NFTE, a Global Entrepreneurship Education Nonprofit, Announces World Series of Innovation Finalists

Winners will be announced in April

NFTE, a Global Entrepreneurship Education Nonprofit, Announces World Series of Innovation Finalists

Network for Teaching Entrepreneurship (NFTE) selected the top finalists in its World Series of Innovation (WSI), presented by Citi Foundation. Finalists represent the top 10 teams in each of WSI’s unique challenges supported by Citi Foundation, Bank of the West, EY, Mary Kay, Mastercard, Maxar, MetLife Foundation, Link Logistics, ServiceNow, and Zuora. Each challenge’s first-, second-, and third-place teams will be announced in April. Prizes range from $300-$1,500. Watch the Announcement at

NEW YORK, Feb. 20, 2023 (GLOBE NEWSWIRE) — Network for Teaching Entrepreneurship (NFTE) selected the top finalists in its World Series of Innovation (WSI), presented by Citi Foundation.

Finalists represent the top 10 teams in each of WSI’s 10 challenge categories. WSI encourages entrepreneurship and innovation in youth ages 13 to 24, prompting them to solve global challenges in alignment with the UN Sustainable Development Goals, including climate change, environmental degradation and poverty.

There were 1,249 total submissions from 59 countries around the world. WSI invited participants to submit innovative solutions to unique challenges supported by Citi Foundation, Bank of the West, EY, Mary Kay, Mastercard, Maxar, MetLife Foundation, Link Logistics, ServiceNow, and Zuora. Each challenge’s first-, second-, and third-place teams will be announced in April. Prizes range from $300-$1,500.

By keeping this competition free and accessible for youth worldwide, NFTE upholds its vision of increasing equity in education for youth, regardless of their background.

“Our World Series of Innovation embodies what NFTE teaches every day in our classrooms and communities,” said Dr. J.D. LaRock, President and CEO of NFTE. “By promoting an entrepreneurial mindset and a passion for advancing equity in society, WSI is proof of the power of our youth to create meaningful change. We were blown away by our participants this year and their ability to think critically and uniquely about some of the biggest challenges we face today, including environmental, economic, social and racial injustice. Innovation is critical for the development and betterment of our world and is an act of hope for a better future for the planet and generations to come.”

Finalists represent Bangladesh, Canada, India, Mexico, Republic of Korea, Rwanda, Singapore, Taiwan, Thailand, Trinidad and Tobago, United Kingdom, Vietnam, and the United States (including California, Connecticut, the District of Columbia, Florida, Georgia, Hawaii, Minnesota, Missouri, New Hampshire, New Jersey, Pennsylvania, Texas, and Virginia).

Among the ideas are Aqua Made, a U.S. team’s concept for decreasing the amount of household water usage by connecting faucets to a digital app; DyCon from Bangladesh, which tackles the large carbon footprint produced by cotton dyeing companies; and EduMaster from India, which aims to increase financial literacy rates in women by creating easily accessible, digital resources. Other projects include Sea Saver, an American team’s proposed product to remove oil from the ocean; Trinidad and Tobago’s Seaweed Solutions, which recycles seaweed to create sustainable material for construction; and Thailand’s Soilmate, a composting bin to decrease waste.

NFTE motivates youth to ignite their entrepreneurial mindset by thinking about real-world challenges. Doing so empowers future leaders outside of a traditional educational curriculum.

To learn more, visit Find a video about the WSI finalists at Direct media inquiries, including requests regarding the teams and their ideas, to Cecilia Apodaca at 970-237-0440 or; or Denise Berkhalter at 917-281-4362 or

A photo accompanying this announcement is available at

GlobeNewswire Distribution ID 8752140 and WM Holdings Inc. issue Joint Clarification on recent approaches by Digital Currency Group’s Grayscale Bitcoin Trust Stakeholders’s Globally Innovative AI System

Global Telephony Provider and its US Subsidiary WM Holdings Inc. issue joint clarification highlighting their independent and nonaligned postures, as well as the differences between’s TUV Digital Currency equivalent and Cryptocurrencies

