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State injects Rp 881 billion into airport operator Angkasa Pura II

first_imgState-owned airport operator PT Angkasa Pura (AP) II, which manages most airports in the western part of Indonesia, has received a state capital injection (PMN) of Rp 881 billion (US$60.3 million) to improve the company’s capacity and capital structure.President Joko “Jokowi” Widodo issued Government Regulation No. 38/2020 regarding the PMN for AP II on July 16, with the capital injection coming in the form of state property transfers, not an allocation from the state budget (APBN).“To improve AP II’s capital structure and capacity, the government needs to provide additional PMN for AP II, in the form of state properties under the Transportation Ministry,” the document reads. The government transferred various properties to the company, including a runway worth Rp 528 billion that was constructed by the Transportation Ministry’s airport directorate working unit at Medan’s Kualanamu International Airport in North Sumatra and a parallel runway worth Rp 10 billion built by the directorate at Pontianak’s Supadio Airport in West Kalimantan.In May, AP II announced that it had reduced its capital expenditure this year to Rp 1.4 trillion, which is less than 20 percent of the initially earmarked Rp 7.8 trillion, following the sharp drop in aircraft and passenger traffic at its airports due to the COVID-19 pandemic, which has taken a toll on the operator’s revenue.The airport operator has also taken cost-cutting measures, including suspending the Soekarno-Hatta Skytrain service, cutting electricity use by 46 percent and slashing water use by 60 percent at Angkasa Pura II airports across Indonesia.With the finances of state-owned enterprises (SOEs) hit hard by the pandemic, the House of Representatives has approved a plan to channel Rp 151.1 trillion into the companies as part of the government’s national economic recovery (PEN) program.The funds, which are to be less than the government’s initial projection of Rp 152 trillion, will be disbursed to 16 state-owned firms using three schemes, namely state capital injections (PMN), government debt payments and government loans.Topics :last_img read more

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EFAMA, ICMA: ‘no systemic risk’ from leverage in EU-based funds

first_imgLevels of leverage have remained constant in recent years and there has been no systemic risk related to the use of leverage in EU-domiciled funds, according to the associations.The Financial Stability Board has been investigating whether the asset management sector could pose a danger to financial stability, with leverage forming part of its concern about systemic risk in investment funds.Earlier this year it set out policy recommendations for tackling “structural vulnerabilities” of asset managers, with leverage one of the risks covered. The International Organization of Securities Commissions (IOSCO) has been charged with evaluating the recommendations and considering next steps.Peter de Proft, EFAMA director general, said European regulation was “a cutting-edge framework at global level and [we] hope that IOSCO and the FSB use it as the benchmark and starting point for their work”.“This will allow them to deliver their mandate and propose a consistent matrix of different measures that can capture the broad universe of fund vehicles and investment strategies,” he said.Martin Scheck, chief executive of ICMA, said there was an “advanced technical framework already in place in Europe”.“We believe this work should help the ongoing debate on systemic risk in investment funds and should promote sensible solutions based on existing rules and practices,” he said.The associations recommended that existing EU regulatory standards should be the basis for developing a “matrix” of different measures of leverage and risk.“No single measure can capture all the risk in nature, size and characteristics associated with a fund’s underlying assets and strategies,” the associations argued.EFAMA and ICMA added: “Not all funds are relevant from a systemic point of view. In fact, very few of them present characteristics that need a more detailed scrutiny… Second, we should not forget that – at least in Europe – the risk that investment funds represent for their counterparts is already addressed by reporting requirements to national regulators. In addition, such risk is also addressed by prudential requirements in other existing regulatory frameworks that apply in combination with the regulation on leverage.”They also recommended that the existing EU framework guide any further streamlining of global calculation methodologies for leverage and risk.The paper can be found here. Global regulators’ work on leverage and systemic risk in investment funds should use the existing European regulatory framework when addressing these issues, according to two European industry associations.In a joint report, the European Fund and Asset Management Association (EFAMA) and the asset management and investors council of the International Capital Market Association (ICMA) argued that the European legislative regime “offers a robust framework” to address risks related to leverage in investment funds.The associations said EU rules for alternative investment fund managers and UCITS funds had “allowed regulators to ascertain that leverage levels remained relatively low and constant over time and that wider regulatory framework governing European investment funds has not led to potential systemic risk occurring in EU-domiciled investment funds since the crisis”.Citing rules and legislation for UCITS, alternative investment funds, and derivatives, EFAMA and ICMA said European regulators were already able to assess levels of leverage in funds and “take appropriate supervisory actions”.last_img read more

