Category: savfeabl

Indonesia’s trade data paints gloomy picture of manufacturing industries

first_imgIndonesia’s trade surplus and relatively resilient export figures in March may not be sustained in the near future and reflects a raw material supply disruption that threatens the growth of local manufacturing businesses, economists say.Even though Indonesia recorded a US$743 million trade surplus in March with a slight contraction in export and import growth, capital goods imports contracted 18 percent year-on-year (yoy) to $1.8 billion. The data indicates supply disruptions and weaknesses in the domestic manufacturing industry, said Indonesian Employers Association (Apindo) deputy chairwoman Shinta Kamdani.“This is not good news because the existence and growth of the country’s industrialization and businesses are being threatened despite the recent trade surplus,” Shinta told The Jakarta Post. The manufacturing industry accounts for nearly 20 percent of Indonesia’s gross domestic product (GDP). Factory activity suffered its deepest contraction in history at 45.64 percent, according to Bank Indonesia’s Prompt Manufacturing Index.Indonesia recorded $14.09 billion in exports in March, a 0.2 percent contraction yoy, while total imports contracted 0.75 percent yoy to $13.35 billion, driven by a decrease in imports of capital goods. The World Trade Organization (WTO) projected that global trade would shrink by between 13 and 32 percent this year amid the COVID-19 pandemic.“The government should ensure the economy remains active to defend the country’s exports and pave way for quick economic recovery once the virus subsides,” said Shinta, adding that the government should provide financial support for businesses to support the economy.Read also: Indonesian exports, imports contract slightly in ‘encouraging’ sign: BPS During the January-March period, Indonesia recorded a trade surplus of $2.62 billion, compared with a deficit of $62.8 million in the same period last year, as exports rose 2.9 percent to $41.8 billion while imports fell 3.69 percent to $39.2 billion. Imports of capital goods contracted 13 percent to $5.86 billion in the first quarter.“We see that event though imported raw materials and capital goods are more likely to fall as economic activities halt amid the COVID-19 pandemic, weaker global growth than anticipated will cause demand and major commodity prices to decline,” Bank Mandiri chief economist Andry Asmoro said in a research note. “It will result in shrinking exports.”On the other hand, Andry went on to say, food and health equipment imports will keep increasing.“The situation will lower the trade surplus and cause a wider current account deficit position this year,” he added.Contacted separately, Bank Central Asia (BCA) economist David Sumual told the Post that the decline was in line with market expectations, adding that a lack of supply from China following its COVID-19 lockdown would have a negative impact on the country’s future exports.“We are lucky that the supply of raw materials and capital goods is enough until Idul Fitri in May, so it would fulfill domestic demand,” said David. “However, if the lockdown continues after May, it will have a huge impact on the global supply chain through a shortage of supply.”Bahana Sekuritas economist Satria Sambijantoro said although trade disruptions from COVID-19 were not evident in Indonesia’s March data, the risk on trade outlook remains on the downside.“We remain wary of possible supply chain disruptions in Indonesia’s trading partners, particularly Japan, South Korea and Thailand, the three manufacturing hubs from which Indonesian industries source their capital and intermediate goods imports,” he wrote.Topics :last_img read more

Governor Wolf Issues Statement, Orders Commonwealth Flags to Half-Staff to Honor New Zealand Mosque Victims

first_img Flag Order,  Press Release,  Statement Harrisburg, PA – Governor Tom Wolf has issued the following statement in response to the shootings during Friday prayer at two mosques in Christchurch, New Zealand:“Frances and I are appalled by the senseless shootings at the mosques in New Zealand. Our hearts ache for the families and friends of the victims. Our hearts ache for us all. Where does this hate come from?“We have a moral obligation to stand against it and support our Muslim friends and neighbors. People of all faiths deserve the right to worship without the threat of violence. It’s unconscionable that 49 people lost their lives, with dozens more injured, in such a senseless act of hatred and violence by individuals who espouse hatred, racism and religious intolerance. There is simply no excuse for this unthinkable act.“Our founder, William Penn, was an outspoken supporter of religious freedom and Pennsylvania will always be a place of welcome and respect for all people. An attack on one community of faith is an attack on every community of faith. We must stand united against hatred and the dangerous rhetoric that normalizes it.”In honor of the victims, the Main Capitol Building will be lighted blue, white, and red.Gov. Wolf also ordered the Commonwealth flags on all Commonwealth facilities, public buildings and grounds County to fly at half-staff in honor of the victims of the attacks.The Commonwealth flag shall be lowered until sunset on Sunday, March 17, 2019.All Pennsylvanians are invited to participate in this tribute. The United States flag should remain at full-staff. Governor Wolf Issues Statement, Orders Commonwealth Flags to Half-Staff to Honor New Zealand Mosque Victims March 15, 2019center_img SHARE Email Facebook Twitterlast_img read more

