The Indonesian Investment Coordinating Board (BKPM) and the Algerian National Investment Development Agency (ANDA) have signed a much-awaited Memorandum of Understanding (MoU) to enhance cooperation in the investment sector.
"The MoU between the two investment coordinating agencies is the fruit of a longstanding process they have explored since a few years ago," Extraordinary and Plenipotentiary Ambassador of Indonesian to Algeria Ahmad Niam Salim said in an emailed statement on Tuesday.
The MoU was expected to enhance bilateral cooperation in economic and investment fields in support of the two nations’ welfare, he said. "Thank God, the MoU could be signed after a long process. This is the first MoU during my term of office as an extraordinary and plenipotentiary ambassador of Indonesian to Algeria and I hope this MoU will be followed by other MoUs."
The MoU was signed by BKPM Deputy Chief Achmad Kurniadi and ANDI Secretary General Khoiar Djouada on the sidelines of an expert meeting forum between the two countries at Mitsaq Hotel, Algeria, on Monday. Also present at the signing ceremony were Indonesian Ambassador to Algeria Ahmad Niam Salim, and head of the Indonesian delegation Roni P. Yulianto who is also the foreign ministry’s director for the Middle East.
Meanwhile, the Algerian side was represented by director for Asia at the foreign ministry Naceur Boucherit and a number of ANDI officials. Achmad Kurnia expressed hope the MoU would soon be followed up on by taking practical steps to mutually explore the possibility of business and investment cooperation in a more real way.
"This MoU is good news for Indonesian businessmen wishing to expand their businesses in Algeria. We hope that the two agencies will follow up on the MoU by taking technical steps in the investment field."
Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts
Sunday, August 26, 2012
DOJ Compares Apple and Publishers to Big Oil in Ebooks Case Read more: http://paidcontent.org/2012/08/23/doj-compares-apple-and-publishers-to-big-oil-in-ebooks-case/#ixzz24hlStFCD
In its response to recent filings from Apple, publishers and booksellers on its proposed ebook settlement with three publishers, the Department of Justice addresses few specific complaints (PDF; full filing embedded below). Rather, citing the “unmistakable consumer harm that has resulted from the conspiracy in this case,” the DOJ calls on Judge Denise Cote to approve the settlement without a hearing.
Last week, attorney Bob Kohn and the Authors Guild sought permission to act as “friends of the court” in the proposed settlement and filed amicus briefs. We have not yet seen a filing from Judge Cote granting their requests, but both parties are listed as “amicus” on the docket report, along with Barnes & Noble and the American Booksellers Association. However, the DOJ does not respond to Kohn or the Authors Guild in its response.
The DOJ shoots down the argument that ebooks are different from print books but doesn’t elaborate on why they are the same (and doesn’t respond to the criticism that it has failed to take interrelated markets, like those for e-readers, into account). Rather, it says, “Railroads, publishers, lawyers, construction engineers, health care providers, and oil companies are just some of the voices that have raised cries against ‘ruinous competition’ over the decades,” and publishers should not be granted special treatment.
(MORE: Why Wall Street Loves Apple and Google as Facebook and Friends Fail)
Response to Apple
Last week, Apple argued that the DOJ’s proposed settlement, which it has not joined, affects its interests by forcing it to tear up existing contracts. As such, Apple says it’s entitled to a trial before the settlement is approved. The DOJ says Apple “is not entitled to preclude the United States and Apple’s co-defendants from obtaining the immediate benefits of their settlements, as it is well established that the United States ‘need not prove its underlying allegations in a Tunney Act proceeding.’” (The Tunney Act relates to anti-trust proceedings).
The DOJ claims that “in reality, what troubles Apple is that the decree returns pricing discretion not just to Apple, but also to its retail competitors.”
Response to Penguin
Last week, Penguin argued that the DOJ has not proven that ebook prices across the board rose under agency pricing. Penguin, which along with Macmillan is holding out against the settlement, also provided evidence showing that even prior to agency, Amazon priced many of its new titles above $9.99.
(MORE: Best Buy Can’t Stop the Bleeding)
The DOJ does not respond to this specific point, but rather presents charts (chart 1-PDF, chart 2-PDF) showing that “Penguin did indeed raise its prices as soon as it gained power to do so. “In four weeks spanning the time when Penguin took retail pricing power from Amazon, the average price for a Penguin e-book sold through Amazon increased 17 percent, and the average price for a Penguin ‘new release’ e-book sold through Amazon increased 21 percent.” Here are the DOJ’s charts (1, 2) andaccompanying methodology.
Penguin had argued that the DOJ should turn over all of its research on ebook pricing, since that research is apparently the basis for its conclusion that ebook prices rose across the board under agency pricing. The DOJ refuses, citing case law: “There is simply no basis for Penguin’s assertion that the United States must produce internal economic analyses to support its settlement.”
Response to Macmillan
Macmillan echoed Penguin’s demand for the DOJ’s research on ebook pricing and also asked the DOJ to show, as required by antitrust law, that the settlement would not result in Amazon gaining a monopoly. The DOJ responds by saying that there is no evidence that the settlement would result in Amazon gaining a monopoly because of “competition from established companies such as B&N, Google, Apple, and Sony.”
The DOJ says “the recently announced investment by Microsoft in B&N’s e-book business, and Sony’s release of a new e-reader, do not reflect any reluctance on the part of sophisticated companies to expand their sales of e-books.”
(MORE: 10 Questions for Dan Quayle)
Response to the ABA and Barnes & Noble
In their amicus brief, the booksellers argued that the number of public comments against the proposed settlement vastly outweighed the number of comments in favor of the settlement. The DOJ responds that “it is not unprecedented for parties to oppose a settlement because they have a stake in an anticompetitive status quo,” and claims “the majority of the comments received opposing the decree did not come from those seeking to represent the public interest, but rather from those that benefited from the conspiracy and that have a vested interest in maintaining the status quo.”
Read more: http://paidcontent.org/2012/08/23/doj-compares-apple-and-publishers-to-big-oil-in-ebooks-case/#ixzz24hlsOJim
Last week, attorney Bob Kohn and the Authors Guild sought permission to act as “friends of the court” in the proposed settlement and filed amicus briefs. We have not yet seen a filing from Judge Cote granting their requests, but both parties are listed as “amicus” on the docket report, along with Barnes & Noble and the American Booksellers Association. However, the DOJ does not respond to Kohn or the Authors Guild in its response.
The DOJ shoots down the argument that ebooks are different from print books but doesn’t elaborate on why they are the same (and doesn’t respond to the criticism that it has failed to take interrelated markets, like those for e-readers, into account). Rather, it says, “Railroads, publishers, lawyers, construction engineers, health care providers, and oil companies are just some of the voices that have raised cries against ‘ruinous competition’ over the decades,” and publishers should not be granted special treatment.
(MORE: Why Wall Street Loves Apple and Google as Facebook and Friends Fail)
Response to Apple
Last week, Apple argued that the DOJ’s proposed settlement, which it has not joined, affects its interests by forcing it to tear up existing contracts. As such, Apple says it’s entitled to a trial before the settlement is approved. The DOJ says Apple “is not entitled to preclude the United States and Apple’s co-defendants from obtaining the immediate benefits of their settlements, as it is well established that the United States ‘need not prove its underlying allegations in a Tunney Act proceeding.’” (The Tunney Act relates to anti-trust proceedings).
The DOJ claims that “in reality, what troubles Apple is that the decree returns pricing discretion not just to Apple, but also to its retail competitors.”
Response to Penguin
Last week, Penguin argued that the DOJ has not proven that ebook prices across the board rose under agency pricing. Penguin, which along with Macmillan is holding out against the settlement, also provided evidence showing that even prior to agency, Amazon priced many of its new titles above $9.99.
