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

Eight Championship stars wanted by Man United, Arsenal, Liverpool and Tottenham

first_imgThe Championship proved itself to be one of the most competitive leagues in the world once again this season as several teams battled it out to win the title.Even the fight to land a play-off place went down to the wire with former leaders Derby County ending up finishing the campaign in eighth spot.And amongst the ranks of these teams are some superb players who have impressed Premier League clubs in their pursuit of glory.But which second division stars might be plying their trade in the top flight next season as teams like Manchester United, Liverpool, Arsenal and Tottenham lurk. talkSPORT takes a look.Click the right arrow above to scroll through our gallery… 7 7 7 Derby County midfielder Will Hughes is among a group of Championship stars interesting a host of Premier League clubs – Click right to see which Wolves star will leave on a free transfer… – The England Under-21 star is unmissable on a football pitch with his shock of blonde hair and following Steve McClaren’s failure to get the Rams back into the Premier League the likeliness of Hughes remaining at iPro Stadium is slim. Liverpool have been long-term admirers and have been linked with a £15m move. Teddy Bishop (Ipswich) – See which Championship star is wanted by Liverpool by scrolling on… – Midfield starlet Bishop, 18, has had an excellent breakthrough season with Arsenal and Manchester United taking note of his superb displays in the centre of Mick McCarthy’s side. His copybook has, though, been blotted at the end of the campaign after he was charged with multiple breaches of the FA’s betting rules. 7 Tyrone Mings (Ipswich) – Click on to see the highly-rated England Under-20 star on the radar of three top clubs… – Picked up for £10,000 from Chippenham Town, the defender is impressing all who watch him at Portman Road, with West Ham and Arsenal both linked with moves for him. As well as his on-field talents, Mings is well known for his charitable acts, which includes feeding the homeless, giving tickets to fans and paying off all his mother’s debts. 7 Jordan Rhodes and Rudy Gestede (Blackburn) – Find out which charitable star is interesting Arsenal and West Ham by clicking right… – The Rovers duo hit 41 Championship goals between them this season but still couldn’t fire the Ewood Park side into the Premier League. A number of top flight sides have been casting their eyes over the Scotsman and his team-mate, including Southampton, Crystal Palace and Swansea and West Ham. Demarai Gray (Birmingham City) – Find out which other Ipswich star could be on the move to Manchester United or Arsenal by clicking right… – After bursting onto the scene last season, Gray’s stock has continued to rise with six goals in 41 Championship appearances. The Blues were able to ward off a £4.5m bid from Bournemouth in January but with Arsenal, Liverpool, Tottenham and Crystal Palace all lurking he could be snapped up this summer. 7 Bakary Sako (Wolverhampton Wanderers) – Which dynamic strike duo could be on the move this summer? Find out next… – The Mali international has starred at Molineux since signing from Saint-Etienne in 2012. Unfortunately for Wolves, the 27-year-old’s contract expires this summer and they have pleaded with the player not to join rivals Aston Villa or West Brom, who have been linked with moves for his services. 7 Sam Byram (Leeds United) – After seeing Southampton’s £4.5m bid for him rejected prior to the start of the season, versatile Leeds star Byram got his head down and has continued to progress well, at right-back and right-wing. Liverpool are reportedly readying an £8m bid this summer.last_img read more

Goodbye, Oracle: At Warriors’ longtime arena, popcorn, “Steph” Curry, and decades of memories

first_imgClick here if you are unable to view this gallery on a mobile device.OAKLAND — As the Golden State Warriors wind down their half-century run at Oracle Arena starting with Wednesday’s NBA Finals Game 3, the memories run deep for Darrell Parrish, who has been selling jerseys and souvenirs there since the mid-1990s.The meteoric rise and fall of the improbable “We Believe” playoff run. Stephen Curry’s transcendental rise and how he made near-half court shots a staple of the modern NBA. And don’t …last_img