AP1 appoints PIMCO’s Angberg to newly created CIO role

first_imgAP1, one of the Swedish national buffer funds, has appointed Michael Angberg as CIO in a new role at the fund.Angberg joins from PIMCO in London, where he was head of business development for the Nordic region.Ossian Ekdahl, head of communications and ESG at AP1, said the buffer fund was responding to the increasing demands of the CIO and chief executive roles with the new hire.“We are appointing a CIO to add resources to both the role of CEO and CIO,” he told IPE. Until now, Johan Magnusson has held the dual role of chief executive and CIO.Prior to his role at PIMCO, Angberg, who joins AP1 on 9 December, was head of institutional derivatives sales at BNP Paribas and earlier head of Goldman Sachs Asset Management’s institutional sales for the Nordic region.He has also worked for AXA Investment Management and CERN.Magnusson said in a statement that Angberg would lead and continue to develop the fund’s asset management capabilities where his broad experience would be of great benefit for AP1.The buffer fund, with assets of SEK246bn (€27.5bn) returned 4% for the first six months of the year.On average, the fund has returned 6.1% annually over the past 10 years, which is above the target of 5.5%.The fund has been at the forefront of increasing alternative investments and has in recent years added farmland as well as exposure to subordinated and mezzanine debt in what it calls its ‘new investments’ portfolio.In addition, the fund is making its first foray into emerging markets small caps and boosting its allocation to active managers in the region.In 2012, the fund invested nearly SEK10bn in hedge funds over the course of the year, citing its wish to reduce equity risk exposure but retain high returns.Its strategic allocation is approximately 50% equities, 30% fixed income and 20% hedge funds, real estate, private equity and the ‘new investments’ portfolio.In Sweden, the AP funds have been subject to a broad review in order to future-proof the funds.The government enquiry, chaired by Mats Langensjö, in 2012 has yet to result in any changes to the system.last_img read more

Hayes defends IORP full-funding proposals for all pension funds

first_img“In my report, I have proposed that all IORPs – cross-border and domestic – should be fully funded at the moment the IORP starts funding a new, or an additional, scheme.”James Walsh, EU policy lead at the UK’s National Association of Pension Funds, previously warned that the amendment put forward by Hayes risked impacting companies that were consolidating individual funds after a merger.He also questioned whether changes to a scheme’s deeds or new accrual rate would risk being seen as the launch of a new fund.“It’s a question for lawyers, but you could make the case that it constitutes a new scheme,” he told IPE in July.Hayes also argued that the revised IORP Directive should at no point become a “bureaucratic nightmare” for funds, and insisted it would not inflict additional costs on pension funds or members.However, the MEP did argue in favour of greater harmonisation of pension transfer activity, an area the Commission’s initial proposal had only sought to tackle by addressing cross-border transfers, arguing the changes would make transfers “safer”.“We should not have a lower standard in member states than that which applies at a cross-border level,” he said.“This is ultimately in the interest of members and beneficiaries.” Brian Hayes, the MEP in charge of the revised IORP Directive’s passage through the European Parliament, has defended amendments that would see full funding imposed on all European pension funds.Speaking at a meeting of the Economic and Monetary Affairs Committee (ECON) earlier this week, the IORP rapporteur argued that his proposed amendments would make the Directive a “principles-based” piece of legislation that distanced itself from the European Commission’s preferred ‘one size fits all’ approach.Hayes, an Irish MEP, noted that he had put forward changes covering the full funding of schemes, which, under the 2003 Directive, require cross-border entities to be fully funded at all times.Addressing the committee’s chair, Hayes said: “As we heard during our public hearing, [full funding] is one of the greatest obstacles for cross-border activity.last_img read more

