Bank Indonesia intervenes to steady rupiah as virus fear unnerves markets

first_imgTopics : Hendarsah attributed the rupiah’s fall in early trade to a drop in China’s equities market, which plunged after reopening from a 10-day Lunar New Year holiday amid a rapidly spreading virus epidemic.Read also: Rupiah hits two-year high, but concern grows over impact on exportsThe Chinese yuan and commodities markets in Shanghai slumped on Monday, on fears the coronavirus epidemic will hit demand in the world’s second-largest economy. The death toll in China rose to 361 as of Sunday with the number of confirmed cases rising to more than 17,200.The rupiah fell as much as 0.5 percent to 13,725 per dollar by 0442 GMT. So far this year, it has gained 1.1 percent helped by big inflows. Bank Indonesia intervened in spot foreign currency trading as well as domestic non-deliverable forward and bond markets on Monday to stabilize the rupiah, an official said, as the currency fell 0.5 percent to the weakest since mid-January.“BI is making sure of rupiah’s stability,” Nanang Hendarsah, the central bank’s head of monetary management, told Reuters by text message.“BI is boldly buying bonds in the secondary market and is offering DNDF (domestic non-deliverable forwards) through eight brokers,” he said, adding that intervention was also done in a measured way in the spot foreign exchange (FX) market.center_img Indonesia is one of Asia’s higher-yielding markets and has attracted heavy overseas inflows into its bond markets as investors sought better returns in a world of plunging interest rates.​Indonesia’s benchmark 10-year bond yield jumped to 6.701 percent, from the previous session’s close of 6.645 percent.The stock market fell 0.5 percent on Monday and is down 6.6 percent since mid-January, making it the second-worst performing in Southeast Asia after Manila so far this year.BI intervened in bonds, DNDF and spot markets almost daily last week, according to a trader in Jakarta, but the central bank was seen focusing most of its intervention in the bond and DNDF markets.Indonesia’s one-month DNDF contracts on Monday traded at 13,751 to the dollar, stronger than comparable offshore non-deliverable forwards at 13,840.The interventions have helped keep the rupiah mostly stable in recent weeks, the trader said, but dollar liquidity in the spot market is tight.“BI prefers to do their intervention through DNDF now, but most of the offshore traders are seeking dollar in the spot market, which currently is a bit illiquid,” the trader said.Read also: Wuhan coronavirus to affect local stock market until outbreak containedBI sold DNDF contracts worth more than US$380 million early on Monday, the trader said, adding to around $450 million sold on Friday.Meanwhile, the central bank believes the pressure on the rupiah is temporary.“We believe the rupiah’s weakness is temporary because fundamentally, the rupiah will be supported by a narrowing current account deficit, low and stable inflation and resilient growth,” Hendarsah said.last_img read more

Debenhams schemes enter PPF assessment, cash increase agreed

first_img“In the event the CVA is passed, we would expect the schemes to then exit PPF assessment,” she added.“We have been working closely with the Pensions Regulator, the company and trustees of the scheme to ensure the best outcome for members and PPF levy payers.“Members can be reassured that the PPF is there to protect them if needed.”Debenhams’ schemes had assets worth £1.1bn (€1.3bn) at the end of September 2018, according to company accounts, and a funding surplus of £156m.Dan Mindel, managing director at Lincoln Pensions, said: “As with other recent high profile cases, the initial financial restructuring is an important first step in stabilising the business but the need to address the underlying operational challenges of these companies remains the key issue for the future of the schemes.”To become effective, each CVA proposal has to be approved by 75% or more in value of the creditors voting at a creditors’ meeting – to be held on 9 May – and by more than 50% of the total value of the unconnected creditors. The defined benefit pension schemes of UK retailer Debenhams have entered into the country’s lifeboat fund’s assessment period after the company proposed to restructure its store portfolio.The high street retailer was placed into administration earlier this month and today proposed two “Company Voluntary Arrangements” (CVA) that would see around 50 of its 166 stores closed, starting with up to 22 store closures in 2020.The company said that, as part of the overall restructuring and turnaround plan, it and its lenders had agreed it would increase cash contributions to the pension schemes by £9m annually from September this year to 2023. This was as part of a revised funding agreement reached with the trustees.A spokesperson for the Pension Protection Fund (PPF) confirmed that the company’s pension schemes had entered into PPF assessment as a result of the CVA proposal.last_img read more

