New corporate raider targets ScotMet

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Indonesia’s inflation hits record 20-year low in August amid declining purchasing power

first_imgIndonesia recorded core inflation of 2.03 percent in August, while administered prices were up 1.03 percent. At the same time, food prices recorded an annual deflation of 1.09 percent.The pandemic has hit Indonesian consumers hard, with millions losing their jobs due to a cooling economy as a result of the COVID-19 physical restrictions. Household consumption, which typically accounts for more than half of Indonesia’s gross domestic product (GDP), shrank 5.51 percent, deeper than overall economic contraction of 5.32 percent in the second quarter of the year.The CPI recorded a 0.05 percent month-to-month (mtm) deflation in August, due primarily to the falling prices of poultry, shallots and air travel. In comparison, the CPI saw 0.12 percent mtm inflation in August 2019.The steepest deflation in August was recorded in food, beverage and tobacco prices (0.86 percent) as well as transportation prices (0.14 percent). Meanwhile, the highest inflation was recorded in personal care and other services (2.02 percent), including gold, and in education (0.57 percent). Indonesia recorded the lowest inflation in two decades in August as consumer prices fell due to weakening purchasing power, Statistics Indonesia (BPS) announced on Tuesday.BPS said Indonesia’s consumer price index (CPI) declined to 1.32 percent in August. The CPI fell further below Bank Indonesia’s 2020 inflation target of 2 to 4 percent to reach the lowest level since May 2000, as the global health crisis continued to batter the country’s economy and consumer spending.“Inflation in many countries slowed [and] even headed into deflation, as the COVID-19 pandemic delivered a severe blow to [both] the demand and supply sides,” BPS head Suhariyanto told a virtual press briefing on Sept. 1. “The declining trend in core inflation showed that purchasing power has yet to recover.” The personal care and education segments resisted deflation due to an increase in gold prices, while the new academic year led to seasonal inflation due to increased tuition for primary, secondary and tertiary education, said Suhariyanto.The increasing trend in gold prices indicated a higher risk of a recession in the third quarter, said Bank Mandiri chief economist Andry Asmoro. He added that easing core inflation indicated “significantly weaker demand” that had “still not recovered”.The major contributor to annual inflation this year would be “the increasing gold prices due to uncertainty in the global financial markets”, Andry wrote in a research note made available to The Jakarta Post. He also expected inflation to reach 1.95 percent by the yearend, lower than the 2.59 percent inflation recorded last year as well as the central bank’s target range.“We view that the increased money supply from the economic stimulus, namely [the] quantitative easing and burden sharing [policies], will have a limited impact on the inflation rate this year. This condition will support the central bank in continuing to accommodative the monetary policy,” he said.Bank Indonesia (BI) has cut the benchmark interest rate four times this year to 4 percent, the lowest since 2016, to cushion the economy from the impacts of the pandemic. The central bank is also continuing in its role as a standby buyer of government bonds and is taking part in a debt monetization scheme to help the government fund its COVID-19 response.The fiscal authority has earmarked Rp 695.2 trillion (US$47.2 billion) in stimulus measures to revive the economy and stimulate domestic demand, even as consumers reined in spending while the government restarted economic activities in August to accelerate recovery.Finance Minister Sri Mulyani Indrawati said recently that the economy was projected to shrink another 2 percent in the worst-case third-quarter scenario for an estimated annual contraction of 1.1 percent.Topics :last_img read more

