Indonesia’s foreign debt growth decelerates in February on capital outflow

first_img“The adverse impact of the COVID-19 outbreak has influenced global sentiment, triggering capital outflow from the domestic government securities (SBN) market and causing a decline in the government’s external debt,” BI wrote in a statement.Read also: Explainer: Indonesia to finance coronavirus battle mostly through debt“The management of government external debt is conducted in a prudent and credible manner to support government spending on priority sectors to promote economic growth and improve public welfare.” Priority sectors include health and social spending, education, construction, finance and insurance, public administration and defense.Private sector external debt was largely disbursed to four sectors, namely financial services and insurance, electricity, gas and steam procurement, mining as well as manufacturing. The sectors accounted for 77.4 percent of the private-sector external debt.The central bank deems the overall external debt level healthy as the foreign-debt-to-gross-domestic-product (GDP) ratio was recorded at 35.9 percent, down from the previous month of 36.3 percent. Long-term loans account for 89.2 percent of the current outstanding debt.Topics : Indonesia’s foreign debt grew slower in February as foreign investors reduced holdings of Indonesian assets amid a risk-off environment driven by the COVID-19 pandemic, Bank Indonesia (BI) announced.The country’s external debt, which includes borrowing by both the government and the public sector, was recorded at US$407.5 billion, growing by 5.4 percent year-on-year (yoy) in February. That represents a slowdown in the annual growth rate from 7.6 percent in January.Public sector foreign debt grew at a slower rate at 5.1 percent to $203.3 billion, lower than 9.5 percent in January. Around Rp 171 trillion in capital flew out of Indonesian financial assets in the first quarter of this year and into safe assets such as gold and US dollars. Meanwhile, private sector external debt growth remained stable at 5.9 percent yoy in February to $204.2 billion.last_img read more

Spain’s scandal-hit former king flees ‘to Dominican Republic’

first_imgBut on Tuesday, daily newspaper ABC reported that he left Spain on Sunday and flew to the Dominican Republic via Portugal.The La Vanguardia and El Mundo dailies similarly said he planned to stay with friends in the Caribbean country, but online newspaper El Confidencial said he could be in Portugal, where he spent part of his youth, or in France or Italy. Asked by AFP about the reports, a royal palace spokesman refused to give any information about Juan Carlos’s whereabouts.”The only information we have is the information which was published on the website of the royal palace yesterday. It is the only information which we have,” he said. The ex-king’s lawyer, Javier Sanchez-Junco, issued a statement Monday saying his client was not trying to escape justice by going into exile and would remain available to prosecutors. Popular for decades The former head of state has been under a cloud since various media reported that he allegedly received funds from Saudi Arabia and probes are now under way in both Switzerland and Spain.Spain’s Supreme Court announced in June an investigation to determine the legal responsibility of the ex-monarch — but only for acts committed after his abdication in 2014, because of the immunity he holds.  The suspicions center on $100 million (85 million euros) allegedly paid secretly into a Swiss bank account in 2008.After a series of media revelations, Socialist Prime Minister Pedro Sanchez spoke out in July saying “the entire Spanish population are receiving disturbing information which is troubling for us all, including me”.Juan Carlos ascended the throne in 1975 on the death of the fascist dictator Francisco Franco and ruled for 38 years before abdicating in favor of his son Felipe VI in June 2014.He was a popular figure for decades, playing a key role in the democratic transition from the Franco dictatorship which ruled Spain from 1939-1975. Spain’s former king Juan Carlos, at the center of an alleged $100-million corruption scandal, has reportedly fled to the Dominican Republic after his shock announcement he was going into exile.The 82-year-old revealed on Monday that he had taken the decision to leave Spain to help his son, the current King Felipe VI, “exercise his responsibilities”.The letter, published on the royal palace’s website, did not mention where the former king would go, nor when exactly he would leave the country.center_img ‘Painful gesture’ An inquiry opened in Spain in September 2018 following the publication of records attributed to German businesswoman Corinna Larsen, a former mistress of Juan Carlos.She claimed he had received a commission when a consortium of Spanish companies were awarded a high-speed railway contract to link the Muslim holy cities of Mecca and Medina in Saudi Arabia.Larsen told Swiss investigators he had transferred to her nearly 65 million euros in the Bahamas, “not to get rid of the money”, but “out of gratitude and out of love”, according to El Pais daily.Swiss media reported last March that Juan Carlos was paid $100 million into a Panamanian foundation’s Swiss bank account by late Saudi king Abdullah in 2008.The same month, The Daily Telegraph in Britain reported that Felipe VI was also a beneficiary of the foundation.The king withdrew from his father an annual royal allowance of nearly 200,000 euros and renounced his inheritance “to preserve the exemplariness of the crown”.Juan Carlos’s shock announcement took most Spaniards by surprise and it dominated headlines and radio and television talk shows on Tuesday.El Mundo called it a “painful gesture in defense of the Crown” in an editorial published on its front page while ABC headlined that Juan Carlos had “left Spain to not damage his son’s reign”. Topics :last_img read more

