Malaysia: Economy can grow more than 6% in 2010
The Malaysian economy is expected to achieve better than 6% GDP growth for the full year, despite a slight moderation in the global economy in the second half of the year. Prime Minister Datuk Seri Najib Tun Razak said the advanced economies were experiencing moderating growth, which in turn could have some impact on the local economy in the second half of the year. (StarBiz)
Malaysia: Central bank won’t allow offshore ringgit trade soon
Malaysia isn’t likely to let its currency to be fully traded overseas anytime soon, central bank Governor Zeti Akhtar Aziz said, downplaying the imminence of such a move. “We’re not going to rush to have full internationalization; it could be in phases,” she said. "Offshore ringgit trading won’t be allowed in the near term, unless we achieve all the preconditions and international markets stabilize and return to more normal conditions.” (Bloomberg)
Indonesia: Bans maids from coming to Malaysia
Indonesia's Labour and Transmigration Minister Muhaimin Iskandar announced that prospective maids from the country would be banned from leaving for Malaysia until the Indonesian government could ensure their safety. He said the move was in response to the case where an Indonesian maid was allegedly abused by her employer in Penang on Sept 13. (BT)
China: Sees need to rebalance economy, Zoellick says
World Bank President Robert Zoellick said Chinese officials understand the need to rebalance their economy toward more domestic consumption, and that allowing the currency to appreciate is not the only tool for it. “They recognize this is an issue, in part for their own interest,” Zoellick said "A stronger yuan is appropriate, but the question is how they accomplish it, how you press them and also what the US has to do.”(Bloomberg)
China: Yuan highest since 1993 after US criticism
The yuan climbed to the strongest level since 1993 after President Barack Obama criticised China for not letting its currency strengthen. China's leaders haven't done "everything they said would be done" to allow appreciation, Obama said. Yuan forwards gained for a fourth day as the dollar weakened against Asian currencies and the euro. (StarBiz)
UK: Posts largest August deficit since at least 1993
Britain posted the largest budget deficit for any August since records began in 1993 as debt costs soared, underscoring the pressure on Chancellor of the Exchequer George Osborne to rein in record levels of borrowing. Net borrowing was 15.3 billion pounds (USD23.7bn), compared with 13.5 billion pounds a year earlier, the Office for National Statistics said in London. (Bloomberg)
US: Housing starts increase, permits lag
Housing starts in the US increased more than forecast in August, outstripping a gain in building permits that signals residential construction will stay close to record lows. Builders began work on 598,000 homes at an annual rate, up 10.5% and the most since April, the Commerce Department said in Washington. (Bloomberg)
US: Economic slump ended in June '09
The worst US recession since the Great Depression ended in June 2009, the National Bureau of Economic Research said, as a slowdown in economic growth raises the possibility of another slump. "We are still expanding, but disappointingly slowly. It's still too early to tote up the cost, given that we are still far from recovered from its effects." (StarBiz)
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