Artists in residence

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

Read More Artists in residence

Lipton and ING’s Northern Way

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

Read More Lipton and ING’s Northern Way

Four major ports to sell tickets online only by March

first_imgWith seaports getting cramped during holidays, particularly the Idul Fitri exodus, the online ticketing system is expected to eliminate long lines of passengers waiting to board ferries, she said. The online system is also expected to make seaport operations more efficient.The online ticketing system will be introduced in stages in all the 35 ports that ASDP Ferry operates across the archipelago. The goal is to have the online system in all the ports by next year, said Ira.ASDP Indonesia introduced online reservations in June of last year for passengers in Merak, Bakauheni, Ketapang and Gilimanuk. However, only a small number of passengers have utilized the system as most still prefer booking tickets offline, said Ira.In the future, Ira said, ASDP Indonesia might provide both offline and online channels for ticket reservations, especially for smaller ports or those in the eastern part of the country.“As of today, there are offline and online reservations. For instance, in eastern part of Indonesia such as in Kupang, Labuan Bajo, many people are still buying tickets from the local postal office,” said Ira. State postal company PT Pos Indonesia is ASDP Indonesia’s partner in selling ferry tickets.ASDP Indonesia provides short-distance ferry services, operating 150 vessels along 243 routes across Indonesia.Topics : State-owned ferry operator ASDP Indonesia Ferry will require passengers at 35 seaports to book online by next year. The company is eyeing partnerships with online travel agents such as Traveloka and Indonesia Ferry will start selling online tickets for four major seaports in Indonesia in March: Merak port in Banten, Bakauheni port in Lampung, Ketapang port in Banyuwangi and Gilimanuk port in Bali, said ASDP Indonesia CEO Ira Puspadewi. “By March this year, hopefully no more buying tickets on the spot in the four seaports. Everything must be reserved online, thus the manifest can also be predicted before the trip,” Ira told the press in Jakarta on Thursday. last_img read more

Read More Four major ports to sell tickets online only by March

Samsung Electronics expects profit rise on coronavirus demand

first_imgTopics : In the first three months, operating profits inched up 2.7 percent from 2019 to around 6.4 trillion won ($5.2 billion), Samsung Electronics forecast in an earnings estimate. The figure was ahead of expectations, and was based on sales of 55 trillion won, up five percent year-on-year.”There has been high demand for memory chips for data servers as an increasing number of people are now working from home due to the outbreak,” said Tom Kang, an analyst at Hong Kong-based market researcher Counterpoint.”We are also seeing a hike in demand for laptops because we have many companies that are not fully ready for working digitally.” Samsung Electronics expects higher first-quarter profits, it said Tuesday, as millions of people working from home in coronavirus lockdowns turn to cloud data services, pushing up demand for its chips.The pandemic is wreaking havoc across the global economy — Samsung itself had operations suspended at 11 overseas assembly lines as of Tuesday — and is widely expected to cause a recession.But changing behavior patterns among the vast numbers of people forced to stay at home around the world have generated a silver lining for the world’s biggest smartphone and memory chip maker. Samsung Electronics is crucial to South Korea’s economic health. It is the flagship subsidiary of the giant Samsung group, by far the largest of the family-controlled conglomerates known as chaebols that dominate business in the world’s 12th-largest economy.Samsung Electronics shares were trading up 1.7 percent on Tuesday, having fallen nearly 20 percent from a record high in January amid concerns over the coronavirus pandemic and its economic repercussions.  Global recession But the wider picture for the firm is more mixed with Fitch Ratings forecasting the global economy to contract 1.9 percent this year, with steeper 3.3 percent negative growth in the United States, triggering layoffs and dampening consumer demand.Global smartphone sales dropped 14 percent in February year-on-year with China seeing nearly a 40-percent decrease, according to Counterpoint.”Semiconductor earnings look set to increase on the back of memory chip price hikes,” Greg Roh, senior vice-president at HMC Securities, told Bloomberg News. But the consumer electronics and IT and mobile divisions “will likely see their earnings decline”, he added.One industry source who asked not to be named said increasing uncertainty going into the second quarter would “exacerbate troubles”.Samsung’s key sales regions of North America, Asia and Europe are among the hardest-hit by the virus, said James Kang, an analyst at market researcher Euromonitor. “With suspended retail businesses, reduced shipments and weak consumer sentiment, sales in those regions could plunge dramatically in the second quarter,” he said. “A new lineup of premium products will play a key role in how successful Samsung will be in cushioning the blow.”  Adding to Samsung Electronics’ challenges, its vice chairman and de facto leader Lee Jae-yong is currently being re-tried over a sprawling corruption scandal that could see him return to prison.He is not being held in custody during the proceedings, but a guilty verdict could deprive the firm of its top decision-maker. Samsung withholds net profit and sector-by-sector business performance data until it releases its final earnings report, expected later this month.  last_img read more

