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Indonesian stocks hit circuit breaker again as dollar nears Rp 16,000

first_imgIndonesian stocks hit yet another circuit breaker on Thursday morning, prompting the Indonesia Stock Exchange (IDX) to halt trading for 30 minutes for the fourth time in a week.The main gauge, the Jakarta Composite Index (JCI), nosedived 5.01 percent a mere 37 minutes after it opened at 9 a.m. in Jakarta to 4,113.65, a level unseen since August 2012.“Trading at the IDX officially halted at 9.37 a.m. and will reopen at 10.07 a.m.,” IDX trading director Laksono Widodo told the press on Thursday, adding that transactions before the market closed totaled Rp 1.22 trillion (US$75 million). Foreign investors dumped Rp 461 billion in stocks more than they bought on Thursday morning.Read also: Rupiah at weakest since 1998 crisis as foreign investors pull out amid virus fearsThe rupiah continued its deep depreciation and reached Rp 15,712 per US dollar, according to the Bank Indonesia Jakarta Interspot Dollar Rate (JISDOR). The last time it touched that level was in June 1998 when it reach reached Rp 16,650 after widespread rioting that led to the downfall of president Soeharto, who led Indonesia for 32 years.“Global investors are still panicking over the spread of the coronavirus and their main concerns is not the virus but its economic impacts, which are still difficult to predict at this time,” said Sucor Sekuritas client coverage head Jason Gozali on Thursday. During the 1998 and 2008 crises, he went on to say, the JCI plunged 50 percent from its recent peak within five to six months. But now, the index has plunged around 35 percent from its recent high in just two weeks.“The panic is shown in the corrections happening in all global capital markets, not just in Indonesia,” he added.Tokyo dropped 0.74 percent, Shanghai fell 1.73 percent, Hong Kong fell 3.74 percent and Singapore plunged almost 4 percent on Thursday morning.Indonesia had reported 227 confirmed COVID-19 cases with 19 dead as of Wednesday, one of the highest death tolls in Southeast Asia.The JCI has lost almost 35 percent of its value since the beginning of the year, slashing its market capitalization to Rp 4.78 quadrillion from more than Rp 7 quadrillion last year.Read also: Indonesia to reallocate $1.8b budget for health care, cash transfers: Sri MulyaniPrivately owned PT Bank Central Asia — traded under the ticker symbol BBCA — led Thursday morning’s decline, as its share prices plummeted 7 percent, hitting the lower limit of price decline set by the bourse last week. The continued decline in the past few weeks has also caused the company to lose almost 30 percent of its market value so far this year.Logistics firm PT Putra Rajawali Kencana (PURA) and food manufacturing giant PT Indofood Sukses Makmur (INDF) also hit the price drop limit, with their shares tumbling 7 percent during morning trading.“In addition to a slowdown in infections, economic growth and corporate financial reports for the first quarter will be the key, as they will help investors estimate the economic impacts of the coronavirus,” Jason said.“If the impacts are not as bad as projected, it will restore investors’ rationality.”Topics :last_img read more

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COVID-19 doctor tells Jokowi about shortage of healthcare workers in video call

first_imgAs the number of new cases keeps mounting, even one of the foremost COVID-19 referral hospitals in Jakarta faces a shortage of medical workers, a pulmonologist told President Joko “Jokowi” Widodo in a video call on Sunday.“Insya Allah [God willing], we have enough medical equipment. However, we are short of [medical] workers, while the number of patients keeps rising,” pulmonologist Faisal Rizal Matondang from the Sulianti Saroso Infectious Diseases Hospital (RSPI) said. According to the National Development Planning Agency (Bappenas), Indonesia, home to 271 million people, has only 0.13 specialist doctors per 1,000 people, fewer than half the government’s target of 0.28 per 1,000 people as part of its health reform program. The figure for general practitioners is 0.52 per 1,000 people, fewer than half the ideal target of 1.12.Adding to this shortage is the significant number of medical workers who have contracted COVID-19 since the start of the outbreak in the country in March. According to the Indonesian Medical Association (IDI), 123 doctors have died from COVID-19 so far.Faisal himself had previously tested positive for COVID-19 but has recently recovered. He said that he was exposed to the virus because he worked closely with COVID-19 patients. “Yesterday I was X-rayed and also took a swab test. I’ve been declared fit for duty. Today is my first day back on the job,” he said. He said that he made sure to spend extra time communicating with COVID-19 patients in a lighthearted way, as many of them experienced boredom and loneliness in isolation.“I try to motivate them to keep thinking positively about getting a negative swab test result,” he said.“I can imagine how hard it is to be on the frontlines of handling COVID-19,” the President responded. Jokowi expressed his gratitude for the work that Faisal and other medical workers had done on the frontlines of the outbreak.“I am very grateful and appreciative for the hard work of the doctors and medical workers who are fighting [COVID-19],” he said. Topics :last_img read more

