Panic selling hits Indonesia, Philippine stocks set for bear run

first_imgIndonesia’s central bank is stepping up efforts to shield the economy. It’s already cut reserve ratios and signaled more measures to stem a rout in the rupiah and the nation’s bonds, while the government announced $742 million in stimulus.The Financial Services Authority said it will allow companies to buy back shares without shareholders’ approval and ease rules on loan restructuring for sectors hurt by the public health emergency. The nation’s stock exchange banned short selling and said it has other tools in the pipeline to ensure market stability.That hasn’t prevented a worsening of the stock rout, though.For the Philippines, many analysts and investors came into 2020 with an optimistic outlook, even though they were already hit by President Rodrigo Duterte’s verbal attacks on some of the nation’s biggest business groups for contracts he alleged were disadvantageous to the public.But the virus shattered all the hopes. Duterte declared a state of public health emergency after a local transmission, and several cities have suspended classes.“The rising number of the infected by the virus locally and globally is pushing the bear out of the cage,” said Jonathan Ravelas, chief market strategist at BDO Unibank Inc.“It seems the fear is yet to peak and until we see the outbreak is contained and a recovery in confidence we could stay in bear territory for awhile. As countries pursue containment and isolation, growth could further slow down and bring with it earnings.”Topics : Indonesian and Philippine stocks are among those heading for bear territory as another devastating day for equities unfolds.The Jakarta Composite Index dropped as much as 3.8 percent Monday, taking its slide from a peak in February 2018 to 21 percent. With a 5.8 percent plunge, the Philippine Stock Exchange Index is down 24 percent from a July high, becoming one of the world’s 10 worst performers this year.The markets are following their Malaysia and Thailand peers, which entered a bear market in the last week of February, while Japanese shares are also poised for a bear run Monday. Even though Indonesia and the Philippines have reported few coronavirus cases, fears over the economic impact of the outbreak are growing as the epidemic has reached about half of the world’s countries.Adding to that, oil prices crashed Monday after a breakdown of talks between OPEC and Russia on how to manage the world’s supply, sending shock waves through markets.“Cash is king for now for we don’t know how the global economy is exactly affected,” said Manny Cruz, a strategist at Papa Securities in Manila. “What disruption has the virus created and what extent of a slowdown that we will see in the global economy? The crash in global oil prices will create more panic.”Foreigners have been fleeing Southeast Asian markets this year. They have pulled US$393 million from Philippine equity funds and $462 million from Indonesian ones since January. Valuations for the Philippine benchmark index have sank to 12.6 times earnings projected for the next year, the lowest since November 2011, and to 12.4 for the Jakarta gauge, the lowest since October 2015, data compiled by Bloomberg show.last_img read more

City of Riviera Beach Employee Dies of Coronavirus; Most Depts to Go Remote

first_imgA local government employee has died from COVID-19.The Riviera Beach staff member has not been identified, but City Manager Jonathan Evans confirmed that six to eight other employees have self-quarantined as a result of their colleague’s death.“To the victim’s family and the individuals who work in the organization, it is a horrific day for the City of Riviera Beach. We are certainly doing everything we can to protect the safety and the welfare of our employees and the public,” Evans told our news partner, WPTV NewsChannel 5. “This is serious and it happened right here at home for us all. It is a painful reminder that we have to listen, and we are going to have to make some tough decision to be able to get through this for better days here in our community.”The city has established a hotline for employees who feel they are developing symptoms.Officials are still investigating whether or not the victim contracted the virus during travel or through direct contact with someone in the community.“The individual had previous health-related issues that certainly, probably exacerbated the issues associated with COVID-19,” added Evans.Completely Remote City Operations— City of Riviera Beach, FL. (@Rivierabch) April 1, 2020 As a result of the employee death, Evans is asking all departments to go “full-remote” by April 6. The city’s Fire-Rescue, Police and Utilities departments would be exempt from the full-remote order.last_img read more

