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Indonesia’s economy could enter recession in Q3: Sri Mulyani

first_imgGovernment officials are now looking to accelerate spending to boost the economic recovery and strengthen the country’s virus response after receiving criticism from President Joko “Jokowi” Widodo as well as from business and health communities for the slow disbursement of stimulus funds.“We will accelerate state spending in the second half to mitigate the impacts of COVID-19,” Sri Mulyani went on to say, adding that government ministries and regional administrations were now moving to expedite the disbursement of state funds.Read also: Government pledges to cut red tape to accelerate healthcare spendingAccording to the ministry’s data, state spending totaled Rp 1.06 quadrillion in the first half of this year, equal to only 39 percent of this year’s target and a 3.3 percent increase compared to the same period last year. Central government spending rose 6 percent year-on-year (yoy) to Rp 668.5 trillion, equal to 33 percent of the year’s target, as social expenditure increased.Meanwhile, state income totaled just Rp 811.2 trillion in the first half of the year, a drop of 9.8 percent, due to falling tax revenue as the pandemic affected numerous sectors of the economy and slumping nontax income following a drop in commodity prices. State income in the first half date accounted for 47.7 percent of the year’s target.As a result, the budget deficit stood at 1.57 percent of GDP as of the first half, still below the government’s expectation of 6.34 percent this year.Sri Mulyani said previously that several administrative issues had hampered the disbursement of state funds and pledged to address the matter.While government spending accounts for less than 10 percent of Indonesia’s GDP, it has multiplier effects on various components of the economy, such as household spending and investment, as social aid can boost purchasing power, while government spending on goods and services helps support demand for businesses, among other factors.Center of Reform on Economics (CORE) Indonesia research director Piter Abdullah told The Jakarta Post on Thursday that the government should move swiftly to revive the economy by disbursing its promised fiscal incentives. “We cannot avoid a recession but we still can avoid an economic crisis in which a huge number of businesses go bankrupt,” he said.Read also: Indonesia’s burden-sharing scheme may affect BI’s credibility: Moody’sThe government has allocated Rp 695.2 trillion for stimulus packages to mitigate the health, social and economic impacts of the pandemic.At the same hearing with lawmakers, Bank Indonesia (BI) Governor Perry Warjiyo pledged to provide further monetary stimulus and push forward the bond buying program to help the government meet its budgetary needs.“We still have room for interest rate cuts and more quantitative easing,” the central bank governor said.The government and the central bank have agreed on a $40 billion bond scheme as part of the burden-sharing program to bolster the economy and reduce the government’s debt burden.Topics : If the economy shrinks in the third quarter, it will mark Indonesia’s first recession since the 1998 Asian financial crisis. A recession happens when an economy shrinks in two consecutive quarters.“Indonesia’s economic outlook will now depend on the ability to stimulate recovery after a drastic deterioration in economic activity,” the finance minister told lawmakers in a hearing on Thursday. She said she expected GDP to grow between 1.6 and 3 percent in the fourth quarter.The country’s economy grew 2.97 percent in the first quarter, the slowest rate in 19 years, as the COVID-19 pandemic caused a massive slump in household spending and investment growth.The government expects GDP to contract 0.4 percent this year under the worst-case scenario or grow 1 percent under the baseline scenario, with second half growth expected to range between 0.3 and 2.2 percent. Indonesia’s economy could enter a recession in the third quarter as the government moves to accelerate stimulus spending to cushion the economic fallout of the coronavirus pandemic.The country’s gross domestic product (GDP) is expected to contract 3.8 percent in the second quarter and may shrink by a further 1 percent or grow 1.2 percent in the third quarter, said Finance Minister Sri Mulyani Indrawati.Read also: Government guarantees $6.9b in working capital loans for MSMEslast_img read more

