Prabowo's Populist Budget Raises Doubts Over Revenue Goals
The government aims to collect 3,148 trillion rupiah ($194 billion) in state revenue in 2026, a 10% jump from the estimate for this year. That will rely on an even sharper 13.5% increase in tax revenues, which Finance Minister Sri Mulyani Indrawati said last week would come from improving compliance and expanding the tax base to include the shadow economy.
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Israel approves settlement plan to erase idea of Palestinian state
Israel approves settlement plan to erase idea of Palestinian state JERUSALEM (Reuters) -A widely condemned Israeli settlement plan that would cut across land that the Palestinians seek for a state received final approval on Wednesday, according to a statement from Israeli Finance Minister Bezalel Smotrich. The approval of the E1 project, which would bisect the occupied West Bank and cut it off from East Jerusalem, was announced last week by Smotrich and received the final go-ahead from a Defence Ministry planning commission on Wednesday, he said. "With E1, we are delivering finally on what has been promised for years," Smotrich, an ultra-nationalist in the ruling right-wing coalition, said in a statement. "The Palestinian state is being erased from the table, not with slogans but with actions." Restarting the project could further isolate Israel, which has watched some Western allies frustrated by its continuation and planned escalation of the Gaza war announce they may recognise a Palestinian state at the United Nations General Assembly in September. "We condemn the decision taken today on expanding this particular settlement, which ... will drive a stake through the heart of the two-state solution," said U.N. spokesperson Stephane Dujarric. "We call on the government of Israel to halt all settlement activity." The Palestinian Foreign Ministry also condemned the announcement, saying the E1 settlement would isolate Palestinian communities living in the area and undermine the possibility of a two-state solution. British Foreign Minister David Lammy said on X: "If implemented, it would divide a Palestinian state in two, mark a flagrant breach of international law and critically undermine the two-state solution." A German government spokesperson commenting on the announcement told reporters that settlement construction violates international law and "hinders a negotiated two-state solution and an end to the Israeli occupation of the West Bank." Israeli Prime Minister Benjamin Netanyahu has not commented on the E1 announcement. However on Sunday, during a visit to Ofra, another West Bank settlement established a quarter of a century ago, he made broader comments, saying: "I said 25 years ago that we will do everything to secure our grip on the Land of Israel, to prevent the establishment of a Palestinian state, to prevent the attempts to uproot us from here. Thank God, what I promised, we have delivered." The two-state solution to the decades-old Israeli-Palestinian conflict envisages a Palestinian state in East Jerusalem, the West Bank, and Gaza, existing side by side with Israel. Western capitals and campaign groups have opposed the settlement project due to concerns that it could undermine a future peace deal with the Palestinians. The plan for E1, located adjacent to Maale Adumim and frozen in 2012 and 2020 amid objections from the U.S. and European governments, involves the construction of about 3,400 new housing units. Infrastructure work could begin within a few months, and house building in about a year, according to Israeli advocacy group Peace Now, which tracks settlement activity in the West Bank. Most of the international community considers Israeli settlements in the West Bank illegal under international law. Israel disputes this, citing historical and biblical ties to the area and saying the settlements provide strategic depth and security. Solve the daily Crossword
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Thailand's central bank caps most online transfers at $1,500 daily to thwart scams
BANGKOK (AP) — Banks in Thailand are now required to set a daily limit of 50,000 baht ($1,537) on many online transfers to lessen financial fraud, particularly those involving customers judged vulnerable such as children and the elderly, the country's central bank announced. The rule announced by the Bank of Thailand on Tuesday is meant to help combat the huge criminal industry of online scams, which makes billions of dollar annually and is especially active in Southeast Asia. The problem is worldwide, and in many countries there is increasing pressure on banks to play a more active role in safeguarding the assets of customers targeted by scammers. The new measure aims to curb financial fraud by preventing criminals from receiving and transferring a large amount of money at one time, and enabling timely freezing of illicit funds in order to increase the chances that victims will be able to recover at least some of their money, according to Daranee Saeju, the bank's assistant governor for Payment Systems Policy and Financial Consumer Protection. The daily transfer limit will be applied to transfers in three different tiers: under 50,000 baht ($1,537) , under 200,000 baht ($6,147) and above 200,000 baht ($6,147), depending on each customer's risk profile and the banks' assessment under know-your-customer, or KYC, rules. Customers with established records of responsibility can continue transferring at their usual levels. This measure will be implemented for new mobile banking and internet banking customers by the end of this month and for existing customers by the end of this year. Thailand has around 12 million mobile banking users, according to a report Wednesday in the Bangkok Post newspaper. It said previous central bank safeguards capped mobile banking transfers at 50,000 baht ($1,537) per transaction — with facial recognition required — and 200,000 baht ($6,147) per day in total. In June alone this year, 24,500 scam cases related to money transfers were reported to the authorities, causing total losses of 2.8 billion baht ($86.1 million) — an average of 114,000 baht ($3,504) per case. The largest single fraudulent transfer amounted to 4.9 million baht ($150,591), the Post reported, citing the central bank. On average, scammers needed only three minutes to siphon off half of the stolen funds, while victims typically took 19–25 hours to report the crime, the newspaper reported For the first six months of this year, children under 15 were involved in 78,468 financial scam cases, while victims over 65 years of age accounted for 416,453 cases, it said.. 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
Associated Press
5 hours ago
- Associated Press
Thailand's central bank caps most online transfers at $1,500 daily to thwart scams
BANGKOK (AP) — Banks in Thailand are now required to set a daily limit of 50,000 baht ($1,537) on many online transfers to lessen financial fraud, particularly those involving customers judged vulnerable such as children and the elderly, the country's central bank announced. The rule announced by the Bank of Thailand on Tuesday is meant to help combat the huge criminal industry of online scams, which makes billions of dollar annually and is especially active in Southeast Asia. The problem is worldwide, and in many countries there is increasing pressure on banks to play a more active role in safeguarding the assets of customers targeted by scammers. The new measure aims to curb financial fraud by preventing criminals from receiving and transferring a large amount of money at one time, and enabling timely freezing of illicit funds in order to increase the chances that victims will be able to recover at least some of their money, according to Daranee Saeju, the bank's assistant governor for Payment Systems Policy and Financial Consumer Protection. The daily transfer limit will be applied to transfers in three different tiers: under 50,000 baht ($1,537) , under 200,000 baht ($6,147) and above 200,000 baht ($6,147), depending on each customer's risk profile and the banks' assessment under know-your-customer, or KYC, rules. Customers with established records of responsibility can continue transferring at their usual levels. This measure will be implemented for new mobile banking and internet banking customers by the end of this month and for existing customers by the end of this year. Thailand has around 12 million mobile banking users, according to a report Wednesday in the Bangkok Post newspaper. It said previous central bank safeguards capped mobile banking transfers at 50,000 baht ($1,537) per transaction — with facial recognition required — and 200,000 baht ($6,147) per day in total. In June alone this year, 24,500 scam cases related to money transfers were reported to the authorities, causing total losses of 2.8 billion baht ($86.1 million) — an average of 114,000 baht ($3,504) per case. The largest single fraudulent transfer amounted to 4.9 million baht ($150,591), the Post reported, citing the central bank. On average, scammers needed only three minutes to siphon off half of the stolen funds, while victims typically took 19–25 hours to report the crime, the newspaper reported For the first six months of this year, children under 15 were involved in 78,468 financial scam cases, while victims over 65 years of age accounted for 416,453 cases, it said..