Read More Samsung Electronics expects profit rise on coronavirus demand

SKK Migas lowers oil and gas targets, seeks fiscal stimulus

first_imgA government upstream oil and gas agency has caved in to global economic pressures, revising down Indonesia’s production and earnings as first quarter production falls 9.6 percent below target.The Upstream Oil and Gas Special Regulatory Taskforce (SKK Migas) announced a 4 percent cut to production on Thursday to 725,000 barrels of oil per day (mbopd) this year from the initial target of 755,000 mbopd.SKK Migas also cut the gas production target by 14.2 percent to 5,727 million metric standard cubic feet per day (mmscfd) from 6,670 mmscfd. Indonesia’s Finance Ministry has revised down the country’s economic growth projection to 2.3 percent, the lowest since 1999, and many multinational oil and gas companies, including major investors in Indonesia such as Medco Energi, ExxonMobil and BP, have slashed their annual capital expenditure plans by about 30 percent.SKK Migas expects upstream oil and gas revenue to be 38 percent lower than expected at US$19.96 billion, assuming that the Indonesian Crude Price (ICP) – as projected by the Finance Ministry – averages $38 per barrel this year. The ICP was last recorded at $34.23 per barrel in March.Due to falling revenue, Indonesia’s non-tax state revenue from the oil and gas industry is projected to reach only $6.7 billion, 53.7 percent lower than initial expectations.SKK Migas plans to lobby the government and regional administrations to introduce a fiscal stimulus and cut bureaucratic red tape for upstream oil and gas companies respectively.Despite the lost income, SKK Migas deputy for business development Sulistya Hastuti Wahyu said oil and gas companies had not furloughed employees.“So far, there have been no requests sent to SKK Migas from oil and gas companies to terminate employment (PHK) in relation to COVID-19” he said.The oil and gas industry, which is a major contributor to Indonesia’s non-tax state revenue, has an advantage over most other industries as it is exempt from mandatory workplace closure under large-scale social restrictions (PSBB).SKK Migas said Indonesia’s first quarter oil and gas ready-to-use production, also known as lifting, was 1,749 mboepd, which is 90.4 percent of the state budget target.Taskforce data shows that, out of the top 15 oil producers, Jakarta-based Medco EP Natuna exceeded its target by the widest margin (117.6 percent) while Kuala Lumpur-based Petronas Carigali fell below its target by the widest margin (71.4 percent). The former produced 15.08 mbopd and the latter 9.19 mbopd.Out of the top 15 gas producers, London-based Premier Oil exceeded its target by the widest margin (111.2 percent) while Jakarta-based Pertamina Hulu Energi Jambi Merang missed its target the widest margin (72.1 percent). The former produced 239 mmscfd and the latter 94 mmscfd.Topics : “We are dealing with falling oil prices and a weak rupiah,” said SKK Migas head Dwi Soetjipto in a video conference about the industry’s first-quarter performance. “We are also struggling to tackle the spread of COVID-19.”Many such companies face lower productivity, delivery delays and slower mobilization times due to coronavirus emergency measures, all which were implemented to curb the spread of COVID-19 in Southeast Asia’s hardest-hit country in terms of reported fatalities.“We are looking for ways out so that changes don’t turn out that big,” added Dwi.His statement signals that SKK Migas has backtracked from a previous commitment “to ensure production targets are not affected by falling prices” – a commitment announced on the eve of an oil price crash on March 9. The world’s economic outlook has spiraled since that day.last_img read more

