Planning

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Planning: is there an opening for another factory outlet centre?

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Westminster UDP OK

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£48m Aberdeen buy

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Slow off the mark

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Indonesia records 2.68 percent January inflation using new formula

first_img“We included prices in the ride-hailing sector, for instance, but excluded items that were no longer [relevant],” he said at a press conference on Monday in Jakarta.The different components used in the calculation, however, did not significantly affect this year’s inflation rate compared to previous years, he added.Indonesia’s monthly inflation was 0.32 percent in January 2019. The CPI was calculated at 0.39 percent in January 2020, with core inflation of 2.88 percent.“The main cause of the inflation in January 2020 was the increased price of chilies, fish and tobacco, despite the decrease in the price of flight tickets and fuel,” said Suhariyanto. He added that the government’s decision to lower the price of fuel and flight tickets had contributed to deflation in January. Topics : Indonesia recorded annual inflation of 2.68 percent in January in applying a new formula for calculating its consumer price index (CPI), Statistics Indonesia (BPS) announced on Monday.The new formula uses 2018 as the base year of the CPI instead of 2012, as well as a new consumption pattern.January’s inflation figure, therefore, cannot be compared with the December inflation rate of 2.72 percent that was calculated using the old formula, since it was not “an apple-to-apple comparison”, said BPS head Suhariyanto.center_img Of the 90 cities the BPS surveyed, 79 recorded inflation, while the remaining 11 cities recorded deflation. Meulaboh, West Aceh, recorded the highest inflation with 1.44 percent, while Baubau, Southeast Sulawesi, recorded the highest deflation with 1.39 percent.Indonesia recorded an annual inflation of 2.72 percent in 2019, the lowest level in about two decades thanks to lower inflationary pressures from government-regulated prices.Bank Indonesia has targeted inflation of between 2 percent and 4 percent for this year.last_img read more

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Bamboo Air plans $5 billion order of Boeing’s giant new jets

first_imgVietnam’s Bamboo Airways expects to buy 12 Boeing 777X jumbo jets in the second quarter, according to Chairman Trinh Van Quyet, in what would be a multi-billion-dollar boost for the US plane-maker after it failed to win a single order for any of its aircraft in January.A deal that size would be valued at almost $5 billion based on sticker prices, though discounts are common. Quyet, who was speaking by phone with Bloomberg News, didn’t provide any financial details for the deal.Bamboo Airways, which only started operating a year ago, plans to expand its fleet to 30 aircraft this quarter and to 50 by the end of the year. The company currently operates Boeing 787-9 Dreamliners and Airbus SE A321neos and A320s. Its first European route — Hanoi to Prague — is scheduled to start on March 29. Boeing’s long-range, widebody 777x is capable of flying more than 400 passengers in a two-class configuration and will be critical for the company as it continues to battle with the grounding of its best-selling 737 Max. After an initial flurry of orders for the 777x, the pipeline started to dry up. January was the second month of no deals for Boeing since the 737 Max flying ban began in March following two deadly crashes.Boeing forecasts that Southeast Asia will need 4,500 new aircraft worth $710 billion over the next two decades. At the Singapore Airshow last week, senior sales executive Ihssane Mounir said the company was in discussions with customers for widebody jets and that orders were expected soon. He didn’t provide any names though. A Boeing spokesperson said Monday the company doesn’t comment on discussions with customers.Bamboo Airways is owned by FLC Group JSC and plans to list on either the Ho Chi Minh City or Hanoi stock exchanges this year. Vietnam is one of the the fastest-growing aviation markets in the world, though there’s concern about overcrowding. Conglomerate Vingroup JSC last month abandoned plans to launch Vinpearl Air, saying such a move could lead to oversupply.Topics :last_img read more

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UK digital bank serves clients shunned by big lenders