(MORE: Best Buy Can’t Stop the Bleeding)
The DOJ does not respond to this specific point, but rather presents charts (chart 1-PDF, chart 2-PDF) showing that “Penguin did indeed raise its prices as soon as it gained power to do so. “In four weeks spanning the time when Penguin took retail pricing power from Amazon, the average price for a Penguin e-book sold through Amazon increased 17 percent, and the average price for a Penguin ‘new release’ e-book sold through Amazon increased 21 percent.” Here are the DOJ’s charts (1, 2) andaccompanying methodology.
Penguin had argued that the DOJ should turn over all of its research on ebook pricing, since that research is apparently the basis for its conclusion that ebook prices rose across the board under agency pricing. The DOJ refuses, citing case law: “There is simply no basis for Penguin’s assertion that the United States must produce internal economic analyses to support its settlement.”
Response to Macmillan
Macmillan echoed Penguin’s demand for the DOJ’s research on ebook pricing and also asked the DOJ to show, as required by antitrust law, that the settlement would not result in Amazon gaining a monopoly. The DOJ responds by saying that there is no evidence that the settlement would result in Amazon gaining a monopoly because of “competition from established companies such as B&N, Google, Apple, and Sony.”
The DOJ says “the recently announced investment by Microsoft in B&N’s e-book business, and Sony’s release of a new e-reader, do not reflect any reluctance on the part of sophisticated companies to expand their sales of e-books.”
(MORE: 10 Questions for Dan Quayle)
Response to the ABA and Barnes & Noble
In their amicus brief, the booksellers argued that the number of public comments against the proposed settlement vastly outweighed the number of comments in favor of the settlement. The DOJ responds that “it is not unprecedented for parties to oppose a settlement because they have a stake in an anticompetitive status quo,” and claims “the majority of the comments received opposing the decree did not come from those seeking to represent the public interest, but rather from those that benefited from the conspiracy and that have a vested interest in maintaining the status quo.”
Read more: http://paidcontent.org/2012/08/23/doj-compares-apple-and-publishers-to-big-oil-in-ebooks-case/#ixzz24hlsOJim
Thursday, April 26, 2012
Historic Ship To Transport Bontang Gas
PT Badak NGL Bontang of East Kalimantan will transport liquefied natural gas (LNG) to Jakarta using a 35 year old LNG tanker named Aquarius. “The same tank transported LNG to Osaka, Japan in 1977,” said President Director of PT Badak NGL Sutopo on Wednesday, April 25, 2012.
He said that Aquarius was used for the first export of LNG in August 1, 1977. Now it will be used for domestic shipping of LNG to Jakarta Bay. PT Badak NGL began shipping abroad with 2 trains of LNG around the end of 70s. In the early 90s till now, Sutopo said, Pertamina's subsidiary company has an annual capacity of 22,5 million ton. “We have achieved 8,085 shipments as of April 21, 2012,” Sutopo said. All of these shipments were destined to buyer countries.
This time LNG will be sent to Jakarta Bay for a floating terminal project a floating storage regasification unit (FSRU). LNG Bontang has supplied 11.75 million metric tons LNG to West Java FSRU in the past 11 years. The new FSRU will be operated by PT Nusantara Regas.
The FSRU project in Jakarta Bay is to support government program to diversify energy to manage future energy challenges. With FSRU, Nusantara Regas can also explore other business potentials to make optimal use of the facility.
He said that Aquarius was used for the first export of LNG in August 1, 1977. Now it will be used for domestic shipping of LNG to Jakarta Bay. PT Badak NGL began shipping abroad with 2 trains of LNG around the end of 70s. In the early 90s till now, Sutopo said, Pertamina's subsidiary company has an annual capacity of 22,5 million ton. “We have achieved 8,085 shipments as of April 21, 2012,” Sutopo said. All of these shipments were destined to buyer countries.
This time LNG will be sent to Jakarta Bay for a floating terminal project a floating storage regasification unit (FSRU). LNG Bontang has supplied 11.75 million metric tons LNG to West Java FSRU in the past 11 years. The new FSRU will be operated by PT Nusantara Regas.
The FSRU project in Jakarta Bay is to support government program to diversify energy to manage future energy challenges. With FSRU, Nusantara Regas can also explore other business potentials to make optimal use of the facility.
Minister Hatta: Subsidized Fuel Restriction Cannot Take Effect in May
Coordinating Minister for Economy Hatta Rajasa stressed that subsidized fuel restrictions cannot be enforced this May. “The issue has only been unravelled and discussed recently and is still being deliberated upon intensely. Later the Energy and Mineral Resources Minister (Jero Wacik) shall unveil the technical details and our President will listen. Afterwards, the implementation will need steps. So, it is not possible to enforce the policy as per 1 May," Hatta said at the Presidential office on Tuesday, 24 April 2012.
The subsidized fuel restriction, Hatta said, will be applied not only to private cars but also cars belonging to the state and state-owned companies' vehicles, and one of the possible measures was to use stickers. “We listen to all input given to us,” Hatta said.
The policy implementation will depend on the polling results to avoid the over quota use of subsidized fuel, earmarked at 40 million kiloliter for this year.
Hatta said there are targets the government plans to meet, in order to ensure preparedness toward enforcing the restrictions - for example, familiarization and the public's understanding of the policy and infrastructure. “A good idea has to be implementable. We want to walk the talk, not just talk.” he said.
"The meeting will formulate the implementation of APBNP (Revised State Budget) 2012, which still uses the assumption of RP. 1,500 price increase for subsidized fuel. We will not enforce price increase till end of June if the increase is not justified by Paragraph 6a of Article 7," Hatta detailed.
Without the price increase, the government has to implement a variety of strategies to maintain the growth at 6.5 percent and a healthy fiscal climate. "Without the increase, subsidies will swell and without control it will reach Rp. 340 trillion,” he added.
The subsidized fuel restriction, Hatta said, will be applied not only to private cars but also cars belonging to the state and state-owned companies' vehicles, and one of the possible measures was to use stickers. “We listen to all input given to us,” Hatta said.
The policy implementation will depend on the polling results to avoid the over quota use of subsidized fuel, earmarked at 40 million kiloliter for this year.
Hatta said there are targets the government plans to meet, in order to ensure preparedness toward enforcing the restrictions - for example, familiarization and the public's understanding of the policy and infrastructure. “A good idea has to be implementable. We want to walk the talk, not just talk.” he said.
"The meeting will formulate the implementation of APBNP (Revised State Budget) 2012, which still uses the assumption of RP. 1,500 price increase for subsidized fuel. We will not enforce price increase till end of June if the increase is not justified by Paragraph 6a of Article 7," Hatta detailed.
Without the price increase, the government has to implement a variety of strategies to maintain the growth at 6.5 percent and a healthy fiscal climate. "Without the increase, subsidies will swell and without control it will reach Rp. 340 trillion,” he added.
Workers to Go on Strike Again on May 1
Thousands of workers from various alliances in Tangerang declared their protests against cheap labor on May 1. The issue of cheap labour will be one of the major demands to improve welfare of the workers. “We deplore cheap labor practices,” announced Chairman of Karya Utama Workers Union Federation Koswara on Wednesday, April 25, 2012.
Koswara said their demands will be announced during the planned peace rally together with other labour organizations in Tangerang and Jakarta. They also reject labour outsourcing and press the government to protect its national assets and declare the Labor Day as a national holiday. "The government has to declare May Day as a national day because that is the victorious day of workers, and to show that Indonesia is moving forward from agrarian to industrialization," Koswara said. May 1 which falls on Tuesday is a normal working day in Indonesia.
Koswara also pledged that workers will maintain discipline during the May Day protest as the planned action has already been coordinated with police.
Around 5,000 workers from Tangerang will take to streets on the day. According to Chairman of Indonesian Metal Workers Union Federation of the Tangerang City and Regency, Riden Hatam Azis, the said number came from 80 work units based in Tangerang City and Regency, their point of meeting is established around Bitung toll road.
