Indonesia's Central Bank Cuts Rates to Bolster Economy
Bank Indonesia's decision to cut its benchmark seven-day reverse repo rate by 25 basis points to 5.25% comes amid news of a trade deal with the U.S. that could ease the tariff overhang on the economy.
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News24
16 minutes ago
- News24
US senators approve $9 billion of Elon Musk's federal cuts
The US Senate approved early Thursday a package of spending cuts proposed by President Donald Trump that would cancel more than $9 billion in funding for foreign aid programs and public broadcasting. Despite the cutbacks' unpopularity in some sections of both parties, the Republican-led Senate passed the measure with 51 votes for and 48 against in a session that went more than two hours past midnight. The bill now goes back to the House for final approval, with lawmakers up against the clock. Congress, which had already allocated the money, has to approve the cuts by Friday or the White House must spend the cash as originally intended. The US Senate approved early Thursday a package of spending cuts proposed by President Donald Trump that would cancel more than $9 billion in funding for foreign aid programs and public broadcasting. The upper chamber of Congress green-lit the measure in what was seen as the first test of how easily lawmakers could usher into law savings sought by Elon Musk's Department of Government Efficiency (DOGE) - in the aftermath of the tech mogul's acrimonious exit from the government. Despite the cutbacks' unpopularity in some sections of both parties, the Republican-led Senate passed the measure with 51 votes for and 48 against in a session that went more than two hours past midnight. The version of the text passed in June by the House of Representatives sought to eliminate $400 million in funding allocated to health programs, including the PEPFAR global AIDS relief fund created by then-president George W. Bush. But defunding PEPFAR - which has saved an estimated 26 million lives - was seen as a nonstarter among a handful of moderate Republican senators, and the proposal was dropped. South Carolina Senator Lindsey Graham told AFP the bill was consistent with Trump's promises to cut spending. He said: I've been a big fan of the foreign aid accounts... I'm a big hawkish guy, but you need foreign aid. You need soft power. "But when you start spending money on a bunch of junk, and liberal programs disconnected from the purpose of the aid package, it makes it difficult on a guy like me." The bill now goes back to the House for final approval, with lawmakers up against the clock. Congress, which had already allocated the money, has to approve the cuts by Friday or the White House must spend the cash as originally intended. Legislation to claw back money already approved by Congress - known as a "rescissions package" - is extremely rare, and no such measure has passed in decades. 'Surrendering powers' Around a dozen Republicans had voiced concerns about allowing the White House to dictate spending cuts, placing them in the crosshairs of Trump, who last week threatened to withhold his endorsements from any rebels. The vote was the first in what Republicans have touted as a potential series of packages codifying the spending cuts made by DOGE. Musk was tapped by Trump to lead the task force after the tech billionaire spent $290 million helping him get elected. The SpaceX and Tesla boss boasted that he would be able to save $2 trillion in federal spending - but left the White House under a cloud in late May as he feuded with Trump over deficits and spending. READ | Elon Musk says he has created a new political party to 'end the Uniparty' system in US DOGE acknowledges that it has saved taxpayers just $190 billion - and fact checkers even see that claim as dubious, given previous inaccuracies in its accounting. The rescissions package slashes around $8 billion in foreign aid, with much of that approved for humanitarian organization USAID, one of DOGE's first targets. Around $1 billion is to be taken back from the Corporation for Public Broadcasting, which helps fund National Public Radio (NPR) and the Public Broadcasting Service (PBS), as well as more than 1 500 local radio and television stations. Conservatives often accuse PBS and NPR of bias, and Trump signed an executive order in May to cease federal funding for both networks. Democrats say cutting the funding will not meaningfully reduce the deficit but instead dismantle a trusted source of information for millions of Americans. "It is yet another example of the spirit and ideals of our Constitution being undermined in a terrible way. We are a nation that believes that (Congress) has a real role," New Jersey Senator Cory Booker told AFP. "And this is a bunch of my colleagues in thrall of the president, surrendering the powers of us, and the urgency for us to work together and do it in a bipartisan way to improve budgets."