Read More SKK Migas lowers oil and gas targets, seeks fiscal stimulus

South Korea to ease social distancing rules

first_imgBut the South appears to have brought its outbreak under control thanks to an extensive “trace, test and treat” program that has drawn widespread praise. Its reported death toll is around 250 — vastly lower than that of Italy, Britain, Spain and France, which have each recorded at least 24,000 fatalities. Read also: Work smart, travel alone, eat out fast: South Korea’s prescription for coronavirus recover”South Korea will implement the everyday life quarantine scheme starting Wednesday,” Prime Minister Chung Sye-kyun said during a government meeting. South Korea said Sunday it will loosen social distancing rules this week to allow gatherings and events to take place after the number of new coronavirus cases dropped significantly in recent days.  The country endured one of the worst early outbreaks of the disease outside China and strict social distancing has been widely observed since March.Scores of events — from K-pop concerts to sports seasons — had been delayed or cancelled, while museums and galleries were closed and religious services suspended. “Gatherings and events will be permitted under the condition that they follow disinfection measures,” he added.The South reported 13 new infections on Sunday, taking the total to 10,793, the Korea Centers for Disease Control said.Some professional sports, including baseball and soccer, are due to start their new seasons this week after being postponed over virus fears, although the matches will be played behind closed doors.The government is also set to announce this week the dates for students to return to school, which is expected to be some time around mid-May, according to Yonhap news agency.Topics :last_img read more

Read More South Korea to ease social distancing rules

PREMIUMHutama Karya’s $600 million global bonds oversubscribed by sixfold

first_imgLinkedin LOG INDon’t have an account? Register here Topics : Log in with your social account Google Forgot Password ? Indonesia global-bonds-issuance Hutama-Karya trans-Sumatra-highway toll-road pertamina PLN State-owned construction company PT Hutama Karya has raised about US$600 million from the issuance of its global bonds to partly finance its toll road projects in Sumatra.Hutama Karya president director Bintang Perbowo said in Jakarta on Tuesday the bond offering was oversubscribed by sixfold despite the COVID-19 pandemic, which has caused uncertainty in the financial markets.The response of global investors to the company’s first ever global bonds was quite positive, indicating that the bonds issued by Indonesian corporations, especially state-owned enterprises, are still considered a good investment, he said.The proceeds from the issuance of the 10-year bonds with a yield of 3.75 percent will be used to fund the development of the trans-Sumatra toll road project, which requires total investment of about Rp 280 trillion (US$18.52 billion).According to the company, … Facebooklast_img read more

Read More PREMIUMHutama Karya’s $600 million global bonds oversubscribed by sixfold

