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EMERGING MARKETS-Rupiah dives as virus cases surge

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    July 20 (Reuters) - Indonesia's rupiah led declines among emerging Asian currencies on
Monday after the country overtook China with the most confirmed coronavirus cases in East Asia,
while the resignation of a fifth cabinet member in five days hit the Thai baht.
    The rupiah lost 0.8% against the dollar to hit a two-month low, while shares
gave up half a percent, as traders worried that the actual infection rate could be even higher.

    Bank Indonesia, which cut interest rates for the fourth time this year last week, on Monday
forecast an economic contraction of between 4% to 4.8% year-on-year for the second quarter,
predicting a "U-shaped" recovery from the pandemic.
    Southeast Asia's largest economy also increased tax incentives for businesses to cushion the
blow from the virus, but analysts were sceptical of its impact.
    "Tax relief for manufacturing workers and SMEs due to expire in September have been extended
till end-year, but likely would not inspire much confidence about the economic recovery,"
analysts from Maybank wrote in a note.
    In Bangkok, the baht fell 0.4% to its lowest since June 1, as Prime Minister Prayuth
Chan-ocha's office said Minister to the Prime Minister's Office Tewan Liptapanlop would quit.

    That followed calls over the weekend for the government to resign and an ongoing delay in
picking a new central bank chief, which have added to the sudden resignation of Finance Minister
Uttama Savanayana last week.
    Bangkok's benchmark stocks index, however, climbed for the second straight session,
adding 0.3%.
    "The news of a fifth cabinet minister resigning had weighed on sentiment... While the index
retains moderate gains into the afternoon, we are looking at a number of defensive sectors
supporting the gains here reflecting the cautious stance," said IG Market Strategist Jingyi Pan.
    Across the rest of the region, stock markets were mixed as investors awaited cues from
Europe and the United States on further fiscal stimulus to counteract the effects of the
pandemic.            
    "Given the worsening pandemic conditions in the U.S. and the lead up to the elections, one
suspects that the next stimulus package could be hastened to provide timely support, although
the size ... would be the question here," said IG Market Strategist Jingyi Pan.
    Philippine stocks, which have been under pressure as virus cases continue to climb,
recouped some recent losses and gained 0.5%.
    
    HIGHLIGHTS:
    
    ** Indonesian 3-year benchmark yields are down 6.5 basis points at 5.962%
    ** Top losers on the Jakarta stock index include Garuda Metalindo Tbk down
6.99%, Inter Delta Tbk down 6.96% and Eka Sari Lorena Transport Tbk down
6.9%
    ** In the Philippines, top index gainers are Metro Pacific Investments up 4.6%,
Ayala Land up 4.57%, Robinsons Land up 2.82%
    
    
  Asia stock indexes and currencies at 0413 GMT                                             
   COUNTRY      FX RIC    FX DAILY %     FX YTD %       INDEX   STOCKS DAILY %  STOCKS YTD %
    Japan                   -0.34          +1.17                     0.10          -3.96
    China                   -0.03          -0.43                     2.62           8.14
    India                   +0.00          -4.85                     0.98          -9.53
  Indonesia                 -0.81          -5.83                    -0.51          -19.77
  Malaysia                  -0.07          -4.08                    -0.01           0.46
 Philippines                -0.07          +2.52                     0.47          -21.72
   S.Korea                  +0.07          -3.98                     0.03           0.19
  Singapore                 -0.09          -3.34                    -0.33          -19.02
   Taiwan                   +0.32          +2.05                    -0.02           1.51
  Thailand                  -0.35          -5.88                     0.26          -13.72
 
 (Reporting by Shashwat Awasthi and Pranav A K in Bengaluru; Editing by Kim Coghill)

Source: – Reuters

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‘Disgraceful:’ N.S. Tory leader slams school’s request that military remove uniform

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HALIFAX – Nova Scotia Premier Tim Houston says it’s “disgraceful and demeaning” that a Halifax-area school would request that service members not wear military uniforms to its Remembrance Day ceremony.