Global Telephony Provider and its US Subsidiary WM Holdings Inc. issue joint clarification highlighting their independent and nonaligned postures, as well as the differences between’s TUV Digital Currency equivalent and Cryptocurrencies

LONDON and NEW YORK, Feb. 20, 2023 (GLOBE NEWSWIRE) — The global Cryptocurrency sector is currently undergoing unstable transitionary events. These include bankruptcies and failures of large entities, regulatory action being taken or contemplated within that sector by regulatory authorities, and adversarial postures being taken up by Stakeholders against Cryptocurrency Asset Managing firms.

Against this backdrop – and following contact established with it by entities involved in some of these unstable / adversarial events – (Holdings) Limited and its US Subsidiary WM Holdings Inc. have issued a public clarification – to and for the various parties contacting it, and all/any other relevant parties – clarifying their position and stance in this situation, as well as the structure and nature of the TUV Digital Currency / CBDC equivalent.

Firstly, as a clarification of the status and designation of the TUV Digital Currency / CBDC equivalent, it is not classified as a Cryptocurrency or a Stablecoin. This is because:

  • Although the TUV indeed possesses every positive characteristic of Cryptocurrencies, Stablecoins, Digital Currencies – and all the required characteristics of proposed Wholesale and Retail CBDCs on a Global Multicurrency basis – it also exhibits the following very important differences between it and Cryptocurrencies / Stablecoins:
  • TUVs are not sold as Retail Speculative Commodities at costs in the tens of thousands of dollars per TUV. They are provided and acquired at zero cost. Their varying Face Values are determined by the Acquirer, who converts the Currency amount of choice into TUV Digital Currency.
  • The Face Value of each Currency-Backed “Standard TUV” is permanently backed by 100% of the Currency of the TUV Face Value, permanently stored in a Regulated Bank Account (i.e. it is a 100% Reserve Currency equivalent).
  • The Face Value of each Gold-Backed “Secured TUV” is permanently backed by 100% of the TUV Face Value in Gold Bullion, permanently stored in a Secured Gold Storage Facility (i.e. it is a Gold Standard Currency equivalent).
  • The Face-Value of each Programmable “Smart TUV” is permanently backed by either 100% of the Face value in either Currency or Gold (i.e. because Standard TUVs or Secured TUVs are used as the baseline Programmable Instrument).
  • The Securing Currency or Securing Gold of any TUV is permanently available for redemption – on demand by the owner – to the Bank Account of the owner and/or the possession of the owner (if Gold).
  • The TUV Backing Currency can be converted to all other International Reserve Currencies – and other currencies – on demand and without limitation as to the number of conversions, by the owner.
  • The TUVs function according to Distributed Ledger+ and Blockchain+ Systems – meaning that the asset is recoverable by the owner even in a case of Private Keys being lost or misplaced; and that loss or theft of the asset is not possible.
  • The Platform and System reside and function within a Unitary Global System, in which all aspects of Global TUV Creation, Distribution, Acquisition, Purchase or Sale or Trade or Exchange Transactions, Transfer + Payment Transactions, Settlement and Redemption are carried out from, and on, one Platform. This removes all intermediary layers and fees.
  • A TUV Solution facilitating all aspects of TUV activity and transactions exists for the Global Unbanked population exists, facilitating entry of all Unbanked or Underbanked persons Globally into the 21st Century Global Digital Economy environment.
  • The System and TUVs are not in a regulatorily disputed or regulatorily grey-area sector. They are firmly in the Telephony Sector, and have been due diligenced over 13 years in 60+ Due Diligences. The most recent satisfactorily Regulatory Review by the Senior Telephony Regulator in Guernsey – the Guernsey Competition and Regulatory Authority – was in late 2022 (on top of a previous unambiguous clarification by the Guernsey Financial Services Commission in 2021 that is not in the Financial Services Sector). See the document “Recent Regulator’s Review” in the “Resources” section of this article.
WM’s TUVs can be used for large or small transactions in many varying currencies

WM’s TUVs can be used for large or small transactions in many varying currencies

The TUVs and the entire TUV System were reviewed for over a year by some of the world’s foremost Macroeconomists and one of the world’s foremost Macroeconomic Entities. An entire Research Paper was published on the TUVs that confirms all of its characteristics, and that confirms the substantial differences between the TUVs and Cryptocurrencies / Stablecoins, as well as the TUVs’ other ubiquitous and Strategic global applications (See the Research Paper “New Dimensions for the TUV in the System” in the “Resources” section of this article).

