first_imgIndonesia’s automotive industry players can breathe a sigh of relief as national car sales in June rebounded strongly, promising a smoother road for the rest of the year, analysts have said.National car sales jumped more than threefold in June to 12,623 units from a record low 3,551 units a month before, according to Association of Indonesian Automotive Manufacturers (Gaikindo) data compiled by diversified conglomerate PT Astra International. Despite the rebound, sales in June were almost 79 percent lower year-on-year (yoy).In total, sales reached 260,933 units during the first half, a plunge of around 46 percent from the same period last year. “We expect the recovery to ramp up ahead,” RHB Sekuritas analyst Andrey Wijaya wrote in a research note dated July 16. “We are also positive on monthly sales, as national retail sales came up to 29,682 units (+74.8 percent mom [month-on-month], -54.6 percent yoy) – which means dealers’ businesses have begun to return to normal levels.”However, he warned that an increase in COVID-19 infections would have a severe negative impact on the auto industry, as well as a further weakening in global economic growth.Car sales have become one of the indicators of Indonesia’s household spending, which accounts for more than half of the country’s gross domestic product (GDP).Indonesia’s automotive industry was hit hard by the government’s decision to implement large scale social restrictions (PSBB) in several cities nationwide to curb the spread of the coronavirus. Car wholesales nosedived in April and hit rock bottom in May with a more than 95 percent annual drop as the pandemic hit demand. A rebound in car sales in June is highly likely due to pent up demand after most dealers closed their doors for more than two months due to the partial lockdowns, Sucor Sekuritas analysts wrote in a report on July 1.“Although it is still too early to conclude that purchasing power has returned, we are happy to see that sales performance has started to gain traction,” they wrote.“It is also our strong belief that the sales trend will further improve, albeit slowly, in the second half. At this juncture, we project car sales will decline by 30 to 40 percent yoy this year to only around 600,000 to 700,000 units versus 1.05 million units in 2019.”Previously, Gaikindo decided to cut its domestic car sales target this year by 40 percent to just 600,000 units. The association also slashed Indonesia’s car export target to 175,000 units in 2020 from the initial target of 350,000 to 400,000 units.Indonesia has recorded national car sales of around 1 million units annually in recent years.Gaikindo co-chairman Jongki Sugiarto told The Jakarta Post on Monday that carmakers aimed to sell at least 30,000 cars in July to achieve its sales projection of 100,000 cars in the April-July period.“If we could achieve 100,000 car sales in [in the April to July period], we could achieve our annual target. I believe we can achieve that,” he said.Automotive industry expert Bebin Djuana said on Tuesday that manufacturers should keep their production low despite the sales increase in June, as falling car demand from March to May caused rising car stocks in dealers across the country.Four-wheeled vehicle production reached over 82,000 and 89,000 units in February and March, respectively, according to Gaikindo data.The car production rate dropped by April and hit rock-bottom in May with only 1,997 cars being produced during the month. The production number climbed in June with 16,000 units, as car sales started to rebound.The improvement in the industry is expected to be beneficial for Astra, half of whose revenue is sourced from the automotive business, according to RHB Sekuritas and Sucor Sekuritas analysts.Astra, whose stocks trade at the Indonesia Stock Exchange (IDX) under the code ASII, traditionally hold more than half of the country’s car wholesale market share but its share dropped to a record low of 31 percent and 38 percent in May and June, respectively.“We believe ASII is likely to benefit in the longer term, supported by our unchanged thesis of an increase in demand for higher-capacity automobiles, as the new normal (social distancing, public health fears) may result in the public leaning more toward using private vehicles over public transportation,” Andrey of RHB said.Astra’s stocks had dropped 2.79 percent as of 2:36 p.m. Western Indonesia Time on Wednesday as the main gauge, the Jakarta Composite Index (JCI) slipped 0.24 percent. The stocks have lost 23 percent of their value in the last year. (prm)Topics :last_img read more


