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Rupiah at 1998 crisis level pressures reserves, foreign-denominated debt

first_imgAs of 4:59 p.m. in Jakarta on Friday, the rupiah had weakened more than 15 percent against the US dollar this year. It broke the Rp 16,000 mark during the day, a level unseen since the 1998 crisis. The benchmark stock index, the Jakarta Composite Index (JCI), has lost a third of its value this year.As of Thursday, a Rp 105.1 trillion capital outflow had been recorded this year as foreign investors dumped Rp 92.8 trillion worth of government bonds and Rp 8.3 trillion in stocks, BI data shows.“Our foreign exchange reserves are more than enough,” Perry said when asked about the impact of the market rout on the central bank’s dollar reserves. At $130.4 billion in February, Indonesia’s dollar reserves represent 7.7 months of imports, well above the 3-month international adequacy standard.Bahana Sekuritas economist Satria Sambijantoro said the potential rebound of the rupiah would depend on the government’s efforts to contain the COVID-19 pandemic. The rupiah breached Rp 16,000 against the US dollar on Friday, the weakest since the 1998 crisis, taking its toll on central bank reserves, corporate debt obligations and import-reliant industries as the COVID-19 pandemic prompts an Indonesian asset selloff.Bank Indonesia (BI) Governor Perry Warjiyo said on Friday that the central bank had spent Rp 163 trillion (US$10.1 billion) to buy government bonds in the secondary market to stabilize the rupiah as foreign investors exited the market.“The stabilization efforts that we’ve taken focus on providing a supply of dollars, which we will continue doing through intervention […],” Perry told a teleconferenced press briefing, referring to the central bank’s bond buying and intervention in spot and non-deliverable forward markets. “We think most of the rupiah’s weakness was driven by psychological – not fundamental – factors due to the ‘two-tier pricing’ in the forex market that discourages exporters and bonds investors from holding on to their rupiah-denominated assets, fearing further depreciation,” he wrote.The government has pledged to allocate Rp 120 trillion (US$7.5 billion) from the 2020 state budget to stimulate the economy, which may grow at the lowest level in 15 years, just above 4 percent, Finance Minsiter Sri Mulyani Indrawati said.State-Owned Enterprises Minister Erick Thohir said the weakening of the rupiah against the US dollar could also impact state firms’ debts, including flag carrier Garuda Indonesia.“We have been negotiating regarding the airline’s [condition] for more than a month,” Erick said in a teleconferenced press briefing on Friday. Garuda may need to restructure its foreign-denominated debts as it has struggled to pay its obligations as the pandemic hits the travel industry hard, he added.Garuda Indonesia issued US$496.8 million in global sukuk (sharia-compliant financial assets) on June 3, 2015. They are due to mature on June 3 with an annual return of 5.95 percent, according to the company’s financial report released in September of last year.For import-reliant producers, the rupiah depreciation would increase costs in a sector already hit by supply chain shocks resulting from the COVID-19 pandemic.“If manufacturers want to keep their products competitive in the market, they have to pick a factor of their costs that they can cut, which is their workforce,” said Indef Center of Industry, Trade and Investment researcher Andry Satrio Nugroho.Andry predicted that the factory activity benchmark, the IHS Markit Purchasing Manager’s Index (PMI), would fall drastically in March. The index managed to climb to expansion for the first time since June at 51.9 in February. A reading above 50 indicates expansion, and one below 50 indicates contraction.“We have to finish the virus problems first, and then industries can catch up, just like what China is doing right now,” said Andry, adding that the recent stimulus should focus on healthcare instead.Chamber of Industry and Commerce (Kadin) vice chairman for industrial affairs Johnny Darmawan said on Thursday that the depreciating rupiah would be a further drag on already sluggish business activities due to social distancing measures taken by consumers and enterprises.President Joko “Jokowi” Widodo on Sunday urged Indonesians to practice social distancing, a public health measure to slow the transmission of an infectious disease by staying 1 meter away from other people in the case of COVID-19. It involves “working from home, studying from home and praying from home”, the President said.“Production has declined because of social distancing measures to slow down the coronavirus. Business has already been lethargic,” said Johnny.Manufacturing industry players have complained about the disruption in the supply of raw materials as measures to contain COVID-19 bind factory production across Indonesia. Between 20 and 50 percent of raw materials for domestic industry are sourced from China, Indonesia’s biggest trade partner.The government previously announced two rounds of stimulus packages including a package worth Rp 22.9 trillion that includes individual and corporate tax breaks. The first package, worth Rp 10.3 trillion and announced on Feb. 25, provides for staple needs and mortgage subsidies for low-income families and fiscal incentives for travel-related businesses.Indonesia had 369 confirmed cases of COVID-19 and 32 deaths as of Friday. Globally, the pneumonia-like illness has infected over 240,000 people and has claimed at least 10,000 lives. (mpr)Topics :last_img read more

