Connect with us

Investment

Indonesia to tackle investment red tape with job creation bill – The Journal Pioneer

Published

 on


By Maikel Jefriando

JAKARTA (Reuters) – Indonesia’s government plans to submit a bill to parliament on Monday designed to replace dozens of overlapping laws viewed as a barrier to investment, a senior official said on Friday.

With growth in Southeast Asia’s biggest economy having been stuck at around 5% for several years, President Joko Widodo has said the new legislation is vital to boost investment and create jobs.

The bill will cover 79 laws, comprising over 1,200 clauses, and aims to streamline businesses permits, investment requirements and labor laws, said Susiwijono Moegiarso, secretary of the Coordinating Ministry of Economic Affairs.

Widodo, who started his second term in October, hopes parliament will pass it within 100 days.

Moegiarso said the world’s fourth-most populous country needed to create 9 million jobs per year, requiring much higher investment. “The government wants to create a conducive business climate,” he said.

“The ‘omnibus’ law draft will be submitted to parliament on Monday. We are finalizing the details, but the substance is all clear.”

It will simplify permit processes covering 15 sectors including manufacturing, agriculture, energy and mining, as well as environmental permits and construction, according to a ministry presentation.

The government will also remove a “negative investment list” that restricts foreign ownership in some areas. It will still set ownership limits in certain industries, said ministry official Elen Setiadi, but the cap will be determined by a regulation that will be easier than a law for the government to change.

On labor issues, the government will adjust parameters determining minimum wages to take into account economic conditions of different regions.

Previous governments have struggled to reform employment laws and unions are planning protests next week to oppose a bill they view as “pro-business”.

Moegiarso denied the new law would curb labor rights.

In the mining sector, the government plans incentives for downstream investors. These could include an extension of permits for as long as a mine’s lifespan, according to the presentation material.

The government may also remove coal miners’ royalty charges and rules on mandatory sales to power plants if a miner invests in a coal gasification plant, the documents showed.

(Writing by Fransiska Nangoy; Editing by Ed Davies and John Stonestreet)

Let’s block ads! (Why?)



Source link

Continue Reading

Investment

Bitcoin back over $50,000, as market calms after weekend turmoil

Published

 on

Bitcoin rose 1.5% in early Asia on Tuesday, after firming overnight in line with equity markets and other risk assets, but many crypto traders remained on edge after Saturday’s sharp and sudden plunge.

The world’s largest cryptocurrency was last around $50,800, having closed a choppy day on Monday 2.2% higher.

“The general confidence in crypto is still high and market sentiment is coming back as we saw a general risk-on mood on Monday. Omicron’s effect looks a lot milder than the market has digested,” said Edison Pun, senior market analyst at Saxo Markets in Hong Kong.

Tuesday’s calm followed quite a storm.

Bitcoin fell as much as 22% to just under $42,000 on Saturday on a combination of profit-taking and macro-economic concerns, but rebounded somewhat later in the session, with thin weekend liquidity exacerbating price moves.

Cryptocurrency analysts were not quite sure what triggered the heavy selling. But they pointed to a plunge in margin borrowing and in fresh futures positions, as well as to activity by large holders of bitcoin as evidence of mass liquidation.

That crash was the biggest since a 31% collapse in bitcoin’s price on May 19. According to cryptocurrency analytics platform Coinglass, bitcoin’s market capitalisation has fallen to about $932 billion from $1.25 trillion on Oct. 21.

Bitcoin set a new record high of $69,000 on Nov. 10.

Ether, the world’s second largest cryptocurrency, was last down 0.3% to $4,340.

Against its larger peer, ether sat at 0.085 bitcoin, just off Monday’s near four year top.

 

(Reporting by Alun John; Editing by Ana Nicolaci da Costa)

Continue Reading

Investment

TSX rallies as investors see recent volatility as overdone

Published

 on

Canada‘s main stock index rose on Monday as investors took the view that the recent selloff driven by worries about the new Omicron coronavirus variant and potentially tighter monetary policy went too far.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 227.83 points, or 1.1%, at 20,861.10. It fell 2.3% last week, its biggest weekly decline since January.

“I think people woke up over the weekend and said the volatility of last week was perhaps overdone,” said Philip Petursson, chief investment strategist at IG Wealth Management.

“It’s not just limited to what’s going on in Toronto, it’s also going on in the United States.”

Wall Street’s major averages closed higher with economically sensitive sectors and travel-related stocks soaring as investors were encouraged by some optimistic comments from a top U.S. official on the new variant.

All 11 of the Toronto market’s main sectors gained ground, including a 1.7% advance for energy as oil prices rallied. U.S. crude oil futures settled 4.9% higher at $69.49 a barrel.

Consumer cyclical shares rose 2.1%, while the technology group ended 1% higher.

It was led by a 9.3% jump in the shares of Dye & Durham Ltd after the cloud-based software company said it has acquired Telus Corp’s financial solutions business.

