Sri Lanka Navy Provides Relief Assistance to Trapped Civilians

first_imgBack to overview,Home naval-today Sri Lanka Navy Provides Relief Assistance to Trapped Civilians View post tag: Lanka View post tag: News by topic January 7, 2013 View post tag: Defence View post tag: Civilians View post tag: Assistance Naval troops attached to Naval Deployment Pulmudai of the Eastern Naval Command have rushed to assist the villagers affected by the overflow of Padaviya Wewa.A Naval craft along with SLN Relief Assistance personnel has been deployed since the early hours of Saturday (05th January 2013) to ferry the villagers of Pubudugama and Kambiliwewa who are trapped in the surging waters. The suspension bridge that links the two villages has gone under water causing disruption to public transportation in the area.[mappress]Naval Today Staff, January 7, 2013; Image: Sri Lanka Navy View post tag: Trapped View post tag: Sri View post tag: Relief View post tag: provides View post tag: Navy View post tag: Naval View post tag: Defense Sri Lanka Navy Provides Relief Assistance to Trapped Civilians Share this articlelast_img read more

States Of Indiana Monthly Revenue Report

first_imgThursday, November 10:The monthly revenue report for October, along with commentary from State Budget Director Brian Bailey, has been posted on the State Budget Agency webpage. The report and commentary can be found here: http://in.gov/sba/2696.htm. Charts visualizing revenue data are located on the Management and Performance Hub under the State Tax Revenue section: http://www.in.gov/mph/staterevenue.html.ResultsGeneral Fund revenues for October totaled $1,163.8 million, which is $17.9 million (1.5%) below estimate based on the December 17, 2015 Forecast and $56.7 million (5.1%) above revenue in October 2015.Sales tax collections totaled $622.1 million for October, which is $9.6 million (1.5%) below the monthly estimate but $28.7 million (4.8%) above revenue in October 2015.Individual income tax collections totaled $463.6 million for October, which is $7.9 million (1.7%) above the monthly estimate and $25.5 million (5.8%) above revenue in October 2015.Corporate tax collections totaled $17.1 million for October, which is $8.9 million (34.2%) below the monthly estimate and $10.1 million (144.6%) above revenue in October 2015.Riverboat wagering collections totaled $20.3 million for October, which is $2.0 million (9.0%) below the monthly estimate and $3.0 million (12.8%) below revenue in October 2015.Racino wagering collections totaled $7.6 million for October, which is $0.1 million (1.5%) below the monthly estimate and $0.5 million (5.9%) below revenue in October 2015. Commentary Year-to-date General Fund collections total $4,762.7 million, which is $75.7 million (1.6%) below the December 2015 revenue forecast but $192.2 million (4.2%) above the prior fiscal year.Year-to-date sales tax collections total $2,500.3 million, which is $74.2 million (2.9%) below the December 2015 forecast but $75.5 million (3.1%) above collections through the same period from the prior fiscal year.Individual income tax collections total $1,766.4 million year-to-date, which is $34.5 million (2.0%) above forecasted collections and $132.6 million (8.1%) above year-to-date collections from the same time last fiscal year.  Compounding the year-over-year growth of individual income tax in fiscal 2017 is the “five Friday effect.”  There was one more Friday of payroll processing in September, which was recorded in October’s payroll tax withholding.  In October 2015 there was no “five Friday effect,” so October 2016 individual income tax revenue is higher than October 2015 revenue due to this factor.Corporate tax collections continue to underperform compared to forecast and compared to prior year collections.  Corporate collections are $38.7 million (15.7%) below forecast year-to-date and $8 million (3.7%) below fiscal year-to-date collections through the same period. FacebookTwitterCopy LinkEmailSharelast_img read more

NOWAK, RAFAL

first_img41, of Old Bridge, formerly of Bayonne, passed away unexpectedly on June 14. Born in Poland, Rafal emigrated to the United States as a child where he lived in Bayonne for most of his life before settling in Old Bridge six years ago. He was employed as a supervisor with Kinder Morgan Inc., in Perth Amboy for many years. He leaves behind to cherish his memory his wife Joanna (Leszczynska) Nowak; children, Emily and Matthew; mother Krystyna (Karpiej); father Jan Nowak; brother Daniel; maternal grandparents, Waclaw and Stanislaw (Mitrus) Karpiej; mother-in-law and father-in-law, Tamara (Kiryluk) and Victor Leszczynski; two brothers-in-law, Adam and Tadeusz Leszczynski; and many aunts, uncles, cousins, and friends. Funeral arrangements by DWORZANSKI & SON Funeral Home, 20 E. 22nd St.last_img read more

