Log in with your social account Indonesia stock-market market-rout JCI trading-suspension IDX analyst Philippines Forgot Password ? Google Facebook LOG INDon’t have an account? Register here Market players are calling on the Indonesia Stock Exchange (IDX) to consider suspending stock trading for several days as panic selling over the impacts of COVID-19 on the country is showing no signs of slowing.Capital market expert Teguh Hidayat urged the bourse to stop trading for a few days to help calm investors amid heightened concerns over the pandemic.“If trading continues, the market will fall even deeper than it already has,” he said over the phone on Wednesday.Almost all shares on the stock exchange plunged sharply within the last two weeks amid fears over the pandemic’s crippling impact on business activities and the country’s already sluggish economy.The price fall continued on Monday, with the exchange’s main market indicator, the Jakarta Composite Index (JCI), losing another 5 percent to land at 3,985 at the close of trading. Th… Topics : Linkedin
The estimated poverty rate is based on CORE’s projection in its quarterly economic review that the country’s economy could grow by anywhere from minus 2 percent to 2 percent under an “optimistic scenario”. Current quarantine efforts could also tighten the pinch being felt by low-income workers who depend on daily wages for a living, Faisal said, making such aid crucial.Read also: World Bank calls for safety net, drastic action in Indonesia’s fight to contain COVID-19Some 1,528 people in the country had contracted the pneumonia-like disease with fatalities numbering 136 as of Tuesday afternoon. The Institute for Demographic and Poverty Studies (IDEAS) projected on Friday that COVID-19 cases would reach a total of 10,000 by April 20 and 50,000 cases by May 1 without any significant policy changes.Indonesia’s GDP growth is expected to significantly weaken this year as the spread of the novel coronavirus disease has disrupted business activity and slowed demand. The government has prepared for the worst-case scenarios, including zero growth this year, while the World Bank in its latest report projected Indonesia’s economic growth could slow to 2.8 percent. Economists and researchers are calling on the government to swiftly and accurately disburse its social aid for the underprivileged to prevent a sharp increase in the poverty rate as the COVID-19 pandemic is expected to hit the economy hard.Center of Reform on Economics (CORE) director Mohammad Faisal estimated on Monday that the poverty rate could jump beyond 10 percent, perhaps even to 15 percent, of the population from the current 9.22 percent if the government was late in rolling out aid for the poor. He compared the situation with the 1998 financial crisis when the poverty rate leaped to around 24 percent.“We worry that if unemployment and poverty increase, it could cause social unrest because of people’s anxiety and hunger,” Faisal told The Jakarta Post. “If we’re not careful in handling this, it could lead to unrest and crime.” Initially, the government targeted achieving 5.3 percent growth this year after recording sluggish expansion of 5.02 percent last year.The World Bank projected that slowdowns in the tourism, hotel, catering and manufacturing sectors in Indonesia could temporarily increase poverty during the first half of 2020.Read also: COVID-19 to slash Indonesia’s growth to 2.1% as millions may slip into poverty: World BankBroadly speaking, it estimated that more than 11 million people could fall into poverty in the East Asia-Pacific region, a stark contrast to its earlier forecast that growth would be sufficient to lift 35 million people out of poverty this year. The Washington, DC-based institution expects the region’s economic growth to plunge to a baseline scenario of 2.1 percent or in the worst instance a 0.5 percent contraction this year from 5.8 percent in 2019.The government has prepared a total of Rp 158.2 trillion (US$9.77 billion) in funds so far to finance the healthcare sector and safeguard individuals, workers and businesses affected by the COVID-19 pandemic. This includes two stimulus packages worth Rp 10.3 trillion and Rp 22.9 trillion, respectively.The government has also previously determined that underprivileged citizens would receive cash transfers (BLT). However, Coordinating Maritime Affairs and Investment Minister Luhut Binsar Pandjaitan said on Tuesday it was still deliberating whether the assistance would be given to 20 or 40 percent of the overall low-income families across the country.The SMERU Research Institute wrote on Monday on its Twitter account that the government needed to diversify its data collection and distribution methods to ensure ease of access to the cash transfer given that poverty characteristics