Indonesian stocks battered by profit-taking, hit sixth circuit breaker in month

first_imgRead also: First time in history: Shorter trading hours for Indonesian stocks amid COVID-19The rupiah, meanwhile, depreciated by 0.93 percent to Rp 16,320 per US dollar. Since the beginning of the year, the Indonesian currency has weakened by 17.7 percent against the greenback.The plunge in the JCI following last week’s rally was driven by a selling spree among domestic investors. Foreign investors, meanwhile, purchased more Indonesian shares than they sold, registering a net buy of Rp 14.19 billion.“Investors are taking profit out of the stock market after share prices rallied for two consecutive days last week,” Panin Sekuritas analyst William Hartanto told The Jakarta Post on Monday. “Last week’s rally was merely a technical rebound,” said William, referring to the fact that the world’s main problem, the COVID-19 pandemic, had yet to be resolved.The JCI concluded its trade in positive territory on Friday, gaining 4.8 percent in a day. The day before, the index had recorded a 10 percent gain in a session following the United States $2 trillion fiscal support that pushed Wall Street northward.Last week, the main gauge added 8.36 percent to its value, but that still leaves a loss of 28 percent so far this year.On Monday morning, stocks listed in other Asian markets also suffered hard hits. Singapore’s index gauge plummeted by 4.08 percent, Tokyo’s plunged 3.07 percent, while Hong Kong’s and Shanghai’s were also down by more than 1 percent as Wall Street was closed in the red.Read also: Indonesian stocks soar 10% but COVID-19 risks loomThe spread of COVID-19 is still affecting global markets. The pneumonia-like disease has infected more than 700,000 people worldwide and killed almost 34,000. In Indonesia, the latest data shows that the virus has infected almost 1,300 people and killed 114.William projected that the JCI could still decline further than the 3,900 level it hit earlier last week.“Looking back, the JCI could decline by 50 percent during an economic crash, so I think it could still continue to decline to around the 3,200 to 3,400 level,” he said, adding that he expected the index to continue its downtrend.As of 11:31 a.m. after trading had resumed, the JCI’s decline was trimmed to 4.1 percent.Topics : Indonesian stocks hit another circuit breaker on Monday morning, the sixth time this month, as the main gauge, the Jakarta Composite Index (JCI), plunged by 5 percent after last week’s rally.Indonesia Stock Exchange (IDX) halted trading for 30 minutes at 10:20 a.m. as the index was down 5 percent at 4,318.29 points with the transaction volume standing at Rp 1.75 trillion (US$106.68 million), trading director Laksono Widodo told the press via text message.As many as 300 stocks were in the red on Monday morning, led by consumer goods giant PT Unilever Indonesia, which hit the auto-rejection limit of 7 percent, followed by gold miner PT Aneka Tambang (-6.96 percent) and state-owned lender Bank Mandiri (-6.88 percent).last_img read more

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Seven high schoolers arrested, one at large for alleged gang rape in North Sumatra

first_imgHe alleged the missing boy was the one who first asked the female student to come to the empty canteen and lab room at the school, to which they were reportedly followed by the remaining accused.The seven arrested students have all been named suspects.The arrests were made after victim’s parents filed a report to police on Tuesday. The students were arrested the day after when they were hanging out together.Firdaus said the suspects could be charged under the 2002 Child Protection Law, which carries a maximum penalty of 15 years’ imprisonment upon conviction. Deli Serdang Police have arrested seven students of a vocational school in Deli Serdang regency, North Sumatra and are searching for another in connection with alleged gang rape conducted several times against a 16-year-old junior.Police are tracking down a student suspected to have planned the alleged rape, the head of Criminal Investigation Unit at Deli Serdang Police Sr. Muhammad Firdaus said.“The perpetrators are the victim’s seniors. We are hunting down […] the mastermind. We have put him on the wanted list,” he said on Wednesday. The mother of the victim said her daughter was gang-raped several times with the first incident allegedly occurring in December 2019. She claimed the rapes continued in January.The mother said the family found out about the assaults when the reported victim’s older sister opened her mobile phone on Tuesday and discovered threatening messages allegedly from the school boys.“Her sister checked her sister’s phone and found screenshots from a video of the alleged rape. When asked, my daughter then admitted that she was raped by her seniors,” the mother said.She said her daughter kept it to herself over fear that the video would be made public.“She was afraid to speak up because her seniors threatened to publish the rape videos,” the mother said.The victim was still suffering severe trauma, her mother said, adding that based on her daughter’s statement the accused raped her in turns.The girl’s father said his daughter told him she wanted to quit school and she escaped from the house for several days.The chairman of Deli Serdang Child Protection Agency, Junaidi Malik, said he hoped those responsible would be harshly punished.The chairman of National Commission for Child Protection, Arist Merdeka Sirait, said the same, even though some of the perpetrators are still under age.“Although they are still in the child-age category, they must take legal responsibility,” he said, referring to the 2012 Juvenile Justice System Law as the basis of the legal process.Topics :last_img read more

