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

To: Stitch who wrote (6427)	9/15/1998 12:08:00 PM
From: peter michaelson	Respond to of 9980

yang, from CNN. Report: Millions face famine in Indonesia September 15, 1998 Web posted at: 2:10 a.m. EDT (0610 GMT) JAKARTA, Indonesia (AP) -- Millions of Indonesians face an impending famine due to dire food shortages, one of the nation's leading newspaper reports. Many families can only afford a single daily meal, and things could get worse before the rice harvest in January, Food Minister A.M. Saefuddin was quoted as saying in The Jakarta Post on Monday. The price of rice, which is a food staple in this sprawling Southeast Asian nation of 202 million people, has tripled for most consumers in recent months after a prolonged drought. "Urban poor are especially vulnerable," Saefuddin said. "In many rural areas, people are more used to hardship and can seek alternative ways to cope." He said about 17 million families could be affected. Indonesia is enduring a devastating economic crisis that has bankrupted industries and caused mass unemployment. Rioting and looting have increased in recent weeks. Looting, riots intensify In Medan, on the northern end of Sumatra island about 870 miles northwest of Jakarta, crowds threw rocks at the windows of a shopping mall and passing vehicles on Monday. One mob broke into the mall and looted goods, mainly clothes, witnesses said. Troops and police were deployed, and the private SCTV station reported that 33 people were arrested in the island-nation's third largest city. Police said the situation was under control. However, shops, offices and schools in the city of 2 million remained closed. Residents had been advised to stay at home. Protests also broke out in the capital and several other cities. The government has predicted that half of the country's people could fall into poverty if the crisis continues. Longtime autocratic President Suharto was forced to quit in May after violent riots, partly triggered by economic hardship. Activists have recently demanded that his successor, President B.J. Habibie, lower food prices or resign. The government responded Thursday with new measures to control the rice cost as part of a wider economic reform plan sponsored by the IMF.

To: Stitch who wrote (6427)	9/15/1998 12:14:00 PM
From: peter michaelson	Respond to of 9980

And, speaking of creative destruction....... TELKOM MAY LOSE MONOPOLY - INDONESIA GOVT OFFICIAL JAKARTA, Sept 15 (Reuters) - Indonesia said on Tuesday Telkom may lose its monopoly on domestic telecommunications services, while Indosat and Satelindo may also lose their duopoly on the country's international telecommunications services. "Yes, more or less," Director General of Post and Telecommunications Sasmito Dirjo told Reuters on the sidelines of a parliamentary hearing, when asked whether under a new draft telecommunications law, currently being worked out by the government, the firms were likely to lose the privileges. JAKARTA, Sept 15 (Reuters) - Jakarta shares tumbled more than three percent on Tuesday, pulled down by market heavyweights Telkom and Indosat <ISAT.JK> on news that the firms could face increased competition in telecommunications, dealers said. By 0755 GMT the composite index was down 3.3 percent at 310.01 points. Telkom was down 11.25 percent at 1,775 rupiah and Indosat was 4.91 percent weaker at 6,775 rupiah. The two firms together make up more than 25 percent of the market's capitalisation.

To: Stitch who wrote (6427)	9/15/1998 12:33:00 PM
From: Joss	Read Replies (1) \| Respond to of 9980

Hi Stich, I am a regular lurker on this thread...it has provided me with insights I would not otherwise have. I have been watching for Asia news on the nightly broadcasts....except when a "riot" or something graphic (stock market indices) can be shown...there is basically no information. My impression from this thread is that things are becoming desperate and dangerous. Am I overreacting to what I read here or is this just another case of journalism ignorance? Steve

To: Stitch who wrote (6427)	9/15/1998 12:52:00 PM
From: Ramsey Su	Read Replies (4) \| Respond to of 9980

Thread, regarding Soros. CNBC is making a big deal on upcoming speech in front of Capital Hill. I wonder why Soros? What official capacity does he have that is different from, say Peter Lynch or any of the mover shakers? Secondly, he is not a neutral party. Is it possible that he wants IMF to fund every economy so that there is some money for him to attack? He is regarded as public enemy #1 in a few Asian countries. In due time, history may show us whether he is indeed responsible for the collapse of Thailand and others. Is this potentially a direct conflict of interest to listen to his opinions? Could he be saying things that directly benefit positions that he has already taken? Ramsey