Koswara said their demands will be announced during the planned peace rally together with other labour organizations in Tangerang and Jakarta. They also reject labour outsourcing and press the government to protect its national assets and declare the Labor Day as a national holiday. "The government has to declare May Day as a national day because that is the victorious day of workers, and to show that Indonesia is moving forward from agrarian to industrialization," Koswara said. May 1 which falls on Tuesday is a normal working day in Indonesia.
Koswara also pledged that workers will maintain discipline during the May Day protest as the planned action has already been coordinated with police.
Around 5,000 workers from Tangerang will take to streets on the day. According to Chairman of Indonesian Metal Workers Union Federation of the Tangerang City and Regency, Riden Hatam Azis, the said number came from 80 work units based in Tangerang City and Regency, their point of meeting is established around Bitung toll road.
Sunday, March 4, 2012
Stock Market Deja Vu: Why It Feels Like 2011 All Over Again Read more: http://business.time.com/2012/03/02/stock-market-deja-vu-why-it-feels-like-2011-all-over-again/#ixzz1oCIsnR4a
Last year was a rollercoaster ride for the stock market. In 2011, the Dow Jones Industrial Average raced to a high of 12,810 in April before skidding to 10,404 in October. Then, in the final three months of the year, the Dow surged more than Rick Santorum on the campaign trail – adding a record 1,304 points, or almost 12%.
Now it looks like we may be in for more of the same. Market guru David Rosenberg makes a persuasive case to his private clients that 2012 bears a striking — one might even say eerie — resemblance to 2011. “Just about everything is mapping out last year’s manic behavior,” writes Rosenberg, chief economist and strategist for investment manager Gluskin Sheff & Associates in Toronto.
(LIST: Top 10 Scared Stock Traders)
Rosenberg is a guy worth listening to: The former chief economist for North America at Bank of America-Merrill Lynch was named the most accurate forecaster by MSNBC and economist of the year by Fortune magazine in 2011. I’ve been reading his highly influential daily email, “Breakfast with Dave,” for years. Here are some of the most compelling reasons to think 2012 could be 2011 redux:
Extraordinary levels of central bank support: In 2011, the stock market was living off the “fumes” from a special Federal Reserve Treasury bond-buying program, known as QE2. Some of the money the Fed released into the economy ended up in the stock market. Similarly, in 2012, the European Central Bank lent gobs of money to the banks at yearend in its own special lending program (dubbed LTRO), fueling markets so far as well. Why is that problem? When the flood of money from the central bank spending spree ends, the stock market is likely to falter, just as it did last year.
(MORE: Is This Stock Market Rally For Real?)
Dow Transports are starting to sputter: Most people keep an eye on the Dow Jones Industrials. But those in the know also keep an eye on other Dow indexes like the Transports as an economic bellwether. It includes companies like Fedex, whose fates are closely tied to the health of the economy. Last year the Transports weakened before the broader stock market. Shades of 2011: The DJIA just embraced 13,000, but the Transports are down 4%.
Treasury bond yields are ultra-low: Then, as now, the 10-year note remains stubbornly below 2%, another indication investors are betting on a weak economy. Indeed, in his testimony before Congress yesterday, Fed Chairman Ben Bernanke said growth would be modest, hampered by the depressed housing market and turmoil in Europe. Modest growth does not typically translate into improving corporate earnings—or an exuberant stock market.
Stock volume is low: Both in 2011 and 2012 the trading volume in stocks has been thin, which means that not all that many people are saying, yes!, we love the market. When volume is thin, prices swing much more wildly, giving the market a rollercoaster feel.
(MORE: Warren Buffett on Succession, Stock Buybacks, and Why He Doesn’t Like Gold)
Oil prices are gaining: Early in 2011 the jobless picture began to improve only to get slapped with higher gas prices and political uncertainty. Sound familiar?
Confidence is suspiciously high: Ready for another encounter with déjà vu? In February 2012, the Conference Board measure of consumer confidence measure unexpectedly jumped to 70.8 from 61.5 in January. Ditto February 2011: The survey unexpectedly shot up to 72 from 64.8. If that isn’t uncanny enough, Rosenberg notes that bulls now outnumber bears two-to-one. Last year the bull-bear ratio was nearly identical early in the year and presaged the market peak. When bears finally outnumbered bulls in October, the market bottomed. Beware the wisdom of the crowds.
Markets, of course, never shoot up without some pullbacks. But if investors are expecting a smoother ride for stocks in 2012 the signposts Rosenberg is training his lights on are saying not so fast! A ticket to the stock market this year might feel like a ride on the Coney Island Cyclone. Get ready for some heady highs and stomach churning dips.
MORE: For Chinese Advertisers, Nostalgia is Their New Secret Weapon
Read more: http://business.time.com/2012/03/02/stock-market-deja-vu-why-it-feels-like-2011-all-over-again/#ixzz1oCIyAZ27
Now it looks like we may be in for more of the same. Market guru David Rosenberg makes a persuasive case to his private clients that 2012 bears a striking — one might even say eerie — resemblance to 2011. “Just about everything is mapping out last year’s manic behavior,” writes Rosenberg, chief economist and strategist for investment manager Gluskin Sheff & Associates in Toronto.
(LIST: Top 10 Scared Stock Traders)
Rosenberg is a guy worth listening to: The former chief economist for North America at Bank of America-Merrill Lynch was named the most accurate forecaster by MSNBC and economist of the year by Fortune magazine in 2011. I’ve been reading his highly influential daily email, “Breakfast with Dave,” for years. Here are some of the most compelling reasons to think 2012 could be 2011 redux:
Extraordinary levels of central bank support: In 2011, the stock market was living off the “fumes” from a special Federal Reserve Treasury bond-buying program, known as QE2. Some of the money the Fed released into the economy ended up in the stock market. Similarly, in 2012, the European Central Bank lent gobs of money to the banks at yearend in its own special lending program (dubbed LTRO), fueling markets so far as well. Why is that problem? When the flood of money from the central bank spending spree ends, the stock market is likely to falter, just as it did last year.
(MORE: Is This Stock Market Rally For Real?)
Dow Transports are starting to sputter: Most people keep an eye on the Dow Jones Industrials. But those in the know also keep an eye on other Dow indexes like the Transports as an economic bellwether. It includes companies like Fedex, whose fates are closely tied to the health of the economy. Last year the Transports weakened before the broader stock market. Shades of 2011: The DJIA just embraced 13,000, but the Transports are down 4%.
Treasury bond yields are ultra-low: Then, as now, the 10-year note remains stubbornly below 2%, another indication investors are betting on a weak economy. Indeed, in his testimony before Congress yesterday, Fed Chairman Ben Bernanke said growth would be modest, hampered by the depressed housing market and turmoil in Europe. Modest growth does not typically translate into improving corporate earnings—or an exuberant stock market.
Stock volume is low: Both in 2011 and 2012 the trading volume in stocks has been thin, which means that not all that many people are saying, yes!, we love the market. When volume is thin, prices swing much more wildly, giving the market a rollercoaster feel.
(MORE: Warren Buffett on Succession, Stock Buybacks, and Why He Doesn’t Like Gold)
Oil prices are gaining: Early in 2011 the jobless picture began to improve only to get slapped with higher gas prices and political uncertainty. Sound familiar?
Confidence is suspiciously high: Ready for another encounter with déjà vu? In February 2012, the Conference Board measure of consumer confidence measure unexpectedly jumped to 70.8 from 61.5 in January. Ditto February 2011: The survey unexpectedly shot up to 72 from 64.8. If that isn’t uncanny enough, Rosenberg notes that bulls now outnumber bears two-to-one. Last year the bull-bear ratio was nearly identical early in the year and presaged the market peak. When bears finally outnumbered bulls in October, the market bottomed. Beware the wisdom of the crowds.
