Pertamina, PGN cut revenue targets as weak rupiah, lockdown severely hurt businesses

first_imgThe sharp decline in the rupiah exchange rate has caused a significant increase in crude oil procurement costs in the local currency.The company initially set a target of $52.4 billion in revenue and $8 billion in capital expenditure this year. The ICP was last recorded at $34.23 in March and the rupiah exchange at 15,787 on Thursday, according to Bank Indonesia. Pertamina and PGN, like many other big Indonesian companies, have revised down their growth projections for this year as Indonesia, the country with the highest COVID-19 death toll in Southeast Asia, imposed large-scale social restrictions (PSBB) to stop the spread of the new coronavirus.Many Indonesian cities are set to implement the partial lockdown in their respective jurisdictions to contain the pandemic, following in the footsteps of Jakarta, as well as Bogor, Depok and Bekasi in West Java and Tangerang, Banten.Nicke said that partial lockdowns would “further pressure” fuel demand, which may cause a decline in revenue by up to 45 percent in the worst-case scenario, in which the Indonesian Crude Price (ICP) reaches US$31 per barrel and the rupiah exchange rate stands at 20,000 to the US dollar.In the second-worst-case-scenario, Pertamina’s revenue would fall by a gentler 38 percent as the ICP hits $38 per barrel and the exchange rate reach 17,000 to the US dollar. State-owned oil company Pertamina and its subsidiary gas distributor Perusahaan Gas Negara (PGN) have cut their revenue targets this year as the government’s partial lockdown measures to halt the spread of COVID-19 has severely affected their businesses.Pertamina president director Nicke Widyawati said on Thursday that the 52-year-old company had been hit hard by a “triple shock” of crashing crude oil prices, falling oil demand and a weakening rupiah-US dollar exchange rate.“Today [Thursday], nationwide fuel consumption fell 34.9 percent from sales in January and February,” she told a teleconferenced hearing with the House of Representative members. “This is the lowest sales figure in Pertamina’s history.” In anticipation of lower revenues, the company plans to slash its capital expenditure by 23 percent and operational expenditure by 30 percent. Expenditure cuts include those for upstream investments, project developments, operational budgets and work trips, among others.Meanwhile, gas company PGN estimates that gas sales will fall by 31.59 British thermal units per day (Bbtud) this year from the initial target of 980 Bbtud.Almost two-thirds of the shortfall comes from the closure of many industries, particularly ceramic and steel industries on Java island, due to the coronavirus pandemic. The remaining shortfall comes from declines in new customers and in non-manufacturing usage such as gas-fired power plants.“The decline will reach its lowest level around the months of May, June and July,” PGN president director Gigih Prakoso said at a virtual press conference on Thursday.Due to falling demand, PGN, which also functions as Pertamina’s sole gas subholding subsidiary, is projected to book a 14 percent lower income than expected in 2020 with zero percent year-on-year growth under the worst-case scenario.The gas company has three strategies to minimize losses, including renegotiating gas purchasing deals with suppliers and revising planned investments this year, such as those related to gasifying diesel-fired power plants and expanding households gas pipelines.Gigih noted that a similar decline in gas demand was seen in Asia Pacific where, according to S&P rating agency data, second-quarter gas demand for the manufacturing sector will be around 560 Bbtud, down 15 percent from the previous quarter.Despite Pertamina’s lower income, union leader Ari Gumilar of the Federation of Pertamina United Labor Unions (FSPPB) told The Jakarta Post that the company had neither furloughed employees nor cut wages “and there are no talks of going there yet”.The union, he continued, was aware about the possibility of wage cuts under the worst-case scenario “but Pertamina has an agreement between directors and the union where we have to hold a discussion first”. Topics :last_img read more

