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OZ MINERALS ON ROAD TO MARTABE SELL-OFF

Posted by Gilmour Poincaree on January 2, 2009

January 02, 2009

by Matt Chambers – The Australian

PUBLISHED BY ‘THE AUSTRALIAN’

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PUBLISHED BY ‘THE AUSTRALIAN’

Posted in AUSTRALIA, BANKING SYSTEMS, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDONESIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

JAPANESE AFFILIATES BEARISH ON PROFITS

Posted by Gilmour Poincaree on December 29, 2008

01:02:00 12/30/2008

by Ronnel Domingo – The Philippine Daily Inquirer

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

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PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

Posted in AUTOMOTIVE INDUSTRY, COMMUNICATION INDUSTRIES, DIGITAL INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ELECTRIC / ELECTRONIC INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDONESIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MALAYSIA, PHILIPPINES, SINGAPORE, THAILAND, THE FLOW OF INVESTMENTS, VIETNAM | Leave a Comment »

INDONESIA SAYS CHEVRON MAY INVEST $3 BILLION THERE

Posted by Gilmour Poincaree on December 27, 2008

Dec. 26, 2008, 6:05AM

Bloomberg News

PUBLISHED BY ‘THE HOUSTON CHRONICLE’ (USA)

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PUBLISHED BY ‘THE HOUSTON CHRONICLE’ (USA)

Posted in CHEMICALS (processed components), COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GASOLINE, INDONESIA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, NATURAL GAS, PETROL, RECESSION, REFINERIES - PETROL/BIOFUELS, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, TRANSPORT INDUSTRIES, USA | Leave a Comment »

INDONESIA’S PERTAMINA EYES VERENEX LIBYA OIL FIND

Posted by Gilmour Poincaree on December 13, 2008

11/12/2008 15:33:00

PUBLISHED BY ‘THE TRIPOLI POST’ (Lybia)

Indonesia’s state oil firm, Pertamina, would like to participate in the Libyan oil area of Canadian energy company Verenex , a senior company executive said on Monday.

Pertamina has said it wants to expand its upstream activities and to participate in several potential oil and gas projects both at home and abroad to boost its reserves.

“We are interested in buying a stake in Verenex area 47 in Libya. We plan to see the data of the area,” Karen Agustiawan, Pertamina’s upstream director, told Reuters by telephone.

Verenex and partner PT Medco Energi Internasional have a 13.7 percent interest in a production sharing agreement with Libya’s National Oil Corporation, which holds the remaining share.

In October, Verenex made a new oil discovery in Libya in wildcat exploration well C1-47/02a, 180 km southwest of the capital Tripoli, NOC said in a statement on its website.

The flow was through a choke size of 32/64ths of an inch, with oil flowing at 1,739 barrels per day from a depth of 8,312 feet.

Pertamina already has two areas in Libya, 17 and 123 in Sirte, which are still at the exploration stage.

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PUBLISHED BY ‘THE TRIPOLI POST’ (Lybia)

Posted in BANKING SYSTEMS, CANADA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDONESIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, LYBIA, PETROL, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS | Leave a Comment »

MALAYSIA INVESTS $14B IN IRAN ENERGY

Posted by Gilmour Poincaree on December 3, 2008

Thu, Dec 04, 2008

PUBLISHED BY ‘THE IRAN NEWS DAILY’

TEHRAN — Malaysia is investing up to 14 billion dollars in development of Golshan and Ferdosi fields as well as a liquefied Iranian Oil Minister Gholam Hussein Nozari arriving on March 05, 2008 for a meeting of the Organization of Petroleum Exporting Countries (OPEC) at its Vienna headquarters. OPEC was set to leave oil output unchanged despite fresh calls by US President George W. Bush for an increase in supply to help bring down soaring energy prices.natural gas project, Minister of Oil Gholam-Hussein Nozari has said.

He added that meanwhile since 60-70% of the project’s value is finalized based on the price of goods; following the finalization of tender bids the final value of contract is specified.

“Iran and Malaysia have formed strategic relations and the two countries’ economic ties have been appropriate, to date. Meanwhile, with the conclusion of three cooperation deals and two memoranda of understanding, these economic ties will be reinforced and boosted more than ever.”

Meanwhile, in a meeting with the Iranian minister of oil, the former Malaysian premier Mahathir Mohammad, for his part, said that the two countries have reached agreements over development of a refinery in Malaysia with the capacity of 250,000 barrels; export of 120,000 barrels of CNG to Malaysia; development of a natural gas field in Iran; joint construction of refineries in Syria and Indonesia; and a number of other projects.

