BI injects $10.1b to stabilize bond markets as investors dump Indonesian assets

first_imgThe central bank pledged to work together with the government and the Financial Services Authority (OJK) to develop further measures to stabilize the country’s financial market. Perry said the current situation was different compared to the 1998 and 2008 financial crises as the it was faced by financial markets and investors around the globe.Read also: Investors question government’s transparency in handling COVID-19 crisis“Investors and market players dumped all their assets in stocks, bonds and gold and cashed them into dollars. All countries experienced the same thing, including Indonesia,” he added.Indonesia has recorded 308 confirmed cases of COVID-19 and 25 deaths as of Thursday. Globally, the pneumonia-like illness has infected more than 244,000 people and claimed at least 10,000 lives.The central bank slashed its benchmark interest rate, the BI seven-day reverse repo rate, by 25 basis points to 4.50 percent following another cut last month to help spur the weakening economy.BI revised down on Thursday Indonesia’s economic growth projection to between 4.2 percent and 4.6 percent this year, which would be the lowest levels since 2005. That compares with last month’s projection of between 5 and 5.4 percent.It also announced measures to calm the market rout and stabilize the rupiah, including by intensifying bond-buying in the secondary market and cutting banks’ reserve ratio. Topics : Read also: BI cuts rate, sees growth plunging to 15-year low as COVID-19 roils economyBI data recorded Rp 105.1 trillion in capital outflow as of Thursday, of which foreign investors dumped Rp 92.8 trillion worth of government bonds and Rp 8.3 trillion in stocks.The rupiah has weakened more than 15 percent against the this year to Rp 16,172 per dollar as of 3:14 p.m. in Jakarta, a level unseen since the 1998 crisis. The Jakarta Composite Index (JCI), meanwhile, recorded more than Rp 10 trillion in foreign net sell so far this year as it lost around 33 percent of its value.“The majority of capital flight occurred in March in line with escalating COVID-19 infections in developing countries. This has resulted in investors dumping their assets and converting them into dollars,” Perry went on to say.center_img Bank Indonesia (BI) has bought about Rp 163 trillion (US$10.1 billion) worth of government bonds to stabilize the country’s financial market amid foreign investors’ selling spree over COVID-19 fears.In addition to the bonds purchase, the central bank also intervened in the foreign exchange spot market and domestic non-deliverables forward to ease pressures on the rupiah.“We are focused on maintaining confidence, ensuring the market mechanism to work properly and maintain liquidity in US dollars and the rupiah,” BI Governor Perry Warjiyo said after attending a limited Cabinet meeting on Friday.last_img read more

Poland calls for EU summit on Belarus

first_imgA European official said consultations were underway ahead of a probable statement on the “very serious developments” in Belarus but warned it was “very difficult” to confirm reports from the country because of official restrictions and slow internet.Michel wrote on Twitter that “violence against protesters is not the answer”.”Freedom of speech, freedom of assembly, basic human rights must be upheld,” he said.Belarus borders Russia to the east, Ukraine to the south and EU member states Poland, Lithuania and Latvia to the north and west. In a joint statement on Sunday, Polish President Andrzej Duda and Lithuanian President Gitanas Nauseda had urged Belarus “to fully recognise and uphold basic democratic standards” including freedom of speech.”We are convinced that closer cooperation with the European Union is in the interest of Belarus… and stand ready to continue to provide further support to Belarus in deepening its relations with the united European family,” they wrote. Topics :center_img Poland on Monday called for an emergency European Union summit on the situation in Belarus after clashes in the night in Minsk over a disputed presidential election.”The authorities have used force against their citizens, who are demanding change in the country. We must support the Belarusian people in their quest for freedom,” Prime Minister Mateusz Morawiecki said in a statement.Morawiecki said he had written to European Commission president Ursula von der Leyen and EU Council President Charles Michel with the request for a summit.last_img read more