Baltics roundup: Latvia, Lithuania look to system reforms

first_imgIntroducing personal accounts for the first pillar, to pay out amounts relating to the individuals’ contributions over their lifetime, irrespective of years of service. Returns would be indexed in line with economic growth, but would also be adjusted in line with specific demographic parameters. A state reserve fund would also be set up.More retirement flexibility, including a partial pension for those still working, and incentives for older people to work longer.Mandatory ‘lifecycle’ investing pre-retirement. The BoL said 70% of second pillar participants assumed either too little or too much risk, leading to insufficient returns or loss of funds. Participants were also not inclined to adjust their fund to their risk profile. The BoL has already submitted draft legislation to the Ministry of Social Security and Labour.Encouraging individuals paying 2% contributions for additional pension either to save more or return to SoDra, the social insurance fund. Participants should also be supported in voluntarily increasing contributions.A state pension fund to pay benefits under the second pillar system, thus assuming annuity risk. The BoL said this would incur less risk than using private insurers which might be financially vulnerable, while having a positive effect on administration charges and competition. Participation should be voluntary.In addition, the BoL said it would evaluate whether tax relief on third pillar pension fund contributions succeeds in encouraging retirement saving.Vasiliauskas also called for a long-term political agreement on pension reform.“Short-term issues have been addressed at the system’s expense, and inconsistent proposals have distorted the fundamentals. It is time to put an end to that,” he said.Latvia seeks to boost first pillar savingsMeanwhile, the Latvian state audit office (SAO) has concluded that the decision to create the country’s three-pillar pension system over 20 years ago was correct.It said the system provides stability regardless of economic and demographic changes, while allowing the government to make unpopular decisions such as increasing the retirement age in order to ensure sustainability.However, the SAO’s report highlighted the system’s failure to achieve the first pillar goal of a minimum pension of 20% of the average gross wage.One reason for this is the large number of individuals paying low, or no, contributions, including employees of very small companies and the self-employed. The SAO is seeking ways to ensure that these individuals pay their legal contributions into the system.It also recommended a review of fund management fees for second pillar pension funds, observing that the current level of 1% of asset values means increased charges as funds grow, regardless of the actual cost of the service.The SAO suggested setting up a pension budget reserve to ensure payment of pensions when the ratio of pensioners to working people rises.But it also warned that there was little public trust in the ability of the system to pay individuals a pension dependent on the capital accrued during their working life, and that publicly available information on the pension system was inadequate.The Ministry of Welfare has committed to implementing a number of the SAO’s recommendations by end-2020. “Significant and immediate” reforms are needed to Lithuania’s pension system in order to halt a worsening of future pensioners’ interests, according to the Bank of Lithuania (BoL).The BoL, regulator of the country’s second and third pillar funds, reported in a study that the current pension system model was not viable enough.Vitas Vasiliauskas, chair of the BoL board, said: “The scale of emigration, low birth rate, [and] population ageing suggests that, without pushing through significant reforms in the near future, the state will fail to ensure sufficient income for residents without increasing state debt.”The BoL has accordingly proposed a package of measures to withstand these challenges, including:last_img read more

Top pools on the Gold Coast market to make a splash this summer

first_img An indoor pool is on offer at 1-3 Queen Guineveres Place, Sovereign Islands. Perfect for those who like to be protected from the sun.It’s a distinctive castle that is looking for a new king or queen to take reign. And what would a regal residence be without an indoor pool which looks out onto the waterfront. The pool house has a heated 18m pool, perfect for year-round use, and automatic roof shutters to let the summer sun in on warm days. No this isn’t a luxury resort in Bali, it’s 131-135 Monaco St, Broadbeach Waters.This luxury Broadbeach Waters property sure does make a splash with its resort-style pool and cabana in the frontyard. There’s also a covered alfresco area with a kitchen and teppanyaki hotplate and outside bathroom to make the most of lazy summer days. When the weather cools, head to the backyard and jump in the riverside spa instead.The tropical offering has had a no-expense spared makeover and features five bedrooms and eight bathrooms. 6/1285 Gold Coast Highway, Palm Beach 48 Claymore Cres, Sorrento 38 Brittanic Cres, Sovereign Islands More from news02:37International architect Desmond Brooks selling luxury beach villa9 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago Water lovers will feel right at home at 38 Brittanic Cres, Sovereign Islands.Enjoying the pool while being waterfront is a luxury afforded to only the finest homes, and this Brittanic Cres property certainly is one. The property’s pool sits almost right on the water’s edge and is flanked by day beds. The five-bedroom house is the creation of renowned architect Bayden Goddard and has plenty of features that pair perfectly with poolside entertaining, including a 1250-bottle wine cellar and a professional Teppanyaki bar and outdoor kitchen. Luxury and fun combine at 48 Claymore Cres, Sorrento.Slide right into this modern Sorrento home where the backyard will ensure the whole family is having fun. The saltwater pool comes complete with a slide and there’s a covered deck to the side where the parents can relax while keeping an eye on the children.Inside, a trendy makeover will have you unwinding in style after a big day of lapping up the backyard’s features. center_img 1-3 Queen Guineveres Place, Sovereign Islands 131-135 Monaco St, Broadbeach Waters Feeling the heat? Check out these impressive property listings with incredible pools.SUMMER on the Gold Coast is synonymous with swimming and what better way to cool off than from the comfort of your own backyard. If the heat has you yearning for a house with a pool, then here are our top pick of properties on the market where you can dive right in. RELATED: Castle has multimillion-dollar price slashedRELATED: Top ‘healthy’ pools on the market Swim beachside at 6/1285 Gold Coast Highway, Palm Beach.You’ll feel on top of the world while taking a dip in this three-bedroom apartment’s pool.The three-storey penthouse is topped with an impressive open roof with outdoor entertainment areas and a pool that has incredible ocean views. It’s the perfect option for those who want to feel like they are at the beach, minus the sand.last_img read more

