Panic buying hurts consumption growth in the long run, analysts say

first_imgExperts have warned that the waves of panic buying seen in many supermarkets in Jakarta in recent weeks may contribute to an increase in inflation and hurt the country’s consumption growth in the long run.“The danger of panic buying is that it can create inflation, especially for staple foods,” a senior economist at the Institute for Development of Economics and Finance (INDEF), Aviliani, told The Jakarta Post over the phone on Wednesday.The first wave of panic buyers hit supermarkets at the start of the month, on March 2, after President Joko “Jokowi” Widodo announced the first two cases COVID-19 in Indonesia. Another wave of buyers purchasing in bulk was seen over the weekend as the number of cases in Indonesia grew rapidly. As of Thursday, there were 227 confirmed cases and 19 deaths.The prices of several staple goods have seen a drastic increase. According to the National Strategic Food Prices Information Center (PIHPSN), the average price for a kilogram of granulated sugar across all provinces in Indonesia reached Rp 17,050 (US$1.06) on Thursday, significantly higher than the highest retail price (HET), which is pegged at Rp 12,500 per kilogram.Aviliani urged the central government to work with regional governments to stabilize staple goods because if their prices became volatile, it would not only cause inflation but also “the growth of the economy will slow down”.The Indonesian economy depends, in large part, on household consumption. Household consumption accounted for 56.62 percent of the country’s total gross domestic product (GDP) in 2019, according to the fourth-quarter report on Indonesia’s economic growth by Statistics Indonesia (BPS). The Asian Development Bank (ADB) cited Indonesia’s “strong domestic consumption” as the backbone of the country’s economic growth in 2020, according to the Asian Development Outlook 2019 Update report.“Robust consumption should see Indonesia’s economic expansion continue at a healthy pace this year [2019] and next year [2020],” said ADB country director for Indonesia Winfried Wicklein as quoted in an ADB press release on Sept. 25, 2019.The paradox of panic buying is that it may seem to spur consumption, but, in the long run, it actually does not because people will buy less in the future. “Simply, the more you buy now, the less you will buy later,” an analyst at a major brokerage house told the Post on Thursday.The analyst said that “the impact on economic growth will be marginal if we stretch the time frame over the longer horizon” because consumers would not need more basic necessities than their usual spending patterns.He cautioned about the impact of the novel coronavirus on purchasing power. “If more jobs are lost than created, it will lead to reduced purchasing power and hamper demand,” the analyst explained.Transmart Carrefour vice president of corporate communications Satria Hamid told the Post on Wednesday that the supermarket chain had seen sales increase by 50 percent year-on-year within the last two weeks.“[…] mostly staple foods, followed by hand sanitizer, masks, gloves, hand soap and also goods such as fruits and health supplements,” Satria said, adding that in addition to the stockpiling that occurred on March 2, a significant increase in purchases had been seen over the weekend and had carried into Tuesday of this week.Satria mentioned that Transmart Carrefour was coordinating with the Trade Ministry and the Jakarta administration to ensure a steady supply of goods. Its coordination with the ministry sought to increase access to staple items, including sugar, whose prices have soared.The Indonesian Retailers Association (Aprindo) released a statement on March 2 urging “the Indonesian public not to carry out panic buying due to phobias”.“Panic buying happens when there is a perception formed in society without clear information,” Aviliani told the Post, explaining that the images of empty shelves circling on social media had caused fear in consumers that they would not be able to buy necessary goods when they needed to.  (ydp)Topics :last_img read more

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Global smartphone sales plunge 20% in pandemic-hit quarter

first_imgTopics : Global smartphone sales saw their worst-ever slump in the first quarter as the coronavirus pandemic hit consumer spending, a market tracker said Monday.The Gartner survey found a 20.5 percent drop in the first three months of the year.The plunge came amid heightened economic uncertainty and government-ordered lockdowns in many parts of the world in March, Gartner noted. “Apple had a strong start to the year thanks to its new product line up that saw strong momentum globally,” said Annette Zimmermann, research vice president at Gartner.”Apple’s ability to serve clients via its online stores and its production returning to near normal levels at the end of March helped recover some of the early positive momentum.”Global sales amounted to 299 million units in the quarter compared with 375 million a year ago.center_img Another factor was the shutdown of factories, many in China, which produce the handsets for most of the major global smartphone makers, noted analysts at Gartner.The data showed Samsung keeping its leading position with 18.5 percent of the market even though sales were down more than 22 percent.Huawei remained at number two with a 14.2 percent market share, after a 27 percent drop in sales for the Chinese giant being hit with US sanctions.Apple held third place, seeing a more modest eight percent drop, giving the US firm a 13.7 percent share.last_img read more