PIP: Infrastructure project bonds a ‘solution without problem’

first_imgWeston questioned the need to increase issuance of project bonds, which has been used in the UK in a number of cases, including to guarantee the majority of a £330m (€441m) issuance by the University of Northampton to fund a new campus.“It’s almost a solution that doesn’t really have a problem,” Weston said of project bonds.He said the government, rather than push ahead with more underwritten project bonds, should focus on general guarantees.“There’s no shortage of money for projects,” Weston added, “but what we need are projects that are appropriately structured with the right risk/return balance.”Weston reflected on the willingness of pension funds to invest in the £4.2bn Tideway sewer project, which has attracted funding from a number of UK and overseas pension investors and was aided by government guarantees.Weston added: “From what Theresa May has been hinting, if the deficit will be less of a focus, that to us opens up the Tideway-type structure more widely.”He said all such projects needed someone to shoulder the burden of “very low risk but very high impact” events, a role best suited to a government extending downside protection.Green infrastructureFor his part, Fergus Moffatt, head of public policy at UKSIF, said May’s mention of project bonds marked a “step change” in the way both Cameron-led governments had approached economic policy.“If the money raised is going towards green infrastructure, then we would absolutely support that,” he said. Moffatt said such a focus on green projects could help the UK’s energy trilemma – improving reliability of energy delivery at a lower cost, while reducing carbon emissions.However, Moffatt noted that May’s speech had only referenced two of the three areas, omitting ways to reduce carbon emissions.He added that, following the Paris climate change agreement and the UK’s recent carbon budget – which targets a 57% cut in emissions by 2032 relative to 1990 levels – the infrastructure and energy debate would be linked.Moffatt said he would be “concerned” if no further policies to lower emissions were forthcoming.He argued that the development of carbon capture and storage (CCS) technology had been neglected by the previous government, which cancelled a planned £1bn CCS development competition in November last year, and said it would be one area UKSIF would be happy to see revived.The European Investment Bank (EIB) has been a supporter of project bonds, using them as part of its strategy to attract investors to transport and energy projects. Proposals by the UK’s next prime minister for a greater use of infrastructure project bonds underwritten by the state are a solution where no problem exists, the chief executive of the Pensions Infrastructure Platform has suggested.Commenting on a speech by Theresa May – set to become UK prime minister on 13 June following the formal resignation of incumbent David Cameron – Mike Weston, of the pension fund-owned infrastructure platform, instead urged the UK government to employ more general project guarantees and build on the success of projects such as the Thames Tideway Tunnel.“We struggle a bit to see whether project bonds would be the better or the best way of expanding government guarantees for infrastructure projects,” he said.He spoke to IPE days after May’s only major policy speech during the race to succeed Cameron as prime minister saw her back the greater use of infrastructure project bonds underwritten by the UK’s Treasury.last_img read more

