Indonesia launches new multi-billion-dollar sovereign wealth fund
Indonesia on Monday launched a new sovereign wealth fund that will aim to manage state assets worth more than $900 billion as President Prabowo Subianto looks to turbo-charge growth in Southeast Asia’s biggest economy.The recently inaugurated leader has pledged to take the archipelago’s annual growth from five to eight percent, ordering billions of dollars worth of cuts across government that last week sparked the first protests of his rule.Prabowo signed a document at the presidential palace in Jakarta initiating the new fund known as Daya Anagata Nusantara, or Danantara, which is modelled on Singapore’s investment arm Temasek and received approval this month in a parliament dominated by the president’s ruling coalition. “I, as the president of the Republic of Indonesia, sign… the government decree… about the organisation and governance of the Investment Management Body, Daya Anagata Nusantara,” he said at the palace.”It is not just an investment body, it is an instrument for national development that will optimise the way we manage our wealth. We are committed to being a developed nation.”Danantara will take control of government holdings in state companies, with an initial budget of $20 billion, according to state news agency Antara.Investment Minister Rosan Roeslani has been picked as the chief executive of the fund, Coordinating Minister for Economic Affairs Airlangga Hartarto told reporters after the signing.The government has not specified which state-owned companies will fall under control of the fund but Prabowo has said he wants it to manage more than $900 billion in assets.As of 2023, government data showed state-owned enterprise assets were worth $637.5 billion, much lower than Prabowo’s target.He will use the fund as an investment vehicle and said it would “be invested in 20 or more high-impact national projects” this year.Prabowo said the initial funding would be used for projects in nickel, bauxite, copper, food production, renewable energy and building an AI centre, oil refinery and petrochemical factory.- ‘New era’ -Danantara will be Indonesia’s second sovereign wealth fund, after the Indonesia Investment Authority which was launched in 2021 and holds $10.5 billion in assets.”This event marks a new era in the transformation of strategic investment management in the country,” presidential secretariat spokesman Yusuf Permana said in a statement Sunday.”It is also part of the government’s commitment to realising… a grand vision aimed at elevating Indonesia’s economy to a higher level through sustainable and inclusive investments.”Prabowo’s cuts to fund Danantara and an ambitious multi-billion-dollar free lunch programme have stoked student-led protests by thousands across Indonesia’s cities, including the eastern city of Makassar where police fired tear gas.Austerity measures announced by Prabowo in late January sparked the rallies last week, underpinned by a social media movement known as “Dark Indonesia”.The fund will also report directly to Prabowo and some experts have cautioned that it will need proper monitoring and management, otherwise it could raise governance concerns.Danantara’s launch was also met with some opposition on social media by Indonesians angry at the government’s handling of finances in a country long known for red tape and corruption.”The state can’t even manage life insurance properly. How can it manage a Danantara-style Sovereign Wealth Fund?” asked one user on X.
Trois ans après l’invasion russe, confusion et divisions à l’ONU
Défiant Kiev et ses alliés européens, les Etats-Unis veulent soumettre lundi à l’Assemblée générale de l’ONU et au Conseil de sécurité un texte réclamant une “fin rapide” du conflit en Ukraine sans référence à l’intégrité territoriale du pays, un test pour la nouvelle approche du président Donald Trump.Depuis l’invasion de l’Ukraine par la Russie il y a trois ans, le rapport de force à l’ONU était clair: une Assemblée générale sans ambiguité dans son soutien politique écrasant à l’Ukraine et à sa souveraineté face à Moscou, et un Conseil de sécurité paralysé par le droit de veto russe.Mais le retour de Donald Trump à la Maison Blanche a rebattu les cartes, le président américain entamant un rapprochement avec le Kremlin et multipliant les invectives contre son homologue ukrainien Volodymyr Zelensky désormais sous pression.Dans ce contexte diplomatique tendu, à l’occasion du troisième anniversaire de l’invasion russe, l’Ukraine et plus de 50 autres Etats vont soumettre lundi dans la matinée au vote de l’Assemblée générale un projet de résolution qui reconnaît qu’il est “urgent” de mettre fin à la guerre “cette année”, et répète sans équivoque les précédentes demandes de l’Assemblée: retrait immédiat des troupes russes du territoire ukrainien et arrêt des hostilités menées par la Russie.Alors que les interrogations allaient bon train sur la possible abstention des Etats-Unis sur ce texte, Washington a créé la surprise vendredi en proposant un projet de résolution concurrent.Une résolution “simple” et “historique”, a commenté le secrétaire d’Etat américain Marco Rubio, en exhortant tous les Etats membres à l’approuver.