Matchmaker, matchmaker put me in your algorithm

first_img Niche dating companies work to help Ivy League graduates find love Added Lee: “Everyone has that secret crush on campus, and they have fingers crossed when results come out that that certain person pops up.”Liu, who lives in Pforzheimer House, hopes the participant rate hits six figures this year, a milestone that seem a suitable reward for all of the computer science concentrator’s lost sleep.“At Harvard, about 5,000 students will participate,” he said. “There’s a lot of buildup and hype to it, aura and mystique.”At the heart (pun intended) of Datamatch is the secret algorithm, which is overseen by senior Daniel Qu, who serves as Algorithm Cupid.“I’m not sure about the previous algorithm, but we pretty much rewrote it from scratch last year,” said the Mather House resident concentrating in mathematics and statistics. “I’ve always been interested in this type of work. These ideas come grounded in theory, and then you can apply it in real life. People think it’s highly random, but I can assure you that’s not the case.”Success stories are anecdotal — Tu said she knows a couple who are seriously dating after meeting on Datamatch, and reportedly two engagements have come from the site — but Lee knows how well it works firsthand.“I was into this girl, and on Datamatch we both matched for each other,” said the self-described hopeless romantic. “Our first date was Valentine’s Day at Russell House Tavern, and we’ve been dating ever since. I owe a lot to this club.” The Daily Gazette Sign up for daily emails to get the latest Harvard news. Sure, your heart thumps, but let’s look at what’s happening physically and psychologically Some say the food of love is, well, actual food. The free kind, to be exact.Teddy Liu and Ryan Lee have heard this a lot. They share the title of Supreme Cupid at Datamatch, a student-run online matchmaking service, which pairs Harvard students for a date and hooks them up with freebies at a participating local restaurant on their special day.“People claim they do it for the free food, but I’m very certain it’s the excuse they give people for the connection,” said Lee, a senior concentrating in computer science who lives in Eliot House. “Deep down everyone is looking for that connection, and our participation rate across Harvard, which is about 80 percent, proves that.”And it’s not just Harvard anymore. This Valentine’s Day, Datamatch will celebrate its 25th running as well as a nationwide expansion to more than two dozen colleges and universities. From its beginnings in 1994 as a side project of the Harvard Computer Society, armed with a paper questionnaire, the matchmaking service now has a staff of 30 with the love connections made by a complex algorithm that looks at personal profiles and answers to 20 multiple-choice questions.Vice Cupid Catherine Tu, whose responsibilities include overseeing the question writing, said they must strike a humorous tone, and are meant to explore different parts of students’ personality. Among favorite past questions: If your flirting style is an app, what would it be? and I scream. You scream. We all scream for [fill in the blank].“My favorite question in recent memory is: Which is your favorite whale noise? And it was followed with five different ‘Wooooh!’ sounds,” Lee said. “So that’s kind of the vein of the questions — quirky, fun.”,As anticipated and beloved as Girl Scout cookies (which also appear only once a year for a short time), Datamatch works like this: A week before Valentine’s Day, the site launches with questions customized for each school. Students can opt for romantic or platonic matches, and have a week to complete the survey. The site closes at midnight Feb. 14, and a few hours later 10 matches arrive in participants’ inboxes.At Harvard up to three top matches for a student are considered “dates of destiny,” and, as such, eligible for a free date at a sponsoring restaurant in Harvard Square.“When you think about what makes students want to do things, some might think, ‘Why do it?’” Tu said. “ I think the free food gets people in, especially if they’re a little embarrassed. The fact that we have an incentive is one of the most important parts of bringing people together.” “My favorite question in recent memory is: Which is your favorite whale noise? And it was followed with five different ‘Wooooh!’ sounds.” — Ryan Lee ’20, Supreme Cupidcenter_img Matchmaker, make me a match Related When love and science double datelast_img read more

