BI to dominate ownership of ‘pandemic bonds’ as debt burden grows

first_imgThe government will issue nearly Rp 450 trillion (US$27.21 billion) worth of the so-called pandemic bonds to finance the country’s efforts to combat the health crisis and economic turmoil caused by the COVID-19 pandemic, according to a Finance Ministry document.Apart from the pandemic bonds, the government is also planning to increase its bond sales target by Rp 160.2 trillion to Rp 549.6 trillion to address the widening budget deficit, which could reach 5.07 percent of gross domestic product (GDP).[RA::Indonesia to issue Rp 450 trillion in ‘pandemic bonds’ to finance COVID-19 fight::https://www.thejakartapost.com/news/2020/04/06/indonesia-to-issue-rp-450-trillion-in-pandemic-bonds-to-finance-covid-19-fight.html]Indonesia raised $4.3 billion from global bonds on Monday, including the longest-dated US dollar bond ever issued by an Asian nation, Reuters reported. The deal was finalized in the US and sold in maturities of 10.5 years and 30.5 years, worth $1.65 billion each, with a 50-year tranche worth $1 billion. It was Indonesia’s largest-ever bond. Bank Indonesia (BI) will dominate ownership of the nation’s “pandemic bonds” as the government seeks to safeguard the economy from COVID-19 at the risk of a rising debt burden, including from its longest ever 50-year bond tenure, economists say.Bank Permata chief economist Josua Pardede said that foreign investors would be reluctant to buy risky assets including Indonesia’s sovereign debt papers amid the current market routs.“The financing of pandemic bonds may be dominated by the central bank as foreign investors tend to avoid risky assets,” Josua told The Jakarta Post during a phone interview. “We expect that this will speed up the recovery of economic sectors affected by the COVID-19 pandemic.” “The debt burden will rise, but it will not surpass the legal debt-to-GDP ceiling ratio of 60 percent,” Center of Reform on Economics (Core) Indonesia research director Piter Abdullah told the The Jakarta Post.The government’s decision to issue a 50-year global bond will create unnecessary risks as the government must pay a high interest rate for a long period of time, he added.“A 50-year global bond is meant to provide buyers with incentives as their investment appetite has significantly declined amid the global uncertainties caused by the virus,” Piter said, adding that he opposed the government’s decision to issue such a bond because of payment difficulties.“This increases the risk for the government to pay debts with higher interest rates as it has a better option to issue debt papers in rupiah that can be bought by the central bank using a quantitative easing scheme.”Under the new Government Regulation in Lieu of Law (Perppu) No. 1/2020 issued last week, Bank Indonesia (BI) is now permitted to buy government bonds at auction to anticipate if the market is unable to fulfil the government’s financing target. The regulation revokes a 1999 law on the central bank, which only allowed BI to buy government bonds in the secondary market.Read also: Indonesia announces Rp 405 trillion COVID-19 budget, anticipates 5% deficit in historic movePresident Joko “Jokowi” Widodo has announced Rp 405.1 trillion in extra state spending to finance Indonesia’s battle against the novel coronavirus, specifically for healthcare, social safety net and business recovery programs.“However, we expect the debt-to-GDP ratio to increase to around 34 to 35 percent this year, from last year’s figure of 29.8 percent,” Josua said. “Inflation may also rise as the central bank bought government debt papers, but it will still remain within BI’s target.”Anugrah Sekuritas Indonesia fixed income analyst Ramdhan Ario Maruto said that international rating agencies may downgrade Indonesia’s sovereign credit rating, following rating downgrades on Indonesian companies.Fitch and Moody’s did not immediately respond upon being asked for comment by the Post.Indonesia’s sovereign credit rating from the three top rating agencies currently stands at the lower-end of the investment grade, which allows a full range of institutions worldwide to invest in the country’s debt papers. Any downgrade would return the country’s rating to junk, which would result in only select investors being eligible to invest in the country’s financial assets.“As long as the government can maintain the country’s debt-to-GDP ratio at a safe level, I think the rating agencies would at least affirm our ratings even during times of hardship like today,” said Ramdhan.Topics :last_img read more

