Economy

Indonesia says to lend more to regions to support economy – TheChronicleHerald.ca

Published

4 years ago

July 27, 2020

JAKARTA (Reuters) – Indonesia is placing 11.5 trillion rupiah ($793 million) in state funds with some regional development banks and extending loans to provincial governments to support economic recovery amid the pandemic, the finance minister said on Monday.

Minister Sri Mulyani Indrawati said the programme is a follow-up to the 30 trillion rupiah allocated to state lenders which carries similar requirements and targets.

The funds will be placed with regional development banks in the capital Jakarta and the provinces of West Java, Central Java, East Java, and North Sulawesi. The government is also considering fund placements at regional development banks in Bali and Yogyakarta provinces.

Indrawati also announced during an online briefing a 15 trillion rupiah loan scheme for the provincial governments of Jakarta and West Java, the countries top economic and industrial hubs, to revive economic activity.

The funds were raised by the central bank buying government bonds, which will allow for low interest costs for the provincial governments to build roads, markets and health infrastructure, Indrawati said.

“The aim is to restart projects that were postponed due to (budget) refocusing efforts and support economic growth while upholding COVID-19 health protocols,” Indrawati said.

Indonesia’s economy is expected to contract or at best barely grow this year, according to the finance ministry, as the pandemic slashes economic activity.

(Reporting by Tabita Diela; Editing by Fransiska Nangoy and Ed Davies)

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

18 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

1 day ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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