Kompas, Rabu, 1 April 2009 | 09:17 WIB
JAKARTA, KOMPAS.com- Pemerintah berada di atas angin. Kemarin, Majelis Hakim Arbitrase Internasional di Jenewa, Swiss, memenangkan Pemerintah Indonesia dalam sengketa penjualan atau divestasi saham perusahaan tambang PT Newmont Nusa Tenggara (Newmont).
Arbitrase Internasional mengabulkan satu dari dua gugatan Pemerintah terhadap Newmont yang diajukan Juni 2008. Gugatan yang ditolak majelis hakim adalah permintaan Pemerintah menghentikan kontrak karya Newmont.
Majelis hakim memutuskan, Newmont harus melepas 17 persen sahamnya dalam waktu 180 hari sejak putusan keluar, kemarin (31/3). Persentase itu adalah batas kewajiban Newmont yang belum terlaksana sejak 2006 (3 persen), 2007 (7 persen), dan 2008 (7 persen). Sesuai kontrak dengan pemerintah RI, Newmont harus menjual saham secara bertahap hingga mencapai 51 persen pada 2010.
Newmont harus melepas 17 persen saham itu pada Pemerintah Indonesia atau pihak yang ditunjuk Pemerintah. "Saham itu harus bebas gadai," kata Jaksa Pengacara Negara, Joseph Suwardi Sabda.
Sekadar catatan, saat ini Newmont telah menjaminkan sahamnya untuk meminjam dana dari perbankan. Jika Newmont tidak berhasil melaksanakan putusan ini, Pemerintah berhak mencabut kontrak karya Newmont.
Simon Felix Sembiring, mantan Direktur Jenderal Mineral, Batubara, dan Panas Bumi, yang kini menjadi Staf Khusus Menteri Energi Sumber Daya Mineral (ESDM), mengaku, saat ini Pemerintah tak hanya dalam posisi menunggu. "Tapi kami juga punya wewenang menagih karena punya kekuatan hukum tetap," katanya.
Setelah putusan arbitrase itu keluar, Newmont juga mempunyai kewajiban membayar biaya yang dikeluarkan Pemerintah untuk proses pengadilan sebesar 1,8 juta dollar AS.
Tapi, perjalanan kasus ini masih akan panjang. Menurut Kantor berita Reuters, Newmont malah sudah menjual 7 persen saham senilai 427 juta dollar AS kepada PT Pukuafu Indah. Perusahaan milik Yusuf Merukh ini adalah mitra lokal yang sudah menguasai 20 persen saham Newmont.(Gentur Putro Jati/Kontan)
http://bisniskeuangan.kompas.com/read/xml/2009/04/01/09171670/lawan.newmont.pemerintah.ri.menang
Tuesday, March 31, 2009
Tuesday, March 24, 2009
Pemulihan Terjadi pada 2010 dengan Syarat
KRISIS EKONOMI GLOBAL
Kompas, Selasa, 24 Maret 2009 | 05:49 WIB
Geneva, Senin - Perekonomian terus memburuk. Organisasi Buruh Internasional meramalkan pada akhir 2009 akan ada 50 juta penganggur baru. Namun, pemulihan ekonomi bisa terjadi pada 2010 dengan syarat.
”Semua kebijakan harus diimplementasikan,” kata Direktur Pelaksana Dana Moneter Internasional (IMF) Dominique Strauss-Kahn, Senin (23/3) di Geneva, Swiss, dalam pertemuan Organisasi Buruh Internasional (ILO).
Krisis global terjadi karena kredit macet perbankan global di Amerika Serikat senilai 2 triliun dollar AS. Penipuan oleh Wall Street, julukan bursa saham AS, menambah persoalan, seperti yang dilakukan Bernard Madoff, pelaku penggelapan lebih dari 60 miliar dollar AS nilai nominal investasi milik sejumlah lembaga dan perorangan.
