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Indonesia’s President Widodo open to buying Russian oil as fuel prices soar

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Indonesia is considering joining India and China in buying Russian oil despite threat of US sanctions, the Financial Times reports after an interview with President Joko Widodo.

Indonesian President Joko Widodo is considering joining India and China in buying Russian oil to offset increasing pressure of rising energy costs, the Financial Times (FT) has reported.

“We always monitor all of the options. If there is the country (and) they give a better price, of course,” Widodo said in an interview with FT on Monday when he was asked whether Indonesia would buy oil from Russia.

Earlier this month, Widodo hiked subsidised fuel prices by 30 percent and said that the price hike was his “last option” due to fiscal pressures, sparking protests across the nation of 270 million people.

Any move to purchase Russian crude at prices above the cap agreed by G7 countries could subject Indonesia to US sanctions.

In August, Tourism Minister Sandiaga Uno said that Indonesia had been offered Russian crude at a 30 percent discount.

Following this, the country’s state-owned oil company, Pertamina said it was reviewing the risks of buying Russian oil.

READ MORE: Oil prices slump as China Covid curbs, Fed rate hikes weigh on demand

READ MORE: Russia generates more oil and gas revenues than pre-Ukraine conflict days

Source: Reuters

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WDCs launch resale market for seven islands of Baa Atoll

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The women’s development committees (WDCs) in seven islands in Baa Atoll have taken the initiative and launched a resale market in collaboration with Soneva Namoona Association.

The market under the name Alun Balun will offer used items at cheap prices for the people of Baa Atoll. The market aims to create a culture of reusing used goods in good condition rather than throwing them away, extending the shelf life of goods and reducing waste generated in the seven islands.

The reusable items in the waste from the households participating in this resale market will be identified by the WDCs in the islands, cleaned or repaired, and sent to the committee of another participating island for sale. The challenges of selling used items on small islands can be overcome by sending items collected on another island for sale. The proceeds from the resale market will go to the committees.

The second round of the market will be held on October 8 in Kihaadhoo. Thereafter, the market will be held on one of the participating islands in Baa Atoll. The seven islands working with Soneva Namoona are Maalhos, Dharavandhoo, Kihaadhoo, Dhonfanu, Kamadhoo, Kudarikilu and Kendhoo.

 

Source: psmnews

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Gov’t says RTL ferries make access to health services easier

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Minister of Health Ahmed Naseem has stated the biggest benefit of the Raajje Transport Link (RTL) high-speed ferry service is easily accessing to health services. He made the remarks speaking at the ceremony held to inaugurate the Emergency and Trauma Unit at the health centre in Dharavandhoo, Baa Atoll.

Speaking at the ceremony, Minister Naseem said one of the most important services required by all citizens is health services, adding some individuals are required to travel to nearby islands since some islands do not have the required services. The minister noted travelling is a huge expense, so individuals have to wait to plan the trip in conjunction with someone else’s trip to reduce the costs. He said, however, with the introduction of the RTL ferries, the cost has been greatly reduced and travelling has been made easier.

Furthermore, Minister Naseem said the government always prioritises providing equitable services to all citizens. He added the vision of the government is to establish sustainable services across the country.

 

Source: psmnews

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UK’s Liz Truss defends ‘controversial’ plan amid economy worries

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The Prime Minister says her government has to take urgent and decisive action, including “difficult decisions”, to get the British economy moving.

British Prime Minister Liz Truss has defended her economic plan that has roiled financial markets, saying she is willing to take “controversial” steps to reignite growth and will not reverse course despite the turmoil.

“This is the right plan that we’ve set out,” she said on Thursday in a series of interviews with local BBC radio stations.

Asked if she would reverse the mini budget that shocked markets with the scale of its tax cuts and government borrowing, Truss said: “I don’t accept the premise of the question.”

“We are facing difficult economic times. I don’t deny this. This is a global problem. But what is absolutely right is the UK government has stepped in and acted at this difficult time.”

Finance Minister Kwasi Kwarteng sparked turmoil in financial markets last week when he delivered a plan to cut taxes without detailing the impact on the public finances or how the government would reform the economy to spur growth.

The pound sank and British government bond yields soared, forcing the Bank of England to revive its bond-buying programme in an emergency move on Wednesday to shore up pension funds.

Truss said the government had to take urgent and decisive action to protect households and businesses from surging energy bills.

“Of course, that means taking controversial and difficult decisions. But I’m prepared to do that as prime minister because what’s important to me is that we get our economy moving.”

READ MORE: UK’s Truss freezes energy bills in first big policy shift

Source: TRT

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