International
Friday, February 14, 2014
BUSINESS
Australian unemployment worst in a decade Agence France-Presse
SYDNEY - Australia’s unemployment rate in January jumped to 6.0 percent -- its worst in a decade -- with the economy shedding 3,700 jobs amid a turbulent transition away from mining, data showed Thursday. The Australian Bureau of Statistics said the jobless rate increased from 5.8 percent in December, with some 7,100 full-time positions lost, which were only partially offset by 3,400 extra part-time roles. The Australian dollar dived on the data, which was above analyst predictions. It was at 89.52 US cents from 90.11 cents immediately prior to the announcement. It is the highest unemployment has been since the global financial crisis, when it peaked at 5.8 percent, and its worst since July 2003. It also matches the government’s forecast jobless peak for the year to June 30. Australia is undergoing a bumpy economic transition with its decade-long Asia-led mining investment boom reaching its peak, and the ailing manufacturing sector in dire straits with the announced exit this week of Toyota, its last remaining automaker. The Reserve Bank of Australia forecast unemployment to continue edging higher in its quarterly monetary policy update last week as spending in the mining sector unwinds. A further 1,300 jobs were lost Thursday with the collapse of engineering firm Forge Group, whose clients include Rio Tinto and BHP -- both of whom are tightening their belts as commodity prices soften due to a spike of new supply coming online and slowing demand from China. Reflecting this, Australia’s mining and manufacturing states fared worst, led by resources-rich Western Australia where there was a 0.5 percentage point increase in the jobless rate to 5.1 percent. Opposition leader Bill Shorten warned of “more pain coming down the road”, with announced job losses at major firms including Toyota, Holden and Qantas yet to factor into the figures. Shorten said there had been “one job lost every three minutes” since the conservative Prime Minister Tony Abbott-led government came to power in September. During the election campaign Abbott promised to create one million new jobs by axing corporate pollution and mining profits taxes and launching a major road-building drive. On Thursday, he blamed Labor policies for the spiralling jobless rate. “I am dismayed that unemployment went up last month but this can hardly come as a shock,” Abbott told parliament. “They made a bad situation worse with their taxes and regulation and that’s why we’re getting rid of them.” Treasurer Joe Hockey said the rise in unemployment was in line with the government’s own forecasts of 6.0 percent this financial year and 6.25 percent for each of the following three years as Australia’s workforce ages and younger workers delay entry. “If we want to get the unemployment rate down, not only from 6.0 percent but from 6.25 percent which is the current forecast, we need to improve the growth rate of the economy,” he said, warning it would involve “structural change”. Hockey said the economy had expanded at below-trend pace for five of the last six years. Growth in the year to December 31 was 2.3 percent, well below long-term averages of 3.25 percent. The government has said that Australia will be in deficit for up to a decade, and warned citizens to “adjust their expectations of what government can sustainably provide” ahead of a May budget expected to include deep spending cuts and asset sales.
Bali News
International
Friday, February 14, 2014
Democrat party’s presidential convention to be held in Bali
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Antara
DENPASAR - The ruling Democrat Party will hold a convention in Denpasar, on February 18, to select its presidential candidate for contesting the July election, Bali’s Chief of Democrat Executive Board Made Mudarta stated on Wednesday. “The convention is part of the final phase before the Democrat Party announces the name of its presidential candidate from the party. There will be a debate between the 11 candidates,” Midarta noted. The ruling Democrat Party had organized a convention in a bid to finalize its candidate for the presidential election to be held on July 9, this year. Eleven candidates have participated in the convention, which in-
clude President Susilo Bambang Yudhoyono’s brother-in-law, retired general Pramono Edhie Wibowo, State Enterprises Minister Dahlan Iskan, former youth and sports minister Hayono Isman, Chairman of the Regional Representatives Council Irman Gusman, former ambassador to the US Dino Patti Djalal, and North Sulawesi Governor Sinyo Harris Sarundajang. Yudhoyono is not eligible to seek reelection by law, since he has completed two presidential terms.
ANTARA FOTO/Fahrul Jayadiputra
The ruling Democrat Party will hold a convention in Denpasar, on February 18, to select its presidential candidate for contesting the July election, Bali’s Chief of Democrat Executive Board Made Mudarta stated on Wednesday.
Puncak Mundi Temple:
A pilgrimage destination in Nusa Penida IBP
AP Photo/Emrah Gurel
In this photo taken Tuesday, Jan. 28, 2014, a woman counts U.S. dollar banknotes at a currency exchange office in Istanbul, Turkey.
Probably the classy nickname given to Nusa Penida as a golden egg of Bali does not only refer to its natural potential. In terms of spiritual point of view, Nusa Penida is also often made a destination of Hindu pilgrimage in maintaining the balance of life. The majority of Hindus make the three major temples as their primary destination, including the Penataran Ped, Giri Putri and Puncak Mundi Temple.
