Indonesia’s economy may contract 0.4% in worst case scenario: Sri Mulyani

first_imgThe World Bank has estimated that the COVID-19 pandemic will significantly slow Indonesia’s economic growth this year – 2.1 percent in 2020, down from the initially projected 5.1 percent – if the situation starts to normalize by June. The Washington-based bank has warned that the economy may contract this year if the pandemic continues into the third quarter.World Bank East Asia Pacific chief economist Aaditya Mattoo said the pandemic required drastic action, such as strong social distancing and travel restrictions, adding that the government had to provide compensation for informal-sector workers and credit liquidity transfers to firms. “These are complementary economic measures that, in the short run, when people can neither work nor consume as freely as they would have, are absolutely essential to minimize the economic pain and prevent short-term economic shocks,” Mattoo said.As of Monday afternoon 1,528 cases of COVID-19 had been confirmed in Indonesia with 136 deaths. The government has decided to impose stricter rules on social distancing, coupled with “civil emergency measures”.Topics : President Joko “Jokowi” Widodo announced Rp 405.1 trillion (US$24.8 billion) in extra spending on Tuesday to finance Indonesia’s fight against COVID-19. Rp 150 trillion will be set aside for economic recovery programs, Rp 75 trillion for healthcare spending, Rp 110 trillion for social protection and Rp 70.1 trillion for tax incentives and credits for enterprises.A new Government Regulation in lieu of law (Perppu) will be issued to enable Bank Indonesia (BI) to finance the budget by buying government bonds directly at auction. BI was previously only allowed to buy government debt in the secondary market.Read also: Explainer: BI to throw lifeline to Indonesia’s economy to fight COVID-19 “Extraordinary times require extraordinary policy and action,” Sri Mulyani said, adding that the measures were expected to protect the national economy. Indonesia’s economy grew by 5.02 percent last year, already the slowest in four years. The government’s latest economic growth projection marks the weakest position for the economy since the aftermath of the 1998 Asian financial crisis.center_img The government has outlined a worst-case scenario where the domestic economy contracts by 0.4 percent as the COVID-19 pandemic arrests swaths of economic activity and poses recessionary risks to Southeast Asia’s largest economy.Finance Minister Sri Mulyani Indrawati said the baseline scenario was for economic growth to sit at 2.3 percent this year as trade contracted and consumption and investment growth slowed.“We are forward-looking, so the steps we’re taking are preventive measures,” Sri Mulyani said at a media briefing on Wednesday. COVID-19 had disrupted household activities, hampered firms’ sales and revenue and had hit micro, small and medium businesses, she added.last_img read more

Société Générale looks to exit Amundi in IPO plan

first_imgWhen Amundi was formed in 2010 by the two banks, Société Générale’s eventual exit was pre-determined, and it has slowly sold its stake to the rival banking group.The bank also wholly owns Lyxor Asset Management, a €128bn manager focused on exchange-traded funds and absolute-return strategies.Société Générale will continue using Amundi for investment solutions for its retail and insurance networks on a five-year arrangement, which could be extended further.Crédit Agricole said it intended to play a key role in the development strategy for Amundi and would continue setting out its strategy.In March last year, Amundi was set the target of reaching €1trn AUM by 2016, as Crédit Agricole added another 5% of ownership from Société Générale.The manager, which focuses primarily on fixed income, equities and absolute-return strategies, set out plans to grow organically across Asia and Europe while making acquisitions of mid-sized asset management firms.Prior to announcing the potential exchange listing, Amundi said had hired Vincent Mortier as deputy CIO – who joined from Société Générale.Mortier worked at the French bank since 1996 and was senior manager in the firm. French asset manager Amundi is set to be floated on the French stock exchange by the end of 2015, allowing part-owner Société Générale to sell its remaining stake in the firm it help found.Amundi was set up in 2010 after the merging of the asset management businesses of French banks Société Générale and Crédit Agricole, with the latter currently owning 80% and expected to retain majority control of the firm.The banks said they wanted to secure a listing by the end of 2015, subject to market conditions, and after plans had been submitted to trade unions.Amundi’s owners said floating the €954bn manager would help develop its ambitious business plans while providing additional liquidity to Société Générale as it looks to sell the entire 20% share.last_img read more

