State-owned banks disburse nearly $3 billion in working capital loans using govt funding

first_img“This seems to be supported by the fact that interest in new loans increased in July, a month after the government made the funds available on June 25,” he said during a webinar organized by the Institute of Development on Economics and Finance (Indef).Read also: State banks to disburse $6.32b in loans to help businesses recover from COVID-19 hitThe provision of the funding is part of the government’s stimulus worth Rp 695.2 trillion to strengthen the healthcare system and bolster the economy. The funds are supposed to help bank liquidity and stimulate credit growth, as banks conduct credit-restructuring for micro, small and medium enterprises (MSMEs), while business players can use the loans to support expansion plans during the pandemic.The Indonesian economy grew 2.97 percent in the first quarter of this year, the slowest in 19 years. The government expects the economy to shrink by up to 5.08 percent in the second quarter as the outbreak paralyzes business activity. State-owned banks have collectively disbursed Rp 43.5 trillion (US$2.99 billion) in working capital loans using funding provided by the government, deputy State-Owned Enterprises (SOEs) minister Kartika “Tiko” Wirjoatmodjo has said.Tiko said on Tuesday the loans were disbursed to 518,797 borrowers as of July 22.The figure was equal to 145 percent of the total Rp 30 trillion provided by the government in June, which was intended to be channeled as loans to shield businesses from the impact of the COVID-19 pandemic. Tiko went on to say that Bank Rakyat Indonesia (BRI) had disbursed Rp 21.21 trillion, while Bank Mandiri had disbursed Rp 14.93 trillion in loans. Those figures were higher than the government’s fund placement of Rp 10 trillion in each bank.Read also: Banks ask OJK to extend debt relief program amid mounting COVID-19 casesBank Negara Indonesia (BNI) also managed to disburse Rp 6.04 trillion from the Rp 5 trillion of government-provided funding, while Bank Tabungan Negara (BTN) only disbursed Rp 3 trillion of the Rp 5 trillion of government funds placed with the bank.Tiko said that the disbursement would hopefully continue until August with a total disbursement of Rp 90 trillion, three times the amount of funding aimed at fueling the economy.“Once we reach this target, we hope the government will place more funds [in state-owned banks] so we have the ammunition to be more aggressive in disbursing new loans,” he said.center_img Topics :last_img read more

Rail Gourmet buys ERC

first_imgON JUNE 29 the SAirRelations division of SAirGroup (formerly Swissair Group) signed a purchase agreement with the management of British-based European Rail Catering. The new acquisition will be integrated with Rail Gourmet, thereby more than doubling its revenue and increasing its European market share from 6 to 11%, according to parent SAirRelations. Formerly known as OBS Services (RG 4.97 p220), ERC has an annual turnover in excess of £40m from direct catering on 350 services a day, and the supply of food and drink to another 1000 from 36 station-based service centres throughout Britain. Rail Gourmet Chief Executive Officer Edy Fischer saw the acquisition as creating ’a powerful partnership’ of his company’s ’high-quality production and supply capabilities’ with ERC’s ’expertise and flair’ in cultivating the rail catering market. Following the acquisition of Restobel/ Restorail in March, Rail Gourmet expects revenue to grow to over SFr100m this year from the SFr33m recorded in 1996. olast_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