JAKARTA, March 9 (Reuters) – Indonesia’s government
offered a clearer view on Friday of a new regulation that limits
foreign ownership in mines to no more than 49 percent, saying
the rule applies to existing as well as new contracts.
The comments by senior officials in the Ministry of Energy
and Minerals could unnerve foreign companies owning mines in
Indonesia, including Australian miners who have played down the
impact of the rule signed last month by President Susilo Bambang
JAKARTA, March 8 (Reuters) – A new Indonesian
regulation that changes the rules on foreign ownership of mines
applies to all foreign companies and is not aimed specifically
at the largest of those, Freeport McMoRan Copper & Gold Inc
, the deputy energy and mining minister said on Thursday.
Indonesia has substantial mineral wealth and is the world’s
top exporter of thermal coal and tin, but attention has focused
on Freeport since news on Wednesday of the regulation which
could deter fresh investment in the sector.
JAKARTA, Feb 23 (Reuters) – Traffic in Indonesia’s
capital snarls so badly during rush hour that even motorbikes
face gridlock and to get ahead a group of commuters have taken
up an extreme sport: cycling to work.
Their logic is simple. It makes more sense to inhale the
fumes and risk being flattened by a vehicle than it does to sit
in a car or a taxi for hours going nowhere fast.
MIAMI/ATLANTA (Reuters) – By the time authorities busted a fake AIDS clinic in Miami, it had bilked Medicare of more than $4.5 million (2.8 million pounds). Still, the man behind the scheme remained far ahead of the agents pursuing him.
Michel De Jesus Huarte, a 40-year-old Cuban-American, hadn’t simply avoided arrest. He had hatched a plan to steal millions more from Medicare by forming at least 29 other shell companies – paper-only firms with no real operations. Each time, he would keep his name out of any corporate records. Other people – some paid by Huarte, some whose identities had been stolen – would be listed in incorporation papers.
BIRMINGHAM, Alabama (Reuters) – When the commissioners of Alabama’s Jefferson County emerged from a closed session last Wednesday to take their seats at the dais in the wood-paneled hall of the county’s 80-year-old courthouse, few expected drama.
Most likely, the five elected officials would vote to extend talks with creditors over the county’s $3.14 billion sewerage project debt. After all, they had been talking with Wall Street banks and other creditors for more than three years and had agreed to a framework for an agreement in September.
BIRMINGHAM, Alabama (Reuters) – The indebted sewer system at the center of Alabama’s Jefferson County’S bankruptcy is drawing early interest from Wall Street firms and could be bought once it sheds its debt burden, an investor whose company runs the pension fund of state employees said.
David Bronner, the CEO of the $29 billion Retirement Systems of Alabama, said several Wall Street firms called him to inquire about buying the system, one day after the county filed for bankruptcy in the biggest municipal bankruptcy in U.S. history.
BIRMINGHAM, Alabama (Reuters) – From corrupt and incompetent local officials to Wall Street’s credit crisis and toxic bonds, there was plenty of blame to go around on Thursday, after Alabama’s Jefferson County declared the biggest municipal bankruptcy in U.S. history.
The county, once a leading industrial hub in the U.S. Deep South, filed for bankruptcy court protection on Wednesday after failing to reach final agreement on terms of a preliminary deal with creditors led by JPMorgan Chase & Co in September to settle $3.14 billion in sewer-system debt.
, Nov 10 (Reuters) – From corrupt and
incompetent local officials to Wall Street’s credit crisis and
toxic bonds, there was plenty of blame to go around on
Thursday, after Alabama’s Jefferson County declared the biggest
municipal bankruptcy in U.S. history.
The county, once a leading industrial hub in the U.S. Deep
South, filed for bankruptcy court protection on Wednesday after
failing to reach final agreement on terms of a preliminary deal
with creditors led by JPMorgan Chase & Co in September
to settle $3.14 billion in sewer-system debt.
ATLANTA, Nov 9 (Reuters) – The decision by Alabama’s biggest
county to file for the largest municipal bankruptcy in U.S.
history comes as a shock and represents a sharp economic setback
for the state.
It is difficult to gauge the precise impact of the decision by
Jefferson County to file for Chapter 9 because bankruptcy will
take the state into uncharted territory, according to analysts.
ATLANTA (Reuters) – Unlike Senator John McCain who presented himself as a maverick in the 2008 presidential campaign, Republican hopeful Herman Cain is a true political outsider.
The surprise leader in opinion polls of Republicans seeking to take on President Barack Obama in 2012, the one-time fast food executive Cain is running for the world’s most important job despite never having held elected office.