First Vessel Over 13,000 TEUs Calls at Port of NY & NJ

first_imgImage Courtesy: Port Authority of New York and New JerseyOn July 17, Hong Kong-based container carrier Orient Overseas Container Line (OOCL) and Salt Lake City, Utah, sailed the largest containership to date into the Port of New York and New Jersey.The 13,208 TEU OOCL Berlin measures longer than 1,200 feet – or the equivalent of 4 football fields – and is the largest vessel to transit under the newly elevated Bayonne Bridge roadway. To date, the longest ships to call New York and New Jersey terminals have been 1,000 feet long.The 144,100 dwt boxship was rotated to the Port of New York and New Jersey to load empties on one of its East Coast services.The OOCL Berlin, which is operated in a vessel sharing agreement with Ocean Alliance (OA), partners CMA CGM, COSCO Shipping, and Evergreen, sailed into Newark Bay to dock at Maher Terminals Berth 68.The OA and other carrier alliances have announced their intention to deploy even larger vessels of up to 18,000 TEUs to the Port of New York and New Jersey as cargo demand grows and as fewer East Coast ports are able to provide infrastructure sufficient to safely handle and work ships of this size.The OOCL Berlin, built at South Korean Samsung Heavy Industries shipyard in 2013, will be joined by a sister ship of identical size, the OOCL Malaysia, later this summer, according to the Port of New York and New Jersey.As explained, three other ships from the same group — the OOCL Korea, the OOCL Chongqing, and the OOCL France — are being considered for future rotation to New York and New Jersey, based on market conditions in the second half of 2017.last_img read more

Ghana:Government declares 3 days of mourning

first_imgA fire Engine at the petrol station that caught fire in Ghana’s capital Accra#Ghana has declared three days of mourning for over 175 people who died in a fire disaster in the capital Accra.Sources say that number is expected to rise as recovery efforts continue because some of the bodies of the fire disaster may have been swept away by flood waters.President, John Mahama , has directed that the 3-day exercise starts on Monday June 8, 2015, to Wednesday June 10.President  Mahama visited the scene early on Thursday, calling the incident “catastrophic”.The president has also directed that the national flag must fly at half-mast for the mourning period. The move  came after a crisis meeting that was held at the flagstaff House over the devastation Thursday.Hundreds of workers had gathered in front of a Pharmacy Shop near the Filling Station to shelter themselves from the rains, but met their untimely deaths after the explosion.Several people were trapped indoors since the streets were flooded while the fire spread to where they were seeking refuge following a fuel leakage which covered the water.Dozens of passengers in commercial vehicles as well as private cars which had gone to buy fuel as well as park for safety at the time of the flood, were also trapped and died subsequently during the explosion.Many of the people who died in the fire were caught up in public transport vehiclesThe rains were so heavy to the extent of hampering rescue efforts at the petrol station.Local hospitals said morgues were full and security officials also said the death toll was likely to rise, as fire investigators picked through the charred debris to determine what caused the inferno. Dozens of motorcycles were seen burnt and the fire is also thought to have engulfed a bus full of passengers that was waiting on the forecourt.Local residents said many people had sought shelter under the filling station canopy from days of heavy rains that have engulfed Accra when the fire broke out.last_img read more

