Category Archives: Global

The Netherlands overtakes Switzerland in world competitiveness stakes

DutchNews, May 24, 2018


The Netherlands has overtaken Switzerland and moved into fourth place in the latest global competitiveness rankings published by IMD

The top five most competitive economies in the world remain the same as in the previous year, but their order changed in the 2018 rankings. The United States, third last year, returns to the top spot, followed by Hong Kong, Singapore, the Netherlands and Switzerland. 

The Netherlands’ advance reflects a ‘balanced’ path to competitiveness, ranking in the top 10 in economic performance, government and business efficiency, IMD said. Switzerland declined mainly due to a slowdown in exports and, to a lesser extent, an increase in perceptions about threats of relocation of R&D facilities. 

The IMD World Competitiveness Center, a research group at IMD business school in Switzerland, has published the rankings every year since 1989. It compiles them using 258 indicators.

‘Hard’ data such as national employment and trade statistics are weighted twice as much as the ‘soft’ data from an executive opinion survey that measures the business perception of issues such as corruption, environmental concerns and quality of life. This year 63 countries were ranked. 

The Netherlands is also currently ranked 4th on the World Economic Forum‘s list of the 138 most competitive countries, behind Switzerland, the United States and Singapore.

VP calls for application of int`l accounting standards

Antara News, Mon, May 23 2011

Related News

Denpasar, Bali (ANTARA News) - Vice President Boediono in his address opening the fifth International Financial Reporting Standards (IFRS) Regional Policy Forum here on Monday, called for the implementation of international accounting standards in Indonesia.

Vice President Boediono.
(ANTARA/Widodo S. Jusuf)
The vice president said the standards were expected to support the improvement of the quality and transparency of companies`s financial reports in Indonesia.

"Uniting Indonesian and international accounting standards is not easy. Adherence to IFRS is not only an accounting issue because it is also intended to improve the quality and transparency of financial reports of companies in Indonesia," the vice president said.

Boediono said policy makers` support for the application of IFRS accounting standards was needed.

Therefore he appreciated the support from policy makers such as Capital Market Supervisory Board, Bank Indonesia, and State Ministry for State Enterprises which required the use of accounting standards from IFRS.

Managing board chairman of the Indonesian Accountants Association Mardiasmo said that some 300 delegates came from Asia, Oceania and other countries, including China, South Korea, Brunei, Japan, Malaysia, Macau, Hong Kong, Nyanmar, New Zealand, Philippines, Singapore, the US and the UK.

Mardiasmo said it was time for Indonesia to play an important role in discussions on accountancy standards in facing global challenges and opportunities.

The Vice President who arrived at Ngurah Rai airport here from Bandung at 10.15 am flew back to Jakarta after opening the event.

He was greeted by Bali Governor Made Mangku Prastika, the local legislative assembly speaker and members the Bali Regional Board Coordinating Forum.

The Vice President went to the IFRS forum and greeted by Mardiasmo and representative of IFRS Foundation Jeffrey Lucy.

Deputy Finance Minister Ani Ratnawati was also present on the occasion.

The Vice President was slated to fly back to Jakarta at 12.25 pm and arrive there at 1.10 pm.

Editor: Priyambodo RH

BCA, MoneyGram International provide new cash transfer service

The Jakarta Post, Jakarta | Wed, 05/04/2011

Indonesia’s biggest private lender by assets, PT Bank Central Asia (BCA), on Wednesday launched a new service to assist in cash transfers from overseas to Indonesia, working in cooperation with global payment service provider MoneyGram International.

BCA vice president director Jahja Setiaatmadja said customers could directly withdraw money transferred from overseas at any of BCA's 906 branches across Indonesia.

“The funds can be withdrawn in around 10 minutes,” Jahja said as quoted by kompas.com.

Indonesians working overseas and doing business abroad would benefit most from the new service, Jahja said.

BCA has been working on the remittance of Indonesian migrant workers for the past 10 years, he added.

In 2010, the bank handled more than US$6.7 billion worth of remittance involving more than 4.3 million Indonesians working abroad.

“A new partnership with MoneyGram will provide add more ways for senders from all over the world to transfer cash in quick and safe way,” Jahja said.
BCA will not charge customers to withdraw cash transferred using the MoneyGram service, he said.

