TPFG’s traditional agencies bounce back slower than hybrid stablemate

first_imgHome » News » Agencies & People » TPFG’s traditional agencies bounce back slower than hybrid stablemate previous nextAgencies & PeopleTPFG’s traditional agencies bounce back slower than hybrid stablemateEwemove sales agreed revival in July was stronger than the combined performance of Martin & Co, CJ Hole, Ellis & Co, Parkers and Whitegates, latest TPFG results show.Nigel Lewis8th September 20200557 Views Hybrid estate agency Ewemove outperformed its traditional counterparts within The Property Franchise Group (TPFG) following the re-opening of the housing market, the group’s latest results for the first six months of the year reveal.During July Ewemove’s sales agreed increased by 28% to 519 and sales listings stormed up by 36% to 728, a record for the seven-year-old agency.This compares with its traditional counterparts within TPFG, who include Martin & Co, Ellis & Co, CJ Hole, Parkers and Whitegates.They reported a 25% increase in sales agreed during July, some 3% lower than their hybrid counterpart.Although overall TPFG weathered the Covid lockdown comfortably, the standstill in market activity during March, April and May kept revenues at £5.4 million, halted rises in profits which remained at £2 million, and lowered its revenues from franchisees by £200,000 to £4.2 million.But the company’s network took on a further 2,000 managed properties during the first six months of the year, taking the total to 58,000.“Whilst the first half of this year was unlike any other, I am delighted with the resilience our business has shown and the first-rate performance of our franchisees who responded decisively and navigated well through the unprecedented environment,” says TPFG CEO Gareth Samples (left).“Despite nearly two months of the first half spent operating under severe restrictions, and impacted by the tenant fee ban which came into force on 1 June 2019, we have demonstrated the true strength of our business model.”Visit TPFG.Read more about Ewemove and TPFG.Gareth Samples Martin & Co CJ Hole TPFG Ellis & Co Whitegates September 8, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Merton College to host “homophobic” RZIM conference for third time