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Prabowo to visit Austria to talk about possible Typhoon jet fighter deal: Leaked document

first_imgBased on a leaked document, Prabowo sent a letter dated Oct. 8 to his Austrian counterpart Klaudia Tanner, thanking her for a letter dated Sept. 4 in response to Prabowo’s initial letter dated July 10.Read also: Indonesia offers to buy Austria’s Typhoon jetfighters“We are in the middle of procuring vital [defense] equipment to protect our national territory and citizens, thus following [up on] our proposal [regarding] the Austrian Eurofighter [airplanes],” Prabowo said in the letter, a copy of which was received by the The Jakarta Post from an Austrian source.“In light of the above, I would like to pay a courtesy call at a time of Your Excellency’s convenience.” Prabowo added that he would be in Vienna on Oct. 20 and hoped to could use the occasion to discusses issues of mutual concern regarding defense.As of Tuesday afternoon, the Post had not received any confirmation from the ministry or Prabowo’s spokesman Dahnil on the authenticity of the letter.The first strategic plan within the MEF road map covers the 2009-20014 period. By the end of the second strategic plan in 2019, only 63.19 percent of the procurement plan had been achieved, instead of the targeted 75.54 percent. The government is under pressure, therefore, to achieve the outstanding 36.81 percent to reach 100 percent by 2024.One option for meeting the MEF targets is to buy used weaponry from other countries, such as the Typhoon from Austria.The plan has reignited an old debate as to whether Indonesia should buy all its military hardware brand new for higher quality or take some second-hand weapon systems to acquire a bigger number and faster deployment.The delivery of second-hand jet fighters may take between 12 and 24 months, while the delivery of brand-new jet fighters may take some 36 months or even longer. (nvn)Topics : Defense Minister Prabowo is scheduled to visit Austria later this month to discuss the possible purchase of Eurofighter Typhoon jet fighters after his much-anticipated visit to the United States from Oct. 15 to 19.Prabowo is expected to also visit France, Germany and Turkey, although there is no official confirmation yet from the Defense Ministry other than for his visit to the US. The ministry’s head of public relations, Brig. Gen. Djoko Purwanto, referred journalists to Prabowo’s spokesman Dahnil Simanjuntak, who was not available for comment.The series of visits is believed to be aimed at cementing deals for the procurement of weaponry and for defense industry cooperation to help domestic companies meet the so-called Minimum Essential Force (MEF) targets by 2024.last_img read more

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Switzerland confirms CHF320m backstop for public sector fund

first_imgThe pledge was brought to light as a result of a change in the way the federal government accounts for employee benefits.A spokesman for the finance ministry told IPE that employee benefits were managed as a contingent liability until 2016, but as of last year they are accounted for and reported as liabilities.Switzerland’s government recognised the funding gap in 2011 and pledged to request the money to plug it in the event of underfunding at Publica. The fund’s coverage ratio has to fall below 100% for the pledge to be activated, in which case the government would have to apply to the federal parliament for the money to be released.The federal audit office’s report said the risk was high of this happening. “Due to the situation in the financial markets and the benefits that have been agreed, funding ratios are tending to decline,” it said. Swiss pension fund Publica could be in line for a CHF320m (€270m) payment from the federal government in the event of underfunding, according to a recent report from Switzerland’s federal audit office.The amount is to cover a longevity gap that arose during the financing of Publica, the pension fund for federal employees, in 2003. This was because provisions for longevity were not calculated on the most up-to-date technical basis.Dieter Stohler, director at Publica, welcomed the newly reported information about the pledge. He said Publica’s coverage ratio was well above 100%, but indicated that it would come under pressure next year as a result of the switch to a lower technical rate and different life expectancy assumptions.In the event of underfunding the government’s pledge could be meaningful, although it appeared parliament would still need to approve the funds, he added. Credit: Daniel Schwenlast_img read more

