Bank Indonesia to relax credit card regulations to fuel virus-battered economy

first_img“This is aimed at expanding the use of cashless transactions to mitigate the COVID-19 impacts,” Perry told reporters after BI’s board of governors meeting on Tuesday. “We are working to maintain macroeconomic and financial system stability, as well as [ensure] economic recovery.”The central bank decided to lower the credit card interest rate to 2 percent per month from the current 2.25 percent and slashed the minimum credit card payment from 10 percent to 5 percent of total outstanding credit.Read also: Explainer: BI to throw lifeline to Indonesia’s economy to fight COVID-19Furthermore, it will also lower the late payment penalty from the current 3 percent of the outstanding amount or a maximum Rp 150,000 (US$9.51) to 1 percent or a maximum of Rp 100,000. Households spending, which accounts for more than half of the country’s gross domestic product (GDP), is expected to decline as the pandemic forces citizens to stay at home and lowers demand, as some people have lost jobs and income. According to the government’s worst-case scenario, 3.78 million people could fall into poverty and 5.2 million could lose their jobs amid the pandemic, while the economy could contract by 0.4 percent this year.The central bank has cut its benchmark interest rate twice this year by 50 basis points in total to help boost Indonesia’s economy. The lower policy rate is expected to be transmitted into lower interest rates on various bank loans, ranging from consumer to corporate credit.According to BI data, some 27 million credit card transactions amounted to Rp 25.86 billion in February, marking a slight increase from February 2019, when 26.4 million transactions added up to a total of Rp 25.81 billion.Indonesian Credit Card Association chairman Steve Martha said the regulation would directly benefit consumers that might face financial problems caused by the COVID-19 pandemic, adding that it would also benefit the industry in the long run.Read also: COVID-19 batters Indonesia’s loan growth to record low“As businesses close and lay off employees while people are forced to stay at home, they may have problems with paying their credit card bills,” Steve told The Jakarta Post on Thursday. “We see some risks to the industry, and this regulation comes to ease consumers’ burden.”“We are hoping that this regulation can help credit card holders with paying their bills, so the industry could reduce the risk of rising nonperforming loans,” Steve said.Steve said the industry’s NPL was around 2 percent, adding the coronavirus pandemic “no doubt” would cause a higher bad debt ratio if not for intervention by government authorities.He admitted that the rising NPL had yet to be seen in March, but credit card transactions had started to slow compared to the previous month.The virus has infected more than 2 million people around the globe – including more than 5,500 in Indonesia, according to official data – forcing factories, shops and schools to close in various countries amid government-imposed lockdowns and social restrictions. The situation has upended supply chains, forcing companies to lay off employees and crushed demand for goods as consumers stay at home.Contacted separately, Center of Reform on Economics (Core) Indonesia research director Piter Abdullah told the Post that the relaxed regulation would have a positive impact for businesses and the banking industry, adding that it would boost consumer spending and reduce NPL risks.“Although the government has rolled out appropriate fiscal stimulus, they must not allow a protracted health crisis, because it may cause another banking crisis like in 1998,” Piter said, expressing confidence that economic policies had been aggressive enough to prevent economic meltdown.Read also: Remember these tips before using your credit cardHowever, if the government is unable to curb the virus spread, while factories and businesses remain closed and people stay indoors, such a situation could trigger a financial crisis similar to that in 1998, when borrowers defaulted on their payments and banks declared bankruptcy, Piter warned.“The 1998 NPL level of around 60 percent was caused by deep corruption, nepotism and careless debt handling, both in businesses and in the government,” Piter went on to say.“It may not be repeated this year, since the banking industry and businesses were in a healthy condition before the virus struck,” Piter said. “Thus, the government and central bank must do everything to prevent spill-over from the health crisis into a financial crisis.”Topics : Bank Indonesia (BI) will relax rules on credit cards, including lowering the maximum interest rate and late payment penalty, to boost cashless transactions and fuel economic activities during the coronavirus pandemic.BI Governor Perry Warjiyo said the regulation would serve as a stimulus for credit card holders and businesses to boost the virus-hit economy. The relaxation will take effect starting on May 1 and remain in place until the end of the year.last_img read more