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Palmview is becoming the coasts newest land hotspot

first_imgHarmony estate at Palmview is being fast-tracked after fielding more than 300 inquiries per month.LAND lots are being fast-tracked to keep up with demand on the Sunshine Coast after an unexpected response to a development release in Palmview.Avid Property Group said they had been fielding more than 300 inquiries per month from people wanting to purchase in their $3 billion Harmony estate in Palmview.The Group’s Queensland general manager Bruce Harper said the strong response had propelled the developer into fast-tracking the project.“We knew the Sunshine Coast was in need of new land and home options, what we didn’texpect is the significant response we’ve had to date,” Mr Harper said.“Since the release of Harmony’s house and land packages in November 2016, our buildershave been incredibly busy with buyers wanting to be the first to purchase at Harmony, with flowon inquiries from those wanting to purchase land.”Locals are wanting to stay on the Sunshine Coast lapping up the good weather and coastal lifestyle with recent data showing the majority of land sold during 2014 to 2016 was snapped up by locals.The National Property Research Co. report from November showed 89.9 per cent of homes purchased on the coast and 79.9 per cent of land purchases were from local buyers.More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor7 hours ago“The Sunshine Coast has grown considerably over the years, with a number of majorinfrastructure projects underway that will contribute significantly to the economic health of theregion,” Mr Harper said.“New projects mean new jobs, and the appeal of living on the coast will become even stronger.”Harmony will eventually deliver more than 4,800 homes for 12,000 future residents with 100ha of open space.The project itself is expected to generate more than 9,000 short-term jobs.With land lots starting from $209,350, purchasers have the option of selecting one of Harmony’s builders or choosing their own.“With Harmony’s main road, Peter Crosby Way, now 50 per cent complete, the new communityis right on track for its official opening to the public later this year,” Mr Harper said. Get the latest real estate news direct to your inbox for free here.last_img read more

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Health care professionals focus on HIV/AIDS stigma during workshop

first_img Share LocalNews Health care professionals focus on HIV/AIDS stigma during workshop by: – April 16, 2012 Sharing is caring! National HIV AIDS Coordinator Julie FramptonA number of health care professionals and organizations who work with people affected by HIV/ AIDS are presently gathered at the Garraway Hotel in Roseau for a week long training workshop focused on stigma and discrimination of people living with HIV/AIDS.National HIV/AIDS Coordinator Julie Frampton explained that the main objective of the workshop is to minimize the negative impact of HIV on people as it relates to stigma and discrimination.“We do not want people living with HIV to be hiding. We want persons to understand that HIV is a disease that can be contracted by anyone and we just want persons to be able to give them quality care when they walk through the door irrespective of their HIV status, whatever health problem that they have or even with their sexual orientation”.Health policy project caribbean program manager Ayana HypoliteFrampton said the fear of being discriminated sometimes prevent persons living with the disease from seeking treatment.“Stigma is a major obstacle in terms of people accessing services for HIV related conditions. Fear of discrimination prevents people from acknowledging that they are HIV positive and prevents people from seeking treatment upon diagnosis. It also poses a challenge to national authorities from getting a true picture of the burden of the epidemic because people are not coming forward for testing care and support”.Meanwhile one of the workshop facilitators, Caribbean Region Program Manager Ayana Hypolite noted the workshop will also focus on “improving regional coordination and communication around stigma and discrimination”.consultant facilitator Ross KiddThe workshop is organized by the National HIV/AIDS program of the Ministry of Health and supported by the Health Policy Project which provides technical support to the stigma and discrimination program of the Pan Caribbean Partnership against HIV & AIDS (PANCAP) and its implementing partners.The workshop was declared opened by permanent secretary in the Ministry of Health Helen Royer and will also be facilitated by Ross Kidd.Dominica reported 15 new HIV infections for 2011 and a total of 376 cases since the first case was reported in 1987.The majority of infected persons are of the male population with the most affected groups between the ages of 25 to 49.Dominica Vibes News 8 Views   no discussionscenter_img Share Share Tweetlast_img read more

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Calinog brgy kagawad shoots nephew to death

first_imgRonnie remains at large as of this writing. Municipal police chief Colonel Genesis Roque said the incident happened in the hinterland barangay of Supanga in Calinog. The victim, according to Roque, was inside their house when he was shot without provocation by the suspect on the chest and face.   ILOILO City – A village councilman is now the subject of a police manhunt operation after he allegedly killed his nephew in Calinog, Iloilo.The 45-year-old Ronnie Libuna was tagged suspect in fatally shooting his nephew 21-year-old Jemar Lubina around 9 a.m. on July 25.center_img Roque said the victim’s relatives revealed that Ronnie and Jemar were both claiming ownership of a piece of land in Barangay Supanga. The dispute has reached the barangay but local officials have yet to resolve the ownership issue./PNlast_img read more