Tanoto Foundation hands out COVID-19 aid to disabled people

first_img“We understand that people with disabilities are among those who are bearing the brunt of the outbreak. Some rely on jobs that require them to have direct interaction with their customers, such as massage therapists and barbers. They have definitely lost income as they could not do their jobs owing to the social distancing policy during the PSBB,” Tanoto Foundation communications director Haviez Gautama said, referring to the government’s large-scale social restrictions (PSBB).“In our view, they are in dire need of a helping hand,” Haviez said. So far, at least 20 regencies, municipalities and provinces have imposed the mobility restrictions since their inception in Jakarta on April 10.Last month, the foundation donated millions of pieces of personal protective equipment (PPEs) to support medical workers handling patients with COVID-19 in response to a shortage of such gear. Read also: Tanoto Foundation donates protective gear for health workersThe Post’s chief editor lauded the donation, saying it came at a time when the government and local administrations had also been providing aid in the form of cash and staple food. “The donation is important to fill gaps in the distribution of social aid amid reports of some problems,” Nezar said. The Post reported early last week that some citizens who have lost their jobs could not access government aid, while others were receiving double.Meanwhile, The Jakarta Post Foundation chairman Bambang Trisno Sejati said part of the donation would be distributed to disabled people living at the leper colony near the Sitanala Hospital in Neglasari, Tangerang, Banten. The hospital used to solely treat leprosy, as its outpatients chose to settle in the area since the 1980s rather than return to their hometowns, either for the sake of treatment or to avoid discrimination.Another part of the donation would be handed to people with disabilities in Bekasi, West Java.“Apparently, people with disabilities need extra support from the government and community during this pandemic, as we don’t know when it will end,” Bambang asserted. In a statement released on May 6 in support of a UN study on people with disabilities, United Nations Secretary-General Antonio Guterres called on governments around the world to specifically take into account the billions of people with disabilities in their response to the COVID-19 pandemic.Read also: Public donations for COVID-19 task force in Indonesia top Rp 66.5b”Even under normal circumstances, persons with disabilities are less likely to access education, health care and income opportunities or participate in the community,” Guterres said. “The pandemic is intensifying these inequalities — and producing new threats,” he said. On Sunday, the Health Ministry announced 59 more COVID-19 deaths, the highest one-day figure in over a month following weeks of relatively low official numbers of daily deaths. The previous highest daily increase in COVID-19 deaths was recorded on April 14, with 60 deaths. The number of COVID-19 positive cases rose by 489 to 17,514. The number of recoveries increased by 218 cases to 4,129 patients, while deaths jumped by 59 cases to 1,148, according to the ministry’s disease control and prevention director general, Achmad Yurianto. (dmr)Topics : The Tanoto Foundation has donated food packages to support people with disabilities in Greater Jakarta, as they are commonly among the people most severely impacted by the COVID-19 pandemic.The charity organization, founded in 1981 by one of the country’s wealthiest men, Sukanto Tanoto, handed the packages to the chief editor of The Jakarta Post, Nezar Patria, on Monday.The Post’s philanthropic arm, The Jakarta Post Foundation, would distribute the food to people with disabilities in Tangerang, Banten and Bekasi in West Java. last_img read more

Read More Tanoto Foundation hands out COVID-19 aid to disabled people

Microsoft warns public of COVID-19-related cyberattacks

first_img“We found that the threats were largely old attacks that had been altered slightly to be associated with the pandemic. This means attackers use their existing infrastructure, such as phishing and other malware delivery tools and enter the COVID-19 keywords,” he said in a media release on June 26.Haris suggested that businesses set up multi-layer authentication for their remote workers, activate endpoint protection and introduce digital safety protocols for employees. Employees are also encouraged to learn how to detect phishing messages and install anti-virus tools or software.With social restrictions in place to prevent the virus from easily spreading, many businesses have instituted work-from-home policies for their workers.The National Cyber and Encryption Agency (BSSN) previously stated that Indonesia had recorded more than 88 million cyberattacks during the first four months of the year, with March seeing the highest average of daily attacks. More than half of the cyberattacks were Trojan horses, or malware designed to look legitimate, followed by phishing scams and web application attacks. American technology company Microsoft is warning businesses and individuals about of the risk of cyberattacks that prey on people’s health concerns using pandemic-related content.The company found that among millions of global phishing e-mails, around 60,000 were related to COVID-19, with the senders pretending to come from official organizations such as the World Health Organization.Microsoft Indonesia president director Haris Izmee said that COVID-19 was being used to trick users into opening malicious e-mails, giving hackers the opportunity to infiltrate networks and obtain private information. Topics :center_img In May, three Indonesian e-commerce platforms reportedly experienced data breaches that stole their customers’ details, which were then sold on the dark web.According to a Microsoft report titled Security Endpoint Threat Report 2019, developing countries, including Indonesia, Sri Lanka, India and Vietnam, were most vulnerable to malware and ransomware threats in 2019.Indonesia recorded the highest rate of malware attack last year, followed by Sri Lanka and Vietnam. Meanwhile, Vietnam saw the highest rate of ransomware attacks in the Asia-Pacific in 2019.“Countries with higher piracy rates and lower cybersecurity knowledge are more likely to be affected by cyber threats,” Haris said, adding that software patching, the use of legitimate software and regular updates could reduce the risk of malware and ransomware infections.Even though the region’s overall cyber threat declined last year, malware and ransomware attacks in the Asia-Pacific were respectively 1.6 times and 1.7 times higher than the global average.IBM Security previously reported an increase of more than 6,000 percent in coronavirus-related spam, including virus-themed malware, malicious domains and phishing scams from March to May.“If you ask me when companies should invest in security, I would say yesterday. Investing in security is like investing in insurance. Sometimes people realize that they need it [only] when there has been an attack. This is the mindset that needs to change,” IBM Indonesia president director Tan Wijaya said on June 18.Besides installing the necessary infrastructure, Tan suggested that companies educate their employees on basic digital safety, such as avoiding emails, website links or downloads from unknown sources.last_img read more

