Coronavirus: Germany hails couch potatoes in new videos

first_img– Advertisement – “And when the virus spread, I remained the same lazy sack of potatoes that I was before. But unlike me, the world had changed: to contain the virus, people were urged to stay at home, doing nothing suddenly became a public service, laziness could save lives and I was a champion in that.”last_img

COVID-19: Indonesian banks face challenging time but hopes remain

first_img“If the pandemic continues in the next few months, the bad loan ratio could increase because economic activities would be disrupted for a longer period of time,” he told The Jakarta Post.Such a warning was reflected in the Deposit Insurance Corporation’s (LPS) latest data showing that loan-at-risk stood at 11 percent, chairman Halim Alamsyah said during a hearing with the House of Representatives Commission XI overseeing financial matters. The figure is higher than the 10 percent rate last year.Private-owned Bank Mayapada Internasional president director Haryanto Tjahjariadi echoed the sentiment, admitting that he expected to see an increase in bad loans as the coronavirus disease hampered economic activities in all sectors.“However, we will try to maintain our NPL ratio at around the 3 to 3.5 percent this year,” he told the Post.The rise in bad loan ratio is also expected to increase pressure on banks’ profitability, even on Indonesian banks, which are considered to be some of the most profitable in the world.“Rising NPL will increase banks’ credit costs while their margins will also decrease due to the central banks’ low interest rates,” Tarzimanov said.Bank Indonesia (BI) in March cut yet another 25 basis points off of the benchmark seven-day reverse repo rate to 4.5 percent. It also lowered the deposit facility rate to 3.75 percent and lending facility rate to 5.25 percent.Read also: COVID-19 batters Indonesia’s loan growth to record lowThe lower rates are expected to transmit into lower banks’ interest rates, affecting consumer loans, corporate loans and mortgage interest rates. This will then translate to lower net interest margin (NIM), which usually determine a bank’s profitability.Senior economist Aviliani said on Friday that banks’ NIM had already decreased in the past few years due to tight competition since the digital era.Data from the Financial Services Authority (OJK) showed that banks’ NIM ratio stood at 4.91 percent in 2019, lower than the 2016 figure of 5.63 percent.Given that the OJK has allowed more relaxed restructuring among debtors amid the pandemic, Aviliani said she expected banks’ NIM would further decrease.Last month, the OJK issued a new regulation that relaxed debt quality assessment and restructuring requirements for debtors that are hit hard by the coronavirus pandemic, allowing them to assess the quality of a loan worth up to Rp 10 billion (US$637,795) based on only the debtor’s timeliness in paying the loan’s principal and interest.“I think the NIM will significantly decline from April to June as the COVID-19 pandemic continues,” she said during an online discussion.Despite the bleak outlook, she still expressed optimism that some banks could still record profits amid the less-than-favorable conditions.“Banks that don’t rely heavily on interest income as their main revenue stream and have strong fee-based income can still book a profit despite today’s conditions,” she said.Read also: Small banks could be forced to merge under new regulation, OJK saysAlthough Moody’s expects bank profitability to decrease as they needed to increase their provision, Moody’s vice president senior credit officer Alka Anbarasu also said Indonesian banks could still survive during the challenging climate as she believed they could absorb the increase in credit costs while still supporting internal capital generation.David of BCA echoed the sentiment, saying that Indonesian banks were among the strongest in the emerging market due to the high capital adequacy ratio (CAR) percentages.“Our banks’ CAR currently sits around the 23 percent level. The rise in NPL and credit costs may cause the banks’ CAR to decline, but overall it is still stronger than most other banks in the emerging market,” he said.Topics : Its vice president senior credit officer of financial institutions group, Eugene Tarzimanov, further added during a webinar on Tuesday that the disruptions were expected to increase the bad loan ratio in the region, including Indonesia, as they weakened cash flows of small and medium enterprises (SMEs) and corporates in exposed industries, such as airlines, oil and gas and global shipping.Read also: Rating agencies downgrade Indonesian companies on debt repayment concerns amid COVID-19Although Bank Central Asia (BCA) economist David Sumual said on Wednesday that he could not determine how big the rise in the non-performing loan (NPL) ratio would be this year, he admitted that the ratio could increase further if the pandemic continued.The Financial Services Authority (OJK) recorded gross NPL ratio at 2.79 percent in February, the highest level since May last year. Loan growth, meanwhile, stood at 5.93 percent in the month, reflecting the lowest expansion since November 2009, as demand plunged. The spread of COVID-19 is expected to hit Indonesian banks’ performance this year, but analysts remain hopeful that the industry will still be resilient enough to face the challenges the pandemic is bringing to the economy.Moody’s Investors Service has downgraded Indonesia’s banking industry outlook, along with 11 other countries in the Asia Pacific region, to negative from stable over concerns of rising credit costs and declining profitability as the pandemic is disrupting the global economy.“The coronavirus outbreak has weakened global demand and is increasingly disrupting domestic economic activity,” Moody’s wrote in a report published on April 2.last_img read more

