These are celebrities’ faces reimagined 👩💻
These are celebrities’ faces reimagined 👩💻
Diego Maradona's career was plagued by a number of scandals on and off the field.
(Bloomberg) -- Indonesia’s lenders are pushing back against central bank pressure to further lower interest rates for their customers, a step policy makers believe can help pull the economy out of recession.The banks say the real problem is that people don’t want to borrow in the first place. Loans shrank in October for the first time on record, down 0.47% from the year-earlier period. Bank Indonesia Governor Perry Warjiyo said the contraction was due to lenders’ risk-averse attitude and could have been avoided if they had lowered rates for customers in line with central bank easing.“At a time like now, people just aren’t looking to obtain loans because their activities are limited anyway,” said Haru Koesmahargyo, finance director at state-owned PT Bank Rakyat Indonesia, which has the biggest credit portfolio among Indonesian banks at 935.3 trillion rupiah ($66 billion).Banks’ reluctance to cut borrowing costs poses a hurdle for President Joko Widodo’s plan to lift Southeast Asia’s largest economy out of its first recession in more than two decades. People are limiting their spending as unemployment surges to a nine-year high and businesses are delaying investments as the country grapples with Southeast Asia’s worst coronavirus outbreak, at more than 500,000 total cases.While the central bank has cut its key rate by 225 basis points since June 2019 to a record-low 3.75%, PT Bank Central Asia, the largest lender by market value, has eased rates for customers by only about 100 basis points during the same period. Bank Rakyat has cut borrowing costs by 25 to 50 basis points this year, short of the 125 basis points the monetary authority has cut policy rates in 2020.“Why haven’t loan rates declined yet? Because of risk perception by banks,” Warjiyo said at a Nov. 19 monetary policy briefing. The central bank is meeting with lenders and businesses to boost lending, with sectors including food and beverages, telecommunications and basic minerals likely to drive the demand, he said Tuesday.Bank Rakyat shares were among the biggest laggard in Indonesia’s stock benchmark on Thursday, declining 0.9% as of midday break, while the Jakarta Composite Index surged 0.7%. BCA gained 0.2%.Loan RestructuringBanks have reason for being hesitant to lend: Non-performing loans have stayed above 3% since May as individuals and companies struggle to repay debts, which could put pressure on banks’ balance sheets.The Financial Services Authority said it’s only a matter of time until lending rates drop; the main issue holding banks back is ongoing loan restructuring, according to Chairman Wimboh Santoso. More than 932 trillion rupiah of loans had been restructured this year as of Oct. 26, equivalent to about 17% of total borrowing.A few sectors are already showing early signs of recovery, including insurance, chemicals and pharmaceuticals, and the FSA will push for more credit growth from those industries, it said in a statement Thursday.Bank Rakyat is putting loan growth on the back burner to focus on improving the quality of current loans, Koesmahargyo said. It’s targeting loan growth of 4%-5% this year, compared with 8.3% in 2019.“Credit and rates aren’t the key issue now,” according to BCA President Director Jahja Setiaatmadja, who expects the bank’s loans in 2020 to remain the same as 2019. “If we want to boost the economy, just use government subsidies to directly support the industries, instead of relying on loans.”(Updates with FSA statement in 10th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Bank of Japan is quietly walking back its unpopular negative interest rates policy with a controversial scheme designed to drive mergers among weaker, smaller lenders, a move some insiders see as a risky deviation into industrial reform. As COVID-19 adds pain for regional banks suffering from years of ultra-low interest rates, the BOJ this month unveiled a plan to pay 0.1% interest on deposits held by lenders that cut costs, boost profits or consolidate. The programme means the BOJ will for the first time offer payouts to a specific industry with the aim of driving reform in that sector.
BoM outlook warns eastern Australia could face flooding in wetter than average summerActive La Niña event until February could bring deluge to east coast, but bushfire risk still high in south-east
'Betrayed and abandoned': Dfat reveals 36,875 Australians still stranded overseas. Despite Scott Morrison boasting 35,000 have come home since September, officials reveal just 14,000 of those were registered with Dfat
China Biologic announced its third quarter 2020 financial results on November 24th, 2020, after the market closed. Today, you will hear from China Biologic's Chairman and CEO, Mr. Joseph Chow, who will start off the call with a review of the Company's basic operating results and report recent developments. China Biologic's CFO, Mr. Ming Yang, will be available during the Q&A session following the prepared remarks.