Read More Microsoft warns public of COVID-19-related cyberattacks

Businesses urge banks to speed up loan disbursement to boost economy

first_imgThe State-Owned Banks Association (Himbara) has expressed optimism that its members can disburse up to Rp 90 trillion in loans after receiving the funds.The government should also pump state funds into banks “specifically to help stimulate working capital loans for big firms”, said Indonesian Employers Association (Apindo) chairman Hariyadi Sukamdani.Indonesia’s loan growth slowed to 5.7 percent year-on-year (yoy) in April from 7.9 percent recorded in March, Bank Indonesia (BI) data show, as the pandemic discourages loan demand amid disrupted business activity. At the same time, some borrowers are facing difficulties in repaying their loans.Financial Services Authority (OJK) data show that Indonesian banks have provided 6.35 million debtors with credit restructuring worth Rp 695.3 trillion as of June 22, following the issuance of OJK Regulation No. 11/2020, which instructs financial institutions to provide relief for borrowers affected by the COVID-19 pandemic.“Credit restructuring has grown significantly in banks [categorized as] BUKU IV, with the highest growth recorded in the trade sector,” OJK chairman Wimboh Santoso told lawmakers in a hearing on Monday. “We will ask banks to start providing loans for borrowers again.”“Banks’ liquidity is ample and ready to be disbursed, but it would depend on the development of the real sector amid a spike in the coronavirus infection [rate],” said OJK public relations and logistics deputy commissioner Anto Prabowo.“We will maintain coordination with business associations and the financial industry to speed up disbursement of working capital loans.”Topics : Without working capital loans from banks, he went on to say, debt restructuring would not have much of an impact in stimulating supply and demand. He added that several business associations had complained about banks’ reluctance to provide working capital loans.The government announced last week that it would place Rp 30 trillion in state-owned banks to be disbursed as loans to micro, small and medium enterprises (MSMEs) to help support economic recovery as the pandemic wrecked the economy.The government is following through on its promise to allocate fund placements in banks worth a total of Rp 82.2 trillion to help with their liquidity and stimulate credit growth as banks conduct credit restructuring for MSMEs. The allocation is part of the government’s stimulus worth Rp 695.2 trillion to strengthen the healthcare system and bolster the economy.Bank Mandiri and Bank Rakyat Indonesia (BRI) will each receive Rp 10 trillion, while Bank Negara Indonesia (BNI) and Bank Tabungan Negara (BTN) will each receive Rp 5 trillion. Indonesia is running out of time to rescue its businesses from the impact of the coronavirus pandemic, and banks should immediately ramp up promised working capital loan disbursement to bolster the economy, businesspeople have said.Indonesian Chamber of Commerce and Industry (Kadin) chairman Rosan Roeslani said the implementation of one of the government’s stimulus programs was too slow, urging banks to soon disburse working capital loans after receiving fresh funds of Rp 30 trillion (US$2.08 billion) from the government.“After the debt restructuring process, we now need working capital loans for micro, small and medium businesses as well as [big] businesses,” Rosan told reporters in a press conference on Thursday.last_img read more

Read More Businesses urge banks to speed up loan disbursement to boost economy