A PIN number will be produced in every transaction and customers will be required to show this number and a valid ID card on withdrawal of MoneyGram funds at BCA branches, he said.

The bank also plans to extend the facility to BCA automated teller machines.


Related Article:

Obama : RI new rising economic power

Antara News, Tuesday, November 9, 2010 22:26 WIB

U.S. President Barack Obama shakes hands with Indonesia's President Susilo Bambang Yudhoyono alongside first ladies Michelle Obama (L) and Kristiani Herawati at an arrival ceremony at Istana Merdeka in Jakarta, November 9, 2010. (Xinhua/Reuters Photo)

Jakarta (ANTARA News) - Visiting US President Barack Obama said he believed Indonesia was a new rising economic power in the region as well as in the world.

"I believe Indonesia is not only a rising regional power but also a global power," he said at the opening of a bilateral meeting between the two countries` governments at Merdeka Palace here on Tuesday evening.

The meeting was attended by a number of ministers and officials concerned of the two countries.

President Obama said he had already held talks several times with President Susilo Bambang Yudhoyono. He said he had already had wonderful talks with President Yudhyono.

Obama said he was grateful he could visit Indonesia which would be for the finalization of a comprehensive partnership agreement between the two countries.

On the occasion President Yudhoyono expressed hope that the cooperation between the two countries could be expanded and deepened so that the two countries could further progress.

It was a closed-door meeting but journalists were allowed to cover its opening.

Among the Indonesian cabinet ministers attending the meeting were Coordinating Minister for Economic Affairs Hatta Radjasa, Coordinating Minister for Political, Security and Legal Affairs Djoko Suyanto, Minister/State Secretary Sudi Silalahi, Education Minister M Nuh and Trade Minister Marie Elka Pangestu.

On the US side the officials attending the meeting were Senior Advisor Valerie Jarrett, Press Secretary Robert Gibbs and several other officials.

Before the large-format meeting President Susilo Bambang Yudhoyono and President Barack Obama held a private meeting at the Merdeka Palace`s Jepara Room.

The meeting lasted almost half an hour and was held soon after President Obama arrived at the palace.

President Obama flanked by First Lady Michelle Obama were welcomed upon arrival at the Merdeka Palace at 5pm by President Yudhoyono and First Lady Ani Yudhoyono.

The two leaders greeted each other warmly and thereafter moved to the palace`s verandah for an official welcome where the two countries` national anthems were played.

New Bank Standards to Favor Indonesia

Jakarta Globe, Bloomberg, Reuters & JG | September 13, 2010

Jakarta. Banks in Asia, and especially in Indonesia, have high capital ratios and would be able to avoid the degree of fund-raising needed elsewhere to meet a new international standard, analysts said on Monday.

Bank Indonesia, seen in this file photo, is one of the
 many Indonesian banks which have found themselves
 in a favorable position following new banking
regulations  known as Basel III requirements.
 (Bloomberg Photo/Dimas Ardian)
Purbaya Yudhi Sadewa, an analyst at Indonesia’s state-run Danareksa Research Institute, said the country’s banks would have no problem complying with the Basel III requirements.

“Our banks’ capital ratio is high right now with Tier 1 capital slightly above 7 percent,” he said.

Most banks in the rest of Asia have capital levels well above the minimum levels under Basel III. That presents some banks with an opportunity for further growth by releasing some of their surplus capital, some analysts have said.

Ismael Pili, Macquarie’s head of Asian financial research, said Indonesian banks had the most to benefit from the new requirements because of their cash reserves.

“From here in Asia, the trick is to find the well-capitalized banks and match them with markets ripe for a further expansion in lending,” Pili said.

The new capital requirements agreed by global regulators on Sunday brought relief to Asia’s financial sector on Monday as fears that lenders might be forced into fresh capital raising were put to rest.

The new rules, known as Basel III, will require banks to hold top-quality capital totaling 7 percent of their risk-bearing assets.

This is a substantial increase from the current requirement of 2 percent, but is significantly lower than what banks had feared earlier this year, and comes with a phase-in period extending in some cases to January 2019 or later.

