Retail comment

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Merseyside retail

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All in the mine

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Professionals lead way in ‘shrinking’ city centre

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Medco Energi to offer Rp 1.5t in bonds to refinance debt

first_img“The public offering period for the bonds will run from Feb. 12 to 13 and will be listed on the Indonesia Stock Exchange [IDX] on Feb. 19,” the company said in an announcement posted on the IDX website on Friday.The proceeds of the bond issuance will be used to refinance some of its debt owed to state-owned Bank Mandiri, which will be due on Dec. 21, 2021.The company also issued $650 million worth of US dollar-denominated bonds through its subsidiary, Singapore-based Medco Bell Pte Ltd, on Jan. 16 on the Singapore Stock Exchange (SGX).The bonds, scheduled to be due on Jan. 30, 2027, offered a 6.38-percent annual coupon. Medco Bell will transfer the proceeds of the bonds to Medco Energi to be used to refinance its previously issued bonds that will be due in 2021 and 2022.The company received early commitments from several Singapore-based financial institutions for the bonds, such as DBS Bank Ltd, Mandiri Securities Pte Ltd, Standard Chartered Bank (Singapore) Limited, Morgan Stanley Asia (Singapore) Pte and Credit Suisse (Singapore) Limited, as well as Hong Kong-based Societe Generale.Topics : Privately-owned oil and gas company PT Medco Energi Internasional is set to offer rupiah-denominated debt papers following a recent global bonds issuance in a bid to refinance its debts that are due in the next two years.The company will issue Rp 1.5 trillion (US$ 110.15 million) in bonds in its third round of shelf-registration bonds.The rupiah-denominated bonds are set to be offered in two series, namely series A, which amounts to Rp 908.7 billion with a coupon of 8.9 percent per year that will be due in three years, and series B, worth Rp 476.15 billion with an annual coupon of 9.3 percent and a tenure of five years.last_img read more

Months after returning home, Dutchman learns he had COVID-19 in Indonesia

first_imgJoey Schouten, 21, a Dutch traveler came to Indonesia in January after spending a couple of days in Singapore.He flew from the city-state to his next destination, East Java, where he suddenly fell ill after a few days.And two months later, when he was already at home, he received a text message from his doctor in Indonesia, informing him that he had tested positive for COVID-19. Schouten said he was baffled when he received the text, adding that the East Java medical workers had to take six blood samples and yet, at the time, had no idea about the cause of his sickness.A screen grab of an Instagram post of Joey Schouten of the Netherlands who on March 19, 2020 finds he had COVID-19 during his trip to East Java in January. Schouten is already back at home. (Instagram/@dhr_schouten)In January, Indonesia was oblivious to the coronavirus, as most people in the country thought the Chinese city of Wuhan, the epicenter of the disease at the time, was far enough away, the paper reported.“I have now experienced how easily you can get [the coronavirus] and that it can make everyone very sick, young people like me, too,” he told the daily.Read also: Friend, hospital in Blitar throw doubts on Dutchman’s claim of COVID-19 positive resultThe 21-year-old visited Singapore in early January, where he walked through Chinatown. Many Chinese tourists made purchases for the Chinese New Year. People in the country did not feel the need to wear face masks at the time, because the Singaporean authorities only warned about “a mysterious lung disease from China” a week later, Schouten said in the report.When he was feeling ill during his visit to East Java, some Indonesian bystanders took him to a hospital, where he spent nine days on IVs and ultrasound machines.”Doctors thought I had a bad flu and gave me all kinds of medicine,” he recalled, counting it one of his few vivid moments. Read also: Dutch floral industry wilting due to coronavirusAs he was in and out of consciousness due to the sickness, the Dutch said the nine-day stay felt like a three-day treatment. “That’s how much I slept at the time, because I was completely exhausted.”Two months later, a screenshot of a text message from a person named Dhea Daritsh, who claimed to be a staff member of the Aisyiyah Islamic Hospital in Malang, East Java, circulated on the internet – and was also published by the Eindhovens Dagblad in the report.However, the hospital issued a statement last week, saying the information was false. “There was no patient named Joey Schouten that was hospitalized in our hospital. Such information is irresponsible,” said the hospital management on its Instagram account. The hospital also denied information regarding the staffer, let alone a doctor named Dhea Daritsh who claimed to be working at the hospital. “Out of nowhere, I got 41 degrees fever, and I passed out for the first time in my life,” Schouten told the Eindhovens Dagblad– a local newspaper in Eindhoven, the Netherlands — on March 20, recalling his visit.Read also: Netherlands extends bans on public gatherings to June 1The resident of Helmond in the Eindhoven metropolitan region said he had no idea what had been wrong with him until he got the message from his doctor on March 19, informing him of the positive result of the medical test he had taken at a hospital in East Java – months after the incident.center_img On Feb. 3, Schouten posted a photo on his Instagram account showing himself lying on a hospital bed, geotagged to Saiful Anwar General Hospital (RSSA) – in Malang, East Java.The hospital has confirmed that it treated Schouten.“We can inform you that a patient named Joey Schouten was registered as a patient at the RSSA on Jan. 23. After receiving treatment, the patient was permitted to go home on Jan. 25,” the hospital’s public relations department told The Jakarta Post in a text message on Thursday, without elaborating on the cause of Schouten’s hospitalization.As of Thursday, data from Johns Hopkins University showed that Indonesia had 893 confirmed cases, resulting in 78 deaths. Meanwhile, the Netherlands had reported 6,412 cases and 356 deaths.More than 170 countries have reported cases of COVID-19, which has killed more than 21,300 people in the world. More than 115,000 people have recovered globally.Topics :last_img read more