At UN forum, Indonesia calls for greater action against racism as issues persist at home

first_imgOn behalf of CTI members, Indonesia called for “a zero-tolerance policy against racism and discrimination and reiterated the importance of a people-centered and violence prevention approach in law enforcement”.However, Indonesia’s vocal stance on the global stage is tainted by persistent issues of racism at home.As the Black Lives Matter movement began to go global, Indonesians flooded public forums with the hashtag  #PapuanLivesMatter, drawing attention to several controversial cases of alleged racial discrimination, including the prosecution of the Balikpapan Seven — a group of Papuan student activists put on trial for their involvement in a series of antiracism protests in Jayapura, Papua, in 2019.Read also: Voice of solidarity rises from Depok campus: Better late than neverThe protests came in response to a racially charged incident in which Papuan university students living in a dormitory in Surabaya, East Java, were targeted. Reports said the students were physically and verbally attacked by security personnel and members of local mass organizations, who accused them of refusing to celebrate Indonesia’s 74th Independence Day.Despite arguments that the seven students — Buchtar Tabuni, Ferry Kombo, Irwanus Uropmabin, Hengki Hilapok, Agus Kossay and Stevanus Itlay — staged the protests in a peaceful manner, a court in East Kalimantan found them guilty of treason.Ironically, the issuance of the verdict coincided with the Geneva forum, during which Jakarta, in its national capacity, also delivered a statement expressing concern about the acts of violence and discrimination in many parts of the world, particularly due to the rise of racial violence and hate crimes.The Balikpapan District Court in East Kalimantan sentenced the students to months in jail on Wednesday. Members of public and activists had demanded the defendants be cleared of all charges, while prosecutors sought sentences of up to 17 years’ imprisonment.Contacted by The Jakarta Post for comment on Friday, Foreign Ministry spokesman Teuku Faizasyah said that “as a matter of principle, Indonesia is against any form of racism and discrimination. In the national context, racism is an aberration to our motto of unity and diversity, as Indonesia is a mosaic of multiple ethnicities and cultures.”Read also: Churches union conveys ‘deep concerns’ over handling of 7 Papuan protestersThe decision by the lower court in Balikpapan was made with due diligence, he added.”The incident of mistreatment of Indonesians of Papuan origin are isolated and do not in any way reflect the policies of the government,” Faizasyah told Reuters recently.Topics : Indonesia urged the international community to speak up and take decisive action against racial violence at a United Nations forum in Geneva, Switzerland, on Wednesday. However, Indonesia’s call comes amid concerns of racial discrimination at home. The UN Human Rights Council held on Wednesday an urgent debate on racial violence, the forum of which was requested by several African countries in response to the rise of racial violence, particularly in relation to the murder of African American George Floyd that has attracted global attention and given greater prominence to the antiracism movement Black Lives Matter. According to a statement from the Indonesian Permanent Mission to the UN in Geneva, Indonesia called on the council and the Office of the High Commissioner of Human Rights to strengthen cooperation in the eradication of racial discrimination in law enforcement.Read also: Jayapura Police question students for holding forum protesting Papuan activists trial“In connection to this, Indonesia, among others, called for respect and tolerance of racial and ethnic diversity at the community level, the strengthening of the rule of law and accountability of law enforcement agencies and the expansion of human rights education in police academies and other law enforcement agencies,” the statement read.In addition to speaking in a national capacity, Indonesia, represented by Indonesia’s permanent representative to the UN in Geneva, Hasan Kleib, was also entrusted with delivering the joint statement on behalf of the core group of the Convention Against Torture Initiative (CTI), which consists of Chile, Denmark, Fiji, Ghana, Indonesia and Morocco.last_img read more

New Zealand’s Ardern launches election campaign with promises of jobs, financing

first_imgIf the prime minister’s high ratings are mirrored in the election results, Labor would govern on its own, without needing a coalition.The government’s early and hard coronavirus curbs that paralyzed economic activity have put the country in a technical recession for the first time in a decade.“There wasn’t a playbook for COVID,” Ardern said at the Labor Party congress. “There wasn’t a playbook for the recovery.”She said a loan scheme for small businesses, which allows for no interest loans if paid back within a year and which was to end this month, will be extended until the year-end, and more environmental and infrastructure jobs will be created under a previously announced plan.Small and medium-sized enterprises generate about a third of New Zealand’s gross domestic product.“I can’t think of a time in our recent history when we have been collectively challenged by such a cruel combination of events – a terrorist attack, a volcanic eruption, a global pandemic and now its ensuing financial crisis,” Ardern said.Her leadership, widely seen as compassionate and steely, after last year’s killing of 51 Muslim worshippers in the country’s worst mass shooting, and after the December eruption of a volcano that killed 21, has brought Ardern worldwide admiration.Topics : With promises of extra financing for small businesses and more jobs as a severe economic downturn looms, New Zealand Prime Minister Jacinda Ardern on Sunday launched her party’s campaign ahead of September general election.Ardern’s rise to become New Zealand’s most popular prime minister in a century, buoyed by her response to the COVID-19 pandemic that has left the country largely unscathed, has boosted her prospects in the Sept. 19 election.Ardern’s Labor Party, governing in a coalition with the Greens and the nationalist New Zealand First party, will face the National Party in what is expected to be a pandemic-dominated campaign.last_img read more

