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Coronavirus drags down commodity prices as demand from China drops

October 19, 2020
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first_imgRubber, coal and palm oil are among Indonesia’s main export commodities and contribute a big chunk to the country’s foreign exchange earnings.“The spread of the virus lowers demand while China is the world’s largest natural rubber importer,” said South Sumatra Plantation Agency processing and marketing head Rudi Arpian.The 2019-nCoV virus has infected more than 24,500 people worldwide since it was first discovered in the Chinese city of Wuhan, with the death toll standing at 492 on Wednesday afternoon. Several countries, including Indonesia, have closed their doors to visitors from China to prevent the pneumonia-like illness from spreading, while many companies in China have suspended or curtailed business activities amid lockdowns in several cities.Read also: Jokowi asks aides to assess coronavirus impact on economy, Indonesia-China tradeThe limited business activity in China will further affect demand for raw materials, forcing prices down, economists have said. This will hit Indonesia as a country that relies heavily on the export of commodities rather than finished goods.“Falling commodity prices will worsen the country’s exports and thus will widen the trade deficit,” Center of Reform on Economics (Core) Indonesia research director Piter Abdullah said last week, adding that it would also affect household spending, as farmers and businessplayers would earn less.Indonesia recorded a trade deficit of $3.2 billion last year, marking a significant improvement over the $8.7 billion recorded in 2018.The country exported $25.8 billion worth of non-oil and gas goods to China in 2019 and imported $44.5 billion of non-oil and gas goods, resulting in an $18.7 billion trade deficit on Indonesia’s end.China accounted for 25.85 percent of Indonesia’s total non-oil and gas exports last year, more than any other country, Statistics Indonesia data show.Indonesia palm oil export (JP/Swi)Indonesian Palm Oil Association (GAPKI) chairman Joko Supriyono expressed concern that the virus spread would hurt China’s economy and thus hit palm oil demand.The country exported 4.4 million tons of palm oil to China in 2018, making the East Asian country its third-biggest buyer, after India and the European Union.”Our exposure to China is quite large. If [the Wuhan coronavirus outbreak] is only temporary, then there’s hope to grow,” Joko said at a press conference on Monday. Prices for commodities from natural rubber to coal have plunged in February because of decreasing demand from China, where the new coronavirus outbreak is expected to further drag down prices.The chairman of the South Sumatra chapter of the Indonesian Rubber Producers Association (Gapkindo), Alex K. Eddy, said fear over the Wuhan coronavirus was weighing on what was already slow economic activity in the East Asian country during the Chinese New Year holidays and weak global natural rubber prices in January.”I think the impact of [the Wuhan coronavirus in Indonesia] has really been felt through the current price decrease,” Alex told The Jakarta Post in Palembang, South Sumatra, in late January. Read also: Coronavirus can depress Indonesian economy by 0.29 percent: MinisterSouth Sumatra Plantation Agency data show that prices of 100-percent natural rubber fell by about 5 percent to Rp 16,290 (US$1.19) per kilogram on Jan. 24 from Rp 17,151 per kg on Jan. 20, while 60-percent natural rubber showed a similar decline.Global rubber prices at the Tokyo Commodity Exchange have slipped around 17 percent so far this year. Meanwhile, coal and crude palm oil prices declined around 5 percent and 15 percent, respectively, over the same period.center_img Topics :last_img read more

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PGB to ditch tobacco from its investment universe

September 29, 2020
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first_imgThe €25bn Dutch industry-wide pension fund PGB has announced that it will no longer invest in tobacco.In a statement, it added that it had also extended the list of non-investable companies involved in the production of controversial weapons to almost 100.The decision was triggered by a survey of its participants and pensioners, in which an overwhelming majority rejected investments in both industries.PGB said that its decision applied to companies for which turnover from tobacco or controversial weapons was at least 25%. The scheme said it would divest its existing stakes of stock and bonds. The divestment would also apply to firms involved in the production of weapons containing white phosphorus or depleted uranium, as well as companies playing a part in the production of nuclear weapons in or for countries that haven’t signed the Nuclear Non-Proliferation Treaty.PGB has already excluded investments in companies using child labour and producing cluster ammunitions, anti-personnel mines and chemical and biological weapons.Together with the €45bn metal scheme PME, PGB is the second large Dutch pension fund outside the medical sector that has black-listed tobacco investments.The €189bn healthcare scheme PFZW and the occupational pension funds for general practitioners (SPH) and medical consultants (SPMS) – both with assets of €10bn – have already banned tobacco from their investment universes.The €396bn civil service scheme ABP has not taken such a decision, despite staff of academic hospitals urging it to do so earlier this year.PGB said it had hired BMO Global Asset Management to vote at company annual general meetings and also carry out engagement practices as part of its environmental, social and governance strategy,.It said that its participants also wanted the pension fund to speak out against corruption and high bonuses at companies in which it is invested.Earlier this month the influential pensions consultant Keith Ambachtsheer urged schemes to divest from tobacco-related assets to avoid breahces of fiduciary obligations.last_img read more