“It’s no big bang for banks, not with a phase-in arrangement of five years,” said Craig James, from Commonwealth Securities.

An official from Japan’s regulator, the Financial Services Agency, said its top banks could meet the new capital requirements “within their usual business efforts,” adding he did not think the banks would be forced to raise fresh capital or drastically reduce their assets.

For China, it might take some time before the new measures hit the rule books, one of the country’s top bankers said.

“It will take a long time to implement Basel III rules,” Xiao Gang, chairman of the state-owned Bank of China, said on the sidelines of the World Economic Forum’s summer meeting in Tianjin, China.

“It’s also difficult to say when China will implement this rule because we haven’t exercised Basel II yet,” he added.

However, Zhu Min, deputy governor of the country’s central bank, signaled he was keen for the rules to be adopted in a coordinated manner.

“The concern is that if everybody in the world applies different levels at the same time, it may cause international arbitrage in the regulatory framework,” he told reporters in Tianjin.

For Europe, the pain is likely to be more immediate. Top German lender Deutsche Bank is seeking a head start on its rivals by announcing plans to raise almost 10 billion euros ($12.8 billion) to bolster its capital.

Other banks in Germany, Spain, France and elsewhere are likely to follow suit to meet the new standards.

In the United States, Bank of America and Citigroup are among large lenders falling short of the new limits, according to Frederick Cannon, an analyst at Keefe, Bruyette & Woods in New York.

RI`s global competitiveness index up 10 notches to 44th

Antara News, Thursday, September 9, 2010 23:38 WIB

Jakarta (ANTARA News) - Indonesia`s global competitiveness ranking (CGR) rose by 10 notches to 44th this year mainly because of improving macroeconomic indicators and health and primary education, according to a World Economic Forum (WEF) report.

Indonesia`s macroeconomic indicators rose from 52nd to 34th and health and primary eduction from 82nd to 62nd, the Indonesian ambassador/permanent representative to the UN, WTO and other international organizations in Geneva, Dian Triansyah Djani, said in a statement.

The country`s quality of overall infrastructure increased from 96th to 90th, intellectual property protection from 67th to 58th, national savings rate from 40th to 16th, effectiveness of anti-monopoly policy from 35th to 30th, and extent and effect of taxation from 22nd to 17th.

Meanwhile, the country`s business sophistication index also rose, including local supplier quantity from 50th to 43rd, value chain breadth from 35th to 26th, control of international distribution from 39th to 33rd, production process sophistication from 60th to 52nd.

The ranking was based on the results of a comprehensive survey conducted in and on open data compiled from each of the countries surveyed, she said.

The CGR of 2010-2011 was also based on inputs from the WEF Advisory Board on Competitiveness, of which Indonesia`s Trade Minister Mari Elka Pengestu is one of the members.

Indonesia left Portugal behind in 46th place, Italy 48th, India 51st, South Afrika 54th, Brazil 58th, Turkey 61st, Russia 63rd, Mexico 66th, Egypt 81st, Greece 83rd and Argentina 87th.

Among ASEAN member states, Indonesia ranked 5th after Singapore in 3rd place, Malaysia 26th, Brunei 28th, Thailand 38th, while Vietnam ranked 59th, the Philippines 85th, and Cambodia 109th.

"One of the outstanding issues in the Global Competitiveness Report 2010-2011 is the fact that the competitiveness of developed and developing countries is moving in the direction of convergence point," the ambassador said.

Citing as an example, she said a number of Middle Eastern and North African countries joined the top 50 on the list, led by Qatar in 17th place, Saudi Arabia 21st, United Arab Emirates 25th, Tunisia 32nd, Oman 34th, Kuwait 35th, and Bahrain 37th.

The WEF releases the report every year based on surveys of business leaders and the latest economic indicators deemed critical to global competitiveness.

The report showed Switzerland remaining at the top of the list unchanged from last year, followed by Sweden, Singapore, the United States and Germany.

Japan came in sixth place, with Finland, the Netherlands, Denmark and Canada making the top 10 on the list this year.Hong Kong, Taiwan and China ranked 11th, 13th and 27th respectively.