Coronavirus epidemic ‘far from over’ in Asia – WHO official

first_imgThe WHO does not expect any country to be safe, as the coronavirus will eventually get everywhere, said WHO technical adviser Matthew Griffith.”Whereas countries and areas in this region have shown how to flatten the curve, outbreaks continue to pop up in new places and importation remains a concern,” Griffith said at the briefing, citing cases in Singapore and South Korea from people who travelled abroad.The focus of the epidemic is now on Europe, but that will likely shift to other regions, Griffith said. “Let me be clear. The epidemic is far from over in Asia and the Pacific. This is going to be a long-term battle and we cannot let down our guard,” Kasai told a virtual media briefing.”We need every country to keep preparing for large-scale community transmission.”Countries with limited resources are a priority, such as Pacific Island nations, he said, as they have to ship samples to other countries for diagnoses, and transportation restrictions are making that more difficult.Kasai warned that for countries that are seeing a tapering off of cases, they should not let down their guard, or the virus may come surging back. The coronavirus epidemic is “far from over” in the Asia-Pacific region, and current measures to curb the spread of the virus are buying time for countries to prepare for large-scale community transmissions, a WHO official said on Tuesday.Even with all the measures, the risk of transmission in the region will not go away as long as the pandemic continues, said Takeshi Kasai, Regional Director for the Western Pacific at the World Health Organization (WHO).The new coronavirus first surfaced in central China in late 2019. Infections have now exceeded 770,000 cases worldwide, with the United States, Italy and Spain overtaking mainland China in confirmed cases.center_img Topics :last_img read more

Singapore economy seen to contract 4-7% as pandemic impact worsens

first_imgThe circuit breaker measures will start being lifted in phases on June 2.The ministry cautioned that “there continues to be a significant degree of uncertainty over the length and severity of the COVID-19 outbreak, as well as the trajectory of the economic recovery, in both the global and Singapore economies.”Irvin Seah, senior economist at Singapore’s largest bank DBS, said the downward revision was not surprising as the previous growth projection was no longer tenable after Singapore extended its semi-lockdown beyond May 4.He added that the full impact of the pandemic will be felt only in the April-June period, saying that the “significantly weaker global demand, labor shortage in the construction sector, supply chain disruptions and restrictive measures imposed during the circuit breaker will inflict a severe blow to the economy.”Topics : This marked the third time the ministry has cut its economic projection for Singapore for 2020 since the virus outbreak earlier this year. The previous revision came in March.The Singapore economy last went into negative growth in 2001, when annual GDP fell by 1.1 percent.The ministry said in a statement that the latest downgrade was due to “the deterioration in the external demand outlook for Singapore as well as the expected economic impact” from a semi-lockdown implemented by Singapore to curb the spread of COVID-19, the respiratory illness caused by the virus.The semi-lockdown, which led to the shutdown of most workplace premises in Singapore, has “dampened domestic economic activity, along with domestic consumption,” it said. Singapore further downgraded its 2020 growth forecast on Tuesday, projecting a 4 to 7 percent contraction as the impact of the coronavirus pandemic has worsened.The Ministry of Trade and Industry previously forecast the highly trade-dependent city state’s gross domestic product would shrink by 1 to 4 percent in 2020.The revision coincided with the release of data showing the economy had contracted in the first three months of this year by 0.7 percent year on year, and by an annualized 4.7 percent from the previous quarter.last_img read more