Burnley beat Bournemouth silly amidst VAR farce

first_imgRelatedPosts Gundogan tests positive for coronavirus Derby County want Jordon Ibe EPL: Foxes attack Burnley Burnley moved up to eighth in the English Premier League on Saturday with a 3-0 win over struggling Bournemouth. It was all thanks to goals from Matej Vydra, Jay Rodriguez with a penalty kick and Dwight McNeil, in a game which saw a dramatic three-goal swing due to VAR. There was early use of the review when Bournemouth had a Josh King effort in the 22nd minute chalked off. This was after VAR ruled that the ball had struck Philip Billing’s arm in the approach. Burnley grabbed the lead in the 53rd minute with Czech striker Vydra claiming his second goal in as many games with a cool finish after being slipped through by McNeil. But the game was to turn farcical on a remarkable minute of VAR reviewed action on the hour mark. Burnley appealed in vain for a penalty kick, arguing that Adam Smith had handled a McNeil cross, the resulting counter-attack ended with Callum Wilson feeding Harry Wilson who clipped past Nick Pope. But VAR ruled that Smith had indeed handled, cancelling out the Bournemouth goal and awarding Burnley a penalty kick. Rodriguez converted to make it 2-0 after 61 minutes, when moments earlier the score had stood at 1-1. It was a moment that Bournemouth manager Eddie Howe said his team could not recover from. Howe said: “It’s so difficult for the players today. “A three-goal swing against us…it was too much. “Once the second one happened, we fell apart a bit mentally. “Up until that point we’d been the better team. “We didn’t recover from that moment.” Howe felt that both VAR handball decisions — which saw the ball strike the shoulder/upper arm area of the Bournemouth players — were wrong. “I don’t know when the shoulder became the arm,” said Howe. Vydra and Rodriguez went close to adding a third goal for Burnley. McNeil, who hit the post with a beautiful curling effort moments later, rounded off the win with a superb solo goal in the 87th minute. Burnley were nervously looking down at the relegation zone at the start of January. But now they have picked up 13 points from the last 15 available and a push for a Europa League spot is not out of the question. Vydra, who spent most of this season on the bench before a wonder goal as a substitute last week at Southampton, earned praise from Burnley boss Sean Dyche. Dyche said: “He’s had to sit and wait for his chance. “The best thing for me is he is working for his chance. “He’s stretched the pitch. “It’s been effective. “Their centre-half would have thought about his pace and strength and his finish was sublime. “He’s waited and waited and delivered. “So, fair play.” Reuters/NAN.Tags: Adam SmithBournemouthBurnleyEddie HoweMatej VydraSean Dychelast_img read more

Baggies roar back to hold United

first_imgSir Alex Ferguson was denied a winning send off into retirement as West Brom roared back from three goals down to snatch a 5-5 draw in a quite staggering 10-goal thriller against Manchester United at The Hawthorns. Kagawa put United ahead from Hernandez’s cross and moments later Antonio Valencia found space out wide before drilling a low shot across the six-yard box which the hapless Jonas Olsson turned into his own net. When Buttner strode onto Tom Cleverley’s pass and drove his first goal since September into the bottom corner, plenty of home fans headed for the concourses even though there was less than a third of the contest completed. But Morrison managed to pull one back just before the interval and substitute Lukaku struck immediately afterwards. Order was quickly restored though as Valencia crossed for Van Persie to put the seal on a second successive Golden Boot title, the difference being that this year, the Dutchman has a team prize to go alongside it. By now the game had seen the introduction of Ryan Giggs, for his 941st appearance under Ferguson, and the veteran Welshman quickly crossed for Hernandez to touch home. But West Brom refused to surrender and first Lukaku, then Youssouf Mulumbu scored to give the scoreboard as surreal a look as the number of years Ferguson has been manager. That old competitive instinct resurfaced as the Scot demanded to know how long was left. Not long enough was the answer as Lukaku scored the final goal to take some of the sheen off Ferguson’s day. Shinji Kagawa, Alexander Buttner, Robin Van Persie and Javier Hernandez found the net for United with Jonas Olsson putting through an own goal. Romelu Lukaku hit a hat-trick for the Baggies, who came back from 3-0 down, and James Morrison and Youssouf Mulumbu were also on target. center_img Press Associationlast_img read more

GDF ‘arrest’ Police, Fruta humble Santos to reach GFF Super 16 Finals

first_imgA MOUTH-WATERING Final in the Guyana Football Federation (GFF) Super 16 championship is in the making on New Year’s Day (January 1), between Guyana Defence Force (GDF) and Fruta Conquerors, after the two sides; exciting semi-finals win on Sunday evening. At the Georgetown Football Club (GFC) ground, an extra-time goal from Ryan Hackett helped the Tucville-based Fruta Conquerors get rid of a stubborn Santos side 2-1, while GDF despite striking first, had to dig deep to beat the Guyana Police Force (GPF) 4-2.It was the opening game of the night’s double-header and from all indications, Fruta Conquerors, the better composed of the two sides, seemed set for the win.TOO MUCH JUICE! Fruta Conquerors goal scorers Ryan Hackett (L) and Delon LanfermanGregory ‘Jackie Chan’ Richards and Hackett, were both guilty of squandering several early chances that would’ve changed the outlook of the game, but, Delon Lanferman handed the SM Jaleel-sponsored team the lead in the 11th minute; a lead that lasted throughout the first half.With National player Sheldon Holder in their corner, Santos showed signs of troubling the wobbly Fruta Conquerors defence, and upon resumption of the second stanza, Orin Yarde found the equaliser.Akel Clarke kept Fruta Conquerors alive, pulling off several beautiful saves, while Vurlon Mills mesmerised the crowd with his midfield dominance, but after the conclusion of 90 minutes, it was Hackett who struck in extra time, as Conquerors held on.Meanwhile, the Police/GDF clash lived up to all the pre-match ramblings and excitement it had promised, as both sides went toe-to-toe with good display of football at the over 100-year old facility.Delroy Fraser fired GDF into the lead midway the first half, but, just on the stroke of halftime, Pernell Shultz scored his first of two goals.Shultz, who joined the Eve Leary unit this year, netted his second of the night in the 50th minute to give Police a 2-1 advantage.However, just when everyone (with the exception of the GDF supporters) was settling on a Police/Fruta final on January 1 at the same venue, Travis Henry, Delwin Fraser and Sherwin Caesar scored three goals in approximately eight minutes, as the Army bounced back in fine style to win 4-2.As Police side and their fans downed their heads in disbelief, GDF, who enjoyed the bulk of the crowd support, celebrated as if they had already cashed into the tournament’s purse, and rightfully so, given their high-level of play.last_img read more