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Weathers, Duquesne visit VCU

first_img___For more AP college basketball coverage: https://apnews.com/Collegebasketball and http://twitter.com/AP_Top25___This was generated by Automated Insights, http://www.automatedinsights.com/ap, using data from STATS LLC, https://www.stats.com Share This StoryFacebookTwitteremailPrintLinkedinRedditDuquesne (20-8, 10-6) vs. VCU (18-11, 8-8)Stuart Siegel Center, Richmond, Virginia; Tuesday, 7 p.m. ESTBOTTOM LINE: Two junior forwards will be on display as Marcus Weathers and Duquesne will take on Marcus Santos-Silva and VCU. Weathers has scored 20 percent of the team’s points this season and is averaging 13 over his last five games. Santos-Silva is averaging 11.4 points over the last five games. Weathers, Duquesne visit VCU March 2, 2020center_img FEARLESS FRESHMEN: VCU’s Santos-Silva, Nah’Shon Hyland and Issac Vann have collectively accounted for 40 percent of the team’s scoring this season, including 43 percent of all Rams points over the last five games.FACILITATING THE OFFENSE: Sincere Carry has had his hand in 45 percent of all Duquesne field goals over the last three games. The sophomore guard has 18 field goals and 21 assists in those games.UNDEFEATED WHEN: The Rams are 14-0 when they make eight or more 3-pointers and 4-11 when they fall shy of that mark. The Dukes are 16-0 when they hold opponents to 69 points or fewer and 4-8 whenever opponents exceed 69 points.PASSING FOR POINTS: The Rams have recently used assists to create baskets more often than the Dukes. VCU has an assist on 37 of 66 field goals (56.1 percent) across its past three matchups while Duquesne has assists on 48 of 87 field goals (55.2 percent) during its past three games.STINGY DEFENSE: VCU has forced opponents into committing turnovers on 25 percent of all possessions this year, the eighth-highest rate among all Division I teams. Associated Press last_img read more

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FB : Proud past: Joining ACC rekindles old rivalries for previously dominant Syracuse

