Staffordshire On the road to success

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53 percent of Indonesians say obtaining SME permit is hard: SMRC survey

first_imgIndonesians are finding it hard to secure business permits, especially for small and medium enterprises (SME), with a recent survey showing that the country is lagging behind its regional peers in improving ease of doing business.According to Saiful Mujani Research & Consulting (SMRC), which surveyed 2,003 people, 53 percent of respondents said it was “hard” or “very hard” to obtain a business permit for an SME.The figure is higher in rural areas (57 percent) than in urban centers (49 percent), according to the survey, which was conducted by phone on June 24 to 26. Kalimantan showed the largest share of respondents who faced difficulty securing a permit, at 92 percent.“These findings confirm […] Indonesia’s lack of competitiveness in terms of doing business compared to other countries,” SMRC executive director Sirojudin Abbas said in a virtual presser on Tuesday.The survey came at a time when President Joko “Jokowi” Widodo administration is pushing the omnibus bill on job creation to simplify the process of starting a business in order to lure investment.Indonesia’s position in the World Bank’s ease of doing business ranking, which weighs in the ease of starting a business as one of seven indicators, has been stuck at 73rd position between 2018 and 2019. This suggests a slower progress relative to other countries and compared to Jokowi’s target for 40th place this year.In line with the World Bank’s assessment, 45 percent of Indonesians said obtaining a business permit, in general, was hard, according to the SMRC survey. Only one out of five respondents had experience applying for a permit.The government is expecting the House of Representatives to pass the omnibus bill on job creation this month. After a series of hearings, the House is set to discuss the investment-related articles of the bill next week, said Legislation Body (Baleg) chairperson Supratman Andi Atgas.The bill, which will revise at least 79 existing laws, will allow one person to establish a limited liability company, among other things. The current law requires at least two persons to do so.“We are trying to simplify two aspects of the business permit,” said Supratman, a Gerindra party politician. “First, the permit to start a business. Second, the certification to sell products, including for halal certificates, which will receive a subsidy from the government.”Indonesian Chamber of Commerce and Industry (Kadin) chairwoman Shinta Kamdani has urged the government to propagate the bill, as it would play an important part in the country’s economic recovery amid the COVID-19 pandemic.Topics :last_img read more

UK pension funds invest in Aviva Investors debt fund

first_imgThe market segment is likely to remain attractive for the foreseeable future, he said.The fund is aiming for a yield between 2.5 and 3.5 percentage points above UK government bonds of the same maturity.It invests in fixed-rate first-ranking mortgages lent at up to 65% loan-to-value, with 5-10 year maturities.The property loans are secured against core and core-plus UK commercial real estate, which is owned and managed by “proven high-quality borrowers”, the fund said.Tarry said the fund expects to see more interest from pension funds.“They like it as a fixed income diversifier,” he said. “The fund provides them with a spread over the Gilt, which looks attractive relative to the yield they could get from the equivalent rated corporate bond.”As long-term investors, he said pension funds were also keen to harvest the illiquidity premium of real estate debt.Tarry said the firm was still seeing a flow of attractive lending opportunities in the senior debt market.Opportunities for non-bank real estate lending continues to grow, he said, as banks rein in their lending activities as a result of tougher regulation.“It’s inevitable that real estate lending is going to become a smaller proportion of bank balance sheets,” he said.The fund had already deployed more than £53m in two high-quality deals that met the fund’s investment criteria.“Our pipeline of lending business across the UK remains strong,” he said. Four UK defined benefit schemes have invested in the second close of Aviva Investors’ UK commercial real estate senior debt fund originally launched in July, bringing total investment in the fund to £287.5m (€340.3m).Altogether, five investors took part in the second close that raised £187.5m, the asset management firm said, declining to name the individual investors.The fund’s target for investment is £500m by its final close in January 2015.James Tarry, manager of the fund, said: “The interest we have seen from institutional investors in the risk/return profile of senior secured debt validates our view that the opportunity in this space is highly compelling.”last_img read more

