Ex-Aberdeen chief Reid founds European investor

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BI buys $15.7b in govt bonds to support economy

first_imgBank Indonesia (BI) has bought Rp 234.65 trillion (US$15.77 billion) worth of government bonds under the “burden sharing” scheme to fund the widening fiscal deficit, pledging continued support for the sluggish economy.Of the total figure, the central bank has bought Rp 51.17 trillion worth of sovereign debt papers (SBNs) through auctions, as well as another Rp 183.48 trillion through private placement as of Sept. 15, BI Governor Perry Warjiyo said during a meeting with House of Representatives Commission XI overseeing financial affairs on Monday.On that basis, BI currently owns Rp 640.6 trillion worth of SBNs. The pandemic pushed the economy into a contraction of 5.32 percent in the second quarter. Finance Minister Sri Mulyani Indrawati said the government had revised down its GDP outlook to an annual contraction of between 0.6 and 1.7 percent as the uncertainty surrounding the pandemic had taken a significant toll on consumption and business investment.Consumption, which accounts for more than half of the nation’s GDP, is now expected to remain weak and to contract between 1 and 2.1 percent, while investment is expected to shrink between 4.4 and 5.6 percent as demand and economic activity remain cool.The economy has shown substantial improvement in the third quarter compared to the second quarter as reflected by the purchasing managers’ index (PMI) and retail sales data, Perry went on to say. However, he also said the recovery remained slow amid the uncertainty surrounding the pandemic.“Although the coronavirus pandemic has limited economic activity, we have seen signs of improvement in people’s mobility and economic activity,” he said. “The fiscal and monetary stimulus will help avoid significant deterioration in economic activity going forward.BI has trimmed the policy rate four times this year by 1 percentage point in total, cut the reserve requirement ratio, eased lending rules and undertaken quantitative easing to support the economy. The central bank has disbursed Rp 662 trillion in quantitative easing measures.The burden sharing scheme between the fiscal and monetary authorities would lower the government’s debt burden going forward, the Finance Ministry’s financing strategy and portfolio director Riko Amir said, adding that the debt-to-GDP ratio would be slightly lower than 40 percent of GDP, “which will be lower compared to other emerging countries”.“This will mean the government has sufficient fiscal space to allocate spending in priority sectors post-pandemic,” he told The Jakarta Post recently. “The government will continue to increase state revenue and create efficiency in expenditure to control the debt growth.” However, credit rating agency Moody’s Investor Service said Indonesia’s accumulated debt and falling tax revenue would weaken its “debt affordability” and might deteriorate its credit quality.Debt affordability is a means of measurement used by Moody’s, calculated by the ratio of annual interest payments required to maintain a government’s debt to its annual tax revenues.Although the deterioration in debt affordability will be modest in general for emerging markets, Indonesia will have interest payments to account for more than 20 percent of government revenue, the agency stated.“We are not expecting a reversion to pre-coronavirus deficit levels in Indonesia until at least 2025,” Moody’s senior analyst Anushka Shah said on Sept. 16.Topics : “This is our commitment to support the economy through financing measures and bearing the debt burden so that the government can focus on spending the state budget,” Perry told the lawmakers, stressing that the central bank would continue buying government bonds through the scheme.The government and the central bank have agreed on a $40 billion debt monetization scheme, dubbed “burden sharing”, which will see BI buying at least $28 billion in government bonds while shouldering the debt costs.The coronavirus-induced economic downturn has sapped tax revenue, spurred government spending and necessitated record amounts of government borrowing as the country’s budget deficit may widen to 6.34 percent of gross domestic product (GDP), more than twice the initial deficit cap of 3 percent.The government, however, has only spent around 36 percent of the Rp 695.2 trillion stimulus it allocated to help the economy due to red-tape, among other issues.last_img read more