For this reason, it is not only entities that currently have holdings in the Grayscale Bitcoin Trust that are interested to use TUVs and other facilities / the Platform.

Multiple other entities unconnected to the Cryptocurrency sector events are also considering establishing their own Vehicles through which to acquire TUVs in multiple currencies – or Gold-Backed Secured TUVs – for their clients, for their discretionary portfolios, or for their own portfolios. This is particularly given the proven Inflation and Currency Depreciation Hedges that the TUVs provide. (See the document “TUVs as an Inflation and Currency Depreciation Hedge” in the “Resources” Section of this article).

Moreover, although the Global Cryptocurrency-related Sector represents a significant Market Sector in terms of both value and volume, it is only considered a Market of Secondary Interest to This is because the Cryptocurrency-related Sector – as significant as it is – is small in volume and value compared to the other market sectors in which’s TUVs, Facilities and Platform currently have proven command leads.

These include:

  • Being a proven and operational Global Alternative to SWIFT for Transfers
  • Being a proven and operational Alternative to the Global FX Market for Conversions
  • Being a proven and operational Alternative to the Global Payments Sector for Online and Offline Payments
  • Being a proven and operational Alternative to Global Clearing Houses for Settlements
  • Being a proven and operational Global Wholesale and Retail CBDC equivalent
  • Being a proven and operational Global Unitary Currency equivalent
  • Other Globally Ultra-High Value Attributes

(See the Research Paper “Money and Credit: Potential Expansion of the WM System” in the System” in the “Resources” section of this article).

It is as a result of these Command Leads in these Ultra-High Value Global Sectors that the personnel of Central Banks have previously requested internships at Moreover, an entity representing all Central Banks engaged in CBDC / Digital Currency Research previously requested to set up a joint project to share its knowledge with them, due to it having its own completed, proven and fully-operational Global CBDC-equivalent.

Currently, it has been widely reported in the media that that the SEC is involved in investigations with regard to some of Digital Currency Group’s (“DCG”) subsidiary Genesis Global’s activities and/or transactions. Simultaneously, DCG’s subsidiary Grayscale Investments is reportedly litigating against the SEC in an effort to gain EFT status for the Grayscale Bitcoin Trust.

These events narrowly precede – or follow closely on the heels of – the SEC’s reported increasing crackdown on aspects of Cryptocurrency trading in general, and the fallout from the collapse of the Cryptocurrency-based entity FTX and its subsidiary Alameda Research.

Moreover, it has recently also been widely reported that a number of Stakeholders in the world’s largest Bitcoin and Cryptocurrency Asset Manager – the Grayscale Bitcoin Trust (“GBTC”) – have commenced litigation or activism against GBTC. These include well-known firms such as ARK Investment Management, UTXO Management, Fir Tree Partners, Osprey Fund and Valkyrie.

In this unstable environment and climate in that sector, some of the Stakeholder entities involved in the dispute and/or litigation with GBTC have contacted, inquiring as to the potential for them to diversify their holdings in that entity by establishing vehicles that hold TUVs as opposed to GBTC and/or Bitcoin and/or other Cryptocurrency holdings. and its US Subsidiary WM Holdings Inc. have consequently corresponded with the larger of the relevant entities engaged in these adversarial activities – and with also with the Digital Currency Group and the Grayscale Bitcoin Trust – to clarify’s and WM Holdings Inc.’s position.

