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Gold/Mining/Energy : Caussa Capital (formerly Antares) T.CAU -- Ignore unavailable to you. Want to Upgrade?

To: The Fix who wrote (2413)	1/28/1998 6:26:00 AM
From: Surething	Respond to of 4718

Other companies in addition to Borneo have received COWS but have not yet made announcements. We are talking about 7th generation COWS. Perhaps ANZ is working under a sixth generation Cow. As for the decline in ANZ share price. I would guess it is soley due to the economic turmoil which has recently rocked Indonesia. It is always darkest before the dawn. Indonesia and its huge mineral wealth aint going to disappear. They need you as much as you need them. [ Business \| US Market \| Industry \| IPO \| S&P \| International \| PRNews \| BizWire \| Finance Home ] Wednesday January 28, 5:14 am Eastern Time FOCUS-Indonesia markets gain as rupiah steadies (Adds market close) By Mantik Kusjanto JAKARTA, Jan 28 (Reuters) - Indonesian financial markets closed stronger on Wednesday as the rupiah maintained the upward momentum it gained from banking reforms and corporate debt measures announced by the government a day earlier. Spot rupiah was quoted at the Jakarta closing at 9,850/10,800, compared with an opening of 10,500/11,500. It had risen to 11,000/11,200 on Tuesday from an opening of 13,500/14,500 in Jakarta following repeated central bank intervention and reform measures. Buoyed by the rupiah, the Jakarta stock index closed a shade over two percent higher at 485.94 points. Brokers said most stocks gained, while a sharp early fall in index heavyweight Telkom (TLKM.JK) was pared. Though Telkom's (TLK - news; quote from Yahoo! UK & Ireland: TLKMq.L) American Depositary Receipts ended slightly higher overnight in New York at $8.0, investors in Jakarta sold off shares earlier on Wednesday due to the previous day's sharp rise in the rupiah, gains which were maintained later in London and New York trading. The strengthening of the rupiah has lessened the price differential and arbitrage opportunities on Indonesian stocks abroad and in Jakarta, and some investors have sold to take their profits. Telkom closed in Jakarta at 4,300 rupiah, down 175, but off an earlier low of 4,050. ''It's the currency play which caused the adjustment,'' one local broker said, adding that volume was thin as investors wound down for holiday festivities this week. Chinese New Year falls on Wednesday and Thursday and Eid-al Fitr, marking the end of the Moslem fasting month of Ramadan, is on Friday and Saturday. There is usually a general slowdown in Indonesia in the week before the Moslem festival. There will be no central bank clearing in Jakarta on Thursday and the stock market will be closed on Thursday and Friday. Currency dealers said the foreign exchange market was quiet. ''I haven't heard anything done since the morning, either directly or on the brokers' side,'' one Japanese bank dealer said. But dealers said rupiah sentiment appeared to be improving. Finance Minister Mar'ie Muhammad announced on Tuesday the latest package of reforms, including government guarantees for depositors and creditors of the country's commercial banks. Mar'ie also announced the creation of a new institution, the Indonesian Bank Restructuring Agency (IBRA), to ensure unsound banks were rehabilitated or merged with strong institutions. The minister said the aim was to build a sound, modern and efficient banking system. Mar'ie said that in order to ensure adequate supplies of essential commodities, Bank Indonesia would provide guarantees in foreign currency for imports of such goods. Radius Prawiro, appointed by President Suharto to negotiate a resolution to Indonesia's crippling mountain of corporate debt, on Tuesday suggested a ''temporary pause'' in servicing the debt while new arrangements were put in place. A contact committee of foreign banks and a steering committee of Indonesian borrowers were being set up and are due to get to work on the problem next week. Prawiro also said there were concerns overseas that Indonesia had called for a debt moratorium on private corporate debt, but he stressed this was not the case. ''The committees have no intention to seek a national debt moratorium,'' Prawiro told Reuters in a telephone interview, adding that companies which could service their debts must continue to do so. ''Only companies which have already been unable to service interest or principle payments will be able to utilise the services of the committees in order to work out a win-win solution,'' he said. Anthony Salim, a member of the negotiating team and also the head of the Salim Group, told Reuters that only companies which were unable to meet obligations on debt interest as well as principal would be eligible for help from the committees. ''A solution must be worked out by creditors and debtors. Soon after the holiday season the committees will start working,'' Salim said. Salim said the committees had just begun to look at the task ahead, and there were about 228 companies in the country which had foreign debt exposure. '' Surething