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Switzerland tops alternatives allocation in six key pension markets

first_imgThe “standout” increase was in Japan, where the allocation in 2017 was more than eight times the level in 2001, UBS said.Growth in alternatives Swiss pension funds had the highest allocation to alternatives out of six leading pension markets in 2017, according to the latest UBS Asset Management Pension Fund Indicators report.Switzerland has retained this position – ahead of Australia, Japan, the Netherlands, the UK and the US – since 2001, UBS’s report showed, with its allocation rising to nearly a third in 2017.This was the result of a fall in allocations to fixed income over time, from 42% of assets in 2001 to 33% in 2016. Swiss pension funds reallocated this money mostly to real estate and alternatives rather than to equities.While pension funds continued to invest mostly in equities and bonds, UBS reported, allocations to alternatives more than doubled in the six pension markets since 2001. Source: UBS Pension Fund Indicators 2018. Underlying data sources: Australia – APRA via Rainmaker Roundup, Vol 21, No 4 (31 December 2017). Japan – Pension Fund Association (31 March 2017). Netherlands – Willis Towers Watson Global Pension Assets Studies 2018. Switzerland – Schweizer Pensionskassenstudie 2018. UK – Willis Towers Watson Global Pension Assets Studies 2018. US – Callan Associates (31 December 2017). Malcolm Gordon, head of UK institutional at UBS Asset Management, said this year had brought a fresh set of challenges for investors, with market conditions so far contrasting sharply with those that had prevailed “for much of the post-financial crisis” period.“Given the combination of macroeconomic uncertainty and heightened geopolitical risk, it seems likely that the overall volatility regime will be higher for all asset classes compared to the low levels of volatility in 2017,” he said.“In this environment investors will have to think differently, work harder, and be more precise in their quest for attractive risk-adjusted returns. We believe that it is an environment in which high-conviction active investing is likely to prosper.”Separately, the asset manager took the opportunity of the report to highlight its belief that sustainable investing “is now at an inflection point”.“It has moved from a niche investment strategy to a new standard for investment management,” UBS said, “enabled by the increased availability of material, non-financial data commonly referred to under the umbrella of ESG, or environmental, social and governance criteria”.It drew attention to figures from the Global Sustainable Investment Alliance showing that “sustainable assets” under management increased from $14trn (€10.6trn) in 2012 to $22trn in 2016.The report can be found here.last_img read more

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ExxonMobil taps SBM Offshore for Stabroek FPSO

first_imgDutch FPSO provider SBM Offshore has been awarded contracts by ExxonMobil to perform front end engineering and design (FEED) for a floating production, storage and offloading vessel (FPSO) for the Payara development project located in the Stabroek block in Guyana.Liza Destiny FPSO reaching Guyana / Image Source: Hess CorporationSBM said on Thursday that the contract was awarded by Exxon’s subsidiary Esso Exploration and Production Guyana Limited (EEPGL, the operator of the Stabroek block. Partners in the block are Hess and CNOOC.The company added that the contract award would initiate a limited release of funds to begin FEED activities and secure a Fast4Ward hull prior to necessary government approvals and project sanction.Following the FEED, government approvals in Guyana, project sanction, and an authorization to proceed with the next phase, SBM Offshore will construct, install and then lease and operate the FPSO for a period of up to two years, after which the FPSO ownership and operation will transfer to EEPGL.The FPSO, to be named Prosperity, will utilize a design that largely replicates the design of the Liza Unity FPSO.The design is based on SBM Offshore’s Fast4Ward program that incorporates the company’s newbuild, multi-purpose hull combined with several standardized topsides modules.The FPSO will be designed to produce 220,000 barrels of oil per day, will have associated gas treatment capacity of 400 million cubic feet per day, and water injection capacity of 250,000 barrels per day.The Prosperity will be spread moored in a water depth of about 1,900 meters and will be able to store around two million barrels of crude oil.SBM Offshore also stated that it was exploring options to maximize local content and Guyanese workforce development, building on similar efforts on the Liza Destiny and Liza Unity FPSOs.SBM Offshore CEO Bruno Chabas said: “We are pleased to report that ExxonMobil has selected SBM Offshore to award contracts for a third FPSO in Guyana, starting with the front-end engineering, to continue the world-class deepwater development in Guyana.“The successful teamwork with our client ExxonMobil on the Liza Destiny and Liza Unity FPSOs provided a solid foundation for this award. We look forward to continuing to build on our close collaboration with ExxonMobil in order to also make this project a success.”To remind, SBM officially won a contract to deliver the Liza Unity FPSO for ExxonMobil’s second phase of the Liza development back in May 2019. The company ordered the hull for the vessel, on speculation, in 2017. In October, SBM secured project financing for the Liza Unity for a total of $1.14 billion.Also, SBM signed a long-term FPSO supply agreement with ExxonMobil, covering potential future FPSO orders in early September.As for the Liza Destiny, it reached Guyanese waters in late August, 42 days after it set sail from a shipyard in Singapore. The Liza development is expected to start production through the Liza Destiny FPSO in December 2019, which is earlier than expected. First oil was previously expected to be produced in the first quarter of 2020.It is worth noting that ExxonMobil made 14 discoveries in the Stabroek block with the most recent one being the Tripletail-1 well in mid-September.last_img read more