between regions vary.It said the government could source its data from the Social Affairs Ministry and ride-hailing platforms in addition to independently registered beneficiaries. The government could verify its applicants through their citizenship identity number (NIK) on identity cards and family cards.The government then could work with major telecommunications providers to spread text messages detailing the program’s criteria and registration process for those who have independently registered for the program, it added.Read also: More cash aid, stimuli needed to soften economic shocks of COVID-19: EconomistsAnother way to distribute the aid is to work with digital wallet financial technology (fintech) firms and minimarkets for urban residents while using conventional methods for rural ones, given the digital literacy and infrastructure gap between the two. Authorities could also disburse the aid through the government-backed branchless banking program Laku Pandai.“The COVID-19 pandemic can be a starting point for the central government and local authorities to become more serious in updating data, especially data on recipients of social protection,” the institute wrote. “Quoting President Jokowi’s statement, ‘data is a new form of wealth’.”Topics :
“This higher volume of issuance is not expected to be required across the remainder of the financial year,” Britain’s finance ministry said.British government bond yields rose slightly in early trade on Thursday.A Reuters survey of 11 primary dealers had predicted the DMO would announce gilt issuance of around 300 billion pounds for the 2020/21 financial year as a whole.So far, investors have shown little sign of balking at the jump in public borrowing although the Bank of England has agreed to expand the government’s overdraft facility at the central bank, in case it struggles to raise cash in the debt market.The finance ministry said a further update to the DMO’s debt sales plan would be announced on June 29. Britain’s government plans to sell more bonds over the next three months than it had previously planned for the entire financial year to fund a surge in public spending in the face of the coronavirus crisis.The UK Debt Management Office said on Thursday it planned to issue 180 billion pounds ($222.43 billion) of government debt between May and July to finance the unprecedented measures announced last month to avert the collapse of Britain’s economy.Previously, the DMO had been planning to sell 156.1 billion pounds of bonds between April 2020 and March 2021. Topics :
“As a connectivity enabler, Telkomsel has tried to ensure that each customer can still [reach out] in silaturahmi (spirit of kinship) and remain connected with loved ones, despite having to do so from home,” Setyanto said in a written statement released on Wednesday.As Telkomsel customers turned to digital means to connect with their loved ones during Idul Fitri, the company recorded a steep hike of 75.4 percent in mobile data use compared to normal days.Messaging service WhatsApp recorded the biggest increase during the holiday compared to other messaging apps, with usage up 49.2 percent.Social media platforms still dominated data use at 30.8 percent, showing an uptick of 3.6 percent from normal use. Telkomsel also noted unusually high data traffic in Greater Jakarta, which typically emptied during the holiday as people left for their hometowns on mudik. Instead, it recorded a 60.9 percent yoy surge in data traffic in the area.In correlation, annual mudik destinations recorded fewer arrivals among Telkomsel customers.The company’s customer tracking data showed a decline in arrivals of 77 percent in West Java, 83 percent in Central Java and 83 percent in East Java compared to 2019 figures. Setyanto added that Telkomsel would continue to expand its quality, capacity and coverage to provide better data services to customers.The statement said the company had expanded its network to 436 points of interest, focusing on improved coverage in residential areas, hospitals and transportation hubs.Topics : Telkomsel saw its mobile data traffic soar during Idul Fitri on May 24 to 25, as customers nationwide used digital platforms to connect with family and friends over the Muslim holiday while adhering to the stay-at-home policy.The mobile network operator and subsidiary of state-owned telecommunications giant Telkom recorded a peak increase of 22.8 percent to 26.7 petabytes (PB) in mobile data traffic during Idul Fitri, and a year-on-year (yoy) increase of 42.1 percent compared to the same period in 2019.Telkomsel president director Setyanto Hantoro noted that many customers celebrated Idul Fitri differently this year because of the COVID-19 epidemic, which had prompted people to stay at home instead of traveling on the annual mudik (exodus).