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Thoresen Thai Adds Second-Hand Bulker

September 28, 2020
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first_imgThailand’s Thoresen Thai Agencies (TTA) has expanded its fleet by adding a second-hand dry bulk vessel, the 58,700 dwt MV Thor Caliber.The Supramax vessel, which was formerly named MV Albion, was purchased for a price of USD 14 million.TTA informed that the 2008-units was bought from a company which is not connected to Thoresen Shipping Singapore (TSS), a wholly owned subsidiary of TTA.With this additional vessel, the Thoresen-owned fleet comprises a total of 21 vessels with an average size of 54,512 dwt and an average age of 11.57 years.The transaction comes on the back of the company’s sale of two older ships over the previous six months.In February 2018, TTA disposed of the 1995-built MV Thor Endeavour. The 42,529 dwt general cargo vessel was sold at a price of USD 4.2 million. In late 2017, the company sold its 2002-built MV Thor Horizon for USD 5.4 million.TTA said that the sale transactions were in line with prevailing dry bulk shipping conditions, in which older vessels become less competitive and less able to meet operating costs. The proceeds were to be used to improve the efficiency of the TTA fleet and the company’s fleet renewal program.last_img read more

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Eni set for Merakes project execution as investment plan gets approval

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first_imgItaly’s Eni will start with the execution of the Merakes development project in Indonesia following the approval received by the Minister of Energy of Indonesia and the authorization for the investment plan sanctioned by the company’s board of directors.The Merakes development project, located in the Kutei Basin, offshore East Kalimantan, consists in the drilling and construction of subsea wells with a dedicated transportation system in 1500m water depth and connected to the Jangkrik floating production unit (FPU), located 35 kms North East.Announcing the project approval on Monday, Eni said that the gas production will be shipped to the Bontang LNG plant using also all the other existing facilities of Jangkrik field as well as the East Kalimantan transportation network. This new production will also contribute to the life extension of the plant.Eni BoD approval comes just few days after the conversion to the Gross Split Scheme of the East Sepinggan PSC (Production Sharing Contract) and the approval of the revised field development plan under the terms of the Gross Split by the Minister of Energy of Indonesia.Eni’s CEO Claudio Descalzi said: “The Merakes development project approval is an important step for our strategy in South East Asia aimed at increasing both our presence and our production only through an organic growth. In order to do so, we will leverage on exploration, which will enable us to increase our reserves first, and then our gas production thanks to the optimization of existing facilities and complying with the strictest time-to-market. The Indonesian domestic market is in big expansion and we will continue to pay attention in order for our activities to support and valorize it.”According to Eni, the Merakes development project is a successful outcome of the Eni near field exploration and appraisal strategy, which allows to maximize the synergies with existing nearby infrastructures, such as those of Jangkrik field started up in May 2017, as well as to reduce the costs and the time-to-market of the project.Eni is the operator of East Sepinggan Contract Area through its subsidiary Eni East Sepinggan Limited which holds an 85% participating pnterest while PT Pertamina Hulu Energi East Sepinggan holds the remaining 15% interest.last_img read more

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Discover Dominica Authority Hosts American Chef As Part of Tourism Awareness Month

September 26, 2020
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first_img Share 18 Views   no discussions Share Share Tweetcenter_img LocalNews Discover Dominica Authority Hosts American Chef As Part of Tourism Awareness Month by: – May 5, 2011 Sharing is caring! As part of activities for Tourism Awareness Month, the Discover Dominica Authority will feature American chef Nathan Lion who hosts the Television Show “Growing A Greener World.”The Show which showcases not only recipes and types of cooking but the way in which the foods used for cooking is grown.Yesterday Chef Lyon, his Producer Joe lampl and team arrived in Dominica for the first time not only as visitors to the island but Dominica became the first island outside America which the show will feature.In an interview with the Head of Marketing at the Discover Dominica Authority Ms. Elizabeth Wayland, she said the purpose of their visit is to showcase Dominican cuisine.Click here to listen to interview : News reporter: Ms. Grace HendersonDominica Vibes Newslast_img read more