Ministry proposes $69m stimulus for fisheries, aquaculture

first_imgThe stimulus package, which was proposed during the meeting, will provide Rp 413.27 billion in funds for fishermen and Rp 406.55 billion to aid aquaculture farmers.It also includes Rp 36.07 billion for fish processors and marketeers, Rp 54.1 billion for salt farmers, Rp 106.48 billion to strengthen poaching surveillance and Rp 8 billion for internal audits.“We also would like to have more cold storage facilities to anticipate the possibility of slow demand as several regions are still implementing the large-scale social restrictions [PSBB],” the minister said.The government has been working to ensure a secure supply of staple food across the country amid disruptions in production and logistics as a result of the pandemic. The government data presented by President Jokowi on April 28 showed that over 20 provinces faced shortages of staple foods, such as garlic, sugar, chili and eggs. The Maritime Affairs and Fisheries Ministry has proposed a Rp 1.02 trillion (US$69 million) stimulus package to aid small scale fishermen and aquaculture farmers affected by the COVID-19 pandemic.Minister Edhy Prabowo said the stimulus would include social aid for fishermen, fish farmers and salt farmers and funds to strengthen surveillance efforts against poaching.“We will optimize the budget to help enable fishermen to go on fishing while also providing the farmers with seeds, broodfish and infrastructure,” the minister said in an online press conference after attending a limited Cabinet meeting with President Joko “Jokowi” Widodo on Thursday. Jokowi, when opening the meeting on Thursday, stressed the requirement to provide incentives for farmers and fishermen to ensure the country’s food security.Statistics Indonesia (BPS) data show the agriculture, forestry and fishery sector contributed 12.84 percent of the country’s gross domestic product (GDP) in the first quarter, the third-largest contributor after manufacturing industry and trade.Edhy also said state-owned fishery companies PT Perikanan Nusantara (Perinus) and PT Perikanan Indonesia (Perindo) were preparing proposals for around Rp 500 billion each in state capital injections (PMN). The two companies are tasked with buying fishery and aquaculture products to boost demand.Furthermore, the minister also urged state-owned banks and financial institutions to provide loans for aquaculture farmers.The government has allocated Rp 34 trillion in loan interest subsidies and loan-payment relaxations for farmers and fishermen through the microcredit program (KUR) and the government’s UMi and Mekaar programs, among others.“I’ve sent out instructions to relax the access and procedures to get the stimulus so that our farmers and fishermen can secure funds and capital,” Jokowi said on Thursday.Separately, United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP) environment and development director Stefanos Fotiou said on Thursday that countries should focus on helping poor coastal communities affected by the negative impact of the pandemic.“In the case of the COVID-19 pandemic, the people left behind were people that did not have access to proper health care, they did not have access to proper facilities,” Stefanos said in an online discussion.The government has projected that up to 3.78 million Indonesians will fall into poverty amid the pandemic, according to its worst-case scenario. That adds to the 24.79 million people who already lived in poverty last year.Fishermen’s average income have fallen sharply to a range of Rp 1 million to Rp 1.5 million per month from Rp 3 million to Rp 5 million as a result of the pandemic, according to the Office of the Coordinating Minister of Maritime Affairs and Investment’s human resource development, science and maritime culture deputy, Safri Burhanuddin.The pandemic is also expected to result in a decline of around 8 percent in production and prices, undoing an upward trend in the previous two years.The government, he said during the discussion, would disburse Rp 600,000 in cash assistance per month for three months to fishermen and salt farmers, among other workers in the fisheries sector.“We have done many things now, but of course it takes time and we will see the results after June or September,” Safri said.“The blue economy is very important for Indonesia as an archipelago so it is our ultimate goal to make it the primary driver of the economy,” he added, referring to the concept of the sustainable use of marine resources to improve economic growth and livelihoods.Topics :last_img read more