Christchurch attacks: royal commission hands in report on New Zealand mosque shootings. Prime minister Jacinda Ardern will decide if the nearly 800-page report will be released publicly
Jenna Ellis then defended her mistake by saying "I posted it because the ifea itself is true, whether or not he said it!"
A humpback whale was spotted feasting in waters near the southeastern Alaskan city of Ketchikan on November 24.This footage, shot by Christy John, shows the massive marine mammal gulping up fish as it surfaces.John told Storyful the humpback, dubbed “Phoenix”, is a “local celebrity in Ketchikan, especially during this difficult year.”“He has become a local mascot,” she said. “Many residents follow him all day along the docks. He inspires us to stay strong and united.” Credit: Christy John via Storyful
Markus Paul had a medical emergency at the NFL team's headquarters in Frisco, Texas, on Tuesday
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New Zealand Prime Minister Jacinda Ardern's government is to declare a climate emergency in a symbolic step to increase pressure for action to combat global warming. The government will put forward a motion to declare the emergency next Wednesday, the government said as parliament reconvened after a general election won by Ardern's party. "We’ve always considered climate change to be a huge threat to our region, and it is something we must take immediate action on," Ardern said, according to state broadcaster TVNZ.
(Bloomberg) -- India’s stock benchmark declined as investors mulled risks the pandemic poses for a fragile economy.The S&P BSE Sensex lost 0.3% to 43,713.53 as of 10:05 a.m. in Mumbai, while the NSE Nifty 50 Index slipped by about the same magnitude. Both gauges, retreating from record highs touched Tuesday, swung between gains and losses. The expiry today of monthly futures and options contracts may be adding to volatility.“With Europe and some parts of the U.S. thinking about partial lockdowns, we are watching closely for a potential second wave in India that would hurt the economy and markets,”said Sanjeev Hota, head of research at Sharekhan Ltd. in Mumbai.Gains in the nation’s equities have been driven by net foreign fund purchases that are on course for a monthly record, while a report tomorrow may show India’s economy entered its first technical recession since at least 1996 last quarter, based on economists’ estimates. See: Foreign Investors Pour Most Money Into India Stocks Ever: ChartThe yield on the benchmark 10-year government bond dropped by one basis point to 5.88% while the rupee strengthened 0.1% to 73.87 against the U.S. dollar.The NumbersSeventeen of 19 sector sub-indexes compiled by BSE Ltd. declined, led by a gauge of oil and gas companiesTwenty-three Sensex shares fell while seven roseInfosys Ltd. contributed most to the index retreat and dropped 0.8%; Housing Development Finance Corp gave the biggest boostRelated StoriesBlockbuster November Paves Way for More Asia Gains: Taking StockEarnings ‘Super Cycle’ is Starting in Asia, ex Japan, Says CSFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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News of Maradona's death plunged the football world into mourning
The Queen's royal Christmas will be a very different affair this year. Traditionally, the royal family descend en masse to the Sandringham estate for a festive stay with the monarch. The Queen and the Duke of Edinburgh, however, have a large family of four children and eight grandchildren, who are all nearly grown up, along with eight great-grandchildren.
"Now, as winter approaches, they’ll keep working amid the rain, mud, and cold,” United Farm Workers said as the nation prepares to tuck into the festive season.
A severe cyclone slammed into India's southern coast early on Thursday, uprooting trees and power lines but there were no immediate reports of loss of life or extensive damage to property. Cyclone Nivar made landfall near the city of Puducherry in the southern state of Tamil Nadu with winds of up to 130 km per hour (81 miles per hour), according to the India Meteorological Department. Heavy rains triggered by the storm caused flooding in some streets of the city of Chennai, Tamil Nadu's largest city which is home to many large automobile manufacturers, according to a Reuters witness.
'In the hands of God': what the papers say about the death of Diego MaradonaHeadlines the world over paid tribute to the Argentina great, but there was some residual bitterness in certain sections of the UK press
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