Students, Veterans Join Wolf Administration in Scranton for Community Event

first_img SHARE Email Facebook Twitter Students, Veterans Join Wolf Administration in Scranton for Community Event Press Release Scranton, PA – Today, Wolf Administration cabinet officials were joined by nearly 200 attendees including community members, high school students, and veterans from the Gino Merli Veterans’ Center, for a Cabinet in Your Community event at the University of Scranton.“I am delighted that my administration was able to learn what issues are most important to Northeastern Pennsylvanians at the University of Scranton today,” said Governor Tom Wolf. “It’s important that we continue to have this type of valuable dialogue across the commonwealth and that everyone has an opportunity feel connected to Harrisburg no matter where they live.”Featuring Department of Human Services Secretary Teresa Miller, Department of Labor & Industry Secretary Jerry Oleksiak, Department of Aging Secretary Teresa Osborne, Department of Drug and Alcohol Programs Secretary Jennifer Smith, and Department of Military and Veterans Affairs Adjutant General Maj. Gen. Anthony Carelli., the department secretaries provided region-specific updates on major projects, accomplishments, and answered impromptu questions from the audience.The Cabinet in Your Community initiative is a series of townhall-like events in which members of the community are given the opportunity to interact with cabinet secretaries and talk about the issues important to each region. Since its inception, this series has hosted 18 events across the commonwealth.The next Cabinet in Your Community event is currently scheduled for June 4 in Butler county at Slippery Rock University with cabinet secretaries from the departments of Conservation and Natural Resources, Health, Community and Economic Development, and the Pennsylvania Emergency Management Agency.center_img May 18, 2018last_img read more

Ready-to-eat chicken products recalled nationwide

first_imgWashington D.C. — Blount Fine Foods, a Fall River, Mass. establishment, is recalling an undetermined amount of ready-to-eat chicken soup products due to misbranding and an undeclared allergen, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) announced today. The product contains milk, a known allergen, which is not declared on the product label.The institutional, frozen “Chicken & Poblano Pepper Soup” items, which were labeled incorrectly as “Homestyle Chicken Noodle Soup,” were produced on Jan. 24, 2019. The following product is subject to recall:  [View Labels (PDF only)]8-lb. cases containing 2 bags of “HOMESTYLE CHICKEN NOODLE SOUP” with a “USE BY 01242020 LOT 01242019 28A” lot code. The plastic bags inside the case are labeled as “Chicken & Poblano Pepper Soup” but do not identify a list of ingredients.The products subject to recall bear establishment number “EST. P-19449A” inside the USDA mark of inspection. These items were shipped to restaurant distributor locations nationwide.The problem was discovered when the firm received a consumer complaint.There have been no confirmed reports of adverse reactions due to consumption of these products. Anyone concerned about an injury or illness should contact a healthcare provider.FSIS is concerned that some product may be in consumers’ or restaurants’ refrigerators or freezers. Consumers or restaurants who have purchased these products are urged not to consume or serve them. These products should be thrown away or returned to the place of purchase.FSIS routinely conducts recall effectiveness checks to verify that recalling firms are notifying their customers of the recall and that actions are being taken to make certain that the product is no longer available to consumers. When available, the retail distribution list will be posted on the FSIS website at www.fsis.usda.gov/recalls.Consumers with questions about the recall can contact Blount Fine Foods Customer Care Team at (866) 674-4519 or email: [email protected] Members of the media with questions about the recall can contact Larry Marchese, Managing Partner at Legion Thirteen, at (617) 733-8899.last_img read more