Markets, of course, never shoot up without some pullbacks. But if investors are expecting a smoother ride for stocks in 2012 the signposts Rosenberg is training his lights on are saying not so fast! A ticket to the stock market this year might feel like a ride on the Coney Island Cyclone. Get ready for some heady highs and stomach churning dips.
MORE: For Chinese Advertisers, Nostalgia is Their New Secret Weapon
Read more: http://business.time.com/2012/03/02/stock-market-deja-vu-why-it-feels-like-2011-all-over-again/#ixzz1oCIyAZ27
The Unemployment Paradox: Why the Conventional Wisdom About Job Seekers Is Wrong Read more: http://business.time.com/2012/03/02/the-unemployment-paradox-could-a-better-economy-make-jobless-rates-worse/#ixzz1oCICfwvS
American labor force participation — that is, the percentage of working-age persons who are employed or are looking for a job – has been down since the financial crisis in 2008, putting us on par with Europe, as I noted last year in my cover story on economic mobility. That’s been a big hit to the idea of America as a land of opportunity. Labor force participation in the U.S. now stands at only 63%. Lots of investors and economists believe that’s because so many job seekers out there during the Great Recession and the jobless recovery grew frustrated and gave up looking.
Remember that official unemployment rate calculations count people who are looking for work — but not those who have given up and stopped looking — as unemployed. As a result, when people give up looking for work, it can have the counter-intuitive effect of making the unemployment rate look better. And theoretically, the reverse can also be true — but here’s where the conventional wisdom goes astray: Now that the economy is truly expanding once again, many observers are predicting that formerly discouraged workers will flood back into the labor market and reverse the decline in unemployment that we’ve seen over the last few months.
(MORE: Why Manufacturing Can’t Solve The Jobs Problem)
Not so, says the macro-economic team at Barclays. They ran models showing that demographics, and especially retirement amongst baby boomers, has played a larger role in pushing the labor participation rate down than other factors have. “Only about a third of the drop in the labor force participation rate is accounted for by those who say they want a job, and only about 15% by those who want a job and are also of prime working age – i.e., between 25-54,” says the report issued Thursday. What’s more, historically, re-entrants into the labor force haven’t really played much of a role in changing the unemployment numbers.
(MORE: Like Microbreweries Before Them, Mini-distilleries are Sweeping the Nation)
That’s good news for President Obama, who needs the unemployment number to keep ticking down in order to ensure victory in November. What I wonder about, though, is this: If, as many economists predict, inflation rises, and if entitlements are eventually cut, how many of those 55 and older Americans will decide that they have to go back to work, whether they want a job or not.
I do think employment dynamics are changing in ways that are extremely hard to predict right now, thanks to a push for entitlement reform, a trend towards in-sourcing, and the increasing lifespan of people in wealthy countries. But I basically buy the Barclays idea that in the short term, at least, the idea of a surging labor force of formerly frustrated job seekers is an “urban legend.”
MORE: How a Fear of Foreigners Is Gripping Europe When Its Economy Needs Them Most
Read more: http://business.time.com/2012/03/02/the-unemployment-paradox-could-a-better-economy-make-jobless-rates-worse/#ixzz1oCIKSYmd
Remember that official unemployment rate calculations count people who are looking for work — but not those who have given up and stopped looking — as unemployed. As a result, when people give up looking for work, it can have the counter-intuitive effect of making the unemployment rate look better. And theoretically, the reverse can also be true — but here’s where the conventional wisdom goes astray: Now that the economy is truly expanding once again, many observers are predicting that formerly discouraged workers will flood back into the labor market and reverse the decline in unemployment that we’ve seen over the last few months.
(MORE: Why Manufacturing Can’t Solve The Jobs Problem)
Not so, says the macro-economic team at Barclays. They ran models showing that demographics, and especially retirement amongst baby boomers, has played a larger role in pushing the labor participation rate down than other factors have. “Only about a third of the drop in the labor force participation rate is accounted for by those who say they want a job, and only about 15% by those who want a job and are also of prime working age – i.e., between 25-54,” says the report issued Thursday. What’s more, historically, re-entrants into the labor force haven’t really played much of a role in changing the unemployment numbers.
(MORE: Like Microbreweries Before Them, Mini-distilleries are Sweeping the Nation)
That’s good news for President Obama, who needs the unemployment number to keep ticking down in order to ensure victory in November. What I wonder about, though, is this: If, as many economists predict, inflation rises, and if entitlements are eventually cut, how many of those 55 and older Americans will decide that they have to go back to work, whether they want a job or not.
I do think employment dynamics are changing in ways that are extremely hard to predict right now, thanks to a push for entitlement reform, a trend towards in-sourcing, and the increasing lifespan of people in wealthy countries. But I basically buy the Barclays idea that in the short term, at least, the idea of a surging labor force of formerly frustrated job seekers is an “urban legend.”
MORE: How a Fear of Foreigners Is Gripping Europe When Its Economy Needs Them Most
Read more: http://business.time.com/2012/03/02/the-unemployment-paradox-could-a-better-economy-make-jobless-rates-worse/#ixzz1oCIKSYmd
Friday, March 2, 2012
Indonesia Stock Market Opens Higher
Most Asian markets today were on the rise following supportive cues from Wall Street.
Indonesia's stock market rebounded on Friday as positive sentiments helped share prices to climb.
The composite index opened higher at 3,962.91, following a rise in pre-opening prices of 3.968,27.
An analyst fro PT Equator Securities, Gina Novrina Nasution, said most Asian markets today were on the rise following supportive cues from Wall Street.
"The positive sentiments from the US and Asian markets today cause the domestic market to improve," she told VIVAnews, March 2.
Gina recommends take on shares of PT Perusahaan Gas Negara Tbk (PGAS), PT PP London Sumatra Indonesia Tbk (LSIP), PT Bank Mandiri Tbk (BMRI), PT Bank Rakyat Indonesia Tbk (BBRI), and PT Bank Central Asia Tbk (BBCA).
Indonesia's stock market rebounded on Friday as positive sentiments helped share prices to climb.
The composite index opened higher at 3,962.91, following a rise in pre-opening prices of 3.968,27.
An analyst fro PT Equator Securities, Gina Novrina Nasution, said most Asian markets today were on the rise following supportive cues from Wall Street.
"The positive sentiments from the US and Asian markets today cause the domestic market to improve," she told VIVAnews, March 2.
Gina recommends take on shares of PT Perusahaan Gas Negara Tbk (PGAS), PT PP London Sumatra Indonesia Tbk (LSIP), PT Bank Mandiri Tbk (BMRI), PT Bank Rakyat Indonesia Tbk (BBRI), and PT Bank Central Asia Tbk (BBCA).
Indonesia, Algeria Agree to Strengthen Investment Cooperation
The Indonesian Investment Coordinating Board (BKPM) and the Algerian National Investment Development Agency (ANDA) have signed a much-awaited Memorandum of Understanding (MoU) to enhance cooperation in the investment sector.
"The MoU between the two investment coordinating agencies is the fruit of a longstanding process they have explored since a few years ago," Extraordinary and Plenipotentiary Ambassador of Indonesian to Algeria Ahmad Niam Salim said in an emailed statement on Tuesday.
The MoU was expected to enhance bilateral cooperation in economic and investment fields in support of the two nations’ welfare, he said. "Thank God, the MoU could be signed after a long process. This is the first MoU during my term of office as an extraordinary and plenipotentiary ambassador of Indonesian to Algeria and I hope this MoU will be followed by other MoUs."
The MoU was signed by BKPM Deputy Chief Achmad Kurniadi and ANDI Secretary General Khoiar Djouada on the sidelines of an expert meeting forum between the two countries at Mitsaq Hotel, Algeria, on Monday. Also present at the signing ceremony were Indonesian Ambassador to Algeria Ahmad Niam Salim, and head of the Indonesian delegation Roni P. Yulianto who is also the foreign ministry’s director for the Middle East.