“Markets are probably going to be volatile until we get through the Federal Reserve meeting,” said Gregory Taylor, a portfolio manager at Purpose Investments.

U.S. Federal Reserve policymakers meet next week and will consider speeding the reduction of their bond-buying program, which currently is on track to end by June 2022.

The Bank of Canada is due to make a policy decision on Wednesday.

 

(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Sandra Maler)

Continue Reading

Investment

Lumina Gold Announces Signing of an Exploration Investment Protection Agreement – Yahoo Canada Finance

Published

 on


VANCOUVER, BC, Dec. 6, 2021 /CNW/ – Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) (the “Company” or “Lumina”) is pleased to announce the signing of an Exploration Investment Protection Agreement (“EIPA”) for the Cangrejos project (the “Project”). This groundbreaking agreement between the Government of Ecuador and Lumina Gold provides a foundation that the parties can build on as the Project advances towards development and a future negotiation of the Exploitation Agreement and Exploitation Investment Protection Agreement required for mining. This negotiation would occur after the completion of a Pre-Feasibility study for the Project.

The EIPA explicitly covers an investment commitment by Lumina totaling a minimum of US$36M for the period 2019-2024 and also covers investments by the Company in Ecuador from December 2010 to the end of 2018. The agreement also extends to any additional investments made by Lumina during the term and beyond. The Company has invested approximately US$18M from January 1, 2019 to September 30, 2021 in Ecuador and just completed a financing to continue work on drilling and engineering in order to complete a Pre-feasibility study by early 2023.

Image 1: Marshall Koval and Guillermo Lasso, President of Ecuador and key foreign investment ministers at the Ecuador Open For Business conference.

Image 1: Marshall Koval and Guillermo Lasso, President of Ecuador and key foreign investment ministers at the Ecuador Open For Business conference. (CNW Group/Lumina Gold Corp.)

Image 1: Marshall Koval and Guillermo Lasso, President of Ecuador and key foreign investment ministers at the Ecuador Open For Business conference. (CNW Group/Lumina Gold Corp.)

Image 2: Marshall Koval and Guillermo Lasso, President of Ecuador at the Open For Business conference.

Image 2: Marshall Koval and Guillermo Lasso, President of Ecuador at the Open For Business conference. (CNW Group/Lumina Gold Corp.)Image 2: Marshall Koval and Guillermo Lasso, President of Ecuador at the Open For Business conference. (CNW Group/Lumina Gold Corp.)

Image 2: Marshall Koval and Guillermo Lasso, President of Ecuador at the Open For Business conference. (CNW Group/Lumina Gold Corp.)

Under the terms of the EIPA, the Government of Ecuador pledges to maintain legal certainty and stability for the investment, as well as to provide non-discriminatory treatment compared to other similar projects with regards to the administration, operation, expansion, and transfer of the Company’s investments. In addition, the Government commits that it will not subject the Company and its investments to arbitrary or discriminatory measures. The guarantee also extends to property rights, which bars any confiscation or other termination of rights without fair compensation, and also forbids restrictions on the legal transfer of the investment (e.g., the project or local holding companies) by the Company or its shareholders. The agreement also contains detailed procedures for dispute resolution, with arbitration in London pursuant to the rules of the International Chamber of Commerce.

The process of entering into this EIPA was greatly accelerated under the leadership of Guillermo Lasso´s administration, particularly following the issuance of Decree 151, which defined the national Mining Action Plan. It involved direct negotiations with the Ministry of Production, Foreign Commerce, Investments and Fishing. In addition, approvals were obtained from the Strategic Committee for Promotion and Attraction of Investments, as well as the Ministry of Energy and Non-Renewable Natural Resources, the Ministry of Economy and Finance, and, lastly the State Attorney General in relation to the approval of the international arbitration clause.

About Lumina Gold

Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base metals exploration and development company focused on the Cangrejos Gold-Copper Project located in El Oro Province, southwest Ecuador. Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects.

Further details are available on the Company’s website at https://luminagold.com/

Please click here and subscribe to receive future news releases: https://luminagold.com/contact

LUMINA GOLD CORP.

Signed: “Marshall Koval”

Marshall Koval, President & CEO, Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to completing an Exploitation Agreement, Exploitation Investment Protection Agreement and a Pre-feasibility study. Often, but not always, forward-looking statements or information can be identified by the use of words such as “will” or “projected” or variations of those words or statements that certain actions, events or results “will”, “could”, “are proposed to”, “are planned to”, “are expected to” or “are anticipated to” be taken, occur or be achieved.

With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company’s continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

CisionCision

Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/lumina-gold-announces-signing-of-an-exploration-investment-protection-agreement-301437706.html

SOURCE Lumina Gold Corp.

CisionCision

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2021/06/c1772.html

Adblock test (Why?)



Source link

Continue Reading

Trending