first_imgSt Aldate’s Church will continue its participation as a host of the Summer School this year. They did not reply to a request for comment. “We strive to communicate ideas in a sensitive manner and we have never had any issues using university facilities, as academic freedom is something that is protected and esteemed at the highest levels of the university.” Ravi Zacharias has mentioned in interviews that the Centre was “accredited with degree programs at Oxford University.” An emergency motion tabled at Oxford Student Union Council Meeting in Trinity 2015 urged Wycliffe Hall to distance itself publicly from the positions taken by Ravi Zacharias. The motion expressed that “such an association of esteem is problematic for, and could even be seen to contradict, the University’s commitment to equality and to diversity.” Merton’s JCR president told Cherwell: “the Merton JCR, together with the college, stands for inclusion, acceptance, and mutual respect of all students, regardless of their views, sexual orientation, and beliefs.” A spokesperson for the Zacharias Trust said: “Zacharias Trust believes in the sanctity and value of all human life regardless of ethnicity, religion, sexual orientation, or gender. As we have previously stated, the women we employ occupy some of the highest positions of leadership within our organization, and we also employ individuals with same-sex attractions. The Trust deliver training internationally through their website and YouTube videos, and through a number of conferences and training programmes which they operate. Their European offices are headquartered on Banbury Road in North Oxford. Mr Zacharias has been personally criticised for repeatedly referring to himself as “Dr Zacharias”, despite only having been granted honorary doctoral degrees. In 2018 he clarified: “I have never earned a doctoral degree and was never enrolled at the University of Oxford or the University of Cambridge. And while I have lectured at Wycliffe Hall, I am not and have never been a professor at the University of Oxford. “Lastly, we are grateful for our relationships with colleges and universities, which are designed to be a neutral public forum—a space welcoming of dissenting and divergent viewpoints, where students can explore conflicting ideas and engage with a variety of perspectives in a marketplace of ideas. In 2006, the permanent private hall launched the Oxford Centre for Christian Apologetics (OCCA) in collaboration with RZIM. The launch was immediately highlighted as a “cause for concern” by Oxford University after Wycliffe Hall did not clearly differentiate admissions to the OCCA from admissions to the University. A spokesperson for Merton College told Cherwell: “Merton College hosts a variety of different organisations during its summer conference programme, the details of which are protected by commercial agreement. Separately, Merton maintains a close working relationship with its student community and through various forums, matters of concern can be raised and are openly discussed.” The motion passed by a sizeable margin of 24 to 11 in a secret ballot, following an extensive debate, during which the proponent of the motion argued that “there is a concern here that religious members of the LGBTQ community may take the inference from these statements that you cannot be both.” The Zacharias Trust are the European operational group of Ravi Zacharias International Ministries. RZIM were founded by Ravi Zacharius in 1984 as an apologist Evangelical Christian Trust with the stated aim of “equipping Christians to share their faith with confidence and in an intelligent and articulate way.” The motion tabled at Merton’s JCR meeting noted in particular the participation of David Bennett at the conference for his remark that “the opposite of homosexuality is not heterosexuality, it is holiness.” “I recognize that academic terms and designations are important, and I apologize for any occasion on which I have wrongly titled my association with either of these institutions.” Wycliffe Hall cut their ties with the OCCA in 2019, although there are a number of lingering attachments between the two institutions. Business students at the OCCA are still offered accommodation at Wycliffe Hall, and a philosophy professor at the PPH also serves as a tutor at the OCCA. Merton College will once again host the Ravi Zacharias International Ministries’ Summer School this year, it has been announced. “As a Christian organisation, some people will naturally disagree with our viewpoint. When disagreements in faith or philosophy arise, no matter the audience, we urge civil dialogue. Any claim otherwise is false and unsubstantiated. Mr Bennett has now been confirmed as a speaker at the 2020 conference where he will host a seminar titled “Why is God so antigay?” The conference will also host talks on abortion by an Ethicist and Philosopher at Oxford University. Merton will be providing accommodation for guests of the conference, as well as seminar rooms for afternoon sessions. Guests will be expected to pay almost £2,000 for a ticket to the six-day event. As well as Merton College, the Queen’s College hosted the Trust’s summer camp in 2015. Wycliffe Hall were also criticised in 2015 for their close alignment with Ravi Zacharias and Ravi Zacharias International Ministries (RZIM). The conference is hosted by the Zacharias Trust, an Evangelical Christrian group which has caused controversy for views which have been branded “homophobic, misogynistic, and Islamophobic” by the Oxford Student Union. The summer school was also held at Merton College in 2019 and 2018. Last week, a motion passed by the college’s JCR voted to condemn the group’s “exclusionary remarks that deny other people’s identities,” and encouraged the college not to hold this programme again. last_img read more

Fox’s workers face prolonged job uncertainty

first_imgWorkers at two of Fox’s biscuits plants are to face continued job uncertainty following parent company Northern Foods’ announcement to delay the decision over the location of its proposed supersite.Northern Foods plans to merge its Fox’s biscuits plants in Batley and Uttoxeter in Staffordshire, and build a new £40m super-factory at one of those sites. But the firm has announced it would hold off on making a decision for another year, leaving employees facing uncertainty.The decision had been expected this March, but the current financial climate has forced Northern Foods to put back the deadline, despite announcing a group underlying sales increase of 8.8% in Q4 and 4.7% for the 52 weeks to 28 March 2009.The firm said: “All aspects of this project are being carefully assessed to ensure that the optimal decision is made for all stakeholders in the business,” adding that an update is expected in the final months of the next financial year.“This prudent decision will enable us to rigorously evaluate all the available options before committing investment,” said Stefan Barden, chief executive of Northern Foods. “We fully recognise the continued uncertainty this will unfortunately bring to our loyal employees and we remain committed to regular communication.”Union body Unite issued a statement in support of its members at the Uttoxeter site on the same day Northern Foods made the announcement. “Over 800 jobs hang on this decision. Our campaigning has played a big part in the decision to delay any announcement for a year and while the door remains open, we will be fighting for our future,” commented Claire Boot, Unite convenor.“Initially, workers felt very let down by the decision. It means another year of anxiety and uncertainty.” However, there is now another year of work at the very least and another year to fight to be chosen as the ‘supersite’, she added.last_img read more

