first_imgIndonesia booked its highest exports in six months, driven by rising shipments of agricultural and manufactured goods in September, Statistics Indonesia (BPS) announced Thursday.In a sign of improving global demand, Indonesia has booked a trade surplus for five consecutive months.Exports jumped 6.97 percent month-to-month (mtm) in September to US$14.01 billion, the highest recorded since March, before the pandemic took a great toll on the country’s economy. The figure, however, remained 0.5 percent lower than in September last year. Imports, meanwhile, rose 7.7 percent mtm to $11.57 billion in September due to rising incoming deliveries of raw materials and capital goods, but they are still almost 19 percent lower annually, as household spending remains well below pre-pandemic levels.As a result, the country booked a $2.44 billion trade surplus in September, bringing the total surplus so far this year to $13.51 billion.“The September trade data is an encouraging sign of economic recovery, as exports of agricultural and manufactured goods rose, while imports of raw materials for [manufacturing] also picked up,” BPS head Suhariyanto said in a press briefing on Thursday.Indonesia’s gross domestic product (GDP) shrank 5.32 percent year-on-year (yoy) in the second quarter as all GDP components but net exports contracted. Household spending as well as investment plunged deeper as the COVID-19 pandemic hit purchasing power and demand. Exports of manufactured goods, which contributed to around 80 percent to total exports, rose 6.61 percent yoy to $11.56 billion in September, driven by higher shipments of steel, palm oil and electrical equipment, among other things.Exports of agricultural products jumped 16.22 percent annually to $410 million due to rising exports of bird nests, shrimp and vegetables, among other commodities.Meanwhile, exports of oil and gas products fell 12.44 percent to $700 million amid lower oil prices, while exports of mining products plummeted 35 percent to $1.33 billion because of falling coal prices and lower demand for the commodity.On the other side, imports of both raw materials and capital goods increased in September to $8.32 billion and $2.13 billion, respectively, but are still down nearly 20 percent annually. Imports of consumer goods fell 20.38 percent yoy to $1.12 billion.“Demand from Indonesia’s major export destinations has shown a notable improvement following the global lockdown easing, while the global commodity prices indicate an upward trend,” Bank Mandiri chief economist Andry Asmoro wrote in a research note on Thursday. “These [factors] could support exports going forward.”However, the potential risk of a second wave of the coronavirus pandemic could hinder the export recovery and global economic activity, he stated, adding to a bleak outlook for imports as the still weak domestic demand would force businesses to postpone investment and production activities.On that basis, “Indonesia’s imports will keep contracting faster than exports in the last quarter of 2020,” he predicted.Bank Central Asia (BCA) economist David Sumual said the trade data reflected “the latest sign of recovery” in the country’s manufacturing sector, but the prospect of economic recovery remained uncertain this year.“The prospect of economic recovery in the fourth quarter will largely depend on the trajectory of the virus, because household spending will remain subdued until a vaccine is available,” he told the Post.Indonesia’s manufacturing activity has improved significantly in the third quarter compared to the second quarter, according to a survey conducted by Bank Indonesia (BI), as it expects activity to improve further in the fourth quarter.The rise in Indonesia’s non-oil and gas imports hinted at improvement in domestic demand, JP Morgan Emerging Markets Asia, Economic and Policy Research analyst Nur Raisah Rasid wrote in a note on Thursday.Business performance in the third quarter had improved significantly compared to the previous quarter, said Indonesian Chamber of Commerce and Industry (Kadin) deputy chairwoman Shinta Kamdani.“We are confident that business performance will further recover following rising consumption before year-end, and we expect that people’s confidence will improve going forward in line with vaccine availability,” she said on text message on Thursday, adding that demand for Indonesian goods had also picked up in countries that had succeeded in controlling the pandemic.“On that basis, we are optimistic that the productivity of the national industry will get a boost from people’s rising confidence and rising market demand,” she stated. “But we still need to work hard to maintain people’s confidence in the economy through policy reforms and stimulus.”Topics :last_img read more

first_imgFrance’s ERAFP and Fonds de Réserve pour les Retraites (FRR) are sponsoring a project aiming to develop a methodology to measure how different assets in an investment portfolio are exposed to the physical impact of climate change.Carbone 4, a French energy and climate-change consultancy, is running the project, called Climate Risk Impact Screening (CRIS).Carbone 4 describes this as “a tool designed to help financial players better identify the physical risks weighing on their asset portfolios”.It said most financial institutions’ efforts and attention in the fight against climate change had been focused on greenhouse gas emissions but that a new challenge was mounting – namely, the impact of climate change on “economic activity and adaptation”. It said that, according to insurer Munich Re, the number of extreme climate events causing financial losses has tripled over the past 30 years.Jean-Marc Jancovici, founding partner of Carbone 4, told IPE that, “alas, we are now certain there will be physical consequences of global warming, even if we rapidly curb global emissions, because of the tremendous inertia of the climate system.“So it makes sense to both assess transition risks – what happens to companies if the ‘proper’ constraint is placed on greenhouse gases emissions – and physical risks, which will increase anyway in the future, given the fact the climate system will respond for centuries to come to past emissions, even if we stop emitting tomorrow.”Asked why ERAFP was supporting this particular project, a spokeswoman for the €23.5bn civil service pension fund told IPE that it wanted to help develop the carbon research agenda where there were gaps.She referred to new legislation requiring French institutional investors to report on their exposure to the consequences of climate change, both in terms of “transition risks” and “physical risks”.“The product and service offering relating to transition risks has exploded compared with that for physical risks,” she said.Olivier Rousseau, a member of the executive board at the €37.2bn FRR, told IPE the pension reserve fund’s first approach was focused on transition risks, which spurred it to adopt low-carbon equity indices and decarbonise smart-beta indices.“But we recognise that climate change poses physical risks that can affect portfolios, so it is important to know if we are investing in companies that are vulnerable to these risks and if we need to reduce our exposure,” he said.Risks from the low-carbon transition ultimately have to do with the anticipation that public authorities will impose a price on carbon, while the physical risks from climate change are independent of action by public authorities, Rousseau added.Citing Carbone 4, FRR said the aim of the project was to “develop a methodology and tools that will make it possible to perform physical risk analysis of corporate, sovereign and infrastructure asset portfolios”.Other institutions sponsoring the Carbone 4 project include Agence française de développement (AFD), Caisse des Dépôts et Consignations (CDC) and Électricité de France (EDF).last_img read more

first_imgMost people probably didn’t see in the news that Dick Trickle killed himself the other day. Dick was a mainstay on the NASCAR circuit for quite a few years. Dick was a prankster and always seemed to be enjoying himself whenever people saw him in public. When his career slowed down and he wasn’t in that limelight any more, evidently his private life was far different than his public life. Too often in the world of entertainment (yes, I put pro sports in this category) when someone used to being with people and often the center of attention have to go to a quieter scene, they find it impossible to cope. Mr. Trickle was stilled involved with racing but far from the bright lights of NASCAR. He is not the first to take this path, and I am sure he will not be the last. Several boxers have taken the same path, and if you search very far, you will see the trend is not slowing down but growing. It is good to throw yourself into an adventure, but it is also important to do something that will reward you away from the bright lights. The successful ones throw themselves into charity work, or community youth programs, so when the career ends they have an outlet for that desire to be adulated by someone. Look what Joe Nuxhall did for the youth of his hometown of Fairfield and what Joe Walter is doing for Goodwill in Cincinnati. The world around us always needs volunteers, and for most of them, it is very rewarding and sure keeps someone from being bored.last_img read more