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AP II limits flights, sets up new system to avoid congestion

first_imgState airport operator Angkasa Pura (AP) II is applying new policies at Soekarno-Hatta International Airport in Tangerang, Banten, after images of passengers crowding the airport went viral.The policies include dividing passenger lines into four sections, separating the document verification and health check process, as well as limiting flights to only seven per hour.AP II is set to enforce the new rules, aimed at supporting physical distancing measures to contain the spread of COVID-19, in the airport’s Terminal 2 and Terminal 3 starting on Friday. Topics : The passengers were lining up to get all their flight documents checked as additional requirements, such as a negative COVID-19 polymerase chain reaction (PCR) tests, rapid test results or health documents from a hospital or clinic, as well as a return ticket, are needed to fly during the COVID-19 mitigation period.“With the new system, this morning’s passenger flow was seamless for the domestic departure process at Terminal 2,” Awaluddin said, adding that a similar procedure was also being applied at Terminal 3, with some adjustments.Meanwhile, the airport will also limit hourly flights to up to seven flights to avoid passenger crowding. On Friday, Soekarno-Hatta International Airport will only serve a total of 54 departures and 56 arrivals.The country’s airport served up to 1,200 flights daily on normal days before the pandemic.The airport’s stakeholders have also agreed to cap the aircraft capacity for each flight to 50 percent to further ease the departure process while supporting physical distancing efforts, the operator stated.center_img “We have carried out an evaluation and subsequently implemented the new policy. Today, on May 15, the departure process for domestic routes is going well at Soekarno-Hatta, both in Terminal 2 and 3,” said AP II president director Muhammad Awaluddin in a statement released on Friday. The new system is expected to prevent the congestion of passengers at the airport. The first section of the passenger line will be designated for document verification, while the second section is for passengers filling in forms such as the Health Alert Card (HAC).Meanwhile, airport health office personnel will assess the passengers’ health in the third section of the line, while the last post is for passengers passing the inspection to proceed to check-in counters.Images of crowding passengers in the country’s biggest airport circulated on Thursday, apparently caused by an influx of passengers coming for morning flights. Thirteen departures were scheduled between 6 a.m. and 8 a.m., according to AP II communications manager Febri Toga Simatupang.last_img read more

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Free Scam Workshop At Sherman House Tuesday

first_imgBATESVILLE, Ind. — Indiana Attorney General Greg Zoeller’s Office invites local residents to attend a free fraud prevention workshop on Tuesday.A presentation will be given on the latest scams and how consumers can protect themselves from becoming a victim of fraud or identity theft.There is no charge to attend. Members of the public can register to attend by calling the Ripley County Extension Office at 812-689-6511.The workshop will be held at 6:45 p.m. at the Sherman House in Batesville. The event is sponsored by the Ripley County Extension Homemakers.Michelle Mayer, director of outreach services with the Attorney General’s Office, will share information on the importance of protecting personal and financial information, and how to check your credit report and place a freeze on your credit.For those unable to attend, information on the latest scams and consumer complaint forms are available at www.IndianaConsumer.com.last_img read more

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NASCAR Throw Back

first_imgHow many of you were watching NASCAR Throw Back from Darlington Speedway a week or so ago?  Did you see “Mean Joe Greene” of the Pittsburgh Steelers in his famous Coke commercial?  Believe it or not, that commercial gained famed at Super Bowl XIV in 1979.Joe Greene is now 69 years old and is a special assistant of player personnel for the Pittsburgh Steelers.  He has been married for 47 years.  His cohort in the commercial was a 12-year old boy by the name of Tommy Okon.  Okon is now 47 years old and has remained in the acting business.  He also has worked in filmography.This commercial had to be one of the top remembered ones of all time.last_img