“Eventually I’d like to buy a small car for the family, as the children are getting older. I would buy an electric car, if they are affordable.”He will have to wait a while to find out.After a lengthy delay, Pakistan’s ambitious electric vehicle (EV) policy was approved for implementation this month, but a late-stage change leaves cars out of its first phase.Critics warn this means it will take longer for Pakistanis to reap the policy’s environmental and financial benefits. Ghulam Hussain was used to zipping through the streets of Lahore with his wife and three young children perched perilously on his motorbike, whenever they visited relatives or ran errands.But now that Pakistan has launched a plan to move vehicles over to electric power, Hussain is excited about the prospect of no longer spending 4,000 rupees ($24) each month on petrol.”It would be a substantial saving for me to switch to an electric motorbike,” said Hussain, who works as a driver for a family in the upscale Gulberg district, earning about 20,000 rupees a month. Covering buses and trucks, as well as two- and three-wheel vehicles, including rickshaws and motorcycles, the new policy introduces a raft of incentives to encourage manufacturers to start producing electric vehicles and customers to buy them.Passed on June 10, the new policy was originally approved by Prime Minister Imran Khan in November, with the goal of cutting air pollution and curbing climate change.It aims to bring half a million electric motorcycles and rickshaws, along with more than 100,000 electric cars, buses and trucks, into the transportation system over the next five years.The goal is to have at least 30% of all vehicles running on electricity by 2030.After pushback from traditional automakers, the first stage of the policy bypasses cars to focus on motorbikes and rickshaws – the most common form of transport in Pakistan’s densely populated urban areas – as well as buses and trucks.Malik Amin Aslam, climate change advisor to the prime minister, told the Thomson Reuters Foundation that incentives for cars would be added to the policy “at a later stage”, without specifying when.Leaving out cars makes the new policy “like a wedding party arriving with no bridegroom”, said Shaukat Qureshi, general secretary of the Pakistan Electric Vehicles and Parts Manufacturers and Traders Association (PEVPMTA).”The rest of the world is adopting this technology and it is pollution-free. The sooner it comes, the better it is for everyone,” he said.Abdul Waheed Khan, director general of the Pakistan Automotive Manufacturers Association, which represents petrol-powered carmakers, told the Thomson Reuters Foundation that the policy “states the broad parameters to which we agreed”.”We appreciate the direction and are awaiting further details,” he added.Poorer families left behindMian Ali Hameed, marketing director at Sazgar Engineering Works Limited, a leading rickshaw manufacturer, said his company was ready to start producing electric rickshaws before the end of 2020.Hameed confirmed that Sazgar’s e-rickshaws will be more expensive than traditional versions, costing about 400,000 rupees, compared with 250,000 rupees for a petrol-powered ride.However, customers will soon see savings, as their petrol use drops dramatically and they spend less on maintenance like oil and filter changes, he explained.”Customers could recover the (purchase) cost in one year, according to our estimates,” he said.One potential obstacle to the speedy uptake of EVs is a lack of charging infrastructure. To address that, the policy makes it cheaper for authorities and companies to install charging stations in cities and along motorways.But Qureshi of the PEVPMTA noted that owners of electric motorbikes, e-rickshaws and small electric cars do not need to wait.”You just plug them in at home, like a fan,” he said.Qureshi worries that leaving cars out of the policy for now will disadvantage lower-income families, estimating that switching to a small electric car could save up to 25,000 rupees a month in fuel costs.”For many families in Pakistan, this much savings per month means a change in their lifestyles,” he said.Good for healthAddressing concerns about the cost of electric vehicles, climate advisor Aslam said the policy includes incentives for their owners, such as removing yearly registration fees and a 50% discount on motorway tolls.In a country where large cities routinely suffer high levels of air pollution, the benefits to Pakistan’s environmental health will also be significant, he added.Each electric vehicle produces 65% fewer pollutants than traditional petrol-powered engines, he said.According to the latest World Air Quality Report, Pakistani and Indian cities dominated the most polluted cities in 2019.Much of that pollution is due to Pakistan’s rapid motorization, environmental experts say.A