Syracuse puts 29-game home winning streak on line against No. 2 North Carolina

first_imgSyracuse was in control. With a two-goal lead against No. 2 North Carolina at halftime, the Orange felt confident it would finish off an upset of the Tar Heels on the road.But Anna Crumb said she and her teammates quickly became overconfident. In the second half, North Carolina rallied with three goals to shock SU.The loss sticks with the team as it prepares for another matchup with the national powerhouse.“It’s given us a lot of confidence because we know that we can compete against them,” SU midfielder Liz McInerney said. “We have to just keep focus for 70 minutes. We definitely have the talent and drive to beat them this year.”No. 7 Syracuse (2-0) will host No. 2 North Carolina (2-0) at 1 p.m. Saturday at J. Stanley Coyne Stadium. The rematch with the Tar Heels, who fell in the national championship game to Maryland 3-2 last year, will serve as a measuring stick early for the Orange. Also at stake is SU’s 29-game home winning streak. SU is searching for redemption from last year’s heartbreaking loss in Chapel Hill, N.C., while looking to prove it can play with the best.AdvertisementThis is placeholder text“This would be a huge win for us,” said senior goalkeeper Leann Stiver. “But we’ll have to come out strong and play our game. It’ll be fun.”Stiver, who set a career high with 14 saves against the Tar Heels in 2011, and the Orange defense, will have their hands full with North Carolina’s talented offense. For SU to keep its streak alive and upset North Carolina this time around, the defense’s play will be crucial.The Orange will need to contain UNC midfielder Kelsey Kolojejchick and forward Jaclyn Gaudioso Radvany as part of that game plan. Kolojejchick scored the tying and go-ahead goals to seal the win for North Carolina. The senior has recorded four assists in the Tar Heels’ two games.Gaudioso Radvany has found the back of the net four times and was honored Tuesday with the Atlantic Coast Conference Player of the Week award.“We’re going to put a lot of focus on her, as a specific player,” Stiver said.Despite the challenge of stopping the Tar Heels and their leading scorer, the Orange is confident that playing at home this season will make a difference.“It’s a completely different atmosphere up here,” Crumb said. “We’re trying to get a big crowd.”Stiver recalled that UNC’s Francis E. Henry Stadium was packed — with a crowd of 1,086 — and those in attendance made plenty of noise for their Tar Heels.She believes the Orange fans can match that on Saturday.“I think it’s going to be great here, having our home-field advantage and having our fans cheer us on,” she said.Bradley said the Syracuse fans can expect a matchup between two elite programs. Ranked in the Top 10 again, both have their sights set on making deep runs in the NCAA tournament.The head coach said she is welcoming the difficult challenge of facing the No. 2 team in the country.“It’s a win-win situation,” she said. “You win the game, you’re on target. You lose the game, you have things to work on. It’s really more about the process than the outcome this weekend.”Bradley said that her team doesn’t often discuss the 29-home-game winning streak.She’ll be pleased if the Orange can pull off the upset and keep the accomplishment alive. But if not, she said, the team will turn the page and start over again.Bradley’s players, especially senior Kelsey Millman, are determined to protect their home field and the streak.“The seniors remember the last time we lost (at Coyne) — it was our freshman year,” she said. “We don’t want it to ever happen again.” Comments Published on August 30, 2012 at 2:54 am Contact Phil: | @PhilDAbb Facebook Twitter Google+last_img read more