Gaza Hails Fasting Month With Ramadan Theme Goods

With Ramadan just around the corner, small business in Gaza are making products decorated with the shapes and symbols that have become synonymous with the month.

Lanterns, products decorated with season's greetings crescent moons and stars are in demand, as shoppers gear up for the fasting month.

Shop owner Dema Shoshaa, hand-painted mugs and plates in the days leading up to the month, to make colorful Ramadan-themed products, decorated with little stars and lanterns.

On the back of higher demand. Small businesses that make Ramadan themed products in Gaza have raised production levels to increase their revenue.

Global Banking Crisis Impact on Indonesia

So how does the global banking crisis affect Indonesia and the financial market for ventur capitalists, and start ups? 

To discuss this, we are joined by Eddi Danusaputro, Chairman of The Association of Indonesian Venture Capital and Startups.

Global Banking Crisis

Financial markets have been shaken in less than 2 weeks. The collpase of 3 US banks, Silvergate, Silicon Valley Bank and Signature Bank and Big Global Lender, Credit Suisse have brought back fears of a financial crisis.

In the US, the collapse of Silicon Valley Bank, the country's 16th largest bank, panicked customers who rushed to withdraw their deposits, causing a bank run and this all happened as SVB, announced it needed to raise capital. 

Meanwhile in Europe, investors had already been watching the slow decline of Credit Suisse over the years. From its accounting errors, involvment in scandals, billions of losses. The SVB collapse exacerbated investor concerns as many started to shine a spotlight on other banks that could be in a similar vulnerable position.

And now in recent days, the ubs deal to acquire Credit Suisse for USD3,2 billion, agreed to on Sunday, offers hope but doubt still persists in the global financial system.

The US federal reserve along with five other central banks have announced coordinated action to reassure global banks. As the immediate response to prevent the contagion risks have been contained.

Perry Warjiyo Appointed as Bank Indonesia Governor for Second Term

Perry Warjiyo has once again been named the Governor of Bank Indonesia, for the period between 2023 to 2028. Mister Warjiyo first began serving as the Indonesian Central Bank Governor in 2018 and has been viewed as succesful in guiding Indonesia through the hardships of the pandemic.

Commission Eleven of the Indonesian house of representatives have by acclamation, once again appointed Perry Warjiyo as the Governor of Bank Indonesia, for the period between 2023 to 2028.

Mister Warjiyo will continue his role, after first being appointed in 2018.

The Head of The House's Commission Eleven Kahar Muzakir said, that Perry Warjiyo has been competent and succesful in drawing up effective monetary policies, that have guided Indonesia through the hardships of the Covid-19 pandemic.

Perry Warjiyo was the sole candidate named by President Joko Widodo for the role of Bank Indonesia Governor.

During his fit and proper test on Monday (20/3/2023), Perry emphasized the importance of strengthening synergy between the central bank, government and related agencies. To strengthen Indonesia's economy and face all the challenges that lay ahead.

For his second term as governor, Perry Warjiyo has prepared seven main strategies, including strengthening policy mixes, accelerating the digitalization of payment systems.

Developing green economy funding. Synergizing with the government and related partners for downstreaming financing and strengthening international cooperation.

Before serving as governor, he was the Deputy Governor of Bank Indonesia from 2013 to 2018. Perry also previously served as the assistant Governor for Monetary, macroprudential and international policies and also served as the Executive Director of The Department of Economic Research and Monetary Policy at Bank Indonesia.

Indonesian House Passes Jobs Creation Law

The Indonesian house of representatives passed the controversial jobs creation emergency law, Tuesday (21/3/2023). A bill that the government claims will help draw more investments into Indonesia.

The jobs creation emergency law has however, drawn criticism from many. Members of the PKS Party walked out of the plenary hearing, as the law was being passed.

Labor unions also strongly oppose it arguing it contains many articles that do not benefit workers. The articles on minimum wages for example, do not clarify what indexes can determine the value of minimum wages in each respective region, raising concerns over inaccurate calculations of minimum wages.

But in response, the Indonesian Government argue that the emergency law will help draw in more investors into Indonesia by providing more legal certainties on the business ecosystem. The government have created a special task force, that will explain the jobs creation law to the public.