The GCR 2010-2011 covers reports on the competitiveness of 139 countries/economies, up from 133 the year before. The GCI was based on 12 competitive sectors, namely institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.

"The significant increase in Indonesia`s GCR shows the business world`s growing confidence in the Indonesian government`s efforts to improve infrastructures and business climate in the country," she said.

RI`s global competitiveness index up 10 notches to 44th

Antara News, Thursday, September 9, 2010 23:38 WIB

Jakarta (ANTARA News) - Indonesia`s global competitiveness ranking (CGR) rose by 10 notches to 44th this year mainly because of improving macroeconomic indicators and health and primary education, according to a World Economic Forum (WEF) report.

Indonesia`s macroeconomic indicators rose from 52nd to 34th and health and primary eduction from 82nd to 62nd, the Indonesian ambassador/permanent representative to the UN, WTO and other international organizations in Geneva, Dian Triansyah Djani, said in a statement.

The country`s quality of overall infrastructure increased from 96th to 90th, intellectual property protection from 67th to 58th, national savings rate from 40th to 16th, effectiveness of anti-monopoly policy from 35th to 30th, and extent and effect of taxation from 22nd to 17th.

Meanwhile, the country`s business sophistication index also rose, including local supplier quantity from 50th to 43rd, value chain breadth from 35th to 26th, control of international distribution from 39th to 33rd, production process sophistication from 60th to 52nd.

The ranking was based on the results of a comprehensive survey conducted in and on open data compiled from each of the countries surveyed, she said.

The CGR of 2010-2011 was also based on inputs from the WEF Advisory Board on Competitiveness, of which Indonesia`s Trade Minister Mari Elka Pengestu is one of the members.

Indonesia left Portugal behind in 46th place, Italy 48th, India 51st, South Afrika 54th, Brazil 58th, Turkey 61st, Russia 63rd, Mexico 66th, Egypt 81st, Greece 83rd and Argentina 87th.

Among ASEAN member states, Indonesia ranked 5th after Singapore in 3rd place, Malaysia 26th, Brunei 28th, Thailand 38th, while Vietnam ranked 59th, the Philippines 85th, and Cambodia 109th.

"One of the outstanding issues in the Global Competitiveness Report 2010-2011 is the fact that the competitiveness of developed and developing countries is moving in the direction of convergence point," the ambassador said.

Citing as an example, she said a number of Middle Eastern and North African countries joined the top 50 on the list, led by Qatar in 17th place, Saudi Arabia 21st, United Arab Emirates 25th, Tunisia 32nd, Oman 34th, Kuwait 35th, and Bahrain 37th.

The WEF releases the report every year based on surveys of business leaders and the latest economic indicators deemed critical to global competitiveness.

The report showed Switzerland remaining at the top of the list unchanged from last year, followed by Sweden, Singapore, the United States and Germany.

Japan came in sixth place, with Finland, the Netherlands, Denmark and Canada making the top 10 on the list this year.Hong Kong, Taiwan and China ranked 11th, 13th and 27th respectively.

The GCR 2010-2011 covers reports on the competitiveness of 139 countries/economies, up from 133 the year before. The GCI was based on 12 competitive sectors, namely institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.

"The significant increase in Indonesia`s GCR shows the business world`s growing confidence in the Indonesian government`s efforts to improve infrastructures and business climate in the country," she said.

Related Article:

RI on verge of major transparency initiative

The Jakarta Post, Jakarta | Wed, 09/08/2010 9:14 AM

Indonesia has fulfilled all requirements to apply for the Extractive Industries Transparency Initiative (EITI), with the recent appointment of three regional secretaries from oil, gas and mining regions.

The initiative is the product of a multi-party international consensus between governments, extractive industries and civil societies to boost cash flow transparency in the extraction industries.

“All that Indonesia needs to do now is submit a formal letter signed by Coordinating Economic Minister Hatta Rajasa,” David W. Brown, a senior EITI adviser in Indonesia said.

He added that the three regional secretaries from East Java, East Kalimantan and Riau, including officials from various directorate generals connected to the mining industry, would represent the Indonesian government.

Representatives from civil society members and extractive company associations — including the Indonesian Coal Mining Association, Indonesian Mining Association, and Indonesian Petroleum Association — were also part of the Multi-Stakeholder Group, he said.