Bishop Long stepping down

first_img Tweet Share Share Share 40 Views   no discussionscenter_img FaithInternationalLifestylePrint Bishop Long stepping down by: – December 7, 2011 ATLANTA – When Bishop Eddie Long was accused of sexual misconduct by former church members, his congregation rallied around him and his wife stood by his side. About a year later, the Atlanta megachurch pastor is headed for divorce and stepping away from the pulpit.Long announced Sunday at New Birth Missionary Baptist Church that he needed a break from preaching to focus on his family. The hiatus leaves New Birth, which once boasted 25 000 members, at a crossroads, its reputation battered and membership dwindling. Their pasts inextricably linked for nearly a generation, both Long and his church face an uncertain future.“A church is bigger than its pastor,” said Goldie Taylor, who has attended New Birth in the past.“For too long, the New Birth family has acted as if it is smaller than its pastor. Its challenge going forward will be its ability to flip that and become a church without walls again.”For many members, Long has been the only pastor they have ever known. He became senior pastor in 1987, taking the helm of a flock of only a few hundred members. Not long after he arrived, the former Ford salesman and Honeywell executive dismissed New Birth’s board of directors and took unilateral control of the church, ensuring that he would be the one to determine the date of his departure.New Birth grew quickly under its charismatic, dynamic young leader, swelling to 8 000 members in five years. A decade later New Birth boasted 18 000 members and the church paid cash for the land and sprawling property it currently occupies in DeKalb County – including a 10 000-seat sanctuary.In addition to its Lithonia, Georgia headquarters, the church has satellites in several cities including Miami, Charlotte and Denver, and television and international ministries.Many who joined the church under Long’s tenure were attracted to the prosperity gospel that he preached and practised. It was a message that mirrored an emerging black middle class in and around Atlanta. Unlike the traditional Southern Baptist preacher, Long owned a $350 000 Bentley and private jet, lived in a $1.4 million house with six bedrooms and nine bathrooms, adorned himself with diamond jewellery and read his sermons from an iPad.Long’s spiritual swagger inspired a loyal and protective congregation. In September 2010, when accusations swirled that he used his lavish lifestyle to seduce four young men into sexual relationships in exchange for cars, clothes and trips, New Birth members supported their embattled leader, who vowed he was innocent and would fight the cases.Long settled out of court eight months later for an undisclosed amount and has never admitted any wrongdoing. After that, some changed their opinion of him.“Once the money was paid, it was like you’re hiding something,” said Donielle Marshall, who joined New Birth as a college student in 1999.“Did you lie to us? I look at him as just a common man, full of fault, but also a disgrace.” (AP)Nation News Sharing is caring!last_img read more

P120-K ‘shabu’ seized

first_imgThe suspectswere nabbed after they sold suspected shabu to an undercover police for P1,000around 7 a.m. on Jan 21, the report added. Antidrug operatives frisk one of the suspects nabbed in a drug buy-bust operation in Barangay Banago, Bacolod City on Jan. 21. CDEU/BCPO They weredetained in the lockup facility of Police Station 3, facing charges forviolation of Republic Act 9165, or the ComprehensiveDangerous Drugs Act of 2002./PN BACOLOD City – Suspected shabu weighingabout 10 grams valued at around P120,000 was seized in a sting operation inBarangay Banago. The residents Norlan Majometano, 31; Jay Majometano, 49; andJerome Malan 42, yielded the suspected illegal drugs, according to a policereport.last_img

