Indonesian exports rise 9.7% in May, statistics bureau says
The increase in exports was higher than the median forecast in a Reuters poll of a 0.40% rise.
The trade surplus was $4.3 billion in May, increasing from April's figure of around $160 million, which was the smallest monthly surplus in five years.
Imports rose 4.14% on a yearly basis to $20.31 billion, stronger than the median forecast of a 0.90% rise in the poll, on increased shipments of capital goods and consumer goods.
The bureau is due to release May inflation and other economic indicators later on Tuesday.
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Telegraph
42 minutes ago
- Telegraph
Wall Street has faith in Trump. It could all end in tears
All is forgiven. Wall Street has soared to record highs just months after Donald Trump unleashed tariff chaos on the world. The S&P 500 stock index has surged nearly 25pc from the nadir it reached in the days after the US president announced his ' liberation day ' tariffs on April 2. The benchmark completed its best quarter since December 2023 on Monday as it reached a new high, even as Trump threatens to impose fresh tariffs within weeks. This will please a president who has long viewed the stock market as an unofficial straw poll on his performance. But is such a full-throated endorsement of Trump's economic plans justified? Not everyone is convinced. '[Stocks] are at an all time high and the risks are still there,' points out Luca Paolini, the chief strategist at Pictet Asset Management. 'It is not as bad as it was but it is not as good as it was a year ago. 'Our view is that it's going to get weaker and that's why we don't buy into the strength of the market.' Stocks have surged even as official data, published last week, confirmed that the US economy shrank by half a percentage point at the start of the year. 'The US economy is somewhat slowing and when you have those types of stock valuations, there's not much room for deception,' says Kevin Thozet, a member of the investment committee at European asset manager Carmignac. Stock prices on the S&P 500 are trading at about 22 times earnings, which assumes that companies will experience astonishing growth in profits in coming years. 'This recovery is driven entirely by soaring valuations rather than earnings upgrades, signalling underlying fragility,' Susana Cruz and Joachim Klement, analysts at stockbroker Panmure Liberum, have warned. The current stock market rally is 'built on shaky ground, given the deep economic uncertainty'. There are some good reasons for stocks to have roared back since Trump announced his 'liberation day' tariffs. 'Markets are always navigating a very uncertain environment. The question is, 'Is it worse or better than a few months ago?' And I think the market, correctly so, came to the conclusion that it's probably better,' says Paolini. 'The trade war that was supposed to be terrible for the global economy. It doesn't look like it is going to be that bad because there are going to be deals between the US-UK, US-India, Vietnam, probably Europe and Japan. 'So yes, there will be higher tariffs, but we are probably going to avoid a devastating trade war of everyone against everyone else.' Rory McPherson, the chief investment officer at Wren Sterling, says: 'Corporate earnings have been really strong. The earnings for the rest of the year have not been downgraded by anything like what they were downgraded in previous crises. 'Yes, they have been downgraded and the downgrade for the year is almost 4pc but that's not too far out of whack.' However, Paolini warns that the surge in stocks means there is 'very limited upside from here because equities are very, very expensive'. The big question hanging over the stock market is the future of so-called US exceptionalism – the previously self-reinforcing theory that America is unique and distinct from other nations. This belief has long helped to prop up stock markets, with investors betting that American businesses will pull through even the most difficult patches. But there are signs that this faith is being shaken. The dollar has suffered its worst first half of the year since 1973 and concerns about Trump's plans to borrow hundreds of billions have seen borrowing costs jump, prompting jokes that the president could become 'Donald Truss'. 'If I'm looking further out I think Trump's policies would lead to a lower US dollar and higher interest rates,' says Thozet of Carmignac. 