Alperen Sengun attending the biggest weekend of the …

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The EuroLeague Final Four in Athens is set to get extra attention off the court, with NBA starAlperen Sengun attending the biggest weekend of the European basketball season, per EuroLeague.

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Alperen Sengun attending the biggest weekend of the …

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How Much Money Does the “Survivor ”Winner“ ”Get? Inside Season 50's Record-Breaking Prize

Survivor season 50 ended on May 20

People Rick Devens, Jonathan Young, Rizo Velovic on Survivor 50.Credit: Robert Voets/CBS

NEED TO KNOW

  • For only the second time in 50 seasons, the winner won $2 million

  • Losing players didn't go home empty-handed, though; they also won prize money depending on their performance

Survivor 50: In the Hands of the Fanshas already broken many of the show's barriers, and the final prize is no different.

For only the second time inSurvivorhistory, the show introduced a $2 million prize for the winner of the historic season — doubling the traditional $1 million that's been given out for 48 of the last 49 seasons.

The pot increased after internet personalityMrBeast surprised the contestantsand revealed that they could double the reward if they flipped a coin the right way. Luckily, Rick Devens had fate on his side, as he correctly tossed up the coin to score a $2 million total prize pot.

In addition to the $2 million for the winner, the show also announced that the$100,000 Fan Favorite vote, nicknamed the Sia Prize, returnedand is “in the hands of the fans.”

While only one person gets to take home the grand prize at the end of each season, the remainder of the contestants reportedly also receive some amount of money depending on how well they did in the competition.

"I think people are always surprised to learn that we do earn money,” Corinne Kaplan, who played on seasons 17 and 26, said in a September 2021 episode of theTrading Secretspodcast. “The same pot of money exists no matter how many players there are.” CBS did not immediately respond to PEOPLE's request for comment.

So, how much money have the past winners and contestants onSurvivorwon? Here's everything to know about what theSurvivorwinner gets.

What does the winner ofSurvivorget?

Eva Erickson, Star Toomey, Mary Zheng, and David Kinne on Survivor: Fiji.Credit: Robert Voets/CBS via Getty

Ever sinceSurvivorpremiered in 2000, the contestants have competed to win the grand prize and the title of Sole Survivor. For 48 seasons, the prize was $1 million but in 2020 and 2026, the pot increased to $2 million.

However, the winner doesn't get to pocket the entire prize, since thousands of dollars have to go to federal and state taxes. The total amount of money a winner receives depends on their state's income taxes.

It's crucial that the winner pay the taxes, as season 1 winner Richard Hatch spent nearly three years in federal prison for not paying up. He told PEOPLE in April 2023 that legal fees and missed work "more than wiped out the money."

HasSurvivorever increased the prize fund?

Jeff Probst hosts Survivor: Winners at War.Credit: Robert Voets/CBS via Getty

The $1 million prize fund has mostly stayed the same since season 1 in 2000.

However, the CBS show doubled the jackpot to $2 million twice: once to celebrate the 40th season,Survivor: Winners at War, in 2020, and again to celebrate the 50th season. The former season featured 20 winners from past seasons ofSurvivorto compete for the highest prize fund in history.Tony Vlachoswas named the winner.

"The $2 million prize was all CBS," hostJeff ProbsttoldEntertainment Weeklyin January 2020. "The truth is, Kelly Kahl is the guy at CBS who back in season 2 movedSurvivorto go up againstFriends. And we beatFriendsin the ratings and his career was really made in that moment."

Probst continued, "He's been invested inSurvivorforever. And he has given us free rein to do what we want for a long time. And this season he said, 'Can you try to make winners happen? And can we give them a $2 million prize?' "

In 2026, MrBeast helped raise the pot to $2 million.

How much do the second and third-place finishers get?

David Kinne, Eva Erickson, Charity Nelms, Star Toomey, and Mary Zhen on 'Survivor'Credit: Robert Voets/CBS

Even though they didn't snag the title of Sole Survivor, contestants who get second and third place also walk away with a significant amount of money.