first_imgSamuel T. Grossman, 31, of Palm Springs, California, passed away December 31, 2019 surrounded by his loved ones.  Sam was born July 16, 1988 in Lafayette, Indiana, the son of Lori Wise and Tony Grossman.  Sam spent his youth in Batesville, Indiana and graduated from Batesville High School in 2007.  While in school, he ran cross country and was a vital member of the high school’s swim team.  He enjoyed skiing at Perfect North Slopes and going on ski trips with friends.Sam continued his education at Purdue University and Loyola University Chicago where he completed his degree with honors in Economics in 2011. He pursued post-graduate studies in quantitative finance at Fordham University.After living in New York City for several years, Sam moved to Palm Springs.  There he met numerous close friends that he no doubt considered family and also his loving partner Brien.  He and Brien loved to hike together and were Disneyland season pass holders.Sam is survived by his parents, Lori Wise (Gary) and Tony Grossman (Marjorie Schoelles-Grossman); partner, Brien O’Brien; brother, Evan Grossman (Ali); sister, Suzanne Grossman (Erin Reister); aunt, Lisa Love; nieces, Logan and Parker Mejia; maternal grandmother, Suzanne Love; paternal grandmother, Marty Ellen Grossman; step-siblings, Megan Jordan (JW) and Michael Wise (Megan); step-nieces and nephews, John and Ruby Jordan,  Morgan and Marley Wise; along with numerous cousins, aunts, uncles and countless friends.He is preceded in death by his maternal grandfather, Frank Love and his paternal grandfather, Leonard Grossman.Friends and family may call on Friday, January 17, 2020 from 4-5:30pm followed by a 5:30pm Celebration of Life Memorial Service for Samuel, all at Meyers Funeral Home in Batesville.    Rev. Tom Sweets officiating.  A service in Palm Springs will take place on January 25, 2020.Memorials may be given to the Desert AIDS Project in Palm Springs, CA https://www.desertaidsproject.org/support-our-mission/ or Betty Ford Center in Rancho Mirage, CA https://www.hazeldenbettyford.org/donateOnline condolences www.meyersfuneralhomes.comlast_img read more


first_img Facebook Twitter Google+ COLLEGE PARK, Md. — There were plenty of reasons for C.J. Fair to be fired up against Maryland on Monday.The game was played in his home state, about half an hour from Baltimore, and happened to fall just two days after he had a game-tying layup against then-No. 5 Duke taken away by the officials with a controversial charge call.“I’m pumped up every game,” he said while standing on the side of the court, surrounded by friends and family, “but of course playing in Maryland, it’s my home state. I was definitely psyched.”The forward scored 17 points and grabbed nine rebounds in his first and only trip to his home state for No. 4 Syracuse. He carried the Orange’s (26-2, 13-2 Atlantic Coast) offense early before he had to sit down with three fouls, and lifted SU to a 57-55 win against Maryland (15-13, 7-8) in the Comcast Center with a late 3.And his big day was largely thanks to the rediscovery of his jump shot.AdvertisementThis is placeholder textHis first 10 points all came on jump shots, including a pretty step-back jumper with 8:31 remaining to give Syracuse an early six-point lead.“I thought we got off to a good start,” SU head coach Jim Boeheim said. “C.J. got us off to a good start offensively.”But in the span of 35 seconds, Fair picked up two fouls and he had to check out for the rest of the first half with 4:55 remaining.He isn’t usually demonstrative, but he was livid with the officials when he picked up his third foul. In his home state, against a team that opted not to recruit him heavily when he tore his ACL, he was fired up.“It was tough for me to watch,” Fair said. “I’ve never been out that long all season. I was out for like four minutes.”Fair opened the Orange’s scoring in the second half with a breakaway dunk, but then went cold as Tyler Ennis took over.He scored only five more points the rest of the way, but as the shot clock ticked down and 3:07 remained in the game, Fair made another step-back jumper. This one, though, was behind the arc and gave Syracuse a seven-point lead — a cushion that the Orange would need every bit of.“I was definitely trying to be aggressive today,” Fair said. “I know we needed this win bad.” Comments Published on February 25, 2014 at 12:51 am Contact David: dbwilson@syr.edu | @DBWilson2last_img read more