November 18, 2014 edition
THE entrance to the offices looks old-fashioned. Made of wood painted yellow and light green, the door is similar to those found in traditional Javanese and Jakarta's Betawi homes. There, in Google Asia Pacific's headquarters on the 30th floor of Singapore's Asia Square building, on the last Wednesday in October, the search-engine giant held a briefing for small and medium-sized businesses throughout Southeast Asia called "Helping Small Business Think Big."
Six small and medium-sized businesses from six nations Thailand, Vietnam, Indonesia, Singapore, Malaysia and the Philippines presented stories of how the Internet allowed them to grow and market their businesses. "Small and medium businesses are playing an increasingly larger role, while also opening up new markets," declared Google Southeast Asia and ChinaDirector of Small & Medium Business Operations Ghislain Le Chatelier.
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More Economy articles in other editions
November 11, 2014 edition
For nearly a month, Angkasa Transportindo Selaras' application for an airport business permit has been sitting on Bambang Tjahjono's desk. But the director of airports at the Transportation Ministry's Civil Aviation Directorate General has yet to affix his signature on the documents.
Apparently, Bambang is still waiting for definitive legal ruling. He explained that he received the application around the end of Septemberapproximately two months after Supreme Court ruling No. MA 688K/Pdt/2013 was read on July 16.
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November 4, 2014 edition
CURRENCY
Cabinet Line up Hurts the Rupiah
President Jokowi's cabinet lineup did not impress the market with the rupiah tumbling to a low of Rp12,169 per US$, a day after the announcement. The rupiah continued to wobble throughout the week, before ultimately closing at Rp12,085 on Friday, just 0.17 percent weaker than it was a week ago. A day earlier, the Government announced regulations designed to limit the risk exposure of volatile currency swings that could hurt companies with large foreign currency borrowings should the rupiah weaken further. Regulators want to avoid another 1997/8 financial crisisand are now insisting that companies have at least a BB global rating before they can borrow in foreign currency. Furthermore, these companies have to hedge at least 20 percent of their foreign currency loans and maintain a foreign currency asset to foreign currency liability (liquidity) ratio of 50 percent. Under this scheme at least 70 percent of the company's exposure to currency swings is hedged or protected. The Government appears to be anticipating and preparing for a potentially weaker rupiah should short-term foreign funds flow back to the US, with US interest rates on the rise and the US economy showing better results than other major economies. Everyone is hoping this will happen gradually, thus making it easier for the market and its players to adjust to.
Cabinet Line up Hurts the Rupiah
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January 1, 1970 edition
RUSDI'S fortunes fell along with the price of rubber. After inheriting his small plantation from his elders, the farmer from Rantau village, Bengkayang regency, West Kalimantan, finally gave up. He sold the estate to an oil palm company. "I sold out in the middle of this year," he told Tempo two weeks ago.
Rusdi used the proceeds from the sale to buy two Dongfeng brand diesel engines for pumping water at a gold mine in the village. He decided to change jobs, following in the footsteps of many of his friends and neighbors who had been tempted to hunt for gold. Unfortunately for Rusdi, he found no gold concentrate in the first shaft he dug. He started to lose money.
Still dissatisfied, he tried his fortune at Boma Cave, another mining site in Monterado. The results were not bad, at least compared to tapping rubber. "At the very least I could earn Rp200,000 a day from mining," he said.
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January 1, 1970 edition
The meeting with Industry Ministry officials at the Hotel Santika Surabaya two weeks ago became a forum for Sukhyar to air his complaints. Sukhyar, the director-general of minerals and coal at the Energy and Mineral Resources Ministry, shared his views on the mining permit process for constructing a smelter, which he saw as far from perfect.
"This is important: plants should not be built using raw material that are not clear," Sukhyar told the officials. If building a smelter required just a license from the Industry Ministry and nothing more, he said, it would be dangerous for the upstream mining sector.
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January 1, 1970 edition
OIL tanks were neatly arranged in rows along an alley in Sumengko village, Bojonegoro regency, East Java. Dozens of red trucks with Pertamina logos lined up to be filled with automotive diesel oil. The fuel was later distributed to public gas stationsalso with Pertamina logosin Bojonegoro, Tuban and Lamongan regencies.
The diesel oil carried by the Pertamina trucks was produced at a refinery owned by Tri Wahana Universal, the only private oil-refining company in Indonesia. "Our diesel oil is clear and recognized as the best," the firm's chief, Mahzum Antonim, told Tempo at its plant on Thursday three weeks ago.
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January 1, 1970 edition