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The runner-up receives $100,000 and the third place finisher gets $85,000, according toToday. Kaplan confirmed the prize amounts during a 2021 appearance on theTrading Secretspodcast.

Do allSurvivorcontestants get paid?

Chrissy Sarnowsky, Star Toomey, Mitch Guerra, Joe Hunter, Saiounia

Every contestant who has appeared onSurvivorhas reportedly been paid some amount of money for their time.

Kaplan claimed during herTrading Secretspodcast appearance that the amount of money a contestant wins depends on how they placed and how many people are competing on a certain season.

According to Kaplan, "the same pot of money exists no matter how many players there are." So if there are more contestants in a season, then each person gets less money. The sooner the contestants get eliminated, the less money they take home. (Season 50 featured thelargest group of contestantsever at 24.)

"So, what happens is, roughly, the first person voted out makes like $2,500, [and] it goes up very incrementally," Kaplan claimed. "Those people only make a few thousand, and there's a couple hundred [dollars] difference between them."

However, once there are enough people eliminated and people qualify to be members of the jury, their payout "starts going up by $10K," according to Kaplan.

"It works backwards," she said, claiming that each person on the jury makes $10,000 less than the contestant who made it one place ahead of them (excluding the winner).

Do contestants get paid to appear on the live reunion?

Jeanine Zheng, James Jones, Noelle Lambert, Sami Layadi, Cody Assenmacher, and Karla Cruz Godoy on Survivor: Mana Island.Credit: CBS via Getty

For several years,Survivorheld alive reunionafter the season finale. The special episode was paused ahead of season 40 because of the COVID-19 pandemic and resumed forSurvivor50.

When the live reunion was in its heyday, it was another opportunity for every contestant to take home more money. Kaplan claimed that regardless of where a contestant finished in the season, everyone was offered $10,000 to participate in the reunion.

Kaplan claimed, "The reason that that ticket is so high is because most people, if they were wronged on the show or whatever, if there wasn’t a big ticket attached to it, you might just be like. 'F--- it I’m not going,' so they make that very high."

What is the Sia Prize?

Tai Trang is presented with a gift from recording artist Sia during the live reunion show.Credit: Neil Jacobs/CBS via Getty

Like manySurvivorfans, singerSiahasn't always been thrilled by who won the reality TV show. The superfan decided to take matters into her own hands in 2016 when she gaveTai Trang$50,000 of her own money after he didn’t win season 32. She then decided to continue giving money to her favorite contestants, nicknaming the award the “Sia Prize.”

The award continued for eight years and 14 seasons, during which time she gave a total sum of over $1 million to her favorite contestants. However, Probst announced in 2024 that theSia Prize would endafter season 46.

"After eight years, 14 seasons, 19 players and over $1,000,000 awarded, Survivor is officially bringing the Sia Prize to a triumphant end!” he posted on his Instagram Stories in May 2024. “So it is with tremendous gratitude and admiration to Sia that we bring to a close one of the most unique relationships a TV show could ever have with a pop star of Sia’s global wattage.”

Among the special Sia Prize winners included seven players to whom she gave $100,000 — including Rick Devens (season 38), Elaine Stott (39), Janet Carbin (39), Drea Wheeler (42), Jesse Lopez (43),Carolyn Wiger (44)and Katurah Topps (45).

The other 11 contestants who won the coveted money were Donathan Hurley (36), Davie Rickenbacker (37), Aurora McCreary (38), Joe Anglim (38), Jamal Shipman (39), Owen Knight (43), Ryan Medrano (43), Lauren Harpe (44), Carson Garrett (44), Jake O’ Kane (45) and Kaleb Gebrewold (45).

Sia brought the prize back forSurvivor 50, promising to give whomever won a fan vote for favorite player $100,000, perVariety.

