Jobs Creation Law Set to Be Passed
The controversial jobs creation law is set to be passed by the house at its next plenary session. Previously last Wednesday the legislative body of the house of representatives already agreed to pass the jobs creation law.
The deputy speaker of the house, Sufmi Dasco Ahmad, affirmed that the house and government will discuss the jobs creation law at its next plenary session. He also confirmed that the jobs creation law will be passed.
This comes even as the jobs creation law has come under heavy criticism by experts and labor unions alike, who lamented that the law still has not improved numerous regulations pertaining to worker's rights, including provisions on outsourcing and minimum wages.
Rio's Carnival Attracting More Than 2 Million Tourists
Rio De Janeiro authorities are expecting almost one billion USD in economic activity, during this year’s carnival, 12.5% more than 2020. The last carnival before the Covid-19 pandemic.
According to a study from Rio’s Economic Development Secretary, carnival is the city’s biggest event in terms of tourism numbers and tax receipt, attracting more than 2 million tourists and collecting 23% more service tax in the event’s month compared to the rest of the year.
In 2021, carnival was cancelled because of the pandemic. According to Rio’s Hotel Union, hotels in the city are almost at full capacity with many already at 90% a week ahead of the official opening on Friday.
Carnival impacts the economy from hotels, leisure, restaurants to small shops that sell costumes, ornaments and props that are seen at street parties with owners relying on the growth of sales during this period to pay their dues.
Mandiri: Indonesia's Consumer Spending Recovers to Pre-Pandemic Levels
Consumer spending in Indonesia has recovered to pre-pandemic levels, according to data from the Mandiri Institute.
Based on data from the Mandiri Institute's "brief on latest consumer spending", consumer spending in January this year, has returned to the normal pattern of spending in the pre-pandemic period.
The Mandiri spending index showed that the frequency of consumer spending index reached 157,9 in January, while the value of consumer spending index reached 131,7. Spending increases were also evenly distributed across all regions in Indonesia, as spending on travel and tourism, electronics, fashion, restaurants and supermarkets had all increased significantly.
The latest consumer survey conducted by Bank Indonesia in January 2023, indicates increasing consumer confidence in economic conditions, compared to one month earlier. The consumer confidence index rose to 123 in January up 3,1 points compared to December, when consumer confidence was at 119.9. Meanwhile, overall in 2022, household spending in Indonesia rose sharply, growing by 5,39 percent.
Consumer spending, once again, contributed the most to GDP making up 50,38 percent of Indonesia's GDP in 2022. Indonesia's economy grew by 5,72 percent in 2022, the highest growth since 2013.
Indonesian Composite Index Down by 0,27 Percent
Now let's take a look at the Indonesian stock market today on Thursday, the Indonesian composite index was down by 0,27 percent.
The IDX composite fell as major stocks in sectors such as health, non-primary consumer, financial and basic materials slipped. However, the technology sector strengthened alongside infrastructure.
Now moving on to the top gainers today. They were Adi Sarana Armada, Autopedia Sukses Lestari and PAM Mineral. And now the top losers were Jasa Berdikari Logistics, Gaya Abadi Sempurna, and Andalan Sakti Primaindo.
Meanwhile, the rupiah gained 0,31 percent, strengthening against the dollar to 15 thousand 159 rupiahs. Now let's move on to commodity prices, with oil was up 0,48 percent to 78.97 dollars, while brent also up by 0,32 percent to 85.65 dollars.
Oil markets edge up as markets shrug off US inventory surge. Moving onto gold, which was also up by 0,21 percent as the dollar eases.
Agriculture Ministry Ensures Rice Supply Will Exceed Domestic Demand
Indonesia's Minister of Agriculture, Syahrul Yasin Limpo ensured that Indonesia will not suffer any shortages in food supplies this year. As harvests for many agricultural goods, including rice, are set to be bountiful.
According to Minister Limpo up until February 2023, 1,9 million hectares of paddy fields have already been harvested. That figure is expected to rise, until the peak of the paddy harvesting season in March to April.
Those harvests are then expected to boost Indonesia's rice supplies to 32 million tons. That would be two million tons higher than the country's need of 30 million tons of rice per year.
Stockholm's Design Fair in Sweden
In Sweden, sustainability is at the forefront of designers' minds this year at Stockholm Furniture Fair during design week. Nature, our planet, and Swedish Forests are all elements of inspiration for the design studio front.
With grassy, musky-looking couches and mushroom-shaped lamps, the Stockholm-based studio has created an installation that questions how design can adapt to technological, environmental, and social change.
Meanwhile, interestingly times gang studio uses advanced technology to obtain sustainable designs such as this table AI-Bio which is the result of a collaboration with generative AI and 3D printed in a wood-based composite.
US Pilot Shortage Puts Pressure on Airline Operation
A shortage of pilots in the US is limiting the number of flights that airlines can operate causing delays and cancellations during peak travel periods. Several major airlines are now partnering with flight schools or starting their own training programs to create a more diverse team of future pilots. Airlines have complained about a shortage for several years. Made worse during the pandemic when pilots were encouraged to take early retirement as air travel collapsed in 2020.
Airlines have been in a hiring frenzy ever since and that is likely to continue for several years as the carriers replace pilots who reach the US federal mandatory retirement age of 65.
Several US airlines have started their own training programs or partnered with flight schools to ensure a pipeline of future pilots that would be more diverse as fewer than four percent of current airline pilots are African-American and fewer than five percent are women.
The lack of pilots contributed to a 52 percent increase in flight cancellations in the US last year compared with 2021. The shortage is giving pilot unions leverage in contract negotiations that were paused by the onset of the pandemic. New contracts are certain to include hefty pay raises that will drive up costs for airlines.
Over the past decade or two, industry officials warned that a pilot shortage was coming as travel boomed and thousands of US pilots approached mandatory retirement age.
If a pilot calls in sick often there is no one immediately available to replace them and that is leaving tens of thousands of travelers stranded. The US Government estimates that there will be about 18 thousand openings for airline and commercial pilots per year this decade with many of those replacing retirees.