Tony Cavins

first_imgTony D. Cavins, 33 of Moores Hill, passed away at his home January 17, 2017.  Tony was born Monday March 21, 1983 in Lawrenceburg, IN; the son of Mont J. and Bonnie (Meador) Cavins.  He married Amber (Schmidt) Cavins June 5, 2014 and she survives.   Tony worked as a Repair Associate at Honda Manufacturing of Indiana.  He was a member of the Labor Union #741. Tony enjoyed working on cars and motorcycles, watching Dallas Cowboys play, watching movies, liked having his dogs around Bailey, Lexi, Diego. He most enjoyed spending time with his family and friends.Tony is survived by wife: Amber Cavins of Moores Hill; Daughter:  Taylor Cavins at home; Parents: Mont “Jack” and Bonnie Cavins of Sunman; Brother: Jeff (Missi) Cavins of Milan; Sisters: Kathy (Ron) Prozanski of Milan; Jackie (Dustin) Murray of Milan; Tami Jutzi of Moores Hill; 7 nieces, 6 nephews; Father-in-law: Gary Schmidt of Milan; Mother-in-law: Liane Simmons of Milan; sister-in-laws: Ashley Schmidt and Molly Simmons; brother-in-law: Jason Schmidt. Tony was preceded in death by a brother: Timmy Cavins, and he grandparents.Funeral service will be 10 AM Monday January 23, 2017 at Laws-Carr-Moore funeral home with Pastor Tom Holt officiating.  Burial will follow in New Craven Cemetery south of Milan. Visitation will be 2-5PM Sunday also at the funeral home.  Memorials may be given to the family.  Laws-Carr-Moore Funeral Home entrusted with arrangements, Box 243, 707 South Main Street Milan, IN 47031; (812)654-2141.  Go to www.lawscarrmoore.com to leave an online condolence message for the family.last_img read more

Dearborn County Home & Garden Show to Take Place This Weekend

first_imgLawrenceburg, IN—Home and garden enthusiasts can check out more than 55 vendors at the Lawrenceburg Event Center this weekend during the annual Dearborn County Home & Garden Show, which will begin Friday evening and run through late Sunday afternoon.  Sponsored by the Dearborn County Home Builders Association, the event is the largest home show of its kind in Southeast Indiana.Featured booths at the show will include a variety of home and garden solutions for attendees interested in home building and home improvement, interior design, landscaping and lawn care, remodeling, organizing, deck and patio solutions, and more. Admission to the event is $6 per person, with a 50 percent discount offered to those who bring in a nonperishable canned or boxed food item for the Dearborn Clearinghouse.last_img read more

Seven sport disciplines for IGG in October

first_imgTHIS year’s hosting of the Inter-Guiana Games, renamed the Inter-Guiana ‘Goodwill’ Games, is scheduled to include seven sports disciplines, namely basketball, swimming, table tennis, track and field, badminton, volleyball, and futsal, and will be held from October 20 to 24 here in Guyana. It was revealed earlier this year that the annual tri-nation Inter-Guiana Games between teams from Guyana, Suriname and French Guiana will go on without the participation of French Guiana, hence the decision was made to rename the event, only for this year’s hosting. “Because we don’t have French Guiana participating in these Games, this 2016 IGG is title IGG/Goodwill Games, between Guyana and Suriname.“In 2017 Guyana will host the IGG and, hopefully, we will have French Guiana back on board so we will continue as the three countries,” says Guyana’s Director of Sport, Christopher Jones.The idea of including another Caribbean nation in the Games had been considered, but that idea was later thrown out, keeping the competition between Guyana and Suriname. The various disciplines to participate at the event have been notified, and the details of the Games were finalised following a meeting last Wednesday between officials from both ends.“Pursuant to a meeting with the Director of Sport and Policy Adviser from Suriname, (the NSC) would have met with our local disciplines to ascertain the availability of their athletes to participate in the IGG at October month-end. We would have communicated that information to Suriname, and last week Wednesday I had to travel to Suriname to ink that agreement.” Jones explained.According to Jones, after being impressed with the facilities in Guyana the Suriname athletes are eager to come and be a part of the Games.“The Director of Sports and Policy Adviser of Suriname had the opportunity to visit our facilities and the report from them is that our facilities are of top quality so they are even more excited to come and play here in Guyana,” he disclosed.last_img read more