Lampard surprised by strong start

first_img Lampard, who could start against Tottenham in the Saturday lunchtime match with Yaya Toure returning late to City from international duty, scored a vital equaliser against his old club Chelsea, two more in the Capital One Cup against Sheffield Wednesday and a further goal in the win at Hull. Lampard told City’s official website: “If somebody had said I would be voted player of the month by the fans in my first full month playing I would have had difficulty believing them. Press Association “To beat James Milner and David Silva is really flattering and especially James, who has had a fantastic start to the season and is someone who doesn’t always get the plaudits he deserves – though I’ve found that’s not the case with City fans who are very appreciative of him and what he brings to the team. “I think my goals probably edged it but Milly deserves a big shout out as well.” Lampard, 36, is likely to be given a hostile reception by Spurs fans but will be looking to build on an impressive record against the White Hart Lane club. He added: “I’ve done all right against Spurs over the years and playing them was always a big game at Chelsea. “I think they’ll be up and around the top six this season. They may go through a slight transitional period but I was very impressed with their manager when he was at Southampton and if he can bring the same imprint on Tottenham, who arguably have more quality within their squad, they’ll do really well. “I’m sure their aim is to get into the Champions League, but it won’t be easy and there is a lot of competition and there are a lot of teams all trying to achieve the same goal.” center_img Frank Lampard admits to a sense of disbelief at his sensational start to his loan spell at Manchester City which saw the former England midfielder voted as the club’s player of the month.last_img read more

49ers following Titans’ 1999 blueprint with quick turnaround, potential playoff run

first_imgI’ve been on both sides of the expectations carousel, so I can appreciate the excitement that San Francisco general manager John Lynch and his organization are feeling. PLAYOFF PICTURE: Breaking down 49ers seeding scenariosIn 1999, I joined the Titans as president after the team had finished 8-8 in three straight seasons. The local fans weren’t thinking playoffs and certainly not Super Bowl. They were more focused on a Tennessee Vols football team that had just won the national championship.Two days after I was hired, team owner Bud Adams told the media it would be playoffs or pink slips for coach Jeff Fisher and GM Floyd Reese if the team didn’t make the playoffs. Our team started hot at 6-1, went 13-3 in regular season, beat the Bills in the “Music City Miracle” wild card game and wound up in the Super Bowl. We fell a foot short of sending the title game into overtime against the Rams (who also had an unexpected turnaround from 4-12 to Super Bowl champs).A big similarity between my ’99 Titans and this year’s 49ers is that both teams drafted a defensive end in the first round who catapulted the pass rush and the overall defense to among the league’s best. Jevon Kearse was the key addition to that Titans team, as his 14.5 sacks and eight forced fumbles led our defense that improved from 30 sacks in the prior season to 54 sacks, third-most in the league.San Francisco picked Nick Bosa No. 2 overall in last April’s draft, and he has nine sacks, 41 tackles, two fumble recoveries, one forced fumble and one interception. He’s a big part of the 49ers’ defensive improvement from last year’s No. 13 defense to No. 2 this year with 47 sacks (No. 5 in the NFL with one game left) compared to 37 last season. Kearse was selected Defensive Rookie of the Year, and Bosa has a good shot at achieving that honor.Both the Titans in 1999 and the 49ers 20 years later were led by quarterbacks who were third-year starters — Steve McNair and Jimmy Garoppolo — and neither QB had started a playoff game. The leading receiver for both teams was a tight end — Frank Wycheck for the Titans and George Kittle for the 49ers.Another key common factor for both teams involves the most important stat next to final score — turnover ratio. For Tennessee that season, it was plus-18 (up from 0 in 1998), and for San Francisco, it’s plus-4, a massive improvement from a league-worst minus-25 last season. Such a leap in efficiency is a credit to both the offenses and defenses of both teams.In 1999, there were three divisions and five playoff teams in each conference, and as the top wild card, we played the Bills at home before hitting the road against Indianapolis and Jacksonville. If the 49ers lose in Seattle, they will begin the playoffs as a wild card and No. 5 seed, a tough spot that will put them on the road for as long as they last unless they and the Vikings at No. 6 reach the NFC Championship, in which case the 49ers would host. That puts extra pressure on San Francisco to find a way to win in Seattle against a beat-up Seahawks team that has lost its top two running backs and best offensive tackle to injuries.WEEK 17 PICKS:Against the spread | Straight upI’m sure Lynch is thrilled like I was with how the season has unfolded. There have been games that announced the 49ers as a team to be reckoned with, such as their 20-7 road win over the defending NFC champion Rams in Week 5 and the amazing 48-46 win in New Orleans three weeks ago when Garoppolo threw for 349 yards and four TDs — similar to our Titans season when a Week 3 one-point victory in Jacksonville and a 24-21 Week 8 home win over the Rams made us believe it could be a special season.I was cautiously optimistic entering the playoffs that our team could make a run, but I wasn’t realistically thinking Super Bowl. Lynch may be of a different mindset, but I’m sure he wonders as I did just how far his upstart team can go in postseason, especially if the 49ers enter as the fifth seed. Expectations in sports. When they’re high — as with the Rams, Bears and Chargers, all playoff teams last year — it can result in disappointment with underachieving seasons such as those three teams have experienced. If the Cowboys fail to win the NFC East and then win at least one playoff game, we can add them to this group.The flip side is a team that vastly exceeds expectations, which is the best situation for a franchise and its team execs. The prime example this season of course is the 49ers, who were 4-12 in 2018 and enter Week 17 at 12-3 with the NFC West title and No. 1 seed on the line in Sunday night’s matchup in Seattle.  Other questions on Lynch’s mind are if Garoppolo will deliver in the clutch, as McNair did for us, and if the defensive unit can carry over regular season success. My Titans had to beat excellent QBs in Peyton Manning and Mark Brunell before Kurt Warner did us in. Lynch is hoping his dominant defense can hold off strong offensive teams in the NFC led by great quarterbacks such as Aaron Rodgers of the Packers and the Saints’ trio of Drew Brees (who threw five TD passes against the 49ers), record-breaking receiver Michael Thomas and prolific running back Alvin Kamara.As is always the case, the proof will be in the pudding in January — and possibly February.Jeff Diamond is a former president of the Titans and former vice president/general manager of the Vikings. He was selected NFL Executive of the Year in 1998. Diamond is currently a business and sports consultant who also does broadcast and online media work. He makes speaking appearances to corporate/civic groups and college classes on negotiation and sports business/sports management. He is the former chairman and CEO of The Ingram Group. Follow Jeff on Twitter: @jeffdiamondNFL.last_img read more