first_imgAmong Britain’s digital app-based banks that are attracting moneyed urban millennials is Monese, which also courts customers neglected by the country’s established lenders.In early 2000, Estonia-born entrepreneur Norris Koppel arrived in Britain and spotted a major gap in UK banking for newly-arrived foreigners who had trouble opening traditional accounts.Koppel was snubbed by banks owing to a lack of address documents and no credit history — and vowed to help those in a similar predicament.In the nation’s booming financial technology or fintech sector, mobile phone app-based “neo-banks” such as Revolut, Monzo and Starling have established themselves as plucky upstarts. The company describes itself as an electronic money institution that provides banking facilities — but it does not currently offer credit.”Monese was born from my own very personal frustration,” Koppel explained.”When I moved to the country I couldn’t open a simple account and I thought maybe that is something that can be done.”Monese is built for people who are moving to a different country, starting a new life, finding a better job, retiring, going for studies, or getting married somewhere else,” he added.In Britain, around 80 percent of Monese customers are foreigners whose salary goes directly into their account.Groups like Monese that only operate online carry out checks to verify the identity of new applicants to help fight money laundering.The app aims to compete with Revolut and Monzo, which have eight million and three million customers respectively in a fiercely competitive market.Monese expects to turn a profit by 2021.’Uber of banking?’Monese, which has a global workforce of roughly 400 people, describes itself as the “Uber of banking”, in reference to the popular ride-hailing app.”It’s a good comparison,” Koppel said, noting that it was used by a lot of gig-economy workers at Uber and takeaway delivery service Deliveroo.Britain’s traditional banking sector, which is still reeling from the 2008 global financial crisis and a string of product mis-selling scandals, retains a strong grip on personal banking, experts say.Warwick University’s Andreas Kokkinis, who specializes in corporate law and financial regulation, told AFP that fintech was gaining a foothold however.”The six biggest UK banks have 87 percent of the market share for current accounts so the remaining 13 percent is split amongst smaller conventional banks and building societies, and challenger banks,” he said.”In that sense large universal banks — HSBC, Barclays, Lloyds Banking Group, Royal Bank of Scotland Group and Santander UK — retain their dominance over UK retail banking market. “However, challenger banks, which operate exclusively online and thus offer cheaper services, are popular amongst customers below the age of 37.”Kokkinis added that, if current trends persist, “the market share of challenger banks will grow significantly in the near future,” which could lead to takeovers.”This does not necessarily mean that large banks will lose their dominant position in retail banking markets.”What is more likely to happen is that large banks will acquire successful challenger banks.”Monese is now in fundraising talks that could give it coveted unicorn status — meaning that the business would be valued at more than 1.0 billion British pounds (US$1.3 billion, 1.2 billion euros).The company is seeking 100 million pounds in additional funds from new and existing shareholders, which include US online payments specialist Paypal and British Airways parent group IAG.Topics : Koppel’s lender Monese joined them, expanding to 31 nations in Europe with two million customers in only five years of operation.Riding the wave”Investor trust in Fintechs and the amount of investment being poured into neo-banks is actually very significant; it hasn’t really slowed down. 2019 was definitely a peak point so let’s see how 2020 goes,” Koppel told AFP.”It’s very clear that banking is going through fundamental changes .. and there are a group of neo-banks including Monese who are on top of that wave.”last_img read more

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Spain tries to stop coronovirus spread from Italy

first_imgTopics : Spain tried Wednesday to prevent the spread of the coronavirus from Italy after eight cases of the flu-like disease were detected within a 24-hour period all linked to the country.Hundreds of tourists remained confined to a Tenerife hotel Wednesday for a second straight day as a precaution after a an Italian and his wife tested positive for the disease which has so far killed 11 people in Italy. The couple are in quarantine at a Tenerife hospital.Two other Italians who were part of the same group of holidaymakers who flew to the island and were staying at the hotel have also tested positive, health authorities on the Canary Islands said. Four other cases have been detected in mainland Spain — two in the Madrid region, one in the Valencia region and one in Barcelona, that of a 36-year-old Italian woman who lives in the city and had recently made a trip to the north of Italy, the worst affected region.All eight cases must be confirmed by a second test as required by Spain’s protocol for suspected cases of the disease.Spain’s Health Minister Salvador Illa late on Tuesday advised people not to travel to northern Italy and other global hotspots for the disease such as Wuhan in China, South Korea, Japan and Iran “unless it is essential”.He also said all patients in Spanish hospitals with respiratory illnesses of “unknown causes” would undergo tests to see if they had coronavirus.center_img Spain is home to over 240,000 Italians and it welcomed 4.5 million visitors from Italy last year.Spain had so far registered two confirmed cases of coronavirus, both in foreigners.The first case was that of a German man on La Gomera island in the Canaries who tested positive on Jan. 31 followed by a British man who tested positive in Mallorca in the Balearic Islands on Feb. 9. Both recovered.last_img read more

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PREMIUMKPK dumps cases as credibility slumps

first_imgGoogle Forgot Password ? The Corruption Eradication Commission (KPK) has revealed a plan to drop 36 investigations for lack of evidence in a move that is unlikely to shore up its already battered public image.The KPK has not publicly disclosed the list of cases for which investigations will be terminated, but they are likely to include some high-profile cases that the agency has sat on for months or even years without any sign they would be brought to court. By definition, the KPK only deals with high-level corruption scandals.The KPK has suffered huge credibility problems following a hastily enacted law governing its operation that effectively removed its independence and many of its tools, including wiretapping, to catch corruption convicts. To top it all, the House of Representatives, no friend of the KPK, named new commissioners in December who had already said they were not interested so much in per… Log in with your social account LOG INDon’t have an account? Register here Facebook Linkedin Topics : KPK Jokowi-second-term Firli-Bahuri weakening-KPKlast_img read more

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