World Bank study published in 2014 noted that the number of vehicles on the country’s roads jumped from about 2 million in 1991 to more than 10 million two decades later.The blue skies Pakistanis witnessed during the coronavirus lockdown showed “the extremely strong nexus between congested vehicle traffic and air pollution, especially in urban centers”, Aslam said.According to Syed Muhammad Abubakar, an independent environmental researcher based in Lahore, the transport sector produces more than 40% of the air pollution in Punjab province.There is “no time to lose” in cleaning up the air in Pakistan’s cities, especially in the midst of COVID-19, he said.Pointing to a recent study by researchers at Harvard University, Abubakar noted that even a small increase in long-term exposure to air pollution particles can lead to an 8% jump in the rate of deaths caused by the respiratory illness.”Pakistan must learn and take drastic measures to limit the increase in air pollution. Otherwise, the lives of many will be at risk,” he said. Topics :
CNBG, affiliated to the state-owned China National Pharmaceutical Group (Sinopharm), said earlier this month that another vaccine candidate produced by its Wuhan-based unit also triggered high-level antibodies safely in clinical trial participants based on preliminary results.A vaccine has to prove its effectiveness in “Phase 3” human test where thousands of participants are recruited in order to be cleared for sale.CNBG said on Tuesday it will run a Phase 3 for its vaccine candidate in the United Arab Emirates, without specifying which shot will be tested. Topics : China National Biotec Group (CNBG) said on Sunday that early human test results for a coronavirus vaccine candidate suggested it could be safe and effective, the second vaccine candidate from the firm to show encouraging results in a clinical trial.The experimental shot, developed by a Beijing-based unit of CNBG, has induced high-level antibodies in all the inoculated participants in a Phase 1/2 clinical trial involving 1,120 healthy people, according to preliminary data of the trial, CNBG said in a posting on the social media platform WeChat, without disclosing specific readings.Chinese companies and researchers have been allowed to test eight vaccine candidates in humans at home and abroad, making China a major front-runner in the race to develop a shot against the virus that has killed nearly 500,000 people globally.
“The [low price] trend will continue amid concerns over a possible second wave of COVID-19,” wrote APBI chairman Pandu Sjahrir in a statement on Wednesday.A possible second wave is expected to lower coal demand in major coal exporting markets such as China, Japan, India and South Korea. Coal is mainly used to generate electricity, the demand of which will sink as factories and businesses close shop during COVID-19 lockdowns.As the world’s largest coal producer, dry fuel makes up 14 percent of Indonesian exports, Statistics Indonesia (BPS) data show. Exports cooled 28.95 percent year-on-year (yoy) in May to $10.53 billion, the lowest since July 2016, partially due to falling coal exports.“This will of course have an impact on government revenue and national production targets,” the association stated. The energy ministry expects to earn Rp 35.93 trillion in non-tax state revenue (PNBP) from coal and mineral miners this year, 41 percent of which had been achieved as of early June. The mining sector is a major contributor to state coffers in Indonesia.The revenue target assumes that Indonesia will produce 550 million tons of coal this year. Forty-two percent of the target had been met as of May.“If we compare the numbers, it feels like the 550 [million tons] target can be met,” energy ministry coal director Sujatmiko said on Tuesday, a day before the APBI’s announcement.He was not immediately available for comment over the announced production cut.The government and coal miners were focusing on redirecting sales into South Asian and Southeast Asian markets to make up for lost sales in China and India, he added, during a webinar hosted by green energy nonprofit CERAH.“Expecting these countries to fill in the shortage to China is, of course, not a short-term or long-term plan. We cannot even expect much from 2020. But these are new markets we can secure,” said APBI executive director Hendra Sinadia at the webinar.A recent report calculated that only six of 11 big coal companies in Indonesia can remain profitable given that coal prices have lingered at around $50 per ton in 2020.The unprofitable or “cash flow negative” companies are PT Bumi Resources, PT ABM Investama, PT Bukit Asam, PT Toba Bara Sejahtra and PT Harum Energy and Geo Energy Resources Ltd, according to the report by the Institute for Energy Economics and Finance Analysis (IEEFA).However, PT Bumi Resources, Indonesia’s most productive coal miner, did not plan to cut production levels, said Bumi corporate secretary Dileep Srivastava.He noted the company could produce between 88 million and 95 million tons of coal this year.