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_imgLittle Richard has died at the age of 87. He was the founding father of rock and roll.According to reports he died at his Tennessee home on Saturday.Little Richard’s bass guitarist, Charles Glenn, told TMZ he had been ill for two months.Richard’s son, Danny Penniman, confirmed his death to Rolling Stone , but said the cause was unknown.last_img


first_img The Super Eagles could do more by turning set pieces into victory songs, writes Ikechukwu James“So, your prediction about the Super Eagles came to pass!”“I gave no prediction about the Eagles. I only made an objective and empirical analysis and came to the logical conclusion.” “They did crash out at the very First Round as you said. But most of the analysts thought Nigeria would do well in Russia, at least Second Round or Quarter Final. Some even didn’t rule out a Semi-Final or appearance at the Final!”“What should we do now to those analysts? They did give Nigerians a false hope?”“We should lock them up.  After all a particular country in Europe attempted to jail its scientists for poor analysis of a potential earthquake.”“It’s clear they’ve burnt their fingers again. Unfortunately, if they don’t learn from this, they will lead the nation astray the next time.”“The good thing is that no one can blame the President for the poor results at Russia 2018.”“Indeed, under the present administration, they got unprecedented support. ‘Unprecedented’, in its true meaning, not the hackneyed use by politicians.”“No problem of match bonus, squabble over allowances or even players quarrelling with one another, as often the case in the past.”“The winning bonus was even increased from 10,000 Pounds to 15,000 Pounds at a time!”“The government did more than enough and the administration deserves all plaudits for that. But those players cannot give what they don’t have, as you pointed out before they departed the shores of this country to Russia”“Yes, most of these players don’t get a good deal when they move to European clubs. Hence they have no good opportunity to develop their soccer talent and play in the top teams in Europe. Sitting on the bench or being on loan from time to time isn’t the best for our players.”“That’s true. I often wonder the role of the Nigeria Football Federation on this. The president can’t leave the most important affairs of government to come help you manage these boys.”“Have you asked why they don’t play in Real Madrid, Barcelona, Manchester City, Liverpool, Manchester United, Chelsea, Juventus, Napoli, Bayern Munich, Borussia Dortmund and so on? I think most of these players are average, and we need to accept that reality. Of course, they can improve with time.”“Yes, it’s not enough to say you play in the English Premier League, do you play for the top teams?”“But my major gripe with the Super Eagles’ managers and NFF over the years has to do with how the players waste set pieces – free kicks, corners, etc. It is most disturbing.” “Yes, I know you worry a lot over this for many lamentable years. You did write about this after the Nations Cup, tagged Ghana 2008. Unfortunately, the players continue to squander set pieces while other countries maximise theirs to coast home to victory.”“Of course, I remember my points then. ‘Although the Indomitable Lions of Cameroon are hated world over for their rough tackles, we must not close our eyes on the sense of urgency with wish they played at that Ghana 2008. Every set piece was like a penalty – and that thrilled my heart.’ Just how many corners and free-kicks do Super Eagles usually fling away! What actually do you learn in training if you play 20 corner kicks and 20 free-kicks without threatening a goalkeeper with any? ”“It was the same situation in Russia 2018. The Super Eagles wasted all the corner kicks and free-kicks while other countries benefited from such. Not even one single corner kick moved close to threatening a goal-keeper or caused the spectators to rise in panic or joy of a near goal. It was not good at all. The coach and NFF ought to worry gravely about this. What exactly do you do in training? In the match against Iceland, the Eagles had no single shot on goal for the first 45 minutes. That was shocking to anyone!” “Yes, I watched Germany 2006. Watched Italy, Argentina and others. Set pieces were regarded almost as penalty kicks. So I began to wonder why over the years, Nigeria had not mastered the art of scoring through set pieces. So many goals were scored by great and serious teams through set pieces. We either balloon our free-kicks to the skies or in the hands of the goalkeeper.  Perhaps one out of 200 may threaten a goalie and hit the back of the net! No, it’s damn shameful how the Eagles waste set pieces. How I wish we could learn to do it like Brazil, Italy, Argentina. But we need not go that far; even our own neighbour here, Cameroon, had mastered the art of turning set pieces into victory songs. Did we see how Ghana edged out Morocco and steamrollered their ambition of proceeding further in the competition through set pieces in Ghana 2008 Nations Cup? Look at that free-kick that Michael Essien converted into a TV goal! That, like the commentator remarked, only happens in training. That is the product of training. But when you claimed you had a wonderful training but on the big occasion, you throw away free-kicks and corners, what should we make of that? And I have to calm my anger at this stage.”“Really, it’s unfortunate Nigeria couldn’t go far at the ongoing World Cup. Some small businesses will surely be affected, especially the Match Viewing Centres. You know enthusiasm will wane once Eagles are no longer in the competition.”“I did enjoy some of the meals served at one of the Viewing Centres, especially the Ofada Rice.”“I used to like the rice. But I had to give it up because of the stress my wife used to go through in picking out the stones before cooking.”“I didn’t see a single grain of stone in the one I ate at that Viewing Centre and I was told it was the Ofada Rice produced by the Ogun State Ministry of Agriculture. As a matter of fact, I went to buy a bag after that restaurant experience. The name is MITROS Ofada Rice and you can buy a bag as low as N2,500. So nutritious and not a single grain of stone can be found in it.”“I guess that was the one launched last December by the Ogun State Governor Ibikunle Amosun. The man is really trying.”“I think so. A lot of people like Ofada. Buhari is really determined with this rice matter. But let’s hope the Eagles, the coach and NFF will absorb the lessons of Russia 2018 and perform better at the next tournament! They need to do something better with set pieces. We need to be scientific with the way we play soccer. Football has become a science.”James, a sport enthusiast and social commentator, wrote from LagosShare this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more