Asian shares on backfoot as focus shifts to US stimulus, China tensions

first_imgAustralian shares recouped Friday’s losses to be up 0.7 percent while South Korea’s main index .KSII added 0.4 percent.Global equities have rallied hard since hitting a bottom in March on central bank bazooka and government largess around the world, although rising coronavirus cases and deaths in many countries have tempered investor enthusiasm recently.Also weighing on sentiment is uncertainty over US fiscal stimulus after President Donald Trump signed a series of executive orders to extend unemployment benefits after talks with Congress broke down.The orders would provide an extra US$400 per week in unemployment payments, less than the $600 per week passed earlier in the crisis. While analysts see the move as a cut to spending that leaves homeowners and renters vulnerable to eviction, they are still optimistic about the prospects for more stimulus.“I view this as another step in negotiations rather than a cessation of negotiations, with a still unknown timeline,” JPMorgan analyst Andrew Tyler wrote in a note.“If we see the White House take the view that they no longer want to negotiate until after the election, then think we’ll see a wave of GDP downgrades followed by lower realized spending and spikes to unemployment in September through year-end.”Investors were also circumspect after US President Donald Trump signed two executive orders banning WeChat, owned by Chinese tech giant Tencent, and TikTok in 45 days’ time while announcing sanctions on 11 Chinese and Hong Kong officials.Rounding out the actions, US regulators recommended that overseas firms listed on American exchanges be subject to US public audit reviews from 2022.“The bigger question for markets is whether these actions jeopardise the US-China trade talks on August 15 and markets will be looking closely for any Chinese retaliation,” said Tapas Strickland, director of markets & economics at National Australia Bank.“The running assumption in markets has been President Trump needed the phase one deal to succeed, as much as China, this side of the November elections… At the same time President Trump is running a hard China line into the elections,” Strickland added.In currencies, the dollar eased on the safe haven Japanese yen to 105.85 while the risk sensitive Aussie dollar nursed its losses after falling 1.1 percent on Friday.The British pound was a tad lower at $1.3057 after hitting a five-month high of $1.3185 last week. The euro paused at $1.1789 to hover near its highest since May 2018.That left the dollar index at 93.367, having struggled on a slippery slope since late June.On the data front, China releases inflation figures later in the day and monthly activity indicators on Friday.In commodities, gold held on to gains at $2,030 an ounce after hitting an all-time high of $2,072.5 last week.Oil prices were higher with Brent crude rising 36 cents to $44.76 a barrel. US crude added 43 cents to $41.65.Topics : Asian shares started cautiously on Monday as investors kept one eye on flaring tensions between the United States and China and another eye on US fiscal stimulus after talks between the White House and Democrat lawmakers broke down.Trading was expected to be light with Japanese and Singaporean markets closed for public holidays.MSCI’s broadest index of Asia-Pacific shares outside Japan stayed below a 6-1/2 month peak touched last week to be last at 560.17.last_img read more

Two properties sell as state gears for auction “Event”