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Egypt Coptic church suspends Easter Holy Week services over virus

first_imgTopics : It was not yet clear if Pope Tawadros II, who heads the Coptic church, would go ahead with a pared-down midnight mass ahead of Easter.Coptic Christians are the largest non-Muslim religious minority in the Middle East and account for 10-15 percent of Egypt’s predominantly Sunni Muslim population of 100 million. Also in March, Egypt’s Catholic church said it was suspending masses until further notice.Egypt so far has recorded 71 deaths out of 1,070 confirmed cases of the novel coronavirus.Authorities have imposed tough measures to limit social interaction in the Arab world’s most populous country, including a night-time curfew that went into effect last week.Those violating the measures could face fines of up to 4,000 Egyptian pounds ($250) and jail sentences.Authorities have also closed schools and universities, while air traffic has been halted until April 15. Egypt’s Coptic Orthodox church has decided to suspend prayers preceding Easter celebrations later this month as part of efforts to stem the spread of the novel coronavirus.The church, which last month ordered the closure of churches and suspension of services nationwide, said the decision was taken on Thursday during a meeting chaired by Pope Tawadros II.”Prayers, including Holy Week services, which are considered the most important rituals in the Coptic Orthodox church, will be suspended” until the pandemic is contained, a statement posted on Facebook said.center_img Holy Week prayers precede Easter Sunday, which this year will be celebrated on April 19 by the Orthodox community, one week later than the Catholic Easter.Church spokesman Boulos Halim said these were “unprecedented and historic” measures implemented to stem the crisis.On March 21, the church ordered the closure of all churches and suspended ritual services, masses and other religious activities for two weeks to combat the spread of the virus.With Thursday’s decision, these measures will continue until further notice.last_img read more

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PREMIUMSmall banks could be forced to merge under new regulation, OJK says

first_imgIndonesia banking small-banks merger-and-acquisition OJK Perppu indef moodys Linkedin LOG INDon’t have an account? Register here Forgot Password ? Topics : To help protect financial institutions from collapse during the COVID-19 pandemic, President Joko “Jokowi” Widodo recently signed Government Regulation in Lieu of Law (Perppu) No. 1/2020 that will, among other measures, authorize the Financial Services Authority (OJK) to force small and struggling banks to consolidate.While this authority was actually given to the financial agency in the OJK Regulation (POJK) No. 41/POJK.03/2019, the Perppu allows for stricter enforcement against violations of merger instructions from the OJK, including imprisonment. Under the POJK, penalties are limited to administrative sanctions.“Perppu No. 1/2020 will form the legal foundation to grant the government, the OJK, Bank Indonesia and the Deposit Insurance Corporation (LPS) authorities that have not been established under current laws. Therefore, we could take preemptive measures … Google Log in with your social account Facebooklast_img read more

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Govt needs to be more forthright about COVID-19 data to prevent complacency, experts say

