Indonesia president urges economic ‘reboot’, boost to health care

Christel Deskins

By Gayatri Suroyo and Tabita Diela

JAKARTA (Reuters) – Indonesia must use the coronavirus pandemic to reboot Southeast Asia’s biggest economy, President Joko Widodo said on Friday, as he proposed a $187 billion 2021 budget that includes spending more on healthcare, including vaccines, and infrastructure.

Widodo made the remarks in his annual state of the union and budget speeches to parliament. Due to coronavirus precautions, less than half of the lawmakers were present for his address, with the rest watching online.

Likening the current economic situation to “a computer crash”, he said Indonesia, along with other countries, must “shutdown, restart and reboot”.

“We must capitalize on the crisis as a momentum to make a big leap,” he said.

Widodo proposed a 2,747.5 trillion rupiah ($186.65 billion) 2021 budget, up 0.3% from this year.

He said the fiscal deficit should dip to 5.5% of GDP, from 6.34% in 2020, the highest

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Coronavirus child care pinch in U.S. poses threat to economic gains of working women

Christel Deskins

By Jonnelle Marte and Rachel Dissell

CLEVELAND (Reuters) – Most days, Zora Pannell works from her dining room table, sitting in front of her computer, turning off the video on Zoom calls to nurse her one-year-old daughter, Savannah.

Pannell has balanced working from home and caring for her daughter and son Timothy, aged 2, since March when she started a new job as a manager for a language services company the same week that Ohio issued a “stay at home” order to stop the spread of the coronavirus.

Working from home is an exhausting daily juggle but she’s more worried about being told it’s time to return to the office. Her husband cannot watch the children during the day because he has a job at a local steel mill and the couple have been unable to find a daycare center they deemed safe and affordable close to their Shaker Heights

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Stocks rise, Nasdaq outperforms as strong earnings offset economic fears

Christel Deskins

Stocks extended gains Friday morning, with the Nasdaq jumping about 1%, after a slew of better than expected corporate earnings results from major tech firms. Each of Facebook, Amazon, Apple and Netflix hit record highs shortly after market open.

Tech titans Facebook (FB), Amazon (AMZN), Apple (AAPL), and Alphabet (GOOG, GOOGL), each reported quarterly results that blew past estimates Thursday evening, affirming these companies’ pandemic-era dominance following a steep run-up in tech stocks over the past couple months.

Facebook grew its revenue 11% over last year as its advertising business remained resilient despite the pandemic-related slowdown across the broader ad industry. Alphabet’s ad business was hit more prominently by that trend, with Google ad revenue falling 8% over last year, though Alphabet’s overall top- and bottom-line results still topped estimates. Facebook’s daily active users jumped 13% to 1.79 billion and monthly active users rose 12% to 2.7% billion as the

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Mayors warn of long-term economic devastation without federal aid

Christel Deskins

Washington — America’s mayors are sounding the alarm that time is quickly running out for Congress to approve federal aid for local and state governments amid the worsening coronavirus crisis, with localities warning they may have to take an ax to essential services if lawmakers don’t act soon.

“This virus does not know what the population is and it doesn’t know what the boundaries of the city limit is,” Jeff Williams, mayor of Arlington, Texas, told CBS News. “It isn’t just hitting in big cities, but cities of all sizes. The economic impacts are being realized all across the country.”

State and local officials have for months been lobbying Congress to approve federal aid for their governments as they have seen revenue streams dry up because of the pandemic. Still confronted with budget shortfalls and forced to furlough or layoff workers as the coronavirus crisis worsens across the country, mayors

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