Protests Turn Violent in Parts of Florida After George Floyd’s Death

first_imgElsewhere in around the state, protesters in Tampa broke store windows and set a gas station on fire on Saturday night, also following a peaceful daytime demonstration.In Tallahassee, the situation got even more dangerous, when a pickup truck drive through a crowd of protestors. The vehicle then stopped and started again, with a person on its hood at one point. No serious injuries were reported there, according to police.Police handcuffed the driver but did not release his identity or say whether he would face charges.Closer to home, a group also gathered on Saturday afternoon at Lake Worth Beach City Hall to protest the killing of George Floyd by Minneapolis police.During that demonstration, two people pulled the American flag from its flagpole, tore it, and then attempted to burn it in front of the CVS near City Hall.Palm Beach County Sheriff’s Office deputies ended up retrieving the destroyed flag, and will dispose of it with a proper burial.The crowd later departed City Hall, moved down Lake Avenue, and then traveled to Bryant Park. No arrests or other issues were reported locally. Protests in downtown Miami became violent Saturday night, as demonstrators began throwing objects at police and setting vehicles on fire.The protests, which took place over the death of George Floyd last Monday in Minneapolis, started peacefully in the afternoon, but turned once the crowd made its way onto I-95, shutting down traffic there in both directions for hours.Police ultimately fired tear gas into a group of people who were gathered outside the Miami Police Department, as protesters could be seen throwing rocks and setting police cruisers on fire in the downtown area.Officers in riot gear also stood in formation, as the protesters threw rocks and kicked tear gas canisters at them.In addition, looting could be seen from a news helicopter above Bayside Marketplace along Biscayne Boulevard.The Miami protest started peacefully near the Torch of Friendship around 3 p.m.At least 38 people in Miami-Dade County were arrested overnight, as Mayor Carlos Jimenez implemented a curfew from 10 p.m. Saturday through 6 a.m. Sunday, and from 8 p.m. Sunday to 6 a.m. Monday.last_img read more