The reasons for this are that:

  •’s US Subsidiary – WM Holdings Inc. – is in the final stages of preparation to commence its Regulation D Rule 506(c) Private Placement, and is currently sourcing potential Placement Partner entities and expressions of potential interest from verified Accredited Investors, directly and via its website.
  • is preparing for Recommencement of Unrestricted Global Operations upon conclusion of WM Holdings Inc.’s Private Placement.

Consequently, it is important to both and WM Holdings Inc. to clarify their positions, so as to remain separate from any adversarial interactions by any parties against each other.

As such – and as and WM Holdings Inc. have informed all relevant parties in writing – the following clarification is applicable:

  • (Holdings) Limited (“WMHL”) and WM Holdings Inc. (“WMHI”) are entities that are 100% shareholder-owned, and are independent of corporate ownership, or affiliation with any other entity or entities.
  • WMHL and WMHI do not and will not make any public comment – whether negative, positive or descriptive – regarding any other entity or entities, product, facilities or sectors; or enjoin in any actions by any parties against any other parties; publicly or privately.
  • Any appropriately KYC’d entity or person – whether DCG, GBTC, entities that are stakeholders in any of those entities, or unrelated to any of those entities – may, at their own discretion and after their own appropriate due diligence, freely acquire TUVs, for their own personal or corporate portfolios or vehicles, with or without corporate interaction with WMHL or WMHI. All that is required is to join as a Member on the WMHL Platform or a Platform of any WMHL “VSMP” (Affiliate) in WMHL’s “TMG Global Alliance”.

In summary, neither WMHL nor WMHI will become involved with, nor make any statements regarding, nor in any way enjoin in any adversarial interactions with or against, any other party or parties.

WMHL and WMHI have their own well-planned and well-functioning agendas and timelines, which are proceeding smoothly. Their only interest at this time – and for the future – is the successful implementation and conclusion of WMHI’s Private Placement, and thereafter the successful Global Implementation of WMHL’s Recommencement of Global Operations.


Website of WM Holdings Inc.:

Website of (Holdings) Limited:

Research Paper “New Dimensions for the TUV in the System”:

Research Paper “Money and Credit: Potential Expansion of the WM System”:

Research Paper “Another Breton Woods Reform Moment: Let Us Look Seriously at the Clearing System

TUVs as an Inflation and Currency Depreciation Hedge” Document:

Recent Regulator’s Review of WMHL” Document:

Video detailing Research on the System:

International Article on the System:

The Group Global Alliance” Page:


Photos accompanying this announcement are available at

Photos are also available at Newscom,, and via AP PhotoExpress.

 GlobeNewswire Distribution ID 8752632

Innovation Zed Announces CE Mark of New Technology InsulCheck DOSE: An Add-on Device That Automatically Logs the Time and Dialled Dosage for Insulin Pen Users

InsulCheck DOSE by Innovation Zed

InsulCheck DOSE by Innovation Zed

DUBLIN, Feb. 20, 2023 (GLOBE NEWSWIRE) — Innovation Zed, an Irish R&D company specialising in the design, development and manufacturing of medical technologies, announced today it has secured a CE Mark for the InsulCheck DOSE add-on device. As a leader in connected and smart drug delivery technologies, this certification showcases our commitment to meeting relevant health, safety, and environmental requirements regarding consumer safety in the European Union (EU). It also opens the door for commercial expansion within Europe for the growing company.

InsulCheck DOSE is a single-unit add-on device for pen injectors that automatically captures dose value dialled, injection event time stamp and temperature as well as mounting and unmounting events. With InsulCheck DOSE, real-time injection event data are logged and sent automatically to a compatible display device. Product highlights include:

  • A discreet add-on device compatible with all pen-injectors
  • Captures dose dialled, timestamp, ambient temperature, etc.
  • A convenient device with no buttons, no calibration requirements or interference with the normal injection process
  • Increased user engagement through high-quality usability support features from a vibrant OLED screen

Innovation Zed is dedicated to helping insulin pen users within the diabetes population. Given our understanding of the challenges faced by insulin pen users worldwide, our focus is to support all insulin pen users regardless of their injection pen of choice. As a result of a collaboration with our partner SHL Medical and its subsidiary SHL Technologies, InsulCheck DOSE has been developed to meet the compatibility challenges presented by various injection pen designs and in particular the difficulties in working on a technology to reliably and accurately support low-cost disposable pens.