Danish pension fund among investors suing failed Portuguese bank

first_imgTDC Pensionfund, the Danish telecommunications pension scheme, is among a group of investors suing Novo Banco, the successor bank to the failed Banco Espirito Santo (BES), for the recovery of a $785m (€701m) loan made to BES before it went bust last August.The loan was made to BES in July last year to finance a refinery project for the Venezuelan state oil company.The money was lent by Oak Finance Luxembourg, a vehicle set up by Goldman Sachs (GS), which raised funds from investors, issuing them with fixed rate notes.After its collapse, the bank was bailed out by the Banco de Portugal (BDP), the country’s central bank. Assets and senior debt were transferred to a new bank, Novo Banco – the so-called ‘good bank’ – leaving other items in BES, now the ‘bad bank’, to be liquidated.The debt transferred to Novo Banco included the Oak Finance loan.Given that the bank is now operating as a going concern, the loan was expected to be serviced and repaid.However, on 22 December 2014, the BDP announced it was reversing the transfer of the loan because it regarded the original deal as a related party transaction.It considered the loan to have been made by GS itself, which it regarded as a (then) associate of BES because of a small shareholding in the bank.Related party assets and liabilities are being kept within the ‘bad bank’, so there is little chance of repayment.The investors argue that the loan was made by Oak Finance and not GS, and that GS’s shareholding in BES was never more than 2%, the threshold for consideration as a ‘related party’.In February this year, the BDP reaffirmed its decision to return the loan to BES, prompting the lawsuits on behalf of Oak Finance investors.TDC Pension, the New Zealand Superannuation fund (NZSF) – whose own exposure to the loan is $150m – and a number of investment funds including Avenue Capital Group, Silver Point Capital and FFI Fund, have now filed debt recovery proceedings against Novo Banco in the English courts.They have also filed a similar action against BDP in the Portuguese courts, which will seek to reverse the BDP’s purported 22 December decision to transfer the loan obligation retrospectively from Novo Banco to BES.GS itself has also filed proceedings against Novo Banco in the English courts.The action in the English courts is being taken because the loan documentation is governed by English law, and is subject to an exclusive jurisdiction clause in favour of the English courts.Flemming Jacobsen, CIO at TDC Pensionfund, told IPE: “The Oak Finance investment is part of our credit investments, which constitute about 75% of our investment portfolio of around €5bn. It was done directly by us in a basis trade at – for us – attractive returns.”Jacobsen added: “This event will not result in changes to our investment strategy but will, of course, make future investments in Portugal less attractive.”Adrian Orr, chief executive at the NZSF, said the Oak Finance investment was part of a credit strategy that had been operating successfully at the fund for a number of years.While significant in dollar terms, it represents a small proportion of the overall NZD27bn fund.He added: “We have a very strong legal case and a high level of confidence of success.”However, the legal action is likely to be a lengthy process.Meanwhile, legal action has been filed in Portugal by DECO, the Portuguese consumer association, on behalf of small shareholders in the bank.It is suing the Portuguese government, BDP and the Portuguese stock market regulator for compensation for financial losses.DECO has also taken out a civil case against BES, its auditors and investment advisers, as well as former members of the BES executive board.last_img read more

GAIL floats LNG cargo swap tender

first_imgImage courtesy of GAILState-run gas company GAIL India has reportedly offered a couple of liquefied natural gas cargoes loading from Dominion’s Cove Point facility in Maryland. Citing industry sources, Reuters reports the two cargoes are to be loaded in August and November and will be sold on a free-on-board (FOB) basis.The $4 billion Cove Point facility, with a nameplate capacity of 5.25 mtpa, began producing LNG in March last year with the facility shipping its first commercial cargo the following month.GAIL has booked a total of 5.8 million tons of U.S. LNG per year on long term deals with Cheniere and Dominion from their respective Sabine Pass and Cove Point natural gas liquefaction and export projects.However, due to the price-sensitive India’s market, the company has been forced to seek swap deals.In addition, GAIL is looking to purchase a liquefied natural gas cargo for delivery to the Dahej LNG terminal in late December on a delivered-ex-ship (DES) basis.The tender for this swap deal is closing on July 3. LNG World News Stafflast_img read more

Navy personnel killed in road crash

first_imgAccording to police investigators,Dorepes was driving his car when it crashed against a pick-up truck – driven bystill unidentified person – with Villanes as passenger around 12:15 a.m. onThursday.       Police officers have yet to identifythe truck driver, who fled after the incident./PN BACOLOD City – A member of thePhilippine Navy was killed while another person was injured in a road crash inBarangay Calumangan, Bago City, Negros Occidental.     Franky Satander Dorepes of BarangayCanjusa, Pulupandan, Negros Occidental died of serious injuries on the body, apolice report showed.  Meanwhile, Villanes received treatmentat the Dr. Pablo O. Torre Medical Center in this city. Wounded was 60-year-old Efren Villanesof Barangay Pahanocoy, it added. Dorepes was brought to the Bago CityHospital where he was declared dead around 12:50 a.m.last_img read more