Read the original article onPeople

How Much Money Does the “Survivor ”Winner“ ”Get? Inside Season 50's Record-Breaking Prize

Survivor season 50 ended on May 20 NEED TO KNOW For only the second time in 50 seasons, the winner won $2 million...
Oil rises over 1% after Reuters report signals complication to US-Iran peace talks

By Stephanie Kelly

Reuters

LONDON, May 21 (Reuters) - Oil prices rose over 1% on Thursday after Reuters reported that Iran's Supreme Leader has issued a directive that the country's near-weapons-grade uranium should not be sent abroad.

The report, which cited ‌two senior Iranian sources, signalled that Iran was hardening Tehran's stance on one of the main U.S. demands at peace ‌talks. Ayatollah Mojtaba Khamenei's order could further frustrate U.S. President Donald Trump and complicate talks on ending the U.S.-Israeli war on Iran.

Brent crude futures gained $1.39, or 1.3%, ​to $106.41 a barrel by 1037 GMT, and U.S. West Texas Intermediate futures rose $1.56, or 1.6%, to $99.82. Both were trading lower before the report.

Both benchmarks dropped around 5.6% on Wednesday to their lowest in more than a week after Trump said talks with Iran were in the final stages.

Pakistan stepped up diplomatic efforts on Thursday to hasten the peace talks between the U.S. and Iran, as Tehran said it was reviewing ‌Washington's latest responses. Trump suggested he could wait ⁠a few days for "the right answers" from Tehran but was also willing to resume attacks on the country.

"We’ve been in this situation multiple times before, which ultimately led to disappointment," ING analysts said in ⁠a note on Thursday, forecasting an average Brent price of $104 a barrel in the current quarter.

Iran warned against further attacks and unveiled steps entrenching its control of the crucial Strait of Hormuz, which remains mostly closed. Before the war the strait had carried oil and liquefied natural gas shipments ​equal ​to about 20% of global consumption.

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Economic activity in the euro zone shrank ​at its sharpest rate in more than two-and-a-half years ‌in May as a war-driven surge in living costs hammered demand for services across Europe and firms accelerated layoffs, surveys showed on Thursday.

DRAWDOWNS IN STOCKPILES

On Wednesday, Iran announced a new "Persian Gulf Strait Authority", saying there would be a "controlled maritime zone" in the Strait of Hormuz.

Iran effectively closed the strait in response to the U.S. and Israeli attacks that started the war on February 28. Most of the fighting has stopped since an April ceasefire, but while Iran is limiting traffic through Hormuz, the U.S. has blockaded its coastline.

Supply losses from ‌the key Middle Eastern producing region because of the war have forced ​countries to tap their commercial and strategic inventories at a rapid rate, raising ​concerns about draining them.

The U.S. Energy Information Administration said on ​Wednesday the country withdrew nearly 10 million barrels of oil from its Strategic Petroleum Reserve last week ‌for its biggest drawdown on record. U.S. crude inventories also ​fell by more than expected last ​week, according to EIA data.

"Oil prices have remained relatively contained despite the scale of the Middle East disruption," said Kim Fustier, senior global oil and gas analyst at HSBC. A pullback in Chinese buying, as well as a surge in Atlantic ​Basin exports led by the U.S. and ‌rapid draw on inventories and strategic stockpiles "has eased immediate availability concerns and narrowed some of the extreme physical dislocations ​seen earlier in the crisis," she said.

(Reporting by Stephanie Kelly in London, Sam Li in Beijing and Siyi Liu ​in Singapore; Editing by Clarence Fernandez, Emelia Sithole-Matarise and Susan Fenton)

Oil rises over 1% after Reuters report signals complication to US-Iran peace talks

By Stephanie Kelly LONDON, May 21 (Reuters) - Oil prices rose over 1% on Thursday after Reuters reported that Iran's Supreme ...
Warriors mock draft roundup: Golden State eying Mexican prospect

Basketball experts are pinning down their mock selections over a month away from the 2026 NBA Draft on June 23-24.

USA TODAY

This draft class anticipates having among the best crop of talent to enter the league with players such as AJ Dybantsa, Cameron Boozer, Caleb Wilson and Darryn Peterson.