'The Trump administration wants to have more manufacturing, more stuff made in the US and this comes with a lower dollar policy. And there's a risk that these higher interest rates deflates the elevated prices on US equities.' The man who could make or break the Wall Street rally is Jerome Powell, the chairman of the Federal Reserve. Lower interest rates would spur economic activity and help boost corporate profits. Traders are currently pricing in two cuts before the end of 2025 and a 53pc chance of a third, anticipating that policymakers will react to a slowdown in the American jobs market, which added 139,000 jobs in May, down from 147,000 in April. However, Powell warned on Tuesday at the ECB Forum in Sintra that policymakers had kept rates 'on hold when we saw the size of the tariffs'. 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Telegraph
an hour ago
- Telegraph
Starmer drops plans to restrict alcohol adverts after industry outcry
Sir Keir Starmer has dropped plans for a ban on alcohol advertising after warnings from the US that it would jeopardise his all-important trade deal with Donald Trump. US drinks companies complained that a ban would amount to a non-tariff trade barrier with America, while the £40 billion UK alcohol industry said it would mean a loss of investment and cancelled sports sponsorships. Proposals for restrictions on alcohol advertising and marketing were originally included in the 10-year plan for the NHS, which is expected to be unveiled this week. But The Telegraph has learnt that the plans have now been stripped out of the document, which will contain no mention of any changes to the rules on alcohol advertising, marketing or sponsorship. It is the latest in a series of climbdowns by the Government, which have included an about-turn over the winter fuel payment cut and huge concessions over cuts to disability benefits. Instead of a ban, Wes Streeting, the Health Secretary, is expected to concentrate on educating the public about the health harms that can result from drinking too much. The news will be greeted with relief by not just the drinks industry, but also sports, advertising and other sectors that rely on drinks marketing for revenue. One industry source said: 'A ban never made sense and so this decision is welcomed. 'We're happy to see the Government continuing to support a special and vitally important sector of industry that is a British success story around the globe. 'The British drinks industry makes and innovates some of the best alcohol products in the world, and the Government deserves credit for recognising its importance. 'This decision not to restrict advertising, marketing or sponsorship by alcohol brands, together with the recently agreed trade deal with India that will help UK drinks brands prosper, shows what smart, pro-growth policy can deliver.' Restrictions on alcohol advertising were championed by Mr Streeting, despite the fact that there is little evidence that a marketing ban would have any marked impact on alcohol abuse. US firms had complained that restrictions on marketing would make it impossible for them to break into the UK market with new brands, giving an advantage to established UK brands which would have broken the terms of Sir Keir's trade deal with President Trump. The office of the US trade representative was gearing up to formally raise the matter with the Government if any form of ban was contained in the 10-year plan. The shadow business secretary Andrew Griffith had described proposals for a ban as 'recklessly short-sighted.' Whitehall sources said the 10-year plan would contain proposals to help prevent harmful alcohol use, but they would be in line with Mr Streeting's 'nudge not nanny' approach that he has talked about in relation to healthy eating. On Sunday he said that he would be working with supermarkets to 'make the healthy choice the easy choice' which, he said, did not amount to nanny statism but would nudge the public into making better decisions about their health. In the past the Government has paid for public information campaigns encouraging moderate drinking rather than binge drinking. A Government spokesman said: 'The 10-year health plan will not include a ban on alcohol advertising. 'We'll always back our food and drink sector and, in our recent deal with India, slashed tariffs for a variety of iconic products, including whisky and gin.'