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PUBLISHED BY ‘THE IRAN NEWS DAILY’

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, GASOLINE, INDONESIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, MALAYSIA, PETROL, REFINERIES - PETROL/BIOFUELS, SYRIA, THE FLOW OF INVESTMENTS | Leave a Comment »

UNCERTAINTIES BEDEVIL PLANS TO KEEP WORLD TRADE FLOWING

Posted by Gilmour Poincaree on November 29, 2008

28/11/2008 1:00:00 AM

PUBLISHED BY ‘THE CANBERRA TIMES’ (Australia)

Trading nations around the world are saying the right things about preventing a surge of protectionism that would choke Pakistani investors monitor the index at Karachi Stock Exchangeglobal trade when it needs to be boosted to help pull economies out of their slump. But amid fears of a deepening recession stretching beyond 2009, will governments act in conformity with their promises?

Leaders of the 21 economies in APEC, the Asia Pacific Economic Cooperation forum, hit the right notes when they issued a statement during their summit in Lima, Peru, last weekend. To counter calls to shield countries and industries from competition by restricting imports, the APEC leaders, who oversee half the world’s economic activity, said that in the next 12 months they would not raise new barriers to investment or to trade in goods and services, impose new export restrictions, or implement measures inconsistent with the World Trade Organisation, including those that stimulate exports.

This was an endorsement of the free trade section of a declaration issued by the summit of the Group of 20 advanced and emerging economies in Washington on November 15. The G20 accounts for about 90 per cent of global economic activity and 80 per cent of trade. Australia, Canada, China, Indonesia, Japan, Mexico, Russia, South Korea and the US are members of both APEC and the G20. So the combined words of leaders of these two groups should carry weight.

Yet two days after Russia’s President, Dmitry Medvedev, put his name to the G20 declaration, his Deputy Finance Minister, Dmitry Pankin, announced that Moscow would raise tariffs on imported cars to protect Russian producers.

Russia has also announced a general review of trade agreements that may lead to a further increase in import duties and a cut in quotas for allowable imports. Russia says these measures were planned in advance of the G20 meeting. ”No one said that anyone should scrap existing barriers or go back on existing decisions,” Mr Pankin explained.

China, which is anxious to help exporters hit by falling demand in the US and Europe, took a somewhat different tack. Three days before the G20 summit it raised export tax rebates paid on more than 3700 types of goods almost 28 per cent of the total sold overseas. Yet China has a huge trade surplus and has been criticised by economists who argue that the export sector receives too much favorable treatment from the government, which should instead stimulate domestic demand.

So far there has been no reneging on APEC and G20 free trade pledges. But these are early days. It will take resolute national leadership and continuing international consultation to resist protectionism as economic woes get worse and cries for help by affected industries become louder.

Fredrik Erixon, director of the European Centre for International Political Economy, a free-trade think-tank in Brussels, is concerned that the APEC and G20 pledges still leave scope for countries to impose anti-dumping duties on imports deemed to be below the cost of production, and to provide emergency state aid to politically sensitive industries. Indeed, he says that such measures are supplanting permanent import tariffs as the main method of protectionism and were not covered by either the APEC or G20 statements.

Still, APEC went somewhat further than the G20 in supporting an early resumption of WTO negotiations to liberalise international trade. These negotiations collapsed last July after seven years because of disagreements between the US and India, backed by China, over the extent to which agriculture in developing countries should be shielded from foreign competition.

China’s President Hu Jintao said in Lima that Beijing believed reviving the WTO talks and bringing them to a successful conclusion should be a top priority. APEC leaders directed their trade ministers to meet in Geneva next month to try to advance the WTO negotiations. Prime Minister Kevin Rudd said a successful outcome would be a ”huge shot in the arm for the global economy” and to confidence.

If the world trade deal stalls again, there is another option for Pacific Rim nations. They could forge a trans-Pacific free trade agreement. The Bush Administration in the US, Australia and Peru announced recently that they would join Brunei, China, New Zealand and Singapore in talks to try to build the core of a free trade area of the Asia-Pacific. The first round of negotiations will be held in March in Singapore.

However, the Obama factor is looming over all these issues. Barack Obama, the US President-elect who takes office in January, outlined a potentially protectionist agenda during the election campaign. He said he would renegotiate the North American Free Trade Agreement with Canada and Mexico and a pending bilateral deal with South Korea, rebalance economic ties with China to reduce the huge US trade deficit, challenge unfair trade in the WTO and elsewhere, and discourage US companies from outsourcing work to countries such as India and the Philippines.

If Obama, backed by a Democratic majority in Congress, takes up these cudgels, the prospects of success in both the WTO and trans-Pacific trade liberalisation negotiations will recede while the likelihood of a slide into wider tit-for-tat protectionism will increase.

The International Chamber of Commerce pointed out recently that parallels are being drawn between the financial and economic crisis of today and the Great Depression of the 1930s. ”Almost 80 years ago, many nations reacted to the Great Depression by raising border tariffs and ended up making matters worse for themselves included. Beggar-my-neighbour protectionism ended up beggaring everyone. That is one of the most unambiguous lessons of the 1930s,” the chamber said.

