Incomes hit a record high and poverty reached a record low in 2019

Adrian Wail Akhlas (The Jakarta Post) PREMIUM Jakarta   ● Fri, January 8, 2021 Indonesia’s foreign exchange reserves reached its second-highest annual record in December 2020, rising to US$135.9 billion, driven by tax collection and the government’s foreign borrowing, Bank Indonesia (BI) announced on Friday. The current reserves level was an increase of $2.3 billion from $133.6 billion in November and was estimated to be enough to cover 9.8 months of imports and payments of the government’s external debts, the central bank said. It was also above the international reserve adequacy standard of three months’ of imports. “Bank Indonesia is of the view that the foreign exchange reserves are adequate, supported by stability and a positive outlook for the economy, in line with various policy responses to push for economic recovery,” the central bank said in a statement. to Read Full Story SUBSCRIBE NOW Starting from IDR 55,500/month Unlimited access to our … [Read more...] about Indonesia’s forex reserves near record-high in December

Sales of electric vehicles increased rapidly in 2022, nearly doubling their U.S. market share and setting a worldwide record, The Wall Street Journal reported Monday. The market share of electric vehicle sales in the U.S. jumped from 3.2% in 2021 to 5.8% in 2022, as manufacturers took aggressive steps to promote their electrified products in the U.S., according to the WSJ. Despite this blistering pace of growth, the U.S. lagged behind China and Europe, where roughly 19% and 11% of new vehicle sales were fully electric, pushing the global market share to 10% for the first time. (RELATED: Top Execs Depart Floundering Electric Vehicle Startup) “Last year, every fourth vehicle we sold in China was a plug-in, and this year it will be every third auto,” Ralf Brandstätter, head of Volkswagen’s business in China, told the WSJ. “We haven’t reached the tipping point yet, but we’re expecting to get there between 2025 and 2030.” Whether car companies can carry this momentum into 2023 … [Read more...] about Electric Vehicle Sales Hit Record Levels In 2022 As Automakers Raked In Profits

(Representative Image) India's wheat production is set to jump to a record after all-time high prices prompted farmers to expand planting areas with high-yielding varieties and good weather conditions, scientists and traders told Reuters. Higher wheat output could encourage India, the world's second-biggest producer of the grain, to consider lifting a ban on exports of the staple and help ease concerns over persistently high inflation in food prices. "This year production could rise to 112 million tonnes because of the higher area and favourable weather," Gyanendra Singh, director at the Indian Institute of Wheat and Barley Research, told Reuters. India, also the world's second-biggest consumer of wheat, banned exports in May 2022 after a sharp, sudden rise in temperatures clipped output, even as exports picked up to meet the global shortfall triggered by Russia's invasion of Ukraine. India's wheat output fell to 106.84 million tonnes in 2022 from 109.59 million tonnes … [Read more...] about India wheat harvest could hit record on higher planting area, favourable weather

Image Credit: Pixabay Domestic passenger vehicles sales surged 23 percent to a record of 3.793 million units in 2022 as carmakers dispatched more vehicles to showrooms in December before impending prices hikes in the new year. Discounts by Original Equipment Manufacturers (OEMs) also gave sales a boost in December 2022. Federation of Automobile Dealers Associations (FADA) President Manish Singhania told Moneycontrol, “Overall, the industry is looking positive in December and we do expect decent growth happening across segments. In the PV space, we expect a single digit YoY (year-on-year) growth during this month.” Hyundai Motor India reported 20.2 percent growth last month at 38,831 units compared to 32,312 units in the year-ago month. The company also registered record sales of 552, 511 units in 2022, an increase of 9.4 percent YoY. Commenting on the 2022 performance, Tarun Garg, director (sales, marketing & service) at Hyundai Motor India Ltd, said, … [Read more...] about Car sales surge to a record high ahead of impending prices hikes

India and China have become a crucial destination for Russian oil (Representative image/Reuters) India’s oil processors are open to buying even more Russian crude if the price is right, said refinery executives, potentially providing a bigger outlet for Moscow almost a year after its invasion of Ukraine. The South Asian nation increased Russian oil imports in 2022, ending the year with record monthly volumes as discounted barrels enticed buying. Executives said more cheap crude may be available to India from early next month, with a European Union ban on seaborne Russian fuel shipments possibly weighing on refining rates in the key OPEC+ producer. India and China have become a crucial destination for Russian oil after many others shunned shipments due to the war in Ukraine . Indian refiners are able to turn cheap Russian crude into fuels such as diesel and then sell to regions including Europe, boosting profit margins for processors. The impending EU sanctions are … [Read more...] about Russian oil exports to India may hit new highs as interest grows