Mouthing off

first_imgCustomer: “So it’ll be either you or Joanna Lumley running the country next?”Vince Cable: “Hopefully me AND Joanna Lumley”- Following a tough week for MPs embroiled in the expenses scandal, squeaky-clean Lib Dem treasury spokesman Vince Cable, approached by a customer at The Cavan Bakery, eyes a future in Number 10 with national treasure and 2007 Baking Industry Awards presenter Joanna Lumley, who had earlier manoeuvred the government into a turnaround over the Gurkhas issue”To be honest we just started it as a joke but it really has worked. Thieves haven’t been anywhere near us for ages. People seem to respect him. We have had a few customers come in and ask us whether they can get Chuck’s autograph. They really believe he is sitting in our storeroom out the back ready to pounce on any burglars.”- Sales assistant Mirna Kovac from a bakery in Split, Croatia, ends a series of burglaries by standing a life-sized image of 1970s action filmstar Chuck Norris in the window, with a sign reading: “This shop is under the protection of Chuck Norris.”last_img read more

Spoils of war

first_imgCrouching in the bush, an AK-47 machine gun poised at the ready, an African boy is a portrait of icy detachment as he considers an interloper. It’s the now-hardened image that has come to symbolize the recruitment of children into armed conflicts since the 1990s.Experts say that outdated and narrow picture obscures present-day conditions, where both boys and girls are deployed in war not just in Africa, but also Asia, Latin America, and now Syria, where civil war has raged since 2011. While global pressure to curb the use of children in combat has worked in some places, the persistent challenge for local governments and international organizations such as the United Nations is to find ways to integrate damaged former soldiers back into the communities they were led to violate and abandon.Ishmael Beah, a former child soldier in Sierra Leone and the author of “A Long Way Gone: Memoirs of a Boy Soldier,” said that too often the signing of resolutions has been the primary focus of many intergovernmental organizations, and that more practical approaches are needed.“A lot has been done on paper about what can be done and how can we address the issue. But where the problem lies … is in the implementation of some of these things,” Beah said during a panel discussion Monday evening at the Harvard Kennedy School’s JFK Jr. Forum. “Oftentimes when they sign these things, they don’t even have the capacity to implement them.”Leila Zerrougui, the U.N.’s special representative of the secretary-general for children and armed conflict, agreed that the successful reintegration of former child soldiers has been more complicated than first understood. But she defended the resolutions, saying the documents provide vital recognition by both the international community and local governments that using children in armed conflict is unacceptable. She said such resolutions also lay the groundwork for future action.“All this is true. And I’m not saying everything is perfect,” she said. “Every day I see the report that [shows], still, children are being recruited. But we can do more, and all of you can help us in making it better and more efficient and effective on the ground.”Beah now works with the United Nations Children’s Fund (UNICEF) as an advocate for youths affected by war and is a member of Human Rights Watch Children’s Advisory Committee. He said that little progress has been made to improve or expand the economic opportunities for former soldiers and others in war-torn communities. Many of the same lackluster offerings that existed when he left the war in the mid-’90s are still being promoted by NGOs and others, he said, without input from local communities.“There’s no market research to really determine what is it that can yield better economic opportunity for people coming out of war,” Beah said. “We were sitting there, some of us, thinking, ‘How come nobody is asking us?’ But nobody is interested in engaging them about, practically, what they want to do because I think there’s this assumption that maybe because they’ve been through war that we don’t have the intelligence to actually think about our situation.”He later added, “People who have survived these wars are remarkably intelligent because it takes intelligence to survive the kind of situations they have survived.”Given the lasting mental and physical trauma to child soldiers and others in conflict areas, as well as the lack of basic resources, it is clear that outside efforts need to be much more thoughtful and long-range, said Jocelyn Kelly, director of the Harvard Humanitarian Initiative’s Women in War program.Kelly introduced a new report on the difficulties that former child soldiers in the eastern Democratic Republic of Congo have experienced trying to rejoin communities they had left. In addition to traditional interviews and data-gathering by public health researchers, the report includes photo essays and illustrations by former child soldiers that map the damage done by war to their bodies and their lives.“I think the entire model of the way that we do integration programs has to be much more holistic — not only with the individual but with the community,” Kelly said, noting that in her research she encountered ill-conceived programs that gave sewing machines to people in communities with no electricity and single male goats to boys who were encouraged to start goat farms.Until humanitarian organizations fully engage local communities in decision-making and help them to become self-sufficient, the malevolent forces that first prompted children to become soldiers will return, Beah said.“The only way this is going to work is to empower government to build those structures that have been destroyed before the war … and to build those institutions so that they are able to do this work on their own,” he said. “NGOs, U.N. agencies should be training governments to do the work that they’re doing. Because if you don’t do this, then the alliances will continue and then these things just become cyclical.”The “Caught in Conflict” discussion was part of “Humanity Explored” a monthlong series of lectures and multimedia events to be held across Harvard to consider the role that visual storytelling, art, and design play in the push for human rights in conflicted regions around the globe.The series is a joint collaboration of the Harvard Humanitarian Initiative, FXB Center for Health and Human Rights at Harvard School of Public Health, Harvard Global Health Institute, Art Works Projects for Human Rights, the Nieman Foundation for Journalism at Harvard, the David Rockefeller Center for Latin American Studies, Cultural Agents, the Carr Center for Human Rights Policy, and the Harvard Institute of Politics John F. Kennedy Jr. Forum.last_img read more