Tikhanovskaya: Stay-at-home mum challenging Belarus strongman

first_imgStay-at-home-mother Svetlana Tikhanovskaya never thought she would run for president or become the leader of the Belarusian protest movement.But in a tale worthy of Hollywood, in a matter of weeks the 37-year-old has gone from a political unknown to the strongest challenger to Belarus strongman Alexander Lukashenko, who claimed an overwhelming victory in a presidential election on Sunday.Tikhanovskaya says the result of the vote has been rigged and called on Lukashenko to go peacefully and stop using force after police cracked down on protesters. ‘Joan of Arc’ Her bid has prompted skepticism from some, while others have compared her to historical heroines.The Village, a Minsk-based news site, called her “an accidental Joan of Arc,” the 15th-century French peasant who helped achieve a pivotal military victory against the English before she was burned at the stake.”You’re a wife of a Decembrist!” one supporter shouted at a rally, referring to 19th-century aristocrats who followed their husbands into Siberian exile.Hesitant in early television appearances, Tikhanovskaya has won praise for recent speeches.Allocated live slots on state television, she listed alleged lies by Lukashenko’s regime, repeating: “They won’t show you this on television”.”Unexpectedly her first speech on television was strong, without false notes or weak points,” wrote opposition newspaper Nasha Niva.Tikhanovskaya’s simple but direct speeches have prompted lengthy cheers at crowded rallies.”Are you tired of enduring it all? Are you tired of keeping silent?” she asked supporters recently. “Yes,” the crowd roared.She has accused Lukashenko of showing blatant disregard for the people during the coronavirus epidemic, which the strongman has dismissed as a hoax.Tikhanovskaya says that she lacks the “massive charisma” of her husband, who has travelled round Belarus interviewing ordinary people for hard-hitting videos. Her husband Sergei Tikhanovsky — a popular 41-year-old YouTube blogger — had been detained and could not submit his own presidential bid in time. The electoral commission allowed Tikhanovskaya to stand, dropping two stronger opposition candidates.Despite a lack of political experience, she quickly emerged as the country’s top opposition figure, with tens of thousands taking to the streets to support her bid.In speeches, Tikhanovskaya has called herself an “ordinary woman, a mother and wife” and pumped up crowds with calls for change.”I have become the embodiment of people’s hope, their longing for change,” she told AFP in an interview ahead of election day.She said she was standing despite receiving threats.Her husband has been accused of plotting mass unrest and collaborating with Russian mercenaries, claims Tikhanovskaya has called “very scary.”Their five-year-old daughter and 10-year-old son have been taken abroad for their own safety.She said the separation from her children — including her son who is hearing impaired — was difficult.Tikhanovskaya stressed that if elected, she would free her husband and other detained opposition figures and hold fresh polls. “I consider myself the winner of this election,” she said on Monday.Tikhanovskaya said she contested the election to get her jailed blogger husband out of prison and win much-needed freedom for the ex-Soviet country of 9.5 million people.”I love Belarusians and I want to give them an opportunity to have a choice,” she said ahead of the vote.Tikhanovskaya, an English teacher by training, only made the decision to stand for president in May. Charlie’s Angels Image-wise, she pulled off a transformation with help from two women with more experience.These are Veronika Tsepkalo, whose ex-diplomat husband Valery Tsepkalo was barred from standing, and Maria Kolesnikova, campaign chief of ex-banker Viktor Babaryko who was also dropped from the polls and is in jail.The two women flanked her at rallies — with one Belarusian news outlet nicknaming them “Charlie’s Angels”.The women wore t-shirts with a design featuring their signature gestures: Tikhanovskaya’s punched fist, Kolesnikova’s fingers in a heart shape and Tsepkalo’s victory sign.Tikhanovskaya grew up in Mikashevichi, a small town south of Minsk.With top grades she studied to become a teacher of English and German in the historic city of Mozyr. It was there she met her future husband, who owned a nightclub.Topics :last_img read more

Lovely bones, and good location drew seven offers to this property

first_imgMore from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019The new owners of 8 Nitawill Street, Everton Park plan to renovate the property.Mr Hicks said the home was purchased by a young couple looking to buy in the Everton Park area.“It is their first home and they plan to renovate the property,” Mr Hicks said.The home which sold via tender needed a lot of work.“It was hard to put a price on this property as it had great bones and an even greater location,” he said.“Everton Park is becoming more and more popular as the older generation are moving out and downsizing and the young families are moving in to start their own memories.” He said there were seven offers on the property. Mr Hicks said Everton Park was a fantastic suburb, with great local schools. “We are seeing more and more people moving here as the prices for homes are very affordable for first-homebuyers,” he said. 8 Nitawill Street, Everton Park.An Everton Park property marketed as having good bones and a blank canvas has sold for $480,000. The property at 8 Nitawill St sold on June 12.Madeleine Hicks Real Estate selling agent Justin Hicks said the home had been in the family for more than 50 years and had just one owner.last_img read more