Yahoo
27 minutes ago
- Yahoo
US senators approve $9 billion of Elon Musk's federal cuts
The US Senate approved early Thursday a package of spending cuts proposed by President Donald Trump that would cancel more than $9 billion in funding for foreign aid programs and public broadcasting. The upper chamber of Congress green-lit the measure in what was seen as the first test of how easily lawmakers could usher into law savings sought by Elon Musk's Department of Government Efficiency (DOGE) -- in the aftermath of the tech mogul's acrimonious exit from the government. Despite the cutbacks' unpopularity in some sections of both parties, the Republican-led Senate passed the measure with 51 votes for and 48 against in a session that went more than two hours past midnight. The version of the text passed in June by the House of Representatives sought to eliminate $400 million in funding allocated to health programs, including the PEPFAR global AIDS relief fund created by then-president George W. Bush. But defunding PEPFAR -- which has saved an estimated 26 million lives -- was seen as a nonstarter among a handful of moderate Republican senators, and the proposal was dropped. South Carolina Senator Lindsey Graham told AFP the bill was consistent with Trump's promises to cut spending. "I've been a big fan of the foreign aid accounts... I'm a big hawkish guy, but you need foreign aid. You need soft power," he said. "But when you start spending money on a bunch of junk, and liberal programs disconnected from the purpose of the aid package, it makes it difficult on a guy like me." The bill now goes back to the House for final approval, with lawmakers up against the clock. Congress, which had already allocated the money, has to approve the cuts by Friday or the White House must spend the cash as originally intended. Legislation to claw back money already approved by Congress -- known as a "rescissions package" -- is extremely rare, and no such measure has passed in decades. - 'Surrendering powers' - Around a dozen Republicans had voiced concerns about allowing the White House to dictate spending cuts, placing them in the crosshairs of Trump, who last week threatened to withhold his endorsements from any rebels. The vote was the first in what Republicans have touted as a potential series of packages codifying the spending cuts made by DOGE. Musk was tapped by Trump to lead the task force after the tech billionaire spent $290 million helping him get elected. The SpaceX and Tesla boss boasted that he would be able to save $2 trillion in federal spending -- but left the White House under a cloud in late May as he feuded with Trump over deficits and spending. DOGE acknowledges that it has saved taxpayers just $190 billion -- and fact checkers even see that claim as dubious, given previous inaccuracies in its accounting. The rescissions package slashes around $8 billion in foreign aid, with much of that approved for humanitarian organization USAID, one of DOGE's first targets. Around $1 billion is to be taken back from the Corporation for Public Broadcasting, which helps fund National Public Radio (NPR) and the Public Broadcasting Service (PBS), as well as more than 1,500 local radio and television stations. Conservatives often accuse PBS and NPR of bias, and Trump signed an executive order in May to cease federal funding for both networks. Democrats say cutting the funding will not meaningfully reduce the deficit, but instead dismantle a trusted source of information for millions of Americans. "It is yet another example of the spirit and ideals of our Constitution being undermined in a terrible way. We are a nation that believes that (Congress) has a real role," New Jersey Senator Cory Booker told AFP. "And this is a bunch of my colleagues in thrall of the president, surrendering the powers of us, and the urgency for us to work together and do it in a bipartisan way to improve budgets." ft/jgc/abs/fox
Yahoo
44 minutes ago
- Yahoo
Cogeco Communications Inc (CGEAF) Q3 2025 Earnings Call Highlights: Navigating Revenue ...