Meanwhile, the Algerian side was represented by director for Asia at the foreign ministry Naceur Boucherit and a number of ANDI officials. Achmad Kurnia expressed hope the MoU would soon be followed up on by taking practical steps to mutually explore the possibility of business and investment cooperation in a more real way.
"This MoU is good news for Indonesian businessmen wishing to expand their businesses in Algeria. We hope that the two agencies will follow up on the MoU by taking technical steps in the investment field."
"The MoU between the two investment coordinating agencies is the fruit of a longstanding process they have explored since a few years ago," Extraordinary and Plenipotentiary Ambassador of Indonesian to Algeria Ahmad Niam Salim said in an emailed statement on Tuesday.
The MoU was expected to enhance bilateral cooperation in economic and investment fields in support of the two nations’ welfare, he said. "Thank God, the MoU could be signed after a long process. This is the first MoU during my term of office as an extraordinary and plenipotentiary ambassador of Indonesian to Algeria and I hope this MoU will be followed by other MoUs."
The MoU was signed by BKPM Deputy Chief Achmad Kurniadi and ANDI Secretary General Khoiar Djouada on the sidelines of an expert meeting forum between the two countries at Mitsaq Hotel, Algeria, on Monday. Also present at the signing ceremony were Indonesian Ambassador to Algeria Ahmad Niam Salim, and head of the Indonesian delegation Roni P. Yulianto who is also the foreign ministry’s director for the Middle East.
Meanwhile, the Algerian side was represented by director for Asia at the foreign ministry Naceur Boucherit and a number of ANDI officials. Achmad Kurnia expressed hope the MoU would soon be followed up on by taking practical steps to mutually explore the possibility of business and investment cooperation in a more real way.
"This MoU is good news for Indonesian businessmen wishing to expand their businesses in Algeria. We hope that the two agencies will follow up on the MoU by taking technical steps in the investment field."
Saturday, February 25, 2012
Indonesia's Govt Allows Importation of 500,000 Tons of Salt
The government has decided to allow the importation of 500,000 tons of
salt to meet domestic consumers’ demand until salt farmers’ harvest
time, a senior trade official said.
"We will allow the importation of 500,000 tons to meet domestic need for 3.5 months and to form a stockpile. This has been agreed on by all government agencies concerned." Deddy Saleh, director general of international trade at the trade ministry, said here Friday.
The decision was taken based on a consensus among the marine and fisheries ministry, the industry ministry, the trade ministry and the economic affairs coordinating ministry, he said.
The government would later name the companies that could conduct the importing process based on their performance in previous imports and absorbing farmers’ salt. Deddy had earlier said the government would allow salt imports before domestic salt farmers entered their harvest season this year.
The government would see to it that imports would cease at least one month before the start of the grand salt harvest in 2012. The harvest season normally begins in July but the grand harvest happens in August.
The decision to allow salt imports was made as the existing consumer salt stockpile as per late December 2011 totaled 306,000 tons which was not enough to meet demand until salt harvest time because consumption averaged 120,000 tons per month.
Deddy said the marine and fisheries ministry had initially opposed the idea of importing salt but changed its mind after obtaining the calculation of the existing consumer salt stockpile. Marine and Fisheries Minister Sharif Cicip Sutardjo eventually acknowledged that salt imports were needed to prevent a shortage before the domestic salt harvest season arrived.
"But after two or three months, when domestic salt has become available, we will stop the imports."
"We will allow the importation of 500,000 tons to meet domestic need for 3.5 months and to form a stockpile. This has been agreed on by all government agencies concerned." Deddy Saleh, director general of international trade at the trade ministry, said here Friday.
The decision was taken based on a consensus among the marine and fisheries ministry, the industry ministry, the trade ministry and the economic affairs coordinating ministry, he said.
The government would later name the companies that could conduct the importing process based on their performance in previous imports and absorbing farmers’ salt. Deddy had earlier said the government would allow salt imports before domestic salt farmers entered their harvest season this year.
The government would see to it that imports would cease at least one month before the start of the grand salt harvest in 2012. The harvest season normally begins in July but the grand harvest happens in August.
The decision to allow salt imports was made as the existing consumer salt stockpile as per late December 2011 totaled 306,000 tons which was not enough to meet demand until salt harvest time because consumption averaged 120,000 tons per month.
Deddy said the marine and fisheries ministry had initially opposed the idea of importing salt but changed its mind after obtaining the calculation of the existing consumer salt stockpile. Marine and Fisheries Minister Sharif Cicip Sutardjo eventually acknowledged that salt imports were needed to prevent a shortage before the domestic salt harvest season arrived.
"But after two or three months, when domestic salt has become available, we will stop the imports."
Friday, February 24, 2012
Asia-Pacific nations conclude and support for green economy
Asia-Pacific countries concluded three days of discussions today on
sustainable development challenges facing the region including
growing natural resource constraints, climate change, hunger and
poverty.
According to the UN ESCAP Strategic Communications and Advocacy Section's press release, Asia-Pacific countries also reaffirmed their commitment to make economic growth more environmentally-friendly and inclusive.
Over 120 delegates from 20 countries attended the 22-24 February Committee on Environment and Development convened by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
They reviewed progress in addressing sustainable development priorities of the region ahead of the United Nations Conference on Sustainable Development (UNCSD) also known as Rio+20, to be held in Brazil in June.
The second session of the biennial ESCAP Committee provided an opportunity for the countries of Asia-Pacific to review the complex, deepening and converging crises facing the region, namely, food and fuel price volatility, increasing scarcity of natural resources and uncontrolled consumption patterns, record biodiversity loss rates, as well as the accelerating impact of climate change.
"An assessment of resource intensity shows that the region consumes three times the resources as the rest of the world to produce one unit of value added," said Shun-ichi Murata, ESCAP Deputy Executive Secretary while opening the Committee session.
"Given the levels of persistent poverty, and resource constraints, such resource-intensive growth patterns are not sustainable," he added.
Sufficiency Economy
In a keynote address, Mingquan Wichayarangsaridh, Deputy Permanent Secretary, Ministry of Natural Resources and Environment, Thailand, informed the session that the Royal Government of Thailand was formulating policies in support of sustainable development under the concept of sufficiency economy.
"Regional cooperation is an important vehicle to provide an important platform to further spread the benefits of such initiatives," she added.
The Committee session also explored possible collective solutions to challenges before the region in order to strengthen concerted action in pursuit of sustainable economic growth and poverty reduction. A side event provided participants the opportunity to share best practices and practical know-how on green growth.
Many countries attending the Committee emphasized the urgency of improving resource and energy efficiency to sustain economic growth necessary to reduce poverty. Some countries called for a green growth approach based on resource efficiency as an effective strategy to overcome resource constraints and pursue sustainable development in the region.
The Committee session concluded with a renewed commitment to strengthen inclusive and sustainable development and reaffirmed support to the "Seoul Outcome" adopted by the Asia-Pacific Regional Preparatory Meeting for the UNCSD which was held in October 2011 in South Korea.
The Committee also outlined a set of recommendations which will be presented to the 68th ESCAP session to be held in May 2012.
According to the UN ESCAP Strategic Communications and Advocacy Section's press release, Asia-Pacific countries also reaffirmed their commitment to make economic growth more environmentally-friendly and inclusive.
Over 120 delegates from 20 countries attended the 22-24 February Committee on Environment and Development convened by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
They reviewed progress in addressing sustainable development priorities of the region ahead of the United Nations Conference on Sustainable Development (UNCSD) also known as Rio+20, to be held in Brazil in June.
The second session of the biennial ESCAP Committee provided an opportunity for the countries of Asia-Pacific to review the complex, deepening and converging crises facing the region, namely, food and fuel price volatility, increasing scarcity of natural resources and uncontrolled consumption patterns, record biodiversity loss rates, as well as the accelerating impact of climate change.