Freddie Ljungberg quits role as part of Mikel Arteta’s Arsenal coaching team

first_imgFreddie Ljungberg quits role as part of Mikel Arteta’s Arsenal coaching team Freddie Ljungberg managed just one win, against West Ham, from his six games at the Arsenal helm (Picture: Getty)‘I have decided to leave my first team assistant coaching role at Arsenal to progress my management experience,’ the club legend confirmed on Twitter.‘I have been involved with this club on and off since 1998 and am grateful for all the opportunities they have given me both as a player and as a coach.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal‘I wish Mikel and all the team every success for the season ahead. Thanks also to the fans for their constant support and for always being by my side. ‘I hope we will all meet again soon.’Reacting to the departure of one of his assistants, meanwhile, Arteta said: ‘Freddie has been a really important member of my team since my arrival. ‘He did a great job picking the team up when Unai left and we all have 100% respect for him as a man and a coach. I know I’ll be facing him on the touchline in the future.’MORE: Lyon midfielder Houssem Aouar wants Juventus move over Arsenal and Manchester CityMORE: Jadon Sancho singles out Arsenal’s Bukayo Saka and Manchester United’s Mason Greenwood for ‘doing a madness’Follow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page. Advertisement Advertisement Metro Sport ReporterSaturday 22 Aug 2020 3:37 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link806Shares Freddie Ljungberg has left his first team coaching role at Arsenal (Picture: Getty)Freddie Ljungberg has left his first team coaching role at Arsenal in the hope of landing his first full-time managerial role.The club legend returned to the club at which he won two Premier League titles two years ago to coach the club’s Under-23 side. Ljungberg was credited with playing a major role in the development of the likes of Bukayo Saka, Joe Willock and Reiss Nelson and was promoted to the first team set-up upon the appointment of Unai Emery. The Spaniard was sacked last December providing Ljungberg with the opportunity to take interim charge of the first team alongside Per Mertesacker. AdvertisementAdvertisementADVERTISEMENTLjungberg was unable to spark an improvement in the team’s results, however, registering just one win from his six games at the helm in all competitions. Commentlast_img read more

APG appoints SEB’s Peter Branner as investment chief

first_imgHe succeeds Ronald Wuijster, CEO, who was appointed to the executive board of APG Group as member responsible for asset management earlier this year. Branner (left), a Danish national, joins from the €100bn Swedish asset manager SEB Investment Management where he was chief executive officer, responsible for investment processes as well as overseeing its broad range of funds and institutional mandates covering all major asset classes. The €479bn Dutch asset manager APG has appointed Peter Branner as its chief investment officer. Bart Le Blanc, chairman of the supervisory board of APG Asset Management, described the new CIO as “a seasoned executive in our field” and highlighted his “broad international experience in long-term investing”.Branner is to start his new job on 1 September, when he will become responsible for APG’s overall investment operations and will be tasked with optimising sustainable and long-term returns.Prior to joining SEB’s Stockholm office in 2008, Branner was CIO at the London-based multi-manager arm of Fortis.He has also served as managing director at IKANO Fund Management in Luxembourg, as well as other investment postions within the IKANO Group.The new CIO will report to Ronald Wuijster, chief executive of APG Asset Management and member of the executive board of APG Group.APG is the asset manager and pensions provider of the €414bn Dutch civil service scheme ABP.last_img read more

