that the advertisement has fulfilled the requirements.

The letter must be handed to television stations.
If anyone is found to have violated the requirements, Emmy said the government will impose multiple sanctions.

First, administrative sanctions that forbids broadcasting of the advertisement on television and radio station.
The agency will be charged under the falsehood article of the Criminal Code.

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this heart of mine was broken at 5:35 PM

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