Canadian Internet Subscriber Growth: Added 9,400 new Internet subscribers in Canada during Q3. US Internet Subscriber Decline: Lost 10,400 Internet subscribers in the US during Q3. Revenue Decline: Consolidated revenue declined by 4.1% in constant currency. Adjusted EBITDA: Declined by 2.4% in constant currency. Free Cash Flow: Increased by 61.5% in constant currency due to lower CapEx and restructuring costs. Net Debt to Adjusted EBITDA Ratio: Improved to 3.1 turns from 3.4 in Q2. Capital Intensity: Reduced to 17.2% from 22.4% last year. Dividend Declared: $0.922 per share. Canadian Revenue Decline: 1.8% decline in revenue for Cogeco Connection in Canada. US Revenue Decline: 6.6% decline in revenue for Breezeline in the US in constant currency. Media Operations Revenue Increase: Increased by 4.4% due to growth in digital advertising revenue. Warning! GuruFocus has detected 8 Warning Signs with CGEAF. Release Date: July 16, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Cogeco Communications Inc (CGEAF) reported strong Canadian Internet subscriber growth, adding 9,400 new Internet subscribers during the quarter. The company is experiencing significant operational efficiencies and synergies, leading to a net CapEx reduction and tracking well above plan. Cogeco Communications Inc (CGEAF) is on track to generate approximately $600 million in free cash flow by fiscal 2027, with plans to continue raising dividends and lowering debt. The Canadian wireless launch is progressing, with an initial cohort of users and plans to expand sales in 12 markets ahead of a full commercial launch. Free cash flow in constant currency increased by 61.5% due to lower CapEx and restructuring costs, improving the net debt to adjusted EBITDA ratio to 3.1 turns. Negative Points Revenue in Canada declined by 1.8% due to fewer video and wireline phone subscribers and a competitive pricing environment. In the US, Breezeline's revenue declined by 6.6% in constant currency, with a loss of 10,400 Internet subscribers during the quarter. Cogeco Communications Inc (CGEAF) is facing challenges in the US market due to increased competition and internal execution gaps. The company is lowering its revenue outlook for the year due to US pressures, although this is offset by operating efficiencies. The Canadian regulatory environment remains challenging, with the CRTC maintaining a regime that favors larger telecom companies, impacting Cogeco's competitive position. Q & A Highlights Q: Can you clarify your revenue expectations for Q4? A: Patrice Ouimet, CFO: We expect Q4 revenue to be lower than Q3 results due to ongoing pressures in the US market. The exchange rate remains stable between the quarters. Q: How is the wireless launch in the US impacting your core cable business? A: Frederic Perron, CEO: Wireless is not yet materially impacting our P&L, but we expect it to become a significant contributor over time, similar to other US cable companies. Q: Can you provide insights into your transformation program and its impact on margins? A: Frederic Perron, CEO: Our transformation program is front-loaded with cost reductions, and we are ahead of expectations. We see further opportunities for cost optimization and revenue generation, particularly in the US market. Q: What are the transitional factors affecting US performance, and how do you expect Q4 to differ from Q3? A: Patrice Ouimet, CFO: The uptick in competition in three states is partly temporary. We've addressed internal execution gaps and expect improved residential internet trends in Q4, despite a one-time bulk disconnect. Q: How do you plan to approach the Canadian wireless market, and what is your pricing strategy? A: Patrice Ouimet, CFO: Our wireless product will be exclusive to wireline customers, with a time-limited launch offer. We aim to be a rational player in the market, focusing on stabilization. Q: Are there greater transformation savings than initially expected? A: Frederic Perron, CEO: Yes, we've identified greater savings in both OpEx and CapEx, particularly in CapEx this quarter. Q: How do you view the potential for asset optimization in the US? A: Patrice Ouimet, CFO: After reviewing operations, we found no immediate opportunities that meet our criteria for asset disposal. We remain open to future opportunities but are currently maintaining the status quo. Q: What is your strategy for addressing broadband penetration challenges in the US? A: Frederic Perron, CEO: We see opportunities to grow in states like Ohio where penetration is low. While we don't expect positive PSUs immediately, we anticipate improved performance over the coming quarters. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