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Governor Wolf: Trump Fuel Economy Rollback Betrays PA Consumers, Workers

first_img Energy,  Environment,  National Issues,  Press Release,  Public Health,  Statement Harrisburg, PA – Today, Governor Tom Wolf issued the following statement on the Environmental Protection Agency (EPA) and the Trump Administration’s rolling back of current fuel efficiency standards, which is projected to increase costs for Pennsylvanians on gasoline:“Once again, the Trump Administration is siding with big oil and gas companies over families in Pennsylvania. Today’s decision will mean small business owners paying more to transport their goods and get to job sites and families paying more to drive to work or their child’s school. This decision flies in the face of what’s best for consumers and the environment. The EPA’s action to weaken fuel economy standards hurts Pennsylvania’s consumers, workers, and everyone who wants to breathe cleaner air. Fuel economy standards are lowering gas bills, spurring innovation to create jobs, keeping air cleaner, and creating demand for cleaner domestic energy and renewable technology.“The current standards have led to the development of new technologies, manufacturing innovation, and new jobs throughout the U.S., while reducing consumer costs at the gas pump. These standards were developed with substantial public input and rely on scientific evidence to promote advanced vehicle technologies and reduce air pollution, while saving Pennsylvanians at the pump. Pure and simple, this is a betrayal of the same people the President claims he is fighting for.“Thanks to the Clean Car Standards, the 2018 Ford F-150 gets better gas mileage than a 2010 Taurus. At a time when advanced manufacturers are expanding in Pennsylvania and more than 7,500 workers in the state are employed in manufacturing the high-tech components of these vehicles and developing the next generation of vehicle technologies, we need to encourage innovation, not turn back the clock.” Governor Wolf: Trump Fuel Economy Rollback Betrays PA Consumers, Workers August 02, 2018center_img SHARE Email Facebook Twitterlast_img read more

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Sonardyne Tech to Support DOF Subsea Ops in Brazil

first_imgDOF Subsea has chosen acoustic and inertial navigation technology from Sonardyne Brasil to support its deepwater operations from three vessels offshore Brazil.The three vessels will be equipped with Sonardyne’s SPRINT-Nav all-in-one subsea navigation instrument for underwater vehicles.A remote operated vehicle (ROV) on one of the vessels will also be fitted with a Sonardyne Syrinx Doppler Velocity Log (DVL), in place of its existing system. All three vessels are on long-term contract in Brazilian waters.DOF Subsea’s multiple SPRINT-Nav systems will be used to support ROV operations, as part of construction, inspection, maintenance and repair (IMR) work in Brazil’s deepwater pre-salt oil fields, in depths down to 3,000 metres.Andre Moura, sales & applications manager for Sonardyne in Brasil, said: “To meet stringent specifications for subsea inertial navigation, operators are more and more looking for high-performance instruments and our SPRINT-Nav meets their needs. SPRINT-Nav offers unmatchable performance.”last_img read more

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MRE to Help Albatros Take Off

first_imgManor Renewable Energy (MRE) has signed a contract with Siemens Gamesa for the Albatros offshore wind farm, under which MRE will provide the full temporary power package of generators, personnel, and vessels.Working out of the base port of Esbjerg in Denmark, MRE will commence work on the Albatros project in August 2019.“We have a strong track record of temporary power delivery on German offshore wind projects and with that, a huge amount of lessons learnt which we will implement into our bespoke offering on the Albatros project; we look forward to delivering our services to Siemens Gamesa and continuing that relationship,” MRE General Manager Brett Smith said.Located in the North Sea some 105 kilometres off the coast of Germany, the Albatros wind farm, owned by EnBW, Enbridge, and Canada Pension Plan Investment Board, is due for completion later in 2019.The wind farm will comprise 16 Siemens SWT-7.0-154 type turbines and have a capacity of 112MW. Albatros is being developed in conjunction with the neighbouring 497MW Hohe See wind farm.last_img read more

