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ALEX BRUMMER: Rishi can’t afford to start dishing out the goodies

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ALEX BRUMMER: Rishi can’t afford to start dishing out the goodies

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The Government’s borrowing requirement is the difference between two very big numbers. That is what the Treasury raises in taxes and Whitehall spends.

As the economy roars back to life, revenues are surging and the Government collected £62.2billion of receipts in June, up £9.5billion on the same month last year. 

Income and corporation tax revenues jumped and VAT receipts were 22 per cent higher than a year ago as consumers went shopping.

ALEX BRUMMER: Rishi can’t afford to start dishing out the goodies

Chancellor Rishi Sunak is looking at ways to save money. After the cut in overseas aid, the triple lock for the state pension could be in danger

Central government spending was £2.5billion higher than last June. But it fell £24.1billion over the first quarter and remains £5.5billion below the Office for Budget Responsibility (OBR) forecast.

A combination of a more robust economy than expected, and shrinking Covid and other spending, suggests that the OBR may have been too cautious in its March Budget projections. 

There may be a case for revising up its medium-term growth forecast in the autumn.

The improvement can flatter to deceive. The national debt crept up to 99.7 per cent of the economy’s total output in June and the cost of servicing that debt is climbing.

Rishi Sunak cannot afford to pocket the unexpected gains and start dishing out the goodies. 

To the contrary, the Chancellor is looking at ways to save money. After the cut in overseas aid, the triple lock for the state pension could be in danger.

There remains the possibility of a 1 per cent increase in National Insurance to fund the backlog at the NHS and fix social care costs.

The fly in the ointment is the cost of borrowing. The rise in the retail prices index has raised the bill for servicing inflation-linked bonds. 

The Bank of England’s bond-buying programme helped the Government to expand the fiscal envelope in the pandemic. 

Fund raising in the age of Covid has shortened debt maturities so invoices are arriving more quickly. 

Money printing has also made the stock of debt much more sensitive to even small changes in market interest rates. 

The OBR points out that in June alone, the debt interest bill climbed to £8.7billion, which is the highest monthly payment on record stretching back to 1998.

Labour’s then chancellor Gordon Brown used to boast (before the financial crisis hit) that by bringing the budget close to balance, he was saving the taxpayer billions of pounds in interest charges.

One fears that the changed profile of public debt means that Sunak has little chance of repeating the trick.

Many lobbyists with their hands out, such as welfare groups seeking to make the temporary £20 increase in Universal Credit permanent, could be knocked back.

Bridge building

After the setback for Deliveroo in London and Soho House-owner Membership Collective Group in New York, the bright reception for Bridgepoint on the London Stock Exchange will come as a relief.

This paper is critical of those private equity firms which load companies up with debt and slash and burn behind closed doors. 

It would be good to think that Bridgepoint is different, preferring to develop and invest in business rather than defenestrate.

It operates at a different level to titans such as Blackstone, KKR and Fortress and hopefully the float – which placed a value of £3.6billion on the company founded by William Jackson – will provide greater openness. 

Nevertheless, one cannot but think that it missed an opportunity to tap into a new community of retail investors by failing to reach out directly to customers at Itsu, Burger King UK and elsewhere.

The initial public offering is a plus for London, and if it encourages other private equity groups to jump into a nascent investment sector, where public disclosure is the key, all the better.

The deal offers Jackson and colleagues the chance to realise some cash and unlocks a tidy war chest.

It will be fascinating to see if the good-guys rhetoric matches the actions.

Sinking sun

Pity the 60 Japanese firms that have piled £2.4billion into the ghostly Tokyo Olympics. Toyota has pulled its local commercials. 

Among the other backers is booze giant Asahi, but the stadium bars will be empty and pubs are under an 8pm curfew.

As for sportswear brand Asics, hoping to challenge Nike and Adidas, sponsorship is unlikely to deliver any gold. 

A sporting miracle may be needed to overcome Covid cases in the athletes village and dissonance among the public and on the Nikkei.

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

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CSA Index April 2024: Optimism remains low

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CSA Index April 2024: Optimism remains low

Telegraf – The CSA Index for April 2024 decreased to 65.8 from March’s 67.6, indicating a lack of optimism among market participants regarding the JCI’s performance. Market sentiment shifted to a more realistic view of the JCI’s potential, following its 0.37% decline and closure at 7288 in March 2024.

Despite this, market consensus still anticipates a positive movement in April, with a target gain of 7438 or 0.82%, driven by optimism from positive first-quarter 2024 performance and stable post-election political conditions.

Market participants are expected to increase transaction activity after a relatively quiet Ramadhan month.

Commenting on the CSA Index for April 2024, NS. Aji Martono, Chairman of PROPAMI, remarked that market participants’ optimism appears to be stagnating, with hopes pinned on additional positive sentiment from issuers’ performance in 2024 and pro-market policies.

Market participants foresee several negative sentiments impacting the JCI. The absence of an interest rate cut may slow down the economy, while the Fed’s indecision on this matter adds pressure to the exchange rate.

Concerns arise from global economic slowdowns and the increasing number of countries facing or potentially facing recession.

New trade regulations necessitate market participants’ adjustment to new trading mechanisms.

However, positive sentiment may arise from increased consumption during Ramadan, potentially improving the performance of issuers in the consumer sector.

Additionally, outflows from the Government Securities market could enter the stock market.

Looking ahead, the CSA Index for April 2024 is recorded at 92.1 for the next 12 months, indicating market players’ continued optimism about the JCI’s performance.

Market participants aim for the JCI to strengthen to 7479 in the next twelve months, a 5.35% increase from its March 2024 closing position.

Despite a reduction in target compared to March 2024, the JCI remains a viable option for the long term.

Market participants remain hopeful for positive first-quarter issuer performance to bolster the JCI, building on the positive results seen in 2023.

Additionally, the expectation of a Fed rate cut serves as a positive catalyst for maintaining a positive JCI target.

The Financials sector emerges as the top choice among market participants to drive the JCI in April, with positive annual results supporting this preference.

Furthermore, the Energy and Consumer Non-Cyclicals sectors are also considered viable options, reflecting market participants’ consistent choices in recent months.

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BKN Invites BNSP and Bappenas: Special Meeting for ASN Tables and References

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BKN Invites BNSP and Bappenas: Special Meeting for ASN Tables and References

Telegraf – Meetings for preparing ASN Reference Tables and Management as well as Creating the 2024 ASN Data Disparity Dashboard have been held together. This event will take place at the Park Hotel Cawang Jakarta on March 28 2024.

In this meeting, various parties were actively involved in compiling tables and managing references regarding the State Civil Apparatus (ASN).

The aim of this activity is to increase efficiency and accuracy in managing ASN data and to improve existing data disparities.

Disparities in ASN data are an important issue in organizing and managing human resources in the public sector.

BNSP Commissioner NS Aji Martono was also present at this meeting as one of the parties involved in efforts to improve the quality of ASN data.

Its presence indicates BNSP’s commitment to maintaining data quality which is the basis for issuing professional certification.

Director of Data Management and Presentation of Personnel Information, Wahyu, S.Kom, M.A.P, who acted as host, at the meeting.

He discussed various strategies for managing ASN data, including creating dashboards to make it easier to manage and monitor ASN data in an integrated manner.

Dini Maghfirra, Ph.D, from Satu Data – Ministry of National Development Planning – Bappenas, also made an important contribution to the meeting.

With his experience and expertise in the field of data management, he provides valuable insight in efforts to compile tables and manage ASN reference data more efficiently and accurately.

This meeting is a forum for stakeholders to collaborate and discuss concrete steps that need to be taken to improve the quality and consistency of ASN data in Indonesia.

Through collaboration between the State Civil Service Agency (BKN), the Ministry of National Development Planning, BNSP and other related parties, it is hoped that a better, more transparent and accurate ASN data management system can be created, so that it can support various national development policies and programs more effectively and efficient.

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Bank Mandiri’s LSP Receives Endorsement from BNSP for Certification

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Bank Mandiri’s LSP Receives Endorsement from BNSP for Certification

Telegraf – Mandiri University, Tanah Abang, Jakarta was an important witness in the historic moment when the Bank Mandiri Professional Certification Institution License (LSP) was officially handed over by the National Professional Certification Agency (BNSP), Jakarta (21/3/24).

Chairman of the LSP Bank Mandiri Steering Committee, Dindin Rosyidin, gave a speech that underlined the importance of this step in improving the quality of human resources (HR) at Bank Mandiri and all its business entities.

This historic step was then followed by the direct handover of the license certificate by the Chairman of BNSP, Syamsi Hari, to LSP Bank Mandiri which was received by the Chairman of the Steering Committee, Dindin Rosyidin.

The existence of Bank Mandiri LSP as a second party LSP established by Bank Mandiri, indicates a strong commitment to meeting certification needs for Bank Mandiri employees, subsidiaries and partners.

In his speech, the Chairman of BNSP, Syamsi Hari, emphasized the importance of certification in improving the qualification standards and competency of workers in the banking industry.

With this license, Bank Mandiri confirms its commitment to continue to improve service quality through improving the quality of its human resources.

The license certificate handover event is not only a moment of formality, but is also filled with important discussions related to certification.

BNSP Commissioner, NS. Aji Martono, accompanied by the BNSP License Coordinator, Ade Syafrudin, was also present to provide enlightenment and guidance regarding the certification process that will be carried out by LSP Bank Mandiri.

By obtaining this license, LSP Bank Mandiri is committed to immediately preparing all the requirements needed to carry out the assessment process.

It is hoped that this step will not only bring benefits to Bank Mandiri, but will also have a positive impact in improving the overall quality of banking services.

This important event is a historical milestone in efforts to improve the quality of human resources in the banking industry, making LSP Bank Mandiri one of the main pillars in achieving higher international standards in service and professionalism.

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LSP Bank Mandiri Gets License Certificate from BNSP

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LSP Bank Mandiri Gets License Certificate from BNSP

Telegraf – Mandiri University, Tanah Abang, Jakarta was an important witness in the historic moment when the Bank Mandiri Professional Certification Institution (LSP) License was officially handed over by the National Professional Certification Agency (BNSP), Jakarta (21/3/24).

Chairman of the LSP Bank Mandiri Steering Committee, Dindin Rosyidin, gave a speech that underlined the importance of this step in improving the quality of human resources (HR) at Bank Mandiri and all its business entities.

This historic step was then followed by the direct handover of the license certificate by the Chairman of BNSP, Syamsi Hari, to LSP Bank Mandiri which was received by the Chairman of the Steering Committee, Dindin Rosyidin.

The existence of Bank Mandiri LSP as a second party LSP established by Bank Mandiri, indicates a strong commitment to meeting certification needs for Bank Mandiri employees, subsidiaries and partners.

In his speech, the Chairman of BNSP, Syamsi Hari, emphasized the importance of certification in improving the qualification standards and competency of workers in the banking industry.

With this license, Bank Mandiri confirms its commitment to continue to improve service quality through improving the quality of its human resources.

The license certificate handover event is not only a moment of formality, but is also filled with important discussions related to certification.

BNSP Commissioner, NS. Aji Martono, accompanied by the BNSP License Coordinator, Ade Syafrudin, was also present to provide enlightenment and guidance regarding the certification process that will be carried out by LSP Bank Mandiri.

By obtaining this license, LSP Bank Mandiri is committed to immediately preparing all the requirements needed to carry out the assessment process.

It is hoped that this step will not only bring benefits to Bank Mandiri, but will also have a positive impact in improving the overall quality of banking services.

This important event is a historical milestone in efforts to improve the quality of human resources in the banking industry, making LSP Bank Mandiri one of the main pillars in achieving higher international standards in service and professionalism.

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Iman Rachman Appreciates the PROPAMI Program for Strengthening Professionalism

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Iman Rachman Appreciates the PROPAMI Program for Strengthening Professionalism
Photo: PROPAMI management meeting with Iman Rachman, Main Director of BEI, at the Sudirman SCBD Exchange Building (22/1/24). (Doc.Ist)

The Indonesian Capital Market Professional Association (PROPAMI) held a friendly meeting with the Indonesian Stock Exchange (BEI) at the Exchange Building, SCBD Sudirman (22/1/24).

This event is an important momentum to introduce the PROPAMI management for the 2023-2026 period and discuss collaboration programs with Self-Regulatory Organizations (SRO).

NS. Aji Martono, General Chair of PROPAMI expressed his hope to be able to carry out useful and useful activities for PROPAMI members by collaborating.

SRO, as an organization that has the authority to make binding regulations that its members must follow, plays a central role in regulating activities in the Indonesian capital market.

There are three SROs in the Indonesian capital market structure, namely the Indonesian Stock Exchange (BEI), Indonesian Securities Clearing and Guarantee (KPEI), and the Indonesian Central Securities Depository (KSEI).

Iman Rachman, Main Director of BEI, gave a positive response to PROPAMI’s programs.

He emphasized the importance of synergy and collaboration which continues to be improved in an effort to strengthen the capital markets industry.

Furthermore, Iman Rachman stated the need for harmonious communication between PROPAMI and BEI to increase the professionalism of industry players.

This meeting reflects a shared enthusiasm to advance the Indonesian capital markets industry through strong cooperation between professional organizations and regulatory institutions.

By focusing on strengthening industry and professionalism, it is hoped that these steps will have a positive impact on the growth of the country’s capital market.

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Corruption Perception Index Drops, LSP KPK and BNSP Commit to Improving Certification Quality

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Corruption Perception Index Drops, LSP KPK and BNSP Commit to Improving Certification Quality
Photo: Chairman of BNSP, Syamsi Hari, welcoming the LSP KPK Working Visit in an effort to improve anti-corruption competency standards. (18/1/24).(Doc.BNSP)

Telegraf – The National Professional Certification Agency (BNSP) visited the Corruption Eradication Commission Professional Certification Institute (LSP KPK), Jakarta (18/1/24).

This working visit highlights the brilliant achievements in the last 7 years, especially in the Anti-Corruption Counseling Certification program.

Great hopes are now becoming more real, considering the significant decline in the 2019-2022 Indonesian Corruption Perception Index.

LSP KPK is committed to continuing to improve the quality of Competency Test Materials for more than 4,000 assessees who have received certification.

This step is based on KPK Regulation Number 2 of 2021 concerning the Implementation of Indonesian National Work Competency Standards (SKKNI) in the Anti-Corruption Sector.

By implementing 7 Certification Schemes, LSP KPK proves its full commitment to building an effective system.

These schemes include:

  1. First Anti-Corruption Instructor (Basic)
  2. Young Anti-Corruption Instructor (Primary)
  3. Intermediate Anti-Corruption Instructor
  4. Main Anti-Corruption Educator
  5. Young Integrity Building Expert
  6. Executive Integrity Building Expert
  7. Integrity Builder Expert

BNSP Chairman Syamsi Hari expressed high appreciation for the efforts of the KPK LSP in improving competency standards in the field of anti-corruption.

“This step not only provides certification to individuals, but also participates in efforts to build integrity and eradicate corruption in Indonesia,” he said.

Firm and competent action in eradicating corruption is the main key, and the KPK LSP emphasizes its commitment with its motto

“Brave, Competent, Awesome.”

The certification schemes that have been implemented reflect concrete efforts to achieve these goals.

It is hoped that holders of this certification can become agents of change who are able to have a positive impact in efforts to eradicate corruption.

This step full of courage, competence and prowess is in line with the spirit of eradicating corruption which is Indonesia’s main focus.

It is hoped that this working visit will not only be a momentum for evaluating achievements, but also an inspiration for other institutions to follow in the footsteps of the KPK LSP’s success in building an effective certification system that has a positive impact on society.

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/From The Past/

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