Dr Dean Minnock, CEO of Innovation Zed, said, “InsulCheck DOSE is a third-generation product of the InsulCheck family and the most intelligent and compatible evolution of the InsulCheck platform. InsulCheck DOSE provides data that, when applied correctly, facilitates an evidence-driven approach to precision insulin management and significantly helps people with diabetes make more informed choices for their personal therapy plan. Our InsulCheck DOSE supports all insulin pens without changing the usability of the pen in any way and without interfering in the normal injection process. In securing the CE mark for InsulCheck DOSE we reached an incredible milestone for our company and for people living with diabetes in Europe.”

Innovation Zed expects to initiate a commercial launch of InsulCheck DOSE in Europe during 2023. The company also has plans to introduce bespoke variations of InsulCheck DOSE to new injection devices for various drug therapies over the coming years.

About Innovation Zed

Innovation Zed, Ltd. empowers people to take control of diabetes through connected technology for insulin injection pens. Headquartered in Dublin, Ireland, Innovation Zed has emerged as a leader in injection pen technology. By listening to the needs of users, caregivers, and providers, Innovation Zed simplifies and improves diabetes management around the world. For more information about InsulCheck DOSE visit

Contact Information:
Andrew Fitzpatrick
Research and Innovations Manager

Dean Minnock

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Image 1: InsulCheck DOSE by Innovation Zed

InsulCheck DOSE automatically captures dose dialled and time since last injection

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GlobeNewswire Distribution ID 8752354

South Kalimantan police destroy 35 kg seized drugs

South Kalimantan police on Monday destroyed 35 kg of crystal methamphetamine seized by local policemen from a truck driver on January 14, 2023.

The drug seizure was another indication of the continued threat posed by local and transnational drug rings in Indonesia.

The drug package was confiscated from RS, 42, South Kalimantan Police chief, Inspector General Andi Rian R. Djajadi, informed.

The police nabbed the drug courier while he was staying at a hotel, after he arrived at Banjarmasin city’s Trisakti Port from Surabaya, East Java, with his truck, which was loaded with the crystal meth .

Police received a tip about the drug-trafficking operation from the public, he informed, adding the crystal meth was packed into 35 Chinese tea bags mixed with food products.

RS, a resident of Barito Kuala district, told investigators that he was just a courier who was told he would be paid if he transported the package from Surabaya to Banjarmasin, Djajadi said.

South Kalimantan police will continue to crack down on drug traffickers to break their supply chains in the province, he added.

Domestic and transnational drug dealers consider Indonesia a potential market due to its vast population and millions of drug users.

The value of the drug trade in the country is estimated to have reached nearly Rp66 trillion as the number of drug trafficking cases continue to increase.

On October 25, 2022, Medan city police thwarted an attempt to trade 42 kg of crystal meth by three suspected traffickers in the capital of North Sumatra.

The three, identified by their initials as ZU (28), SMS (36), and IS (42), were taken into custody.

SMS had reportedly received the drug package from a drug lord in Malaysia. He was nabbed while transporting the drugs on the Tebing Tinggi-Medan highway on October 25.

Meanwhile, on December 1, 2022, two drug mules were prevented from transporting about 455 grams of crystal meth—which they had stashed in their anus—on a flight from Aceh province to Java Island.

The suspects, identified by their initials as ZK (52) and MD (32), were arrested by police officers at Soekarno Hatta International Airport’s Terminal 3, Banten Police spokesperson Sen. Coms. Shinto Silitonga said.

While ZK is a resident of Sawang sub-district in North Aceh district, MD is a resident of Mila sub-district in Pidie district, he added.

In response to the smuggling of illicit drugs by drug kingpins over the past few decades, the Indonesian government has continued to apply harsh punitive action against them.

