(Bloomberg) — Indonesia’s new law, aimed to simplify labor and investment rules, has been met with a rally in local markets and concern from global investors as well as labor unions.
Parliament agreed to pass the omnibus bill on jobs creation in a plenary session Monday, sending the rupiah and stocks to gain as much as 1.3% the next day. The vote was brought forward from Oct. 8, preempting a three-day strike by about 2 million workers who sought to reject it. The strike will still happen from Tuesday.
Indonesian Workers Rally Against New Job Bill, Massive Layoffs
The law, which revises more than 70 existing regulations, has aroused controversy since President Joko
Airline stocks were rallying Wednesday after seven carriers received another lifeline from the government, closing on billions of dollars in loans from the U.S. Treasury. The stocks appear to be rising on hopes that Congress will extend payroll support for the industry, potentially averting a wave of layoffs that could come on October 1, after payroll support under the Cares Act expires.
The NYSE Arca Airline Index was ahead about 4% in morning trading, recovering some territory after posting sharp losses last week.
The industry has been lobbying for an extension of the Cares Act’s Payroll Support Program, which expires today. House Democrats included funding for airlines in their latest $2.2 trillion stimulus proposal, unveiled Monday, and the White House is urging Congress to approve more aid for the industry. A vote
WASHINGTON—President Trump’s nominee to the agency that regulates the vast derivatives market is no stranger to risky bets.
Robert Bowes, a political appointee in the Department of Housing and Urban Development, has reported 140 trades of stocks and options that collectively amount to between $671,000 and $3.2 million since joining the government in early 2017. Three bets on options or individual stocks were larger than $50,000 each.
Disclosure forms filed by Mr. Bowes, a former banker and fund manager nominated by Mr. Trump to the Commodity Futures Trading Commission, list wagers against cruise operator
Royal Caribbean Group,
bets on market volatility and purchases of small-cap stocks.
Ethics rules don’t ban government officials from trading, as long as they steer clear of conflicts of interest and don’t take advantage of inside information, which Mr. Bowes said he didn’t. What was unusual, ethics experts said, was the frequency of his transactions,