Latest News: Page 74

24

Aug

2017 Budget Agreed on Rp 2,070 Trillion

“Therefore, the 2017 State Budget will be further discussed at a technical level,” said House Speaker Ade Komarudin during the plenary meeting [...]

2017 Budget Agreed on Rp 2,070 Trillion. “Therefore, the 2017 State Budget will be further discussed at a technical level,” said House Speaker Ade Komarudin during the plenary meeting at the House of Representatives (DPR) Building, Jakarta, Tuesday (23/8).In the 2017 State Budget, economic growth is assumed to be 5.3%. Inflation is 4%, with a three-month SPN interest rate of 5.3%. The rupiah exchange rate is IDR13,300/US$, with an oil price of US$45/barrel and oil production of 780,000 barrels per day and 1.1 million barrels of oil equivalent in gas.State spending is proposed at Rp2,070.5 trillion. State revenue is targeted at Rp1,737.6 trillion, resulting in a deficit of Rp332.8 trillion or 2.41% of Gross Domestic Product (GDP).Each faction in the House of Representatives (DPR) highlighted several issues proposed by the government. Quite sharp criticism came from the Gerindra faction, delivered by Mizar Zahro.Mizar stated that the economic growth assumed by the government is still below expectations. In fact, with the tax amnesty program, the economy should be able to grow higher than predicted.Moreover, from a growth quality perspective, it is still not sufficient to improve the welfare of Indonesian people. “One of the contributing factors is that fiscal space is still minimal due to the shortfall in state revenues. This year's revenues have been revised but still could not be achieved, therefore the proposed budget cannot be implemented due to a lack of revenue,” Mizar explained.From the PAN faction, Sukiman said the State Budget should not be planned with a deficit. Therefore, dependence on financing can be reduced. “The PAN faction wants the deficit assumption to not be included in the State Budget in the future so that if a deficit occurs, it will truly be used for productive spending such as capital expenditure and investment,” he explained.The PKS faction also highlighted the issue of government debt. M Nasir said that the government should be able to reduce debt, the nominal value of which has continued to increase quite drastically every year. This is the case for next year as well.Furthermore, the government must pay large amounts in debt interest installments. The government's inability to pay interest on its debt from its revenue has resulted in the deficit balance sheet, which indicates that the State Budget management is unhealthy. “The deficit in the balance sheet has also increased, indicating that the State Budget is not yet healthy. The government must be serious in managing its debt,” Nasir said.Finance Minister Sri Mulyani Indrawati will study the views conveyed by the House. This will then become the basis for more technical discussions in the future. “I will study everything that has been conveyed and it will be discussed all at once,” Sri Mulyani said when leaving the House building. (dtf)
http://www.medanbisnisdaily.com/news/read/2016/08/24/252981/rapbn-2017-disepakati-rp-2070-triliun/#.V71rajVna1s

24

Aug

Oil rises amid Iran speculation

The U.S. benchmark, West Texas Intermediate (WTI) crude for October delivery, gained 0.69 U.S. dollar to settle at 48.10 U.S. dollars a barrel on the [...]

Oil rises amid Iran speculation. The U.S. benchmark, West Texas Intermediate (WTI) crude for October delivery, gained 0.69 U.S. dollar to settle at 48.10 U.S. dollars a barrel on the New York Mercantile Exchange. Meanwhile, Brent crude for October delivery, the European benchmark, rose 0.8 U.S. dollar to close at 49.96 U.S. dollars a barrel on the London ICE Futures Exchange.  Oil prices advanced after a fresh report suggested that Iran, the third largest producer in the Organization of the Petroleum Exporting Countries (OPEC), could support efforts by OPEC and Russia to cap output and lift prices.  Reuters reported, citing unnamed sources, that Tehran has sent `positive signals` that it could back the move, having earlier this year refused to restrain its own output in order to support the market.  Both U.S. and Brent crude futures closed 1.5 percent higher on Tuesday following the news.  The news reversed earlier losses in oil prices, which had been driven by expectations of rising output from Nigeria and Iraq, adding to the global glut.  On Monday, WTI and Brent contracts both fell around three percent, largely as a result of Iraq signaling a possible increase in its crude production.  Oil prices gained around 15 percent last week, on speculation that Saudi Arabia and other OPEC members will next month agree a production-limiting deal with non-members led by Russia. After more than a year during which the OPEC cartel has been unable or unwilling to reduce its own production to support prices, Gene McGillian of Tradition Energy remained cautious about reports that Iran will reverse its stance and cooperate with the group when it meets next month.
Editor: Nurudin Saleh

World Bank starts process to select president

24

Aug

World Bank starts process to select president

The decision follows current World Bank President Jim Yong Kim's notice that he intends to seek a second term in office. Kim's term ends on June 30, [...]