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Zidane dismisses ‘special one’ label after latest Real Madrid triumph

first_img Loading… Promoted Content10 Risky Jobs Some Women Do5 Of The World’s Most Unique Theme Parks8 Superfoods For Growing Hair Back And Stimulating Its Growth10 Stargazing Locations To ‘Connect With Nature’6 Ridiculous Health Myths That Are Actually TrueA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This DayWhich Country Is The Most Romantic In The World?Birds Enjoy Living In A Gallery Space Created For ThemTop 10 Most Romantic Nations In The WorldYou’ve Only Seen Such Colorful Hairdos In A Handful Of AnimeBest Car Manufacturers In The World”Chronicles Of Narnia” Fans Were Bemused To See How She Looks Now “I think every title we get is merit of the team, the players who are involved in that time,” he said. “It doesn’t have to demerit them, especially this one, as it has been very complicated and tough. We have fought until the end. “It is time to enjoy the achievement, but for football and for everyone, we have a game [against Leganes].” Zidane has refused to confirm whether he’ll be managing Madrid next season, admitting the future is never certain in football. “Nobody knows what’s going to happen in the future. I never talk about next season or the following year. I’ve got a contract and I’m happy. You never know what will happen in the future,” he said. read also:Zidane hopes Benzema can finish LaLiga top scorer “Things can change overnight in the world of football and I have no idea what the future holds. “We want to keep pushing and testing ourselves until the very end of the season. There will be a few days’ rest after the game against Leganes, but the season continues. We will be back training and preparing for City after the game against Leganes.” FacebookTwitterWhatsAppEmail分享 center_img Zinedine Zidane insisted he was not “special”, saying he was simply lucky to be in charge of Real Madrid. Zidane has led Madrid to the La Liga title this season for his 11th trophy as coach of the Spanish giants. But the Frenchman dismissed any suggestions he felt like the “special one” – a title Jose Mourinho has previously used to describe himself. “No, no. I don’t feel that. I feel lucky to be here with these players every day,” Zidane told a news conference. “And being in this club, that’s why I feel lucky, and that’s why I enjoy that much every day. Because one day [it] will finish, as it happened already, but this time for real. “That’s why I am enjoying and focused on these kinds of things.” Madrid’s La Liga title was their first since 2016-17, when Cristiano Ronaldo led them to the crown. Ahead of their final game of the league season against Leganes on Sunday, Zidane paid tribute to his players for delivering the title.Advertisementlast_img read more

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Clinical Rooney pulls no punches

