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Friday, January 9, 2009

Jan 10 News

US (Bloomberg) -- The U.S. probably lost 525,000 jobs in December, capping the biggest collapse in employment since the end of World War II, economists said before a report today. The unemployment rate likely jumped to a 15-year high of 7 percent.

The outlook for 2009 is no brighter as retailers from Wal- Mart Stores Inc. to Macy’s Inc. slash profit forecasts and manufacturers including Alcoa Inc. cut output and staff. The figures are likely to intensify pressure on U.S. lawmakers to speed President-elect Barack Obama’s proposed fiscal stimulus through Congress in an effort to save or create 3 million jobs.

Obama Plan
Obama is pressing for a stimulus plan of about $775 billion, including tax cuts and spending on everything from roads and schools to the energy network. Yesterday he called for “dramatic action as soon as possible” to help pull the world’s largest economy out of a slump that’s into its second year. “If nothing is done, this recession could linger for years,” Obama said in Fairfax, Virginia.

Federal Reserve staff last month cut their projections for gross domestic product and the job market, stating the unemployment rate was “likely to rise significantly into 2010,” according to minutes of policy makers’ December meeting.

Analysts said the economy is in danger of a reinforcing cycle of rising unemployment and declining household spending, what policy makers call a negative feedback loop, which is difficult to snap once it’s begun.

Indonesia - The government will take a decision on the decline in the price of fuel at a cabinet session held on 12 January 2009, then this is the third decline in the price of fuel in the last months. Finance Ministry Sri Mulyani said that after meeting with President Susilo Bambang Yudhoyono at the Presidential Palace, Jakarta, Friday (9/1/2009). "For the government the more important is to see oil prices on Monday and decided later on this fuel price," he said.

The government will take a decision on the decline in the price of fuel in return the council cabinet on 12 January 2009. The decline in the price of Rp 500 per liter and the effective start date of 15 January 2009.

The government hopes, the decline in the price of fuel, the third time is expected to give a significant impact, not as a decrease in the previous two times. "I do not have the authority to announced it, but from its body language, the government agreed to announce a fuel price. Premium and diesel fuel down as Rp 500. The President of the council and if approved by the cabinet, the 15th reduction will be effective.

Qatar Telecom (Qtel) will hold a public tender offer shares of PT Indosat Tbk (ISAT) a maximum of 24.19%, beginning next weekend. Bid price is Rp. 7388 per share, with a total Rp 8 Billion. Qtel have signed a letter of the tender offer to the authority of the capital market yesterday. Implementation of the tender offer shares on the Stock Exchange Indosat of Indonesia (BEI) should be adjusted with the New York stock exchange, the United States. The second largest telecommunications company in Indonesia was also noted as stock (dual listing) in the New York Exchange

Indonesia Stock Exchange (BEI) ask the acquisition and the formation of special purpose vehicle (SPV) by PT Bumi Resources Tbk (BUMI) and PT Bakrie & Brothers Tbk (BNBR). The management of the Earth and Bakrie & Brothers has not delivered the official explanation of action related to the corporation that BEI. At 8 and 9 January 2009 BUMI stock decline 20% into 630!! It could be worst.