He said that although Hatta had not signed the formal request for candidacy since the team was formed in July, the elapsed time still fell within reasonable limits. “No expiration date exists for the requirements that have been submitted,” he said.

Ridaya Laodengkowe, an activist from Publish What You Pay, said that it would be advisable for the letter to be sent before the Idul Fitri holidays because the EITI board would enter a meeting session toward the end of September.

“We are hoping that the letter will be sent soon since the EITI board members are those who will decide about Indonesia’s candidacy,” he said, adding that two years had passed since activists campaigned for the importance of EITI candidacy among the extractive industries society in Indonesia.

The lengthy time span for meeting candidacy requirements, he said, was partly caused by the government’s difficulty in deciding on which of their agencies would represent oil, gas and mining districts.

Rezki Sri Wibowo, deputy executive director of Transparency International Indonesia, said that certain people considered EITI an internationally imposed initiative and resisted it as a result.

“Indonesians have a nationalistic sentiment toward the oil and gas industry, which they say is connected to security issues,” he said.

Ridaya said the government finally showed commitment to forward Indonesia’s candidacy in the initiative because they “saw a local and global demand for transparency”.

“They felt it especially when the Wall Street reform was widely discussed, in which increasing the transparency of extractive industries became part of the draft’s agenda,” he said.

The Dodd-Frank Wall Street Reform and Consumer Protection act in the US requires oil, gas and mining companies under the US Securities and Exchange Commission to publish their income, tax payment and royalties to host countries and the US government. (gzl)

G20 invitation list grows

cbc.ca, CBC News, Saturday, May 8, 2010 | 10:53 AM ET

Ethiopia and Malawi welcome as first-time attendees: Harper

Prime Minister Stephen Harper has announced that Canada has extended invitations to the leaders of Ethiopia, Malawi, the Netherlands, Spain and Vietnam to attend the G20 summit in Toronto next month.

It's common for countries that are not members of the Group of 20 to be invited to the meetings, but these are the first invitations for Ethiopia and Malawi.

The Netherlands and Spain are frequent attendees, although they are not G20 countries, but instead are represented by the European Union.

Malawi is current head of the African Union, while Vietnam is head of the Association of Southeast Asian Nations.

Harper's office announced the new invitees after the prime minister arrived in Berlin to mark the 65th anniversary of Germany’s surrender to Allied forces, ending the Second World War. Germany was Harper's final stop in a four-nation, five-day European tour.

The G20 includes the EU and 19 countries — Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, United Kingdom and United States of America.

G20 economies together account for 90 per cent of global output, 80 per cent of world trade and two-thirds of the world's population.

The G20 summit is being held June 26-27 at the Metro Toronto Convention Centre. It's being held in conjunction with the G8 summit in Huntsville, Ont., June 25-26.

The Prime Minister's Office said officials will be working to ensure recovery of the global economy and restore jobs around the world.

China ex-police boss Wen Qiang sentenced to death

Security was tight as Wen Qiang arrived for sentencing

A former senior police officer in China has been sentenced to death for corruption and rape.

Wen Qiang was charged with accepting vast sums of money from criminal gangs in the southern city of Chongqing in exchange for protection from the law.

He was also found guilty of rape and failing to account for his assets, says state news agency Xinhua.

Wen is the most senior official to be charged under a major corruption probe in the city.

His wife, Zhou Xiaoya, was tried at the same time and sentenced to eight years in jail for taking bribes, the Chongqing News newspaper reported.

Three other senior Chongqing police officials received sentences ranging from six months to 20 years, reports said.

Wen was convicted of taking more than 16m yuan ($2.3m; £1.5m) in bribes to turn a blind eye to crime.

Xie Caiping was known as the Godmother of Chongqing

He also was found guilty of raping a university student in 2007 and 2008, Chongqing News reported.

The case has attracted huge media attention across China.

The investigation began last summer and more than 780 people have been prosecuted.

Wen's sister-in-law, Xie Caiping - described as the Godmother of Chongqing - was jailed for 18 years last November for crimes including running gambling dens and protecting drug users.

She was reported to have earned more than 2m yuan ($292,000; £179,000) from crime.

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