first_imgThe penthouse on level six has 487sq m of living space.The in-house auctions, organised by the Ray White Runaway Bay Group at the Sheraton Grand Mirage Resort, brought 15 properties worth $15 million to market with the penthouse at 5601/2 Ephraim Island, Paradise Point, fetching $322,500 less than it’s original purchase price in 2003, according to CoreLogic property data.Today, a further 84 properties will go to auction at the Royal Pines Resort in “The Event” hosted by the Ray White Surfers Paradise Group that checks the pulse of the South East Queensland property market for 2019.Elsewhere in Queensland, a knockdown cottage on 810sq m in Noosaville sold under the hammer for $680,000 yesterday. SEE WHAT ELSE IS FOR SALE ON EPHRAIM ISLAND Ray White Runaway Bay Group Principal Ali Mian.“Buyers are there, yes they are being cautious but when you buy and sell in the same market, you sell for three to four per cent less, and you buy for three to four per cent less so it’s quite relative.”There were 26 bidders among the crowd of about 50 who attended Friday night’s auction.A separate property at 18 Hampton Court, Sovereign Islands sold prior to auction for $2.2 million. One auction bidder was all that was needed to secure this Noosaville block at 5 Ely Street for $680,000, but four conditional buyers were waiting in the wings, just in case.And a unit at Alexandra Headland sold unconditionally prior to auction for $315,000. This Ephraim Island penthouse sold under the hammer for $1,927,500 with the winning bidders downsizing from their house in Runaway Bay.A Gold Coast island penthouse and a Sunshine Coast knockdown cottage sold under the hammer this weekend as the property market readies for an auction bonanza today.Australia Day was a quiet day for auctions with five properties going under the hammer across Queensland on Saturday.But the Gold Coast is taking advantage of the long weekend crowds, with a Summer Auction Spectacular that took 15 properties to market on Friday night, and “The Event” today that will see 84 properties go under the hammer.A local couple are moving in to a penthouse on Ephraim Island after being the only bidders to buy a property under the hammer at Friday night’s Summer Auction Spectacular on the Gold Coast. The five-bedroom waterfront house at 18 Hampton Court, Sovereign Islands.Three bidders took the four-bedroom, four-bathroom penthouse at 5601/2 Ephraim Island, Paradise Point to auction with an opening bid of $1.7 million. Sitting in the front row of seats was local investor Susanna Hynes, who was keen to see what the market felt like this year.“My feeling from this evening’s auction is that a lot of buyers are very wary,” Ms Hynes said.“They think they can get better deals further down the track.“I think it’s very important to see what’s holding on the Gold Coast. This is a part of the world that everyone wants to come to and what I’ve seen happen in Sydney and Melbourne, it’s never happened so badly here.“I’m particularly keeping an eye on properties north of Main Beach. I think that’s where the value is.”Bidders were mostly owner occupiers and came from as far as Sydney, Melbourne and Brisbane.Conditional interest saw another property sell immediately after auction. Sunshine Coast agent Kevin Annetts said good numbers are coming through open houses, helping to sell properties like this at 29/274 Alexandra Pde, Alexandra Headland.“The market is steady,” Ray White Runaway Bay Group Principal Ali Mian said after Friday night’s Gold Coast auction.More from news02:37International architect Desmond Brooks selling luxury beach villa13 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago Ephraim Island has several properties on the market right now. Check out the link below.“I’ve done all the work the last 20 years, she can do the next 20 years,” said the new owner to his wife.“It’s a changing of the guard with our children all grown up. We’re downsizing.” This was the fourth sales campaign for the Ephraim Island penthouse and the highest offer the vendors had received over those campaigns.The auction was paused to negotiate for an hour while other auctions were called, and then the evening was interrupted to recommence the Ephraim Island bidding with auctioneer Nigel Long announcing the property was on the market with a leading bid of $1,927,500.No other bids were received and the crowd of 50 applauded the winning couple with paddle number 8. >>>FOLLOW THE COURIER-MAIL REAL ESTATE TEAM ON FACEBOOK<<<last_img read more

Exclusive: Taxpayer-funded study by euthanasia supporters ‘fatally flawed’

first_imgOneNewsNow 20 October 2015The Government is under fire for funding a study on euthanasia that’s being run by researchers who support assisted dying.Opponents are angry, claiming the study asking doctors and nurses for their views on euthanasia is biased and flawed.The study is being led by two Auckland researchers, Dr Phillipa Malpas and Dr Pam Oliver, who told participants “we are independent”.But they didn’t reveal they’re members of the Voluntary Euthanasia Society which is pushing for a law change to let doctors help patients die.The lead researcher, Dr Malpas, supports euthanasia.“We’re actually not seeing the kind of abuses that people worried about. We’re not seeing the slippery slope,” she told TV ONE’s Breakfast programme in 2011.Before the study began, a reviewer questioned her links with the pro-euthanasia lobby, asking, “Does this not have to be declared?”But it wasn’t. Research Funded By TaxpayersMedia Release Care Alliance 19 October 2015The government’s Health Research Council is funding euthanasia and assisted suicide (EAS) research, according to documents released to the Care Alliance under the Official Information Act.The research, conducted by Dr Phillipa Malpas and Dr Pam Oliver, is the subject of complaints to the University of Auckland’s Human Participants Ethics Committee.Matthew Jansen, spokesperson for the Care Alliance, says “It is appalling that the HRC is funding a lopsided survey that is intended to help draft legislation to kill people.”Mr Jansen also highlighted the University of Auckland’s role in providing ethics approval for the research. “Two reviewers specifically noted that Dr Malpas is an advocate of euthanasia and assisted suicide, but they then failed to make sure that participants were told.”“Drs Malpas and Oliver did not tell the Ethics Committee at the outset that they are members of the Voluntary Euthanasia Society, and they went on to tell survey participants that they are ‘independent’.”“In reality they are using public funds for a private campaign.”He says there are many other serious deficiencies in the survey which mean it should never have been approved. “They have even cited Wikipedia as a source of information for survey participants, for goodness sake. That’s an insult to the academic integrity of the University.”Mr Jansen has written to the Chair of the University of Auckland’s Human Participants Ethics Committee asking for its approval to be suspended until the deficiencies are corrected.ENDSlast_img read more

