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Miller sets out to conquer European retail park market

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‘No need for unusual policies’: BI refuses to print money to support economy

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first_imgCalls have grown among lawmakers as well as former trade minister Gita Wirjawan, among others, for the central bank to print money to support the virus-battered economy and help fund the COVID-19 battle.Gita asked the central bank to print Rp 4 quadrillion (US$264.29 billion) to protect the economy, adding that the money should be used by the public to purchase their basic needs.“The money will not only be used to provide stimulus packages for those who have lost their jobs, but also to rescue the real sector, as well as micro, small and medium businesses,” Gita said, as quoted by Kompas.com.“There is no need for unusual policies like printing money” to meet liquidity needs, he added.The government will offer another Rp 856.8 trillion in government bonds for the rest the year to address the widening budget deficit.BI has ramped up its bond-buying program by purchasing Rp 173.1 trillion worth of government bonds from the primary market and from foreign investors in the secondary market, similar to the moves made by the United States Federal Reserve, among other central banks, to support their countries’ fiscal needs.Topics : Bank Indonesia (BI) has emphasized that it will not print money to help fund the surge in government spending to fight the COVID-19 pandemic.BI Governor Perry Warjiyo said the suggestion to print money was not a prudent monetary policy, pledging that the central bank would never take the measure.“This is an unusual policy and BI will never take such measures, including giving out money to the general public to face the COVID-19 pandemic,” Perry told reporters on Wednesday. “I am very sorry, but we should not confuse the public.”last_img read more

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Tesla’s Musk qualifies for $2.1 billion payday

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first_imgTesla Chief Executive Elon Musk qualified on Tuesday for a payout worth an unprecedented US$2.1 billion, his second jackpot since May from the electric car maker following its massive stock surge.Tesla’s stock was down 3 percent in afternoon trading, eroding a recent rally that has elevated the company’s market capitalization to almost $300 billion, larger than any other carmaker.Despite Tuesday’s stock dip, and importantly for Musk’s personal finances, Tesla’s six-month average market capitalization for the first time has reached $150 billion. That triggers the vesting of the second of 12 tranches of options granted to the billionaire in his 2018 pay package to buy Tesla stock at a discount. Musk, who is also majority owner and CEO of the SpaceX rocket maker, receives no salary. Musk’s first tranche was worth about $700 million in May, when it vested, but its value has since increased along with Tesla’s stock price.The median compensation for Tesla employees last year was about $58,000, according to a company filing.Tesla’s stock has surged more than 500% over the past year as the company increased sales of its Model 3 sedan.Following higher-than-expected second-quarter vehicle deliveries, some investors believe Tesla might report a profit in its second-quarter report on Wednesday after the bell. That would mark four consecutive profitable quarters, a first for Tesla and a key hurdle for it to be added to the S&P 500 index.Analysts on average expect a $240 million loss for the quarter, according to Refinitiv. A month ago, analysts expected a loss of almost $340 million.Topics : Even with Tuesday’s decline in Tesla’s stock, its six-month average market capitalization rose, thanks to the stock’s strong rally in recent months.In early May, Musk’s first tranche vested after Tesla’s six-month average stock market value reached $100 billion.Musk has already achieved targets related to Tesla’s financial growth that are also required in order to vest the latest options tranche.Each tranche gives Musk the option to buy 1.69 million Tesla shares at $350.02 each, less than a quarter of their current price. At Tesla’s current stock price of $1,594, Musk would theoretically be able to sell the shares related to the tranche that vested in May and the current tranche for a combined profit of $4.2 billion, or almost $2.1 billion per tranche.last_img read more

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Seeking to close gap, Trump bashes Biden on fracking as campaign intensifies

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first_imgThe Reuters/Ipsos poll released on Monday showed Biden with a 7-point lead in Pennsylvania, up from 5 points a week earlier. Trump narrowly won the state in 2016.Speaking to about 50 people at a community center in Broward County in South Florida, Biden said Trump had recklessly dismissed the threat that the coronavirus had posed to their at-risk population.”To Donald Trump, you’re expendable. You’re forgettable. You’re virtually nobody. That’s how he sees seniors. That’s how he sees you,” Biden said.At his Johnstown event, Trump pledged to protect seniors. Biden has said Trump wants to eliminate the payroll tax, which helps fund the Social Security benefit program for retirees.”While I am president, no one will touch your Medicare or your Social Security,” Trump said.A Biden win over Trump in Florida would seriously jeopardize the president’s chances for reelection, and most recent opinion polls show the Democrat ahead with key demographic groups in the state, particularly seniors. Trump won Florida in 2016 by 1.2 percentage points.After Tuesday, Trump plans rallies in Iowa, North Carolina, Georgia and Florida later this week as he barnstorms through crucial states just three weeks ahead of the November election.The president’s schedule, however, sends him to areas friendly to him, suggesting that his campaign is concerned with mobilizing his conservative base rather than reaching out to undecided voters, many of who live in the nation’s suburbs.The president returned to the campaign trail on Monday night in Florida for the first time since disclosing he had the coronavirus.The rally came hours after the White House said Trump had tested negative for COVID-19 on consecutive days and was not infectious to others. Trump is battling the clock. Almost 12 million ballots have been cast so far, including more than 1.6 million in Florida, according to the US Elections Project at the University of Florida, shattering previous records.The president accused Biden of wanting to ban fracking, the process of extracting gas through hydraulic fracturing, which he said would damage the state’s economy.”One of the most important issues for Pennsylvania is the survival of your fracking industry,” Trump told the crowd, some of whom sported red-and-blue MAGA masks. “Joe Biden has repeatedly pledged to abolish fracking. He’s a liar.”Biden has said that he wants to ban new oil and gas production on federal lands, but not ban fracking outright – although his statements on the issue have at times been confusing. Topics :center_img President Donald Trump and Democratic rival Joe Biden fanned out to critical battleground states on Tuesday as the presidential race entered a final, intense phase amid record numbers of early votes cast.At a rally in Pennsylvania, Trump blasted Biden on his environmental and energy policies as a Reuters/Ipsos poll showed him losing ground in the battleground state. Biden stumped again in Florida, chasing the all-important senior vote as he faulted Trump for his handling of the novel coronavirus pandemic.Trump’s event in Johnstown was his second campaign event in two nights as he raced to make up time he lost while recovering from the virus. He plans to hold rallies the rest of the week as he seeks to close what polls say is a significant gap with Biden nationwide but a tighter one in some battleground states.last_img read more

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