Biomimetics Stories Showcase Natural Designs

first_img 26 times, 1 visits today)FacebookTwitterPinterestSave分享0 Evolution is no match for five enthusiastic reports of scientists rushing to imitate animal designs.Geckos in space:  Our friendly geckos are virtual mascots of biomimetics.  PhysOrg reports that Abigail, a new robot modeled after the dry, atomic-adhesive properties of gecko toes is getting ready for use in spacecraft, where the ability to adhere to surfaces in zero gravity is a plus.  Other methods – sticky tape, magnets, or velcro – are not as good because they leave residues or interfere with instruments.  Canadian researchers working with the European Space Agency envision the “tiny legged prototype” as a “forerunner of automatons which crawl along the hulls of spacecraft, cleaning and maintaining them.”  The team lead explained, “This approach is an example of biomimicry, taking engineering solutions from the natural world.”Sea turtles in Georgia:  Scientists at Georgia Tech are paddling across the sand like baby loggerhead sea turtles – their robots are, that is.  PhysOrg updated the story of Daniel Goldman’s CRAB lab (Complex Rheology and Biomechanics Laboratory) that works on the “design and engineering of robots that must traverse unstable, uneven terrain—those used in search and rescue operations at disaster sites, for example.”  Although Goldman believes the work may “deepen our understanding not only of animal survival, evolution and ecology, but also, potentially, the evolution of complex life forms on Earth,” the fact that it might “potentially” do so reveals it to be only a pipe dream unrealized in the real legwork of the lab.  The focus, in fact, is on design so good, humans can’t keep up.  Goldman said, “The best robots people design and build can’t out-compete a hatchling sea turtle whose life consists of swimming all the time and using these appendages on land only for half an hour, running from the nest.”Tongues in vineyards:  In order to help farmers decide which grapes are ripe, engineers in Spain are designing an “electronic tongue,” Science Daily reported.  It can’t really match the abilities of real tongues, for it is only capable of measuring acidity and sugar content.  Still, it’s a start.Snails in hospitals:  The most effective pain relievers may come from toxins, as we have reported several times.  Cone snails in particular, Science Daily reported, are “for life, not just at Christmas.”  In a brief throw-away line, the article claimed “More importantly, during their evolution, cone snails have developed complex venoms, some powerful enough to kill people,” but then turned to the focus of interest:  “Scientists are now using these for research into novel drugs for the diagnosis and treatment of a wide range of pernicious medical conditions including intense chronic pain, epilepsy, asthma and multiple sclerosis.”  In addition, cone snails are “Blessed with beautiful and coveted shells” that have lured collectors for centuries or even thousands of years.Leaping lizards (or rather salamanders):  Who would have thought a flat-lying salamander could be a high-jump champion?  If you don’t believe it, watch the short, high-speed video clip on Science Now.  By flicking its tail, a salamander can catapult itself six to eight times its body height – a feat that can “put the best basketball players to shame“.  The method is actually quite complicated; it required high-speed cameras to follow.  The finding must be good for something, and indeed it is: “The salamander’s leaps demonstrate that even objects that lie flat on the ground can get into the air, despite the lack of a means to push off, and could lead to the design of flat catapults.”Isn’t this better than the Darwinist mythology documented in the previous article (1/07/14)?  Here is real nature you can get a grip on.  You can watch it.  You can measure it.  You can understand it.  You can copy it.  You can use it to help mankind.  This is how science should be done: observe, understand, publish, apply.  Francis Bacon judged good science by its fruits.  Look at the bitter fruits of Darwinism, then compare that with the blessings of biomimetics – a design-oriented approach to science.  The choice is clear: out with the old myths, in with the new understanding.  The world will rejoice with the fruits of design science.last_img read more

IPL 2011: Miandad blames IPL for Australian cricket’s decline

first_imgHolding the cash-rich Indian Premier League (IPL) responsible for Australian cricket’s decline, former Pakistan cricket captain Javed Miandad said the Australians got distracted by the big cash thrown at them by the Twenty20 league.”I believe Australia’s slump has a lot to do with their players’ association with the IPL,” Miandad told The News.”Most of their top players got a bit too distracted because of the big cash thrown at them by the IPL. They even started ignoring national duty which has really caused their downfall,” he added.The Australians, who were almost an invincible lot till about a year back, have completely slumped to disaster, which is evident from their dismal show in the recently-concluded Ashes series.Australia lost the Ashes series at home 1-3 and wilted to fifth place in the Test rankings.Miandad feels the Aussie cricketers got lured by the money-spinning IPL and did not try to resist the temptation to earn the big bucks. “All of that has really hurt the Australians, who I am sure would have not slumped like this if their players had resisted the temptation to earn big bucks that was used to lure them by the IPL,” said Miandad.According to Miandad, players like Glen McGrath, Shane Warne and Adam Gilchrist retired from Test cricket before their time so that they could earn the IPL millions, which was launched in 2008.Miandad also warned that this twenty20 league might just end up killing the Test as well as One-Day cricket altogether.advertisement”It certainly will. There is too much disparity when it comes to pays and if proper steps are not taken then top players will continue to put this league above international cricket,” said Miandad.- With PTI inputslast_img read more