Accounting roundup: IASB, asymmetry, FRC, cashflow statements

first_imgDoubts remain, however, whether the IASB’s latest effort to win over long-term investors will succeed.Speaking during the 18 October discussion, IASB member Mary Tokar said: “We aren’t setting a requirement – we are just doing an unnecessary acknowledgement in the text of the standard that we may make asymmetric decisions. That is what we were asked to acknowledge.“I think, then, we should draft it in accordance with that, which is that this does not preclude the board from establishing requirements that may be asymmetrical.”Project manager Anne McGeachin said: “For you to be able to reach a decision about asymmetry, you need to be able to conclude it provides relevant information and that the information was faithfully represented. To be faithfully represented, it would need to be neutral.” The board is attempting to juggle the demands from some UK-based long-term investor interests on the one hand and the need to maintain convergence with the US FASB’s accounting model on the other.Chapter 2 of the Conceptual Framework currently follows a form of words agreed with the US board that eliminated the notion of conservatism from the accounting rubric.Meanwhile, the UK Financial Reporting Council (FRC) has concluded that “reporting quality is generally good, but companies have room for improvement”.The verdict comes in the audit watchdog’s Annual Review of Corporate Reporting 2015-16. In its latest review of the UK reporting landscape over the past year, the FRC concluded: “Given the complexity and breadth of corporate reporting, it is not possible to assess the overall quality of corporate reporting in one sentence.“Compliance with the accounting framework, particularly by larger public companies, is generally good, and the introduction of the strategic report has improved the quality of narrative reporting.”The FRC has also repeated its call from 2015 for preparers to adopt the requirements of the IASB’s draft amendments early to its asset-celling guidance in IFRIC 14.The IFRS Interpretations Committee agreed at its September meeting to press ahead with the amendments.Further in relation to pensions, the FRC flagged up what it calls “recent high-profile corporate failures” as having highlighted the risk posed by defined benefit scheme deficits in today’s low interest rate and low-return environment.The FRC urged directors to consider “whether a company’s obligations under pension agreements with current and future employees create principal risks and uncertainties to be disclosed and explained in the strategic report”.Lastly, the FRC has released a consultation on improvements to the cashflow statement.The FRC has said it wanted to hear views on potential improvements to the statement.It plans to feed through input from interested parties to the IASB’s Primary Financial Statements project.This project, a research initiative, is at an early stage and examining possible changes to the structure and content of the primary financial statements.In particular, the FRC discussion paper contains an analysis of the direct method cashflow statement.This method proved highly controversial when floated by the IASB during its abandoned project on financial statement presentation. The International Accounting Standards Board (IASB) has agreed to include a discussion of asymmetry in the main body of its Conceptual Framework document.Staff will now work on a revised form of words to work into Chapter 2 of the framework. The decision to include an analysis of asymmetry is driven by the board’s earlier decision to reintroduce a reference to prudence back into its framework.Since the financial crisis, the accounting establishment has come under pressure for what some critics see as its inherently imprudent standards.last_img read more

Bread gift for hungry kids

first_imgNZ Herald 5 Feb 2013Close to half of Kiwi kids sent hungry to school will soon be receiving free food, a children’s charity says.KidsCan Charitable Trust will soon be providing free food to about 7000 needy children a day – 2500 more than are fed now.The increase comes after supporter Tip Top announced last night that it would increase its donation from 30,000 loaves to about 100,000 a year.The KidsCan Food for Kids scheme is run in 276 low-decile primary and intermediate schools.Children who are identified as needy get three food items a day from a list including toast, baked beans and fruit.Raincoats, shoes and socks are also provided.KidsCan founder Julie Chapman said the goal was to feed all children in decile one to four primary and intermediate schools that need food – up to 17,000 children a day, or a cost of around $4.5 million a year.The Government has said it is open to considering a national food strategy for low-decile schools as proposed by experts appointed by Children’s Commissioner Russell Wills.http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10863464last_img read more

