Latest news with #Rupiah
The Star
2 days ago
- Business
- The Star
Asean nations brace for Trump tariffs with bold stimulus packages
- Illustrative photo: The Nation/ANN BANGKOK: Southeast Asian nations are rolling out ambitious economic stimulus measures as they prepare for the potentially far-reaching impact of President Donald Trump's trade protectionism. Countries including Indonesia, Thailand, Malaysia, and Vietnam are initiating substantial spending programmes, aiming to safeguard consumer purchasing power and spur growth, even as they acknowledge the associated risks of escalating national debt and potential cuts to government revenue. According to Nikkei Asia, countries across the region are swiftly implementing what are being termed "large-scale economic stimulus measures" to counter the widespread effects of Trump's proposed tariff hikes. In Indonesia, President Prabowo Subianto's government has unveiled a colossal 24.44 trillion Rupiah (approximately US$1.30 billion) stimulus package. This marks a significant pivot from earlier plans this year to slash 306 trillion Rupiah from the budget, initially earmarked for a free school lunch programme. As part of the new initiative, around 18 million predominantly low-income citizens are set to receive 300,000 Rupiah in cash aid in June and July, alongside a monthly allocation of 10 kilograms of rice. The government is also planning substantial reductions in public transport fares, including a 30% cut for train tickets. Indonesian Finance Minister Sri Mulyani Indrawati stated that these measures are designed to preserve citizens' purchasing power and promote economic expansion. Indonesia has recently grappled with the effects of fiscal austerity, with its Gross Domestic Product (GDP) growing by a mere 4.87% year-on-year in the first quarter – its weakest performance since Q3 2021 – attributed to declining middle-class consumption. The capital, Jakarta, has also seen hotel occupancy rates plummet by over 90% from pre-pandemic levels, while infrastructure spending has been significantly curtailed, leading to delays in highway construction projects. Elsewhere in the region, Singapore has revised down its GDP growth forecast for the current year to between 0% and 2%, a decrease from its earlier projection of 1% to 3%. Thailand has similarly adjusted its GDP estimates downwards, now projecting growth between 1.3% and 2.3%, a drop from its previous forecast of 2.3% to 3.3%. Last month, the Thai cabinet approved a 157 billion baht (approximately US$4.19 billion) budget to boost tourism and fund infrastructure projects like railways and roads. To secure funding for this package, the government has taken the decision to partially postpone its controversial 10,000 baht digital money handout scheme. Economists in Thailand are wary, as the nation's household debt approaches 90% of GDP, fearing that further stimulus could exacerbate debt levels and restrict the government's policy flexibility. In Malaysia, Prime Minister Anwar Ibrahim announced a RM1.5 billion (approximately US$317.5 million) support package in May, aimed at assisting small and medium-sized enterprises through low-interest loans and government-backed credit guarantees. Meanwhile, Vietnam is considering extending its Value Added Tax (VAT) reduction for an additional 18 months beyond its scheduled June expiry. However, concerns have been raised that prolonging the tax cut could negatively impact state revenue. - The Nation/ANN
Scottish Sun
28-04-2025
- Entertainment
- Scottish Sun
I'm a mum-of-2 who ditched the UK for an exotic country – my huge villa is £178 a month & a cleaner does my laundry too
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MOTHER has revealed that she ditched the UK and now lives in an exotic country. Busy mum-of-two Amee Scase left her life in Manchester because she found it 'unbelievably overwhelming and stressful". Sign up for Scottish Sun newsletter Sign up 4 A mum has revealed that she left Manchester and now lives in a very exotic country Credit: TikTok/@ameescase 4 Amee Scase found life in the UK "overwhelming and stressful", but now, is living the dream in a huge villa with an amazing cleaner Credit: TikTok/@ameescase 4 Amee sold her aesthetics business and moved to Canggu Credit: Getty 4 The beautiful location is surrounded by terraced rice paddies Credit: Alamy And now, the content creator rents a huge villa for just £178 a month. But that's not all, as this mum also has a cleaner who scrubs and tidies her home, as well as doing all her laundry too. Posting on social media, Amee eagerly gave her followers an insight into her luxurious life in Bali. Prior to her big move, Amee sold her aesthetics business in the UK. She is now living in Canggu, a resort village on the south coast of the Indonesian island of Bali, that's surrounded by terraced rice paddies, and is in the process of building her own villa. Revealing 'one of the best things about living in Bali', Amee claimed that having a cleaner is near the top of her list. She explained: 'She has done all my washing for me, put it out to dry, she even scrubs my whites, she scrubs everything. 'Everything is just put away so neatly - all the kids' toys.' Amee stressed that her cleaner, who is named Wayan, makes her life 'easier', as she makes her bed and folds her clothes away neatly too. Amee continued: 'She comes on a Monday and a Thursday and when I say she grafts, she absolutely grafts.' Inside Towie cast's incredible £2.1k a week Bali trip with explosive rows, luxury hotel and boozy days popping champagne by the pool Amee described Wayan as 'the nicest woman' and stressed that she is 'so grateful for her.' Amee also shared that rent for her huge beach island villa is 24 million Indonesian Rupiah [£1,069.04] for six months, which works out to be just £178 a month. Moving house hacks 1. Declutter Before You Pack Sort through your belongings and get rid of anything you no longer need. Donate, sell, or recycle items to lighten your load. 2. Create an Inventory Make a list of all your items. This helps keep track of everything and ensures nothing gets lost in the move. 3. Use Quality Packing Materials Invest in sturdy boxes, bubble wrap, and packing tape. This will protect your belongings during the move. 4. Label Everything Clearly label each box with its contents and the room it belongs to. This makes unpacking much easier and more organized. 