A Journey of Leadership and Inspiration

first_imgAs we celebrate International Women’s Day on March 8th, I am grateful for the many women who have shared their voices of experience and encouragement. Their visible and vibrant presence confirms that the face of the workplace is evolving—soon more than 50% of the workforce will be female.  Ignoring this shift is not an option.  Women are driving change around the world, from the early days of pioneers like Sojourner Truth and Abigail Adams to current leaders like Madam Lu Hailin and Hillary Clinton. Each has her own message encouraging us to continue the journey.In the past year I have attended a number of women’s conferences, some as close as my hometown of Boston and others as far away as Beijing. Conference themes included “The Future is Now for Women” and “Creating your Future Career Success.” Packed agendas offered advice to women of all ages, professions, and walks of life.  Standing amidst thousands of women who gathered for these inspiring events showed me just how many of us are ready to take our careers and contributions to new heights.Now more than ever, women are providing significant return on investments for our companies, clients, communities and organizations.EMC employees proudly attend the 2014 Massachusetts Conference for WomenInfluential conference speakers encouraged all women to make a conscious effort to lay a strong foundation for other women to succeed.  Speaking at the recent Massachusetts Conference for Women in Boston, actress Lupita Nyong’o offered this thought:We continue to fight for equality, for justice, for freedom, for compassion…and we achieve the most when we are awakened and responsive to the dreams of our individual hearts. It is then we can be part of a whole and share our tools to fulfill the bigger picture of a better tomorrow.I believe this is applicable to all female leaders of today and the future.  Nyong’o eloquently provides perspective for the bridge that we must continue to build in the corporate world, in our local communities, and in our global society.The stories of Lupita Nyong’o and so many other high-achieving women are uplifting and encouraging, speaking to how far women have come on this journey.  Their insights also point to gaps that we must still work to close.Some of these conferences also offer participants the opportunity to look back and explore the often turbulent paths that our foremothers took.  This view always serves to illustrate and understand our progress.  By being informed and inspired by our past, we can continue to forge ahead, shaping the critical roles women will play in building the ecosystems of today and tomorrow.I am proud to represent EMC when I am at these events, surrounded by thousands of women from many different walks of life, ages, and accomplishments.  The people of EMC are committed to supporting the journey of our colleagues, as well as women around the globe.  With each step, we increase our cultural competence – a proficiency gained through inclusive attitudes and behaviors that help us interact most effectively.The ultimate measure of success will be when all EMC employees bring their “whole selves” to work, embracing a diversity of thought, people and perspectives because they can’t imagine working any other way.last_img read more

New UN report airs concerns about human rights in Sri Lanka

first_imgGENEVA (AP) — The U.N. human rights office has published a report airing new concerns about Sri Lanka, calling for “international action” such as through targeted sanctions against alleged perpetrators of rights violations and floating the prospect of referring the situation to the International Criminal Court. The report points to “worrying trends” over the last year — more than a decade after the end of an armed conflict over more than a generation that left tens of thousands dead.last_img

Rousseff Gets Election Majority, Run-Off to Follow

first_imgBy Dialogo October 05, 2010 I am Honduran and I would like to have my comment published: I am glad that it is going to be the Evangelicals that are going to decide who wins the next elections, you should not vote for Rousseff, communists just like Lulu, against the Word, don’t throw your vote away, vote looking towards heaven, “when the godless govern the people whine, but when they are governed justly the people rejoice.” Now they are seeking the evangelical vote, but when have they ever taken them into account? These are the communists of the 21st century, they have caused so much damage to my country, disrespecting/regardless of our will. Though Brazilian Workers’ Party candidate Dilma Rousseff won the October 3 election with 47 percent of the Brazilian vote, she did not reach the majority needed for an absolute win in the first round. A run-off election will follow later in October. After 98 percent of the ballots were tallied, Ricardo Lewandowski, president of Brazil’s High Electoral Tribunal announced, “We can confirm there will be a second round in the presidential elections,”, reported AFP. Though analysts predict President Luis Inácio Lula da Silva’s chosen successor is likely to win because of his huge popularity in the South American giant, Rousseff herself was credited with many of the decisions that won the Lula administration so much praise in her position as Chief of Staff, according to Voice of America news (VOA). Rousseff, who was hand-picked by Lula to lead the Workers’ Party, is expected to become Brazil’s first female leader. “I will face the second round with much enthusiasm and energy,” said Rousseff in an address to her supporters after the results were announced, reported Brazilian daily O Globo. Rousseff’s nearest rival is former Sao Paulo state governor Jose Serra, who received 33 percent of votes, reported AFP. For his part, President Lula had originally said he was confident that Rousseff would win in one round, according to Xinhua news agency, something he never achieved in either of his campaigns. Lula da Silva was first elected after winning the second round of the presidential election in 2002, and re-elected after winning the second round in 2006.last_img read more