Ageing process can be reversed in animal studies

first_img Tweet HealthLifestyle Ageing process can be reversed in animal studies by: – January 2, 2014 Share CONNECTICUT, United States, Thursday January 2, 2014 – In what has been referred to as an “exciting finding” by other scientists, American researchers have performed a significant reversal of the ageing process in animal studies.Researchers at Harvard Medical School identified an entirely new mechanism of ageing and then reversed it, according to an account of the study published in the journal Cell.Using a chemical to rejuvenate muscle in mice, the scientists produced a result which they described as the equivalent of transforming a 60-year-old person’s muscle to that of a 20-year-old. Actual muscle strength failed to improve, however.The study focused on a chemical called NAD, levels of which naturally fall in all cells of the body with age.The Harvard research team demonstrated that this drop disrupted the function of the cell’s mitochondria, leading to lower energy production and ageing.Their experiments showed that boosting NAD levels in mice by introducing a chemical which they naturally converted into NAD, produced a fountain of youth-like effect.Just one week of administering the youth-drug in two-year-old mice transformed their muscles to those akin to a six-month-old in terms of mitochondrial function, muscle wastage, insulin resistance and inflammation.“We believe this is quite an important finding,” said Dr Ana Gomes of the department of genetics at Harvard Medical School, adding that muscle strength may return with a longer course of treatment.This would not act as an overall “cure” for ageing, however, with other aspects such as shortening of telomeres or damage to DNA remaining unaffected by the new procedure.While human therapies are likely to be a distant prospect, the research group wants to start clinical trials in 2015.Caribbean 360 Sharecenter_img Share Sharing is caring! 16 Views   no discussionslast_img read more

Thursday’s Local Sports Results

first_imgBoys SoccerOn WRBI-Batesville Boys shut out Greensburg 3-0.Oldenburg Academy blanks South Dearborn 4-0.Oldenburg Academy vs. South Dearborn (9-19)Submitted by Var Vee.Girls SoccerEast Central Varsity beat Batesville 3-1.EC JV won 3-0.Batesville vs. East Central (9-19)Submitted by Batesville Coach Kyle Laker.Greensburg victorious over Shelbyville 6-4.Greensburg vs. Shelbyville (9-19)Submitted by Var Vee.VolleyballBatesville Varsity defeated South Ripley 25-12, 25-11, 25-9.Batesville vs. South Ripley-Varsity (9-19)Batesville JV won 25-9, 25-10.Batesville vs. South Ripley-JV (9-19)Submitted by Batesville Coach Jody Thomas with Max Preps.East Central winners over South Dearborn 25-11, 25-13, 25-13.East Central vs. South Dearborn (9-19)Submitted by Var Vee.South Dearborn 7th Grade Team won against Batesville 25-18, 25-12.Batesville 8th Grade Team won 25-13, 23-25, 15-9.Submitted by Batesville Coach Shelly Prickel.Cross CountryJac-Cen-Del Boys and Girls Teams place first in a Middle School 3-Way Meet against Rising Sun and Shawe Memorial at JCD.JCD’s Maiah Simon-Girls and Jared Cline-Boys place first individually.JCD, RS, & SM MS CC (9-19)Submitted by JCD Coach Steve Narwold.Batesville Boys and Girls Teams place first in a Middle School 3-Way Meet against Brookville and South Dearborn.Batesville’s Emma Gausman-Girls and Isaac Barker-Boys place first.Batesville, Brookville, & South Dearborn MS CC (9-19)Submitted by Batesville Coach Derek Suits.last_img read more

Cases top over 65,000 across the state

first_imgStatewide—The Indiana State Department of Health has reported that 970 additional Hoosiers have been diagnosed with COVID-19 as of Wednesday. A total of 65,253 Indiana residents have tested positive for the coronavirus. To date, 735, 848 individual tests have been reported to ISDH at an 8.9% positive rate and 13 new deaths were reported for a total of 2,746 Hoosiers have died to date.Locally Dearborn County has a total of 441 cases and 27 deaths reported (up 18 new cases), Decatur County has a total of 304 positive cases and 32 deaths (up 14 new cases), Franklin County has 187 positive cases (up 6 new cases) and 8 deaths, and Ripley County has 182 positive cases and 7 deaths (up 3 new cases). This is an increase of 41 new positive cases locally.last_img