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Four Area Students Named Merit Semifinalists

first_imgFour local high school seniors have been named National Merit Semifinalists.The nationwide pool of Semifinalists, representing less than one percent of U.S. high school seniors, includes the highest-scoring entrants in each state.Oldenburg Academy students Daniel Mullen, Gabrielle Mungcal, Tabitha Shenk and Franklin County senior Mitchell Edwards were among the 16,000 students selected nationwide.They have earned an opportunity to continue in the competition for some 8,000 National Merit Scholarships worth more than $35 million that will be offered next spring.To become finalists, the students and the high school must submit detailed scholarship applications and provide information about their academic records, participation in school and community activities, demonstrated leadership abilities, and honors and awards received.About 1.5 million juniors in more than 22,000 high schools entered the National Merit Scholarship Program by taking the 2012 Preliminary SAT/National Merit Scholarship Qualifying Test, which served as an initial screen of program entrants.last_img read more

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53(!) IMCA RaceSaver Sprints vie at Hagerstown

first_imgKen Duke prevailed when a mind-boggling 53 IMCA RaceSaver Sprint Cars contested the June 16 tri-sanctioned series event at Hagerstown Speedway on Saturday. (Photo by Jim Haines)By Jim HainesHAGERSTOWN, M.D. (June 16) – Ken Duke proved to finish first, you must first finish when 53 IMCA RaceSaver Sprint Cars converged at Hagerstown Speedway.The Saturday event was co-sanctioned by the Laurel Highlands Sprint Series, Pennsylvania Sprint Series and Virginia Sprint Series.Duke was running second but took the win after Jeff Miller fell out on the last lap. He led PASS point leader Zach Newlin and defending LHSS champion Scott Lutz across the stripe.Newlin and Ryan Lynn paced the field to the initial green with Newlin out first. Miller stayed close to the leader while Duke worked his way toward the front.Miller became the new leader on lap seven with Newlin holding off Drew Ritchey for second with Duke closing in. Miller was smooth out front while Duke took over second on the 16th circuit.With laps winding down, the field looked to be set but a quick yellow changed everything as Miller pulled in and Duke led the rest of the lap that mattered most.Feature results – 1. Ken Duke; 2. Zach Newlin; 3. Scott Lutz; 4. Tyler Reinhardt; 5. Drew Ritchey; 6. John Scarborough; 7. Darren Miller; 8. Dylan Shatzer; 9. Ryan Lynn; 10. John Walp; 11. Scott Elerman; 12. Jay Krout; 13. Jonathon Jones; 14. Daren Bolac; 15. Stephanie Dodson; 16. Robbie Bartchy; 17. Brad Mellott; 18. Jimmy White; 19. Tony Harris; 20. Jeff Miller; 21. Cale Reagle; 22. Kassidy Kreitz; 23. Fred Arnold; 24. John Fiore.last_img read more

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Atsu deal done – Martinez

first_imgEverton manager Roberto Martinez expects to complete the signing of Chelsea’s Christian Atsu on Thursday. The Ghana winger has been widely expected to sign on a season-long loan, following striker Romelu Lukaku from Stamford Bridge to Goodison Park, and Martinez revealed a deal has been agreed. Speaking at the Premier League’s season launch event, the Spaniard told Sky Sports News: “We’re very close to announcing a new signing, I think it’s been an open secret in the last few days. “We’re expecting Christian Atsu to join us tomorrow, t he deal is done with Chelsea. “After the season that we had, it was important that we faced Europe and all the demands this season with the strong backbone, that we have, and new blood to bring something a little bit different.” center_img Press Associationlast_img read more

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Meghan Kelly: CNN’s Don Lemon “Pretends to be Objective”