AP2 reports highest-ever results, makes 53% on Chinese equities

first_imgEva Halvarsson, chief executive officer of AP2, said: “All asset classes had a positive return and in particular, the world’s equity markets developed positively.”The fund’s Swedish equity portfolio returned a total 30.2%, while the developed markets foreign equity portfolio generated 31.7%. Emerging markets equities produced 19.9%.“The return on Chinese A shares was the fund’s best asset class with an annual return of 52.6%,” Halvarsson said.Over the years, she noted, AP2 had developed “unique expertise” in analysing the pension system’s development and needs in the future, in order to be able to construct the portfolio that provided the most benefit for the pension system.“In 2019 we have further supplemented the analysis by including the risks that climate change poses to economic growth,” she said.In its sustainability report – published alongside the annual report – AP2 said that looking ahead, it would continue to develop the integration of climate risk into its overall asset-liability management analysis.It also said it aimed to identify the main climate risks and opportunities for more asset classes, sectors and geographies, as well as finding out what their time horizon was.Having invested in green bonds since 2008 and included the environmentally-linked debt as a separate asset class in its portfolio since 2015, AP2 said it had now decided to lift the strategic allocation to green bonds to 3%, or just over SEK11bn.“During the year, there was continued strong growth in the market, with more issues and more organisations and companies issuing green as well as social bonds,” the fund said in its sustainability report.At the end of December, AP2 said it had over SEK14bn invested in green and social bonds. The first of Sweden’s mighty pension buffer funds to unveil 2019 results has announced its highest-ever results, generating SEK53bn (€5bn) in a bumper equities year when its holding of Chinese A shares produced a 52.6% return.Gothenburg-based AP2 also revealed it had increased its strategic weighting to green bonds to 3% last year from 1%, and included climate risk in its overall return assumptions, which form the basis for the choice of strategic portfolio.The other three of the main four government funds designed to back the Swedish state pension, AP1, AP3 and AP4 – all located in Stockholm – have yet to report 2019 results.Overall, AP2 said it made a return after costs of 15.9% last year, with total assets growing to SEK381.3bn by the end of December.last_img read more

Townsville family on their feet after being swept into tight rental market after floods

first_imgShelley and Daniel Grainger with PJ, 3, at their new rental home in Oonoonba. Picture: Evan MorganMore from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“We’re here for the next six-months and then we’ll go from there — we’re hoping to be able to purchase our own home, especially because this situation has made us feel quite vulnerable.”“We are with Suncorp Insurance and they have been really responsive and supportive of our situation — The Department of Housing and Public Works have also given us a rent assit grant to help us get back on our feet.” Shelley and Daniel Grainger with PJ, 3, at their new rental home in Oonoonba. Picture: Evan Morgan“There was a lack of availability — things were going extremely quickly and when you’ve got a full time job, business to run, and toddler on top of moving out, there’s just not time.”“We also found that many properties were going before the inspection date.”REIQ Regional Director Damien Keyes said he predicts rental demand to ease up in the coming months. “The floods have had a significant short term impact — huge demand on supply has seen property managers inundated with applications and heaps of competition among people trying to obtain properties,” Mr Keyes said. “Before the floods vacancy rates were steadily dropping and there were slight increases in rent prices … Townsville was already heading toward a tighter period and then when the floods hit it just escalated that.”“As the tenants start to move out and back into their homes, and once all the abnormalities of the flood event sort themselves out, rent prices will head back down.” Houses inundated with flood waters are seen in Townsville, North Queensland, Tuesday, February 5, 2019. Forecasters say the end is in sight for Townsville’s flood disaster, with a possible easing of torrential rain by the weekend. (AAP Image/Dave Acree) NO ARCHIVINGAccording to statistics released this month by the Insurance Council of Australia, over one billion dollars in household and commercial claims have been lodged, with over 27,355 claims received by insurance companies in Townsville since the flood event. Of the 1518 critical home building claims, only 25 per cent have been fixed — leaving 75 per cent still waiting on repairs. Shelley said the hardest part of finding somewhere to rent after the floods was finding the time to go to inspections.center_img Shelley and Daniel Grainger with PJ, 3, at their new rental home in Oonoonba. Picture: Evan MorganThe flood might be over but the nightmare has continued for many Townsville residents who have found themselves in the midst of a tight rental market without a home.Local business owner Shelley Grainger and her husband Daniel Grainger, were forced to relocate their young family from Belgian Gardens to Magnetic Island, after the property they were renting was among the properties deemed unliveable post deluge.With their toddler and two cats in toe, the Grainger’s had only two-weeks to be out of their home.“We were issued with a form 12 (notice to leave) for non-liveability from the RTA (Residential Tenancies Authority), and given two weeks’ notice by the real estate agent,” Ms Grainger said.“We couldn’t find anything in Townsville and had to take up temporary accommodation on Magnetic Island, which is a 1.5 hour commute each way, six-days a week for work.” The move not only impacted their business and living situation, but also their three-year-old son.“The place in Belgian Gardens was the only home our son has ever known and it was very traumatic for him … he didn’t understand why we had to leave.” Despite their hardship, the Grainger family are slowly getting back on their feet, with the help of friends who have rented them their home in Oonoonba while they are away on holiday.“We’re extremely thankful for the support of our friends, family and customers… It’s been a miracle for us — it was a really tricky situation and given how much we work, Magnetic Island just wasn’t practical.”last_img read more

