PREMIUMTraffic jam: Jakarta roads remain one of world’s most congested

first_imgGhiffari, 21, an engineer at an online accommodation company, has to take a 20-minute trip by motorbike from his home in Palmerah, West Jakarta, to his office in Gambir, Central Jakarta. Oftentimes, it takes him 15 to 20 minutes longer because of heavy traffic.“The traffic is very irritating,” he told The Jakarta Post on Tuesday. “My work sometimes requires me to move from one place to another.”Ghiffari’s longer travel time is an example of Jakarta’s decades-long traffic issue, with the city failing to show any improvements in its congestion rate since 2018, according to a report.The TomTom Traffic Index, an annual report published by Dutch location technology company TomTom, shows in its 2019 report that Jakarta’s traffic congestion rate stagnated at 53 percent between 2018 and 2019. The city’s congestion rate had improved by 8 perce… Forgot Password ? LOG INDon’t have an account? Register here Facebook Log in with your social account Google Topics : Linkedin TrafficCongestion TrafficJam traffic travel Greater-Jakarta bappenas Transportation East-Kalimantan capital-city-relocationlast_img read more

Have no fear, Indonesia’s Spider-Man will clean up your trash

first_imgTopics : Many parts of Indonesia suffer from having little in the way of organized public services to deal with trash, with plastic waste in particular often ending in rivers or in the oceans.Indonesia, the world’s fourth most populous country, generates 3.2 million tons a year of waste, with nearly half ending up in the sea, a 2015 study in the journal Science showed.Hartono usually collects waste as Spider-Man before his cafe work begins at 7 p.m. and his efforts have helped put a spotlight on the waste issue nationally. He has been interviewed by newspapers and appeared on television chat shows dressed in his Marvel Comics super hero costume to explain his motivation.Initially, he admits, he bought the Spider-Man outfit simply to amuse his nephew, before others in his town took notice. “We need a creative role model to foster society’s active engagement in protecting the environment,” said Saiful Bahri, a resident of Parepare in southwest Sulawesi.With a population of around 142,000, Parepare produces around 2.7 tons of unmanaged waste per day, according to data released in 2018 by the ministry of environment and forestry.Indonesia, an archipelago of more than 17,000 islands, is estimated to be the world’s second-largest producer of plastic pollutants in the oceans after China, the study added.Hartono said he hoped the government would throw more weight behind efforts to clean up trash and tighten rules on waste management including on single-use plastic bags.”Minimizing plastic waste is the most important thing to do, because plastic is difficult to decompose,” he said.center_img Indonesian cafe worker Rudi Hartono struggled to persuade residents of his small coastal community of Parepare to follow his example and pick up rubbish strewn on the streets and beaches — until he dressed up as Spider-Man.”At first, I did the same activity without wearing this costume and it did not attract the public’s attention in order for them to join and help pick up trash,” said the 36-year-old Hartono, wearing his red and blue Spider-Man costume.”After wearing this costume, it turns out the public’s response was extraordinary,” he added.last_img read more

