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first_imgBank Indonesia (BI) plans to require exporters of natural resources to convert their foreign exchange (forex) earnings into rupiah to stabilize the country’s currency, while it also continues to buy government bonds to support the economy amid the ongoing health crisis.Exporters of natural resources that earned more than US$300 million from 2019 shipments will be required to convert their earnings to rupiah, BI Governor Perry Warjiyo said during a meeting with lawmakers on Monday, adding that the measure was aimed at shoring up the rupiah’s stability and bolstering Indonesia’s external stability.“This is not capital control because we also need foreign funds, including portfolio investment and foreign direct investment,” Perry told House Commission XI overseeing financial affairs. “We will do this by considering the stability of the rupiah exchange rate.” The CAD narrowed in the second quarter to $2.9 billion, down from 1.4 percent of gross domestic product (GDP) in the first quarter to 1.2 percent of GDP.Meanwhile, the central bank has bought Rp 125.06 trillion worth of government bonds directly through auction and private placement, Perry went on to say, adding that this had increased the central bank’s ownership of government bonds to an accumulated Rp 536.67 trillion.“BI will take quantity measures by providing liquidity to support economic recovery from the impact of the coronavirus pandemic, including by supporting the government to accelerate the absorption of the 2020 state budget,” Perry said, adding that the central bank would continue to take measures to stabilize the rupiah and strengthen monetary operations.The central bank and the government have agreed on a Rp 574.59 trillion debt monetization scheme, with the central bank pledging to buy Rp 397.5 trillion in bonds and fully bear the debt costs. It has also pledged to remain as a standby buyer of government bonds in auction.The central bank has cut its benchmark interest rate, the seven-day reverse repo rate, by 1 percent so far this year. Many economists expect BI to cut its policy rate at least one more time this year.Permata Bank economist Josua Pardede said the central bank’s latest announcement, particularly the requirement for exporters of natural resources to convert their forex earnings into rupiah, had received a positive reception from investors, attributing the currency’s gains to the central bank’s latest move.“This will create positive sentiment in the near-term as the move will boost dollar supply in the country,” Josua told The Jakarta Post during a phone interview. “The new policy means that there will not be any capital control, which is a good sign for the market, because not every exporter will be required to convert their earnings, only those that shipped $300 million in value.”Topics : The effective date for the new regulations will depend on the stability of the rupiah, he said, adding that there would be a ceiling for the amount exporters kept in their bank accounts and anything above must be converted to rupiah.Exporters of natural resources are already required to retain their earnings in a special account under the current regulations.The rupiah appreciated 0.7 percent on Monday to Rp 14,670 per US dollar as of 3 p.m. Jakarta time and has lost 5.8 percent of its value throughout the year. To date, the rupiah has been one of the worst-performing Asian currencies in the third quarter.The central bank’s governor reiterated his view that the rupiah remained “fundamentally undervalued” and would strengthen further to reflect its fundamentals, supported by low inflation, low current account deficit (CAD) and attractive domestic financial assets, among other reasons.last_img read more

first_img Metro Sport ReporterSaturday 9 Feb 2019 9:59 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link Advertisement Ben Godfrey is being courted by a number of top clubs (Getty Images)Manchester United and Arsenal are both interested in signing Norwich City defender Ben Godfrey following his promising displays for the Championship leaders this season.The 21-year-old has emerged as an important member of Norwich’s team this season, establishing himself as a regular in central defence and playing 15 games for Daniel Farke’s side in total, following an impressive season on loan at Shrewsbury Town last term.Godfrey’s promise has alerted the attentions of not only United and Arsenal but also Lyon and RB Leipzig, both of whom have have turned an eye to the English market in recent seasons. Lyon signed Reo Griffiths from Spurs last summer, while Emile Smith Rowe joined RB Leipzig on loan in January.AdvertisementAdvertisementAccording to the Daily Mirror, Godfrey is valued by Norwich at £10m and the aforementioned clubs will all have representatives watching him during the East Anglian derby against Ipswich on Sunday.ADVERTISEMENTThe York city academy graduate is versatile too, able to play in central midfield as well as at the back and is expected to be named in Aidy Boothroyd’s next England U21 squad for the games against Germany and Poland next month.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 CityArsenal have the worst defensive record in the top-six this season and are expected to bolster their backline in the summer while United are also keeping their options open despite Phil Jones signing a new contract on Friday.The deal could potentially hinge on whether or not Norwich can secure promotion to the Premier League or not, however. An impressive 3-1 win over Leeds at Elland Road last weekend, means that they are top on goal difference and two points clear of third-place Sheffield United with a game in hand.Norwich have made a fortune selling young players to Premier League clubs over the past few transfer windows with James Maddison, Josh Murphy, Jacob Murphy and Alex Pritchard leaving for over £50m combined.Right-back Max Aarons has also caught the eye this season with Spurs believed to be interested in signing him in the summer.More: Manchester United FCRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starNew Manchester United signing Facundo Pellistri responds to Edinson Cavani praiseEx-Man Utd coach blasts Ed Woodward for two key transfer errors Manchester United and Arsenal in transfer battle over Norwich prospect Ben Godfreycenter_img Comment Advertisementlast_img read more