Tindakan gegabah dan spekulatif eksekutif itu, sebagaimana dituliskan Paul Krugman di New York Times edisi 22 Maret, turut membangkrutkan lembaga keuangan. ”Krisis terjadi karena disfungsi sistem keuangan,” tulis Krugman.
Hindari cara konvensional
Penelitian Organisasi Perdagangan Dunia (WTO) dan IMF menyebutkan, krisis yang dipicu kehancuran sektor keuangan secara empiris merusak mata rantai perekonomian. Kehancuran sektor ini membuat transaksi kacau dan merembet cepat ke semua sektor.
Strauss-Kahn meminta bank-bank sentral dan pemerintah menghindari pola konvensional dengan mengguyur uang begitu saja ke pasar. Sejak 2008, sejumlah negara maju mengguyur uang ke pasar. Sebagaimana dikatakan Krugman, disfungsi sistem keuangan tak akan mampu memutarkan uang-uang itu ke sektor perekonomian.
Sejauh ini, sejumlah pemerintah sudah meluncurkan dana stimulus ekonomi, menyuntikkan dana-dana ke perbankan. Hal ini terus dilakukan dan menjadi tindakan favorit AS. Namun, langkah itu tak mencegah ekonomi menuju krisis lebih dalam.
Uni Eropa memilih penyehatan perbankan, yang kemudian mulai dilakukan AS. Seiring dengan hal itu, para eksekutif perbankan Eropa, Asia, dan AS bertemu di London, Selasa ini. Pembahasan mereka adalah bagaimana menegakkan etika dan perilaku sistem keuangan. Bahasan lain pertemuan yang dihadiri Menteri Keuangan Inggris Alistair Darling itu adalah suntikan modal bank.
Krugman mengatakan, karena kekacauan perbankan lebih parah daripada yang terjadi pada dekade 1990-an, waktu yang diperlukan untuk sebuah solusi akan lebih lama. Hal itu bergantung pada sejauh mana Pemerintah AS melihat bahwa masalah ada pada disfungsi sektor keuangan. ”Namun, cara-cara yang dilakukan Presiden Barack Obama tetap saja sama dengan pendahulunya, George W Bush,” kata Krugman yang menegaskan agar fokus penyelesaian kebangkrutan perbankan diutamakan.(REUTERS/AP/AFP/MON)
Kompas, Selasa, 24 Maret 2009 | 05:49 WIB
Geneva, Senin - Perekonomian terus memburuk. Organisasi Buruh Internasional meramalkan pada akhir 2009 akan ada 50 juta penganggur baru. Namun, pemulihan ekonomi bisa terjadi pada 2010 dengan syarat.
”Semua kebijakan harus diimplementasikan,” kata Direktur Pelaksana Dana Moneter Internasional (IMF) Dominique Strauss-Kahn, Senin (23/3) di Geneva, Swiss, dalam pertemuan Organisasi Buruh Internasional (ILO).
Krisis global terjadi karena kredit macet perbankan global di Amerika Serikat senilai 2 triliun dollar AS. Penipuan oleh Wall Street, julukan bursa saham AS, menambah persoalan, seperti yang dilakukan Bernard Madoff, pelaku penggelapan lebih dari 60 miliar dollar AS nilai nominal investasi milik sejumlah lembaga dan perorangan.
Tindakan gegabah dan spekulatif eksekutif itu, sebagaimana dituliskan Paul Krugman di New York Times edisi 22 Maret, turut membangkrutkan lembaga keuangan. ”Krisis terjadi karena disfungsi sistem keuangan,” tulis Krugman.
Hindari cara konvensional
Penelitian Organisasi Perdagangan Dunia (WTO) dan IMF menyebutkan, krisis yang dipicu kehancuran sektor keuangan secara empiris merusak mata rantai perekonomian. Kehancuran sektor ini membuat transaksi kacau dan merembet cepat ke semua sektor.