Pandemic an opportunity for reforms in Indonesia: Sri Mulyani

first_imgIndonesia is aiming to capitalize on the coronavirus crisis to roll out sweeping reforms in education, health care and social safety nets, says Finance Minister Sri Mulyani Indrawati, calling the pandemic a “short-term challenge” to the country’s vision.Sri Mulyani told The Jakarta Post in a live broadcast interview on Wednesday that proper education, health care and social safety systems were required to develop a strong future generation, and that human capital was central to development progress.“For a country to become a great country – [since] there is no great country without great people – is always [a] human-centered [task],” Sri Mulyani said during the Post webinar series Jakpost Up Close: “Reimagining the future of Indonesia’s economy”. After his reelection, President Joko “Jokowi” Widodo rolled out the Golden Indonesia 2045 vision, which envisions Indonesia as a developed country with Rp 270 million in annual per-capita income. Then, the pandemic hit, forcing the government to redirect funds into COVID-19 containment measures.“We will use all of our policy instruments to face this short-term challenge without losing sight of what is really important, such as human capital, infrastructure, an efficient bureaucracy and the ease of doing business,” said the finance minister.Read also: Indonesia aims for structural reforms as pandemic poses ‘short-term challenge’ to economyWorld Bank lead economist for Indonesia Frederico Gil Sander said the country would indeed need to invest more in its social protection and healthcare systems to address future shocks. Despite years of progress in Southeast Asia’s largest economy, he went on to say, more investment would also be needed in health care and infrastructure. “Going forward, having a robust social protection system will help Indonesia address a lot of shocks, such as natural disasters or a future pandemic,” Gil Sander said. Millions are at risk of losing jobs and falling into poverty as the COVID-19 pandemic is likely to shave growth to near zero percent, the government has estimated.The government, he added, would need to raise tax revenue to pay for the much-needed investments, otherwise it may hurt the country’s competitiveness.“As the economy recovers, it will be important to have a roadmap of how Indonesia can raise more revenue […] to sustainably pay for these important expenditures,” Gil Sander said.Former finance minister Chatib Basri also said that the government would need to spend stimulus funds for social aid more quickly, adding that that would boost household demand, which was needed to revive the economy.Read also: Indonesian urban consumers more optimistic than global peers: Survey“The only spending that can achieve quite a significant level of absorption is social aid, not tax incentives,” he said during the same webinar, adding that the government should be more “pragmatic by allocating funding in which the government could spend the money”.“The government should focus on cash transfers and extend it to the middle class” rather than maintaining the current tax incentives, he went on to say. “If there is no economic activity and companies are running losses, they don’t pay tax anyway.”The government has only spent Rp 151.25 trillion (US$10.23 billion) of its stimulus budget totaling Rp 695.2 trillion, according to data from the Finance Ministry as of Aug. 6, five months after the outbreak began in Indonesia.President Jokowi has asked to pour out the money through the economy, but “pouring it out isn’t just like flushing it down the toilet. You really have to spend [the money], and somebody is going to audit you,” Sri Mulyani said, referring to the role of the Supreme Audit Agency (BPK).Read also: Indonesia looking at near-zero growth as govt struggles to spend budget, Sri Mulyani saysThe finance minister said a lack of population data and red tape were among the main factors holding up budget fund disbursement, adding that several new ministers were finding it hard to reprioritize and cut their budget allocations amid the ongoing crisis.“The current budget priority is not to increase output but for survival,” said a special advisor to the finance minister, Masyita Cristallin, during the webinar, adding that the government was planning to expand the country’s tax base and undertake structural reforms.“We are looking at different solutions, such as changing the tax rate on some regressive tax, so that tax may become progressive […]. This can stimulate the economy and be good for equality,” she said. “The government is undertaking reforms to develop downstream industries and increase the value [of products]. This may also improve revenue collection.”Indonesian Employers Association (Apindo) vice chairwoman Shinta Widjaja Kamdani said structural reforms, including those formulated in the omnibus bill on job creation, would create much-needed jobs in the country.“We can’t create enough jobs at the moment, so this is why the omnibus bill plays a very important role to create jobs by driving investment into the country,” she said, adding that attracting investment would need a government that could cut red tape.For the private sector, the pandemic has shed light on the future of Indonesia’s economy, in which technology will play an important element, said Shinta and other representatives of the private sector in the webinar, Sequoia Capital (India) managing director Abheek Anand, Prudential Indonesia president director Jens Reisch and OVO president director Karaniya Dharmasaputra.center_img Topics :last_img read more