- “Bonne idée” -Le texte, très court, “demande instamment qu’il soit mis fin au conflit dans les plus brefs délais et plaide pour une paix durable” entre Kiev et Moscou, sans référence à l’intégrité territoriale de l’Ukraine, pierre angulaire des précédentes résolutions de l’Assemblée dont les Etats-Unis de Joe Biden étaient un des plus fervents soutiens.Cette résolution américaine “est une bonne idée”, a immédiatement commenté vendredi l’ambassadeur russe à l’ONU Vassili Nebenzia, même si la Russie prévoit un amendement demandant de s’attaquer aux “causes profondes” du conflit.La présidence chinoise du Conseil de sécurité a confirmé dimanche à l’AFP que les Etats-Unis allaient soumettre également le texte lundi après-midi au vote du Conseil, plaçant les Européens dans l’embarras.Pour être adoptée, une résolution doit recueillir les voix d’au moins neuf des 15 membres, sans veto d’un des cinq membres permanents. L’abstention seulement des membres de l’UE (France, Slovénie, Danemark, Grèce) et du Royaume-Uni ne serait ainsi pas suffisante pour la rejeter.La France et le Royaume-Uni seraient-ils prêts à utiliser leur veto pour la première fois depuis plus de 30 ans, alors qu’Emmanuel Macron et Keir Starmer sont attendus à la Maison Blanche cette semaine ?”Je ne vois pas comment Paris et Londres peuvent soutenir un texte tellement loin de leur position affichée sur l’Ukraine, mais je ne vois pas non plus comment ils pourraient y mettre leur veto”, a déclaré à l’AFP Richard Gowan, de l’International Crisis Group.Entre des Européens désarçonnés par la nouvelle politique américaine, de nombreux Etats membres de l’ONU lassés de l’attention portée à l’Ukraine et certains pays arabes qui n’ont pas oublié que Kiev n’a pas soutenu les résolutions sur Gaza, il est difficile de prédire l’issue de la bataille diplomatique qui se jouera lundi à l’Assemblée générale.Ce sera un “test” pour les Européens concernant leur “influence” dans le système multilatéral et pour l’Ukraine, qui risque d’en ressortir “plus isolée”, a noté Richard Gowan. Un “premier test” aussi pour “l’approche musclée de l’administration Trump face à l’ONU” et pour les principes du droit international, a-t-il ajouté.Des principes fermement défendus par le secrétaire général de l’ONU Antonio Guterres qui a réclamé dimanche une paix respectant “l’intégrité territoriale” de l’Ukraine et la Charte des Nations unies.
Trois ans après l’invasion russe, confusion et divisions à l’ONU
Défiant Kiev et ses alliés européens, les Etats-Unis veulent soumettre lundi à l’Assemblée générale de l’ONU et au Conseil de sécurité un texte réclamant une “fin rapide” du conflit en Ukraine sans référence à l’intégrité territoriale du pays, un test pour la nouvelle approche du président Donald Trump.Depuis l’invasion de l’Ukraine par la Russie il y a trois ans, le rapport de force à l’ONU était clair: une Assemblée générale sans ambiguité dans son soutien politique écrasant à l’Ukraine et à sa souveraineté face à Moscou, et un Conseil de sécurité paralysé par le droit de veto russe.Mais le retour de Donald Trump à la Maison Blanche a rebattu les cartes, le président américain entamant un rapprochement avec le Kremlin et multipliant les invectives contre son homologue ukrainien Volodymyr Zelensky désormais sous pression.Dans ce contexte diplomatique tendu, à l’occasion du troisième anniversaire de l’invasion russe, l’Ukraine et plus de 50 autres Etats vont soumettre lundi dans la matinée au vote de l’Assemblée générale un projet de résolution qui reconnaît qu’il est “urgent” de mettre fin à la guerre “cette année”, et répète sans équivoque les précédentes demandes de l’Assemblée: retrait immédiat des troupes russes du territoire ukrainien et arrêt des hostilités menées par la Russie.Alors que les interrogations allaient bon train sur la possible abstention des Etats-Unis sur ce texte, Washington a créé la surprise vendredi en proposant un projet de résolution concurrent.Une résolution “simple” et “historique”, a commenté le secrétaire d’Etat américain Marco Rubio, en exhortant tous les Etats membres à l’approuver.