5. Pack a 'First Day' Box Include essentials like toiletries, a change of clothes, snacks, and important documents. This will keep you from rummaging through boxes on your first day. 6. Take Photos of Electronics Setup Before unplugging your electronics, take photos of the wiring setup. This will make it easier to reconnect everything at your new place. 7. Use Suitcases for Heavy Items Pack books and other heavy items in rolling suitcases. This makes them easier to transport and reduces the risk of injury. 8. Colour-Code Your Boxes Use different coloured stickers or markers for each room. This will help movers quickly identify where each box should go in your new home. Additionally, she continued: 'At home in the UK, I used to get so overwhelmed and I felt like I wasn't able to be present with my children because I was always stressed. 'It costs us 1.5 million [Indonesian Rupiah] a month to have [a cleaner] twice a week, which is about £75, but I always tip her because I am so pleased with how she does things - she goes above and beyond.' Social media users beam Amee's TikTok clip, which was posted under the username @ameescase, has clearly impressed many, as it has quickly amassed over 1,750 likes and 98 comments. LIVING!! Amee Scase Social media users were gobsmacked by Amee's life in Bali and many eagerly flocked to the comments to express this. One person said: 'That is a beautiful Villa, I hope Bali treats you well.' Another added: 'Your villa is so neat... and you are glowing…' Whilst a third simply commented: 'LIVING!!' Unlock even more award-winning articles as The Sun launches brand new membership programme - Sun Club
Business Times
22-04-2025
- Business
- Business Times
Market Focus Daily: Tuesday, April 22, 2025
The yen strengthens past 140 per dollar for the first time since September; Rupiah to extend losses as Bank Indonesia battles volatility; US imposes new duties on solar imports from South-east Asia. Synopsis: Market Focus Daily is a closing bell roundup by The Business Times that looks at the day's market movements and news from Singapore and the region. Written and hosted by: Emily Liu (emilyliu@ Produced and edited by: Chai Pei Chieh & Claressa Monteiro Produced by: BT Podcasts, The Business Times, SPH Media --- BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Follow BT Market Focus and rate us on: Channel: Amazon: Apple Podcasts: Spotify: YouTube Music: Website: Feedback to: btpodcasts@ Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice. Discover more BT podcast series: BT Money Hacks at: BT Correspondents: BT Podcasts: BT Branded Podcasts: BT Lens On:
Korea Herald
15-04-2025
- Business
- Korea Herald
Indonesia tightens rules on foreign banks, targeting Korean financial firms
Shinhan, KB face holding company mandate in Indonesia Korean commercial banks are under pressure from Indonesian financial authorities to establish local holding companies, adding to the regulatory challenges that have hampered their efforts to expand in the market. According to industry sources on Tuesday, Otoritas Jasa Keuangan, Indonesia's independent financial regulatory agency, mandates that companies with either two or more financial affiliates in the country and total assets exceeding 100 trillion Indonesian Rupiah (approximately $5,95 billion), or three or more affiliates with assets over 20 trillion Rupiah, must set up a holding company or designate one affiliate as such. To date, six Korean lenders — including KB Kookmin Bank, Shinhan Bank, KEB Hana Bank, Woori Bank and OK Savings Bank — have entered the Indonesian market through acquisitions of local financial firms. Among them, KB Kookmin Bank and Shinhan Bank meet the new regulatory thresholds and are subject to the requirement. 'In Indonesia, this regulation was announced at the end of December last year. It applies to all financial institutions operating in the country, and among Korean firms, Shinhan and KB fall under its scope,' a Shinhan Bank official said. He added that the Indonesian authorities notified the bank of the new rule in December, and the bank is currently reviewing financial, accounting and tax implications with the goal of submitting a compliance plan by the June deadline set by the Indonesian government. Shinhan Financial Group, the bank's holding company, operates three affiliates in Indonesia: PT Bank Shinhan Indonesia, PT Shinhan Indo Finance and PT Shinhan Asset Management Indonesia. A KB Kookmin Bank official also confirmed ongoing discussions with Indonesian regulators regarding the incorporation of a holding company. 'We are in the early stages, and the details are still being developed,' the official said. KB Financial Group currently operates seven affiliates in Indonesia, including banking unit PT KB Bank Indonesia Tbk, stock brokerage PT KB Valbury Sekuritas, insurer PT KB Insurance Indonesia, asset manager PT KB Valbury Asset Management, auto finance firm PT Sunindo Kookmin Best Finance and financial IT firm PT KB Data System Indonesia. This latest regulatory development adds further pressure on KB Kookmin Bank, which has struggled to turn around its Indonesian subsidiary, PT KB Bank Indonesia Tbk, after acquiring the troubled Bank Bukopin in 2018. The subsidiary has continued to post financial losses and faces mounting regulatory scrutiny. 'It's a harsh regulatory environment for KB. To establish a holding company, a bank needs to be profitable enough to support it, but that's not the case for KB,' an official from a financial firm, who wished to remain anonymous, said. Indonesian authorities issued 18 sanctions against PT KB Bank Indonesia Tbk last year, a sharp increase from the one or two annually seen since the 2018 acquisition. As Indonesia's financial market remains limited in both size and accessibility, regulatory hurdles continue to grow. 'It's becoming clear that foreign financial capital is not being welcomed, and the risk of indirect sanctions is increasing, deterring Korean financial institutions,' the official added.