first_imgExperts from Yogyakarta’s Gadjah Mada University (UGM) have called on the government to provide accurate and integrated data on COVID-19 so that the public does not underestimate the gravity of the situation.”Transparent information on COVID-19 is important to trigger the public’s survival instinct, both individually and collectively,” UGM communication and politics expert Kuskridho Ambardi said on Tuesday.Dodi expressed concern that the current data provided by the central government could be underplaying the severity of the outbreak, which could also affect the public’s response. He cited a statement made by National Disaster Mitigation Agency spokesperson Agus Wibowo, who said the Health Ministry only supplied limited data to the agency, and that the central government’s data often conflicted with that of regional administrations.Dodi also mentioned that several survey institutions had recorded that the number of deaths in Jakarta, the epicenter of the COVID-19 outbreak in the country, was around 1,000 people more than average in March. However, based on the data from the Health Ministry Jakarta only recorded 144 deaths caused by COVID-19.President Joko “Jokowi” Widodo himself had earlier admitted that the government deliberately held back information about COVID-19 so as not to “stir panic”.”The data has a strategic function as a persuasion tool for the public and a symbolic function to build public trust for the government,” Dodi said. The information provided by the government so far, he said, was of questionable accuracy so it failed to give clear information and persuade the public to take preventative measures. “For example the Health Ministry has published a list of COVID-19 reference hospitals but it didn’t mention the capacity of each hospital. One patient in Yogyakarta was refused by several hospitals. He passed away after self-quarantining in his home,” he said.Dodi said the government needed to create one site that could provide all necessary information on COVID-19.”In Singapore, the Ministry of Health published detailed data of COVID-19 patients, their family members, and their travel history. The public needs such information,” he said.Hermin Indah Wahyuni, an expert in disaster communication at UGM’s School Of Social and Political Science said the government took into consideration economic as well as health concerns in communicating about COVID-19.“There’s a risk the government might confuse its primary focus, whether to put public health or the economy first,” she said.Hemin suggested the government provide fast and  transparent information that was easily accessible to rebuild public trust.“By providing transparent and accurate information the government would reduce misinformation among the public and prevent unwanted responses to [government] policies,” she said. (nal)Topics :last_img read more

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Spain adds 280,000 jobless during April lockdown

first_imgThe blow was particularly felt in the services sector and among workers with temporary contracts as a result of the devastating loss of visitors over the Easter period, when the tourism industry usually moves into high gear. During April, the services sector in which tourism plays a vital role, registered 219,128 job losses. Spain is the second-most popular tourist destination in the world after France.The employment numbers began climbing after the lockdown was imposed to slow the spread of a virus which has now claimed more than 25,000 lives, making Spain one of the worst-hit countries in the world. In the first quarter, Spain’s unemployment rate jumped to 14.4 percent, figures from the National Statistics Institute (INE) showed last week.  At the end of March, the National Statistics Institute (INE), which calculates figures in a different way, gave Spain’s jobless figure as 3.31 million Spain imposed a nationwide lockdown on March 14 which has largely paralyzed its economy, sending the number of job seekers spiraling.Ministry figures show the number of state handouts rose to “record levels” with nearly 5.2 million claimants in what was an increase of nearly 137 percent.That number includes those who have been furloughed. Spain’s jobless figure rose by more than 282,000 in April, largely due to the collapse of tourism during the coronavirus lockdown, labor ministry figures showed on Tuesday. The numbers followed a “historic” increase in March when the government counted more than 300,000 new job seekers. The total number of unemployed in the eurozone’s fourth-largest economy has now reached 3.8 million, the ministry said. center_img Topics :last_img read more

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Fitch affirms Indonesia’s BBB rating with stable outlook despite vulnerabilities

first_imgTopics : However, if the central bank financing goes beyond 2020 it may raise the potential for government interference in monetary policymaking and that could undermine investor confidence, Fitch warned. “This may be mitigated by Indonesia’s generally disciplined monetary policy stance of the past few years, which reinforces our belief this will be a one-off [policy].”Fitch warned that Indonesia’s dependence on foreign portfolio financing and commodity exports left it vulnerable to renewed bouts of external risk aversion and other shocks.“The government remains open to any stimulus to boost the economy, but we will also remain accountable. They considered this to be prudent policymaking,” said Finance Minister Sri Mulyani Indrawati responding to Fitch’s announcement, adding that the burden-sharing scheme with the central bank was being executed based on prudent monetary and fiscal practices.“We have succeeded in giving credit rating agencies confidence that the government has a carefully designed policy framework” to support the economy, she went on to say. “Our forecasts are subject to considerable risks, in particular due to a continued spread of COVID-19 within Indonesia,” the rating agency said in a statement. “The government has responded swiftly to the crisis with a broad range of relief measures to support households and companies, including small and medium-sized enterprises.”The government has allocated Rp 695.2 trillion (US$47.5 billion) to stimulate the economy, which shrank 5.32 percent in the second quarter as household spending and investment tumbled. The government has also widened the budget deficit target to 6.34 percent of GDP.“We believe the government is likely to resume adhering to the 3 percent-of-GDP deficit ceiling by 2023” Fitch said, expecting Indonesia’s fiscal deficit to narrow to 5 percent in 2021 and 3.5 percent in 2022 as most of the pandemic-related spending was seen as temporary.The government and Bank Indonesia’s (BI) $40 billion debt monetization scheme is expected to reduce the government’s direct interest costs and “is unlikely to generate inflationary pressures”, according to the rating agency.center_img Credit ratings agency Fitch Ratings has affirmed Indonesia’s long-term foreign currency issuer default rating at “BBB with a stable outlook”, the lower medium investment grade.Fitch cited a favorable medium-term growth outlook and low government debt-to-GDP ratio against high dependence on external financing among the reasons for retaining the rating, but also noted issues around low state revenue and lagging structural indicators.Fitch expects Indonesia’s economy to shrink 2 percent this year due to the impacts of the coronavirus pandemic, which has made a significant dent in household spending and investment. However, it forecast a rebound to 6.6 percent growth next year thanks to low-base effects and 5.5 percent growth in 2022 supported by a renewed push for public infrastructure development.last_img read more