"An assessment of resource intensity shows that the region consumes three times the resources as the rest of the world to produce one unit of value added," said Shun-ichi Murata, ESCAP Deputy Executive Secretary while opening the Committee session.
"Given the levels of persistent poverty, and resource constraints, such resource-intensive growth patterns are not sustainable," he added.
Sufficiency Economy
In a keynote address, Mingquan Wichayarangsaridh, Deputy Permanent Secretary, Ministry of Natural Resources and Environment, Thailand, informed the session that the Royal Government of Thailand was formulating policies in support of sustainable development under the concept of sufficiency economy.
"Regional cooperation is an important vehicle to provide an important platform to further spread the benefits of such initiatives," she added.
The Committee session also explored possible collective solutions to challenges before the region in order to strengthen concerted action in pursuit of sustainable economic growth and poverty reduction. A side event provided participants the opportunity to share best practices and practical know-how on green growth.
Many countries attending the Committee emphasized the urgency of improving resource and energy efficiency to sustain economic growth necessary to reduce poverty. Some countries called for a green growth approach based on resource efficiency as an effective strategy to overcome resource constraints and pursue sustainable development in the region.
The Committee session concluded with a renewed commitment to strengthen inclusive and sustainable development and reaffirmed support to the "Seoul Outcome" adopted by the Asia-Pacific Regional Preparatory Meeting for the UNCSD which was held in October 2011 in South Korea.
The Committee also outlined a set of recommendations which will be presented to the 68th ESCAP session to be held in May 2012.
US embargo on Indonesia's CPO is discriminative
Trade Ministry viewed an embargo on crude palm oil procurement from Indonesia applied by US is inaccurate and discriminative.
Director General of International Trade at Trade Ministry Deddy Saleh said the embargo can be categorized as a discriminative measure because cooking oil made from soybean, sunflower oil, and corn oil are considered to contain greater carbon emission.
“Palm has less environmental impact than soybean. Then, land productivity of palm oil could be 4 tons per hectare, while that of soybean is only at 0.4 tons per hectare,” he revealed in a working visit to Mamuju, West Sulawesi, yesterday.
He affirmed US just considered a number of debatable assumptions, as estimation for undeveloped land of palm oil plantation in 2020 based on scientific calculation.
In addition, US also assessed imported crude palm oil from Indonesia used as raw material of biofuel isn’t environmentally friendly.
Even, US Government had issued notification of Enviromental Protection Agency (EPA) on renewable fuel standards stating that bio-fuel of Indonesia does not yet qualify the renewable standards.
EPA regulates that the reduction limit of greenhouse-gas effect for biodiesel and renewable diesel made from crude palm oil is 20% at minimum.
In the meantime, the analysis result of EPA showed the palm oil export from Indonesia to US is still below the standard at 17% for biodiesel and 11% for renewable diesel.
Therefore, Director General for Processing and Marketing of Agricultural Crop at Agriculture Ministry Zaenal Bachrudin said stakeholders of crude palm oil sector in Indonesia and representative officers of Malaysia will hold a final meeting on the notification of EPA.
Planting areal
Forestry Minister Zulkifli Hasan informed Indonesia has the world’s largest tropic-forest area up to 130.8 million hectares, so it could determine the geopolitical position at global level.
The forest area has three functions, namely for conservation forest covering 26.8 million hectare area, protection forest covering 28.86 million ha, and production forest covering 57 million ha.
The forestry development beyond forestry sector such as for palm plantation has also been regulated in Law No.14/1999 on Forestry.
Director General of International Trade at Trade Ministry Deddy Saleh said the embargo can be categorized as a discriminative measure because cooking oil made from soybean, sunflower oil, and corn oil are considered to contain greater carbon emission.
“Palm has less environmental impact than soybean. Then, land productivity of palm oil could be 4 tons per hectare, while that of soybean is only at 0.4 tons per hectare,” he revealed in a working visit to Mamuju, West Sulawesi, yesterday.
He affirmed US just considered a number of debatable assumptions, as estimation for undeveloped land of palm oil plantation in 2020 based on scientific calculation.
In addition, US also assessed imported crude palm oil from Indonesia used as raw material of biofuel isn’t environmentally friendly.
Even, US Government had issued notification of Enviromental Protection Agency (EPA) on renewable fuel standards stating that bio-fuel of Indonesia does not yet qualify the renewable standards.
EPA regulates that the reduction limit of greenhouse-gas effect for biodiesel and renewable diesel made from crude palm oil is 20% at minimum.
In the meantime, the analysis result of EPA showed the palm oil export from Indonesia to US is still below the standard at 17% for biodiesel and 11% for renewable diesel.
Therefore, Director General for Processing and Marketing of Agricultural Crop at Agriculture Ministry Zaenal Bachrudin said stakeholders of crude palm oil sector in Indonesia and representative officers of Malaysia will hold a final meeting on the notification of EPA.
Planting areal
Forestry Minister Zulkifli Hasan informed Indonesia has the world’s largest tropic-forest area up to 130.8 million hectares, so it could determine the geopolitical position at global level.
The forest area has three functions, namely for conservation forest covering 26.8 million hectare area, protection forest covering 28.86 million ha, and production forest covering 57 million ha.
The forestry development beyond forestry sector such as for palm plantation has also been regulated in Law No.14/1999 on Forestry.
Public Concerned over Gas Jet
Gugul
villagers in Tlanakan are calling on the Pamekasan regional government
to stop using gas jets in the village. “I get dizzy from the smell,”
said 24-year-old student Sirojudin.
Pamekasan Natural Resources Division head, Jumhari Ghani, said his office had not discussed the matter. “We’re still studying whether the gas content is economical or not,” he said.
Pamekasan Natural Resources Division head, Jumhari Ghani, said his office had not discussed the matter. “We’re still studying whether the gas content is economical or not,” he said.
Newmont Mining Posts 4Q Loss
Newmont Mining Corp. (NEM) swung to a fourth-quarter loss as a large
write-down tied to the gold and copper producer's Canadian mine offset
slightly higher revenue.
Newmont, the world's second-biggest gold producer after Barrick Gold Corp. (ABX), had seen its revenue rise in recent quarters thanks to a surge in prices for the precious metal. But the performance of its bottom line has been mixed due to lower production, higher costs and one-time items.
The latest quarterly result included a $1.6 billion write-down of the company's Hope Bay project in Canada. Executive Vice President Randy Engel told Dow Jones Newswires the company decided to place the mine in care and maintenance for the time being to focus efforts on more advanced projects in Ghana, Australia and Peru.
“Given the overall magnitude of our projects this year, we have to do some capital rationing,“ he said.
In November, Newmont suspended its Conga project in Peru, citing ongoing protests in the region by antimining activists. It warned last month that this year's copper production would fall short of its estimated 2011 levels due to a planned stripping campaign an Indonesian mine.
The company has said gold production should be mostly in line with estimated 2011 production levels. ewmont reported a loss of $1.03 billion, or $2.08 a basic share, compared with a year-earlier profit of $812 million, or $1.65 a basic share.
Excluding items such as the Hope Bay write-down and other adjustments, earnings rose to $1.17 from $1.16 as revenue grew 8.5% to $2.77 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of $1.27 on revenue of $2.74 billion.
Attributable gold production was off 7.1% while attributable copper output dropped 36%. The average realized price for gold rose 22% to $1,670 an ounce. The average realized price for copper declined 25% to $3.41 a pound.
Shares were off 18 cents at $63.62 after hours. The stock has climbed 6.3% so far this year through the close of trading Thursday.
Newmont, the world's second-biggest gold producer after Barrick Gold Corp. (ABX), had seen its revenue rise in recent quarters thanks to a surge in prices for the precious metal. But the performance of its bottom line has been mixed due to lower production, higher costs and one-time items.
