“There is always a tendency to look to help national champions,” said Kammer. “But it leads to a misallocation of capital if you favour one company over others.”
“Indonesia has the potential to be a regional and even global champion in the future green economy,” said Porwanto. Other than supplying raw materials such as nickel — Indonesia has the world’s largest reserves of the metal used in batteries — the country could also be a centre for EV production and carbon monetisation, he said.
What are the implications for investors? Perhaps counter-intuitively, investors should continue to embrace bonds, which look attractively priced. We continue to favour high-quality sovereign debt, including US Treasuries.
An army statement said the minister had been briefed on preparations for the destruction of Hamas’s Rafah Brigade, “an achievement which will finalise the dismantling of Hamas as a military authority in Gaza”.
“We cannot live in a society in which billionaires domiciled abroad have control of social networks and put themselves in a position to violate the rule of law, failing to comply with court orders and threatening our authorities.
“Canada has also emphasised that extension should contribute to the timely conclusion of a bilateral free trade agreement that serves the interests of both parties,” it said.
It was “appropriate to reduce the overall number of rate cuts or push them further into the future” in response to the latest inflation figures, he said. In February the headline consumer price index and core CPI, which strips out more volatile food and energy costs, rose 0.4 per cent from the prior month.
Alibaba has ditched plans to spin off its cloud business and paused the listing of its supermarket unit after investors reacted with weak enthusiasm to the Chinese ecommerce giant’s radical restructuring plan.
IBM has said it has pulled its global advertising from Elon Musk’s X following a report that the social media platform ran the tech company’s adverts alongside pro-Nazi material, in a fresh blow to the company’s efforts to bring back sales revenues.
Russian authorities have arrested senior executives at Carlsberg’s seized subsidiary Baltika Breweries under criminal charges of fraud as the battle over the rights to the Danish brewer’s brand licences escalates.