Houston’s comments were part of a chorus of criticism levelled at the school — Sackville Heights Elementary — whose administration decided to back away from the plan after the outcry.

A November newsletter from the school in Middle Sackville, N.S., invited Armed Forces members to attend its ceremony but asked that all attendees arrive in civilian attire to “maintain a welcoming environment for all.”

Houston, who is currently running for re-election, accused the school’s leaders of “disgracing themselves while demeaning the people who protect our country” in a post on the social media platform X Thursday night.

“If the people behind this decision had a shred of the courage that our veterans have, this cowardly and insulting idea would have been rejected immediately,” Houston’s post read. There were also several calls for resignations within the school’s administration attached to Houston’s post.

In an email to families Thursday night, the school’s principal, Rachael Webster, apologized and welcomed military family members to attend “in the attire that makes them most comfortable.”

“I recognize this request has caused harm and I am deeply sorry,” Webster’s email read, adding later that the school has the “utmost respect for what the uniform represents.”

Webster said the initial request was out of concern for some students who come from countries experiencing conflict and who she said expressed discomfort with images of war, including military uniforms.

Her email said any students who have concerns about seeing Armed Forces members in uniform can be accommodated in a way that makes them feel safe, but she provided no further details in the message.

Webster did not immediately respond to a request for comment.

At a news conference Friday, Houston said he’s glad the initial request was reversed but said he is still concerned.

“I can’t actually fathom how a decision like that was made,” Houston told reporters Friday, adding that he grew up moving between military bases around the country while his father was in the Armed Forces.

“My story of growing up in a military family is not unique in our province. The tradition of service is something so many of us share,” he said.

“Saying ‘lest we forget’ is a solemn promise to the fallen. It’s our commitment to those that continue to serve and our commitment that we will pass on our respects to the next generation.”

Liberal Leader Zach Churchill also said he’s happy with the school’s decision to allow uniformed Armed Forces members to attend the ceremony, but he said he didn’t think it was fair to question the intentions of those behind the original decision.

“We need to have them (uniforms) on display at Remembrance Day,” he said. “Not only are we celebrating (veterans) … we’re also commemorating our dead who gave the greatest sacrifice for our country and for the freedoms we have.”

NDP Leader Claudia Chender said that while Remembrance Day is an important occasion to honour veterans and current service members’ sacrifices, she said she hopes Houston wasn’t taking advantage of the decision to “play politics with this solemn occasion for his own political gain.”

“I hope Tim Houston reached out to the principal of the school before making a public statement,” she said in a statement.

This report by The Canadian Press was first published Nov. 8, 2024.

The Canadian Press. All rights reserved.

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Saskatchewan NDP’s Beck holds first caucus meeting after election, outlines plans

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REGINA – Saskatchewan Opposition NDP Leader Carla Beck says she wants to prove to residents her party is the government in waiting as she heads into the incoming legislative session.

Beck held her first caucus meeting with 27 members, nearly double than what she had before the Oct. 28 election but short of the 31 required to form a majority in the 61-seat legislature.

She says her priorities will be health care and cost-of-living issues.

Beck says people need affordability help right now and will press Premier Scott Moe’s Saskatchewan Party government to cut the gas tax and the provincial sales tax on children’s clothing and some grocery items.

Beck’s NDP is Saskatchewan’s largest Opposition in nearly two decades after sweeping Regina and winning all but one seat in Saskatoon.

The Saskatchewan Party won 34 seats, retaining its hold on all of the rural ridings and smaller cities.

This report by The Canadian Press was first published Nov. 8, 2024.

The Canadian Press. All rights reserved.

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Nova Scotia election: Liberals say province’s immigration levels are too high

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HALIFAX – Nova Scotia‘s growing population was the subject of debate on Day 12 of the provincial election campaign, with Liberal Leader Zach Churchill arguing immigration levels must be reduced until the province can provide enough housing and health-care services.