first_imgDonovan McNabb gave the Syracuse faithful one final salute. He hiked up the first level of stairs in the Carrier Dome and stood on the flat handicapped concourse, appreciating the 49,521 fans that packed the stadium on Nov. 28, 1998.The gesture was a courtesy, not necessary after the display he put on in his final home game. With a Big East championship and Orange Bowl berth on the line, he ran for three touchdowns and threw for two more in a 66-13 thrashing of Miami (Fla.).‘When they announced the seniors, and just tears came from your eyes because you knew that all the effort that the guys put forth throughout the summers and during the springs of just trying to establish a name and establish an identity for themselves at Syracuse University,’ McNabb said.Syracuse won the conference outright, finishing at 6-1, a game ahead of Miami, Virginia Tech and West Virginia — two of which SU beat in 1998. The Miami game was the stamp on the McNabb era, a four-year span when Syracuse went 23-5 in the Big East at a time when the Big East was a conference held in high regards. Syracuse competed with the likes of the Hurricanes and Hokies and had a Northeast rivalry with Boston College throughout the 1990s as well.And when Syracuse announced its move from the Big East to the Atlantic Coast Conference on Sept. 18, it meant those rivalries would be rekindled.AdvertisementThis is placeholder text‘I think it’s great. If you look at the history of Syracuse football, Maryland and BostonCollege were staples,’ SU Athletic Director Daryl Gross said. ‘And then, like you said, Virginia Tech and Miami, those are going to be fun, too.’From the first year of full league play in the Big East in 1993 to the defections of perennial college football powers Miami and Virginia Tech in 2003, four teams won a conference title. Five for Miami. Three for Virginia Tech. One for West Virginia.And two for Syracuse, which, before its down years of the past decade, was a team that could compete with any school in the nation.***Syracuse went toe-to-toe with the future national champion. The Orangemen fought off the ropes, scoring 20 points in the fourth quarter to go up by two against Tennessee.Volunteers kicker Jeff Hall nailed a 27-yard field goal as time expired to give Tennessee, the 1998 national champ, a 34-33 win in the season opener in the Carrier Dome, but the win didn’t deter SU’s season.Syracuse went to Michigan Stadium the next week and jumped out to a 31-point lead in a 38-28 win over the then-No. 13 Wolverines, kick-starting a season that culminated in the Orange Bowl.‘They may beg to differ on the basketball side, but it was a football school,’ McNabb said. ‘When football season came around, our student section was filled every week, people on campus throwing Frisbees, they’re out there partying on Fridays, Saturday mornings they had their tailgate.‘It was an atmosphere that you look out on TV now, where we didn’t need (College) GameDay or ESPN there. We already had our GameDay, our fans are fired up and ready to go.’From 1996-99, the smallest home crowd at the Carrier Dome was 42,246 — for a game against Tulane. The lowest attendance of those four years is higher than the best attendance SU has received in its four home games in 2011.Syracuse’s days as a ‘football school’ are long gone, with the basketball team’s consistent performances and the rock-bottom seasons for the football program under Greg Robinson. But the move to the ACC, combined with the resurrection of the SU tradition under third-year head coach Doug Marrone, has some former SU players believing the glory days for Syracuse football could return.Mark Baniewicz, an Orange offensive lineman from 1996-99, felt jubilation when he heard the news that Syracuse escaped a conference on its deathbed.‘They tried to make a big deal about where the Big East conference was heading, but let’s be honest — it’s dying,’ Baniewicz said.He said the ACC was the right move, in part because it rekindles old rivalries that should put fans in the seats.‘Virginia Tech, BC and Miami were always the three red-letter games,’ Baniewicz said.The Carrier Dome used to get so loud that Baniewicz said he couldn’t have a conversation with the person standing next to him. When Syracuse played Virginia Tech in 1998, the fans stormed the field following McNabb’s last-second touchdown pass to Stephen Brominski to give the Orangemen a 28-26 win.Chris Rippon remembers that game fondly as well. Rippon held multiple defensive coaching positions with SU from 1993-2004, including working as Syracuse’s defensive coordinator from 1999-2003. On the Hokies’ drive prior to SU’s game-winning touchdown, he couldn’t communicate with the coaches in the booth because it was so loud.But Rippon, currently the defensive coordinator at Marshall, is slightly more skeptical than Baniewicz. Those were the 1990s. Syracuse football whiffed in the 2000s, and the rivalries may be too far removed to bring the days of almost 50,000 people back to the Dome.‘Syracuse has got phenomenal tradition, and Doug (Marrone) is trying to resurrect that,’ Rippon said. ‘I just don’t know what the mark is in the Northeast anymore, if that culture has moved on and gotten older.’***Nervous doesn’t describe McNabb’s feelings about his alma mater going up against schools like Virginia Tech, Clemson and Florida State. But he’s a little wary.‘I’m kind of, I wouldn’t say too much worried, but you’re kind of on your toes now,’ he said. ‘It’s kind of like really, do we have the recruits, do we have the athletes that can compete week in and week out in the ACC?’Recent history would say no. Syracuse snapped a seven-game losing streak to ACC teams with its season-opening victory over Wake Forest this year. And since McNabb graduated, Syracuse has lost at least five games in 11 of the last 12 seasons.But McNabb is also confident in what the Orange can become down the line.‘If Boston College and West Virginia and Miami can do it, I believe that we can,’ McNabb said. ‘It may take a couple years.’Syracuse lost 17-10 to Miami in the last Big East meeting between the two schools on Nov. 15, 2003. In SU’s second-to-last meeting with Virginia Tech, SU beat the Hokies in three overtimes. At the time of the last big conference shake-up, Syracuse wasn’t that far off from those schools.‘I think when you respect a program, it kind of brings out the best in you,’ Virginia Tech head coach Frank Beamer said in the ACC coaches’ teleconference Oct. 5. ‘And we have always respected Miami. We have always respected Syracuse.’***Syracuse was beating Miami as soon as the Hurricanes’ airplane touched down.Andre King said most of the Hurricanes players had never seen snow before. King, a sophomore wide receiver on that 1998 Hurricanes squad, was on his first trip to the Carrier Dome.King led Miami in receiving on that day, catching three balls for 34 yards — a measly total when Syracuse was scoring 66 points. The Hurricanes’ top two receivers for the season, future NFL stars Reggie Wayne and Santana Moss, both went without a catch.‘Good competition, man. The Dome was always loud,’ King said. ‘I mean, the Dome seemed like the fans were right in your back pocket because it was so small and loud, but those games were good.’Syracuse completely dismantled a Miami team full of NFL stars. Wayne, Moss, Edgerrin James, Bubba Franks, Ed Reed, Dan Morgan and Damione Lewis were all starters in that game who went on to become first-round NFL draft picks.King said then-Miami receivers coach Curtis Johnson made King, Wayne, Moss and the other receivers stay on the field during Syracuse’s celebration following the game. The Orangemen set an example for Miami to watch.They were a model for a Hurricanes team that won the national championship in 2001.‘They were rolling oranges on the ground and saying they were getting ready to go to the Orange Bowl (which is played) on our field, that was painful to watch,’ King said. ‘… He made us go back out there and watch them celebrate, just so we can see how that felt and how we wanted to be there in the future.’That rivalry will return when Syracuse joins the ACC, a conference that will now have five former Big East schools among its 14 members. King said he’s excited for Miami and Syracuse to play again, although it’s hard to expect the hype to be there.There will be ways to bring it back, though. King expects Syracuse-Miami reruns on ESPN Classic to develop hype for the matchup and to remind people that, yes, it was a heated rivalry.Whether or not Syracuse will be at a level to compete with Miami and Virginia Tech the way it used to remains to be seen. But it will add a new, old element to Syracuse football once the Hurricanes and Hokies come back to the Carrier Dome.‘When you knew you were getting up for Miami week, everyone knew,’ McNabb said. ‘It was big on campus. You talk about tailgating and you talk about pep rallies, and it was one for us throughout my career, it was almost like the Big East championship.’mcooperj@syr.edu—Sports Editor Michael Cohen and Asst. News Editor Jon Harris contributed reporting to this article.   Published on October 10, 2011 at 12:00 pm Contact Mark: mcooperj@syr.edu | @mark_cooperjr Commentscenter_img Facebook Twitter Google+last_img read more

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