600 MW OWF in Gulf of Mexico would bring 4,470 jobs and $ 445 million – Study

first_imgIn the Offshore Renewable Energy Technologies in the Gulf of Mexico study, different offshore renewable energy technologies were analysed to determine which are best suited for development in the Gulf of Mexico. A map outlining the studies’ areas in Gulf of Mexico. Source: BOEM During the operational stage, a project of this capacity would create around 150 ongoing jobs and bring in $ 14 million annually. Following the identification of the most suitable technology, BOEM and NREL further analysed its economic feasibility for selected sites in the Gulf of Mexico. Offshore wind was identified as the leading technology, as it showed the greatest resource potential for the Gulf of Mexico and is the most mature technology of those analysed for the region, according to BOEM. The renewable energy resources evaluated included wind, wave, tidal, current, solar, deepwater source cooling, and hydrogen. In the Offshore Wind in the U.S. Gulf of Mexico: Regional Economic Modeling & Site-Specific Analyses study, BOEM and NREL analysed the economic impact of a 600 MW project at a reference site with a commercial operation date of 2030. BOEM’s Gulf of Mexico OCS office issued two new studies on renewable energy in the Gulf of Mexico at the end of April, developed in cooperation with the National Renewable Energy Laboratory (NREL). The analysis did not include the likely further jobs or impacts in the Gulf of Mexico that may be created while supporting offshore wind projects built in other regions of the U.S., or the world. A 600 MW offshore wind farm in the Gulf of Mexico, with a commercial operation date of 2030, would bring some 4,470 jobs and $ 445 million in gross domestic product (GDP) during construction, according to a study released by the U.S. Bureau of Ocean Energy Management (BOEM). NREL announced back in 2017 that it would carry out a survey to examine the feasibility of various potential offshore renewable energy resources in the Gulf of Mexico, primarily offshore wind. The results of the two studies issued in April 2020 will inform Federal, State, and local strategic renewable energy planning over the next decade, BOEM said. The site-specific economic analysis indicated that a single offshore wind project of this size could support approximately 4,470 jobs and $ 445 million in gross domestic product (GDP) during construction and an ongoing 150 jobs and $ 14 million annually from operation and maintenance labor, materials, and services. last_img read more

Three IMCA divisions on Friday Governor’s Cup card

first_imgDAVENPORT, Iowa – Three IMCA divisions race Friday, July 1, night two of the Governor’s Cup at Davenport Speedway.IMCA Late Models battle for $3,000 to win, Xtreme Motor Sports IMCA Modifieds for $1,500 to win and Karl Chevrolet Northern SportMods for $750 to win, all on the ¼-mile oval.IMCA Speedway Motors Weekly Racing National and Allstar Performance State points will be awarded in all three divisions. Modifieds also chase BMS North Central Region points in the Fast Shafts All-Star Invitational ballot qualifier.No track points will be given for the draw/redraw show. There is a $100 entry fee for Late Models and a $35 entry fee for Modifieds.The pit gate will open at 3 p.m. The grandstand will open at 5 p.m. with hot laps at 6:15 p.m. and racing at 6:45 p.m. Overnight camping is available.Pit passes will be $35.  Grandstand admission is $20 for adults and $18 for seniors and students. Children 11 and under are free when accompanying a paid adult.Davenport Speedway is located at the Mississippi Valley Fairgrounds, on West Locust Street in Davenport, Iowa.last_img read more