Theft suspects arrested, property recovered in Greensburg

first_imgGreensburg, In. — Officers from the Greensburg Police Department apprehended two theft suspects and recovered stolen property this week.Police found two males looking into car windows in the 200 block of North Amrhein Drive late Tuesday. Both subjects fled the area as officers pursued. After a short foot pursuit, both suspects were taken into custody. Property was taken from the pair.Police are now asking residents in the area that are missing property to contact them. If you are missing property please call 812-222-4911.last_img read more

Cazenovia boys basketball improves to 6-0

first_imgHowever, the second half saw the Lakes maintain its production on one end and stifle the Trojans on the other end, only allowing a handful of field goals.Gradually pulling away, Cazenovia had Ryan Romagnoli earn a game-high 19 points, nearly all of it from sinking six 3-pointers, while Patrick Linck finished with 13 points.Alex Moesch, with 11 points, also hit double figures as A.J. Rothfeld and Peter McCole each got six points. Homer had 16 points from Mikyle Franklin and 13 points from Derek Fickett. Still at home Friday to face Holland Patent, Cazenovia went for five in a row – and got it, taking over in the second quarter and hanging on to win 65-58.The Lakers trailed 16-12 through one period, but outscored the Golden Knights 21-6 the rest of the half. And all through the second half, Cazenovia ably withstood HP’s charges.Moesch continued to light it up, his 25 points mostly including five 3-pointers. Romagnoli also connected five times beyond the arc on his way to 17 points, while Linck had 13 points for the second game in a row.Without any rest, Cazenovia played again on Saturday against PSLA-Fowler at Nottingham High School as part of the annual Syracuse Basketball Invitational.And the Lakers still got to 6-0, pulling away to beat the Falcons 67-48. Once more, Moesch was the top scorer, earning 19 points as Romagnoli and McCole had 11 points apiece.All of this was in advance of another big week of games that would start Monday at Bishop Grimes and continue Wednesday against Westhill.Then Chittenango visits Buckley Gym on Friday, hoping that it has overcome some of its early-season struggles.The Bears had faced that same Holland Patent team on Wednesday night, but with a far different result as it Bears fell to the Golden Knights 63-45.Though Alex Lum had 13 points and Tyrus Kelly put in 11 points, Chittenango could not keep up with an HP attack that featured Dylan Ernst, who had 21 points, helped by Adam Jones (14 points) and Michael Benedetto (11 points).Later in the week, the Bears fell to Fayetteville-Manlius 50-40 for its fourth straight defeat, unable to sustain its strong start as it limited the Hornets to just three points in the first quarter.F-M countered with an 18-6 push through the second period, grabbed the lead and did not get caught. Lum led Chittenango with 12 points, with Evan Smith getting eight points and Jacob Dawkins getting six points.Share this:FacebookTwitterLinkedInRedditComment on this Story Even if the sample size remains relatively small, the Cazenovia boys basketball team is making a case to be on the short list of Class B title contenders.The Lakers returned from a long road trip the previous weekend and, meeting Homer last Tuesday at Buckley Gym, showed a fine all-around game in the course of a 64-50 victory over the Trojans.Long known for playing defense, Cazenovia saw that side of the game struggle during the second quarter, which allowed Homer to hang right with them and forge a 31-31 halftime tie.center_img Tags: boys basketballCazenoviaChittenangolast_img read more

Starting center’s status uncertain due to hand injury suffered against New Hampshire

