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Indonesia’s economy to grow 6% next year as activity normalizes, Citibank says

first_imgWith large-scale social restrictions (PSBB) to contain the virus putting a halt to economic activities, household spending — which contributes to more than half of the country’s GDP — contracted 5.51 percent in the second quarter this year, Statistics Indonesia (BPS) data shows. The entire economy shrunk 5.32 percent in the period.Meanwhile, the government is also aiming to accelerate spending on COVID-19 response, having only spent Rp 151.25 trillion (US$10.3 billion) of the stimulus budget as of Aug. 6, five months after the first cases were discovered in March, according to Finance Ministry data.Read also: Govt to spend $37b stimulus by year end through new programs, simpler bureaucracy“There will also be an investment wave from manufacturing companies that are looking to diversify their supply chain from China to Southeast Asia, including Indonesia,” Helmi added. Indonesia’s economy is expected to grow between 5.5 percent and 6 percent next year as economic activity is expected to return to normal after this year’s partial lockdown to contain COVID-19 transmissions, private lender Citibank Indonesia said on Thursday.Citibank Indonesia chief economist Helmi Arman said the economy may return to precoronavirus levels as early as next year, adding that the recovery would be driven by recovering household spending and higher government spending.“The driver of next year’s growth would be economic activity normalizing after being brought to a standstill for several months this year,” Helmi told reporters in a press briefing. President Joko “Jokowi” announced on June 30 that seven foreign companies had confirmed plans to relocate their production facilities to Indonesia, mostly from China. The companies, including South Korean industrial conglomerate LG, are estimated to bring investments worth US$850 million to the country, according to Investment Coordinating Board (BKPM) estimates.However, the ongoing global health crisis has caused a decline in Indonesia’s foreign direct investment (FDI) for the second consecutive quarter this year, falling by 6.9 percent year-on-year (yoy) to Rp 97.6 trillion in the April-June period.“We are assured that a relatively healthy banking sector will further support economic recovery once debt restructuring subsides and economic activity starts to revert to normal,” Helmi went on to say, adding that debt restructuring was taking a toll on banks’ ability to book a profit.On Aug. 4, Financial Services Authority (OJK) chairman Wimboh Santoso announced that Indonesian banks had restructured Rp 784.36 trillion in loans from 6.73 million debtors.The government’s ability to bring down infected cases and vaccine availability would also play a key factor in the country’s economic performance, Helmi said.As of Thursday, the country has recorded more than 132,000 COVID-19 cases, with nearly 6,000 deaths. Economists have urged the government to step up its efforts to control the pandemic so that the country could start its economic recovery.“The economy is expected to be at 70 percent capacity in the third quarter and at 90 percent capacity by the fourth quarter,” Helmi said, adding that the country may book positive growth this year but still feel the impacts of the health crisis.The government expects full-year growth of 1 percent or a full-year contraction of 0.4 percent for 2020.Jokowi is scheduled to deliver his annual state address and proposed 2021 state budget at the House of Representatives on Friday, in which the government expects the economy to grow by 4.5 percent to 5.5 percent next year.The government has also revealed a plan to raise its 2021 state budget deficit assumption to 5.2 percent of GDP from the previous proposal of between 4.17 percent and 4.7 percent.“We will raise the fiscal deficit next year to weather the uncertainty and revive the economy while also handling the COVID-19 pandemic,” Finance Minister Sri Mulyani Indrawati said in a live-streamed briefing on July 28.Read also: Government raises 2021 budget deficit to 5.2 percent of GDPTopics :last_img read more

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Pacific Basin expects $198 million in asset impairments

first_imgHong Kong-based dry bulk shipping company Pacific Basin revealed a one-off non-cash impairment charge of $198 million on the group’s Handysize core fleet. Pacific Basin said it has recently secured $63.6 million in new long-term credit facilities secured against five of its previously unmortgaged vessels, of which $33.5 million was undrawn as of June 30, 2020. “The expected impairment will not impact the operations or operating cashflows of the group, which will continue to benefit from a robust balance sheet,” Pacific Basin said. This weakness in demand has coincided with continued dry bulk fleet growth and limited scrapping during 2019 and the first half of 2020. However, the group is expected to record positive EBITDA for the period in the range of $75-90 million as compared to $101 million for the same period of 2019. Pacific Basin said the impairment resulted from the need to review the carrying value of its fleet amid the uncertain market outlook. “As at 30 June 2020, the estimated cash balances and borrowings of the group are approximately $316 million and $1,021 million respectively and the net borrowings ratio is approximately 41% against the net book value of owned vessels taking into account the expected impairment.” Image courtesy: Pacific Basin The dry bulk shipping market has been facing demand challenges as a result of the COVID-19 pandemic. The demand contraction comes on the back of an already challenged dry bulk market since early 2019. The impairment charge relates to primarily its smaller and older Handysize vessels and will be reflected in its unaudited consolidated results for the first half of 2020. Including this impairment, Pacific Basin expected to record a net loss in the range of $212 million to $227 million as compared to the $8 million net profit recorded for the H1 of 2019. last_img read more

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John Erwin Remodeling – Building Up or Building Out?

first_imgFacebook0Tweet0Pin0 You’ve outgrown your home. Maybe you have kids or maybe you have a parent who needs care. There are a few options. You could either build up, build out or buy a new home. Making the right choice means knowing your options and doing a little bit of thinking.“We can almost always do a two story addition on most homes,” says John Erwin of John Erwin Remodeling. The easiest path is typically building above the garage. Erwin uses point loads to help support the extra weight.  “The downside is whatever is underneath has to be gutted down to the studs,” says Erwin. This typically isn’t a big deal when building over the garage but can make life problematic in other parts of the house.Building out is a good option if you have larger property. “It’s easier for the homeowner,” says Erwin.  “With an add on most of the work is going to be done outside the home.” This option can be tricky if you have a small lot because it means giving up exterior space.When it’s all said and done it might be better to sell your current home. This means getting an estimate of just how much an add on would cost. If it’s cheaper to move then this might be the right choice.  Erwin and his team can help in this process. The cost of creating a plan is about $750 and an estimate of overall cost is free.If you’re interested in finding out if you should build up, build out or sell call John Erwin Remodeling at 360-705-2938. You can also find helpful information on the website.last_img read more

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