Trout gets another up-and-in heater from SF pitcher in loss

first_img Angels star Mike Trout flinched after yet another high-and-tight fastball from San Francisco reliever Shaun Anderson, prompting a warning from the plate umpire Thursday night in the Giants’ 10-5 win over Los Angeles.Two days earlier in Anaheim, Trout was upset when Anderson twice threw near his head in the ninth inning. After that game, Giants manager Gabe Kapler said he was giving Anderson, a 25-year-old with control issues, some needed work after not pitching for a while.This time, the three-time AL MVP turned his head after another heater sailed up and in. Angels manager Joe Maddon loudly cursed and complained before emerging from the dugout to continue — after this week’s previous episode, Maddon said of Anderson: “That’s just a young man that’s not ready to be here, that’s all that is.”Maddon didn’t mince words after seeing it happen again.“Enough was enough,” he said. “I don’t want to use the word ‘irresponsible’ loosely but in that situation, you pretty much knew it was going to happen again. I’m not accusing the guy of doing anything on purpose. I’m just saying he doesn’t command his fastball enough in order to know where it’s going.”Maddon wouldn’t call the pitches to Trout intentional but was incensed after it occurred three times in two games.“A player of Trout’s stature, third ball in the (two games) that we’ve faced them. Too close, too close,” Maddon said. “It can’t happen. It just can’t happen. The kid’s got eight walks in nine innings, so it’s not an anomaly moment for them.”A few people in the Giants barked back as Maddon came onto the field and the umpires conferred in the infield, prompting the warning from plate ump Lance Barrett.Once play resumed, Trout tripled off the fence in left field.Kapler declined to discuss the situation.“On a night where Joey Bart got his first major league hit, when he led us to a major league win, and when Brandon Crawford hit his 100th major league home run … anything I say related to that is going to distract and I’m just not going to do that,” Kapler said.Wilmer Flores homered and drove in four runs for the second straight day and Mike Yastrzemski had a two-run double to lead San Francisco.Crawford hit his milestone homer and Austin Slater added a pair of hits and scored twice as the Giants won their third straight.Anthony Rendon had three hits and two RBIs for the Angels. He extended his hitting streak to 10 games but the Angels fell to 8-18, the worst start in franchise history.Flores hit a two-run homer off Angels starter José Suarez on a 3-2 pitch, his second in two days with a full count. Flores walked and scored in the second, had a two-run single in the third and singled again in the fifth.Over his last seven games, Flores is hitting .414 ( 12 for 29) with three homers and nine RBIs.Kevin Gausman (1-1) struck out eight and allowed four runs in 5 1/3 innings to win.Crawford hit his milestone home run off Julio Teheran in the fourth.“It’s really cool,” Crawford said. “It’s something I never really dreamed of doing in the major leagues, being able to hit 100 homers.”Suarez (0-1) allowed five runs, five hits and retired only four batters. The left-hander, who was called up from the alternate training site before the game, has not won in 13 consecutive starts dating to last season.BART’S DEBUTBart, the No. 2 overall pick in 2018, went 1 for 4 in his major league debut. Batting sixth, Bart was hit by a pitch, struck out with the bases loaded and popped out before doubling for his first hit. He also grounded out in the ninth.Bart was the Giants’ first-round draft pick out of Georgia Tech and signed for a bonus of more than $7 million.“The goal is to get Joey in the lineup as much as possible to get as much experience behind the plate and in the batter’s box as possible,” Kapler said.The Giants optioned catcher Tyler Heineman to their Sacramento alternate site to clear room for Bart’s debut. Starting catcher Buster Posey opted out of the coronavirus-shortened season as he takes care of adopted newborn twin girls.ANGELS MOVESRight-hander Jaime Barria was optioned to the alternate training site to make room for Suarez.TRAINER’S ROOMAngels: Max Stassi started at catcher but left in the second inning after getting hit in the right knee by a foul ball. X-rays were negative. The Angels were already short-handed at catcher. Jason Castro came out of Wednesday’s game after missing five games because of neck stiffness.Giants: OF Austin Slater remained the designated hitter as he works back from a strained right elbow that has limited him from playing the outfield. He may need a couple of more days hitting only.UP NEXTAngels: LHP Andrew Heaney (1-1, 4.74) gets another start against Oakland on Friday after taking a no-decision against the A’s on opening day. Heaney hasn’t beat Oakland since 2017.Giants: RHP Logan Webb (1-2, 3.54) starts against the Diamondbacks on Friday. Written By First Published: 21st August, 2020 12:53 IST FOLLOW US Last Updated: 21st August, 2020 12:53 IST Trout Gets Another Up-and-in Heater From SF Pitcher In Loss Angels star Mike Trout flinched after yet another high-and-tight fastball from San Francisco reliever Shaun Anderson, prompting a warning from the plate umpire Thursday night in the Giants’ 10-5 win over Los Angeles. COMMENTcenter_img LIVE TV WATCH US LIVE Associated Press Television News SUBSCRIBE TO USlast_img read more