
Indonesia's economic incentives to cost $1.5 billion, finance minister says
JAKARTA, June 2 (Reuters) - Indonesia's economic policy package to stimulate demand, which includes subsidising transportation fares and cash and food handouts in June and July, will cost the government 24.44 trillion rupiah ($1.5 billion), the finance minister said on Monday.
State-owned companies will cover costs of around 850 billion rupiah for policies such as subsidising some toll fares, while the rest will be funded from the government's coffers, Sri Mulyani Indrawati said.
($1 = 16,240 rupiah)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Rhyl Journal
27 minutes ago
- Rhyl Journal
Northern Ireland Secretary set to meet EU trade commissioner Maros Sefcovic
Mr Benn will travel to Brussels for the meeting with Maros Sefcovic which comes after the announcement of the proposed SPS (Sanitary and Phytosanitary) deal between the UK and EU last month. The Government has said it will make a 'huge difference to consumers and businesses in Northern Ireland'. Under the Windsor Framework, Northern Ireland remains aligned with EU single market rules for goods following the UK's departure from the EU. The new deal between the UK and EU has been described as aiming to facilitate the smooth flow of agrifood and plants from Great Britain to Northern Ireland, protecting the UK's internal market, reducing costs for businesses and improving consumer choice. It is also aimed at saving businesses hours of time and money by removing swathes of paperwork and numerous health certificates, checks and processes – with those using the red lane expected to save close to £1 million per month. Mr Benn said he will emphasise the UK Government's commitment to continue to deliver the Windsor Framework, in the meeting which the minister for EU relations Nick Thomas–Symonds will also attend. 'The agreement the UK Government recently reached with the EU will help us to deliver on our core mission to grow the economy, and shows the benefits of a closer partnership with our friends in Europe,' he said. 'I look forward to meeting with Commissioner Sefcovic today, to emphasise this Government's commitment to continuing to implement the Windsor Framework and to delivering the new SPS agreement as soon as possible. 'This will facilitate the smooth flow of agrifood and plants from Great Britain to Northern Ireland and protect the UK's internal market.' Mr Benn added: 'Northern Ireland will, of course, continue to enjoy its unique access to the EU's single market, a key competitive advantage. 'All of this means that Northern Ireland is set to become an even more attractive destination for investment in the years ahead.' Mr Benn is also to meet representatives from the EU diplomatic community and attend a roundtable of business stakeholders including the British Agriculture Bureau and the Confederation of British Industry.

Rhyl Journal
28 minutes ago
- Rhyl Journal
UK must tackle energy bills as firms face £24bn in extra costs
Rain Newton-Smith, chief executive of the business group, will tell business leaders and politicians at the CBI's business dinner on Thursday that sky-high energy costs are an 'anchor on our ambition'. At the event in London, she will call on the Government to come up with a 'serious plan' to cut energy costs and invest in energy security to help make the UK and businesses more competitive. The CBI said almost 90% of British businesses have seen their energy bills rise over the past three years, with a third seeing them rocket by more than 50%. Four in 10 firms are reducing investment as a result, according to the group. Higher energy bills come on top of significant increases in staff costs, with the CBI estimating the recent rise in national insurance contributions (NICs) and past three minimum wage hikes since 2023-24 is costing companies an extra £24 billion each year. Ms Newton-Smith will say: 'Business is now straining under £24 billion in extra costs per year. 'That's more than the cost of Crossrail. More than the Home Office budget – on business, every year.' She will add: 'With costs running so high, there is one issue we absolutely must tackle. 'Without it, any industrial strategy, any serious plan for economic security will fall flat on its face. Energy.' She will say the rising cost of energy 'isn't just a cost issue'. 'It's a jobs issue. An investment issue. A security issue. 'Because how can UK business compete with one hand tied behind its back – and the other straining to keep the lights on? 'This is an anchor on our ambition. A crack in our economic security. And it must be fixed.' Britain is becoming less competitive for business and industry due to expensive energy, with firms finding it 'harder and harder to stay in the UK' when power is far cheaper abroad, according to the CBI. Ms Newton-Smith will warn UK firms 'pay among the highest electricity bills in the world – 50% more than France or Germany, four times more than the US and Canada'. The CBI is making a plea to the Government to remove policy costs from electricity bills, but it also wants it to focus on low-carbon energy to help achieve economic security. Its recent economic report showed the UK net zero economy grew 10% and supported 900,000 jobs. Ms Newton-Smith will say: 'If economic security is our destination, then make no mistake: affordable, reliable, low-carbon energy is the road that gets us there, 'What we need now is a serious plan alongside the industrial strategy: to cut energy costs, to manage the shift from fossil fuels, to boost efficiency, storage and system flexibility. 'This Government has already shown it can put prosperity over politics on the world stage. Well now it must do the same for energy at home. 'Because this isn't about culture wars. It's about common sense.' A Government spokesperson said: 'Through our sprint to clean power, we will get off the rollercoaster of fossil fuel markets – protecting business and household finances with clean, homegrown energy that we control. 'We are already bringing energy costs for key UK industries closer in line with other major economies through the British industry supercharger – saving businesses £5 billion over the next 10 years.'


The Independent
an hour ago
- The Independent
AP PHOTOS: An Indonesian woman thrives in male-dominated cattle trading ahead of Eid al-Adha
As Eid al-Adha, or the Feast of Sacrifice, approaches, cattle markets across Indonesia, the world's most populous Muslim-majority nation, are experiencing peak trading activity. Just outside the capital, Jakarta, the Jonggol Cattle Market is bustling with hundreds of cattle traders serving buyers looking for sacrificial animals. Sales at this market have increased since last month as the Muslim community prepares for the celebration. This year, Eid al-Adha will fall on Friday. Nina Herlina, 54, was a rarity among male cattle traders in a market known for its dirt, dust and animal waste. Two years after graduating from law school at Muhammadiyah University in 1994, she married a college classmate who was starting a cattle trading business. Her husband told her she didn't need to earn a living, but after he passed away from COVID-19 in 2021, the mother of four faced the challenge of surviving the business. A year later, a foot-and-mouth disease outbreak hit Indonesia further exacerbating her losses. In just a few years, Herlina has built a successful cattle business, leading a team of 25 men. 'Like it or not, I have to continue running this (business),' Herlina said from her pungent stall in South Jakarta, surrounded by cows, sheep, and goats. 'Thank God, it provides jobs for my children and for those who really want to help us.' The searing summer heat and extreme rainfalls sometimes disrupt the animal transportation chain, and the male-dominated environments are a challenge, but she says she focuses solely on her work. Though cattle trading proved to be a natural choice for Herlina, it's a profession still widely considered unappealing by most women. Her message for them: 'Women must have courage to do this job, but believe me, it's a very promising business.'