Jupiter High School student arrested after pellet gun found in backpack

first_imgPalm Beach County officials say a pellet gun was found at Jupiter High School on Wednesday.Parents recieved a robocall from the school’s principal, Colleen Iannitti, about the incident.According to the call, administrators were told of a possible pellet gun on campus. School police investigated and found the pellet gun inside of a student’s backpack.Police arrested the student who “may now face severe criminal and disciplinary consequences,” according to Iannitti.last_img

Other Sports Viswanathan Anand Pens Special Book Titled ‘Mind Master: Winning Lessons from a Champion’s Life’

first_imgChennai: Chess legend Viswanathan Anand has authored an inspirational book where he looks back on his experience to share lessons on how to navigate life.  In “Mind Master: Winning Lessons from a Champion’s Life” (as told to journalist Susan Ninan), Anand revisits his greatest games and worst losses, his unique experiences of playing against the best minds, and the methods he employs to prepare for wins, cope with disappointments and, simply, stay in the game. The book, published by Hachette India, is releasing on December 11. Currently playing in the Isle of Man International Chess Tournament, India’s first grandmaster and five-time world champion said this book has been an interesting journey. “I have memories of the major events in my career and life, but when you put them down on paper, you suddenly have to organise your thoughts and are forced to think through them in detail. It allowed me to rediscover many interesting stories and incidents,” he said. “Above all, it made me realise that during my greatest accomplishments failure was never far away, and in the lowest moments there were always things that lifted me up. Rather than just making this about my story, I’ve tried to distil in this book some of the lessons I learnt, the strategies that helped me perform better and tackle life as it happened,” he added. Poulomi Chatterjee, Editor-in-Chief and Publisher of Hachette India, said Anand has a unique voice and this book is truly a brilliant and motivating read. “His achievements and career have been hugely inspirational for so many people, and now not only do we have a first-hand view of his experiences – much that even chess enthusiasts and his followers would find they did not know about – but also a masterclass in navigating life from the mind master himself,” she said. From the time he learnt to move pieces on a chess board as a six-year-old, Vishy – as Anand is fondly called – has racked up innumerable accolades. The first World Chess Champion from Asia, he emerged on to the global stage when chess was largely a Soviet preserve, climbed the ranks to become world number one and won tournaments across all formats of the game.Also Read | Viswanathan Anand loses to Magnus Carlsen, slips to fifth in Tata Steel Chess tournamentIn “Mind Master”, Anand looks back at a lifetime of games played, opponents tackled and circumstances overcome and draws from its depths significant tools that will help every reader to navigate life’s challenges, the publishers said. There are many nuggets that Anand touches upon with characteristic wit, easy wisdom and disarming candour in the book.  For all the Latest Sports News News, Other Sports News, Download News Nation Android and iOS Mobile Apps.last_img read more