- “Bonne idée” -Le texte, très court, “demande instamment qu’il soit mis fin au conflit dans les plus brefs délais et plaide pour une paix durable” entre Kiev et Moscou, sans référence à l’intégrité territoriale de l’Ukraine, pierre angulaire des précédentes résolutions de l’Assemblée dont les Etats-Unis de Joe Biden étaient un des plus fervents soutiens.Cette résolution américaine “est une bonne idée”, a immédiatement commenté vendredi l’ambassadeur russe à l’ONU Vassili Nebenzia, même si la Russie prévoit un amendement demandant de s’attaquer aux “causes profondes” du conflit.La présidence chinoise du Conseil de sécurité a confirmé dimanche à l’AFP que les Etats-Unis allaient soumettre également le texte lundi après-midi au vote du Conseil, plaçant les Européens dans l’embarras.Pour être adoptée, une résolution doit recueillir les voix d’au moins neuf des 15 membres, sans veto d’un des cinq membres permanents. L’abstention seulement des membres de l’UE (France, Slovénie, Danemark, Grèce) et du Royaume-Uni ne serait ainsi pas suffisante pour la rejeter.La France et le Royaume-Uni seraient-ils prêts à utiliser leur veto pour la première fois depuis plus de 30 ans, alors qu’Emmanuel Macron et Keir Starmer sont attendus à la Maison Blanche cette semaine ?”Je ne vois pas comment Paris et Londres peuvent soutenir un texte tellement loin de leur position affichée sur l’Ukraine, mais je ne vois pas non plus comment ils pourraient y mettre leur veto”, a déclaré à l’AFP Richard Gowan, de l’International Crisis Group.Entre des Européens désarçonnés par la nouvelle politique américaine, de nombreux Etats membres de l’ONU lassés de l’attention portée à l’Ukraine et certains pays arabes qui n’ont pas oublié que Kiev n’a pas soutenu les résolutions sur Gaza, il est difficile de prédire l’issue de la bataille diplomatique qui se jouera lundi à l’Assemblée générale.Ce sera un “test” pour les Européens concernant leur “influence” dans le système multilatéral et pour l’Ukraine, qui risque d’en ressortir “plus isolée”, a noté Richard Gowan. Un “premier test” aussi pour “l’approche musclée de l’administration Trump face à l’ONU” et pour les principes du droit international, a-t-il ajouté.Des principes fermement défendus par le secrétaire général de l’ONU Antonio Guterres qui a réclamé dimanche une paix respectant “l’intégrité territoriale” de l’Ukraine et la Charte des Nations unies.
Vatican thriller ‘Conclave’ wins top prize in SAG Awards upset
Vatican thriller “Conclave” won top prize at an unpredictable Screen Actors Guild Awards gala Sunday, throwing a potential late curveball into the Oscars race just a week before the Academy Awards.The movie about the mysterious, behind-closed-doors selection process for choosing a new pope won the prize for best cast — the SAG equivalent to best picture — for a stellar ensemble including Ralph Fiennes, Stanley Tucci, John Lithgow and Isabella Rossellini. Collecting the award, Fiennes said the win was a celebration of “community,” and “the supreme importance of it in our work and in the world.”Rossellini earlier wished “a quick recovery” to Pope Francis, who has been in hospital for 10 days with respiratory issues and remains in critical condition.Having also won big at Britain’s recent BAFTA awards, “Conclave” now appears a strong, late-breaking contender for the best picture Oscar, alongside critical darlings such as “Anora.” In another upset, Timothee Chalamet won the SAG Award for best actor for his portrayal of a youthful Bob Dylan in “A Complete Unknown.””I know we’re in a subjective business but the truth is, I’m really in pursuit of greatness,” said Chalamet, never short on confidence.”I know people don’t usually talk like that, but I want to be one of the greats,” he added, citing inspirations including multiple Oscar winners Daniel Day-Lewis and Marlon Brando, and sporting titans Michael Jordan and Michael Phelps.”I want to be up there,” said the 29-year-old.Adrien Brody has long been seen as the runaway favorite for this year’s awards season with his performance as a brilliant architect, haunted by the Holocaust, in “The Brutalist.” But Chalamet’s win suggests that the Oscars race could be closer than expected.