VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

Jakarta. Indonesian Vice Foreign Minister Mahendra Siregar has highlighted the need for Developing Eight (D-8) countries supporting calls for equitable and fair access to COVID-19 vaccines amid the global fight against the pandemic.

"In the short-run, D-8 must stay at the forefront (in the campaign) to promote vaccine multilateralism, rather than vaccine nationalism and vaccine protectionism," he said at the 17th meeting of the D-8 Ministers Council, which he joined from Jakarta on Wednesday.

D-8 can play a crucial role in ensuring that COVID-19 vaccines are distributed fairly to all humans, without any constraints, he said.

"In this context, we need to support the COVAX platform as the only means to ensure equitable access to vaccines at affordable prices for all," he added.

Established in 1997 through the adoption of the Istanbul Declaration, D-8 comprises Indonesia, Bangladesh, Egypt, Malaysia, Pakistan, Turkey, Nigeria, and Iran.

Since it was officially established 24 years ago, D-8 has aimed to improve the position of developing countries in the global economy and promote the welfare of people in developing nations, Siregar said.

However, development disparities between developed countries and developing nations remain and have even worsened due to the COVID-19 pandemic, he pointed out.

In response to the global phenomenon, he urged D-8 to serve as a positive trigger and part of the solution to the pandemic.

He said he believed that over the long run, D-8 will be able to become self-reliant in responding to the pandemic.

"Strengthening research and development, as well as the medical and pharmaceutical industry network in D-8 member countries must become our new priority," he stressed.

He further spoke of the initiative to explore Indonesia's potential to serve as a hub for COVID-19 vaccine production for the region and Muslim countries.

"In the spirit of solidarity with Muslim countries, we are open to collaborating with other D-8 member states in this context," he said.

In its early days of development, the D-8 was aimed at uniting the Organization for Islamic Cooperation (OIC) member states to tackle injustice and dualism on the part of Western countries.

However, over time, it has transformed into a non-exclusive religious group that aims to promote the welfare of its member states' people through social and economic development. (Antaranews)

Jakarta. Philippines President Rodrigo Duterte cancelled a weekly televised address and meeting with his coronavirus task force on Wednesday, following dozens of COVID-19 cases among his staff and security detail, government officials said.

The Philippines is battling one of the worst coronavirus outbreaks in Asia, with hospitals in the capital overwhelmed amid record daily infections, while authorities face delays in delivery of COVID-19 vaccines.

The country has seen new daily cases surge in recent weeks, surpassing 15,000 on April 2, most of those in the congested capital, Manila.

“The physical safety of the president remains our utmost concern,” presidential spokesman Harry Roque said in a statement.

There were 45 active COVID-19 cases in the Presidential Security Group (PSG), Duterte’s guard unit, most of which were personnel manning the gates of the presidential palace, PSG chief Brigadier General Jesus Durante told state television.

“We will minimise all possible exposures that may jeopardise our president’s safety,” he said.

Before the pandemic, Duterte, 76, maintained a busy schedule, at times attending multiple public events and delivering several speeches each day, often past midnight.

His public activities have since been replaced by a weekly nighttime address.

Duterte’s known ailments include back problems, migraines due to nerve damage and Barrett’s oesophagus, which affects his throat. He also suffers from Buerger’s disease which can cause blockages in the blood vessels.

Duterte has yet to be vaccinated against the coronavirus and is awaiting his doctor’s advice having expressed a preference for Sinopharm’s vaccine, which has yet to be approved locally.

Christopher Go, a sitting senator and Duterte’s closest aide, reassured the public the president was in good health.

“Nothing to worry about,” Go said. “In fact, we are together and he continues working.”

Jakarta. World stocks took a well-earned rest near record highs on Wednesday, as an International Monetary Fund forecast of the strongest global growth since the 1970’s this year and steady bond and FX markets kept risk appetite buoyant.

While rising global COVID case numbers and geopolitical tensions between China and Taiwan and between Russia and Ukraine ensured it was by no means a fairytale, markets certainly had a Goldilocks feel again.

Europe’s STOXX 600 perched just below the first record high it had hit in over a year on Tuesday. MSCI’s 50-country world index was grinding out a sixth day of gains and Wall Street futures were pointing higher too.

In the bond markets, there was little sign that the benchmark government yields that drive global borrowing costs were gearing up to shoot higher again. The dollar was sitting quietly at a two-week low.