TheGolden State Warriorshave to decide whether to will draft a prospect or trade their No. 11 pick.

Despite being heavy buyers in the trade market, the consensus is that Golden State will retain their pick and lean into scouting for the right piece. Head coach Steve Kerr looks forward to that selection and believes developing that pick will be a "huge factor" in their 2026-27 season.

"I think we're in a different place now. Right, there's no question. And I've talked to Mike (Dunleavy, the Warriors GM), I mean, I don't know the draft, but he feels really strongly that we're going to get a good player. It could be a 19 year old, it could be someone older,"Kerr told reporters.

The Warriors have been linked to a number of players, such as Michigan forward Yaxel Lendeborg, Arizona guard Brayden Burries and Michigan center Aday Mara.

USA TODAY Sports' Bryan Kalbroskypredicts Karim López going to the Warriors as the first-ever Mexican-born NBA draft selection. Kalbrosky described Lopez as "physically gifted, athletic, and universally seen as the top prospect from this class currently playing overseas."

"He exploded for 32 points (11-of-13 FG) with eight rebounds, two blocks and one steal against Melbourne on Jan. 30. Despite his age, he played a huge role for his team defensively for a team that won the NBL Ignite Cup. López measured well, weighing just shy of 222 pounds and 38-inch max vertical," Kalbrosky wrote.

Whoever is brought in, Kerr emphasized the Warriors' commitment to that players' development.

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"It's obvious where we are with the injuries toMoses (Moody) andJimmy (Butler), you look at our depth on the wings, that guy has to play, and he's got to earn it, you know, but we're committed to absolutely, you know, the development of our young players," Kerr said. "(We're) trying to do this thing in a way that allows for success down the road. Down the road meaning the end of next season and beyond, and we're excited about that."

Here are mock draft predictions from sports experts, specifically for theGolden State Warriors:

Experts' share Golden State Warriors mock draft selection

USA TODAY Sports: Karim López, New Zealand Breakers, forward

CBS Sports:Aday Mara, Michigan, center

ESPN: Karim López, New Zealand Breakers, forward

Bleacher Report: Brayden Burries, Arizona, shooting guard

NBAdraft.net: Brayden Burries, Arizona, shooting guard

Yahoo Sports: Karim López, New Zealand Breakers, forward

This article originally appeared on USA TODAY:Golden State Warriors mock draft 2026 first-round predictions

Warriors mock draft roundup: Golden State eying Mexican prospect

Basketball experts are pinning down their mock selections over a month away from the 2026 NBA Draft on June 23-24. This draft clas...
All the Details on Pippa Middleton's Lace Wedding Dress

Pippa Middleton married James Matthews on May 20, 2017

People James Matthews and Pippa Middleton on their wedding day in 2017Credit: JUSTIN TALLIS/AFP via Getty

NEED TO KNOW

  • She wore a custom lace wedding dress by British designer Giles Deacon

  • Pippa's wedding look had a few similarities to her older sister Kate's Sarah Burton bridal gown

Pippa Middletonbecame theworld’s most famous bridesmaidafter her sisterKate Middleton’s 2011 nuptials, but it was her ownwedding dressin which she truly shone.

On May 20, 2017, Pippa walked down the aisle tomarryhusband James Matthewsin a bespoke silk cotton lace gown with a corseted bodice, cap sleeves, a high neckline and a heart-shaped keyhole back designed by Giles Deacon.

Pippa topped the look off with a Stephen Jones veil and a pair of ivory-and-pearl Manolo Blahnik pumps.

Ahead, everything to know about Pippa Middleton's wedding dress, including the unexpected accessory she recycled from her sister's royal wedding.

She chose a British designer

Pippa Middleton on her wedding day in 2017Credit: Max Mumby/Indigo/Getty

Pippa paid homage to her British roots by walking down the aisle in a stunning creation byBritish designer Giles Deacon. He launched his own label, GILES, in 2003 and earned a British Fashion Designer of the Year award in 2006.