Indonesia’s COVID-19 budget swells but still not enough, observers say

first_imgIndonesia’s 2020 budget deficit will widen further to accommodate a larger stimulus package, but economists and business representatives say it will still not be enough to prevent the economic consequences of the COVID-19 crisis.Center of Reform on Economics (CORE) Indonesia research director Piter Abdullah said the government’s stimulus was “far from ideal” to counter the virus’ blow.Read also: Indonesia unveils bigger stimulus worth $47.6 billion to fight coronavirus impacts “The country needs bigger health care budget to manage the outbreak […] If we are not ready, then there is a possibility of a second wave of the virus crisis,” Piter said in a statement. “Meanwhile, the proposed budget for social protection is too small amid the threat of rising poverty.”Finance Minister Sri Mulyani Indrawati announced on June 3 she expected the budget deficit to swell to 6.34 percent of gross domestic product (GDP), an increase from earlier estimates of 6.27 percent in May and 5.01 percent at the end of March.The state budget to fight COVID-19 is now Rp 677.2 trillion (US$48 billion), higher than the Rp 641.17 trillion allocation in May and the Rp 405.1 trillion initial allocation.This was the third alteration to the state budget in just over two months. The rapid changes underscore the ferocity with which the virus has torn through the economy. “We are hoping that this stimulus will keep our economic growth above zero percent,” Sri Mulyani said during the latest budget announcement on June 3. The government expects Indonesia’s GDP to grow by 2.3 percent this year under the baseline scenario or contract by 0.4 percent under the worst-case scenario.“Demand for stimulus is increasing even after the latest package,” Bank Danamon economist Wisnu Wardana said. “The government must now focus its resources on making the spending more productive and cutting unnecessary spending.”Read also: Indonesia’s economy may shrink 3.5% if PSBB last for 4 months: World BankMeanwhile, the Indonesian Chamber of Commerce and Industry (Kadin) called on the government to boost its budget to fight the pandemic.According to Kadin chairwoman Shinta Kamdani, the government will need Rp 400 trillion for health care, Rp 600 trillion for social safety net programs and Rp 600 trillion for economic recovery.Meanwhile, World Bank senior economist Ralph van Doorn has called on the government to take steps to maintain market confidence as debt mounts during the outbreak.“The government must [provide assurances about its] fiscal strategy to raise revenue back to at least the 2018 level to flatten the debt curve,” said van Doorn.It should unwind “exceptional measures” taken to battle the pandemic after the virus subsides, including by reinstating the deficit ceiling of 3 percent of GDP and ending Bank Indonesia’s partial financing of the deficit, he added.Indonesia’s debt-to-GDP ratio will rise to 37 percent this year from 29.8 percent at the end of last year, van Doorn predicted.The government now expects the total state budget in 2020 to be 2.74 quadrillion. State revenue is expected to be Rp 1.69 quadrillion, leaving a budget deficit of about Rp 1.05 quadrillion. Debt financing is expected to swell to Rp 1.22 quadrillion this year to cover the widening budget deficit and to pay for the government’s investments, which will be covered mostly by the issuance of bonds.“We will treat the widening budget deficit carefully in terms of sustainability and financing,” Sri Mulyani added.The new budget aims to strengthen the health care system, direct more spending toward social protection to boost consumption and provide incentives to rescue Indonesian businesses from bankruptcy and workers from layoffs.The government will spend Rp 87.55 trillion in the health care sector, Rp 203.9 trillion to strengthen social safety net programs and Rp 123.46 trillion to provide incentives for micro, small and medium businesses, according to the new budget.About Rp 120.6 trillion will be allocated for tax incentives for larger entities, and Rp 97.11 trillion has been designated to support ministries and regional administrations. Rp 44.57 trillion will be used to provide a stimulus for state-owned enterprises (SOEs) and labor-intensive businesses.Read also: Indonesia’s COVID-19 budget changes again: What we know so far The government remains hopeful that the economy will not shrink sharply in the second quarter and will begin to recover in the subsequent quarters, said Finance Ministry Fiscal Policy Agency head Febrio Kacaribu on June 4.“There is a possibility of a severe economic crisis and recession. We are currently revising the state budget to ensure that negative growth does not happen,” Febrio told reporters.Indonesia’s economy grew 2.97 percent in the first quarter, the weakest since 2001, as household spending and investment growth slowed in response to the outbreak.The World Bank now expects zero percent growth for Indonesia if large-scale social restrictions (PSBB) last for two months amid a severe global economic slowdown and falling commodity prices. Under the organization’s worst-case scenario, which allows for four months of PSBB, Indonesia’s economy may shrink 3.5 percent.The government estimates that 1.8 million to 4.8 million people may fall into poverty this year, while 3 to 5.2 million may lose their jobs because of the severe economic impact of the pandemic.Topics :last_img read more