MOL Oshima Get AIP for Wind Challenger Design

first_imgzoomImage Courtesy: MOL Japan’s shipping major Mitsui O.S.K. Lines and Oshima Shipbuilding have jointly obtained Approval in Principle (AIP) from ClassNK for the design of a hard sail system.The system converts wind energy to propulsive force with telescopic hard sail, and is a fundamental technology of the “Wind Challenger Project” that the parties are spearheading.Along with other participating organizations, MOL and Oshima Shipbuilding have played a central role in research and development on the Wind Challenger Project, which aims to reduce greenhouse gas (GHG) emissions by using wind energy. Obtaining the AIP marks the completion of the initial design related to the sail structure and controls, the companies said.MOL and Oshima Shipbuilding will continue to move toward a detailed design and implementation for the Wind Challenger Project, with the aim to launch of a newbuilding vessel equipped with a hard sail. That would reduce the vessel’s GHG emissions by about 5% on a Japan-Australia voyage, and about 8% on Japan-North America West Coast voyage.The long-term goal is to develop a widely accepted solution to achieve the IMO target in combination with other measures to reduce GHGs by equipping vessels with multiple sails.Through this project, MOL and Oshima Shipbuilding will establish one of the technological choices for GHG reduction, with the objective of contributing to environmental conservation.The Wind Challenger Project started in 2009 with the “Wind Challenger Plan”, an industry-academia joint research project led by The University of Tokyo, and from 2013, the team has been chosen to receive “Subsidy for Next-generation marine environment-related technology research” by Ministry of Land, Infrastructure, Transport and Tourism. In January 2018, MOL and Oshima Shipbuilding took charge of the plan.last_img read more

Thad Matta to Jake Lorbach Dont be another Mark Titus

Junior forward Jake Lorbach (34) takes a shot during a game against Bryant Dec. 11 at the Schottenstein Center. OSU won, 86-48. Credit: Shelby Lum / Photo editorWhen Ohio State junior forward Jake Lorbach made the men’s basketball team as a walk-on before last season, coach Thad Matta had only one thing to say to him.“He (told me), ‘I don’t want another Mark Titus. So just try not to do that.’ But sometimes you can’t help yourself,” Lorbach said Friday.Titus, a former OSU walk-on who graduated in 2010, gained stardom in his Buckeye career after starting a blog known as Club Trillion. He has since written a book called “Don’t Put Me In, Coach,” chronicling his time as OSU’s goofball whose goal was to play in as many games as possible without recording any statistical significance.Matta’s lighter side is mentioned throughout Titus’ book, but the former player’s antics — making faces behind his head coach after the team won the 2010 Big Ten Tournament, for example — led some to believe his popularity got on the coach’s nerves. Lorbach hasn’t taken the goofing around to Titus’ level quite yet, but did photobomb LeBron James during a sideline interview when the football team was taking on Wisconsin Sept. 28.Matta denied having told Lorbach to avoid following in the footsteps of Titus, though.“I don’t think I told him that,” Matta said with a laugh Friday. “I love Mark, still do … (but) Jake’s done a tremendous job for us.”Lorbach made a splash Wednesday when he entered OSU’s 86-48 victory against Bryant and scored six points, the first two on a breakaway dunk where he barely jumped high enough to put the ball over the rim.“When I was sitting on the bench for the majority of the game, my knees were feeling kind of tired from that week of practice and so I think once I got the ball on the breakaway, it was just like a lot of adrenaline and then me thinking about my knees and whether or not I was going to get high enough,” Lorbach said. “It was a split second, so fortunately I was able to get up high enough and put it down and that’s all that matters.”The Schottenstein Center crowd — and his teammates on the bench — erupted every time Lorbach got the ball and scored against the Bulldogs, but if he had missed the dunk attempt, they might not have been so nice.“I’m pretty sure the crowd would have reacted a lot differently,” Lorbach said with a smile.“We might have laughed a little bit but told him to get it the next time,” junior guard Shannon Scott said Friday, speculating on the team’s reaction if Lorbach’s try had been unsuccessful.Lorbach, who played volleyball in addition to basketball at St. Edward High School in Lakewood, Ohio, said his performance against Bryant has been recognized on campus and social media as well.“(I’ve) definitely gotten a lot more (Twitter) followers after that debut. People have come up to me a lot and said good job,” Lorbach said. “It’s cool getting the attention, it’s a lot different. Usually, I just walk through the shadows and now I’m kind of out there and people know who I am.”Having only played 10 minutes the past two seasons combined, the majority of Lorbach’s time is spent on the practice court getting the scholarship players ready for their next opponent. His hard work on his own game, though, doesn’t go unnoticed by his coach.“He does everything we need him to do,” Matta said. “For Jake, wanting to be a part of this basketball team and knowing that his role was never going to be significant by any stretch for the team, but we’re going to require him to be a great teammate and have a great attitude every single day and he’s definitely exceeding our expectations when it comes to that. For (the other players), basically the work he’s putting in, he’s here every second that they’re here and not getting to do the majority of the things they are, so when something happens, I think they’re excited for him.”Not getting the playing time others do is something that comes with being a walk-on, and even if he does not get a chance to play Saturday when the Buckeyes are scheduled to take on North Dakota State at 8:15 p.m., Lorbach said he is just happy to get any opportunity after all his hard work.“It definitely feels like it’s paying off finally,” Lorbach said. “I come to practice every day and do what I can to help the team and then finally, I was able to go out there and showcase what I’m able to do.” read more

