By Reuters Staff
2 Min Read
JAKARTA, Feb 8 (Reuters) - Bank Rakyat Indonesia (BRI) , the country’s biggest lender by assets, plans to acquire two state financing firms and form a holding company, Finance Minister Sri Mulyani Indrawati said on Monday.
State-controlled BRI will launch a rights issue within about a year to enable the transfer of state pawnshop chain Pegadaian and micro lending firm Permodalan Nasional Madani (PNM), Sri Mulyani told a parliamentary hearing.
The government will maintain a small stake in the companies with a right to appoint their board of directors, she said.
The government currently controls a 56.75% stake in BRI, while Pegadaian and PNM are entirely state owned.
By Reuters Staff
2 Min Read
WELLINGTON, Feb 9 (Reuters) - New Zealand’s debt level by the year 2034 is forecasted to be about NZ$60 billion ($43.3 billion) less than previously expected on the back of a strong recovery from the COVID-19 pandemic, the finance minister said on Tuesday.
New projections using the treasury’s fiscal strategy model show net debt now at 36.5% of GDP in 2034/35, Grant Robertson said in his 2021 Budget Policy Statement speech to business leaders in the capital Wellington.
“That represents about $60 billion less debt at the end of the projection period than at the pre-election update,” he said.
Projections in September last year showed net debt falling from a peak of about 56% of GDP in 2024 to 48% of GDP in 2034.
South Africa's rand weakened early on Monday after the country's COVID-19 vaccination plan suffered a setback over the weekend as the government put on hold the use of AstraZeneca's vaccine in its programme.
A U.S. Treasury selloff gathered pace on Monday, with 10-year yields rising to 1.20% and inflation expectations at the highest since 2014 as investors priced an acceleration in economic recovery thanks to President Joe Biden's spending package.