Brazilian Congress and Ministry of Justice Debate Marijuana Legalization

first_imgBy Dialogo April 29, 2013 The biggest fear of decriminalization is that it would result in an increased demand for a stronger drug from marijuana addicts, causing an unprecedented epidemic, such as what occurs with crack, according to Minister of Health Alexandre Padilha. In addition, Brazil’s proximity to the world’s largest cocaine and marijuana producers coupled with a strong presence of criminal organizations focused on drug trafficking reinforces this trend, eliminating the possibility that legalization would reduce drug trafficking and associated crime, as some government officials believe. It is a very controversial matter with divided opinions, especially in Brazil, which ranks second in the world for cocaine and crack consumption. More recent studies performed by the University of São Paulo indicated that 1.5 million citizens use marijuana, and approximately 8 million had tried the drug. The current situation is discouraging. The Institute of Applied Economic Research estimated that 56.12% of homicides in Brazil are directly linked to drug trafficking rendering the policies for combating narcotics inefficient. Some specialists who are openly against the state’s initiative, claim that policies from developed countries cannot be adopted in Brazil due to the lack of infrastructure, clearly exemplified by the penitentiary and juvenile detention facilities in the country. Add to this the basic public health services, which barely meet the needs of the population and the main problem of which is the lack of hospital rooms. Uruguay vetoed the bill to legalize the commercialization of the drug after a poll showed that 64% of the respondents were against it. The Brazilian Ministry of Justice and National Congress have been promoting several debates on decontrolling the use of medical marijuana, as well as legalizing it for users who are currently subject to jail time. The idea is basically to treat the user as a public health case and replace jail sentences with administrative fines and mandatory hospitalization for health treatment, which already occurs in Spain, Holland, Portugal, and parts of the United States. *André Luís Woloszyn, Strategic Intelligence Analystlast_img read more

