Indonesia’s parliament is set to decide today on a compensation plan for the poor that President Susilo Bambang Yudhoyono has made a precondition for raising fuel prices in Southeast Asia’s largest economy.
Indonesia’s parliamentary budget commission failed to agree yesterday on whether to approve a government program to compensate poor people for higher fuel prices, undermining President Susilo Bambang Yudhoyono’s efforts to cut energy subsidies.
The Canadian dollar touched its highest point in four weeks against its U.S. peer as signs of growth in the North American economy boosted bets the Bank of Canada will raise interest rates earlier than expected.
Bank Indonesia raised the rate it pays lenders on overnight deposits and said it’s ready to buy government debt in the secondary market as Governor Agus Martowardojo moves to boost confidence in the rupiah weeks after taking charge.
Royal Bank of Canada, the country’s largest lender, and several units were sued by Rakuten Bank Ltd. over claims it marketed and sold unsuitable securities backed by deteriorating mortgage loans that wiped out a $10 million investment.
The Canadian dollar rose against the majority of its most traded peers as new-home construction increased at the fastest pace in more than a year in May, adding to evidence the housing market is regaining momentum.