The flash floods in Sentani, Papua resulted in 89 deaths. Photo: Special

JAKARTA (TheInsiderStories) — Good morning! The flash floods that occurred in Sentani, Papua until Sunday afternoon (03/17) resulted in 70 deaths, Meteorology and Geophysics agency reported. While, the tectonic earthquake again rocked East Lombok.

From the monitoring of aerial images in Sentani City, the impact of the flood was almost on Sentani, especially in the Doyo area and damaged most of the buildings in the areas. Floods were also seen destroying the Twin Otter hangar and aircraft located at Adventis Doyo airfield.

On the same day, an earthquake with a magnitude of 5.4 M was centered on land at 20 km north of Selong City, East Lombok Regency, West Nusa Tenggara Province. The agency noted that the earthquake was included in the classification of shallow earthquakes due to local fault activities around Mount Rinjani.

Some buildings have collapsed and damaged. Based on data collected by East Lombok office, the impact of the earthquake caused two deaths, 44 people were injured, 32 houses collapsed and 499 houses were moderately damaged and lightly damaged. Two people died were tourists from Malaysia who were crushed by avalanche material due to an earthquake in the area of Tiu Kelep Waterfall, North Lombok Regency which is under the foot of Mount Rinjani.

A total of 36 tourists (22 tourists from Malaysia and 14 archipelago tourists) were successfully evacuated from the Tiu Kelep Waterfall area in North Lombok. In addition, around 50 people were successfully on Mount Rinjani in safe conditions.

On the global side, South Korea is considering having talks with North Korea in to help improve relations with the United States (US) since their summit fell apart in Vietnam last month. It said that both US and North Korea absolutely don’t want to revert to the full-of-tense situation.

In Hanoi meeting in February, US President Donald Trump and North Korean leader Kim Jong Un the second summit went anti-climax, as Trump walked away from the meeting. There was no denuclearization outcome which the world has awaited from the summit.

Furthermore, trade war with China has made US lost US$7.8 billion last year and gave pressure to its Gross Domestic Product (GDP), according to studies. By calculating higher tariff revenue and profit for domestic producers, the estimated loss valued for 0.4 percent of its GDP.

The studies said that US imports had fallen by 31.5 percent and exports slumped by 11 percent. By that, consumers and producers imports loss reached US$68.8 billion.

Then, Bank of Japan (BoJ) decided to maintain its low reference rate at -0.1 percent, even though Japanese politicians demanded rate increase. Moreover, Japan also didn’t take any additional monetary easing, amid higher global economic risks that may strain its exports. BoJ expects that Japan’s economy will improve in the second semester, following China stimulus to rejuvenate goods demands.

Ahead of this week, Federal Open Market Committee (FOMC) will announce its monetary stance. Market hoped that the Federal Reserves will maintain its rate in a range of 2.25-2.5 percent. The central bank will also release new forecasts for economic growth and interest rates which will probably point to economic policy in general, either no more rate hikes this year or to one more at most. Then, US will publish Philly Fed manufacturing survey, crude oil inventories, and existing home sales.

Bank of Indonesia also scheduled to decide its 7-Day Reverse Repo Rate (7-DRR rate) this week. Foreign investment statistics during 2018 will also be released.

This week, United Kingdom (UK) will have another vote on Brexit withdrawal bill from the European Union (EU). To pass the bill, 320 are needed from the parliament members. Aside from that, UK will announce interest rate decision, consumer  price index, and retail sales. Meanwhile, EU will have leaders summit.

Last week, Rupiah returned depreciating by 0.39 percent to 14,245.75 over the greenback. Whilst Jakarta Composite Index strengthened by 0.74 percent to 6,461.18 with Rp409.7 billion foreign net buys.

May you have a profitable day!

Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia