Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Thomas Haegin who wrote (2117)	2/13/1998 6:17:00 AM
From: tom	Read Replies (2) \| Respond to of 9980

Currency board in Indonesia will be announced on Monday. Latest rumour from market sources. Apparently Steve Hanke chairs a hedge fund which has been shorting the Asian currencies. As he might be setting up currency boards for them does this present a conflict of interest. (Adds military presence in Bandung) JAKARTA, Feb 13 (Reuters) - Indonesians burned shops owned by ethnic Chinese, attacked churches and set cars ablaze on Friday during protests against rising prices in three West Java towns, residents and police said. The violence erupted for a second straight day in Jatiwangi, 150 km (90 miles) east of Jakarta, with mobs burning a small tile factory and setting cars on fire, they said. They said riots also broke out in the coastal towns of Pamanukan, 100 km (60 miles) east of Jakarta, and Losari further east over rising prices sparked by the fall in the value of the rupiah currency and drought. Residents in the major centre of Bandung 150 km southeast of Jakarta said troops had been deployed and a number of shops had closed following rumours that students planned to take to the streets. Residents and police said however no demonstration had so far occurred and the city of nearly three million people was quiet. In Pananukan, a resident told Reuters by telephone that a number of shops, mostly owned by ethnic Chinese, had been burned and churches ransacked. "There were many who took to the street. The situation is very tense. Police and soldiers are on duty to guard the town," she said. Police said the situation was under control in the town of over 50,000 people but declined further comment. Residents in Losari, with a population of around 65,000, said an angry mob looted shops selling basic commodities and tossed merchandise into the street in protest against price hikes. Jatiwangi has a population of around 70,000. The riots were the latest in a series of disturbances which have also hit other towns in Central and East Java and several islands in eastern Indonesia. The Chinese, who control much of the commerce through Indonesia, are frequent targets for attack during hard times. There have been no reports of people killed or seriously hurt, however, during recent weeks. Military and political analysts said they expected continued flare-ups as people vented their frustrations over rising prices. The authorities have reinforced security in Jakarta to prevent trouble in the capital of over 10 million people ahead of a meeting next month of the People's Consultative Assembly (MPR), which is expected to re-elect President Suharto to a seventh five-year term in office. Some political analysts have said disturbances could increase in April when fuel and electricity prices are due to rise, further fuelling inflation in the nation of 17,500 islands heavily dependent on transportation.