- ‘Purpose’ -The SAG Awards are voted on by Hollywood actors, who represent the biggest branch of the membership of the Academy of Motion Picture Arts and Sciences, which votes for the Oscars.The prizes are therefore closely watched as indicators of who is likely to win Academy Awards.More closely following pundit predictions Sunday, Demi Moore won the best actress SAG Award for her role in gory body horror “The Substance.”Moore’s role as an aging celebrity who injects a serum to temporarily reclaim her younger body — with disastrous consequences — has marked a stunning career renaissance for the 1990s megastar.Acting “changed my life because it gave me meaning, it gave me purpose and it gave me direction, because I was a kid on my own, who had no blueprint for life,” she said.Kieran Culkin and Zoe Saldana won the best supporting actor and best supporting actress awards for “A Real Pain” and “Emilia Perez,” respectively, at the gala aired on Netflix. Culkin plays an emotional and charismatic tourist retracing his ancestral roots in Poland with his mismatched, neurotic cousin (Jesse Eisenberg).Saldana portrays a lawyer hired to help a Mexican cartel boss undergo gender reassignment surgery in the scandal-hit Netflix film “Emilia Perez.”Both have won nearly every prize in their categories at multiple shows this year, and appear to be shoo-ins for the Oscars next Sunday.- ‘Fight back’ -Jane Fonda received the union’s Life Achievement Award, using much of her speech to urge Hollywood to “fight back” against the current state of US politics.”A whole lot of people are going to be really hurt by what is happening, what is coming our way,” warned Fonda.While not directly mentioning President Donald Trump, Fonda notably name-checked Sebastian Stan’s performance as Trump in the movie “The Apprentice.” Comparing the present situation to the intolerance of the McCarthyism of the 1950s, Fonda said “today, it’s helpful to remember… that Hollywood resisted.”Her comments, greeted with a standing ovation from the audience, came at a time when Hollywood studios has been criticized for falling in line with White House policies such as the shuttering of diversity hiring programs.In the television awards, Japanese period drama “Shogun” won best ensemble and best stunt ensemble, while its stars Anna Sawai and Hiroyuki Sanada won individual awards.In comedy, Martin Short won for best actor for “Only Murders in the Building,” which also won the best ensemble prize, while Jean Smart won for “Hacks.”Â
South Korean fans soak up nostalgia with vintage Japanese superheroes
Die-hard South Korean fans cheer and clap as their favourite superheroes strike poses in brightly coloured uniforms to the sounds of a soulful Japanese ballad, a nostalgic throwback to the days of VHS.It has been decades since Japanese superhero series “Choudenshi Bioman” was last on TV, but its epic stories of good versus evil still resonate deeply for these South Korean millennials.And while their masked heroes are now well into their sixties, a chance to meet them in person at a sold-out concert hall event this month in Seoul was too good to pass up — even with ticket prices starting at 300,000 won ($210).”Most of us here are office workers, and though the ticket price wasn’t cheap, it wasn’t beyond our means as lifelong fans,” said Oh Myung-hoon, 39.”It wasn’t a matter of choice for fans like me. It was a must.”Part of the “Super Sentai” series, better known to Western audiences as the inspiration for the “Power Rangers” phenomenon of the 1990s, “Choudenshi Bioman” and its companion shows tell the story of a group of people with special powers fighting supervillains intent on world domination.The show was broadcast at a time of Japan’s transformation into a global cultural powerhouse, its animation and film studios producing content seen the world over.But many Korean fans of “Choudenshi Bioman” were initially not even aware the show was Japanese.- Japanese imports banned -For decades, South Korea imposed sweeping restrictions on Japanese cultural imports due to historical tensions stemming from Tokyo’s colonial rule over the peninsula in the early 20th century.It was not until 1998 — more than half a century after Korea’s independence — that Seoul began lifting its ban on Japanese media content.Japanese superhero series — best known in South Korea through “Bioman” and “Flashman” — were among the few exceptions to the ban and imported on VHS tapes, making them a rare and cherished phenomenon in the 1980s and 1990s.Even so, authorities required all Japanese text in the series to be replaced with Korean and the voices dubbed, effectively erasing any trace of their Japanese origins.This allowed the series to thrive in an era when anti-Japanese sentiment remained strong, media columnist Kim Do-hoon told AFP.”The media that dominated my youth was all Japanese, like the animation ‘Galaxy Express 999’, but they had to appear Korean through dubbing,” the 49-year-old said.”The 1970s and 80s were an era of peak anti-Japan sentiment, with the belief that anything related to Japan was bad.”But “thanks to South Korea’s strong cultural exports and vibrant economy” times have changed, he added.Some scenes managed to avoid the censorship and showed Japanese characters in the background — puzzling young Korean kids.Cha Jeong-in, a 39-year-old game developer, admits she was confused by the “unrecognisable letters”.”I asked myself ‘what is it?'” she told AFP.”I later learned it was all made in Japan.”