The Latest: Brewers’ Luis Urias cleared after positive test

first_imgThe Latest: Brewers’ Luis Urias cleared after positive test Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___Milwaukee Brewers shortstop Luis Urias has been cleared to return to baseball activity after testing positive for coronavirus before the start of Major League Baseball’s preseason summer camp. July 25, 2020 More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sportscenter_img The Brewers are sending Urias to their secondary facility in Appleton, Wisconsin. The Brewers have said Urias remained asymptomatic while going through the MLB protocols on returning to action.“It’s just a matter of really just getting into baseball shape, getting live at bats and going at a good pace,” Brewers manager Craig Counsell said. “The other guys all got three weeks. I think he can be at a place where he’s maybe a little bit quicker, but it’s going to take some time.”The Brewers have said Urias remained asymptomatic while going through the MLB protocols.Milwaukee acquired Urias along with pitcher Eric Lauer in an offseason trade that sent outfielder Tyler Grisham and pitcher Zach Davies to San Diego.___ Associated Press last_img read more

McNamara promoted to coaching staff while Fine is on administrative leave

first_img Comments In the wake of Bernie Fine being placed on administrative leave by Syracuse University, men’s basketball head coach Jim Boeheim released a statement on Friday announcing the move of graduate assistant Gerry McNamara to the coaching staff. ‘Gerry McNamara has been elevated to our coaching staff to serve during this time while Associate Head Coach Bernie Fine in on administrative leave,’ Boeheim said in the statement. McNamara joined Syracuse as a graduate assistant prior to last season. He was a guard for Syracuse from 2002-06 and played a key role on the Orange’s 2003 national championship team. Syracuse (3-0) plays Colgate (1-1) on Saturday at 4 p.m. in the Carrier Dome. When reached by phone on Friday, McNamara’s father, also named Gerry, declined to comment.AdvertisementThis is placeholder text mcooperj@syr.edu Facebook Twitter Google+center_img Published on November 17, 2011 at 12:00 pm Contact Mark: mcooperj@syr.edu | @mark_cooperjrlast_img read more

Spanish Monarch Letizia Ortiz Rocasolano visits Haiti

first_imgQueen of Spain Letizia Ortiz Rocasolano is greeted by Haiti’s first lady Martine Moïse The Queen of Spain, Letizia Ortiz Rocasolano, visited Haiti on Wednesday May 23 for 24 hours – a visit aimed at strengthening the relationship between the two countries.The Spanish monarch, accompanied a delegation that includes the Spanish Secretary of State for International Cooperation and for Latin America and the Caribbean, Fernando García Casas, also met with First Lady, Martine Moïse, as the country seeks to attract Spanish investors.“This 24-hour official visit of the Queen of Spain to Haiti reflects the exceptional partnership between the two countries and their common desire to continue strengthening their cooperation relationship,” according to a statement issued in Haiti.Spain has provided significant assistance to Haiti and the Fund for Water and Sanitation (FCAS) has invested Euro 19.79 million on development programs benefitting an estimated two million people.last_img read more

FIFPro warns players against three nations

first_imgInternational football federation, FIFPro, says professionals should be wary of moves to Cyprus, Greece and Turkey.Professional footballers have been warned by the world players’ union FIFPro to think twice before signingto play for clubs in Cyprus, Greece or Turkey.Players were advised to be especially wary of clubs who were not playing in European competition, with FIFPro saying many of those teams have failed to keep their promises.“FIFPro wants to caution players and unions about the bad behaviour of clubs in Cyprus, Greece and Turkey,” said the Dutch-based organisation in a statement.“Cyprus has for years occupied the first position, by a wide margin, as regards the number of disputes submitted to FIFA’s dispute resolution chamber (DRC), while Greece and Turkey are vying for second position.“In all three countries, the number of disputes increases every year. The only exceptions are those clubs that play in European football: these accept the UEFA club licensing system, which reduces the risks.” FIFPro said players had trouble getting paid and were forced to take out legal proceedings at soccer’s world governing body FIFA, which could be drawn-out and expensive.“Clubs do everything possible to win players over, offering them fabulous wages, a luxurious home, ambitious plans, a bonus for signing a contract, a bonus scheme or a percentage of a future transfer payment,” said FIFPro.“Unfortunately, FIFPro has found that many clubs don’t keep these promises.”“Generally, after a few months, the club turns out to be short of financial resources, so the player has to wait months to be paid.“Very often, he never collects (the wages). Some players find themselves forced to abandon their homes, because the club cannot or will not continue paying the rent and bonuses are never mentioned again.” FIFPro added: “A player who has lost out is left with no other option but to start lengthy legal proceedings via the Dispute Resolution Chamber in order to get what is his by right: his wages.“Sometimes this turns out to be impossible because the club has meanwhile declared itself bankrupt.”last_img read more