Source: Antara News

Work concurrently towards handling stunting, extreme poverty: Minister

Coordinating Minister for Human Development and Culture Muhadjir Effendy called for concomitantly implementing stunting and extreme poverty handling programs.

“(It is) because the problems of stunting and extreme poverty are related to each other. Therefore, the efforts must be made simultaneously,” Effendy noted in Jakarta, Monday.

He also stated that alleviating stunting and extreme poverty would become the government’s sustainable program.

“Stunting and extreme poverty eradication will be carried out continuously, as long as this country has pregnant women, babies, and children under the age of five years, efforts to prevent and treat stunting must be carried out continuously,” he emphasized.

According to Effendy, stunting and extreme poverty management programs are crucial to produce a superior and quality generation in the future and boost the people’s welfare.

Efforts to expedite the handling of stunting and extreme poverty are included in the government’s priority programs, he noted. Hence, his ministry continues to implement various programs to support the acceleration of stunting reduction.

“We are still coordinating with regional heads in several regions via a virtual roadshow titled ‘Online Roadshow to Accelerate Stunting Reduction and Eliminate Extreme Poverty,'” he stated.

The goal of this activity is to collect data and keep an eye out for various problems faced by regions in terms of obstacles in handling stunting and extreme poverty, Effendy remarked.

Moreover, his ministry invites local governments to continue to optimize the handling of stunting and extreme poverty in their respective regions through various strategic programs and innovations.

“We hope that regional heads can gather (data on) the distribution of stunting cases and extremely poor families in each village, so that the programs created will be more targeted,” he stated.

Effendy noted that the government continued to make various strategic efforts in order to accelerate the reduction of stunting. The current stunting prevalence rate in Indonesia, based on the Indonesian Nutrition Status Survey (SSGI), was recorded at 21.6 percent.

“The government targets stunting prevalence in Indonesia to drop to 14 percent in 2024,” he remarked.

Source: Antara News

Jokowi urges PSSI to make blueprints for soccer development

President Joko Widodo (Jokowi) has urged the new management board of the Indonesian Football Association (PSSI) to devise blueprints for the short, medium, and long terms to improve Indonesia’s football achievements.

The President made the statement while receiving PSSI board members at Merdeka Palace, chairperson of the association and Minister of State-Owned Enterprises (SOEs), Erick Thohir, told journalists at a press conference at the palace here on Monday.

Thohir, who was selected as the new PSSI chairperson on February 16, 2023, said that the association is committed to devising the national soccer blueprints without delay.

“These blueprints must be completed immediately and God willing, we will prove that with this new management (board), we can strive to optimize (the development of) football in Indonesia,” he remarked.

Cooperation among the PSSI, the Indonesian government, and the International Federation of the Football Association (FIFA) is also important for soccer development in Indonesia, he said.

“We hope that the collaborations between these three parties will continue to transform Indonesian football on the right track,” he added.

Earlier, first deputy chairperson of the PSSI, Zainudin Amali, who was also selected to the post on February 16, informed that President Widodo had invited the newly elected chairperson, deputy chairpersons, and members of the executive committee (Exco) of the PSSI to Merdeka Palace.

Amali, who is also the Youth and Sports Minister, said that the PSSI management board will make their report to the President regarding the implementation of PSSI’s extraordinary congress (KLB) on February 16.

Regarding calls from several parties, asking him to resign from his position as minister, Amali said that he will wait for further directives from the President.

“I should report it (to President Widodo) first, since I am the President’s aide. I should not decide on my own even if I have the will,” he added.

Ethically, he is required to first discuss the matter with the President and wait for further directives from him.

Thohir was selected as PSSI chairperson during an extraordinary congress after securing 64 votes. His closest contender, LaNyalla Mattalitti, won 22 votes.

Meanwhile, Amali and Ratu Tisha were elected as the first deputy chairperson and the second chairperson of the PSSI, respectively.

Source: Antara News

UD Trucks supports implementation of B35 in Indonesia

UD Trucks Indonesia supports the government’s policy on using B35 biodiesel, under the commitment to address the impacts of climate change as stated in the Conference of the Parties (COP)-27 of the UNFCCC in Egypt.