As the name suggests, the Puncak Mundi Temple is perched on the top of Mundi Hill, exactly at Rata hamlet, Klumpu village, Nusa Penida. Mundi is said to be the highest peak in the plains of Nusa Penida so that the temple remains to look sustainable. Puncak Mundi Temple consists of three elements, namely the Beji Temple as the first praying place, Krangkeng Temple and Puncak Mundi as the abode of Ida Batara Lingsir. Chief of supporting devotees of Puncak Mundi Temple, I Wayan
Sukla, said on Saturday (Jun 1) that all the devotees of Puncak Mundi Temple comprised 504 families scattered in eleven customary hamlets, including the Baledan Duur hamlet, Baledan Beten hamlet, Klumpu Kauh hamlet, Klumpu Kangin hamlet, Angas hamlet, Mentaki hamlet, Rata hamlet, Tiagan hamlet, Bila hamlet, Cubang hamlet and Iseh hamlet. Compiled from various sources, Wayan Sukla told the presence of temples on Nusa Penida Island was inspired by the marriage of Lord Guru
Dollar slips in Asia ahead of US sales data
Agence France-Presse
TOKYO - The dollar slipped in Asia Thursday ahead of the release of US retail sales data seen as key to gauging the strength of the world’s biggest economy. In late morning Tokyo trade, the greenback bought 102.31 yen, from 102.50 yen in New York Wednesday. The euro fetched $1.3610 and 139.25 yen, against $1.3593 and 139.33 yen, after dovish comments from a European Central Bank (ECB) board member. With few trading cues, attention turned to the January US sales data later Thursday after poor jobs figures cast doubt on the strength of the US recovery. “(Retail sales) have been relatively stable, but the January outcome is forecast to be a little softer. The weather may play a part,” National Australia Bank said, referring to severe winter
storms slamming the country. “The weather distortions, both in the US (freezing/snow) and the UK (flooding) are likely to keep market participants, and central banks, guessing in regards to the real state of their respective economies for a little while.” A strong result could indicate recent soft jobs data were caused by the weather and give the Federal Reserve’s policy board more room to further reduce its stimulus programme when it meets in March, said Praevidentia Strategy’s Masafumi Yamamoto. He said such a move could send the dollar back above 103 yen. But if the numbers are bad, “people may start worrying about whether the Fed could keep its pace in tapering the bond-buying programme, putting the dollar in a 101-103 yen range,” he told Dow Jones Newswires. On Tuesday, the Fed’s new chief Janet Yellen pledged to
maintain a wind-down of its monetary easing, but highlighted the jobs market was shaky. The Fed could consider a pause in tapering if economic conditions show a significant deterioration, she added. The dollar was given some support from Wednesday’s betterthan-expected Chinese trade data and news US lawmakers had agreed to lift the debt ceiling through March 2015, averting another painful Washington standoff that could have rattled markets. The euro edged up after ECB board member Benoit Coeure hinted at fresh moves to support the struggling eurozone economy as industrial output in the bloc fell more than expected in December. Output was down 0.7 percent from November when a 1.6 percent expansion had encouraged hopes that a modest recovery was gaining momentum.
IBP/File Photo
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(Ishvara) and Goddess Uma. From their love was then born a son named Lord Kumara. However, the birth of Lord Kumara became the beginning of a dispute between the Lord Guru and Goddess Uma. It happened because Lord Kumara was closely taken care of by his father, while he only came to his mother when asking to be breastfed. Being upset, Goddess Uma persecuted Lord Kumara while breastfeeding. With fury, her eyes turned red and her fangs came out. As a result, Lord Kumara was banged up to break his head and his blood was drunk by Goddess Uma. Apparently, the violence was known by Lord Guru. On seeing her behavior like kala or evil spirit, the Lord Guru was angry. He condemned Goddess Uma to be transformed into a human being to the world. “During undergoing the curse, Goddess Uma was said to have arrived amidst a forest. Within such a lonely place, there grows a large and high banyan tree. There she cried and her milk exuded to the ground. It then grew into a king banana (gedangsaba). That is why, the banana is very good for baby,” he said. After long regretted her actions, she had desire to build a palace being no different from the heaven. She then established an ashram at the top of Bukit Mundi (Mundi Hill) and earned the title as Goddess Rohini. In the ashram, she performed solemn meditation. In short, Lord Guru could not stand alone to care for his son because Lord Kumara kept asking to be breastfed by his mother. Afterward, Lord Kumara was placed on a platform shrine (pelangkiran) to take care of baby. Suddenly, Lord Guru remembered Goddess Uma who was previously
condemned and had been residing at the top of Pucak Mundi. Ultimately, Lord Guru decided to come down to earth, precisely to the abode where Goddess Uma was performing meditation, at the top of Bukit Mundi. Lord Guru himself transformed into a priest named Dukuh Jumpungan and met with Goddess Uma. Later on, this area was named Nusa Panida, derived from the phrase Manusha Pandhita. “Likewise, Goddess Uma then transformed herself into a woman named Ni Puri becoming the wife to Dukuh Jumpungan in the world and permanently settled on Mount Kila or Pucak Mundi. Supporting devotees of the Puncak Mundi Temple then called them Lord Lingsir,” said Sukla. Sukla added that pujawali (anniversary) of the Puncak Mundi Temple was held every six months, falling every Buda (Wednesday) Umanis Perangbakat and the nearest would fall on Wednesday (next Jun 26). Series of the procession would be commenced by organizing an assembly and notification ritual on Anggara Kliwon Wuku Tambir. Then, it was resumed with the implementation of animal sacrifice (pecaruan), taking down the sanctified effigies and embellishing them with ornamental paraphernalia on Anggara Kliwon Wuku Perangbakat. Afterward, the deities were escorted to do purificatory rite at Peji Temple and offered the anniversary ritual on Buda Umanis Wuku Perangbakat. After the temple anniversary, it was resumed with offering the penganyar ritual on Wrespati (Thursday) Paing Wuku Perangbakat through Sukra (Friday) Pon wuku Perangbakat and the closing ritual procession on Saniscara (Saturday) Wuku Perangbakat. (kmb)