Churchill said Thursday a plan by the incumbent Progressive Conservatives to double the province’s population to two million people by the year 2060 is unrealistic and unsustainable.

“That’s a big leap and it’s making life harder for people who live here, (including ) young people looking for a place to live and seniors looking to downsize,” he told a news conference at his campaign headquarters in Halifax.

Anticipating that his call for less immigration might provoke protests from the immigrant community, Churchill was careful to note that he is among the third generation of a family that moved to Nova Scotia from Lebanon.

“I know the value of immigration, the importance of it to our province. We have been built on the backs of an immigrant population. But we just need to do it in a responsible way.”

The Liberal leader said Tim Houston’s Tories, who are seeking a second term in office, have made a mistake by exceeding immigration targets set by the province’s Department of Labour and Immigration. Churchill said a Liberal government would abide by the department’s targets.

In the most recent fiscal year, the government welcomed almost 12,000 immigrants through its nominee program, exceeding the department’s limit by more than 4,000, he said. The numbers aren’t huge, but the increase won’t help ease the province’s shortages in housing and doctors, and the increased strain on its infrastructure, including roads, schools and cellphone networks, Churchill said.

“(The Immigration Department) has done the hard work on this,” he said. “They know where the labour gaps are, and they know what growth is sustainable.”

In response, Houston said his commitment to double the population was a “stretch goal.” And he said the province had long struggled with a declining population before that trend was recently reversed.

“The only immigration that can come into this province at this time is if they are a skilled trade worker or a health-care worker,” Houston said. “The population has grown by two per cent a year, actually quite similar growth to what we experienced under the Liberal government before us.”

Still, Houston said he’s heard Nova Scotians’ concerns about population growth, and he then pivoted to criticize Prime Minister Justin Trudeau for trying to send 6,000 asylum seekers to Nova Scotia, an assertion the federal government has denied.

Churchill said Houston’s claim about asylum seekers was shameful.

“It’s smoke and mirrors,” the Liberal leader said. “He is overshooting his own department’s numbers for sustainable population growth and yet he is trying to blame this on asylum seekers … who aren’t even here.”

In September, federal Immigration Minister Marc Miller said there is no plan to send any asylum seekers to the province without compensation or the consent of the premier. He said the 6,000 number was an “aspirational” figure based on models that reflect each province’s population.

In Halifax, NDP Leader Claudia Chender said it’s clear Nova Scotia needs more doctors, nurses and skilled trades people.

“Immigration has been and always will be a part of the Nova Scotia story, but we need to build as we grow,” Chender said. “This is why we have been pushing the Houston government to build more affordable housing.”

Chender was in a Halifax cafe on Thursday when she promised her party would remove the province’s portion of the harmonized sales tax from all grocery, cellphone and internet bills if elected to govern on Nov. 26. The tax would also be removed from the sale and installation of heat pumps.

“Our focus is on helping people to afford their lives,” Chender told reporters. “We know there are certain things that you can’t live without: food, internet and a phone …. So we know this will have the single biggest impact.”

The party estimates the measure would save the average Nova Scotia family about $1,300 a year.

“That’s a lot more than a one or two per cent HST cut,” Chender said, referring to the Progressive Conservative pledge to reduce the tax by one percentage point and the Liberal promise to trim it by two percentage points.

Elsewhere on the campaign trail, Houston announced that a Progressive Conservative government would make parking free at all Nova Scotia hospitals and health-care centres. The promise was also made by the Liberals in their election platform released Monday.

“Free parking may not seem like a big deal to some, but … the parking, especially for people working at the facilities, can add up to hundreds of dollars,” the premier told a news conference at his campaign headquarters in Halifax.

This report by The Canadian Press was first published Nov. 7, 2024.

— With files from Keith Doucette in Halifax

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