first_imgLocated 90km north of Brisbane on the Sunshine Coast, construction has just kicked off at Caloundra Cay. When complete, the resort will comprise 270 single and double-storey homes, with 13 different home designs, all named after island locations. The first residents will be welcomed in September 2018.Ms Baldwin said tropical-themed resorts could be found everywhere but there was nothing quite like Caloundra Cay. CARIBBEAN DREAM: Located 90km north of Brisbane on the Sunshine Coast, construction has just kicked off at Caloundra Cay.Construction has started on the Sunshine Coast’s latest retirement living offering for the over 50s.Palm Lake Resort’s latest offering, Caloundra Cay, will be a high-end, Caribbean-themed resort. Think tropical island resort pools complete with swim-up cocktail bar and sunken fire pit.This is not the tropical experience you might think. Palm Lake Resort regional sales manager Brittany Baldwin said instead of Balinese and Asian influences, Palm Lake Resort looked further afield for unique inspiration – all the way to the cool Caribbean. “Think colonial plantation homes, British imperialism and island textures,” Ms Baldwin said. The proposed Caloundra Clay club house.“This is Hemingway meets Ralph Lauren and India Hicks.“Even the name is exotic.More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago“Caloundra Cay (pronounced key) conjures visions of impossibly white coral reefs and sand islands of the Caribbean, speckled like jewels in the azure ocean, with palm-fronded interiors.” >>FOLLOW EMILY BLACK ON FACEBOOK<< center_img When complete, the resort will comprise 270 single- and double-storey homes, with 13 different home designs, all named after island locations.“Our combined design teams spent months researching and defining the right influences,” she said.“The heart of our resort will be our world-class country club, in the grand tradition of colonial West Indies architecture.“A mix of island stone, heavy timber, rich leather and rattan, this club will be unlike anything seen before in an over-50s resort.”As well as a swim-up pool bar and firepit, the resort would feature indoor and outdoor swimming pools, tenpin bowling alley, luxury cinema, tennis courts, Milon gym, an eight-rink undercover lawn bowls green, library, arts and craft room, dance floor, virtual golf simulator and woodworking room.last_img read more

first_imgThe trial of Jose Barker, the man accused of robbing former British Soldier Edward John Constant will commence on June 29, in the Georgetown Magistrates’ Courts before Chief Magistrate Ann McLennan.Attorney Paul Fung-a-Fat, who is representing Barker, requested that Chief Magistrate McLennan give his client “the benefit of the doubt”, contending that the case is what he described as a case of “mistaken identity.”Fung-a-Fat told the court that his client has been incarcerated for the past three weeks, for a crime he did not commit.The Attorney further added that it was indeed very unfortunate that the tourist was robbed while on vacation in Guyana; however, the law should seek to apprehend the true perpetrator and free his client, whom he stated has no prior brushes with the law.Five eyewitnesses are expected to testify at the trial, Police Prosecutor Neville Jeffers told the court.The case against Barker alleges that on May 30, at Croal Street, Barker robbed the British national of his gold chain valued 0,000. It is also alleged that the Charlestown man used personal violence before, during and after the offence was committed.Barker will remain on remand until the commencement of his trial next week.The 70-year-old former British soldier was in Guyana at the time the nation’s independence in May 1966, and had vowed to return for the 50th anniversary celebrations.Constant was robbed of his cherished gold chain while sightseeing around Stabroek Market. The thief carted off Constant’s chain, to which was attached a diamond-crested ring belonging to his late wife.last_img read more