GDP China’s key economic data this week will likely show a marked weakening in growth at the end of last year after the Covid Zero policy was abruptly ended, although attention is quickly shifting to a strong rebound in 2023. A surge in infections in December took a toll on the economy, with official data Tuesday likely to show a slump in activity to levels comparable to when Shanghai was locked down in the spring last year. That means gross domestic product growth in the final quarter of 2022 likely slowed to 1.6%, according to the median estimate in a Bloomberg survey of economists — less than half the pace recorded in the third quarter. Full-year GDP probably grew just 2.7% last year, according to the survey, well below the government’s ambitious goal of “around 5.5%” and slightly above the 2.2% increase posted in 2020, when the pandemic first hit. COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works … [Read more...] about China’s GDP likely hit by lockdowns, Covid zero exit

For tax-payers who had chosen the new, alternative tax regime introduced in Budget 202 0, assessment year 2021-22 was the first time they had to file returns under the framework. In fact, salaried tax-payers had the option to switch between two tax regimes even at the time of filing their income-tax returns. That is, the existing tax regime that offers tax benefits and a new regime which offers a lower tax rate for those who give up on the benefit of tax deductions for select savings and expenses. The new tax regime came into effect from April 1, 2020 (financial year 2020-21) under section 115BAC of Income Tax Act, 1961. It doesn’t allow 70 exemptions and deductions such as house rent and leave travel allowance, education allowance, section 80C and 80D benefits and home loan interest deduction under Section 24. Also listen: Opted for the new tax regime? Know the nitty-gritties of filing tax returns this year This has led to additional procedural complications at … [Read more...] about Why the new income tax regime has few takers

International gold prices are hovering around $1,921 per ounce -- up from around $1,615 in November 2022. (Representative image) A record rally in gold prices has dampened jewellers' hopes about a robust sales in the beginning of the year. Encouraged by the uptick in sales during Diwali and Dhanteras in October, jewellers were expecting a higher demand, with the start of the wedding season – between October and December. The rising rates of the yellow metal, together with the threats of economic slowdown, have dampened sales. International gold prices are hovering around $1,921 per ounce -- up from around $1,615 in November 2022. In India, gold futures in the Multi Commodity Exchange (MCX) touched a new high of Rs 56,245 per 10 gm last week. On Monday, it was trading further high-- in the Rs 56,300-56,400 range. The price of 22 carat gold, used by jewellers, was Rs 5,220 per gram or Rs 41,760 per sovereign (8 gms) on Monday. Also Read | Gold prices hit record … [Read more...] about Gold price touches record high, wedding season loses some shine

Share to Twitter Share to Linkedin In the past, you needed to take required minimum distributions (RMDs) around age 70.5. This year RMDs can be taken at age 73. For younger folks reading this post, the RMD age will rise to 75 on Jan 1, 2033. The taxes could be onerous regardless of when you will need to begin taking your RMDs. Keep reading for ways to shrink your RMDs and hopefully reduce some of the taxes owed along the way. Regarding RMDs and retirement income, there are typically two types of retirees: those who need to take out more than their RMD amount to live, and those who don't need their total RMD and want to push off their tax bills as long as possible. For the most part, this article is for the latter retiree, but both can learn about some strategies to minimize tax on retirement income. Send Your RMD Straight to a Charity If you are both retired and looking to donate to charity, you can lower your taxes by sending part or all of … [Read more...] about How To Shrink High Taxes On Your Required Minimum Distributions

Share to Twitter Share to Linkedin The latest music video from Colombian pop star Shakira logged more than 82 million views in a 24-hour period on YouTube last week according to Official World Records – setting a new milestone for the most-watched new Latin song in the history of the video-sharing platform. The video for the four-minute pop song "Out of Your League" is Shakira's first collaboration with Argentinean producer and DJ Bizarrap. It had been seen 126 million times by Monday afternoon. Shakira has now joined the ranks of Latin performers who have broken YouTube records, including J Balvin, Luis Fonsi, and Daddy Yankee. The "diss track" as it has been described, features Shakira, 45, ridiculing her former partner Barcelona footballer Gerard Piqué, 35, and his new alleged 23-year-old partner. Sharkia and Piqué, who have two children together, split last year. Singing The Blues In the song, Shakira, who has said she is "worth two … [Read more...] about Colombian Pop Star Shakira Proves She Is ‘Out Of Your League’ As Video Breaks YouTube Record