Tag Archives: Indonesia

Indonesia to Redenominate Rupiah in 2014

Dec. 17 – The Indonesian government has announced plans to reduce the number of zeros on the rupiah by three beginning in 2014. The redenomination will simplify payment processes in a national currency upon which many people already ignore the last three zeroes. The country has one of the highest value denominated currencies in Asia, with only Vietnam and Mongolia having higher denominated banknotes. The phasing in of new banknotes will begin in 2014 and will continue until 2016. This means that for a three-year period there will be notes showing both units of measurement that will continue to be … Continue reading

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Indonesia to Overhaul its Transport Infrastructure

The Indonesian government has announced plans to overhaul their unreliable transport system. The ambitious plans will cost more than 800 million rupiah, or US$110 billion, to upgrade Indonesia’s railways, roads, airports and seaports.

Photo: Murray Lines

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Report: China Overtakes U.S. as the World’s Top Grocery Market

China overtook the United States last year as the world’s top food and grocery retail market with its sector valued at 607 billion pounds (US$964.5 billion), according to a report released yesterday by IGD. It is also estimated in the report that China’s grocery sector will continue to grow over the next few years at an average annual rate of 10.9 percent from 2011 to 2015 when it is expected to hit 918 billion pounds (US$1.46 trillion).

Photo: Andy Wong/AP

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Update: Emerging Asia Minimum Wages and Labor Law

Mar. 14 – In an effort to combat inflation and prevent any outbreaks of labor unrest, several emerging Asian nations are copying China’s strategy to push for higher minimum wage levels and enact new labor laws to protect workers’ rights. Malaysia Malaysia will announce the country’s first-ever minimum wage plan this month, according to an anonymous government official. This marks a turning point in Malaysia’s labor relations as the wages have always been determined by the market. Reuters reports that the cabinet has approved a minimum wage of 800 ringgit (US$262.34) to 900 ringgit (US$295.06) per month, depending on the … Continue reading

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Report: Emerging Asia Well Placed to Handle Volatile Global Economy

Nov. 23 – Among emerging Asian countries, China, India, and Indonesia appear to be in a fairly strong position to withstand the fallout from the volatile global economy while Malaysia, Mongolia and Thailand seem too vulnerable to cope with an external shock, Fitch Ratings said in a report released this week. In the report “Emerging Asian Sovereign Pressure Points,” the credit rating agency estimated the potential exposure of emerging Asian economies to the global downturn triggered by the European Sovereign Debt Crisis still looming over the Eurozone. Balance in trade, flexibility of government policy, and emerging Asia’s performance in dealing … Continue reading

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Pan-Asia Tuk-Tuk Race Underway

The Rickshaw Run, an annual ASEAN event, has just begun, with this year’s route beginning in Jakarta and ending in Bangkok. Some 66 people from 15 countries are taking part in this charity event that also aims to show how Asia is connected. The 3,000 kilometer race began yesterday and is scheduled to end on October 30. Continue reading

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