Word: indonesia
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...rates and selling off state-controlled assets. But the toughest reforms?those that might threaten the interests of powerful bureaucrats and business leaders?have been left to Yudhoyono. "The low-hanging fruit has already been plucked," says Tom Lembong, a manager with a U.S. hedge fund with investments in Indonesia...
...Moreover, the unofficial President-elect appears to be on a collision course with his mainstay constituents, Indonesia's working class. To attract investment and new factories, the country needs to overhaul labor laws that businessmen say make it too costly to compete with countries such as China. They especially complain about rules that mandate high severance payouts to laid-off workers, which they contend impedes their ability to adapt to changing economic conditions. According to a study by the World Bank, the cost of firing a worker in Indonesia averages 157 weeks of pay, higher than in any other East...
...says, will probably be met by strikes and protests?the kind of civil unrest Yudhoyono would like to avoid. The potential wrath of the unions was on display Sept. 21 outside the High Court in central Jakarta. Hundreds of workers laid off last year from aircraft maker PT Dirgantara Indonesia raged in protest when the court rejected their claim that layoffs were conducted illegally. Nandang Rusmana, a mechanic who worked at Dirgantara for 20 years, is still unemployed more than a year after he lost his job and is borrowing money from his family to keep his children in school...
...staff. By the time Prudential got the Supreme Court to reverse the verdict in June, sales of new policies had fallen 50%. Since then, Prudential has fought off two other attempts to declare the unit bankrupt, including one last week (Sept. 23). Charlie Oropeza, president-director of Prudential's Indonesia operations, calls his situation "wacky." The legal system "is the biggest and most urgent problem for us," he says...
...Yudhoyono will also have to set straight the country's stance on the development of key industries such as mining and oil-and-gas production. Although Indonesia is rich in natural resources, investors in recent years have shied away from development projects because of confusion over industry regulations as Jakarta grants more power to local governments. In one case, three years of haggling between Exxon-Mobil and Indonesian oil company Pertamina, now in the process of being privatized, has stalled the development of the massive Cepu oil field on the island of Java. The negotiations were dealt a serious blow...