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Indonesia announces economic stimulus package of almost $1 billion
Indonesia announced on Monday a new economic stimulus program worth 16,23 trillion rupiah (989.33 million dollars), which includes food assistance and a programme to build infrastructure that could provide temporary employment for over 600,000. Airlangga Hartarto, Indonesia's chief economist, told reporters that the stimulus measures would be implemented by the fourth quarter in 2025. He also said that some of the measures would be extended until 2026. Southeast Asia's biggest economy grew by 5.12% in the second quarter. This was its best rate of growth in two years. However, some policymakers have said that there are signs the economy will slow down in the third quarter. Airlangga, a reporter, said: "We hope that we can still achieve the 5.2% target for economic growth this year with this stimulus package." Airlangga announced that the government would give 10 kilograms to households in the fourth-quarter, eliminate personal income tax from workers in tourism, and allocate 5.3 trillion Rupiah in September to December for a scheme called "cash for Work" for over 600,000 people. Cash for Work schemes typically involve paying daily wages to people who are mostly from rural areas to work on infrastructure like roads and bridges. Airlangga stated that the stimulus package included a paid-internship programme for 20,000 graduates of universities and a discount of 50% on policy payments to state-provided insurance for work injury for motorcycle taxi drivers and trucks. Airlangga announced that the removal of personal income taxes for certain sectors, as well as the insurance scheme, will be extended until 2026. Airlangga stated that the government decided to keep the current tax rate in place until 2029. Airlangga stated that the government would also launch in 2026 a replanting program on 870,000 hectares of plantations, which will include commodities like sugar cane and cocoa. Purbaya Yudhi Sadewa, the Finance Minister, said that the new measures would have no impact on the budget deficit forecast for 2025. The latest forecast for the deficit was 2.78% GDP.
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Gulf bourses mix in early trading ahead of Fed decision
Investors expect the U.S. Federal Reserve to continue its easing cycle this week. The markets are priced at 100% for a 25 basis point easing by the Fed. This would bring its key rate down to 4.0-4.25%. Futures indicate a mere 4% chance that it will be 50 basis points. The U.S. monetary policy changes have a major impact on Gulf markets where the majority of currencies are pegged with the dollar. Dubai's benchmark index rose 0.2% thanks to gains in consumer goods, utilities and industry shares. Gulf Navigation gained 3.2%, while Tecom Group increased by 1.8%. Emirates Integrated Telecommunications, also known as du fell 1%. Mamoura Diversified Global Holding, the shareholder of telecoms firm du, sold a 7.55% share in the company through a secondary stock sale for 3,15 billion dirhams (858 million dollars). Abu Dhabi's benchmark index gained 0.3%, as the majority of its constituents also posted gains. Abu Dhabi Islamic Bank gained 1.4%, while Multiply Group increased by 2.1%. Space42's share price, on the other hand, fell by 1%. Space42, an AI-powered space tech company, and Viasat announced plans to create Equatys. This joint venture will enable global Direct-to Device (D2D). Saudi Arabia's benchmark index fell 0.2% due to pressure from healthcare and finance stocks. Al Rajhi Bank fell 1.8% after the world's biggest Islamic lender announced an interim cash dividend at SAR 0.75 per shares, down from SAR 1.25 a year earlier. Fawaz Abdulaziz Al Hokair & Co advanced 6%. The retailer announced on Sunday that it had signed a banking facility agreement worth 1.60 billion Saudi riyals ($426.53 millions) with Emirates NBD Bank-Kingdom of Saudi Arabia for prepayment of debts. Qatar National Bank added 0.1% to the benchmark index, while Industries Qatar dropped 0.3%.
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China receives fourth cargo from Arctic LNG 2 project
LSEG ship tracking data revealed that a fourth LNG tanker from Russia's Arctic LNG 2 project, sanctioned by the United Nations, discharged its cargo in a Chinese port four days after a previous LNG vessel left. LSEG data revealed that the sanctioned Russian tanker Buran, which arrived at the Beihai LNG Terminal on September 12 in China's southwest region of Guangxi with more than 166,000 cubic metres of LNG from the Arctic LNG 2, Gydan facility in northern Siberia, on August 22. Since late August, China has received more than 552,000 cubic metres of LNG from four of the first cargoes of the sanctioned Russian Project. According to LSEG ship tracking data, a fifth cargo, the U.S. sanctioned vessel Iris is currently underway, carrying more than 166,000 cu m of LNG that was loaded at Gydan, on June 28. Arctic LNG 2, owned 60% by Russia's Novatek and with a production target of 19,8 million metric tonnes per year, was expected to be one of Russia's biggest LNG plants. However, Western sanctions have hampered its progress. (Reporting and editing by Eileen Soreng in Beijing, Sam Li in Beijing, Lewis Jackson).
