Day: October 29, 2022

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Garment industry urges President to intervene on minimum wage issue

We hope President Jokowi will save the garment industry in West Java whose minimum wage for district/city (UMK) has been set so high.

The Association of Producers of West Java’s Textile Products (PPPTJB) has urged Indonesian President Joko Widodo (Jokowi) to save the province’s garment industry by helping resolve the crucial issue of minimum wage.

 

“We hope President Jokowi will save the garment industry in West Java whose minimum wage for district/city (UMK) has been set so high,” PPPTJB chairperson Yan Mei said in a statement released on Saturday.

 

The garment industry, which has already been in a critical condition due to the minimum wage policy under the regional autonomy in the past, will die quickly owing to the global economic recession that has continued to affect demand in the garment market, she added.

 

She further concurred with the President’s warning of a global recession in 2023 owing to the economy, food, and energy crises triggered by the COVID-19 pandemic and the Russia-Ukraine war.

 

The President recently called upon Indonesians to stay cautious in view of predictions of a global recession, which he heard in his talks with several important figures such as the UN Secretary General, the International Monetary Fund (IMF), and G7 leaders.

 

According to Yan Mei, orders at West Java’s garment factories in the post-COVID-19 era and in the midst of the Russia-Ukraine war have declined 40–70 percent on average.

 

Source: ANTARA News

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University graduates must bring about mental revolution: minister

Surabaya Speaking at a graduation ceremony at Muhammadiyah University Surabaya on Saturday, Coordinating Minister for Human Development and Culture, Muhadjir Effendy, asked graduates to bring about a mental revolution.

 

“Now there is a drastic change that we must adapt quickly (to). It takes creativity to be able to respond quickly in new situations and it must be owned by all of you to enter the world of work during this time,” Effendy said.

 

According to the minister, the graduates will become core players in Indonesia’s golden era. Thus, he emphasized that all university graduates must help bring about a mental revolution.

 

“There are three values of Pancasila, according to the President’s direction: the integrity of the nation’s young people that must be nurtured, hardworking work ethic, and the spirit of mutual cooperation,” he said.

 

Meanwhile, the Rector of the Muhammadiyah University Surabaya, Sukadino, said that the graduation ceremony was the largest physical graduation held.

 

Around 1,456 graduates have been equipped with soft skills and the ability to adapt to the demands of the world of work.

 

“Several graduates have also successfully graduated by publishing their work or research in international or national journals. So, they can be converted to the equivalent of six credits of thesis,” he said.

 

This conversion option is part of the Independent Campus program of the Ministry of Education and Culture. In fact, it has been implemented for the past four years.

 

“Hopefully there will be more students who can publish their research. We hope the number can increase to 500 percent. This program is also easier than (publishing a) thesis, which requires many steps,” he said.

 

However, there are several challenges, including promoting a culture of publishing research among students since they are more familiar with the thesis process, Sukadino said.

 

“That is why we have research methodology courses and there are also exhibitions of student works and innovations as motivation for research publications,” he said.

 

Source: ANTARA News

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IFG strategic partner for developing Labuan Bajo tourism: BPOLBF

West Manggarai, East Nusa Teng The Labuan Bajo Flores Tourism Authority Board (BPOLBF) said that state-owned insurance holding firm Indonesia Financial Group (IFG) is serving as a strategic partner for advancing tourism in Labuan Bajo, West Manggarai, East Nusa Tenggara (NTT).

 

“We believe IFG has become a strategic partner to support Labuan Bajo to improve,” president director of BPOLBF, Shana Fatina, said here on Saturday while speaking about the IFG Labuan Bajo Marathon 2022 held the same day.

 

She lauded and welcomed the IFG Labuan Bajo Marathon, saying the physical infrastructure development in the area has finished and can support the revival of Labuan Bajo tourism.

 

Fatina noted that besides sports events, the IFG is also helping resolve education and waste-related problems in Labuan Bajo.

 

For that reason, the BPOLBF will support the IFG in holding similar events in the future, she added.

 

“We are ready to support the IFG that has committed to carry out this activity every year,” she said.

 

Source: ANTARA News

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Iveco Group N.V. announces successful signing of a euro 400 million syndicated term facility

Turin, 28 October, 2022. Today Iveco Group (MI: IVG) (the “Company”) has signed a euro 400 million syndicated term facility with Banco Bilbao Vizcaya Argentaria, Banco Santander, Bank of America, Barclays, BNP Paribas, Commerzbank, Deutsche Bank, Intesa Sanpaolo, Mediobanca – Banca di Credito Finanziario, Mizuho Bank, Rabobank, Société Générale and Unicredit as Bookrunners and Mandated Lead Arrangers.
The facility has a 2-year tenor extendable for up to an additional 12 months at the Company’s sole option.

The proceeds will be used to refinance the current term facility, ahead of the final maturity which would fall in January 2024.

This new facility confirms the firm support to Iveco Group from its key international relationship banks.

Iveco Group N.V. (MI: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; IDV, for highly-specialised defence and civil protection equipment; ASTRA, a leader in large-scale heavy-duty quarry and construction vehicles; MAGIRUS, the industry-reputed firefighting vehicle and equipment manufacturer; and IVECO CAPITAL, the financing arm which supports them all. Iveco Group employs approximately 34,000 people around the world and has 28 manufacturing plants and 29 R&D centres. Further information is available on the Company’s website www.ivecogroup.com

Media Contacts:
Francesco Polsinelli, Tel: +39 335 1776091
Fabio Lepore, Tel: +39 335 7469007
E-mail: mediarelations@ivecogroup.com

Investor Relations:
Federico Donati, Tel: +39 011 0073539
E-mail: investor.relations@ivecogroup.com

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