Economic & Business

Finance Minister Sri Mulyani Indrawati said the country`s economic growth in the first quarter of this year was believed to reach over five percent.

The government`s plan to raise the basic power rate (TDL) will boost inflation and reduce the competitive edge of domestic products, an observer said.

North Korea's trade appears to have dropped for the first time in 11 years in 2009 as its trade with China, South Korea and other major business partners declined.

Hyundai Motor Co. (KSE:005380), South Korea's largest automaker, said today it has signed a contract to sell taxi sedans to ComfortDelGro Corp. (SGX:C52), the biggest operator of taxis in Singapore.

Dubai-based property developer Emaar Properties on Tuesday denied a report that it had pulled out of a long delayed US$600 million tourism project in Bali's neighboring island of Lombok.

Japan Bank for International Cooperation (JBIC) and a number of foreign financers have pledged a loan of US$1.81 billion for two coal-fired power plants in Java.

Anhui Jianghuai Automobile Co., Ltd. (JAC)(SSE:600418), an auto producer based in Hefei, will construct its first overseas plant to produce trucks in Vietnam in April, the China Daily reported Wednesday.

State-owned power utility PLN`s plan to raise its basic electricity rate (TDL) by 15 percent is illogical, an observer said.

The government is expected to submit a plan for a 15-percent rise in the basic power rate (TDL) to the House of Representatives (DPR) in April, an official said.

Japan's financial sector on Tuesday restated its opposition to a government proposal to increase the current 10 million yen (US$111,090) deposit limit on postal savings.

Indian telecom major Reliance Communications (RCom) (BSE:532712) yesterday launched a new service VAS application 'Socially', which will allow users to follow social network sites like Facebook, Twitter and LinkedIn.

Sinochem Group, one of China's leading fertilizer makers, has inked a 16-billion-yuan (US$2.3 billion) deal on Tuesday to build two nitrogenous fertilizer projects in China's northwestern Ningxia Hui Autonomous Region.

The construction of two main powerhouses in South Bengkulu and North Bengkulu regencies has been started raising each capacity by 1 megawatts (MW) to meet the power needs in the two regencies.

President Director of state coal mining company PT Batubara Bukit Asam Tbk (PTBA) Sukrisno said he was considering a purchase 9.36 percent of the shares of PT Freeport Indonesia.

The government will immediately issue a presidential regulation on extractive industries in an effort to make the management of oil profit-sharing funds more transparent.

The government is revising the 2010 state budget in light of expected improvements in economic conditions this year, Finance Minister Sri Mulayni said.

Bank Indonesia (the central bank/BI) said on Monday the domestic economy may grow above 5 percent in the first quarter of 2010.

The Japan Bank for International Cooperation (JBIC) and PT Paiton Energy (PE) here Monday signed a project financing loan agreement worth the equivalent of US$1,215 million to fund the Paiton thermal power plant expansion project.