Finance Minister Sri Mulyani has said that the country’s economic recovery from the COVID-19 pandemic will depend on the fiscal stimulus package and on economic reforms brought about by the omnibus bills.While the government’s virus handling measures would remain a key determinant of economic activity, the minister said, the economy could recover from the pandemic if the stimulus succeeded in stimulating demand and encouraging production.“We want to make sure that the economy recovers by combining fiscal support with reforms to the investment climate,” Sri Mulyani said at an online seminar hosted by the Asian Development Bank (ADB). “The omnibus bill on job creation will overhaul Indonesia’s investment policy to attract investment and build confidence.” ADB president Masatsugu Asakawa said the bank was ready to assist member countries, including Indonesia, if the outbreak continued, adding that the bank had prepared $20 billion for countries to fight the pandemic.“We estimate that the economic losses from the pandemic could be as high as 8.25 percent of regional GDP in developing Asia,” he said, which would mark the first regional contraction in 60 years. “We stress that if the third wave of the pandemic hits members, the ADB stands ready to provide further assistance.”The ADB expects the Indonesian economy to shrink by 1 percent in 2020, a revision down from the ADB’s previous projection of 2.5 percent growth and one largely in line with the government’s prediction.In the forum, attended by several Asian finance ministers and central bank governors, Sri Mulyani urged stronger global cooperation to develop a COVID-19 vaccine and rebuild the global economy, saying the future of globalization was “not encouraging”.“Although we recognize that this crisis is borderless, the response at the global level is lagging behind […] We all need each other so that there will be a global solution,” she said.Japan’s central bank governor Haruhiko Kuroda said during the discussion that globalization would be sustained and supply chains would be diversified as firms adjusted to the pandemic’s disruption, adding that resorting to protectionism was not the answer and that regional financial cooperation would provide a safety net to weather future economic shocks.Topics : Indonesia’s economy shrank by 5.32 percent in the second quarter and is widely expected to enter a recession in the third quarter, the first since the 1998 Asian financial crisis, as officials spur government spending to deal with the pandemic’s economic fallout.The government has spent about 36 percent of the Rp 695.2 trillion (US$47.19 billion) stimulus package to boost economic growth, but analysts say the stimulus has been ineffective because disbursement has remained slow, even six months into the outbreak.The government hopes the omnibus bill on job creation, which is expected to be passed into law later this year by the House of Representatives, will be able to cut red tape, improve the country’s competitiveness and attract foreign investment to support economic growth and create jobs, despite significant controversies surrounding the bill.Indonesia is formulating an additional omnibus bill to develop and strengthen the country’s financial industry, said the Finance Ministry’s Fiscal Policy Agency head, Febrio Kacaribu, as reported by Reuters. The bill is expected to shape the financial industry “to be more adaptive and responsive to vast developments in technology and business practices”, he added.
Jakob Lund Kristensen, RFRSHRFRSH Entertainment and global agency Lagardère Sports have agreed to ‘extend and adapt’ their current partnership, which sees Lagardère Sports becoming the company’s exclusive Partnership Sales House. The partnership entails all sales promotion around the global CS:GO tournament BLAST Pro Series, which has dates in Copenhagen and now Istanbul for the first time. This also covers the two esports teams managed and operated by RFRSH; Astralis and Heroic.The partnership between the two companies began back in 2017 for the BLAST Pro Series that year. BLAST Pro Series is a six-team, single-day CS:GO tournament series which will be Istanbul’s first major event of this type when it takes place in June this year. Jakob Lund Kristensen, Co-Founder and EVP of Sales at RFRSH Entertainment, commented: ”We are very pleased about the partnership with Lagardère Sports on the sales side. RFRSH Entertainment has built a unique position through the way we produce, operate and communicate around our tournaments and teams.“We invest significant resources in building and developing properties catering for both the hard core fan, but also, and to a much larger extent than anybody else, to the vast mainstream audience and fans of competitive entertainment in general. In this connection, Lagardère Sports and RFRSH is a perfect match, and we really look forward to taking full advantage of Lagardère Sports’ expertise in Partnership and Media sales.”Lund Kristensen recently came to speak at our own ESI Super Forum, a one day event focused on the crossover of sports and esports, which we held at Stamford Bridge on March 22nd. RFRSH is set to open an office in London in the near future, and we discussed the company’s expansion plans, brands in esports and more below:Dr. Nicolas Gaede, Senior Vice President Esports at Lagardère Sports, had this to say of the partnership: “We’re thrilled about this next step within our partnership with RFRSH Entertainment, because it is the product of a great process: We started off with our initial collaboration focused on media distribution in 2017 and since than we have established a truly valuable and trusting partnership which we enlarge and enrich to the next level now.“Moreover, I am particularly excited about our involvement around the BLAST Pro Series, because this project is a promising and highly appealing next step regarding the combination of entertainment and action-packed sport. Fans, rights holders, brands, the esports industry itself and the interested mainstream audience – everybody benefits from this high quality format.”Esports Insider says: Lagardère Sports is a huge sporting agency which has been doing some great work in esports with the likes of Unicorns of Love, SK Gaming and more. The expansion and extension of this agreement makes sense for RFRSH and will mean they can focus less on the commercial side and more on the delivery of more top range CS:GO tournaments, and the operations of Astralis and Heroic.