Empowering the Next Generation of Global Talent

first_imgThe Long-Term Impact of Investing in the Middle East and Africa’s Young and Innovative WorkforceWith the rapid pace of technological progress, companies are struggling to find skilled employees and academic institutions are challenged to provide the necessary training to equip students to succeed in the job market. To survive and thrive, companies must focus on young talent, who will be the engine of technological and business transformation, and consider the worldwide talent pool. In Africa, the workforce is expected to reach 1.1 billion by 2034 (outpacing China and India combined); the region is expected to be the second-fastest growing economy by 2020 and there is $5.6 trillion of business opportunity expected by 2025 (Source: McKinsey Global Institute, 2016).The Dell EMC Egypt Center of Excellence (COE) has implemented a robust strategy to inspire, attract, empower and retain the region’s most promising talent:Real-world training through university partnershipsFostering innovation through technology competitionCreating a diverse workforce through a rotational development programSuch a strategy has led to the center’s growth to 900 energetic team members since 2009, with an average age of twenty-eight, 43 percent women, and 50percent of full-time members joining as college hires. The Egypt team’s journey is one that global companies can learn from as they evaluate their talent landscape.Real-World Training Through University PartnershipsDell EMC Summer Academy Closing CeremonyThrough the External Research and Academic Alliance Program, the Egypt COE partners with 52 academic institutions and reaches more than 5,000 students per year. We offer an “open” curriculum-based education to bridge the technology skills gap. In the past academic year, more than 750 students completed their Data Science and Analytics Certification. To complement these university courses, the Egypt COE also provides hands-on experience and soft skills training through its internship and Summer Academy programs.Fostering Innovation Through Technology Competition“Envision the Future” is the first technology-based regional competition for college students. Since the Egypt COE launched the competition in 2015, it has engaged 170 leading universities; enlisted 300+ projects from the United Arab Emirates, Saudi Arabia, Kenya, Morocco, Egypt and more; and underscores women’s contribution to technological advancement—in 2016, 40 percent of the entries were submitted by women and the first and third place winners were both women-led teams. The 2017 competition concluded in September, with winning projects from Qatar, Saudi Arabia, and Egypt, which will be recognized at the GITEX 2017 consumer computer and electronics conference in Dubai.Envision the Future: 2016 WinnersInternally, the Egypt COE also sparks and rewards innovation, launching the “Innovation League” in 2016 (which draws from the best practices of Adobe’s Kickbox model) and provides a platform for employees to enhance their business units. The League has engaged 480 team members (more than 50 percent of the Egypt COE workforce) and led to incubation for a wide range of ideas, from process improvements to self-healing data centers.“The Innovation League has had a real impact—with 330 idea submissions and seven approved patents in its first year. By ‘gamifying’ innovation, we are able to drive deeper engagement and cross-functional collaboration. Since the League was established, we have seen a notable increase in team member excitement and a great sense of community with employees reaching out to help their colleagues succeed”.– Ahmed Osama, Sr. Program Manager, Innovation, Dell EMC Egypt COECreating a Diverse Workforce Through a Rotational Development ProgramStudents at Kenya’s Strathmore University who completed VMWare and Academic Associate certificationsTo tap into Africa’s business potential, the Egypt COE launched an “Africanization” program in 2015 to develop relationships with the region’s universities and build out a trained workforce. This program provides technical courses to students in African countries and then invites high potential recent graduates to participate in a two-year bootcamp program at the Egypt COE, where they gain international exposure and work with cross-functional teams. Following the program, participants are anticipated to return to their home countries and apply their training to support development and execution of large IT projects for Dell EMC customers.“Members of the Dell EMC Egypt COE visited my university in Morocco. I was so excited to attend to the presentation and to know about what they do. Today, I am part of this amazing company and learning new things every single day. I have developed technically and professionally since joining Dell EMC”.– Imane Rehioui, Support & Deploy Services, Dell EMC Egypt COEFinal ThoughtsThe talent that we develop and hire through the Egypt Center of Excellence is the driving force behind our outstanding innovation, automation and process improvement achievements. This millennial workforce has improved the Center’s culture with its optimism, strong communication and collaboration skills and relentless drive to make an impact by challenging the status quo.I truly believe the future is promising. However, we must make a commitment to nurture our young, global talent to prepare and empower the next generation of IT leaders. I welcome your perspectives on how you are investing in young talent – please leave a comment below.last_img read more