“Our production and sales are on track at normal levels presently, in spite of the present challenges,” he said. Miners in Indonesia, the world’s top coal exporting country, have decided to cut domestic production by 50 million tons this year in their bid to increase global coal prices, which have been falling during the health crisis.The Indonesian Coal Mining Association (APBI) has forecast coal production to fall short by 11 percent to 530 million metric tons this year. However, members are planning to further lower production to 480 million tons due to weak prices, the APBI announced on Wednesday.Indonesia’s benchmark coal price (HBA) hit US$52,98 per ton in June, the lowest price in the last four years, according to Energy and Mineral Resources Ministry data. Topics :
Australia’s second-biggest city Melbourne began the first day of a six-week total lockdown on Thursday with the closure of most shops and businesses raising new fears of food shortages, as authorities battle a second wave of coronavirus infections.Shops were shut and streets were deserted in the city of about 5 million people, the capital of Victoria state, which reported 471 new COVID-19 cases and eight deaths in the past 24 hours.Australia has now recorded about 20,000 COVID-19 cases and 255 fatalities, still far fewer than many other developed nations. Abattoirs are one of the few businesses allowed to stay open in Melbourne, though with a reduced workforce, under the “stage four” lockdown which took effect at midnight on Wednesday.”We have tried to get that balance between reducing the amount of movement, therefore reducing the number of cases, but not compromising what you need being on the supermarket shelves,” Andrews added.Forecast national peak unemployment was revised upwards to about 10% due to Victoria’s reimposition of restrictions, Prime Minister Scott Morrison said. Counting those workers on Australia’s wage subsidy scheme, Morrison said effective unemployment would be closer to 14%.”These measures will have a very significant cost, and it will impact the recovery path,” Morrison told reporters in Canberra.Australia had previously forecast unemployment would hit a high of 9.25% this year, as the economy endures its first recession in three decades.After closing its international borders early, locking down cities and launching a campaign of mass virus testing, Australia had reopened in June with daily cases in the single figures.But hidden transmissions among staff at quarantine centers led to wider community transmissions in Victoria, which has recorded triple-digit new cases for weeks.Victoria now has the bulk of Australia’s infections, with more than 13,000 reported cases. It reported a daily high of 725 new cases and 15 deaths on Wednesday. But the Victorian outbreak threatens to spill into other states. New South Wales reported 12 new coronavirus cases on Wednesday, taking the national tally to 483. There were no cases reported in other states and territories”We’ve flattened that curve once, we’ll flatten that curve again,” Health Minister Greg Hunt told reporters.Victorian Premier Daniel Andrews urged Melbourne residents, who have already endured weeks of less severe lockdown, to stay calm amid a surge in demand at supermarkets.”There’s no need for people to be trying to stockpile months and months of food,” Andrews told reporters in Melbourne. Topics :
‘Something’s wrong’ For Mercedes, it was a longer wait than expected. By lap 25, he led Bottas by 17 seconds and Hamilton by 20 with both battling rapid tyre-wear.Finally, on lap 27, the Dutchman came in for mediums allowing Bottas to pass him before he re-joined and swiftly re-passed the Finn. In third, Hamilton reported blistering.As if in response, Red Bull matched Mercedes’ tactics on lap 33 when both Bottas and the leader pitted for hard compounds and Hamilton, with blisters, took the lead with 19 laps to go.”Something’s wrong with the car to make the left rear do that, said Hamilton, who had an advantage of 11 seconds. After his punctured win last week, Hamilton was worried. “The tires aren’t going to blow, right?” he asked.For Hamilton, a stop was inevitable and it came on lap 42 when he locked up as he entered the pit lane. Back on hards, he reeled off fastest laps in pursuit before regaining third on lap 46 and then second on lap 50. Hamilton said: “That was a massive challenge, but congratulations to Red Bull. It was definitely unexpected to have the blistering [on tires] as hard core as that.”Bottas, who started from pole, said: “Very frustrating for me, to start from pole and finish third.”It’s not ideal and I think that as a team we were sleeping at some points