Brazilian Armed Forces Strengthen the Nation’s Cyber Defense

first_imgThe protection of critical Brazilian infrastructure such as hydroelectric power plants, refineries, and telecommunications networks, is one of the critical focus areas for national defense. At least two of the Brazilian Army’s seven current strategic projects are designed to minimize infrastructure threats. In 2011, hackers conducted the first successful attack on Brazilian Army computers. They didn’t manage to compromise strategic information during the attack, but they copied names and personal data of service members. The criminals also demonstrated that they were capable of overcoming a firewall on the Army network. Cyber defense policy to gain more support The protection of critical Brazilian infrastructure such as hydroelectric power plants, refineries, and telecommunications networks, is one of the critical focus areas for national defense. At least two of the Brazilian Army’s seven current strategic projects are designed to minimize infrastructure threats. “The profiles of the professionals working in the sector range from people with managerial and technical skills in the field of information security to those with qualifications in the legal area and the research and development area, covering members of the Military and civilians,” Lt. Gen. Carvalho added. The Strategic Cyber Defense Project has proved successful in preventing further attacks. The project’s pillar is the Cyber Defense Center (CDCiber), located at Army headquarters in Brasília. Nine sub-projects focus mainly on training human resources as well as on research and development of cyber defense and security tools. The Strategic Cyber Defense Project has proved successful in preventing further attacks. The project’s pillar is the Cyber Defense Center (CDCiber), located at Army headquarters in Brasília. Nine sub-projects focus mainly on training human resources as well as on research and development of cyber defense and security tools. Cyber Operations simulators help train Soldiers “We will work on the protection of Itaipu as a case study, and at the same time, we will seek out national solutions [for cyber defense],” Lt. Gen. Carvalho said during the inauguration ceremony for the laboratory. There are various training strategies for each branch of such skill-mapping, from internships in national civil industries to courses offered by educational institutions of the Armed Forces, such as the Military Institute of Engineering (IME) and the Integrated Electronic Warfare Center (CIGE, for its Portuguese acronym). The CIGE is equipped with the country’s first Cyber Operations Simulator (SIMOC, for its Portuguese acronym), which is to help train teams participating in the Armed Forces’ operations Atlântico IV and Anhanduí later this year. The incident underscored a need that had already been identified by the National Defense Strategy, which in 2008 defined information technology as a strategic sector for Brazil’s defense. In 2011, authorities began to implement the Strategic Cyber Defense Project, which falls under the responsibility of the Brazilian Army. The laboratory is part of the National Information Security and Cryptography Network (RENASIC), one of the Strategic Cyber Defense Project’s 10 sub-projects. Since 2008, when RENASIC was established, eight laboratories have been created throughout the country, in addition to LaSEC². Hundreds of university researchers participate in RENASIC with the goal of increasing Brazilian competencies in Information Security and Cryptography (SIC). Since they can make messages unintelligible and decipher encrypted messages, cryptography techniques play an important role in protecting data from unauthorized access. The hydroelectric power plant, located between Brazil and Paraguay, is responsible for supplying 17 percent and 75 percent respectively of the nations’ consumed energy. Through SIMOC, it is possible to run cyber protection actions in a controlled environment as well as conduct training based on real scenarios of catastrophes and compromises to national infrastructure. Brazilian company Rustcom developed the simulator under guidance from CIGE and it has been in use since 2013. Simulated scenarios have been constantly renewed. There are various training strategies for each branch of such skill-mapping, from internships in national civil industries to courses offered by educational institutions of the Armed Forces, such as the Military Institute of Engineering (IME) and the Integrated Electronic Warfare Center (CIGE, for its Portuguese acronym). The CIGE is equipped with the country’s first Cyber Operations Simulator (SIMOC, for its Portuguese acronym), which is to help train teams participating in the Armed Forces’ operations Atlântico IV and Anhanduí later this year. Cyber Operations simulators help train Soldiers The year 2015 has special importance for the cyber sector in Brazil. Studies and discussions are underway for creation of the National Cyber Defense School and the Cyber Defense Command. The Ministry of Defense stipulated the creation of these organizations in an October 2014 decree (Regulatory Decree 2,777/MD) as part of a series of measures to strengthen the country’s cyber defense policy. The initiative complements efforts being made in this area through the Army’s Strategic Cyber Defense Project. “We will work on the protection of Itaipu as a case study, and at the same time, we will seek out national solutions [for cyber defense],” Lt. Gen. Carvalho said during the inauguration ceremony for the laboratory. The incident underscored a need that had already been identified by the National Defense Strategy, which in 2008 defined information technology as a strategic sector for Brazil’s defense. In 2011, authorities began to implement the Strategic Cyber Defense Project, which falls under the responsibility of the Brazilian Army. In 2014, more than one million attacks against both civilian and military Internet-connected computers were reported throughout Brazil. The majority of these attacks correspond to fraud attempts (44.6 percent ), followed by scans on computer networks to identify targets (25.1 percent) and cyber-attacks to crash the operation of a specific service (21.3 percent). LaSEC² will develop tools for ensuring the security of the federal government’s information assets, using security operations for the Itaipu hydroelectric power plant as a model. Partnership with educational institutions The hydroelectric power plant, located between Brazil and Paraguay, is responsible for supplying 17 percent and 75 percent respectively of the nations’ consumed energy. Both the School and the Command will serve Soldiers from the three branches of Brazil’s