Prior to designing Pippa’s 2017 gown, Deacon’s made his sartorial mark at the 2012 London Olympics, whenVictoria Beckhamperformed with the Spice Girls in his custom minidress with a dramatic train, and at the 2013 Met Gala, for whichSarah Jessica Parkersported one of his floral garments for the evening’s"PUNK: Chaos to Couture” theme.

Deacon expressed his delight at working on his most famous commission, sayingin a statement, "I was thrilled to work with Pippa on her dress.”

“She has a great eye,” he later toldBusiness of Fashionof Pippa, adding, “She knew whatshewanted.”

Pippa's dress featured hand-embroidered pearls and hidden seams

James Matthews and Pippa Middleton at their wedding in 2017Credit: JUSTIN TALLIS/AFP via Getty

While Pippa’s gown appeared to have completely seamless stitching, Deacon toldBusiness of Fashionthere was actually a lot of behind-the-scenes work that went into hiding them — which is exactly what he was going for.

“I wanted that ‘’How-was-that-done?’ factor,” he told the publication.

As for how he accomplished the effect, Deacon revealed that Pippa’s silk cotton lace was “all hand-pieced.” Said Deacon: “[That’s] why you don’t actually see a seam.”

The designer’s team also hand-embroidered pearls along the neck, bodice and corset to emphasize its smooth lines.

Her dress was inspired in part by a 1960s movie

Deacon cited a scene in a 1963 Luchino Visconti film calledThe Leopardas inspiration for Pippa’s gown in a May 2017 interview withBusiness of Fashion.

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“I always loved the dancing scenes inThe Leopard,” he said. “I know they were all hoop crinolines in the film, but there’s something gorgeous about having that great movement, with the skirt spinning round, keeping its shape.”

Pippa’s dress followed suit, with a tulle train at the back of the skirt that the designer said enabled it to float and pleats at the front that allowed it to move more freely. “There’s incredible movement,” Deacon explained to the publication.

The gown had similar elements to Kate’s

Pippa Middleton on her wedding day in 2017; Kate Middleton on her wedding day in 2011Credit: Pool/Samir Hussein/WireImage; Samir Hussein/WireImage

Pippa’s ivory wedding gown featured several elements that were similar to the ivorySarah Burton-designed dress Kate wore on her big day.

Both sisters chose a corseted bodice with a lace overlay, though their necklines differed quite a bit: Kate’s featured a deep, plunging V, while Pippa’s more modest mockneck was reminiscent ofGrace Kelly’s bridal look

The shape of their skirts was also nearly identical, with both Kate and Pippa opting for pleated A-line silhouettes.

Last but not least, both women covered their hair with long, intricate veils, though Kate’s was much longer than her younger sister’s, as was her gown, which featured a sprawling9-foot train.

Pippa previously wore her “something old” at Kate's royal wedding

Pippa Middleton at sister Kate Middleton's wedding in 2011; James Matthews and Pippa Middleton on their wedding day in 2017Credit: Pascal Le Segretain/Getty; UK Press Pool/UK Press via Getty

If Pippa’s wedding earrings looked familiar, it’s because the British socialite wore them six years prior for theroyal wedding, effectively serving as her “something old.”

Commissioned from British jeweler Robinson Pelham by her mother and father for Kate’s nuptials, they featured a pear-cut diamond drop and a floral motif.

She wore a bespoke diamond headpiece

Pippa Middleton on her wedding day in 2017Credit: Max Mumby/Indigo/Getty

Robinson Pelham was also responsible for the understated tiara the bride wore atop her head.

Dubbed the Maidenhair Fern tiara, it was crafted with 18-karat white gold and diamonds, per company cofounder Zoe Benyon, who spoke toVogueabout the headpiece.

“It’s all about balance,” Benyon told the outlet in 2017. “You do not want the dress and tiara to fight, so one has to take a back seat.

Benyon also revealed that the tiara was tailored to Pippa’s face shape. As she explained: “Tiaras are like sunglasses; not every one suits every shape of face.”

