US: Wall St opens higher as investors digest GDP data; Fed verdict awaited
The Dow Jones Industrial Average rose 44.9 points, or 0.10 per cent, at the open to 44,677.9.
The S&P 500 rose 10.4 points, or 0.16 per cent, at the open to 6,381.23, while the Nasdaq Composite rose 42.1 points, or 0.20 per cent, to 21,140.397 at the opening bell. REUTERS
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Straits Times
2 hours ago
- Straits Times
Indonesian President Prabowo pardons political opponents
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: Indonesian President Prabowo Subianto speaks to members of the media after his arrival at the Halim Perdanakusuma military airbase, following a trade deal with the United States after negotiations, which resulted in a reduction of proposed U.S. tariff rates on the country's exports to 19% from 32%, in Jakarta, Indonesia July 16, 2025. REUTERS/Ajeng Dinar Ulfiana/File Photo JAKARTA - Indonesia's President Prabowo Subianto pardoned two political rivals, a former trade minister and a senior politician from an opposition party a few weeks after both were sentenced to jail, officials said. Prabowo granted amnesty to Hasto Kristiyanto, the secretary general of parliament's largest party, the Indonesian Democratic Party of Struggle (PDIP), Law Minister Supratman Andi Agtas said late on Thursday in a news conference broadcast by local media, after meeting the House's deputy speaker. Hasto was sentenced to 3-1/2 years in prison last week for bribing an election official but the amnesty revokes his sentence though his conviction will still stand. The president also granted an abolition for Thomas Trikasih Lembong, a trade minister under President Joko Widodo who was sentenced to 3-1/2 years in prison for improperly granting sugar import permits, Supratman said in the news conference. The abolition means, Lembong, who was the campaign manager of Prabowo's rival candidate in last year's presidential election, is acquitted of the charges and his sentence. Prabowo granted the clemencies as the government sees the need to unite all political elements and as part of Indonesia's independence celebrations in August, said Supratman. "We need to build this nation together, with all the political elements ... And both have contributed to the republic," Supratman said. It is common for the Indonesian president to give pardons ahead of the national independence day on August 17. The amnesty for Hasto was among the pardons given to more than 1,100 other people, Supratman added. Lawyers for Hasto and Lembong did not immediately respond for Reuters' request for comments. Under Indonesian law, the president has the authority to give amnesty and abolition but it requires approval from the parliament, said Bivitri Susanti from Indonesia's Jentera School of Law. Still, she said the amnesty given to Hasto was rather "political" to gain support from the largest opposition party in the parliament while for Lembong, the government is responding to growing protests from the public over his sentence. Other observers were concerned the pardons undercut efforts by the judiciary to deal with corruption in a country where concerns about graft and government misconduct are high. "It shows that the government could intervene in law enforcement, make it as a political bargain," said Muhammad Isnur from rights group Indonesian Legal Aid Foundation. REUTERS
Straits Times
2 hours ago
- Straits Times
Canada PM says he is disappointed as Trump orders tariff hike
Sign up now: Get ST's newsletters delivered to your inbox Canada's Prime Minister Mark Carney arrives at a press conference to make an announcement on recognizing Palestinian statehood, in Ottawa, Ontario, Canada, July 30, 2025. REUTERS/Patrick Doyle Canadian Prime Minister Mark Carney said he was disappointed after US President Donald Trump signed an executive order to raise tariffs on Canadian goods to 35% from 25% on products outside the scope of the U.S.-Mexico-Canada trade agreement. The move, which Washington linked in part to what it said was Canada's failure to stop fentanyl smuggling, is the latest salvo in Trump's months-long tariff war initiated soon after taking power. US duties and tariffs will heavily affect lumber, steel, aluminum, and automobiles, Carney said in a post on X, vowing action to protect Canadian jobs, buy its goods, invest in industrial competitiveness and diversify export markets. To justify its step, the U.S. has cited the cross-border flow of fentanyl, even though Canada accounts for just 1% of U.S. fentanyl imports and has been working intensively to further reduce the volumes, Carney added. REUTERS
Business Times
2 hours ago
- Business Times
Indonesia's exports rise again in June as US-bound shipments jump
[JAKARTA] Indonesia's exports rose in June as exporters sought to beat the US tariff deadline and shipments of palm oil and gold jewellery increased, while inflation accelerated in July, official data showed on Friday. June shipments from South-east Asia's biggest economy jumped 11.29 per cent on a yearly basis to US$23.44 billion, higher than the 10.41 per cent forecast by economists polled by Reuters. Exports rose 9.68 per cent in May. Excluding oil and gas, June shipments to the US rose 33.5 per cent on a yearly basis. Top Indonesian products sold to US buyers included electrical machinery, clothing, footwear, palm oil, rubber and seafood. Shipments of palm oil from the world's biggest producer surged 15.1 per cent in June, while gold and jewellery exports more than doubled from the same month in 2024. Imports in June rose 4.28 per cent on a yearly basis to US$19.33 billion, below the poll's forecast of 6.5 per cent. The result was a bigger-than-expected trade surplus of US$4.11 billion in June, above the poll's expectation of US$3.45 billion, but down slightly from May's US$4.30 billion. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Indonesian exporters in recent months have brought forward shipments to the United States ahead of President Donald Trump's Aug 1 deadline for tariff negotiations. Washington set Indonesia's import tariff at 19 per cent under a deal agreed in July, from threatening a 32 per cent levy earlier, after Jakarta agreed to eliminate most tariffs affecting US industrial and agricultural products and to buy more American goods. Trump has issued an executive order saying the new tariff rates will be implemented in seven days. Indonesia's trade surplus may be squeezed as the tariffs take effect, with imports likely to rise and exports affected by lower prices of its top commodities, such as coal, Bank Danamon economist Hosianna Situmorang said. Meanwhile, Indonesia's July annual inflation accelerated to 2.37 per cent on an annual basis, more than the 2.25 per cent expected by analysts, reflecting higher prices of foods such as shallots, rice, and tomatoes, as well as rising utility and education costs. Annual core inflation, which strips out government-controlled and volatile food prices, was 2.32 per cent in July, compared with an analyst estimate of 2.37 per cent. Both rates remained within the central bank's target range of 1.5 per cent to 3.5 per cent. Bank Indonesia has cut interest rates four times since September, citing low inflation and a need to support economic growth. Josua Pardede, an economist at Bank Permata, said despite the impact of the tariffs on Indonesia's external position, the current account deficit was likely to remain manageable. 'This underpins our call for up to 50 bps BI-rate cuts in 2025,' Pardede said. REUTERS