Laura Gillen: Making Peace In a Bipartisan World

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York After unseating Republican Anthony Santino in a GOP stronghold, newly elected Democratic Hempstead Town Supervisor Laura Gillen was swept into office with a mandate to clean up town hall. The leader of America’s most populous town shared why she removed her name from signs, her plans to make government more responsive to the people, and how she is working with the Republican majority town board. Here are excerpts from our conversation.Long Island Press: How does it feel to be the first Democrat to win the Hempstead supervisor’s seat in more than a century?Laura Gillen: One hundred and 12 years. It feels great. Not a lot of people thought I was going to win the race, but I always believed it was winnable. I’m just excited for the opportunity to bring change to the Town of Hempstead.LIP: What is your vision for the town?LG: I want to get us on secure fiscal footing. I think that’s really important, so we can continue to provide great services to the residents. I want to see what I can do to find efficiencies to save taxpayer dollars. I want to make us a greener town. Not only is it good for environment, it’s good for the residents and it’s good for costs associated with energy. If there’s any taint of corruption, I want to clean that up. I want to really make a government that’s more accessible. More town government information online so people can really see how their taxpayer dollars are being spent.LIP: Why did you remove your name from all town signs?LG: The public doesn’t really have an appetite for this shameless self-promotion that has characterized the Town of Hempstead forever. The amount of mail that we received about nonsense. The cost associated with these relentless mailers. Even at the 911 memorial, residents who wanted the name of a loved one on a piece of paper got a piece of paper with the supervisor’s name on it.LIP: Before being sworn in, you were barred from seeing your predecessor’s office and your clerk’s office was cleared of furniture. Have there been any more such oddities?LG: The door was unlocked when I arrived on January 2nd, so that was helpful. Of course, we had the issue with the clerk’s furniture, but that has been resolved. To my knowledge no furniture has gone missing as of late.LIP: Ethics was your main issue on the campaign, but now that you’re on the job, have you uncovered any other issues that require more immediate attention?LG: We saw that while municipalities across the state were racing to refinance their debt before the Trump tax plan took effect, the Town of Hempstead did nothing. We lost the opportunity to refinance a lot of our debt. Roughly in the area of $2.5 million we lost because we can no longer refinance this debt because of changes in the tax law. That was disappointing, but there’s going to be greater oversight. I put up a resolution that gives our comptroller the ability to refinance the debt when it’s able to be refinanced if the market indicates that it’s a prudent decision.LIP: Are you concerned the Islanders’ new arena slated to open in Elmont will hurt event attendance at Nassau Coliseum and other destinations in The Hub?LG: Theoretically, that could be trouble for the coliseum. I think it’s great that we’re going to do something exciting in Belmont. I’m very happy that we’re going to keep the Islanders here. As the arena in Belmont gets developed, we’ll find a way to make the best use of The Hub so it’s still a vibrant economic area.LIP: Did crossing party lines to make Republican Councilman Bruce Blakeman deputy supervisor ruffle feathers?LG: It was received very well by the public. I also ran a campaign that said I want to work in a bipartisan way. My husband is a registered Republican, so I’m used to living in a bipartisan world. I think the public liked that. They want to see elected leaders work together. I have a Republican majority board and I’ve been making efforts to reach across the aisle and work with them in a collegial way to do what’s best for the taxpayers.last_img read more