- Good triumphs over evil -For the actors who starred in the hero series, the heartfelt reception in Seoul was both exhilarating and perplexing — especially in a country where Japanese content was once heavily censored. “I had never expected something like this to happen 40 years after filming, so I was really surprised,” said Kazunori Inaba, who played Red Mask in “Maskman”.The 68-year-old former actor, who now runs a ramen restaurant in Tokyo, said it was “difficult” for him to account for the devoted following his decades-old fantasy drama still enjoys in South Korea.”If this work that we did can be a good bridge between Japan and Korea, then we have done a really good job,” he told AFP.”I think heroes are really important, especially when you’re a child. As you grow up, you forget about them,” he said.”But rewatching them can help bring back the memories.”Game developer Cha said she spent $1,500 to come to Seoul from the Philippines, where she now lives.”I thought that if I missed this chance, I’d never be able to see them face to face in my lifetime because of their advanced age,” she told AFP.”They all taught me that good always triumphs over evil and that I must not choose the path of wrongdoing,” Cha said.”They instilled those values in me.”
Most Asian markets track Wall St loss; Hong Kong extends gains
Asian markets mostly fell Monday following a dour end to last week for Wall Street, where a disappointing round of data added to concerns about the world’s number one economy.The euro started on the front foot after conservatives won a closely watched election in Germany, with leader Friedrich Merz urging the speedy formation of a new coalition government.After a healthy performance on Friday, Asian investors struggled to maintain momentum after big losses in New York, where the Nasdaq lost more than two percentThe selling came after a report showed activity in the key services sector hit a 25-month low in February, while separate data indicated consumer sentiment dived almost 10 percent from January.Meanwhile, another study revealed that expectations for inflation hit a three-decade high.The readings follow a recent run of figures pointing to a softening of the labour market and prices continuing to rise faster than the Federal Reserve’s target rate.There have been increasing fears since Donald Trump regained the US presidency that his plans to impose import tariffs, and slash taxes, immigration and regulations would reignite inflation.That has led investors to scale back their expectations for how many interest rate cuts the Fed will make this year.Hong Kong advanced in early Asian trade, building on Friday’s blockbuster rally fuelled by tech firms, particularly an eye-watering rise of more than 14 percent in ecommerce titan Alibaba.The Chinese firm piled on more than one percent, while JD.com was up 0.9 percent.However, while Singapore also edged up the rest of the region struggled.Shanghai, Sydney, Seoul, Taipei, Manila, Jakarta and Wellington were all in the red.The euro got a lift from news that Merz’s CDU/CSU alliance won more than 28 percent, according to projections, crushing the Social Democrats (SPD) of outgoing Chancellor Olaf Scholz, which came third.The far-right Alternative for Germany (AfD) came second, almost doubling its score to over 20 percent.Merz said he wanted to quickly form a government, warning that as Trump is driving rapid and disruptive changes, “the world isn’t waiting for us”.”Markets will like that, presuming it is achieved,” said National Australia Bank’s senior forex analyst Rodrigo Catril.Oil prices extended losses after dropping as much as three percent on Friday as the weak US data sparked demand fears, while there are also growing expectations Trump will ease the sanctions that have limited Russian oil exports.- Key figures around 0230 GMT -Hong Kong – Hang Seng Index: UP 0.1 percent at 23,494.24Shanghai – Composite: DOWN 0.3 percent at 3,370.56Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: UP at $1.0521 from $1.0462 on FridayPound/dollar: UP at $1.2682 from $1.2628Dollar/yen: UP at 149.45 from 149.32 yenEuro/pound: UP at 82.96 pence from 82.81 pence West Texas Intermediate: DOWN 0.2 percent at $70.27 per barrelBrent North Sea Crude: DOWN 0.1 percent at $73.97 per barrelNew York – Dow: DOWN 1.7 percent at 43,428.02 (close)London – FTSE 100: FLAT at 8,659.37 (close)