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International
Friday, August 23, 2013
International
BUSINESS
Tumpek Landep, a spiritual ascent
Fed uncertainty hits Asia markets, rupee taps new low
Agence France-Presse
HONG KONG - India’s rupee sank to another record low on Thursday as emerging Asian currencies retreated after US Federal Reserve minutes failed to provide clarity about the future of its stimulus programme. While traders remain in sell mode on expectations the bank will soon pull the plug on its bondbuying, they were given a fillip by data showing Chinese manufacturing expanded for the first time in four years this month. The rupee dived to 65.56 against the dollar at one point as worries about the Fed cash were compounded by growing fears about the state of the Indian economy. However it retraced slightly to 64.96 later. Indonesia’s rupiah was at 10,825 to the dollar -- a fouryear low but a slight improvement on the 10,945 seen Wednesday -- while the Thai baht slipped to 32.01 from Thursday’s 31.77. In share trading Jakarta was down 1.54 percent, Kuala Lumpur lost 1.57 percent and Bangkok shed 1.07 percent but Mumbai was up 1.50 percent as dealers picked up bargains after recent losses. Manila slumped 5.96 percent as the market played catch-up with the rest of the region after being closed for four days owing to severe flooding and a public holiday. The composite index gave up 389.22 points to 6,136.73. Investors were left none the wiser about the Fed’s plans for
its $85 billion a month stimulus known as quantitative easing (QE), which has fuelled an investment splurge in emerging Asia over the past year. Some board members believed that “it might soon be time to slow somewhat the pace” of the bond purchases, aimed at holding interest rates down, minutes of its July meeting released Wednesday showed. But others highlighted “the importance of being patient”, revealing concerns about whether the economy will pick up pace as expected in the second half of this year. Fed chief Ben Bernanke has said QE will remain in place until the US economy can stand on its own feet. Asian market traders reacted initially with a heavy sell-off but early losses were clawed back. Tokyo closed down 0.44 percent, or 59.16 points, at 13,365.17, Seoul fell 0.98 percent, or 18.34 points, to 1,849.12 and Sydney was off 0.48 percent, or 24.3 points, to close at 5,075.7. Against major currencies the dollar stood at 98.26 yen, compared with 97.67 yen in New York Wednesday. The euro bought $1.3347 and 13116 yen, compared with $1.3358 and 130.46.
IBP
On Saturday, you definitely saw a lot of cars, motorcycles, bicycles and other equipment made of iron were installed on with a variety of offerings. Or you might also watch Balinese people dressed in customary attires busy praying. Understandably, it was the celebration of Tumpek Landep, a ritual prepared for weapon used by Balinese people in surviving their life. A lecturer of the Hindu Dharma Institute (IHDN) of Denpasar, Ni Putu Winanti, said that tumpek was a sacred day denoting the confluence of a five-day week (Kliwon) and sevenday week (Saniscara). Unfortunately, Balinese people only understood it in terms of ritual alone, whereas the holy day retained many meanings. Tumpek Landep falls every six months in Balinese calendar or every 210 days. The objects given ritual are all the equipment and weapons made from iron or other metals, to be invoked Lord Shiva Pasupati in order the weapons can be endowed with power and sharpness. Ultimately, they can be used according to their function. While the human mind can be adjured a sharpness and intelligence, so that they can use them appropriately.
Bali News
“When Lord Shiva blesses the weapons and human, it will create a harmony. Otherwise, it brings in a hazard. In essence, it is an invocation of harmony of the weapon for the users,” said Winanti who is also Deputy Chairperson III of the Pariwisada Bali. Winanti described that Sundarigama palm-leaf manuscript mentioned that tumpek ngaraning caniscara Kliwon yewekasang tuduh ikang sarwa janma, ayuwe lali sira ngastiti sanghgyang paramawisesa. It meant that on the night of tumpek was prohibited from doing any activities, because it was the conferment of happiness. “Lord Paramawisesa endows happiness to those who perform sacred contemplation,” she said. According to her, the night of tumpek was also a literary appreciation night that should be carried out to purify the mind, deepen the religious literature as well as ponder the deeds (introspection). In subsequent development, the Hindu community in Bali did not only give ritual to the weapons, but also all the things that could help them live the life. Some of them were cars, motorcycles, engines and other devices helping to make their work easier.