Wall Street Lower as Investors Await Yellen Speech

23

Aug

Wall Street Lower as Investors Await Yellen Speech

Investors continue to watch developments and comments in the lead-up to the speech for clues about the direction of interest-rate policy. U.S. stocks [...]

Wall Street Lower as Investors Await Yellen Speech. Investors continue to watch developments and comments in the lead-up to the speech for clues about the direction of interest-rate policy.
U.S. stocks ended little changed Tuesday as investors weighed U.S. economic data that came in largely as expected by the Federal Reserve. Economic growth is expected to pick up in coming months, Federal Reserve Vice Chairman Stanley Fischer said earlier in the day.
The Dow Jones industrial average fell 23 points, or 0.1%, to 18,529.42. The Standard & Poor's 500 index fell 1.23 points, or 0.1%, to 2,182.64. The Nasdaq composite rose 6.22 points, or 0.1%, to 5,244.60.
Oil prices fell in early trading Tuesday, paring some of the gains from last week's rally and dampening hopes for a recovery in the commodity. 
U.S. crude fell about 3% to $46.81 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international benchmark, fell 3.4% to $49.17 a barrel.

Editor
: Bambang Priyo Jatmiko

Source
: USA Today,

http://bisniskeuangan.kompas.com/read/2016/08/23/060238426/investor.tunggu.pidato.yellen.wall.street.ditutup.melemah

Global oil prices slide back after sharp gains

23

Aug

Global oil prices slide back after sharp gains

The U.S. benchmark, Xinhua reported, West Texas Intermediate (WTI) crude for September delivery lost US$1.47 to settle at US$47.05 a barrel on the [...]

Global oil prices slide back after sharp gains. The U.S. benchmark, Xinhua reported, West Texas Intermediate (WTI) crude for September delivery lost US$1.47 to settle at US$47.05 a barrel on the New York Mercantile Exchange. Meanwhile, the global benchmark, Brent crude for October delivery, decreased US$1.72 to close at US$49.16 a barrel on the London ICE Futures Exchange.Both the U.S. crude and Brent have added about 15 percent over the last seven sessions on speculation that Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) will agree on a deal to freeze output with non-OPEC members led by Russia next month.Oil prices came under pressure on Monday amid plans for higher Iraqi crude exports, a ceasefire between militants and the government in Nigeria and an increase in the U.S. oil rig count.Iraq, OPEC's second-largest producer, will boost crude exports by 5 percent in the coming days after it agreed to resume shipments from three Kirkuk oil fields, media reported on Sunday.Bloomberg reported that flows from the three northern Iraqi oil fields could rise by 150,000 barrels per day after a settlement of a payment dispute between the Kurdistan Regional Government and the central government.Also, a militant group in Nigeria has declared a conditional cease-fire and agreed to talks with the government, following months of attacks on key oil and gas facilities.In a weekend message posted on the Niger Delta Avengers website, the group said it would `observe a cessation of hostilities,` provided that the country's ruling party halts what it called the harassment of innocent civilians.Separately, U.S. oilfield services company Baker Hughes said on Friday that the number of rigs drilling for oil in the United States increased by 10 to 406 this week, marking the eighth consecutive weekly increase.  (Uu.A026) 
Editors: Fitri Supratiwi and Muhardi

ICE Arabica Coffee Prices Climb on Weekend, Poised for Weekly Gain

22

Aug

ICE Arabica Coffee Prices Climb on Weekend, Poised for Weekly Gain

Yesterday's closing currency trading Brazilian Real strengthened against the US dollar. USD/BRL currency pair ended down -1.03 per cent at 32045. [...]

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