The IMF raised its global growth forecast to 6% this year from 5.5% on Tuesday, reflecting a rapidly brightening outlook for the U.S. economy.

If realized, that would be the fastest the world economy has grown since 1976, albeit after the steepest annual downturn of the post-war era last year when the COVID pandemic brought commerce to a near stand-still at times.

“Even with high uncertainty about the path of this pandemic, a way out of this health economic crisis is increasingly visible,” IMF Chief Economist Gita Gopinath said.

Overnight, MSCI’s broadest index of Asia-Pacific shares had started on a firm footing, going as high as 208.46 points, a level last seen on March 18.

However, it succumbed to selling pressure and ended flat as China’s blue-chip CSI300 index dipped 1% and Hong Kong eased 0.9%.

Geopolitical tensions in the region added to the jitters. Taiwan’s foreign minister said on Wednesday it will fight to the end if China attacks, adding that the United States saw a danger that this could happen amid mounting Chinese military pressure, including aircraft carrier drills, near the island.

Other Asian markets managed to stay positive. Japan’s Nikkei closed higher; Australian shares rose 0.6% and South Korea’s KOSPI added 0.3%.

PEPP TALK

Wall Street futures pointed to a 0.1% rises for the S&P 500, Dow Jones Industrial and Nasdaq. The S&P 500 and the Dow had hit record levels on Monday, driven by a stronger-than-expected jobs report last Friday and data showing a dramatic rebound in U.S. services industry figures. [.N]

The upcoming earnings season is expected to show S&P profit growth of 24.2% from a year earlier, according to Refinitiv data, and investors will be watching to see whether corporate results further confirm recent positive economic data.

All eyes will also be on minutes of the U.S. Federal Reserve’s March policy meeting when they are published later.

Ten-year and five-year Treasury yields, were down at 1.6455% and 0.874% respective in Europe from as high as 1.776% on the 10-year on March 30.

The five-year Treasury yield especially is seen as a major barometer of the faith investors have in the Fed’s message that it doesn’t expect to raise U.S. interest rates until 2024.

Europe’s bond yields also eased, with southern European debt markets stabilising after a selloff the previous session as traded braced for a 50-year bond from Italy.

The European Central Bank meanwhile will release monthly data on its conventional asset purchases and a bi-monthly breakdown of its PEPP pandemic emergency bond purchases which it has vowed to increase to keep borrowing costs low.

The dollar circled a two-week low of 92.246 against a basket of world currencies.

The euro was flat at $1.1871, sterling was weaker at $1.3795. The Japanese yen was a touch lower at 109.92.

In commodities, Brent crude futures were nudging lower at $62.67 a barrel. U.S. crude was up at $59.51 and both gold and copper were off at $1,736.4 an ounce and 8,980 a tonne respectively.

“A large share of the hopes of a U.S. growth boom supported by state aid and rapid vaccination progress has already been priced in,” Commerzbank FX and EM analyst Esther Reichelt wrote in a note to clients.

“Further and more pronounced USD gains would only be justified if this boom also caused rising inflation rates to which the Fed would have to react with higher interest rates.” (Reuters)

Jakarta. Philippine health authorities on Wednesday allowed the use of Sinovac’s COVID-19 vaccine for some senior citizens after initially limiting coverage to people aged 18-59 years, as the country battles one of Asia’s worst coronavirus outbreaks.

The Department of Health and the Food and Drug Administration said they made the decision after receiving the recommendation of the Department of Science and Technology’s vaccine expert panel.

Senior citizens can now receive CoronaVac shots provided there is stringent evaluation of the person’s health status and exposure risk, they said in a statement.

The Southeast Asian country has seen new daily cases surge, mostly in the capital Manila, and its inoculation drive is being hampered by delays in vaccine deliveries.

A total of 922,898 doses of Sinovac and AstraZeneca vaccines have been administered so far to healthcare workers, senior citizens, and people with comorbidities, or just a third of the total local stocks, health ministry data showed.

Last week, the chair of a World Health Organization panel said Sinovac and another Chinese vaccine maker, Sinopharm, had presented data indicating levels of efficacy that would be compatible with those required.

The Philippine health authorities said that even though efficacy data for senior citizens from Phase III trials of the Sinovac vaccine, known as CoronaVac, was not yet sufficient “the benefits of using the vaccine for this particular group outweigh its risks”.

The Philippines has also negotiated vaccine supply deals with other manufacturers, aiming to inoculate up to 70 million people, or two thirds of its population. (Reuters)