first_img Published on October 10, 2012 at 12:23 am Contact Jacob: jmklinge@syr.edu | @Jacob_Klinger_ Facebook Twitter Google+ Shiann Darkangelo is trying to play through a hand injury, but Syracuse is preparing for the potential of life without its starting center.“We’ll see what she can do,” SU head coach Paul Flanagan said. “She probably won’t be able to shoot like she’s been able to shoot, but maybe she can help in other ways, so we’ll see what happens and kind of go from there.”A slash on her hand and a collision in SU’s 4-3 loss to New Hampshire on Friday kept Darkangelo out of Saturday’s 5-2 loss against then-No. 10 Northeastern. Darkangelo received a cast for the lower part of her left arm and hand before practicing with it on Tuesday. Darkangelo was not made available for comment by SU Athletics. Her status remains uncertain for this weekend’s two-game set against Penn State in State College,Pa.The sophomore was last season’s third-leading scorer with 18 points, scoring seven goals and 11 assists. Darkangelo’s hard shot, crease presence and movement would be missed if she cannot play. Yet Flanagan and his players are confident others can pick up the slack.“She’s definitely one of our key players and creates a lot of offense for us, so, I mean, going into last game we knew we were taking a hit in the offensive end,” captain Holly Carrie-Mattimoe said. “So I guess a lot of us have to step up and kind of fill that role that we’re missing.”AdvertisementThis is placeholder textWithout Darkangelo on Saturday, the Orange struggled to link its attack through the neutral zone and into its attacking sets. Sophomore center Allie LaCombe said Darkangelo’s passing ability makes it easy for her teammates.When Darkangelo was a senior in high school, freshman defender Nicole Renault played with her for Little Caesars Under-19s. Renault is one of SU’s more composed passers, and she has an extra appreciation for Darkangelo’s positional sense.“She sticks, she’s always getting open for the pass, she’s always talking, being a good teammate,” Renault said. “If you make a good pass she’ll make sure to let you know.”Darkangelo also carries her weight on defense, back-checking on opposing defenders sneaking into the zone.LaCombe struggles skating back and keeping track of opponents on defense. But Darkangelo teaches her something new on defense every day in practice.“If I watch her then I know what to do because she’s very smart,” LaCombe said.Renault said her teammate refuses to leave her defenders out to dry. Yet Darkangelo’s hard shot may be her greatest asset to the team.More than 80 percent of goals are scored on rebounds, Flanagan said. The speed of Darkangelo’s shot produces opportunities for teammates closer to goal, an area of weakness the Orange is looking to improve before taking on a PSU team that employs a conservative defense.“When teams pack it in in front you try to get somebody off to the side and you know just getting somebody back door, that kind of thing,” Flanagan said. “So we could use her size in front of the net and down low and just getting rebounds.”At 5 feet 9 inches tall, Darkangelo is the team’s second-tallest player, and while the team could miss her physical presence around the crease, others are expected to fill the void.Renault pointed to 5-foot-2-inch forward Melissa Piacentini, who was SU’s top performer in the beginning of Saturday’s game before recording her first career assist on fellow freshman Laurie Kingsbury’s third-period goal.Flanagan said Darkangelo is trying to play, but regardless of her status for Saturday, the entire offense is expected to step up.Said Flanagan: “Whether it’s (Darkangelo) or Emily or anybody, we got to start getting some production. But I feel good about this group.” Commentslast_img read more

GOtv to Broadcast Madrid Derby Live

first_imgThe 164th Madrid derby between fierce city rivals, Atletico Madrid and Real Madrid, taking place at the Wanda Metropolitano today will be broadcast live on GOtv.The La Liga encounter, which will be broadcast on SuperSport Select 4 (channel 34) at 4:15 pm, is exclusive to GOtv MAX subscribers.The two giants are meeting for the second time this season. The first encounter at Real’s Santiago Bernabéu in September ended goalless. Two points separate the teams, with Atletico occupying the second position on the LaLiga standings with 44 points, while Real are third with 42 points. Real could, however, leapfrog their neighbors should they win and put themselves five points behind leaders, Barcelona.Real Madrid striker Karim Benzema has hit form right in time for the Los Blancos, as they won their last five games in all competitions before Wednesday’s draw. Also posting impressive performances for Santiago Solari’s side is the Brazilian wonderkid, Vinicius Jnr.Atletico’s title chase suffered a blip on the back of a series of draws and a defeat to Real Betis in their last outing. However, they are usually a different proposition at their Wanda Metropolitano home.Coach Diego Simeone will rely on goal machine and World Cup winner, Antoine Griezmann; and goalkeeper Jan Oblak among other stars. A lot of attention will also be Alvaro Morata, recently acquired on loan from Chelsea.Subscribers who upgrade to the GOtv MAX package will have access to the Madrid derby, other games of the La Liga, Serie A, select matches of the UEFA Champions League and English Premier League.Speaking on the Madrid derby, Chief Customer Officer, MultiChoice Nigeria, Martin Mabutho, said GOtv is pleased to broadcast such a major game to its customers across the country.“Being the home of La Liga, GOtv is delighted to showcase live to all our customers one of the biggest derbies in the world, the Madrid derby. With both teams having massive followership in the country, fans of both clubs are guaranteed to enjoy the very best of the game’s coverage on GOtv MAX,” he said.GOtv customers, especially those on GOtv Plus, Value and Lite packages, can take advantage of the “GOtv Top-Up” campaign offer and upgrade to GOtv MAX by paying a reduced fee of N2, 500 to enjoy the best Spanish and Italian football games and other world class programming.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Best Rewards… Argyll Entertainment launches ‘universal customer loyalty programme’

