(JAKARTA) State-owned PT Telkom, Indonesia's largest telecommunications company, announced on Wednesday it had jointly set up a new business venture with the central bank to provide financial network services to the banking industry, reports The Jakarta Post.
Telkom said in a statement that the new firm, named PT Finnet Telkom, was 60 per cent owned by the company through its subsidiary, PT Multimedia Nusantara, while the remaining 40 per cent was owned by Bank Indonesia through its affiliate, PT Mekar Prana Indah.
The paper says the two companies have injected around 10 billion rupiah (S$1.7 million) as start-up capital into the new firm.
Telkom said Finnet was being set up to avail of prospects in the financial data and banking network businesses, which are currently dominated by PT Aplikanusa Lintasarta - a subsidiary of Telkom's smaller rival, PT Indosat.
The government had earlier urged Telkom to form a new company to reduce what it claimed was the risk of 'banking espionage' on the part of certain shareholders of Indosat.
Said Didu, the secretary to the state minister for state enterprises, said that among the options for reducing the purported risk would be for Telkom to compete head-to-head with Indosat.
Lintasarta, which is 69.46 per cent owned by Indosat, provides high-speed data communications and corporate network services, and pioneered the development of the electronic banking transfer system in Indonesia.
Source:
The Business News, Singapore
February 3, 2006
Friday, February 03, 2006
Jakarta, BP still in LNG price talks with CNOOC
Indonesia and BP plc are still negotiating with CNOOC Ltd, China's No 3 oil company, for a higher price for liquefied natural gas (LNG) from the Tangguh project, said Energy and Mineral Resources Minister Purnomo Yusgiantoro.
'I can't give you details but we're in the middle of negotiating on higher prices,' Mr Purnomo told reporters in Jakarta yesterday.
Indonesia wants to earn more for its LNG after crude oil prices rose to a record last year. CNOOC's original agreement to buy gas from the Tangguh plant in Irian Jaya province was based on a maximum oil price of US$25 a barrel. Oil reached US$67.19 yesterday in electronic trading on the New York Mercantile Exchange. Prices are 44 per cent higher than a year ago.
Indonesia in 2002 agreed to a record-low price to supply LNG to China, matching the tariff offered by Australia's North West Shelf.
Since then, European and US benchmark prices have risen more than sevenfold, prompting LNG producers to demand higher prices from Asian buyers under new contracts.
CNOOC may pay more than it earlier agreed for LNG from Tangguh, Kardaya Warnika, chairman of Indonesia's state oil and gas regulator BPMigas said on Jan 20.
Source:
Bloomberg, February 03, 2006
'I can't give you details but we're in the middle of negotiating on higher prices,' Mr Purnomo told reporters in Jakarta yesterday.
Indonesia wants to earn more for its LNG after crude oil prices rose to a record last year. CNOOC's original agreement to buy gas from the Tangguh plant in Irian Jaya province was based on a maximum oil price of US$25 a barrel. Oil reached US$67.19 yesterday in electronic trading on the New York Mercantile Exchange. Prices are 44 per cent higher than a year ago.
Indonesia in 2002 agreed to a record-low price to supply LNG to China, matching the tariff offered by Australia's North West Shelf.
Since then, European and US benchmark prices have risen more than sevenfold, prompting LNG producers to demand higher prices from Asian buyers under new contracts.
CNOOC may pay more than it earlier agreed for LNG from Tangguh, Kardaya Warnika, chairman of Indonesia's state oil and gas regulator BPMigas said on Jan 20.
Source:
Bloomberg, February 03, 2006
Indonesia growth will improve in '07: survey
Indonesia's economic growth is forecast to accelerate in 2007 to more than 6 per cent after clocking in at 5.1-6.0 per cent for this year and 2005, a central bank survey released yesterday showed.
Growth in South-east Asia's largest economy has been expected to be shaved lower after the government hiked fuel prices last October by an average of 126 per cent, and also dramatically tightened monetary policy.
The survey of 94 economists, analysts and economists carried out in the final quarter of last year also predicted that the inflation rate, which has spiked since the fuel price hike, would improve to 7.1-8.0 per cent in 2006.
Inflation for 2005 stood at 17.11 per cent, the highest level since 1998, easing slightly to 17.03 per cent on a year earlier from January according to figures released on Wednesday.
The rupiah was expected to stay in a range of 9,501-10,000 against the US dollar, according to those surveyed.
Factors seen as limiting growth meanwhile were high interest rates, high inflation, inconsistencies in government policies, corruption, unemployment and poverty, they said.
Indonesia's President Susilo Bambang Yudhoyono swept to power in late 2004 pledging to clean up rampant corruption here which has long been seen as a key deterrent of foreign investment and a brake on growth.
Source:
AFP, February 3, 2006
Growth in South-east Asia's largest economy has been expected to be shaved lower after the government hiked fuel prices last October by an average of 126 per cent, and also dramatically tightened monetary policy.
The survey of 94 economists, analysts and economists carried out in the final quarter of last year also predicted that the inflation rate, which has spiked since the fuel price hike, would improve to 7.1-8.0 per cent in 2006.
Inflation for 2005 stood at 17.11 per cent, the highest level since 1998, easing slightly to 17.03 per cent on a year earlier from January according to figures released on Wednesday.
The rupiah was expected to stay in a range of 9,501-10,000 against the US dollar, according to those surveyed.
Factors seen as limiting growth meanwhile were high interest rates, high inflation, inconsistencies in government policies, corruption, unemployment and poverty, they said.
Indonesia's President Susilo Bambang Yudhoyono swept to power in late 2004 pledging to clean up rampant corruption here which has long been seen as a key deterrent of foreign investment and a brake on growth.
Source:
AFP, February 3, 2006
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