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The young activists who overthrew Nepal's government are now choosing new leaders
Former DJ and his Nepalese nonprofit used an obscure social media app popular among video gamers to spark massive protests, and became the unlikely power brokers that installed the country's interim leadership. Sudan Gurung, 36-year-old founding member of Hami Nepal (We Are Nepal), used Instagram and the Discord messaging application to mobilize massive protests that forced K.P. Sharma Oli resigned in the deadliest crisis of politics to have hit the Himalayan country in decades. A dozen demonstrators said this. They said that the group used VPNs in order to access blocked platforms and to issue calls to action which reached tens thousands of young people. No one from Oli's team was available to comment. "I was asked to join a Discord group with about 400 members." The group asked us to take part in a protest march just a few kilometers from the Parliament," said 18-year-old Karan Kulung Rai. Hami Nepal's first social media posts made on Discord were so influential, they were cited on national TV. The group shared phone numbers of hospitals and identified "fake" news as the protests became violent. Hami Nepal members who requested anonymity because they used proxy names for security purposes online, stated that Gurung and other group leaders are now central to important decisions. This includes the appointment of a new interim leadership until elections on March 5th. Three members of Hami Nepal said they had already convinced the president and army chief that former Chief Justice Sushila Karaki, who is known for her strong stance against corruption as Nepal's interim prime minister, would be appointed. Gurung's first press conference after the protest on Friday said, "I will ensure that the power is with the people and I will bring every corrupt politician before the justice." Hami Nepal members said that Gurung and his team met on Sunday to discuss key cabinet positions. They proposed the removal of some government officials who were appointed by the previous administration. Meetings between Karki, the members of the group and others are in progress. One of the group members stated that the cabinet would be finalised soon. Gurung and Karki didn't immediately answer questions sent via their mobile phones. Hami Nepal posted on Instagram that the "process" was being carried out carefully to ensure that there are only young people who are capable and skilled. From DJ to Revolutionary The Monday protests by young adults, loosely categorized as "Gen Z", as most of the participants were in their 20s at the time, quickly turned deadly and brought down government. Protests against perceived government corruption erupted after a ban was imposed on social media. This directive has since been reversed. At least 72 protesters were killed and more than 1,300 others injured in clashes between protesters and authorities. Gurung and his team, which is older than Gen Z, have pledged not to hold any cabinet posts but to remain involved in future decision-making. "We don’t want to become politicians." Sudan Gurung only helped the "Gen Z" group, and we're only interested in being the voice of the country and not taking on leadership positions," Ronesh Pradosh, a volunteer with the group aged 26 said. Gurung was a DJ prior to founding Hami Nepal. He organised civic relief during the COVID-19 epidemic and the 2015 earthquake, which caused the deadliest earthquake in Nepal history. The team running the Instagram account has over 160,000 followers. Ojaswi Raj Thapa, 24, is a cafe owner. Rehan Raj Dangal, a law graduate, also posts on Discord alongside Gurung. Thapa, a leader of the protest movement who rose to prominence quickly, said in an interview the judiciary wasn't independent and that ensuring its independence was a priority after the interim government had been put in place. He said, "We might need to make some changes to our constitution, but we do not want to dissolve it," on Thursday. Reporting by Aftab Ahmad in Kathmandu, Editing by Saad sayeed
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Irish Government moves to abolish passenger cap at Dublin Airport
The Irish government plans to remove a cap on passengers at Dublin Airport that, according to the aviation industry, prevents new routes from being added and hinders economic growth. The Irish Independent reported on Sunday that Transport Minister Darragh O'Brien will send a memo in the first weeks of October to Cabinet and will begin the process of writing legislation to remove the 32 million passenger limit at the airport. Dublin Airport, which is home to 80% of all air travel in the country, had a passenger limit of 32 million passengers when the second terminal was approved in 2007. This was partly done to reduce local traffic. The airport exceeded the limit by more than 1 million passengers by 2024. In April, the High Court extended an earlier ruling which prevented regulators from reducing the number of seats for summer travelers during the period between March and October with a temporary suspension. By the end of next summer, Dublin Airport will be free of the cap if the legislation is passed.
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Citi's bill for London Tower renovation hits $1.5 billion
Citigroup, the Wall Street bank, has revealed that the cost of refitting the tower at its London headquarters is $1.5 billion (1 billion pounds). This highlights the high costs associated with updating outdated offices as companies try to attract employees back to the office. Citi confirms the figure for the first. It is very close to the 1.2billion pounds that the bank spent in 2019 to purchase the 42-storey Canary Wharf building. Citi executives declined to reveal the original budget, but said that the bank increased its budget after deciding to upgrade the tower and take up more space to accommodate a larger workforce. Citi said that the investment showed the company's commitment in Britain where it employs 14000 people, with 10,000 of them in London. Citi CEO Jane Fraser, along with other U.S. executives, will travel to Britain during the state visit of U.S. president Donald Trump. Fraser and her colleagues will meet with Trump as well as British ministers. The renovation of the tower at 25 Canada Square will include new gardens and amenities. It will also link teams between multi-leveled "villages" and upgrade energy and water systems. In January of this year, The Financial Times reported that the cost of the entire project exceeded 1 billion pounds. Citi, under CEO Fraser, has defied Wall Street's trend and adopted a hybrid work policy that allows staff to work from home up to two days per week. The bank stated that London-based employees will begin moving in during the second quarter next year. Citi reported that the project, which was originally scheduled to be completed in 2025 was still on schedule according to their latest schedule. Office property prices plummeted after the COVID-19 epidemic led to an increase in home-based work. Property owners were forced into rethinking older buildings located out of town, and business districts such as London's Canary Wharf were particularly hard hit. Canary Wharf Group, a landlord in London's Canary Wharf, has revealed plans to renovate a 45-floor tower that HSBC is vacating. Citi's competitor JPMorgan is considering options for its tower in Canary Wharf. These include renovating the building, building a tower nearby or moving to central London.