Essequibo, Georgetown in winners’ row

first_imgWest Demerara1520NA1NA217 Upper Corentyne911NA1NANA9 Essequibo1520NA1NA419 Georgetown911NA1NA211 West Berbice812NANANA8 Lower Corentyne1830NANA624center_img TeamsMatchesPointsWinsLosesTieNo resultSuper Bonus(Batting)Super Bonus(Bowling)Total ESSEQUIBO and Georgetown were victorious on Sunday when the Guyana Cricket Board/Cricket Guyana Inc. Jaguars 50-over Franchise League continued with two round-four games.At the Imam Bacchus ground, Affiance, Essequibo Coast, the hosts whipped East Coast Demerara by nine wickets. Batting first, the visitors reached 169-9 off 40 overs.Kamesh Yadram top-scored with a 50-ball 54, with five fours. Rajendra Chandrika made 29, Chanderpaul Hemraj 19 and Bhaskar Yadram 18. Ricardo Adams claimed 3-42,while Anthony Adams had 2-20 and Akieni Adams 2-25.Veteran batsman Shivnarine Chanderpaul then slammed four fours and two sixes in scoring 72 off 102 balls. Kemol Savory scored a 48 off 58 balls including three fours and a six as Essequibo ended on 172-1 in 33.4 overs.Over at Bush Lot ground in West Berbice, the game was reduced to 20 overs.The home team crumbled for 96 in 19.2 overs. Leon Johnson claimed 5-26 and got support from medium pacer Paul Wintz (2-6). Only Arthley Bailey (24) and Gudakesh Motie (18) reached double figures.Robin Bacchus (22), Andrew Lyght Jr (17), added 39 for the first wicket, but thereafter the visiting side suffered a batting meltdown. Shemroy Barrington (5), skipper Chris Barnwell (3), Johnson (0), West Indies U-19 selectee Raymond Perez (1), keeper Darwin Christian (15), Steven Sankar (0) and Wintz (1) all fell cheaply.However, with ten runs needed off the last over Ramaal Lewis ended the game with a six and a four.Points Table: After Round Three East Coast Demerara0Nil3NANANA0 Upper Demerara/East Bank0Nil3NANANA0last_img read more

Japan Ready for Olympics Despite Coronavirus, Says PM

first_imgTokyo Governor Yuriko Koike yesterday vowed to take thorough measures against the coronavirus outbreak for the Olympic Torch relay through Japan and reaffirmed that preparations for a “safe and secure” 2020 Games were progressing.Koike’s comments came after Greece’s Olympic Committee on Friday cancelled the remainder of the Olympic Torch relay through the country to avoid attracting crowds that could raise the risk of virus contagion.“We’re taking thorough infection measures with regards to the Olympic Torch relay domestically,” Koike said according to TV Asahi, adding that preparations for a safe and secure Games were moving forward.The Greek portion was cancelled after what organisers described as “unexpectedly large crowds” gathered when the flame visited Sparta on Friday – but organisers insist the procession will go ahead “safely” in Japan.Organisers also maintain that the handover ceremony will go ahead at the Athens Panathinaiko Stadium on Thursday (March 19) but it will be held without public attendance, with similar arrangements in place to those at the Flame lighting ceremony in Olympia.A Hellenic Olympic Committee (HOC) statement said: “Despite strong recommendations to the public not to focus on the ceremony in the flame crossing cities, the HOC took the difficult but necessary decision to cancel the rest of the programme on Greek soil.“The decision was made in consultation with the ministry of health and the International Olympic Committee with a deep sense of responsibility, as public health is the ultimate good and in these difficult times a reasonable attitude is imposed by all sides.”Hollywood Actor Gerard Butler did carry the flame in Sparta before the cancellation. He had been invited by the city to do so as part of the celebrations for the anniversary of the Battle of Thermopylae in 480 BC.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Japan Prime Minister Shinzo Abe said the Tokyo Olympic Games will go ahead as planned in July, despite coronavirus concerns resulting in the postponement of sporting events. Abe however added that the International Olympic Committee (IOC) would have the final decision whether Tokyo 2020 goes ahead.“We will overcome the spread of the infection and host the Olympics without problem, as planned,” Abe said. Japan has had more than 1,400 cases and 28 deaths resulting from coronavirus. The Tokyo Games is expected to cost about 1.35 trillion yen (£10.26bn), organisers said in December.The Japan section of the Olympic Torch relay is due to start in Fukushima on March 26. The recent torch-lighting ceremony in ancient Olympia was held without spectators, before the rest of the relay in Greece was suspended to avoid attracting crowds. Snow falls on the Olympic Rings near the New National Stadium in Tokyo, Saturday, March 14, 2020. (AP Photo/Jae C. Hong)last_img read more