Armed Forces, with the Joint Chiefs of Staff coordinating operations. To thwart such attacks, the Military is using the skills of both its and civilian personnel, some of whom provide training on how to detect and stop such assaults. The laboratory is part of the National Information Security and Cryptography Network (RENASIC), one of the Strategic Cyber Defense Project’s 10 sub-projects. Since 2008, when RENASIC was established, eight laboratories have been created throughout the country, in addition to LaSEC². Hundreds of university researchers participate in RENASIC with the goal of increasing Brazilian competencies in Information Security and Cryptography (SIC). Since they can make messages unintelligible and decipher encrypted messages, cryptography techniques play an important role in protecting data from unauthorized access. According to information from SOUTHCOM’s Joint Cyber Center (JCC), CDCiber has collaborated for the past two years with U.S. Army South and the JCC on cyber defense military operation information exchanges. “In the virtual world, there are thousands of attempts to attack Information and Communications Technology (ITC) systems,” said Lieutenant General Paulo Sergio Melo de Carvalho, the head of CDCiber. Data, including that from the Center for the Study, Response, and Treatment of Security Incidents in Brazil (CERT.Br), corroborate “the perception that cyber threats are expanding exponentially with the Internet.” In 2014, more than one million attacks against both civilian and military Internet-connected computers were reported throughout Brazil. The majority of these attacks correspond to fraud attempts (44.6 percent ), followed by scans on computer networks to identify targets (25.1 percent) and cyber-attacks to crash the operation of a specific service (21.3 percent). The National Cyber Defense School will function as a center for National Cyber Defense research and development and include participation of military and civilian institutions and professionals. The Cyber Defense Command is expected to supervise, coordinate, and provide the technical and regulatory guidance for the activities of the Brazilian Cyber Defense System. The Army’s Cyber Defense Center (CDCiber) will focus solely on operations. Brazilian company Rustcom developed the simulator under guidance from CIGE and it has been in use since 2013. Simulated scenarios have been constantly renewed. While Project Proteger is concerned with physical security, the Strategic Cyber Defense Project aims to protect the virtual environment of these strategic structures. One of the project’s most recent initiatives was establishing the Electronic Security Laboratory for Communications and Cybernetics (LaSEC²), which was inaugurated March 3 in the Itaipu Technological Park. LaSEC² will develop tools for ensuring the security of the federal government’s information assets, using security operations for the Itaipu hydroelectric power plant as a model. “In the virtual world, there are thousands of attempts to attack Information and Communications Technology (ITC) systems,” said Lieutenant General Paulo Sergio Melo de Carvalho, the head of CDCiber. Data, including that from the Center for the Study, Response, and Treatment of Security Incidents in Brazil (CERT.Br), corroborate “the perception that cyber threats are expanding exponentially with the Internet.” Through SIMOC, it is possible to run cyber protection actions in a controlled environment as well as conduct training based on real scenarios of catastrophes and compromises to national infrastructure. Both the School and the Command will serve Soldiers from the three branches of Brazil’s Armed Forces, with the Joint Chiefs of Staff coordinating operations. Partnership with educational institutions By Dialogo April 14, 2015 “Given that the development of the simulator is a continuous improvement process, new requirements are being introduced to improve the tool. This year, new scenarios will be developed that meet the specificity of the joint training under the Ministry of Defense,” Lt. Gen. Carvalho added. Cyber defense policy to gain more support In 2011, hackers conducted the first successful attack on Brazilian Army computers. They didn’t manage to compromise strategic information during the attack, but they copied names and personal data of service members. The criminals also demonstrated that they were capable of overcoming a firewall on the Army network. According to information from SOUTHCOM’s Joint Cyber Center (JCC), CDCiber has collaborated for the past two years with U.S. Army South and the JCC on cyber defense military operation information exchanges. To thwart such attacks, the Military is using the skills of both its and civilian personnel, some of whom provide training on how to detect and stop such assaults. The National Cyber Defense School will function as a center for National Cyber Defense research and development and include participation of military and civilian institutions and professionals. The Cyber Defense Command is expected to supervise, coordinate, and provide the technical and regulatory guidance for the activities of the Brazilian Cyber Defense System. The Army’s Cyber Defense Center (CDCiber) will focus solely on operations. “The profiles of the professionals working in the sector range from people with managerial and technical skills in the field of information security to those with qualifications in the legal area and the research and development area, covering members of the Military and civilians,” Lt. Gen. Carvalho added. “Given that the development of the simulator is a continuous improvement process, new requirements are being introduced to improve the tool. This year, new scenarios will be developed that meet the specificity of the joint training under the Ministry of Defense,” Lt. Gen. Carvalho added. The year 2015 has special importance for the cyber sector in Brazil. Studies and discussions are underway for creation of the National Cyber Defense School and the Cyber Defense Command. The Ministry of Defense stipulated the creation of these organizations in an October 2014 decree (Regulatory Decree 2,777/MD) as part of a series of measures to strengthen the country’s cyber defense policy. The initiative complements efforts being made in this area through the Army’s Strategic Cyber Defense Project. While Project Proteger is concerned with physical security, the Strategic Cyber Defense Project aims to protect the virtual environment of these strategic structures. One of the project’s most recent initiatives was establishing the Electronic Security Laboratory for Communications and Cybernetics (LaSEC²), which was inaugurated March 3 in the Itaipu Technological Park. last_img read more