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‘I saw Dudus kill 4’ – Witness tells of murder, guns and drugs

first_img 13 Views   no discussions NewsRegional ‘I saw Dudus kill 4’ – Witness tells of murder, guns and drugs by: – May 23, 2012 Share Sharing is caring! COKE… pleaded guilty to racketeering and conspiracy charges in 2011NEW YORK, USA — A prosecution witness in the case against former Tivoli Gardens strongman Christopher ‘Dudus’ Coke yesterday gave details and damaging evidence of murder, gunrunning and drug-trafficking allegedly carried out at the direction of and by Coke himself.The witness, who is a former resident of Denham Town and Tivoli Gardens, told an evidentiary hearing here that he was part of Coke’s inner circle which operated a criminal system from Tivoli.He told the court that the system extended to the United States, Canada and the United Kingdom and involved the importation of drugs and guns into Jamaica.The witness also related in detail the murders of a least four persons he claimed he witnessed Coke carry out at a ‘jail’ in Tivoli.However, under blistering cross-examination by defence attorney Stephen Rosen, the witness admitted that he had lied about a number of issues relevant to his testimony.Among them was the fact that he has used several different names and false documents as identification to enter the United States illegally. Twice deported from the US, the witness is currently serving a five- to seven-year sentence for his last illegal re-entry into the US. He is also facing a 30-year to life sentence for murder, and for which he is seeking to enter a plea bargain arrangement with US authorities.The hearing ended abruptly after the witness told the court that prosecutors did not prepare him to testify, nor had they gone over the evidence with him.“This may be a good time for us to stop,” an obviously surprised Rosen recommended to Judge Robert Patterson.Speaking outside the courthouse at the end of the day’s proceedings, Rosen and colleague defence attorney Frank Dotadado said they were pleased.“The witness has been totally discredited,” Rosen said.Yesterday’s evidentiary hearing came out of an order by Judge Patterson to hear from previously unnamed prosecution witnesses who had painted Coke as a murderous drug lord who ruled the notorious Shower Posse with an iron fist.Prosecutors are trying to convince judge Patterson that Coke should be given the maximum 23-year prison sentence. However, the prosecution has indicated that they would be willing to settle for an 18-year sentence.Coke, who was extradited to the US in June 2010 following a month-long manhunt preceded by three days of gunbattles that left more than 70 civilians and one Jamaica Defence Force soldier dead in Tivoli Gardens, pleaded guilty last year to racketeering and conspiracy charges — much lesser charges than for which he was extradited.The deaths occurred after thugs loyal to Coke engaged police and soldiers who sought to enter a barricaded Tivoli Gardens in May 2010 to serve an arrest warrant on Coke. Coke escaped the dragnet but was captured nearly a month later while being chauffeured into Kingston by firebrand Pastor Al Miller.He waived his right to an extradition hearing in Jamaica and was flown to the US the following day.Another witness is expected to take the stand today. The hearing is expected to end tomorrow, after which Coke will either be sentenced or a date set for his sentencing.Jamaica Observercenter_img Share Tweet Sharelast_img read more

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Area Basketball Scores (1-7)

first_imgArea Basketball Scores.Thursday  (1-7)Boys Basketball Scores.Rivertown Classic.1st Round @ South Dearborn.Lawrenceburg  69     Switz. County  58Rising Sun  65     South Dearborn  50Girls Basketball Scores.North Decatur  59     South Decatur  41Shawe Memorial  75     RC Academy  24Austin  53     SW Hanover  20Eastern Hancock  61     Hauser  58last_img