first_imgWayne Rooney and Manchester United delivered a bruising knockout performance as Tottenham were blown away at Old Trafford. Press Association This was by far the best performance of Van Gaal’s reign. Finally, eight months after taking the helm, the Dutchman was able to deliver the kind of performance United’s often pessimistic supporters craved – one of pace, flair, width and destruction. It was like old times at Old Trafford. Juan Mata, starting his first league game since January 17, carved open a poorly organised Spurs defence with ease and Ashley Young gave the watching England manager Roy Hodgson food for thought with another impressive display on the left wing. But Hodgson will be most pleased with Rooney’s display. The emergence, on Sunday morning, of a video appearing to show the striker being knocked out by Stoke defender Bardsley in a February sparring session may have caused consternation in some quarters. But the 29-year-old put the incident behind him, scoring his 14th goal of the season before celebrating with a cheeky flurry of punches in the corner. United’s form had recently represented that of a washed-up forty-something slugger. Rooney put aside the controversy created by his kitchen sparring session with Phil Bardsley to put in a superb performance in the 3-0 victory. The England captain, a buzzing nuisance to Spurs all afternoon, scored United’s third goal after Marouane Fellaini and Michael Carrick had done the early damage for Louis van Gaal’s men, who moved within one point of third-placed Arsenal after this huge morale-boosting victory. But now, thanks to this victory, they look every inch up for the scrap for Champions League qualification. At the beginning there was no sign of the fine performance that was to come from the hosts. With so much riding on the match, United were nervous and Phil Jones did not help matters when he over-hit a back-pass which David de Gea only just managed to knock around the post. For the rest of the half, the United goalkeeper had nothing to do. United just pummelled their opponents into submission with wave after wave of attacking football. Kyle Walker was turned inside out for the first of many times by Young as he burst down the left. The winger played Rooney in, but his pull-back was cleared. Nine minutes in, United had the lead. Daley Blind, playing at left-back, knocked the ball forward to Carrick, who punched a cutting ball through to the sprinting Fellaini. The big Belgian lifted his head and picked out the far corner with a left-footed drive. After another 10 minutes’ worth of pressure, the hosts doubled their lead. Once again Fellaini was instrumental. The midfielder’s header from a corner was cleared by Nacer Chadli but only as far as Carrick, who nodded into the far corner. The home crowd roared with glee and demanded more. “Attack, attack, attack” they yelled and Van Gaal’s team did not disappoint. Walker was drawn out of position again, allowing Fellaini to pull the ball back to the far post, but Danny Rose dived in just as Mata was about to pull the trigger. Mata was having a superb game. His touch was exemplary, his vision exceptional and he was also relishing the battle with Spurs’ combative left-back. Downcast Tottenham boss Mauricio Pochettino tried to shore up his midfield by replacing Andros Townsend with Mousa Dembele on the half hour. The move had little effect, though. United were in the mood to give Spurs a pasting and the visitors looked keen to help them at every possible opportunity. United’s third came courtesy of a gift-wrapped horror pass from Nabil Bentaleb. The midfielder squared to Rooney and he would not be stopped. The skipper burst past Bentaleb, and bundled his way past Eric Dier before slotting the ball into the far corner. Rooney threw two left-right combinations in his celebration and dropped to the turf in a pose suggesting he had been hit by a prize heavyweight, before being mobbed by his team-mates. Bentaleb went some way towards atoning for his error when he blocked Blind’s goal-bound shot after the break. Spurs, to their credit, did not crumble after the restart, but they offered little up front. Ryan Mason cut inside and dragged a shot wide of the post, but otherwise United’s defence had little to do for the rest of the afternoon. Rooney, full of confidence, pinged an audacious 40-yard pass to Fellaini with the outside of his boot, but the Belgian could not finish. Fellaini came off to a standing ovation towards the death and Radamel Falcao was given a chance to impress. Andreas Pereira also came on for his Premier League debut. Christian Eriksen flicked a clever ball into the box, but Rooney sprinted back to clear. Harry Kane registered Tottenham’s only shot on target in the final minute, but De Gea saved. Nothing, it seemed, would spoil United’s party, which was followed by a standing ovation from the home fans at the final whistle. last_img read more

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Syracuse releases pre-Florida State injury report

first_imgSyracuse released an injury report in advance of Saturday’s game against No. 1 Florida State, and revealed that the team is pretty banged up.The notables who won’t be participating include: H-back Brisly Estime (ankle), cornerback Wayne Morgan (lower body), right tackle Ivan Foy (lower body), nose tackle Eric Crume (upper body) and tight end Kendall Moore (concussion).H-back Ashton Broyld (lower body), who was injured during the Orange’s loss to Maryland on Sept. 20 and missed the last two weeks, is listed as doubtful. Estime will miss his second consecutive game, leaving Syracuse without its fastest receiving threat again.Quarterback Terrel Hunt is out, as expected, and will miss his first full game with the fractured fibula he suffered during Syracuse’s loss to Louisville last weekend. His recovery is expected to take 4-6 weeks.The other players listed as out are linebacker Luke Arciniega, safety Rodney Williams and wide receivers Alvin Cornelius and Jeremiah Kobena.AdvertisementThis is placeholder text Comments Facebook Twitter Google+ Published on October 9, 2014 at 9:29 pm Contact Phil: pmdabbra@syr.edu | @PhilDAbblast_img read more