first_img Share Argyll orders full compliance makeover with TruNarrative  August 17, 2020 Submit Share StumbleUpon Esports Entertainment Group to finalise Argyll acquisition by 31 July July 8, 2020 Related Articles Esports Entertainment appoints Jeff Cohen as IR lead  July 28, 2020 Stuart Tilly – Argyll EntertainmentOnline betting group Argyll Entertainment, the operating company of SportNation.bet and RedZoneSports.bet has confirmed the launch of its new industry-first ‘universal customer loyalty programme’.Developing an in-house loyalty model, Argyll will be able to reward customers across its active cross-brand portfolio, each time players wager on Argyll product verticals.The betting group have further made ‘more loyalty points available for wagers placed on traditionally higher margin products.’Updating the market, Stuart Tilly Chief Executive of Argyll Entertainment details that the ‘universal loyalty programme’ is a major release for the betting group and its long-term growth strategy.“Our objective is to make every minute spent online with us a rewarding one for our customers and the release of our rewards programme does just that.We wanted to offer our customers a simple and genuinely rewarding loyalty scheme, where every bet on our site, win, lose or draw, earns points to redeem in our store. No turnover requirements, no minimum odds conditions, no new customer or single-use restrictions…you play, you earn, you redeem…as familiar to our customers as earning points for a weekly shop, filling up with petrol or booking a flight on holiday.”Supporting the programme, Argyll has launched a new unified reward store which will be powered by industry player rewards/prizes specialist Initial Rewards.Partnering with Initial Rewards, Argyll details that it wants to create a store which will cater for all levels of its customer base. The unified reward store will be stocked with a wide of player prizes, including; merchandise, shop vouchers, electronic gadgets, match day tickets and luxury experiences.Joe Hall, Chief Commercial Officer at Initial Rewards commented: ‘We’re delighted to be working with Argyll Entertainment across their brands, delivering loyalty to their customers in an efficient and affordable manner. We’re firm believers in Argyll’s strategy and look forward to working with them this year and beyond!”last_img read more

Star potential: George Boateng tips Kudus to excel at Ajax

first_imgAston Villa Youth coach and former Netherlands midfielder George Boateng says Mohammed Kudus has what it takes to become a star.The 19 year old sealed a 9 million euro move to Ajax FC and has signed a 5 year contract with the Dutch champions.Speaking on The Tracker on Citi TV Boateng pointed out that Ajax have high expectations of their new wonder kid.“The reason why Holland and Ajax is bringing him in this way is because they can see what I have seen.“He has got such a huge potential.“What a talent to have among the squad.“With Ziyech being sold to Chelsea they were looking for someone similar to that and found Mohammed Kudus and that says a lot.Kudus has also been nominated for the 2020 Golden Boy Award,an honour handed to the most outstanding youngster in Europe.He has spoken of his readiness and also his excitement to test himself on the next stage with Ajax both domestically and in the UEFA champions league.last_img read more