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Manly property has gone from shack to chic

first_imgThe home at 16 Peel St, Manly.This Manly property has undergone a stunning transformation thanks to mother and son team Tracey Harris and Bruce Crick. Ms Harris said she and her son, the owner of Crick Construction, had been looking for a project in Manly for about a year when they came across the post-war house at 16 Peel St. Inside the home at 16 Peel St, Manly. Picture: supplied“We walked into it and we just knew it was the house we wanted to renovate,” she said. The pair overhauled and raised original house and built in underneath. “It’s a brand new house really,” Ms Harris said. “And the attention to detail is amazing. Bruce and his team have put a lot of care into the build.”Ms Harris said every feature of the home was carefully thought out, from the handmade pavers at the front to the main bathroom with rain and handheld showerheads and the living spaces overlooking the pool. The home has been given a Hampton’s style makeover. Picture: suppliedThere are also a couple of hidden surprises in the home. “While building, Bruce found a 1964 penny in the house,” Ms Harris said. “He said it was found with the house, so it stays with the house. So he put it in the new driveway.”More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020The pair also included a time capsule in one of the walls of the home with photos, newspaper clipping and the story of the house. The oudoor entertaining area overlooks the pool. Picture: supplied.Downstairs the home has an open-plan living, dining and kitchen area flowing out to the back deck overlooking the pool. The marble-style kitchen has a built-in wine fridge, butler’s pantry and gas cooking. Upstairs there is a second living area opening to a spacious balcony.The master suite includes a walk-in wardrobe and ensuite while the three remaining bedrooms have built-in wardrobes. The family bathroom has a wet area with bathtub and shower.last_img read more

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Much needed rain also brings threat of slides

first_imgThis season, which started July 1, has been fairly arid, with 2.03 inches so far. But that’s a huge improvement over last year, when only a half-inch of rain had fallen by this time. A normal amount by now is 2.13 inches, Seto said. While there’s been more rainfall in Los Angeles this year than in the past two years, Seto said the National Weather Service’s Climate Prediction Center is predicting a 50percent chance that rainfall will be below normal for the months of December, January and February. “But with this rainfall we’re looking good,” he said. “So hopefully (the prediction center) will be wrong.” Seto said the county set a record last season for the least rainfall since 1877. Only 3.21 inches fell. A normal amount in a year for the L.A. area is 15.14 inches, Seto said. And only about 4 inches fell two years ago. That’s a sharp contrast to the 2004-05 season, when almost 37inches poured over the county, more than doubling the area’s normal amount. The especially wet and especially dry seasons have made overall rainfall averages in L.A. County about normal, Seto said. When added up, the total amount of rain from July 1, 2000, to June 30, 2007, averaged about 15 inches a year. Temperatures over the weekend will hover near 60 degrees, dropping to lows in the middle to upper 40s. There will be a 20 percent chance of showers. This morning and early afternoon, winds coming from the southeast will blow at 15 to 25mph. They will shift in the afternoon, coming from the west at 15 to 25 mph. In Orange County, sheriff’s patrol cars broadcast warnings through loudspeakers to residents of Modjeska, Williams and Silverado canyons, which were burned bare of slope-protecting trees and brush by wildfires earlier this year. The evacuations were expected to become mandatory later in the day as the storm approached, sheriff’s spokesman Jim Amormino said. However, he urged people not to wait until deputies went door to door ordering residents out. “It’s much better to do it early than wait for the slides to start,” he said. “The canyons are narrow, the roads are narrow. Sometimes if you wait too long, it’s potentially dangerous.” About 200 homes in the canyons were evacuated for most of the day Nov. 30 because of flooding concerns as another storm approached. However, the slopes held. [email protected] The Associated Press contributed to this article 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Rainfall in the South Bay may dampen some plans this weekend, but the showers are a bright spot in what threatens to be the area’s third-straight dry season. But for those living in fire-ravaged areas of Southern California, the rain brings the possibility of floods and landslides. Authorities urged a couple thousand people to get out of three Orange County canyons and residents in Los Angeles County worked to build sandbag barriers in areas that burned earlier. Steady rain is expected all day today, with a 40 percent chance of showers tonight, according to the National Weather Service. The storm coming from the Gulf of Alaska will drop one-half to 1 inch of water, a welcome amount in the otherwise parched region. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREPettersson scores another winner, Canucks beat Kings“The last two years have been very dry, and I mean extremely,” said Stuart Seto, a weather specialist at the National Weather Service. A chance of showers is also forecast through Saturday morning. Areas denuded by fires were a special concern. “It doesn’t take much to set off those mud and debris flows,” Seto said. Wildfires this year have stripped vegetation from thousands of acres of land. That land is now susceptible to excessive runoff and erosion. In Los Angeles County, work crews sandbagged hillsides in Griffith Park, where about 1,200 acres were scorched in May. Other work was under way in Malibu, where a wildfire destroyed 53 homes in November. last_img read more

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