Read the original article onPeople

All the Details on Pippa Middleton's Lace Wedding Dress

Pippa Middleton married James Matthews on May 20, 2017 NEED TO KNOW She wore a custom lace wedding dress by Britis...
Miles Teller Says Viral 2015 Interview Where He Was Called 'a Dick' Felt Like 'a Violation'

Miles Teller was asked in a new interview about “bad press” he endured earlier in his screen career

People Miles Teller at the 'Paper Tiger' photocall at the 79th Cannes Film Festival on May 17Credit: Lionel Hahn/Getty

NEED TO KNOW

  • The Michael star brought up a 2015 Esquire profile in which he was repeatedly called a “dick”

  • “That was so mishandled,” Teller said of the viral piece, which “felt like such a violation of what actually transpired”

Miles Tellercame under some criticism in 2015.

In a new interview withIndieWire, Teller, 39, addressed an oldEsquireprofileabout the then-rising star, which concluded he was "kind of a dick.” Asked about having "to counteract some bad press" throughout his career, theMichaelstar brought up the old profile.

“That was so mishandled. The reason why I have not done profiles is because I said, ‘Wow, if I'm not doing this interview on camera, this person can misquote things or put things out of order or say things that didn't happen,' ” the actor said.

TheEsquirepiece “felt like such a violation of what actually transpired,” added Teller. “I told my team, ‘Guys, I don't think I'm doing this again, because I'm reading this and this doesn't sound like me to me.' ”

Miles Teller at the 'Paper Tiger' Cannes Film Festival after-party on May 16Credit: Jed Cullen/Dave Benett/Getty

He continued, “It's unfortunate that being a good person, that doesn't sell. People want to click on the negativity.”

Ultimately, said Teller, “how you treat people truly, that's what matters… The actors, the directors, the crew, the producers, you can't hide who you are when you're on set.”

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Reflecting on the early phase of his career, after breaking out with 2010'sRabbit Holeand 2014'sWhiplash, Teller noted that most actors are “just hoping to get a role.”

“I used to be more critical of work other people were doing, because you get thrown into this rat race when you're first starting out,” he said of that time. “As I've gotten older, I appreciate and have respect for longevity, if you can hang around. I always wanted to contribute.”

Never miss a story — sign up forPEOPLE's free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories.

Following sci-fi filmThe Gorgeand fantastical romance filmEternity, Teller next appears inPaper Tiger, which premiered at theCannes Film Festivalon May 16. The James Gray-directed, Neon-distributed drama costarsAdam DriverandScarlett Johansson.

Miles Teller and Adam Driver pose during a photocall of the film

Teller most recently played lawyerJohn Brancain theMichael JacksonbiopicMichael(in theaters now), teasing to IndieWire that a sequel may be in the works.

Read the original article onPeople

Miles Teller Says Viral 2015 Interview Where He Was Called 'a Dick' Felt Like 'a Violation'

Miles Teller was asked in a new interview about “bad press” he endured earlier in his screen career NEED TO KNOW T...
Indonesia unveils plan to centralise control of commodity exports

By Stanley Widianto, Gayatri Suroyo and Fransiska Nangoy

Reuters Indonesian President Prabowo Subianto gestures inside the parliament building, while Vice President Gibran Rakabuming Raka looks on near him, on the day Subianto is set to deliver his speech on economic policies and the 2027 fiscal plan in Jakarta, Indonesia, May 20, 2026. REUTERS/Willy Kurniawan Indonesian President Prabowo Subianto gestures inside the parliament building, while Vice President Gibran Rakabuming Raka looks on near him, on the day Subianto is set to deliver his speech on economic policies and the 2027 fiscal plan in Jakarta, Indonesia, May 20, 2026. REUTERS/Willy Kurniawan Indonesian President Prabowo Subianto delivers his speech on economic policies and the 2027 fiscal plan to parliament members at the parliament building in Jakarta, Indonesia, May 20, 2026. REUTERS/Willy Kurniawan Indonesian President Prabowo Subianto gestures while delivering his speech on economic policies and 2027 fiscal plan to parliament members, as Vice President Gibran Rakabuming Raka reacts, at the parliament building in Jakarta, Indonesia, May 20, 2026. REUTERS/Willy Kurniawan

Indonesian President Prabowo Subianto delivers speech at parliament

JAKARTA, May 20 (Reuters) - Indonesia unveiled a sweeping plan on Wednesday to centralise exports of key commodities such as palm oil and coal, aiming to boost government revenue through tighter control of the ‌sale and pricing of its abundant natural resources.