BI cuts rate, sees growth plunging to 15-year low as COVID-19 roils economy

first_img“The monetary policy remains accommodative and consistent with the projected inflation rate and is a preemptive measure to maintain the momentum of domestic economic growth,” BI Governor Perry Warjiyo told a teleconferenced press briefing.Read also: Indonesian stocks hit circuit breaker again as dollar nears Rp 16,000BI also lowered its deposit facility rate to 3.75 percent and lending facility rate to 5.25 percent. The lower rates are expected to transmit into lower interest rates, affecting consumer loans, corporate loans and mortgage interest rates, as well as bond yields, among other instruments.Indonesia on Wednesday announced 227 confirmed COVID-19 cases, with 19 deaths. Globally, the pneumonia-like illness has infected nearly 218,000 people and taken at least 8,800 lives. Several economists are already on alert for a potential recession as activities — from consumer purchases to factories production and shipments — slow down worldwide. BI also revised down on Thursday Indonesia’s economic growth projection to between 4.2 percent and 4.6 percent this year, which would be the lowest levels since 2005. That compares with last month’s projection of between 5 and 5.4 percent.“With the developing situation, we see that [the coronavirus] will continue to have a severe impact in April and May before we see a recovery in public health and the economy,” Perry said.Read also: ‘Desperate times, desperate measures’: Calls grow for flexible state budget amid virusHe projected global economic growth to reach 2.5 percent this year, down from last month’s projection of 3 percent.”Considering the global uncertainties caused by the massive spread of the virus, BI’s monetary easing is still needed to maintain economic stability,” Bank Permata chief economist Josua Pardede told The Jakarta Post.BI still has “ample room” to intervene despite limited ammunition caused by a weakening currency, he added.”BI needs more accommodative policies to bolster the domestic economy amid a global economic slowdown but without compromising the rupiah’s stability.”Investors have pulled out around US$2.8 billion from Indonesia’s bond markets, and the Jakarta Composite Index (JCI) has plunged more than 30 percent since the beginning of this year, weakening the rupiah by 8.77 percent.The currency continued its deep depreciation to 15,712 per US dollar, according to Bank Indonesia Jakarta Interspot Dollar Rate (JISDOR).The last time it touched this level and reached 16,650 was in June 1998, after widespread rioting led to the downfall of former president Soeharto and ended his 32-year reign.“The rupiah sell-off will likely limit BI’s ability to support the economy through further monetary easing,” Fitch Solutions said in a research note.“Although BI has launched several lines of defense for the currency, including limiting short-selling in the stock market, intervening in the currency market and purchasing up to Rp 130 trillion worth of government securities, we expect that the central bank will increasingly struggle to defend the currency.“With the number of [COVID-19] cases reported in Indonesia surging, we see investors remaining nervous about the archipelago’s ability to contain the virus.”BI pledges seven measures to calm the market rout and stabilize the rupiah:1) Stepping up the intensity of its triple intervention efforts in the spot market, supplying domestic non-deliverable forwards and buying government bonds worth Rp 195 trillion.2) Extending the tenor of sovereign debt papers (SBN) to 12 months and holding auctions every day without limits to ease banks’ liquidity, starting on Friday.3) Adding the frequency of foreign exchange swaps with one- to 12-month tenors to every day — from three times a week — to ensure the availability of liquidity in the capital market.4) Strengthening foreign exchange deposits to bolster banks’ financing.5) Lowering the rupiah reserve requirement ratio by 50 bps for banks involved in financing small and middle businesses and other priority areas after a 50 bps cut last month to support trade activities.6) Strengthening payment system policies to ensure money circulation.7) Moving forward the starting date for foreign investors being able to use local bank accounts to keep their money to March 23 from the initial plan of April 1.Topics : Bank Indonesia (BI) cut on Thursday the nation’s policy rate to prop up the economy, which is likely to grow at the lowest rate in 15 years, battered by a slump in economic activities amid the COVID-19 pandemic.The central bank slashed its benchmark interest rate, the BI seven-day reverse repo rate, by 25 basis points to 4.50 percent after a cut of the same size last month.It also announced measures to calm the market rout and stabilize the rupiah, which touched levels unseen since the 1998 crisis, including intensifying bond-buying in the secondary market and cutting banks’ reserve ratio.last_img read more