Indonesia zoo considers ‘worst-case’ deer cull as big cats go hungry

first_imgRaja, a 17-year-old African lion, is seen at a zoo amid the coronavirus disease (COVID-19) outbreak in Bandung, West Java Province, Indonesia, May 18, 202REUTERS/AJENG DINAR ULFIANA0. BANDUNG – A zoo in Indonesia may slaughter some of its animals to feed others, such as a Sumatran tiger and a Javan leopard, if it runs out of food in coming months after the coronavirus pandemic forced it to shut its doors. While its 850 animals are being fed smaller portions than usual, the zoo is contemplating a “worst-case scenario” of culling some animals to feed others as it expects to run out of food in July.center_img The Badung zoo in Indonesia’s fourth-biggest city, which usually earns about 1.2 billion rupiah ($81,744) a month from visitors, shut on March 23 as part of a wider country lockdown to try to contain the outbreak. (Reuters)last_img read more

Ivy Tech Receives Scholarship Donation

first_imgBATESVILLE, Ind. — Ivy Tech Community College has received a $10,000 donation from the United Community Bank Charitable Foundation to establish a scholarship fund for high school students attending the College’s Ivy Manufacturing dual-enrollment program.The $10,000 donation made in September will establish the Ivy Manufacturing Innovative Scholarship Fund to provide scholarships for high school students attending Ivy Manufacturing at the Ivy Tech Batesville and Lawrenceburg campuses.In the Ivy Manufacturing program, high school students attend college courses on Ivy Tech campuses and study under the guidance of Ivy Tech professors.They earn 24 college credits in Advanced Manufacturing, Design Technology, and Industrial Technology program areas.last_img read more

Valencia winger agrees five-year Man City switch

first_imgRead Also: Immobile nears Serie A record as Lazio target second spotHerrera played 36 matches for Granada, scoring two goals and handing out three assists to help the club qualify for European football for the first time.Reports claim that there still needs to be one non-EU spot at the Mestalla freed up in order of this part of the deal to be processed, but Brazilian central defender Gabriel Paulista is expected to gain Spanish citizenship this year, which would allow this deal to go through.FacebookTwitterWhatsAppEmail分享 The deal is said to be worth a potential total of €35m (£31.8m) after add-ons have been factored in, as Torres becomes the first City signing of the summer. Torres is entering the final year of his contract at the Mestalla and thus his market value has been significantly reduced, with Los Che keen to avoid the potential of losing the player as a free agent next summer.Leroy Sane has left the English side to join Bayern Munich and it is believed Torres – who has been a focus of Premier League transfer news this summer – has been identified as his replacement.City are said to have offered their midfielder Yangel Herrera to Los Che after the Venezuelan starred in a loan stint with Granada this campaign. Multiple sources claim winger Ferran Torres will join Manchester City on a five-year contract with Valencia receiving an initial transfer fee of €23m (£20.9m).Advertisementcenter_img Loading… Promoted Content7 Universities Where Getting An Education Costs A Hefty Penny5 Of The World’s Most Unique Theme ParksWho Earns More Than Ronaldo?Birds Enjoy Living In A Gallery Space Created For ThemCan Playing Too Many Video Games Hurt Your Body?7 Theories About The Death Of Our UniverseThe Very Last Bitcoin Will Be Mined Around 2140. Read More14 Hilarious Comics Made By Women You Need To Follow Right Now6 Interesting Ways To Make Money With A Drone12 Actors Who Always Play Bad CharactersTV Characters Who Hated Each Other But Later Became Friends9 Facts You Should Know Before Getting A Tattoolast_img read more