Oct. 19 not a nonworking holiday in Bacolod anymore

first_imgBut Republic Act (RA) 11146 signed byPresident Rodrigo Duterte last year moved to June 18 the Bacolod City CharterDay and made it a special nonworking holiday. The mayor said RA 11146 corrected theRA 7724 that erroneously identified Oct. 19 as the date of the Charter Day ofBacolod. BACOLOD City – Today is no longer anonworking holiday in this city. Leonardia said the city’s Charter wassigned on June 18, 1938 and Oct. 19 was just the inauguration of the firstofficials of Bacolod as a city./PN Previously, this city celebrated itsCharter Day every Oct. 19 and observed it as a nonworking holiday. According to Mayor Evelio Leonardia,June 18 was the day President Manuel Quezon signed and approved into effectCommonwealth Act 326 that created the city of Bacolod. Cong. Greg Gasataya filed House Bill7044 upon the request of Leonardia to correct RA 7724.last_img read more

Indiana AG Office aims to protect Hoosiers online

first_imgINDIANAPOLIS – Indiana Attorney General Greg Zoeller is announcing proposed legislation to provide greater safeguards of Hoosiers’ personal and financial information online.The proposal aims to provide stricter requirements for the safe storage of sensitive data, reducing harm to consumers in case of a data breach and increasing transparency of online privacy policies.The state attorney general’s office has opened 1,310 identity-theft related complaints in 2014.State Sen. Jim Merritt (R-Indianapolis) plans to sponsor the legislation during the 2015 Indiana General Assembly.last_img

Dreyer Report: Home sales surge, inventory low in Batesville

first_imgBatesville, In. —The Dreyer Report, detailing real estate sales in the Batesville School district for November has been released.Total sales for the month increased more than 50 percent from last year from $972,000 to $1,834,400. Year-to-date sales are up about 8 percent to $23,754,545. The average selling price has dropped from $189,652 to $187,044 over the last 12 months.Listings have set consecutive lows each month over the last year. Currently there are 26 homes on the market compared to 31 this time last year.The report says it is clear 2017 sales will exceed the previous year and inventories are expected to continue to be low compared to local historic averages.last_img

Sterling vows to score 15 more goals

first_img Promoted Content8 Shows That Overstayed Their WelcomeThe 18 Most Visited Cities In The WorldWhich Celebrity Endorsement Deals Were Worth The Most?Couples Who Celebrated Their Union In A Unique, Unforgettable WayA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This DayBest & Worst Celebrity Endorsed Games Ever MadePortuguese Street Artist Creates Hyper-Realistic 3D GraffitiLook At Something Beautiful That Wasn’t Made By A Human BeingThe Funniest Prankster Grandma And Her GrandsonWho Earns More Than Ronaldo?What Happens To Your Brain When You Play Too Much Video Games?Top 10 Most Romantic Nations In The World Loading… Manchester City winger, Raheem Sterling, has said he would like to score 15 more goals a season. Sterling has gone from strength to strength under Guardiola The England international has broken the 20 goal mark for three consecutive campaigns but now wants to push his game even further. “I would say probably I’m about 15 goals off where I want to be,” he said. “Those are the targets, to try and create good numbers but at the same time not just have numbers to have numbers.Advertisementcenter_img At the end of the day you want to have trophies to back up that season because 10 years from now you can score a lot of goals, but if I can’t look back on those goals as being important for my team and having a great value then those goals were pointless. read also:Sterling: Liverpool always in my heart It is one of those, to try and contribute as much as I can but at the end of the season have some medals to show for it.” FacebookTwitterWhatsAppEmail分享 last_img read more