in the race. My strategy was far from ideal.”Hamilton’s podium finish meant he equaled Michael Schumacher’s career record of 155 podium finishes. It was also his record-extending 38th points scoring finish in a row. Charles Leclerc came home fourth after a sterling drive for Ferrari ahead of Alex Albon in the second Red Bull, Lance Stroll and his Racing Point team-mate Nico Hulkenberg.Esteban Ocon finished eighth for Renault ahead of Lando Norris of McLaren and Daniil Kvyat of Alpha Tauri.On a hot day, the track temperature was 43 degrees when the lights went out, Bottas clinging to the lead from his 13th career pole position.Unsurprisingly, Verstappen out-started Hulkenberg to take third, the German making his first start since last year after his call-up to replace Covid-19 victim Sergio Perez.At the front, Hamilton piled pressure on his team-mate while at the back, after an unforced spin, Vettel slipped to 20th and last for Ferrari.He was back up to 14th by lap nine as the pit-stops began and Verstappen, like Vettel on hard tires, began to close in on the two Mercedes.Almost immediately, Hamilton admitted “my rears are finished” shortly before Bottas pitted, leaving Hamilton to fend off Verstappen before he stopped to take a new set of hards.This gave Verstappen the initiative ahead of Hulkenberg and Stroll with Bottas fourth, after re-joining, and Hamilton fifth, adrift by 3.6 seconds. The ‘Hulk’ soon pitted and returned in seventh as the race settled to await Verstappen’s need for new rubber. During the race, Red Bull asked him to ease off, but he replied saying “I don’t want to drive like a grand-ma” before the team relented.Verstappen won by 11.326 seconds ahead of championship leader and six-time champion Lewis Hamilton who passed Mercedes team-mate Valtteri Bottas in the closing stages. The Finn finished third.”I didn’t see that coming, but after the first stint it seemed we were really good on tires. I didn’t have any tire issues at all – a great day for us,” said Verstappen. Max Verstappen delivered Red Bull’s first victory at Silverstone since 2012 on Sunday when he made the most of a superior strategy in sizzling conditions to beat both Mercedes and claim victory in the 70th Anniversary Grand Prix.It was the Dutchman’s first victory of the season and the ninth of his career and the first time a race had been won by a driver who did not start on pole position in seven races since last year’s Mexican Grand Prix.Verstappen owed his victory to a team decision to start the race on hard compound tires while his main rivals all launched from the grid on mediums, the two Mercedes men struggling to manage tyre-wear throughout the race. Topics :
“This morning we officially handed a kris given by the Netherlands Prime Minister to President Joko Widodo on Nov. 23, 2016 [to the National Museum], […] in the hope that it could be held, examined, and eventually displayed to the public,” Heru said in a press statement on Thursday.Meanwhile, Hilmar expressed his gratitude to the Presidential Secretariat for keeping the kris safe since 2016.”We, from the Education and Culture Ministry and the National Museum, are very grateful since this very important artifact has been safely kept in the Presidential Palace all this time,” he said.Read also: Prince Diponegoro’s kris returned ahead of Dutch royal visit Heru suggested the museum display the vast collection to the public, including historians, researchers, and cultural observers, via virtual seminars in the near future.”A lot of people still don’t know that the 1,500 historical artifacts from the Netherlands have been returned to us,” he said.The repatriation process for the 1,500 artifacts started symbolically in November 2016. The Dutch government delivered the collection back to Indonesia in January, four years after the agreement.Before its closure, the 100-year-old Nusantara Museum was the only museum in the Netherlands dedicated specifically to art and cultural objects from Indonesia, which had been a Dutch colony.The museum had initially offered to hand over around 12,000 artifacts to Indonesia, but the culture directorate-general opted to accept a selection of 1,500 objects instead.Topics : The Presidential Secretariat handed over on Thursday 1,500 historical artifacts to the National Museum in Central Jakarta. The artifacts used to be held in the Nusantara Museum in Delft, Netherlands, which closed down in 2013 because of financial difficulties.The 1,500 artifacts consisted of different art and cultural objects, including a Bugis kris presented by Netherlands Prime Minister Mark Rutte to President Joko “Jokowi” Widodo during the former’s visit to Indonesia in 2016.Head of the Presidential Secretariat Heru Budi Hartono symbolically handed the kris to the Education and Culture Ministry’s director general of culture, Hilmar Farid, on Thursday morning.