The latest quarterly result included a $1.6 billion write-down of the company's Hope Bay project in Canada. Executive Vice President Randy Engel told Dow Jones Newswires the company decided to place the mine in care and maintenance for the time being to focus efforts on more advanced projects in Ghana, Australia and Peru.
“Given the overall magnitude of our projects this year, we have to do some capital rationing,“ he said.
In November, Newmont suspended its Conga project in Peru, citing ongoing protests in the region by antimining activists. It warned last month that this year's copper production would fall short of its estimated 2011 levels due to a planned stripping campaign an Indonesian mine.
The company has said gold production should be mostly in line with estimated 2011 production levels. ewmont reported a loss of $1.03 billion, or $2.08 a basic share, compared with a year-earlier profit of $812 million, or $1.65 a basic share.
Excluding items such as the Hope Bay write-down and other adjustments, earnings rose to $1.17 from $1.16 as revenue grew 8.5% to $2.77 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of $1.27 on revenue of $2.74 billion.
Attributable gold production was off 7.1% while attributable copper output dropped 36%. The average realized price for gold rose 22% to $1,670 an ounce. The average realized price for copper declined 25% to $3.41 a pound.
Shares were off 18 cents at $63.62 after hours. The stock has climbed 6.3% so far this year through the close of trading Thursday.
Philippines Cuts Safeguard Duty on Indonesia's CFG, TFG
The Philippines has lowered safeguard duty on Indonesia’s clear float
glass (CFG) to 3,234.41 peso from 3,404,64 peso per million ton and
tinted float glass (TFG) to 4,085.56 peso from 4,300.59 peso per million
ton.
The Philippines decided to lower surcharge on the Indonesian glass on December 13, 2011 after reviewing the policy, Director of Trade Safeguard at the Indonesian Trade Ministry Ernawati said in a press statement issued on Thursday. She said that the Philippines was also assessing the impact of the policy which had been in place since 2004 and would end in 2014 on its domestic industry and other parties subjected to safeguard duty.
During the review, the Indonesian government along with producers and exporters had established close cooperation with Philippine authorities by providing necessary inputs, she said. "The results are quite good," she said.
She said the decline in safeguard duty would have a positive impact on Indonesia’s glass exports to the Philippines. Data from the Trade Ministry show Indonesia’s glass exports to the Philippines fell over the past two years but the decline was not significant.
In the January-September 2010 period Indonesia’s CFG and TFG exports to the neighboring country were recorded at 47,864.5 tons worth US$20.08 million. The figure dropped to 47,473.02 tons worth US$20.08 million in the same period last year.
Overall, Indonesia’s export of glass products and goods made of glass in 2010 reached 71,682 tons valued at US$30 million.
The Philippines decided to lower surcharge on the Indonesian glass on December 13, 2011 after reviewing the policy, Director of Trade Safeguard at the Indonesian Trade Ministry Ernawati said in a press statement issued on Thursday. She said that the Philippines was also assessing the impact of the policy which had been in place since 2004 and would end in 2014 on its domestic industry and other parties subjected to safeguard duty.
During the review, the Indonesian government along with producers and exporters had established close cooperation with Philippine authorities by providing necessary inputs, she said. "The results are quite good," she said.
She said the decline in safeguard duty would have a positive impact on Indonesia’s glass exports to the Philippines. Data from the Trade Ministry show Indonesia’s glass exports to the Philippines fell over the past two years but the decline was not significant.
In the January-September 2010 period Indonesia’s CFG and TFG exports to the neighboring country were recorded at 47,864.5 tons worth US$20.08 million. The figure dropped to 47,473.02 tons worth US$20.08 million in the same period last year.
Overall, Indonesia’s export of glass products and goods made of glass in 2010 reached 71,682 tons valued at US$30 million.
Sunday, January 1, 2012
Indonesia's Oil Production Constantly Falls
Oil and mining research agency ReforMiner Institute states in its
report that the reason behind constant fall of Indonesia's oil lifting
within the past few years has been the application of Law No.22/2001 on
Oil and Gas.
The law stipulates that upstream management and monitoring is surrendered to Upstream Oil and Gas Regulator (BP Migas).
Meanwhile,
Law No.4/1960 and Law No.8/1971 on State Oil and Gas Mining Companies
emphasizes the management and monitoring of national oil and gas sector
by state-owned firm, which is Pertamina.
ReforMiner shows that
between 1972 and 2001, the government recorded 1.48 million barrels of
oil per day. Meanwhile, between 2002 and 2010, the the oil production
was only 1.0 million barrels.
Average production increase of 1.16
percent per year was booked between 1971 and 2001. On the other hand,
2002-2010 witnessed decrease of average oil production by 2.86 percent.
Yet, average oil reserves also went down from 7.1 biillion barrels
(1971-2001) to 4.3 billion barrels between 2002 and 2010.
Jakarta to Improve Service to the Poor
Governor of DKI Jakarta, Fauzi Bowo, vowed he will perfect the city’s
development work program in 2012 even when starting the new year
without a deputy governor
Fauzi said that the Jakarta
administration's priority program has been set out in 2012’s Regional
Mid-Term Development Plan (RPJMD).
Other than flood management, his team will also focus on health issues, especially on the poor.
“In
the health sector, there are many hospitals that do not meet the
commitment to serve the poor. Therefore, we will persuade the hospitals’
management to improve their system,” said Fauzi Bowo in Jakarta.
Moreover, he also deemed that the service system to poor families must be improved.
“I have asked our Health Bureau to improve their performance. There should not be any difficulties ahead,” he said.
e-KTP
In
relation with the central government residency program that is the
making of electronic identity cards (e-KTP), Governor Fauzi explained
that the Jakarta administration will extend the data collection process
until April 2012.
“I think that we will not be able to use this
data for Jakarta’s elections in 2012. But we should be able to use the
data by 2014,” he said.
In 2012, the Jakarta administration will also focus on clean drinking water for Jakarta residents.
“There
has been a progress about our drinking water. The plan to set up a
pipeline from Jatiluhur is being considered so that we can better
provide clean water to Jakarta residents. Without it, we will not be
able to reduce using the underground water, which has caused serious
land subsidence,” he said.
Freeport-McMoRan Indonesia Workers End Strike
Workers at a giant Indonesian mine owned by U.S. company
Freeport-McMoRan Copper & Gold Inc. burnt rocks and shot arrows at
pigs Sunday, marking the end of their three-month strike, a union
official said.
“These rituals were part of a traditional ceremony to mark the end of our strike and that we are ready to start life anew,“ the workers' union spokesman Virgo Solossa told AFP.
Solossa said that roadblocks to the sprawling Grasberg mine, which holds the world's largest gold and second-largest copper reserves in restive Papua province, were also removed.
“We will resume work very soon. Tomorrow (Monday) we will mobilize 400 workers to the mine and see if they face any security issues such as shootings. We will then send more workers,“ he added.
Around 8,000 of Freeport's 23,000 workers have been on strike since Sept. 15, crippling production at the mine. Under an agreement reached with the company mid-December, they will receive a 37% pay hike over the next two years as well as benefits including housing allowances, education assistance and retirement savings plans.
“Most of the workers were satisfied with the deal,“ Solossa said.
The strike is one of a wave of industrial actions across Southeast Asia's largest economy, where the cost of living is rising and a burgeoning middle class is demanding a greater share of the nation's economic success.
The action at Grasberg triggered a spate of violence, with at least eight people killed in ambush attacks and a clash with police in the already restive province. The workers claimed to be Freeport's lowest-paid employees in the world, including those at mines in Africa and South America.
“These rituals were part of a traditional ceremony to mark the end of our strike and that we are ready to start life anew,“ the workers' union spokesman Virgo Solossa told AFP.