Dyche: Clarets hungry for more wins

first_img Written off before the start of the season, the Clarets’ prospects appeared bleak when they failed to win any of their first 10 league games. But successive victories over Hull and Stoke have taken Burnley’s points tally into double figures and lifted them off the bottom of the table. For Dyche, though, the winless run was not a catastrophe – just as two wins do not mean survival is suddenly on the cards. He said: “I don’t think it’s ever got to a stage where it’s been too affecting of the players. I think it’s been positive all the way through. We believe in that environment anyway, the culture we set here. “Of course, winning enhances that, and it just reminds the players of what they’re about. We made a fantastic habit of winning a lot last year – the challenge changed, quite simply. “I felt wins would come regardless of all the outside media angles, and they have come, but I also suggested that one doesn’t cure everything and two doesn’t – you need more. So we’re still thirsty and hungry to get more.” Aston Villa are the opponents at Turf Moor on Saturday as Burnley look to make it three wins in a row. Paul Lambert’s side are only two points above the Clarets and have failed to win any of their last eight games, although they did claim a creditable draw against high-flying Southampton on Monday. Victory could see Burnley climb out of the bottom three, but Dyche maintains that is not extra motivation, saying: “The perfect incentive is just game by game to win. “There can never be any better incentive than winning. All the rest of it takes care of itself. We’ve won two back to back, which is excellent for all concerned. Sean Dyche insists winning games will not change Burnley’s approach to the Barclays Premier League. “We’ve got two home games coming up, which we’re looking forward to. We can only take one at a time and we’ll be ready for the Villa game. That is something that we do simplify. “It was only a couple of games ago that one (reporter) said, ‘Will you ever win a game?’ The point is you’ve got to win the next one or the next one. The one-game mentality of last season has never been more relevant because this league is very unforgiving. “The freedom we do have is that the expectation on us is so low – outside of our own expectation. That changes the outlook from other teams – there’s a massive expectation on them to win. “Virtually every other team in the division – their fans, their manager, their players – will be thinking, ‘We have to beat Burnley’.” Burnley and Villa are the lowest goalscorers in the Premier League, having managed just 14 between them in 24 games. Villa have only scored twice in their winless run but Burnley have begun to find the net more frequently, with Danny Ings scoring three times in the last four games. The visitors will again be without Christian Benteke, who serves the final game of a three-match ban, while they also have injury problems in defence. There was another blow for manager Lambert on Friday, meanwhile, when assistant Roy Keane resigned to concentrate on his role with the Republic of Ireland. “There’s a big expectation on a club like that,” Dyche said. “There are some realities for them as well. They’re missing a couple of players that have become really big players for them, particularly Benteke and (Fabian) Delph. “It’s a young side maturing. Make no mistake – I think they’re a good side. I was down there on Monday and they’re giving everything. “Probably like ourselves at times, they’re trying to find that extra bit of quality and moment of clarity to score a goal and win a game. They’ve experienced it enough over the last couple of seasons to be able to do that.” Dyche welcomes back midfielder Scott Arfield to the squad after he missed the Stoke game with a knock but defender Michael Duff (calf) is a doubt. Paul Lambert has defended his decision to send striker Darren Bent out on loan despite Aston Villa’s toothless attack leaving them as the Barclays Premier League’s lowest scorers. Villa have scored just six goals all season, with forwards Gabriel Agbonlahor and Andi Weimann sharing three apiece. However, Lambert this week packed Bent off to Sky Bet Championship outfit Brighton despite fans clamouring for the proven goalscorer to be given a chance. The Villa boss has always refused to criticise Bent ever since the former Tottenham man fell out of favour during the 2012-13 season, but insists he has his reasons for overlooking the 30-year-old. Asked if Bent’s career as a top-flight forward is over, the Scot said: “No, listen, I don’t know. “Darren wanted to go out on loan about a month ago but with Christian Benteke being suspended we had to keep him here. “It gets Darren’s career going again and that’s why I loaned him to Fulham last year, to try to get him going. But Darren wanted to go himself as well. “Christian is coming back after Saturday and I think Gabby Agbonlahor and Andi Weimann will find their feet again in terms of goalscoring. “Charles N’Zogbia is playing pretty decently and Joe Cole is nearly fully fit. So there are certainly goals within the team, we just need to find the solutions to win games.” Lambert admits Bent’s style of forward play simply does not fit into his own ethos. He said: “I play a certain type of football and in a certain way and Gabby has been playing well up there himself, Andi can do it as well, Christian is coming back so there are three guys there that are in front of him. “There’s young Callum Robinson who’s come back after doing really well at Preston so I’ve made the decision for that to happen. “We just play a different way. Darren came to me a month ago saying he wanted the chance to play more games (and go on loan), which I agreed to do.” Benteke sits out Saturday’s trip to Brighton in the final match of his three-game ban for violent conduct against Tottenham. Press Associationlast_img read more