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Indonesia can expect more start-up investment: Sequoia Capital India

first_imgAt least 31 funding agreements for Indonesian start-ups were announced in the second quarter, higher than the 24 deals recorded over the same period last year, according to data from dailysocial.id. As many as 13 of the 31 funding agreements were made with seed-stage companies, such as the US$10 million in funds secured by supply chain start-up Ula and the seed funding for big data analytics firm Bonza in May.Sequoia has been increasing its penetration into the Southeast Asian market, especially Indonesia, as it funds firms from small start-ups to technology giants like ride-hailing application Gojek and e-commerce platform Tokopedia. It also develops early-stage start-ups though accelerator program Surge by Sequoia India.“For Sequoia, our bread and butter are consumer products and services. We are seeing more entrepreneurs creating world-class consumer products in Indonesia and then going regional,” Anand said, giving an example of its portfolio company Kopi Kenangan, which is set to operate in Thailand, the Philippines and Malaysia, post-pandemic.He said he also saw opportunities in the “old-school” digital economy, from e-commerce and cashless payments to warung (mom-and-pop shops), manufacturing and financial services, among other things.Some start-ups, like Ula and Gudang Ada, have been digitalizing warung, while others are building apps for small businesses and some are pushing for better education technology.He noted that technology had become a key tool for businesses to survive during the pandemic, and looking forward, it should also benefit the Indonesian economy as a whole.“While we are facing a recession, from the technology perspective, there are opportunities like never before,” he said.Topics : Indonesia can expect more capital going into its start-ups in the future as the country already enjoys the highest flow of funds in Southeast Asia after Singapore, according to Sequoia Capital India.The digitalization of Indonesia’s economic activity was one of the growth areas for start-ups in the country.“Another good thing about Indonesia is that it has a more mature investing ecosystem in the region, and there are definitely opportunities going forward,” Sequoia Capital India managing director Abheek Anand said during the webinar “Reimagining the future of Indonesia’s economy”, which is part of The Jakarta Post’s Jakpost Up Close webinar series, on Wednesday.last_img read more

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Arsene Wenger reacts to Aaron Ramsey leaving Arsenal to join Juventus