Housing induced risk to economy as household indebtedness rises

first_imgBefore the GFC, for every $100,000 increase in house values, old-aged households spent $1,000 per year, which dropped to $600 a year post-GFC.NEW research has warned that the house-price induced debt was now a risk to the Australian economy to the tune of hundreds of millions of dollars.The warning came of research from the University of Sydney looking into housing prices, household debt and household consumption for the Australian Housing and Urban Research Institute (AHURI).“The take-up of further mortgage debt among highly leveraged households through the ‘collateralisation effect’ exposes those households to the risk of significant losses if house prices fall or if interest rates increase. This, in turn, may pose a systemic risk for the macroeconomy,” said the report which was written by University of Sydney’s Kadir Atalay, Stephen Whelan and Judith Yates.Associate Professor Whelan said the findings were relevant for macro-economic stability.“Financing higher consumption through taking debt among highly leveraged households exposes those households to the risk of significant loss if house prices fall or if interest rates rise,” he warned.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours ago“This is in contrast to a general belief in Australia that debt is held by those most able to service it, namely, higher income and higher wealth households.” Researchers warned that in other countries regulations were implemented to limit the growth of household indebtedness.The researchers warned that macroeconomic policymakers needed to acknowledge those potential risks.“Despite the large benefits of having a flexible mortgage system that allows households to borrow against their housing equity, this highlights a potential cost of such a system. In a number of countries with similar situations, regulations have been implemented to limit the growth of household indebtedness and the need to ensure robust prudential regulation remains an important policy priority.”According to the research before the GFC, for every $100,000 increase in house values old-aged households spent $1,000 per year while middle-aged households spent $1,700 more annually. Post-GFC, those figures dropped to $600 for old- and $1,600 for middle-aged households.“The significance of this is seen if we consider there are 1.69 million households aged 65 and over who are homeowners, then just $400 less being consumed each year by each household means a loss to the economy of approximately $608 million when compared to pre-GFC household consumption.”The report also warned that investors with mortgage debt were not as risk-adverse as other homeowners – something would need the attention of policymakers.last_img read more

Wednesday people roundup

first_imgPwC – Andrew Drake and Selina Hall have joined the consultancy as partner and senior manager, respectively. Drake, a former managing director at River and Mercantile, will lead the regional pensions investment consultancy. Hall, meanwhile, re-joins PwC after a short period at Ensign Pensions, and will advise trustees on pension management.bfinance – Frithjof van Zyp has been named director of the consultancy’s Australian business. Van Zyp joins after a decade at eVestement, for which he established a Hong Kong office and where he was most recently senior vice-president and head of data services. Lægernes Pensionskasse, PKA, Millennium Management, Credit Suisse Asset Management, Aon Hewitt, Willis Towers Watson, PwC, River and Mercantile, Ensign Pensions, bfinance, eVestementLægernes Pensionskasse — Merete Lykke Rasmussen has been appointed chief actuary and head of the actuarial department at the Danish Doctors’ fund, effective from 1 June. She comes to the pension fund from PKA, where she also held the role of chief actuary. Before that, she worked at Industriens Pension and KPMG, among other employers. Lykke Rasmussen is taking over at Lægernes Pensionskasse from Gyrithe Juel Grindsted, who wanted to take a step back after more than 25 years in the role. Juel Grindsted will continue working at the doctors’ fund as a senior actuary.Millennium Management – Robert Jain has joined the manager as co-CIO. The move will see Jain leave Credit Suisse after two decades, where he was most recently global head of Credit Suisse Asset Management.Aon Hewitt – Chris Inman has joined the consultancy’s DC team as principal investment consultant in charge of its DC investment advisory service. Inman, who previously worked at Willis Towers Watson and Russell Investments, will also join Aon’s DC investment committee.last_img read more