Obama and the leaders of other major economies and trading nations should bear this in mind as they consider policies for 2009 and beyond.

The writer, a former Asia editor of the International Herald Tribune, is a visiting senior research fellow at the Institute of South-East Asian Studies in Singapore.

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PUBLISHED BY ‘THE CANBERRA TIMES’ (Australia)

Posted in AGRICULTURE, AUSTRALIA, BANKING SYSTEMS, CANADA, CENTRAL BANKS, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL MARKETS, G20, INDONESIA, INTERNATIONAL, JAPAN, MEXICO, PERU, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA, WORLD TRADE ORGANIZATION | Leave a Comment »

UAE AND INDONESIA AIM TO BOOST TRADE RELATIONS

Posted by Gilmour Poincaree on November 11, 2008

Published: November 11, 2008, 00:11

by Binsal Abdul Kader, Staff Reporter

Abu Dhabi: Indonesians in the UAE are thrilled with the increasing number of professionals among them.

“When I reached Abu Dhabi nine years ago, I didn’t find many Indonesian engineers. Now, our Indonesian artists perform Gamelan, a traditional instrumental music from Java and Bali islands.association of petroleum engineers has more than 250 members”, Irfan Hendrawan , a petroleum engineer told Gulf News.

“Even a construction company working on an Island in the capital alone recruited 600 Indonesian engineers recently”, said Mohammad Loekito Slamet, Vice-President of UAE chapter of Society of Indonesian Petroleum Engineers.

“Among the 75,000 strong community, majority of them are housemaids but I was surprised to find about 160 engineers and their families in Ruwais, a remote town, 250 kilometres away from the capital”, M.Wahid Supriyadi, Indonesian Ambassador to the UAE told Gulf News.

“I met them as part of my efforts to form Indonesian Business and Professional Organisation in the Abu DhabiUAE “, said Supriyadi who took charge as the ambassador six months ago. “We expect more than 2,000 professionals and business men to be the members of the organisation”.

The ambassador and community members spoke to Gulf News on the sidelines of a reception hosted by the embassy as part of Indonesian national day celebrations on Sunday evening.

“Although national day was on August 17, we set aside the celebrations to this month, for the convenience of the community”, said the ambassador.

Saqr Gobash Saeed Gobash, Minister of Labour, was the chief guest.

A group of Indonesian artist played Gamelan, traditional instrumental music from Java and Bali islands, which touched the hearts of guests and the community members. Traditional dance also added colour to the celebrations.

A special corner of Indonesian food gave a new experience to the guests.

The ambassador said that being moderate Muslim countries, both are enjoying a very strong political relation and are trying to expand trade and people to people contact.

“The UAE has committed to invest $6.2 billion in our country as part of growing trade relations. Both countries have found new areas of opportunities which were ignored in the past”, said Supriyadi.

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PUBLISHED BY ‘GULF NEWS’

Posted in ASIA, BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL MARKETS, FOREIGN WORK FORCE - LEGAL, INDONESIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MIGRATION AND IMMIGRATION, PETROL, THE ARABIAN PENINSULA, THE WORK MARKET, THE WORKERS, UNITED ARAB EMIRATES | Leave a Comment »

GLOBAL OIL GIANTS TO EXPAND INVESTMENT IN INDONESIA

Posted by Gilmour Poincaree on November 4, 2008

Monday, November 03, 2008

Xinhua News Agency

The world’s largest oil company Exxon Mobil Corp. and Japan’s largest explorer Inpex Corp. pledged a total investment of at least 144.5 million U.S. dollars in new blocks in Indonesia over the next three years, with their newly won exploration rights, an official was quoted by the Jakarta Post as saying on Saturday.

The two companies were among the winners of nine new oil and gas blocks announced by the Mineral Resources Ministry on Friday.

“The government expects to draw in a total investment of 465 million dollars from the nine blocks, including signing bonuses of 69.5 million U.S. dollars,” said the Indonesian Mineral Resources Ministry’s director general for oil and gas, Evita H. Legowo.

Exxon, through its subsidiary Esso Exploration Int. Ltd, won the rights to explore the Gunting block in East Java. It plans to invest 17 million dollars in the project for the first three years.

Inpex won the exploration rights in the Semai II block off West Papua. It will carry out exploration with two partners, Consortia Murphy Overseas Ventures Inc and PTT EP. They will jointly inject 127.5 million U.S. dollars in the first three years.

Copyright 2008 XINHUA NEWS AGENCY

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PUBLISHED BY ‘RIGZONE.COM’

Posted in ASIA, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, INDONESIA, INDUSTRIAL PRODUCTION, INTERNATIONAL, PETROL, THE FLOW OF INVESTMENTS | Leave a Comment »