Indonesia Economy

By kennygohweizhi

  • Ministers ink joint decree to limit wage rise

    Olivia Dameria , The Jakarta Post , Jakarta | Sat, 10/25/2008 12:59 PM | Business Industry Minister Fahmi Idris said Friday that a joint ministerial decree had been signed to limit increases in the minimum regional wage to help ensure the sustainability of companies despite the current slowdown in the global economy. Fahmi said the decree would still allow wage increases based on negotiations between company managements and workers. Previously, local administrations played a greater r

  • Rupiah, stocks plunge on worldwide recession fears

    Fears of worldwide recession, coupled with the chaotic regional stock markets, dragged down the rupiah Friday to its lowest level against the U.S. dollar since October 2005, while the local stock market slumped to its lowest since June 2006. The rupiah dipped to a worrying pyschological level of 10,225 per dollar as against 9,985 on Thursday, with the central bank pledged to stay active in the foreign-exchange market even though it might not be able to prevent a storm wave from overwhelming its

  • Govt to end VAT, luxury tax and duties in FTZs

    Mustaqim Adamrah , The Jakarta Post , Singapore | Mon, 10/27/2008 11:33 AM | Business The government will soon abolish value-added tax (VAT), luxury tax and import duties on production goods in free trade zones (FTZs) in the Riau Islands province in a bid to stimulate businesses. The provincial administration and the customs and excise directorate general have finalized a draft regulation that will eliminate these taxes and duties in these areas, according to Riau Islands governor Isme

  • Rupiah falls on market players' panic buying

    The Jakarta Post , Jakarta | Mon, 10/27/2008 2:56 PM | Business The rupiah plunged to nearly Rp10,500 per dollar in the Jakarta interbank spot market on Monday morning, as market players panicked over the current global financial crisis. The rupiah was bought to Rp 10,470 per U.S. dollar early on Monday, down 367 points from Rp 9,963 at last weekend's closing. Market players panicked and bought large amounts of US dollars, following increased pressure on the market amidst the continuin

  • Riau Islands FTZs to cut red tape

    Fadli , The Jakarta Post , Batam | Tue, 10/28/2008 10:26 AM | Business The Batam, Bintan and Karimun (BBK) Special Economic Zone Commission has ensured speedy licensing procedures free from illegal levies in a bid to attract foreign investors impacted by the global financial crisis, given lower local production costs compared to other countries in the region, such as Vietnam, Malaysia, Thailand and China. Head of the commission, Ismeth Abdullah, also the Riau Islands governor, told The

  • Indonesian stocks hits 3-year low

    The Jakarta Post , Jakarta | Mon, 10/27/2008 5:54 PM | Business Indonesian shares closed down 6.3 percent Monday amidst fears that the rupiah will continue to slip amid lingering concerns over the global economic slowdown. The Composite Stock Price Index (IHSG) dropped 78.455 points to a three-year low of 1,166.40 in thin trade. The last time the index reached this figure was in August 2005. The LQ-45 index fell 16,709 points (7.12 percent) to 217,824 and the Jakarta Islamic Index (JII