Nexans hired to deliver Troll umbilicals

first_imgFrench cable manufacturer Nexans has been awarded a contract by Equinor to deliver umbilicals for Troll Phase 3 development located offshore Norway. Earlier on Tuesday, Equinor submitted its plan for further development of the gigantic Troll field on the Norwegian continental shelf  to the Ministry of Petroleum and Energy. The project entails capital expenditures of around NOK 7.8 billion.Equinor also said it would sign contracts for the project within marine installations and subsea facilities worth a total of approximately NOK 750 million with the companies Allseas, Nexans and DeepOcean.The initial development was carried out over two phases, and now Equinor is starting the Phase 3 development to recover the large amount of gas resources in the western part of the field.Separately, Nexans said on Tuesday that its role in the project would be to provide a total of 27 kilometers of complex umbilicals with power, fiber-optic and hydraulic elements for the next development phase of the Troll Phase 3 project.Phase 3 of the Troll project covers the development of the Troll West structure, which lies in water depths of approximately 330 meters and is located 25 kilometers north-west of the Troll A platform. The subsea production systems will comprise two subsea templates or manifolds, as well as nine trees. Each manifold is expected to have four well slots. A total of eight production wells will be drilled and tied-back to the Troll A platform in order to recover the gas reserves. First gas is expected from the project in the second quarter of 2021.For the Troll Phase 3 development Nexans Norway will design, manufacture and supply static umbilicals that include high voltage power elements, high-pressure hydraulic lines, low-pressure hydraulic lines, a MEG (methanol and glycol) service line for chemical injection, a spare line and fiber-optic communications – all within a single cross-section. A 20 kilometer umbilical will link the Troll A platform to Template W1, while a 7 kilometer umbilical will then link Template W1 to Template W2. The contract also includes the supply of connections, terminations and other umbilical accessories.Nexans noted it offered Equinor a total ‘made in Norway’ approach to the contract with the electrical and fiber optic elements manufactured at the Nexans Norway facility in Rognan, North Norway, while the complete umbilical system will be developed, manufactured and tested at Nexans Norway plant in Halden, Norway.Nexans is scheduled to deliver the Troll Phase 3 umbilicals in the first quarter of 2020.last_img read more