Public call for the Cyclotourism Development Program on the Continent in 2020 published.

first_imgIn the first quarter of this year, the Ministry of Tourism is preparing the publication of the Public Call for the Competitiveness of the Tourism Economy Program for the award of small value grants, de minimis, for the purpose of raising the competitiveness of the tourism industry. The Ministry co-finances up to 90 percent of the eligible / eligible costs of implementing an individual project. The minimum amount of support is HRK 100.000,00, and the maximum is HRK 500.000,00.  According to the previously prepared Operational Plan for the development of cycling tourism in the county (2017-2020), the preparation of traffic studies for the purpose of tracing and marking cycling tourism routes is co-financed; production / installation of signalization / info boards along cycling routes, including the EuroVelo route marking; arranging / equipping cycling routes and setting up bicycle repair service stations along cycling routes; preparation of project-technical documentation for upgrading / construction of bicycle paths (including paths for certain types of cycling – enduro, XC, downhill, etc.); development of standards for “bed & bike” accommodation facilities; installation of bicycle / traffic counters at border crossings (entry / exit of EuroVelo route), on other international routes of bicycle routes (Sava route, Drava route, Pannonian road of peace route, etc.), in cities on the main bicycle routes, at the main tourist attractions at remote points in rural areas, etc .; arrangement of cycling tourist rest areas / lookouts on cycling tourist routes (smart rest areas, canopies, bicycle stands, installation of smart benches, installation of info boards about rest areas and relevant information about the locality / destination, etc.). The Ministry of Tourism has published a public call for grants based on the Cyclotourism Development Program on the Continent in 2020, for which HRK 5.000.000 has been provided. RELATED NEWS: SYNERGY FINALLY! 10 GROUP OF TOURIST BOARDS THROUGHOUT CROATIA SUBMITS ASSOCIATION REQUESTS Photo: TZ Samobor The funds are intended for the public sector – units of regional self-government, ie the following counties: Bjelovar-Bilogora, Brod-Posavina, Karlovac, Koprivnica-Križevci, Krapina-Zagorje, Lika-Senj, Međimurje, Osijek-Baranja, Požega-Slavonia, Sisak -Moslavačka, Varaždinska, Virovitičko-podravska, Vukovarsko-srijemska and Zagrebačka.center_img Cover photo: Davor Rostuhar / Source: CNTB According to the previously prepared Operational Plan for the Development of Cyclotourism in the County (2017-2020), the preparation of traffic studies for the purpose of tracing and marking cyclotourism routes is co-financed; production / installation of signalization / info boards along cycling routes, including the EuroVelo route marking; “Strengthening the continent in terms of tourism contributes to a more balanced tourism development of our country, and this is exactly one of the goals of the Government of the Republic of Croatia. Cyclotourism, in addition to, for example, gastro and health tourism, is a product of high attractive value, the development of which is especially important for a continent that has all the prerequisites for a stronger tourist positioning. In addition, cycling tourism attracts guests throughout the year, and it emphasizes the natural and cultural values ​​in the destinations and thus promotes sustainability and preservation, which is one of the foundations of future tourism development in Croatia., said Tourism Minister Gary Cappelli on the occasion of the announcement of the public call.  The public call is open until March 13, 2020, and find out more about the public call HERE PS ANNOUNCEMENT – PROGRAM COMPETITIVENESS OF THE TOURIST ECONOMY FOR ENTREPRENEURS IN TOURISMlast_img read more