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Motorcycle vs trike; 2 dead, 7 others hurt

September 25, 2020
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first_imgAccording to police investigators, theincident happened around 4:44 p.m. on Dec. 28 Killed were 32-year-old SherielSumogat, who was eight-month pregnant and 22-year old motorcycle driver EricOnyot. They both sustained fatal injuries after the crash, a police reportshowed. BACOLOD City – Two persons diedincluding a pregnant woman while seven others were injured after a motorcyclecollided into a passenger tricycle in Barangay Luna, Cadiz City, NegrosOccidental. The victims were all residents ofCadiz City./PN The tricycle was negotiating thenational road in Stop Oso Highway at Barangay Luna when thecounter-flowing motorcycle crashed against it, the investigators added. Due to the collision, the tricyclepassengers reportedly fell down after they were thrown up from the sidecar. Meanwhile, tricycle passengers NanieDecain; Daisy Decain; Sydney Decain; Jennelyn Anota; Abbygale Anota; JackyEstersito and driver Poljun Ofianga were brought to the Cadiz City Emergency Clinicfor medical treatment. last_img read more

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Weekend Area Basketball Scores

September 23, 2020
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first_imgWeekend Area Basketball ScoresSaturday  (12-21)Boys BasketballEast Central  73     Batesville  60Greensburg  50     Franklin County  39South Decatur  76     South Ripley  75   (OT)Trinity Lutheran  53     Jac-Cen-Del  50Oldenburg  45     Rising Sun  31North Decatur  51     Triton Central  49Rushville  51     Centerville  45Connersville  36     Richmond  32Southwestern Shelby  55     Waldron  53Monrovia  70     Edinburgh  43Seymour  44     Jennings County  42Madison  65     Waldron  56  JV Basketball-OvertimeEast Central 8 8 9 17 8= 50     Batesville 10 9 14 9 5= 47Batesville scoring- Alex Siefert 18, Austin Cornn 10, Calvin Sherwood 8, Alec Bunselmeier 5, Cody Mohr 3, Cole Werner 3Courtesy of Bulldogs Coach Jay Gerkin.   Girls BasketballEast Central  62     Batesville  41Greensburg  67     South Ripley  31Morristown  46     Milan  38Trinity Lutheran  64     Oldenburg  31Lawrenceburg  54     Rushville  49Waldron  54     Knightstown  10Winchester  59     Union County  49Bedford North Lawrence  63     Madison  43Friday  (12-20)Girls ScoresGreensburg  68     Batesville  34North Decatur  45    Waldron  42   (OT)South Dearborn  30     Connersville  23Southwestern Shelby  53     Indy Lutheran  25The Batesville JV Lady Bulldogs beat a scrappy Greensburg team last night 34-28.  The defense played a big role in the game as both teams struggled to score and take care of the ball.  In the end, the Bulldogs were able to capitalize on a few forced turnovers that resulted in lay-ups. Scoring:  Emma Weiler 7, Sarah Ripperger 6, Makayla Granger- Young 5, Carley Pride and Ava Hanson 4.  Madelyn Pohlman, Gabby Elston, Olivia Raab, and Calley Kaiser all added 2. The JV Bulldogs now stand at 8-4 on the season.  We will be back in action tonight against East Central tonight at EC. Come and support your Lady Bulldogs. Go Dogs!! Courtesy of Bulldogs Coach Clint Pride.Boys ScoresIndy Chatard  78     Oldenburg  54     Jac-Cen-Del  68     Southwestern Hanover  60Greensburg   60    Jennings County  46South Decatur  94    Morristown  91   (OT)    Lawrenceburg  48     Rushville  46Connersville  74     South Dearborn  50    Hauser  58     Edinburgh  41New Washington  51     Rising Sun  44    Trinity Lutheran  55     Switzerland County  53     Crothersville  58     Shawe Memorial  50    Winchester  82     Union County  56     Bedford North Lawrence  64     Madison  55last_img read more

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Digicel Schools Football:

September 19, 2020
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first_imgChase Academy beat Multi 5-4 on ‘sudden-death’ to advance to finalIN what could be described as the best game of this year’s Digicel Schools Football Tournament, Chase Academy defeated Christianburg/Wismar Secondary (Multi) 5-4, via sudden-death penalty kicks last evening at the Leonora Track and Field Centre.With the win, Chase Academy will advance to the final for the third consecutive year, while ‘Multi’ will not feature in the final for the first time in the tournament’s seven-year history.The two teams finished regulation time deadlocked on two goals apiece, thanks to some spectacular scoring and near chances.Jeremy Garrett opened the account for Chase in the 26th minute, when he rifled home a free-kick from approximately 35 yards out that stunned goalkeeper Nicholas Gentle.However, 10 minutes later, Christianburg captain Omar Brewley copied Garrett’s goal for an equaliser.Brewley’s free kick brought the crowd to their feet, when he sweetly timed his shot, curling it over the Chase Academy wall, and goalkeeper Sese Norville between the uprights.Both sides had a few clear-cut chances, but none resulted in a goal until the 45th minute, when Kevin Padmore headed home from point-blank range to give Chase Academy a 2-1 advantage heading into the second half.BEAUTY! Guyana Chronicle’s Delano Williams was spot on to catch Wismar Chtistianburg Secondary’s Captain Omar Brewley beauty; a free kick to equalize against Chase Academy. The linden-based school would eventually lose 5-4 on ‘Sudden Death’.At the resumption both teams continued where they left off, making some solid runs on goal.Gentle was called into action on countless occasions, after Chase’s frontline began to find some space and had some open look on goal.Meanwhile, at the opposite end, Brewley and Jehu Regis were having their way with Garrett and his defensive line, coming close to finding the net on several occasions.In the 56th minute, Regis was left unmarked and the lanky forward calmly placed his effort beyond the reach of Norville to even the score.It was high drama in the penalty shootout, as Andre Mayers, the first person to kick for ‘Multi’, sent his shot wide of the goal.Garrett, Ryan Hackett, Cecil Jackman and Jermaine Garrett kept Chase in contention, while Brewley, Kevin Dare, Regis and Brentley Allicock ensured that ‘Multi’ didn’t go down easily with their conversion from the penalty spot.Gentle timed Shamar Smith’s shot to perfection to make the save to send the game to sudden-death.At the game’s most critical moment, Javier Smith missed for Christianburg, leaving Padmore needing a goal to win it for Chase.Gentle chose the right side to dive, but Padmore’s shot was hit too hard for the Linden custodian to stop, as referee Sherwin Johnson sounded his ‘Fox40’ to end of the match.While Chase celebrated, the Christianburg players flooded the field with tears, since they will not have a chance to play in the final for the first time.last_img read more

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Storify: Syracuse community reacts to 83-70 win over Charlotte in Battle 4 Atlantis

September 16, 2020
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first_img[View the story “SU community reacts to win over Charlotte” on Storify] Comments Facebook Twitter Google+ Published on November 25, 2015 at 4:39 pm Contact Sam: sjfortie@syr.edu | @Sam4TRlast_img

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Pattaya Mail PC Classic a decade long of success

August 12, 2020
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first_imgSvendsen wins PC Classic; Blasse recaptures OK Dinghy world titlePC Classic 2012 PC Classic 2013 Pattaya Mail PC Classic Challenge sets the stage for a great Multihull FestivalPC Classic 2007Brochure13th PC Classic Sponsors ‘come aboard’The Regatta‘Top of the class’ for the 2007 TOG Regatta: The best so far!Pc Classic 2006The RegattaYacht racing does not come any betterPc Classic 2005BrochureHRH The Crown Prince opens new Royal Varuna ClubhouseThe RegattaThe PC Classic: The sailors, the sponsors and the children gainPc Classic 2004BrochureA Celebration of Life and A Helping Hand for the NeedyThe RegattaThe 10th PC Classic: Singapore takes the open titlePC Classic 2003PC Classic 2003 BrochureThe RegattaPC Classic Regatta 2003: A case of ‘Double Dutch’What a PartyOde to the Royal Varuna CommodoresPC Classic 2002The RegattaPC Classic Regatta: Pattaya takes a quantum leap forwardPC Classic 2001Denmark’s Prince Henrik: A Man of Many PartsAussie-Thai duo sweeps the Royal Garden ClassicThe RegattaPattaya Mail PC Classic – Royal Cliff Beach Resort International Regatta Gathers momentumlast_img read more

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