‘I understand’, commissioner Hill tells pension funds on EMIR concerns

first_imgThe feedback also indicated the need for the Commission to take care with further reforms to avoid reducing market liquidity, added Hill.Introducing the conference before Hill’s arrival, Janwillem Bouma, chair of PensionsEurope and managing director of two Shell pension funds in the Netherlands, emphasised the need for a “proportionate regulatory environment that reflects the specificities of pension funds, which have a social purpose”.EMIR was one of the pieces of EU financial legislation Bouma said should be changed, arguing that its interaction with bank capital rules were having a negative impact on pension funds.“At present, the cumulative impact of bank capital requirements and EMIR is overly burdensome for pension funds,” said Bouma. Hill has previously said “it should be possible to make EMIR more proportionate” while still mitigating systemic risk in derivatives markets. The European Commission will feed pension funds’ calls for a permanent exemption from central clearing obligations into a review of the European Market Infrastructure Regulation (EMIR) that is coming to a close, commissioner Jonathan Hill told delegates at a PensionsEurope conference in Brussels today.“I know pension funds have called for a permanent exemption from some of EMIR’s rules on central clearing,” he said. “I understand your concern.”He made the comments as part of a summary of feedback the Commission received to a consultation on how financial services legislation was working, and how the Commission was responding to this.“Respondents to our Call for Evidence have said that, overall, the measures put in place following the crisis are working well, but that, in places, our legislation is not proportionate enough, that it could be weighing down the amount of financing available to the wider economy and that the compliance burden is too heavy,” he said. last_img read more

Egypt’s Prime Minister Ahmed Shafiq resigns

first_img Share News Egypt’s Prime Minister Ahmed Shafiq resigns by: – March 3, 2011 Sharing is caring! Egypt’s Prime Minister Ahmed Shafiq has resigned, the country’s ruling military council has announced in a statement.A former transport minister, Essam Sharaf, has been asked to form a new government, the statement adds.Mr Shafiq was appointed days before President Hosni Mubarak was forced out of office following days of anti-government protests.Protesters saw Mr Shafiq as too closely associated to Mr Mubarak’s rule, observers say.“The Supreme Council of the Armed Forces decided to accept the resignation of Prime Minister Ahmed Shafiq and appointed Essam Sharaf to form the new government,” the army said in a statement on its Facebook page.Mr Shafiq was appointed by Mr Mubarak just days before he stepped down on 11 February after several weeks of popular protests against his rule.It had been one of the protesters’ key demands that Mr Shafiq and other top ministers appointed at the end of the Mubarak rule step down. Mr Sharaf’s appointment is significant as he spoke out in support of the revolution and took part in the street protests, says the BBC’s Alastair Leithead in Cairo.It is a major step towards appeasing the demonstrators who have continued to camp out in Tarihr Square, as Mr Sharaf was a vocal opponent of the Mubarak government since his resignation as a minister five years ago, our correspondent adds.Travel banThe military council, which has been running the country since Mr Mubarak stepped down, has previously ordered the government to run the country’s affairs for six months “or until the end of parliamentary and presidential elections” and is also examining constitutional reforms.On Monday, Egypt issued a travel ban on ousted President Mubarak and his family.Mr Mubarak is believed to be living in his villa in Sharm el-Sheikh, but in poor health, and has not been seen or heard of publicly since stepping down. BBC News Tweet Share 11 Views   no discussions Sharelast_img read more

AquaTrojans Swimming Results

first_imgEC Boys 378.5New Castle 250Milan 201Hagerstown 155Centerville 140.5 Go AquaTrojans!!! Invitational winners include:Nick Weber – 200 Free, 100 BackOwen Matthew – 50 FreeJohn Crawley – DivingJackson Ketcham – 100 Fly, 100 BreastRay Krider – 100 FreeKaden Cummins – 500 Free EC won all three relays to claim the invitational title. EC Boys finish 27-2 on the season (13-0 EIAC).EC traveled to Columbus on Tuesday, January 28 for a meet against Sectional foe, the Columbus North Bulldogs on their Senior Night.  Columbus North came away with two hard-fought victories against the Trojans.  CN Girls won 130-53 while the CN Boys won 100-86.  center_img This was the last meet for the EC Girls on the season.  They finish 23-2-1 on the season (12-1 EIAC).EC boys travel to Centerville for their annual Boys invitational on Saturday.  Individual winners include:Jackson Ketcham- 200 Free, 100 FlyNick Weber – 50 Free, 100 FreeJohn Crawley – 1-meter divingRay Krider – 500 FreeEC also won the 400 Free Relay. EC Boys took home more hardware as they competed and won the Centerville Invitational on Saturday.  The scores were as follows:last_img read more