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Coronavirus: Italy shuts down all sport at all levels until April

first_imgAdvertisement Promoted ContentWho Is The Most Powerful Woman On Earth?Who Earns More Than Ronaldo?7 Universities In The World Where Education Costs Too MuchWho’s The Best Car Manufacturer Of All Time?Here Are The Best Movies Since 1982 You Should Definitely SeeYou’ve Only Seen Such Colorful Hairdos In A Handful Of AnimeCan Playing Too Many Video Games Hurt Your Body?5 Of The World’s Most Unique Theme ParksThe Very Last Bitcoin Will Be Mined Around 2140. Read More10 Risky Jobs Some Women Do9 Astonishing Wonders Hidden Deep In Sea8 Superfoods For Growing Hair Back And Stimulating Its Growth This includes all matches in Serie A, Italy’s highest football division, but does not cover Italian clubs or national teams competing in international competitions such as the Champions League. Italy has been the European country worst hit by the coronavirus so far, with over 7,000 confirmed cases and 300 deaths so far. FacebookTwitterWhatsAppEmail分享 All sporting activity at all levels in Italy has been suspended until April 3rd at the earliest, the Italian national Olympic committee (Coni) has announced. Loading… last_img read more

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Buy-bust yields man

first_imgThe suspect was detained in the lockup cell of PoliceStation 1, facing charges for violation of Republic Act 9165, or theComprehensive Dangerous Drugs Act of 2002./PN Antidrug officers inspect the items seized from drug suspect Reynaldo Cientos during an entrapment operation in Barangay 29, Bacolod City on Jan. 5. POLICE STATION 1/BCPO Bacolod City– Police arrested a man in a buy-bust operation in Barangay 29. Nine sachets of suspected shabu valued around P12,000were seized from 44-year-old resident Reynaldo Cientos, a police report showed. Cientos was nabbed after he sold suspected illegaldrugs to an undercover officer for P200 around 12:15 a.m. on Jan. 5, the reportadded.last_img read more

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Cross Country Regional

first_imgGood luck tomorrow to the area teams and individuals running in the regional cross country meets.  The best teams with a chance to advance are the Batesville Bulldogs and the Greensburg Pirates.  They finished first and second respectively last week at the South Dearborn sectional.Individually, Lauren Kelley of Franklin County and Megan Cole of South Ripley have excellent chances to go on as individuals.  Both of their teams qualified, but I don’t believe either is strong enough to move on as a team.Good luck to all participants!last_img read more

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Newcastle seal Mitrovic swoop

first_imgNewcastle have signed striker Aleksandar Mitrovic on a five-year deal from Anderlecht. “I am so happy to have signed for Newcastle. I visited the stadium yesterday and it’s amazing. I have played in a lot of impressive stadiums in my career but St. James’ Park is so big, I can’t wait to play my first game here. “I know how passionate the fans are. This is a club with a very big history and the fans are a big part of that.” In two seasons at Anderlecht, Mitrovic scored 36 goals in 69 games and won the Belgian Pro League title and Belgian Super Cup in 2014. He started his career at Serbian side Teleoptik and has one goal in 13 games for his country. Mitrović follows PSV Eindhoven midfielder Georginio Wijnaldum to St James’ Park and head coach Steve McClaren believes they have pulled off a coup. “I think this is a fantastic signing for us. We’ve fought off a lot of competition to secure a top young talent in Europe,” he said. “Aleksandar is someone who can develop with the team and someone who will help us to get to where we want to go. “As a board we have worked hard to make it happen. It’s another demonstration that we are wanting to push on.” The 20-year-old arrives subject to receiving the appropriate visa in a deal the club claims is the fourth biggest in their history. The Serbia international said: “There will be pressure here, for sure, but I like pressure. I also know about the famous players who have played for Newcastle United, like Alan Shearer who is a hero of mine. I hope I can play like him for this club. It will be an honour.” center_img Press Associationlast_img read more

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