Increased purchase of ‘Pill 72’ worries pharmacist

first_img Tweet HealthLifestyleLocalNews Increased purchase of ‘Pill 72’ worries pharmacist by: – July 3, 2013 A local pharmacist has expressed concern about the increased purchase of emergency contraceptives among the youth.Pharmacist Carlton Lanquedoc said in an interview with members of the media on Wednesday, 3rd July, that he is concerned about the purchase of morning after pills on a daily basis. Morning after pill or Pill 72 is an emergency contraceptive which can be bought without a prescription. It can be used to prevent pregnancy up to five days (120 hours) after unprotected sex.Pharmacist Carlton Lanquedoc said while morning after pill is ideal, persons should also guard against sexual transmitted diseases, as the increased purchase of the pill means that these people are engaging in unprotected sex. “It’s not that we have a problem in selling the morning after pill, but basically what it is saying to us is that lots of people are having unprotected sex and that’s of concern for us as medical professionals,” Mr Lanquedoc said.Morning after pill or Pill 72 is an emergency contraceptive which can be bought without a prescription.He noted that one of the things people tend to concentrate more on is the risk of pregnancy, however they should know that they are at risk of contracting sexually transmitted diseases (STD’s).Mr Lanquedoc said further that several persons have been coming forward to treat sexual transmitted infections cases. “Not only HIV/AIDS as pronounced on the media, but also the Chlamydia, the Syphilis, the Human papillomavirus (HPV), we are seeing cases of bacterial cystitis, Gonorrhea; all of this we are seeing cases of frequently,” he said. Mr Lanquedoc, who is employed at a local pharmacy, said on a daily basis between 6-10 morning after pills are sold his establishment. “I’m sure if we were to tabulate with our two stores it might increase a bit more. It’s generally young people; most of these young people are slightly below the age of forty which is usually the same catchment age that you would see with HIV/AIDS in terms of the prevalence. So it is a concern from a health perspective,” he said. Mr Lanquedoc has called on the general public to be more conscious of their health and protect themselves against diseases. Dominica Vibes News Share Sharecenter_img 137 Views   8 comments Sharing is caring! Sharelast_img read more

There’s more to come – Benteke

first_img Press Association Christian Benteke has warned Liverpool there is more to come after admitting he is finally fighting fit. The revitalised Aston Villa striker has scored nine goals in his last eight games for club and country ahead of Sunday’s FA Cup semi final with the Reds. Benteke ruptured his Achilles 12 months ago and returned for Villa in October but admitted he came back too soon. The hitman appreciated the chance the Scot gave him by bringing him to Villa in 2012 but admitted his frustration as he struggled to rediscover his best form. He said: “I am not that guy who is going to complain. I understood the situation. “It was frustrating because I knew that I could do better. Every time after the game I said to myself ‘I can do better.’ It was frustrating to play a game with no chances, so I go back home with two feelings, because I’m happy because I can play without being injured, but frustration because I have no chances. “I know that I’m a good player. It’s just I have to show it.” Villa return to Wembley for the first time in five years and Benteke insisted they must make the final. He added: “I think when you play a semi-final you want to get to the end. You can’t say you’re just happy to be there even if you lose, you want to go until the end.” But after rediscovering his form, including a hat-trick in last week’s 3-3 draw with QPR, the Belgium international believes he can get even better. He said: “I still think I can do more, in everything. I can’t say I’m happy to be there now, I want to do more and more and more. “I’m scoring at the moment and now I play the way I want to play. Now I have more chances and I’m fully fit, that’s why I’m happy. “First, I came back early from my injury, so I worked hard to be back on the pitch. “I think I was a little bit tired in my body but now I am feeling very good. So that’s why I am performing now. “Before I didn’t get enough service and I wasn’t fit enough. I knew I would need time to be fit again. The confidence of the team was a little low so it was hard for everyone, so I can understand.” The 24-year-old scored the winner in Saturday’s 1-0 victory at Tottenham which lifted Villa six points above the bottom three. His form is a turnaround under Tim Sherwood after scoring just three times before the Villa boss’ arrival and he was also dropped towards the end of ex-manager Paul Lambert’s reign. last_img read more

Ninvalle discusses further assistance to Caribbean from AIBA

first_imgPRESIDENT of the Guyana Boxing Association, Steve Ninvalle, is in Eastern Siberia, Russia to witness the finals of the AIBA Women’s World Championship.Ninvalle arrived in Ulan-Ude near the Mongolian border early last week and used the occasion to discuss AIBA’s further assistance to the Caribbean, with the governing body’s top brass there for the tournament.The Championship will conclude today.last_img