Economic growth in 2009 expected to exceed 4.3 percent

National economic growth in 2009 is expected to exceed 4.3 percent, Central Bureau of Statistics (BPS) chief Rusman Hermawan said here Wednesday. "Although the official figures will only be made known by February 10, it seems economic growth in 2009 will exceed 4.3 percent," he said. Rusman said economic growth in 2009 was particularly driven by growth in the fourth quarter when exports turned around significantly to positive from negative three months earlier. In the fourth quarter of 2009, the BPS recorded exports grew 23 percent year-on-year but annually they dropped 15 percent.
Source: AntaraNews.com, 3 February

Ministry Seeks Delay in Disposition of Indonesia's State Banks

The Ministry of State-Owned Enterprises has asked Bank Indonesia to give it another two years to comply with the "single presence" policy, which requires that the country's four state-owned banks be merged, shifted to a joint holding company or sold. Parikesit Suprapto, the ministry's deputy for banking and financial institutions, said it will be difficult to comply with Bank Indonesia's deadline of the end of this year. Issued in 2007, the single presence policy is aimed at consolidating the banking sector and improving transparency. It requires any majority shareholder in more than one bank to merge the banks in question, from a joint holding company for them or divest its shares in all but one bank.
Source: thejakartaglobe.com, 3 February

Garuda Moving Ahead with IPO Plan

National flag carrier PT Garuda Indonesia will pick underwriters within two weeks for a planned initial public offering of up to $400 million to be launched by the third quarter, its chief executive said on Wednesday. Emirsyah Satar said Garuda's IPO would help fund its fleet expansion and was on target to be launched either at the end of the second quarter or early in the third quarter of 2010.
Source: The Jakarta Globe, p. 82, 4 February