NFL draft Gareon Conley selected 24th overall by the Oakland Raiders

The Buckeyes celebrate as redshirt junior cornerback Gareon Conley (8) intercepts the ball during the Fiesta Bowl on Dec. 31. Credit: Alexa Mavrogianis | Photo EditorAmidst accusations of rape that were reported Tuesday, former Ohio State cornerback Gareon Conley has been selected by the Oakland Raiders with the 24th pick in the first round.On Tuesday, Conley was accused of raping a woman in the Westin Hotel in Cleveland on April 9, and decided after the accusations were made that he would not be attending the draft. The investigation is ongoing and no charges or arrests have been filed or made.Conley is the second OSU cornerback taken in the draft, coming 13 picks after former teammate Marshon Lattimore was selected with the 11th pick in the first round. Conley originally declared for the draft on Jan. 3, a day after former teammate safety Malik Hooker declared and eight days before Lattimore announced his intentions to enter the draft.The junior cornerback played all three years he was eligible at OSU without redshirting in any season. He only played in nine games as a freshman in 2014, but was a starter in 2015 alongside current New York Giants cornerback Eli Apple.In 2015, he played all 13 games and totaled 49 tackles and seven passes defended, two of which went for interceptions and five were just broken up. As a junior last season, he again played in all of the team’s 13 games, racking up 26 tackles with 12 passes defended (eight broken up and intercepting four). Conley and Lattimore helped the Buckeyes own one of the most airtight passing defenses in the NCAA last season. OSU allowed the seventh fewest passing yards last season (172.2 ypg). The unit also picked off 21 passes last season, fourth most among Division I schools, and returned a Division I-leading seven of them for a touchdown. At the combine, Conley participated in six of the seven events outside of the 60-yard shuttle, placing within the top-10 finishers among defensive backs in four of the six. He finished seventh with a 37-inch vertical jump and completed the 40-yard dash in 4.44 seconds (11th best).The Raiders allowed the ninth most passing yards last season (4,120) and were tied for the 10th-most passing touchdowns allowed (27).Conley and the Raiders will play in their first game of the NFL regular season on Sept. 10 when they travel to Tennessee to take on the Titans. read more

Aubameyang had reservations about Lacazette

first_imgArsenal’s Pierre-Emerick Aubameyang confessed that he initially had reservations about Alexandre Lacazette, but is pleased with how well they gotten on since his arrivalBoth strikers had played in the Ligue 1 together with Aubameyang having played for St Etienne, while Lacazette played for Lyon.But, on the back of the duo making their first start together up front in Arsenal’s 2-1 defeat to Newcastle last weekend, Aubameyang confessed that he was worried that he would struggle to get on with his new strike partner.“My friend Lacazette was at Lyon when I was at St Etienne,” Aubameyang told the club website.Jadon SanchoMerson believes Arsenal should sign Sancho Manuel R. Medina – September 14, 2019 Borussia Dortmund winger Jadon Sancho might be the perfect player to play for the Gunners, according to former England international Paul Merson.“He’s a player I appreciate and was good for me when I arrived here as he’s a nice person, very positive.“I wasn’t 100 per cent sure about him when I came here as there were some Lyon players I didn’t get on well with but he wasn’t someone I had problems with when I played against them.“I’m really happy to get to know someone so positive and he helped me settle into the dressing room.”The Gabon international is expected to start for Arsenal in their Premier League match against West Ham United on Sunday, but will be cup-tied for the semi-final against Atletico Madrid in the Europa League.last_img read more