Sovereign wealth fund Danantara will oversee a trading company designated to channel exports, ‌starting with palm oil, coal and ferroalloys after a three-month transition. The government may add more commodities at three-month intervals.

"I tell my cabinet, formulate prices for nickel, gold. Every ​price must be determined by us," President Prabowo Subianto said in a fiery speech to parliament.

"If they don't support our price, then they don't have to buy it. We can use it ourselves."

Indonesia is the world's biggest exporter of palm oil, thermal coal and nickel, and Prabowo's plan aims to tackle concerns about under-invoicing and how exporters account for transfer pricing.

INVESTOR WARINESS

Indonesia's moves to assert greater control over its resources have rattled investors.

Tighter nickel ore ‌quotas, higher taxes and a new pricing formula are ⁠driving up costs and threatening investment, the China Chamber of Commerce in Indonesia warned Prabowo in a letter this month.

"Investors are increasingly concerned on policy direction, and this has driven outflows from Indonesia's capital markets," said Jayden ⁠Vantarakis, head of ASEAN research at Macquarie Capital in Singapore.

"It's hard to see how this announcement will change the direction," he said, adding that state-owned companies were already heavily involved in every key resource sector from energy to minerals such as copper, tin, nickel and gold.

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GROWING PRESSURE

Economic pressure on Indonesia is ​mounting, with ​a series of ratings outlook downgrades and the rupiah currency repeatedly plumbing record ​lows against the U.S. dollar, as Prabowo's ambitious spending ‌plans fuel investor wariness.

Another new measure requires all exporters of natural resources to keep their entire export revenues in state-owned banks from June 1, in a step Senior Economic Minister Airlangga Hartarto said aims to stabilise the flagging rupiah.

The central bank also raised interest rates on Wednesday for the first time in two years, by a higher-than-expected 50 basis points.

Rumours about the plan spooked the market on Tuesday, stoking concerns it could bring changes in pricing mechanisms and squeeze trader margins. Jakarta's main stock index fell 0.82% on Wednesday, after a drop of 3.5% the previous ‌day.

"Markets may price in some degree of transitional uncertainty until there is greater ​clarity on execution, documentation processes and trade flows," said Pritish Raj, senior manager for ​APAC & EMEA thermal coal pricing at S&P Global Energy.

Prabowo said ​Indonesia has lost as much as $908 billion in revenue in the last 34 years because its commodities were being ‌sold on the cheap.

"We're the biggest producers of palm oil ​but the price of palm oil ​is decided in other countries," he said.

Indonesia's natural resources were sufficient for the welfare of the entire country but the economy had not been managed well enough to boost state revenues, he added.

"In the opinion of the government - and I am sure every ​patriot will support this - the earth, water and ‌all the resources within it must be enjoyed by all Indonesians."

(Reporting by Ananda Teresia, Gayatri Suroyo, Stanley Widianto and Fransiska ​Nangoy; Additional reporting Bernadette Christina Munthe, Sudarshan Varadhan and Gregor Stuart Hunter; Writing by Fransiska Nangoy, David Stanway, Gibran Peshimam ​and Tony Munroe; Editing by John Mair, Christian Schmollinger and Clarence Fernandez)

Indonesia unveils plan to centralise control of commodity exports

By Stanley Widianto, Gayatri Suroyo and Fransiska Nangoy Indonesian President Prabowo Subianto delivers speech at parliament ...

 

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