Raila describes Ida Odinga as witty and charming

first_img@DavidMurathedav I am delighted to join the Next royal family in celebration of first Lady mama Ida odinga birthday as she turns a year older. On behalf of GEMA fraternity I want to pass my sincere gratitude to Her. She’s Hard working, determined and powerful woman I’ve ever seen. @prof_ongeri  May you be gifted with life’s biggest joys and never-ending bliss. After all, you yourself are a gift to earth, so you deserve the best. Happy birthday Mama Ida Odinga. Their son Raila Odinga Junior also on his twitter handle  wished the mum whatever makes her feel happy and loved. Get breaking news on your Mobile as-it-happens. SMS ‘NEWS’ to 20153 @MutahiNgunyi  @RailaOdinga forgot to mention that TEACHER Ida, who taught my wife GEOGRAPHY at Kenya High School, has an INFECTIOUS sense of HUMOUR. Happy Birthday ‘Mwalimu’ and continue to DAZZLE babaman. It is GOOD for Country. @GovWOparanya: Birthdays are nothing but milestones of what u have achieved in life. Your future is full of many more milestones, each making a bigger achievement. Happy Birthday Mama @IdaOdinga , on this special day may u always see the beauty in this World & be encouraged to keep pressing on Over the weekend, Kirinyaga Governor Anne Waiguru joined Raila Odinga’s family in celebrating Mama Ida Odinga‘s birthday at her Karen residence. Among other guests invited were David Murathe, Peter Kenneth, Homa Bay Woman Rep Gladys Wanga, Oburu Oginga, Wajir MP Fatuma Gedi and NGEC commissioner Priscilla Nyokabi. Waiguru described Ida as a strong, wise, graceful and selfless person.Also Read  Outcry as hippo launches vicious attack in Nyahururu Orange Democratic Movement (ODM) leader Raila Odinga has described his wife Ida Odinga as a witty and charming source of guidance, inspiration and strength for their family.While wishing her a happy birthday, Raila on his tweet Monday said the family is grateful for her dynamic and adventurous spirit.Ida odinga turns 70 years today.last_img read more

Hat’s the limit for Ferguson

first_img Press Association When Ferguson asked for the reason, it transpired Beckham was getting ready to unveil a new haircut. “David turned up with a beanie hat on. At dinner that night he was still wearing it,” he said. Ferguson told him to take it off. Beckham refused. “I was raging,” he said. When Beckham was still wearing the hat on his way out to warm-up at Filbert Street the following day, sparks flew. “‘You’ll not be going out with that beanie hat on’,” Ferguson recalled. “‘I’ll take you out of the team right now’. “He went berserk. I could see him being swallowed up by the media and publicity agents.” According to Ferguson, it was a relationship that began to go sour when Beckham started dating a member of the Spice Girls. “He fell in love with Victoria and that changed everything,” said Ferguson. The end came with a boot kicked by Ferguson in the home dressing room following an FA Cup defeat by Arsenal, and the axing of Beckham for the second leg of a Champions League defeat by Real Madrid in which he scored twice. “David is the only player I managed who chose to be famous,” said Ferguson. “He thought he was bigger than Alex Ferguson.” Against Arsenal, Ferguson blamed Beckham for not picking up Sylvain Wiltord, leading to the visitors’ second goal. Defeat led to a row, which escalated. “David swore. I moved towards him and as I approached, I kicked a boot. It hit him right above the eye.” Beckham was summoned for a meeting the following day and offered nothing in response. By the time he was left out of the Madrid game, Ferguson felt the midfielder was on his way. “We made the right decision to let him go to Real Madrid,” said Ferguson. “We felt it was the right time. I had to think about my own control of the club and where we were going with that.” Sir Alex Ferguson has revealed details over a bizarre incident involving David Beckham and a beanie hat which proved the midfielder’s celebrity status was getting in the way of his football. In his recently published autobiography, Ferguson recalled how he turned up for an away game at Leicester sensing something was wrong – then discovered Beckham was at the centre of the mystery. “I noticed the press lined up on the road to Carrington,” Ferguson said. “There must have been 20 photographers.” last_img read more

Trump at Mar-a-lago for Easter but remains focused on Mueller report

first_imgBefore leaving Washington, Trump said he felt vindicated by the report.However, Democrats are now demanding access to the full, unredacted version of the report amid calls for impeachment. President Trump is in Florida for the holiday Easter weekend, but he remains focused on the Mueller report.Saturday morning, in a series tweets, Trump said the special counsel probe should never have been authorized in the first place and was written “as nastily as possible” by “Angry Democrats who were true Trump Haters.”Despite the fact that the Mueller Report should not have been authorized in the first place & was written as nastily as possible by 13 (18) Angry Democrats who were true Trump Haters, including highly conflicted Bob Mueller himself, the end result is No Collusion, No Obstruction!— Donald J. Trump (@realDonaldTrump) April 20, 2019 He also tweeted that the “Fake News Media is doing everything possible” to anger” as many people as possible.”Trump later Tweeted the following video:pic.twitter.com/yoWCQLuxbD— Donald J. Trump (@realDonaldTrump) April 20, 2019last_img read more