first_imgAdvertisement Comment 1 min. story PLAY Top articles 1/1 Read More Metro Sport ReporterSunday 17 Feb 2019 4:40 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link564Shares Read More Rio Ferdinand tells Ole Gunnar Solskjaer to drop struggling Advertisement About Connatix V67539 / Emery after defeat to BATE: ‘We deserved to win’To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 0:46FullscreenEmery after defeat to BATE: ‘We deserved to win’https://metro.co.uk/video/emery-defeat-bate-deserved-win-1863852/This is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.Wenger also discussed his managerial future, having been without a job since leaving Arsenal at the end of last season.‘I miss the competition, but I am enjoying a little bit less pressure, and more freedom as well,’ he added. ‘My future is unknown. Even for me.‘Basically my job is to work with people and get the best out of them, and I will continue to do that. In what way I don’t know.‘To do that as well I need to first get the best out of myself. I will try to continue to do that.‘Will I do it on the field or will I do it by sharing my knowledge with people who are in our job? I don’t know what I will do.’Former Arsenal goalkeeper David Seaman is ‘fuming’ at Ramsey’s imminent departure and says it will cost the Gunners £40million to sign an adequate replacement.‘I’m still fuming at the fact we’re going to lose Ramsey,’ he said last week.‘It gets even more frustrating with the fact they’ve announced Emery only has around £40million to spend in the summer.More: FootballBruno Fernandes responds to Man Utd bust-up rumours with Ole Gunnar SolskjaerNew Manchester United signing Facundo Pellistri responds to Edinson Cavani praiseArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira moves‘That’s what you’d have to pay to get someone like Ramsey, probably a little bit more.‘It’s demoralising for me and I’m sure it’s even more demoralising for the fans to hear that and then to see quality players leaving the club.‘It’s even more frustrating the fact that it’s for nothing, that’s why he’s getting so much money at Juventus. I just don’t get it, I don’t know what the forward thinking is.‘The fact that Emery gets one transfer window and he gets told he can only do loan deals, now we’re looking at the end of the season where he only has £40million to spend.’MORE: Former Manchester United boss Jose Mourinho spotted on scouting trip to watch Lille stars Read More Read More by Metro Full Screen More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityBut Wenger, speaking at the Laureus Sport for Good presentation, said: ‘It will be a loss for Arsenal.AdvertisementAdvertisement‘I must say it will be an interesting move for Ramsey. He is a player who is great going forward.‘His main quality is he can keep the final ball. And he makes interesting runs from deep.‘You don’t find many players today who can make midfield runs off the ball. It will be an interesting addition for Juventus.’ Former Arsenal manager Arsene Wenger and midfielder Aaron Ramsey (Picture: Getty)Arsene Wenger insists Arsenal will miss Aaron Ramsey after the midfielder agreed to join Juventus in the summer.Wales international Ramsey has spent over a decade at Arsenal since being signed by Wenger, helping the Gunners win three FA Cup titles.The 28-year-old hoped to sign a new deal at Arsenal at the end of last year but the club decided to withdraw their contract offer and walk away from the negotiating table.That left Ramsey searching for a new club and last week it was announced he had signed a pre-contract agreement with Italian giants Juventus.ADVERTISEMENT Read More Skip Ad Arsene Wenger reacts to Aaron Ramsey leaving Arsenal to join Juventus SPONSORED Visit Advertiser website GO TO PAGE Skip Manchester United captain Harry Maguire Coming Next Video Settingslast_img read more

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Jose Mourinho told Tottenham ‘missed a trick’ by not signing Chelsea striker Olivier Giroud

first_img Comment Jose Mourinho told Tottenham ‘missed a trick’ by not signing Chelsea striker Olivier Giroud Metro Sport ReporterFriday 13 Mar 2020 10:06 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link689Shares Jose Mourinho has been told Tottenham should have signed Chelsea ace Olivier Giroud (Picture: Getty)Jose Mourinho has been told Tottenham ‘missed a trick’ by not signing Chelsea striker Olivier Giroud during the January transfer window.Former Arsenal man Giroud was heavily linked with a move away from Stamford Bridge at the start of the year, having played back-up to Tammy Abraham for much of the 2019-20 campaign.Spurs were in the market for attacking reinforcements, having lost star striker Harry Kane to a hamstring injury, and former Tottenham goalkeeper Paul Robinson believes Giroud would have been a perfect addition.‘Spurs tried to get a number nine in the January window,’ the ex-England international told Football Insider.AdvertisementAdvertisementADVERTISEMENT‘With Harry Kane’s injury, closely followed by Son’s injury and now Bergwijn they have not got anyone who is comfortable playing that position.‘To not get a striker in January has proven very important. I think it was a real miss not getting Olivier Giroud in January.‘He has got game-time [recently] at Chelsea and played a lot better. He would suit Mourinho perfectly – occupy the centre-backs and give space for those behind him. Advertisement Former Arsenal man Giroud was strongly linked with a move away from Chelsea (Picture: Getty)‘It is a difficult sell for Spurs, getting a top striker to play while Kane is out. I really think they missed a trick not signing somebody.’Mourinho’s Tottenham squad was further depleted following the January window by injuries to Son Heung-min and new signing Steven Bergwijn.Spurs were knocked out of the Champions League by RB Leipzig this week and, speaking after the European exit, Mourinho discussed his plans for the summer transfer window.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘I don’t think we will have a big rebuild, this summer, unless something happens during the Euros,’ the former Manchester United and Chelsea manager said.‘We have Sissoko back [in the summer], we have Kane, we have Son, that is massive.’Mourinho’s Tottenham are currently eighth in the Premier League, seven points adrift of fourth-placed Chelsea.MORE: Rio Ferdinand criticises Jose Mourinho for comments he made ahead of Leipzig lossMORE: Willian waiting to see if Tottenham qualify for Champions League to make transfer decision Advertisementlast_img read more

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