Dominica opposition withdraws motion of no confidence against Prime Minister

first_imgOpposition leader Lennox Linton says he has withdrawn a motion of no confidence in Prime Minister Roosevelt Skerrit after complaining that his original motion had been amended “to the point where I could not recognize the motion anymore.”Linton, speaking at a public meeting  on Tuesday night, said that the motion was due to have been debated in the Parliament next week.That motion was totally re-organized and changed and new words brought in and new format adopted to the point where I couldn’t recognize the motion anymore.“And so I have asked that the motion be withdrawn. The one that they have standing in my name, which is not my motion, I have asked that it be withdrawn,” he told party supporters.Linton took the opportunity to thank the regional and international community that came to the assistance of Dominica when it was ravaged by Hurricane Maria last year, killing 30 people and leaving 30 others missing. The hurricane was also blamed for the millions of dollars in infrastructural damage.“We thank all those who rallied in support of us. It was a tremendous outpouring of charity from a world community that saw us struggling and decided it was going to be there with us.‘We ask ourselves one year later what lessons did we learn from Maria. If Maria demonstrated to us charity from around the world like we have never seen before how did that help us in Dominica?. Well we saw our brothers and sisters looking out for each other in Dominica…and we saw our government in some way trying its best, but in many ways making a mess,” Linton said.last_img read more

Medeama SC denies bribery allegation

first_imgPresident of Meadeama Sporting Club Moses Armah says accusations that his players took bribes from Berekum Chelsea to play a match of convenience are untrue.There are reports suggesting that, some players of Meadeam SC were given money to play a match of convenience in their match-day 21 game away to Berekum Chelsea at Bekwai.According to him, no such incident happened so all the reports in the media are unacceptable.He told Asempa Sports that, the management of Medeama will take disciplinary actions on defender Kwabena Adusei for granting interviews to the media over the issue.Meadeama lost the game to Chelsea by 1-0 over the weekend.Story by Benedict Owusu/Asempa Sports/Ghanalast_img

Lightning Strike at PGA Tour Championship Injures Six People

first_imgSix people were injured on Saturday when a bolt of lightning struck a 60-foot pine at the PGA Tour championship in Atlanta, according to police.The third round of the season-ending event had been suspended for about half an hour due to stormy weather, and fans were seeking shelter. The lightning strike hit the top of the tree, which is just off the 16th tee, and shattered the bark to the bottom.Atlanta Police spokesman James H. White III says five men and one female juvenile were injured. All of them were taken to hospitals for treatment, and all were alert, conscious and breathing. The championship includes 30 players who are competing for the FedEx Cup and a $15 million prize.Golfer Justin Thomas, who was enjoying a one-shot lead through five holes when play was suspended, says he and players were eating in the clubhouse when “it felt like the entire clubhouse shook” from the thunder.The PGA Tour canceled play for the remainder of Saturday.last_img read more

Two major roller coasters coming to FL theme parks!

first_imgBrace yourselves because two new roller coasters said to be the best ones yet are coming to two major Florida theme parks in 2020.Busch Gardens in Tampa announced the new ‘Iron Gwazi’ roller coaster Thursday, which the park says will be the tallest, fastest and steepest hybrid roller coaster in the world.The 206-feet tall Iron Gwazi will feature a 91-degree drop and reach speeds up to 76 miles per hour, along with three inversions on over 4,000 feet of track.The Iron Gwazi is a new version of the park’s original wooden roller coaster which closed in 2015.Busch Gardens’ water park, Adventure Island, is also adding its own attraction called Solar Vortex.The ride is a dual-tailspin water slide that “combines high-banking rotations and rapid descents, sending sliders on a swirling journey through two open tailspin features.”But wait there’s more!SeaWorld in Orlando will soon be opening its latest ride called ‘Ice Breaker.’The ride features four launches with a reverse launch into the “steepest vertical drop in Florida” at a 100-degree angle.The Ice Breaker is set to open in Spring 2020.It is unclear at this time when the ‘Iron Gwazi’ is set to open.last_img read more