Vandy looks to end streak vs Mizzou

first_img Share This StoryFacebookTwitteremailPrintLinkedinRedditMissouri (13-14, 5-9) vs. Vanderbilt (9-18, 1-13)Memorial Gym, Nashville, Tennessee; Wednesday, 9 p.m. ESTBOTTOM LINE: Missouri looks to extend Vanderbilt’s conference losing streak to six games. Vanderbilt’s last SEC win came against the LSU Tigers 99-90 on Feb. 5. Missouri fell 78-68 at Arkansas in its last outing. Vandy looks to end streak vs Mizzou ___For more AP college basketball coverage: https://apnews.com/Collegebasketball and http://twitter.com/AP_Top25___This was generated by Automated Insights, http://www.automatedinsights.com/ap, using data from STATS LLC, https://www.stats.com LEADING THE WAY: Vanderbilt’s Saben Lee has averaged 17.9 points and 4.3 assists while Scotty Pippen Jr. has put up 11.3 points. For the Tigers, Dru Smith has averaged 12.6 points, 4.2 rebounds and four assists while Xavier Pinson has put up 10.4 points.KEY CONTRIBUTIONS: Pinson has either made or assisted on 49 percent of all Missouri field goals over the last three games. Pinson has accounted for 24 field goals and 12 assists in those games.WINLESS WHEN: The Tigers are 0-9 when they score 60 points or fewer and 13-5 when they exceed 60 points. The Commodores are 0-14 when they fail to score more than 70 points and 9-4 on the season, otherwise.COLD SPELL: Missouri has lost its last eight road games, scoring 60 points, while allowing 76.1 per game.DID YOU KNOW: Vanderbilt has made 8.3 3-pointers per game as a collective unit this year, which is second-best among SEC teams.center_img Associated Press February 25, 2020last_img read more

Syracuse looks to break slump against Mercyhurst this weekend

first_img Published on January 24, 2018 at 9:41 pm Contact Anthony: amkhelil@syr.edu Syracuse began playing Mercyhurst in 2008. In the teams’ first 30 meetings, the teams tied twice. Mercyhurst won each of the 28 other times.In 42 matchups since 2008, Syracuse (8-14-2, 7-4-1 CHA) has only beaten conference foe Mercyhurst (12-12-2, 9-2-1) five times. Four of the 34 losses have come in the conference playoffs, one being the CHA final in the 2012-2013 season. SU did not get its first win against Mercyhurst until the 2014-2015 season.The Orange face Mercyhurst this weekend, a team that’s currently riding a five-game winning streak. The Lakers sit atop the CHA, while the Orange rank two spots below.SU was swept by Mercyhurst earlier this season in a two-game series. In that series Syracuse, was outshot by the Lakers 66-45, and SU coach Paul Flanagan called the Orange’s effort inconsistent.After the first game of that series, Flanagan said he was disappointed in SU’s effort because he felt the Orange did not “push the envelope” against the Lakers. However, Flanagan predicts more consistency and success will come against Mercyhurst this time around.AdvertisementThis is placeholder text“I think this group understands the immensity of the four points,” Flanagan said. “I think we’re going to have a better sense of preparedness mentally,”SU senior forward Stephanie Grossi said the Lakers are a hard back-checking team, and they work very hard and are “constantly going.” She believes if the Orange can match the Lakers’ effort that SU will succeed.“I think we are focusing on our game and on what we do. We have realized if we play our game we can compete with anyone,” Grossi said. “If we’re off and not working hard and doing the little things, we struggle.”The Orange are not doing anything specific in practice to plan for Mercyhurst despite the minimal success. SU is just continually working on defense and plans on implementing a hard floor check against the Lakers, Flanagan said.SU senior forward Alysha Burriss stresses that the Orange are focusing on themselves and their systems rather than on Mercyhurst. She said if SU can play a full 60 minutes, they have a chance to win.The upcoming series against the Lakers will have big implications on the CHA standings. Four conference points are at stake. With two wins, Syracuse would equal Mercyhurst’s conference record and, depending on what Robert Morris does against Penn State, could move into a tie for first in the CHA.With just eight conference games remaining, the Orange looks to hit its stride, beginning with the upcoming series against Mercyhurst.“We’re fighting for our lives in the league,” Flanagan said. Comments Facebook Twitter Google+last_img read more