Strauss-Kahn meminta bank-bank sentral dan pemerintah menghindari pola konvensional dengan mengguyur uang begitu saja ke pasar. Sejak 2008, sejumlah negara maju mengguyur uang ke pasar. Sebagaimana dikatakan Krugman, disfungsi sistem keuangan tak akan mampu memutarkan uang-uang itu ke sektor perekonomian.
Sejauh ini, sejumlah pemerintah sudah meluncurkan dana stimulus ekonomi, menyuntikkan dana-dana ke perbankan. Hal ini terus dilakukan dan menjadi tindakan favorit AS. Namun, langkah itu tak mencegah ekonomi menuju krisis lebih dalam.
Uni Eropa memilih penyehatan perbankan, yang kemudian mulai dilakukan AS. Seiring dengan hal itu, para eksekutif perbankan Eropa, Asia, dan AS bertemu di London, Selasa ini. Pembahasan mereka adalah bagaimana menegakkan etika dan perilaku sistem keuangan. Bahasan lain pertemuan yang dihadiri Menteri Keuangan Inggris Alistair Darling itu adalah suntikan modal bank.
Krugman mengatakan, karena kekacauan perbankan lebih parah daripada yang terjadi pada dekade 1990-an, waktu yang diperlukan untuk sebuah solusi akan lebih lama. Hal itu bergantung pada sejauh mana Pemerintah AS melihat bahwa masalah ada pada disfungsi sektor keuangan. ”Namun, cara-cara yang dilakukan Presiden Barack Obama tetap saja sama dengan pendahulunya, George W Bush,” kata Krugman yang menegaskan agar fokus penyelesaian kebangkrutan perbankan diutamakan.(REUTERS/AP/AFP/MON)
Thursday, March 12, 2009
More Companies At Risk of Failing
U.S.News & World Report
Tuesday March 10, 12:46 pm ET
By Rick Newman
Everybody hopes the economy bottoms out and starts to improve tomorrow. Or sooner. But there are few signs of an imminent recovery. One obvious indicator is the health of big companies - you know, the ones that have been announcing all those four- and five-digits layoffs recently. And the outlook for them seems to be getting worse, not better.
Moody's, the ratings agency, recently published a list of "bottom rung" companies most likely to default on their debt. The criteria are technical, but the upshot is that a lot of companies are in deep trouble - and the list is getting longer, not shorter. Moody's predicts that the default rate on corporate bonds this year will be three times higher than in 2008, and 15 times higher than in 2007. Defaults are often the last step before a bankruptcy filing. And bankrupt companies, obviously, don't usually hire people. They dramatically shed costs and workers and sometimes liquidate completely, firing everybody.
So the Moody's findings help explain why most economists expect the unemployment rate, now 8.1 percent, to rise as high as 9 or 10 percent before it starts to drift back down. And right now, real and perceived fears about job security are the main force driving a contraction in consumer spending, and the economy as a whole. Here's what the bottom-rung report tells us about the next several months:
There will be a lot more bankruptcies. Moody's places 283 companies on its bottom-rung list, up from 157 a year ago. Since the quarterly list was last updated, 73 additional companies have fallen to the bottom rung. Twenty-four companies made their way off the list - but mostly because they defaulted on their debts. Only one company, Landry's Restaurants, got off the list because its circumstances improved.
Companies exposed to consumer spending have it toughest. The industries most represented on the list are media, automotive, retail and manufacturing. Companies in the most acute danger are those with reduced cash flow and a high debt load. A lot of big, well-known companies are in danger. On the list: Advanced Micro Devices; AirTran; AMR (parent of American Airlines); Chrysler; Duane Reade; Eastman-Kodak; Ford; General Motors; JetBlue; Krispy Kreme; Palm; R.H. Donnelly; Reader's Digest Association; Rite-Aid; UAL (parent of United Airlines); Unisys; and US Airways.