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Larry Ellison funds new USC cancer research and treatment center

first_imgThe Ellison Institute for Transformative Medicine is an innovative collaboration that will bring together both interdisciplinary research and holistic practices with the goal of studying cancer, while treating and preventing it. The institute was made possible through a gift from 2016 USC Commencement Speaker and Oracle Foundation founder Larry Ellison. The institute already has a team in place with David B. Agus, a medicine and engineering professor at USC, taking the lead.Chief Operating Officer Lisa Flashner explained that the institute will be unique because of its interdisciplinary approach. Flashner described an open environment which will foster a creative community where everyone is involved in the medical process, including the patients.“It’s not only about biological sciences but also a convergence and unity of all sciences,” Flashner said. “Everything from sort of the typical areas like technology, mathematics and engineering, but also art and food and really being an open environment to bring these disciplines together.”Agus, who is also the director of USC’s Norris Westside Cancer Center and the Center of Applied Molecular Medicine at the Keck School of Medicine of USC, believes in using communication to advance medicine.“We need new ways of approaching [cancer] and thinking about it.” Agus said.Agus described his think tank, where experts from a range of fields will contribute toward cancer research, as one of the facets of the institute he is most excited about.“The greatest thinkers in [fields such as] math and physics are going to come and we are going to present problems that we have in cancer. We are going to talk about different ways to approach it,” Agus said. “Every discipline thinks differently and when you put them all together that seems to do something magical.”Agus described his method as “vertical integration,” or when one organization handles research stages that would usually require several different entities to complete. He believes that this interdisciplinary model may change research methods across the medical spectrum, and his approach will apply to other diseases.“I hope that these ‘verticals’ can be created for cancer all over the country and then for heart disease, for rheumatoid arthritis and for all diseases. I think it’s a new way of making researchers, thinkers, patients and doctors work together,” Agus said.In line with Agus’ philosophy, the institute will focus on both cancer treatment and prevention, with efforts and programs designed for whole-body wellness. Combined with an artistically designed space and proper food and nutrition, the institute will aim to create a welcoming environment to foster healing and discovery. The buildings will have pathways where students and patients can look in to watch the research efforts. USC also announced that the institute will house spaces such as gardens, a library and a wellness clinic.The Ellison Institute will also offer chances for students and the community to engage in educational opportunities. Students will be able to pursue work at the institute, and even the patients will be immersed in the research.“For me it’s all about experience,” Agus said. “You need to be able to see it, smell it and touch it in order to hopefully understand it and make a difference.”The institute, Agus said, is making progress toward treating cancer, but its mission is greater than that singular goal.“My job is not just to treat cancer,” Agus said. “It’s to change how we treat cancer.”last_img read more

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Chelsea and Manchester United return to Champions League action

first_imgUnited kick off their Group A campaign at home to Basel.Jose Morhino says the Old Trafford club is back to where it belongs.Celtic manager Brendan Rodgers says the “eyes of the world” will be on his team when they take on Paris Saint-Germain in Group B tonight.They welcome the big spending French club and their summer signings Neymar and Kylian Mbappe to Parkhead.Rodgers admits his side are the underdogs, but expects his team to shine on the big stageBayern Munich host Anderlecht in the night’s other Group B game.Barcelona will have revenge on their minds when they entertain Juventus in Group D. Photo: Pixabay Chelsea and Manchester United make their return to the Champions League tonight.Neither side qualified for the tournament last season, but are back in the group stage as Premier League and Europa League winners.Chelsea host Azerbaijan champions, Qarabag (PR: Karra-bag) in their opening Pool C encounter.last_img read more

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Jamaica keeps lid on corned beef ban

The Ministry of Agriculture in Jamaica says the ban on corned beef imported from Brazil will remain in place until the relevant tests are completed .The statement comes in the wake of a release on Tuesday from the Brazilian Embassy in Jamaica in which it was noted that major markets including the European Union, China and the United States have lifted the ban.While the Embassy has not appealed to the Jamaican Government to rethink its position  – last week the embassy  urged the government to discontinue the ban.The government last week placed a ban on the sale of corned beef imported from Brazil after they were informed by Brazilian officials that processors of the product were using rotten meat and consuming corned beef posed a health risk.

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