first_imgFormer Fox News and NBC News anchor Megyn Kelly and CNN anchor are in a war of words over objectivity and racism. Kelly ripped Don Lemon in a tweet that CNN “pretends he is an objective news anchor.”CNN still pretends he is an objective news anchor (yeah, sure) while the msm recoils in horror at the bias of Fox/OANN, etc. Who do they think they’re kidding? https://t.co/JwkhpTUvgs— Megyn Kelly (@megynkelly) April 7, 2020 In her tweet, Kelly linked to a story that included Lemon’s criticisms of the way President Trump conducts the White House coronavirus task force briefings.“CNN still pretends he is an objective news anchor (yeah, sure) while the [mainstream media] recoils in horror at the bias of Fox/[One America News], etc. Who do they think they’re kidding?” Kelly tweeted. Lemon, who has served as a moderator for several of the network’s town hall events during the 2019-2020 Democratic primary season and is listed as an anchor on his CNN.com bio, said on “CNN Tonight” on Monday that he feels like Howard Beale, the character from the satiric 1976 movie “Network,” after watching the president’s task force briefings.“I have to be honest with you. For the last couple of weeks, when I walk into this building and I get in front of this camera, I swear I feel like I’m in the movie ‘Network.’ I feel like Howard Beale. Americans are mad as hell. What are you going to — how much more can Americans take?”“Every single day berating people, lying,” Lemon said of Trump. “How much more — How many people have to die?”https://www.independent.co.uk/arts-entertainment/tv/news/megyn-kelly-don-lemon-twitter-fox-news-trump-a9452976.html?jwsource=clKelly’s perspective on Lemon quickly trended Tuesday as a top topic on Twitter.Twitter users have also brought up remarks made by Kelly on her later Today talk show, in which she questioned why wearing blackface as part of a Halloween costume wasn’t acceptable.Kelly apologised for her comments but was dropped by NBC in October 2018 following the controversy.Lemon reacted to Kelly’s remarks on Chris Cuomo’s CNN show, telling his colleague at the time: “Megyn is 47 years old, she’s our age. There has never been a time in that 47 years that blackface has been acceptable.” Kelly was a longtime Fox News host before joining NBC News in 2017.last_img read more

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Ellsworth Chess Club holds “simul”

first_imgELLSWORTH — The Ellsworth Chess Club held a “simul” at the Ellsworth Public Library on Thursday, Aug. 27, where members each took on three to five opponents at once.The club’s top two players, Chris Kerrigan of Eastbrook and Paul Wlodkowski of Ellsworth, both ended the evening with more wins than losses.Mark Woida of Tremont was the only challenger to record a win against both Kerrigan and Wlodkowski.Other upset winners included Roger Lane of Ellsworth and Isaiah Fallon of Southwest Harbor.This is placeholder textThis is placeholder textThe annual Labor Day chess tournament will take place Thursday, Sept. 3, from 6-8 p.m. at the library. All chess players are welcome, and chess sets are provided.last_img

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Champions League: Steely Juventus shut down Barca to kill off comeback hopes

first_imgBy Richard MartinBARCELONA, Spain (Reuters) – Barcelona’s hopes of staging another sensational Champions League comeback fell flat against a hardened Juventus side, who held the Catalans to a 0-0 draw yesterday at the Nou Camp to reach the semi-finals 3-0 on aggregate.The Italian champions barely gave Barca a glimmer of hope of repeating their historic turnaround against Paris St Germain in the last 16 and protected their healthy advantage from the first leg by starving the hosts of space and clear sights of goal.Lionel Messi came closest to giving Barca a route back into the contest with four strikes at goal but failed to hit the target with any of them and frequently came up short against Juve’s intimidating centre-back pairing of Giorgio Chiellini and Leonardo Bonucci.Twice European champions Juve lacked the spark and power of their thrilling first-leg victory in Turin, but there was rarely any doubt they would exact revenge for their defeat to Barca in the 2015 Champions League final by reaching the semis for a 12th time.Barca coach Luis Enrique had said before the game that if Barca managed to strike early then the noise of the Nou Camp would suck the other goals in.Juventus, however, showed in the opening stages that they are made of sterner stuff than PSG, who gave up a 4-0 first-leg advantage.Massimiliano Allegri’s side pressed Barca in their own half and limited the supply to the front three.Messi almost managed to pick out Jordi Alba with a hooked pass and later played a one-two with the Spaniard before dragging narrowly wide of the far post.Ivan Rakitic and Neymar also missed the target with hopeful efforts but Juventus’ aggressive gameplan limited how much attacking Barca could do without leaving themselves exposed.Gonzalo Higuain cracked a shot over the bar before the break while the probing Juan Cuadrado almost picked out the Argentine striker in the middle, but was thwarted by a brilliant block from Gerard Pique.Barca increased their grip on possession after the break and spent most of the remainder of the game in their opponents’ half trying to carve out chances, but Juve were always ready for them.Messi whipped a free kick onto the roof of the net and slammed another shot wide before spurning his best chance, a volley which fizzed over the bar.Barca right back Sergi Roberto attempted a repeat of his heroic strike against PSG, but also missed the target, unable to prevent his side’s second successive elimination at the quarter-final stage, which will provoke much soul-searching at the five-time European champions.last_img read more