Rupiah strengthens to below Rp 15,000 per US dollar for first time since mid-March

first_imgThe rupiah has reached its strongest level since mid-March, appreciating nearly 3 percent on Thursday against the United States dollar amid hopes that a vaccine for COVID-19 is developed and central banks’ pledges to hold interest rates to support battered economies.Indonesia’s currency stood at Rp 14,881, appreciating 2.7 percent against the greenback at 4:46 p.m. Jakarta time to emerge from this year’s low of Rp 16,625 amid global recession risks. The rupiah once depreciated by as much as 18 percent this year before appreciating to the current level.Bank Indonesia’s (BI) Jakarta Interbank Spot Dollar Rate (JISDOR) showed the currency strengthening to Rp 15,157 per dollar from Rp 15,415 on Wednesday. On the same day, Fed officials said in a unanimous statement that it “will use its tools and act as appropriate to support the economy” and pledged to keep the interest rate near zero until the US economy returns to normal.Perry said further appreciation of the rupiah would be supported by this year’s lower current account deficit (CAD). The central bank expects the first quarter CAD to be below 1.5 percent and stay below 2 percent throughout the year, down from BI’s earlier projection of 2.5 to 3 percent.Furthermore, a yield differential in government debt papers between Indonesia and other countries was still attractive for foreign investors, Perry said.“This will attract capital inflow into Indonesia,” he added.By early May, BI will have injected a total of Rp 503.8 trillion in additional liquidity into the financial system to help cushion the economic impact of the pandemic and strengthen the rupiah as part of its quantitative easing measures. This includes BI’s bond buying worth Rp 166.2 trillion from foreign investors in the secondary market.The Jakarta Composite Index (JCI) jumped Thursday by 3.26 percent, led by blue chip stocks such as those of state-owned Bank Mandiri, energy company PT Medco Energi and state-owned toll operator PT Jasa Marga. Foreign investors bought around Rp 431 billion (US$28.7 million) worth of stocks more than they sold.As of April 23, however, foreign investors had sold Rp 159.6 trillion worth of Indonesian assets including bonds, stocks and BI certificates, according to Finance Ministry data.The government had successfully raised Rp 221.4 trillion from government bonds by the end of March. This is in addition to a $4.3 billion dollar-denominated bond sales in the US and Rp 11.38 trillion in bond sales at a greenshoe option bond auction on Wednesday, among other debt papers.It would sell Rp 856.8 trillion worth of bonds in the second quarter through to the end of the year to cover its widening budget deficit, Finance Minister Sri Mulyani Indrawati said.The country’s financial markets have started to recover since a slump in March as foreign investors sold Indonesian assets over fears of COVID-19.Topics : “We decided to hold [the interest rate] in the near term to prioritize maintaining the currency level,” BI Governor Perry Warjiyo told the House of Representatives Commission XI overseeing financial affairs on Thursday. “We are confident that the rupiah will further strengthen.”The central bank decided to hold its benchmark interest rate this month at 4.5 percent after a 50 basis points (bps) cut in total in February and March.“The rupiah appreciation is related to the US Federal Reserve’s policy on Wednesday to hold its interest rate at the zero percent to 0.25 percent range,” Bank Permata economist Josua Pardede told The Jakarta Post on Thursday. “In addition, biotechnology company Gilead said the development of its proposed COVID-19 vaccine was running well and that the drug was proven to cure at least 50 percent of the patients [who tested it].”A top US infectious diseases official said Gilead Sciences’ experimental antiviral drug remdesivir would become the standard of care for COVID-19 after early clinical trials showed it helped patients recover more quickly from the illness, Reuters reported on Wednesday.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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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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