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Il Sole 24 Ore reports that Snam's acquisition Open Grid Europe stake has been delayed.
Il Sole 24 Ore, a financial newspaper published on Saturday, reported that the acquisition by Italian gas grid group Snam of a stake held by Germany's largest independent transmission operator Open Grid Europe would not be completed as planned at the end of September. Snam, a subsidiary of Snam Group, signed an agreement in April with Infinity Investments in Abu Dhabi to purchase a stake in OGE owner Vier Gas Holding for 920 million euro ($1.08 billion) in equity. This marked the entry of the group into the German Gas Market, the largest in Europe by volume. Reports state that the agreement signed by former CEO Stefano Venier, and expected to be closed in the third quarter, is being reviewed now by the new CEO Agostino Scrnajenchi, and the shareholders of the company. The financial daily reported that it was "hard to predict where these assessments will go" without citing any sources. Snam declined comment. Reports also stated that the German government's concerns over the share of CDP Reti (which owns a little over 30% of Snam) held by China’s state grid weighed on the decision. The German Economy Ministry declined to comment on this report.
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Modi launches development projects in Manipur and calls for peace
Indian Prime Minister Narendra Modi called for peace in Manipur, the state that has been the scene of ethnic violence for two years. He unveiled development projects worth $1 billion. Since May 2023, when clashes broke out between Manipur’s dominant Meitei and Kuki tribes over economic benefits and employment quotas, more than 60,000 people have been displaced. Modi's government has been criticized for failing to maintain order and security in Manipur, where he met with members of the two communities who were displaced by the violence. "The land is Manipur a land full of aspirations and hope." He said, "Unfortunately, violence has cast a shadow over this beautiful region", addressing residents of the Kuki-dominated Churachandpur Hills. He said: "I appealed to all organizations to take the road of peace in order to realize their dreams and ensure the future of their kids." Modi opened women's hostels and indoor stadiums as well as road infrastructure projects, totaling $963 million, during his visit to Imphal and Churachandpur. He said that the government is doing everything possible to restore peace. Modi announced in Imphal, a city with a majority of Meitei people, that the government would support the construction of 7,000 homes for families who had been displaced due to the conflict. He encouraged both sides to engage in dialogue. He said, "We need to strengthen the brotherhood bridge between the hills and valley." Manipur's government is led by Modi’s Hindu nationalist Bharatiya Janata Party. Biren Singh resigned as the state's top official in February, despite mounting pressure by the Kuki, who accused him of favoring the Hindu Meitei community. He also faced opposition from his own BJP supporters. Since then, the state is governed by a federal governor who has been appointed by New Delhi.
Nigerian conservationists are fighting to protect sea turtles in Nigeria from pollution and poaching
Conservationists fighting to save the turtles say that plastic pollution, fishing nets left behind and coastal development have taken a toll.
"We are seeing a dramatic decline," said Chinedu Mogbo. The founder of Greenfingers Wildlife Conservation Initiative has treated and released over 70 turtles in the past five years.
Mogbo stated that at least five threatened or endangered sea turtle species live in Nigerian waters. However, the exact number is unknown and monitoring resources are inadequate. Mogbo's team has saved Olive Ridley turtles, Hawksbill turtles and Leatherbacks.
Mogbo’s group, which is mostly self-funded and works with local fisherman to save animals, has worked with them since its inception.
"Fishers are in need of income." "We offer net repair kit in exchange for turtles or nests that have been rescued," he said at the turtle sanctuary of the group in Lagos, Nigeria's capital.
Mogbo, a conservationist, said that the lack of marine protected areas, and the shrinking nesting sites, have made the coast a trap for turtles. He called on state authorities to take more action to protect these animals.
The Nigerian environmental agency has not responded to any requests for comments.
In Nigeria, the demand for sea turtles' meat, eggs, and shells is increasing, for both consumption and for traditional rituals.
"We eat the eggs, and give them sometimes to village elders as voodoo," says Morifat Hassan who sells seafood in the coastal region of Folu near Lagos. Hassan says sea turtles can fetch as much as 90,000 Naira ($60).
Rescuers rescued a large green turtle that had been injured by a fishing net in July. He was named Moruf.
Mogbo, after negotiating with the fisherman who discovered Moruf was able to deter people from trying to purchase the injured turtle.
Mogbo, who was standing on the shoreline, said, "Normally, a turtle like this would be butchered, or sold. But we intervened, and will make sure it's returned to the sea safely."
(source: Reuters)