Many of the other firms on the list are second- or third-tier suppliers to automakers, airlines, and other troubled firms. Being on the list doesn't mean a firm is destined for bankruptcy. But it does mean the company faces severe constraints in terms of raising new capital, making new investments, and hiring. Instead of expanding, it may be far more inclined to sell assets, streamline or close divisions, and lay people off to cut costs and raise cash.
America's malls are going to end up looking a lot different. The retail sector is obviously getting hammered, with chains like Circuit City and Linens 'n Things already out of business. Many other retail chains are in trouble. Also on the bottom-rung list: Barney's; BCBG Maz Azria; Blockbuster; Brookstone; Claire's Stores; Eddie Bauer; Finlay Fine Jewelry; Harry & David; Loehmann's; Michael's Stores; Oriental Trading Co.; and Sbarro. Again, this doesn't mean the company is doomed. But many of these firms will restructure, close outlets, shrink, and find ways to transform themselves. So if you ever go back to the mall, and your favorite shop has disappeared, you'll know why.
Tuesday March 10, 12:46 pm ET
By Rick Newman
Everybody hopes the economy bottoms out and starts to improve tomorrow. Or sooner. But there are few signs of an imminent recovery. One obvious indicator is the health of big companies - you know, the ones that have been announcing all those four- and five-digits layoffs recently. And the outlook for them seems to be getting worse, not better.
Moody's, the ratings agency, recently published a list of "bottom rung" companies most likely to default on their debt. The criteria are technical, but the upshot is that a lot of companies are in deep trouble - and the list is getting longer, not shorter. Moody's predicts that the default rate on corporate bonds this year will be three times higher than in 2008, and 15 times higher than in 2007. Defaults are often the last step before a bankruptcy filing. And bankrupt companies, obviously, don't usually hire people. They dramatically shed costs and workers and sometimes liquidate completely, firing everybody.
So the Moody's findings help explain why most economists expect the unemployment rate, now 8.1 percent, to rise as high as 9 or 10 percent before it starts to drift back down. And right now, real and perceived fears about job security are the main force driving a contraction in consumer spending, and the economy as a whole. Here's what the bottom-rung report tells us about the next several months:
There will be a lot more bankruptcies. Moody's places 283 companies on its bottom-rung list, up from 157 a year ago. Since the quarterly list was last updated, 73 additional companies have fallen to the bottom rung. Twenty-four companies made their way off the list - but mostly because they defaulted on their debts. Only one company, Landry's Restaurants, got off the list because its circumstances improved.
Companies exposed to consumer spending have it toughest. The industries most represented on the list are media, automotive, retail and manufacturing. Companies in the most acute danger are those with reduced cash flow and a high debt load. A lot of big, well-known companies are in danger. On the list: Advanced Micro Devices; AirTran; AMR (parent of American Airlines); Chrysler; Duane Reade; Eastman-Kodak; Ford; General Motors; JetBlue; Krispy Kreme; Palm; R.H. Donnelly; Reader's Digest Association; Rite-Aid; UAL (parent of United Airlines); Unisys; and US Airways.
Many of the other firms on the list are second- or third-tier suppliers to automakers, airlines, and other troubled firms. Being on the list doesn't mean a firm is destined for bankruptcy. But it does mean the company faces severe constraints in terms of raising new capital, making new investments, and hiring. Instead of expanding, it may be far more inclined to sell assets, streamline or close divisions, and lay people off to cut costs and raise cash.
America's malls are going to end up looking a lot different. The retail sector is obviously getting hammered, with chains like Circuit City and Linens 'n Things already out of business. Many other retail chains are in trouble. Also on the bottom-rung list: Barney's; BCBG Maz Azria; Blockbuster; Brookstone; Claire's Stores; Eddie Bauer; Finlay Fine Jewelry; Harry & David; Loehmann's; Michael's Stores; Oriental Trading Co.; and Sbarro. Again, this doesn't mean the company is doomed. But many of these firms will restructure, close outlets, shrink, and find ways to transform themselves. So if you ever go back to the mall, and your favorite shop has disappeared, you'll know why.
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