KUALA LUMPUR - AirAsia, Asia’s largest low-cost carrier by fleet size, said Wednesday its net profit slumped 62 per cent in the second quarter due to higher operating expenses and foreign-exchange losses on borrowings. Net profit was 58.35 million ringgit ($17.75 million) in the three months ending June 30,
falling year-on-year despite a 5.5 percent rise in revenue, according to a filing with Malaysia’s stock exchange. It said challenges remained due to high prices for oil and aviation fuel. “However, barring any unforeseen circumstances, the directors remain positive for the prospects of the group for the third quarter and the remainder of 2013,” it said.
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IBP/File Photo
The State-owned Electricity Company (PLN) was asked to stop granting licenses or electricity service to non-public buildings located within the green belt.
Bali House asks PLN to stop electricity service to green belt Bali Post
DENPASAR - The State-owned Electricity Company (PLN) was asked to stop granting licenses or electricity service to non-public buildings located within the green belt. It was to stem the occurrence of uncontrollable land conversion in the region, including in the urban green open space (RTHK) or other restricted area to build.
AP Photo/Kin Cheung, File
In this Thursday, June 20, 2013, file photo, a TV screen shows the Asian stocks index at the Hong Kong Stock Exchange. India’s rupee sank to another record low on Thursday as emerging Asian currencies retreated after US Federal Reserve minutes failed to provide clarity about the future of its stimulus programme.
AirAsia profit slumps 62 percent Agence France-Presse
Friday, August 23, 2013
The airline had reported a 39 percent year-on-year drop in profit in the first quarter. Rapidly growing AirAsia has set up subsidiary budget carriers in Indonesia, the Philippines and Thailand. It said each of the fledgling airlines saw significant revenue increases in the quarter. AirAsia has grown from two planes, when flamboyant boss Tony Fernandes bought the
then-struggling airline in 2001, to a total fleet of more than 120 A320s. “Our traffic numbers show that the AirAsia brand is strong and that we are still able to stimulate demand and retain loyalty among our existing passengers through our low fares and extensive network across the region,” Fernandes said in a statement. The airline, one of the biggest
customers for European aircraft maker Airbus, is expecting nearly 360 more aircraft to be delivered up to 2026. AirAsia is planning to launch a no-frills joint venture in India later this year. But it was announced in June that it would terminate a joint venture with Japan’s All Nippon Airways to set up a Japanese budget carrier, citing management differences.
IBP/File Photo
A woman placing offerings in top of a car during tumpek landep ceremony.
Such proposal was revealed by Chairman of the Great Indonesia Faction (FIR) of the Denpasar House, I Ketut Resmiyasa, in Denpasar, Wednesday (Aug 21). His party also asked the executive to establish a special team to monitor and evaluate of the green belt that would make coordination with relevant agencies. “So far, we consider the law enforcement in the green belt is always inconsistent, while the public order officer (Satpol PP) has not showed off its optimal performance. As consequence, the violations always happen,” he said. This politician from Sesetan confirmed the special monitoring team intended to evaluate the green belt violations would consist of the representatives from the Denpasar Municipality under coordination with relevant agencies such as the State-owned Electricity Company (PLN), the National Land Agency (BPN) and PT Telkom.
“It is like an agency from outside the Denpasar Municipality that serves as tackler when there are people insisting on building within the green belt,” he said. If the team had established good coordination, so when there was a violation that built in the green belt, the Denpasar Municipality was expected to immediately communicate it to the PLN not to supply the power to the area and similar measure was also coordinated with PT Telkom no to provide the landline. “Similarly, the BPN is also appealed when it knows there are residents, for example, building in the green belt, it should be able to give explanation from the beginning, and if necessary, do not issue the certificate of ownership,” he said. His party exemplified the violation of development at the green belt on Jalan Tukad Balian and Jalan Sedap Malam Denpasar where so far
it seemed uncontrollable. “Suppose that PLN does not want to supply power to the violated settlement at the green belt, then the offenders will think twice to force themselves to build at the location because they cannot get the electricity,” he added. Meanwhile, when asked for his confirmation, Spokesperson of the PLN Bali, Agung Mastika, admitted that all this time there was no request from local government asking not to supply power to green belt, or other restricted areas. “As our procedures, any applicant that has had appropriate identity card in accordance with their residency will be approved. To that end, the Denpasar Municipality must write an official letter to the PLN Bali related to this matter,” he advised. He admitted that in general the PLN did not found any rules that allowed not channeling the power to buildings located in the green belt. (kmb27)