Coin Geek
4 hours ago
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PSAC highlights education and workforce priorities in meeting with the President
Homepage > News > Business > PSAC highlights education and workforce priorities in meeting with the President Getting your Trinity Audio player ready... The Private Sector Advisory Council (PSAC) – Jobs and Education Sector recently met with President Ferdinand R. Marcos Jr. to present a unified set of recommendations aimed at building a future-ready Filipino workforce. The Council emphasized the urgency of aligning education, training, and regulatory reforms with the rapidly evolving demands of the global economy, particularly in light of accelerating technological shifts driven by the widespread adoption of artificial intelligence. Private Sector Advisory Council – Jobs and Education Sector meets with President Ferdinand R. Marcos Jr. and presents key recommendations on workforce development, including the immediate rollout of the National AI Upskilling Roadmap. (Photo from Noel B. Pabalate / PPA Pool) Central to PSAC's proposals is the National AI Upskilling Roadmap, a flagship initiative designed to equip every Filipino with the awareness, skills, and confidence to live and work in an AI-powered world. PSAC called for its immediate rollout with the Commission on Higher Education (CHED), Technical Education and Skills Development Authority (TESDA), and the Analytics & AI Association of the Philippines (AAP) proposed as co-leads. The roadmap emphasizes inclusive access, from digital literacy for the general public to advanced AI training for professionals and would be a key component of the National AI Strategy developed and led by the Department of Science and Technology. It would also be integrated into the Education Commission 2 (EDCOM 2)'s National Education and Workforce Development Plan (NatPlan). 'Our goal is simple—create real opportunities for Filipinos to thrive in a fast-changing world,' said Sabin Aboitiz, PSAC Strategic Lead Convenor and Aboitiz Group President and CEO. 'Through stronger collaboration between the private sector and government, we can turn our shared vision into action.' The Council also recommended that the President issue an Executive Order to establish a Cabinet Cluster for Education consisting of the Department of Education (DepEd), CHED, and TESDA in order to ensure close coordination amongst the education agencies in their implementation of EDCOM 2's reform recommendations, particularly the NatPlan. This is aligned with the concurrent resolution that the Senate and the House of Representatives jointly passed on June 11, 2025. To support the country's growing industrial sectors, PSAC also advocated for a 'One-Stop Shop' where the Anti-Red Tape Authority (ARTA), Department of Trade and Industry (DTI), and all concerned agencies can address regulatory bottlenecks and improve the ease of doing business in high-potential industries like semiconductors, electronics, and smart manufacturing. The Council also provided updates to DepEd and Private Sector Jobs and Skills Corporation (PCORP) Senior High School (SHS) enhanced work immersion mini pilot program, reflecting current work environments and providing age-appropriate, practical experiences. Following a successful mini pilot with private sector partners, and a 96% completion rate, a full pilot is being launched in SY 2025-2026. PSAC also showcased its ongoing, high-impact programs already transforming the workforce landscape. The SM J.O.B.S. (Job Opportunities Building Skills) initiative, in partnership with the Department of Labor and Employment (DOLE), continues to create immediate employment opportunities, reaching over 32,000 job seekers and hiring almost 5,000 on the spot in 48 simultaneous job fairs nationwide on Labor Day and Independence Day. 'The AI tsunami is no longer coming — it is already here. And in a country where millions risk being left behind by automation, misinformation, and digital exclusion, the National AI Upskilling Roadmap is an urgent necessity,' said Fred Ayala, PSAC Education and Jobs Committee Co-Lead. 'This is about empowering every Filipino, regardless of age or background, with the skills and confidence to survive, thrive, and lead in an AI-driven world. We cannot afford to wait. The time to act, with the leadership of the government and the active participation of the private sector, is now,' Ayala added. The Digital Leadership Training Program for civil servants is also being scaled to reach 50,000 learners by 2027, preparing government leaders to thrive in a digital-first environment, with training to be provided by the Civil Service Institute, Department of Information and Communications Technology (DICT), and private sector higher education institutions Asia Pacific College and Mapua University. About Private Sector Advisory Council The Private Sector Advisory Council (PSAC) was established by President Ferdinand 'Bongbong' Marcos Jr. to foster stronger collaboration between the public and private sectors. Comprised of business leaders and experts across six key areas—Agriculture, Infrastructure, Digital Infrastructure, Education & Jobs, Healthcare, and Tourism—PSAC plays a vital role in driving economic growth. The council's private sector executives are strategically convened by Sabin M. Aboitiz, President and CEO of the Aboitiz Group, ensuring strong leadership and effective engagement. PSAC supports the government's commitment to transforming the Philippine economy by advancing infrastructure development, creating jobs, attracting investments, promoting digitalization, enhancing agricultural productivity, supporting MSMEs, and boosting tourism. It also champions education reforms and upskilling initiatives to equip Filipinos with the knowledge and skills needed for a globally competitive workforce. Through these efforts, PSAC aims to build a more equitable, sustainable, and inclusive business environment. The Council continuously provides policy recommendations to the government, regularly reporting to the President to offer insights, track progress, and refine strategies based on real-time developments.