Steinmetz is key man in Chelsfield MBO attempt

first_imgWould you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.last_img

Indonesian stocks fall to 4-year low following Wall Street crash

first_imgRead also: Another black Monday as coronavirus response upends Wall StreetThe infrastructure sector led the plunge as it nosedived 5.14 percent, followed by the basic industry that fell 3.59 percent and consumer sector that slid 3.22 percent.The rupiah, in the meantime, depreciated further on Tuesday as it fell 0.55 percent against the greenback to Rp 15,015 per dollar, breaking the psychological level of Rp 15,000 for the first time since October 2018, Bloomberg data shows.“The increasing number of COVID-19 cases globally has raised concerns among investors despite the Fed’s rate cut and injection to the financial market,” Indonesia Equity Analyst Association (AAEI) Edwin Sebayang wrote in a research note on Tuesday, projecting the index to move around 4,456 to 4,731 in the day. Read also: Selling spree drags stocks a further 4.4% as global market rout continuesWall Street suffered its biggest drop since the crash of 1987 on Monday following unprecedented steps taken by the Federal Reserve, United States lawmakers and the White House to slow the spread and blunt the economic hit of the coronavirus failed to restore order to markets. The Fed cut rates to a target range of zero to 0.25 percent and said it would expand its balance sheet by at least $700 billion in the coming weeks.The investors’ panic triggered another circuit breaker in Wall Street’s three main stock indexes for 15 minutes shortly after the open as the S&P 500 index fell 8 percent, Reuters reported.On Tuesday morning, Asian markets were also deep in the red. Tokyo slid 2.79 percent, Seoul was down 3.2 percent, Singapore slipped 0.92 percent, Shanghai lost 0.55 percent, while Hong Kong gained 0.1 percent.”Market conditions are highly volatile and there is still great potential for the index to continue weakening,” Artha Sekuritas analyst Dennies Christopher said. He said he was not advising investors to buy stocks during the continued stock market rout.  Indonesian stocks continued their steep fall on Tuesday morning, crashing to a level unseen since January 2016, following Dow Jones’ worst decline since 1987’s Black Monday.The Jakarta Composite Index (JCI) slipped 0.33 percent upon opening to 4,675.34 as foreign investors dumped Rp 5.53 billion (US$365,658) worth of Indonesian stocks. As of 10:04 a.m. in Jakarta, the main gauge widened its loss and fell 4.09 percent, moving closer to the Indonesia Stock Exchange (IDX) circuit breaker limit of a 5 percent fall.Forty-eight stocks started the session in the red with animal feed producer PT Charoen Pokphand Indonesia recording the steepest decline of 6.86 percent, nearly hitting the auto rejection limit of a 7 percent decline in prices.center_img Topics :last_img read more