CAF Confederation Cup: Rangers pick Group stage ticket

first_imgRelatedPosts COVID-19: CAF initiates financial entitlement payments to clubs Enyimba coach hails players over Confederation Cup win CAF Confederation Cup: Dimgba’s hat-trick helps Enyimba to whip Algerian side Seven-time Nigeria league champions and CAF Confederation Cup 2019/2020 hopefuls, Rangers International FC, have qualified for the group stage following the one nil over Togolese ASC Kara in Enugu on Sunday.A Chinonso Eziekwe 18th minute strike helped the Flying Antelopes march past the Togolese side.The return leg fixture, which was settled before a packed Nnamdi Azikiwe Stadium, Enugu, saw the former NNL striker race onto an Nnamdi Egbujuo defence splitting cross to hit the back of the net, which sent the crowd into wild jubilations.Expectations for more goals from the Rangers front men failed to materialize not for lack of opportunities created but for some unpardonable misses by Ifeanyi George and Nnamdi Egbujuo in the last 10 minutes of the first stanza.When both sides returned from the break, the visitors took the initiative in the middle of the pack with precise passes that kept the fans at the edge of their seats but they could not make this dominance count as Uche John and Akpos Adubi stood their ground in the heart of Rangers defence line.The introduction of Ikechukwu Ibenegbu for tiring Chiamaka Madu early in the second stanza added little to steady the middle but he brought his experience to bear in the few times he was called upon as he did well to set up the attackers on three occasions that went begging.Ibrahim Olawoyin and Sadick Abbas came close to extending the score for the host at the tail end of the match as Olawoyin’ shot from the edge of the box after dribbling past a sea of legs missed target by inches while Ghanaian born Abbas watched in awe as his well placed shot beat the goalkeeper but not the upright.Coach Benedict Ugwu after the pulsating encounter said: “It was a good match. “We thank God for the win that has taken us to the group stage of the competition.“Our plan was not to concede and the players did well to contain them, especially in the second half. “Yes, we are going into a tougher stage of the competition, but I have the confidence that we shall continue to make good representation for the country.”Rangers qualified for the prestigious group stage of the competition on the away goals rule after aggregate score after both legs stood at 2-2 after losing the first leg 2-1 at Stade de Kegue, Lome. Tags: CAF Confederation Cuplast_img read more

Mourinho hails ‘fantastic’ Bale

first_imgJose Mourinho has revealed he wanted Real Madrid to sign Gareth Bale last year and believes the Spanish giants will have a “fantastic player” if the Wales international’s proposed move to the Bernabeu goes ahead. “It looks like it is happening this season so I am happy for them because they get a fantastic player but, of course, the numbers are huge numbers and the kid has to go now and there’s pressure to prove that he’s worth that investment.” Mourinho believes Bale would have fitted in well in his Madrid side and expects his successor, Carlo Ancelotti, to make the most of the Welshman’s talents as well if he moves to Spain. “I think he’s a fantastic player and the way my Real Madrid was playing, I think it was an easy player to fill a space and to get into that tactical dynamic,” the Portuguese added. “I don’t know what Carlo is thinking now but Carlo is an experienced coach and for sure will get the best out of him.” Press Associationcenter_img The Chelsea manager has also warned Bale of the pressure that will be on him to justify his transfer tag if, as has been speculated, Madrid end up paying a world-record fee to prise him away from Tottenham. Mourinho, who left Madrid this summer after three years in charge before returning to Stamford Bridge, told ESPN of his hopes to sign Bale last season, saying: “I asked the club to buy him last season but it was not possible. last_img read more