“Indonesia is the first country to adapt the B35 program, with the aim of overcoming the impacts of climate change. This is in accordance with our motto in UD Trucks to provide a better life for the planet and society and for logistics,” Deputy Director of PT UD Astra Motors Indonesia Rahmat Samulo noted in an official statement, Monday.

UD Trucks is committed to launching vehicles meeting the B35 standard, as was accomplished since last year. By implementing the use of B35 biodiesel, Indonesia can gradually reduce its dependence on fossil fuels and switch to environmentally friendly fuels.

“Through this Quester Euro 5, we are sure that the customers of UD Trucks can continue to use our products for their business,” Samulo affirmed.

The Japanese commercial vehicle company has been making all-out preparations since March 24, 2022, through the launch of the Quester product line with Euro 5 emission standards.

UD Trucks presents the Quester Euro 5 models designed according to the Euro 5 emission standards by using the Selective Catalytic Reduction (SCR) technology. The system ensures lower exhaust emissions with minimized nitrogen oxides (NOX).

The SCR technology uses B35 diesel fuel while maintaining exhaust emissions since exhaust gas processing is conducted in the sewer, specifically through a catalytic converter that converts NOX into nitrogen gas and water vapor by injecting AdBlue liquid into the exhaust gas.

UD Trucks Indonesia believes that the performance and efficiency of the engine will remain the same since all additional components only work after the exhaust gases leave the engine.

Head of Marketing and Business Development UD Astra Motor Indonesia Christine Arifin believes that by launching the Quester product line with Euro 5 emission standards, they will be able to adapt to current developments through the use of B35 fuel.

Source: Antara News

Indonesia’s balance of payments in surplus in Q4 2022: BI

Bank Indonesia (BI) reports the country’s balance of payments (BOP) registered a surplus of US$4.7 billion in the fourth quarter (Q4) of 2022, an increase from the previous quarter when a US$1.3-billion deficit was recorded.

“Indonesia’s balance of payments performance in the fourth quarter of 2022 remains solid and able to support Indonesia’s external resilience,” said Erwin Haryono, the central bank’s Communications Department Executive Director, in a statement issued here, Monday.

He remarked that Indonesia’s BOP performance in the fourth quarter of 2022 was supported by a high current account surplus and an improvement in the capital and financial account deficit.

Meanwhile, the current account again recorded a surplus of US$4.3 billion, or 1.3 percent of the gross domestic product (GDP), continuing the surplus achieved in the previous quarter of US$4.5 billion.

The current account performance stems from a maintained surplus in the non-oil and gas trade balance, supported by export commodity prices that remain high.

In addition, the deficit in the oil and gas trade balance decreased in line with the downward trend in world oil prices amid the tendency to increase fuel demand during the Christmas and New Year holidays.

The deficit in the services account improved, supported by an increase in the number of foreign tourist arrivals as a positive impact on the holding of various international events during the reporting period and year-end seasonal patterns.

The current account surplus was also supported by an increase in the surplus in the secondary income account stemming from increased receipts from government grants.

Meanwhile, the deficit in the primary income account rose due to the payment of investment returns to foreign investors that increased in line with the business cycle and the trend of rising interest rates.

The capital and financial account recorded an improvement, from a deficit of US$5.5 billion, or 1.6 percent of the GDP, in the third quarter of 2022 to a deficit of US$0.4 billion, or 0.1 percent of the GDP, in the fourth quarter of 2022.

“This positive performance was mainly supported by direct investment that recorded an increase in surplus in line with investor optimism about the prospects for economic improvement and a maintained domestic investment climate,” Haryono remarked.

The pressure on the net outflow of portfolio investment has also begun to ease in line with the inflows into the domestic government securities (SBN) market that have started since the middle of Q4 of 2022.

Moreover, other investment transactions experienced a decrease in the deficit partly due to the withdrawal of private placements amid increasing obligations to pay off foreign debt.

Source: Antara News