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Rodgers hails Sturridge’s future

first_img The 24-year-old has scored eight times in nine matches across all competitions this season and has 19 goals in 25 appearances since moving to Anfield from Chelsea in January. He is expected to feature in England’s forthcoming World Cup qualifiers against Moldova and Poland having won just six caps since his debut in November 2011. Liverpool manager Brendan Rodgers believes Daniel Sturridge is on his way to becoming one of Europe’s top strikers. Press Association “He literally only joined in the last week or so of pre-season,” Rodgers told liverpoolfc.com. “To have missed out on pre-season, just come back with 10 days to go and play how he has done so far without a lot of rest has been remarkable. “For him it’s just about maintaining that consistency – he knows that and that’s from the training field. “He’s working hard in training, working hard in the games and getting his reward. “When he gets up to real fitness in a few games’ time, he will become even better.” Rodgers is fortunate in having two top-class strikers at his disposal as Luis Suarez’s return from suspension has seen the Uruguay international score three times in two games. That has helped Liverpool to second in the league table, behind Arsenal only on goal difference. “Their qualities are different. If you look at Luis, he’s a great box player,” Rodgers said. “He’s got wonderful feet in and around the box, he can make things happen out of nothing, he always has defenders on the back foot because of his trickery, and he can finish left foot or right foot. “So he will always ask defenders questions, especially in and around the box where they have maybe got to dive in a bit more. “Daniel is a different type altogether; he’s got all-round great qualities.” Rodgers admits the striker’s development has some way to go but on current evidence he has no doubts about his enduring quality. “He’s got a great touch, is very strong on his left side and his right side, he’s got super pace – once he’s away, he’s away, you’re not catching him,” said the Reds boss. “He’s clever in his movement and his runs, he’s a good footballer; he drops into spaces, picks up the ball, sets the game, spins. He’s also got an eye for goal. “The area that he’s looking to improve on is his heading, as he showed last week away at Sunderland. “He’s a boy who I still think there’s a lot of improvement to make. “When he does, I think he can prove to be one of the top strikers in European football.” Sturridge is still not operating at 100 per cent having suffered an ankle injury in the friendly against the Republic of Ireland in May and he missed last month’s internationals with a thigh problem. That makes his early season form all the more impressive. last_img read more

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USC Upstate looks to end streak vs Hampton

first_imgUSC Upstate looks to end streak vs Hampton February 28, 2020 LEADING THE WAY: The electric Jermaine Marrow is averaging 24 points and 6.5 assists to lead the charge for the Pirates. Ben Stanley is also a big contributor, putting up 22.4 points and 7.3 rebounds per game. The Spartans have been led by Everette Hammond, who is averaging 13.8 points and 4.4 rebounds.OFFENSIVE THREAT: Marrow has directly created 53 percent of all Hampton field goals over the last three games. The senior guard has 21 field goals and 24 assists in those games.WINLESS WHEN: South Carolina Upstate is 0-14 when scoring fewer than 64 points and 11-5 when scoring at least 64.COLD SPELL: South Carolina Upstate has lost its last three road games, scoring 61.7 points, while allowing 75.7 per game.DID YOU KNOW: Hampton has attempted the fifth-most free throws in all of Division I. The Pirates have averaged 24.7 free throws per game. Share This StoryFacebookTwitteremailPrintLinkedinRedditSouth Carolina Upstate (11-19, 6-11) vs. Hampton (13-17, 8-9)Hampton Convocation Center, Hampton, Virginia; Saturday, 4:30 p.m. ESTBOTTOM LINE: Hampton looks to extend South Carolina Upstate’s conference losing streak to five games. South Carolina Upstate’s last Big South win came against the Charleston Southern Buccaneers 66-52 on Feb. 10. Hampton lost 81-78 to Radford in its most recent game.center_img Associated Press ___For more AP college basketball coverage: https://apnews.com/Collegebasketball and http://twitter.com/AP_Top25___This was generated by Automated Insights, http://www.automatedinsights.com/ap, using data from STATS LLC, https://www.stats.comlast_img read more

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The Latest: Guingamp staff member tests positive

first_imgThe Latest: Guingamp staff member tests positive The Brittany-based club said on Twitter that the squad’s activities were immediately suspended, and Guingamp is working with local health authorities on implementing the agreed protocol. Local newspaper Ouest-France reported earlier this week that a player at the second-tier side had also tested positive for the coronavirus.French clubs have resumed training and are playing friendly matches ahead of the new season.The second division starts on Aug. 22.___ Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___French soccer club Guingamp said on Sunday that one of its staff members has tested positive for the coronavirus. Associated Press center_img July 26, 2020 More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sportslast_img read more

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