Solossa said that roadblocks to the sprawling Grasberg mine, which holds the world's largest gold and second-largest copper reserves in restive Papua province, were also removed.
“We will resume work very soon. Tomorrow (Monday) we will mobilize 400 workers to the mine and see if they face any security issues such as shootings. We will then send more workers,“ he added.
Around 8,000 of Freeport's 23,000 workers have been on strike since Sept. 15, crippling production at the mine. Under an agreement reached with the company mid-December, they will receive a 37% pay hike over the next two years as well as benefits including housing allowances, education assistance and retirement savings plans.
“Most of the workers were satisfied with the deal,“ Solossa said.
The strike is one of a wave of industrial actions across Southeast Asia's largest economy, where the cost of living is rising and a burgeoning middle class is demanding a greater share of the nation's economic success.
The action at Grasberg triggered a spate of violence, with at least eight people killed in ambush attacks and a clash with police in the already restive province. The workers claimed to be Freeport's lowest-paid employees in the world, including those at mines in Africa and South America.
Wednesday, December 28, 2011
Watching North Korea Mystery theatre
IN ORDINARY times, the North Korean consular office in Dandong, just over the border in China, can be a hard place to find. It is located on the 21st floor of the Jia Di Plaza, a riverside hotel and commercial complex. Neither internet searches nor queries of building staff in the lobby yield much information. But this week one needed only follow the trail of Chinese and Korean visitors bearing flowers to pay their respects and bestow condolences. It has been so ever since the December 19th announcement that North Korean leader Kim Jong Il had died, two days earlier.
Some carried single stems, and others brought huge wreaths. They all chose either white or yellow chrysanthemums, and they all had to queue up in the crowded hallway outside the consulate. Once inside, they were allowed to sign a registry, add their flowers to the pile, and spend a few moments bowing their heads and in some cases muffling their sobs in front of a framed photo portrait of Mr Kim. By mid-morning Wednesday, 315 visits had been logged. A tight-lipped consular official said there had been heavier traffic the day before, but declined to provide a number.
From its perch on the western bank of the Yalu river, Dandong boasts a unique front-row view of the long-running horror show that is North Korea. Though the distance to the Korean side is a mere 800 metres, there is not all that much to see. In daylight, a few idle smokestacks loom above a handful of dilapidated factories and other structures. Just near the Korean end of a bridge joining the banks sits a forlorn and motionless Ferris wheel. The night-time view may be even more revealing. There is near total darkness, with only a few lit bulbs scattered along the entire length of the riverfront.
But even with this close-up view, the steady flow of people and goods across the Friendship Bridge that leads to the North Korean town of Sinuiju, and a sizeable North Korean presence in their midst, the people of Dandong have scarcely more insight than anyone else into what might be wrought by the death of Mr Kim.
They do, however, have more cause for concern. Trade and tourism make significant contributions to Dandong’s economy. According to Chinese statistics, bilateral trade between China and North Korea in 2010 rose nearly 30% year-on-year, to $3.47 billion, a record high. As much as 60% of that trade is thought to move through Dandong. The official announcement of Mr Kim’s death led to the prompt shuttering of Dandong’s many North Korean-run restaurants, shops and trading companies.
The hope among the many people here who derive their livelihoods from dealings with the neighbours across the river is that things will return to normal with the end of the official mourning period after Mr Kim’s funeral December 28th.
The fear is that they have no way of gauging the odds, especially with the leadership transfer now under way to a largely untested man in his 20s, Kim Jong Un, the deceased despot’s third son. “Anything could happen. It’s a very strange place, and a very strange situation to have such a young person taking over,” said the Chinese manager of a trading company who makes frequent visits to North Korea.
The effects of any turmoil in North Korea—whether in the form of military tension, unrest, or a swell of refugees—would be keenly felt here. But at least in the first two days after the announcement of Mr Kim’s death, an orderly calm prevailed. There was no sign of any extra police or military presence. Traffic bustled along as usual through Dandong’s busy streets, while in the riverside park pensioners flew kites and peddlers sold trinkets and souvenirs. The only way your correspondent managed to hear any wailing and gnashing of teeth was by tuning his car radio to AM 657, a North Korean station, which alternated between sombre music and a grieving, distraught announcer.Despite rumours about an imminent shutdown of all cross-border traffic, a stream of vehicles, including both large cargo trucks and light vans, made its way across from the Chinese side on Wednesday morning. The situation was much the same in the Yanbian border region, hundreds of kilometres north-east of Dandong, according to local residents and Western diplomats who had been poking around the area for information.
Outside the consulate, a North Korean trader who refused to identify himself or his company said it was only appropriate in a time of mourning to suspend normal trading activities. But, he hastened to add, things would certainly return to normal. Dandong residents can only hope his prediction bears out. Until then, they can at least take consolation in a boom in the flower business.
Monday, December 26, 2011
Payroll tax cave-in Mister Cratchit!
THE argument that Scrooge was right about Christmas
is probably not going to be a winner, either with conservatives or the
general public, and I do not expect to see much more of it. It would be
interesting if old Ebenezer replaced John Galt as a pro-inequality
standard-bearer for a while, just to relieve the tedium, but I worry
that when people on the internet start running with this one, it signals
that we have so far passed the point of Peak Contrarianism that we are
literally running out of obvious commonly held true statements to
provocatively deny. "People should be generous to the poor on Christmas.
Or should they???" Yes, they should.
In other news, House Republicans caved in and approved a two-month extension of the payroll-tax cut. Charles Krauthammer
is right that making tax policy two months at a time is a terrible
idea. But the question is what the longer-term implications of the
cave-in will be. And what's interesting about Mr Krauthammer's column is
that he employs language I never would have expected to see a
Republican use when speaking about a tax cut.
When George McGovern campaigned on giving every household $1,000, he was laughed out of town as a shameless panderer. President Obama is doing exactly the same—a one-year tax holiday that hands back about $1,000 per middle-class family—but with a little more subtlety...This is a $121 billion annual drain on the Treasury that makes a mockery of the Democrats’ reverence for the Social Security trust fund and its inviolability.
The Republican talking point on tax
cuts is supposed to be that it's the people's money, and talking about a
tax cut as a "drain on the treasury" presumes that the money people
earned really belongs to the government. In the debate over the payroll
tax cut, this attitude has somehow come unglued, and it's hard to
understand why.
Jonathan Chait's thesis is
that the underlying shift is increasing Republican concern that people
in the bottom half of the income distribution pay too little in taxes.
This idea has been kicking around conservative think tanks and the Wall Street Journal
for a few years, and reached probably its broadest popular expression
in the tea-party movement's "We Are the 53%" (i.e. those who pay income
taxes) response to the Occupy Wall Street movement's "We Are the 99%"
slogan. Another possibility is that Republicans are so strongly driven
by a partisan desire to deny legislative victories to the president that
they are willing to torpedo even conservative-friendly policies.
Without
some such theory, it becomes hard to explain the GOP's stances during
the payrol-tax-cut debate. Republicans tried to insist that the
payroll-tax-cut extension be paid for with cuts in spending, while they
had never insisted that the extension of the Bush-era income-tax cuts
for high earners which they won earlier this year be paid for. They
insisted they would approve the tax cut only if it included approval of
the Keystone XL pipeline. They now argue that the problem with the
payroll tax cut extension is that it's too short, even though Democrats
would have been happy to extend the cut for a year. In general, they
treated the payroll-tax cut as if it were one of the opposing side's
priorities, which they would be willing to approve only if they received
some goodies in return.
If the cave-in on the payroll-tax cut was
just a matter of botched strategy and callow, impetuous tea-party
freshmen learning the ropes, then Republicans may be able to regain
their footing and start dominating the Congressional agenda again next
year. But if the actual problem is that the GOP is now only interested
in tax cuts for the wealthy, and not for the poor, that is a political
problem that will trouble them long past Christmas.
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