Some 40 runners compete in Dead Run & Headless Half-Mile races

first_img Taylor VorthermsSports Editor at The Ellsworth AmericanTaylor Vortherms covers sports in Hancock County. The St. Louis, Missouri native recently graduated from the Missouri School of Journalism and joined The Ellsworth American in 2013. ELLSWORTH — Some 40 runners — dressed in costumes ranging from princesses and rabbits to ninjas and zombies — competed in the second annual two-mile Dead Run and Headless Half-Mile on Saturday at the Woodlawn Museum.The Halloween-themed race set on the Woodlawn trails was organized by Union Square — a group of young professionals with the mission of engaging and enriching their community.Chris Harper, 40, of Seal Cove won the two-mile race in 14 minutes and 41 seconds, averaging a 7:21-minute mile pace.Robin Clarke, 45, of Ellsworth was the first female finisher in 15 minutes and 56 seconds.This is placeholder textThis is placeholder textFor the Headless Half-Mile, Aiden Mitchell, 9, of Trenton — who came dressed as a pizza — crossed the finish line first in five minutes and 10 seconds.Nicole Thurber, 24, of Ellsworth was the first female finisher in 5:56.Two-mile results: 1. Chris Harper, 14:41; 2. Nick Hlavaty, 14:57; 3. Chris Richardson, 15:36; 4. Robin Clarke, 15:56; 5. Rebekah Woodward, 16:16; 6. Tom Kirby, 16:18; 7. Steve Sullivan, 16:26; 8. Elizabeth Richardson, 19:28; 9. Tom Reardon, 20:13; 10. Rhonda Reardon, 20:14; 11. Philip Catanese, 20:50; 12. Brooke Goff-Perreault, 20:52; 13. Marion Frehill, 21:00; 14. Rebecca Mantelli, 21:45; 15. Kimberly Lawrence, 26:44; 16. Keisha Kelliher, 26:47; 17. Martha Farley, 27:12; 18. Kirsten Hardy, 27:25; 19. Evelyn Hardy, 27:25; 20. Liz Sullivan, 27:47; 21. Nichole Cote, 27:47; 22. Marlee Catanese, 32:28; 23. Sarah Catanese, 32:28; 24. Helayna Savage, 32:32; 25. Jacklyn Sinclair, 32:33; 26. Meghan Goff Savage, 32:33; 27. Sonya Mitchell, 37:02; 28. Amanda Robbins, 37:02; 29. Holly Archer, 37:03; 30. Chelsea Sawyer, 37:04; 31. Sarah Small, 37:06.Half-mile results: 1. Aiden Mitchell, 5:10; 2. Nicole Thurber, 5:56; 3. Larkin Speed, 7:30; 4. Silas Harper, 10:10; 5. Amy Harper, 10:10; 6. Cindy Thielen, 11:44; 7. Ken Mitchell, 24:22.Find more photos of this race here.Runners take off at the start of the Union Square two-mile Dead Run and Headless Half-Mile on Saturday. PHOTO BY TAYLOR VORTHERMSSix-year-old Larkin Speed of Franklin runs the last stretch of the Headless Half-Mile race on Saturday. PHOTO BY TAYLOR VORTHERMSFour-year-old Silas Harper smiles when he spots the finish line of the Headless Half-Mile race on Saturday. PHOTO BY TAYLOR VORTHERMSAiden Mitchell, 9, sprints for the finish line of the Headless Half-Mile race on Saturday. Mitchell took first in five minutes and 10 seconds. PHOTO BY TAYLOR VORTHERMS EHS names new boys’ soccer coach – July 13, 2016 Bio Latest posts by Taylor Vortherms (see all)center_img Part 1: Invisible, incapacitating concussions are sidelining high school athletes – July 19, 2016 Latest Posts Part 2: When the injury is inside your head, some “don’t get it” – July 26, 2016last_img read more