Wednesday, August 24, 2011

20110824 1121 Local & Global Economic Related News.

A total of  1,051,427 job vacancies have been listed by eight ministries and related to  agencies to be filled by Malaysians before they are given to illegal immigrants who are  given amnesty under the ministry's 6P programme. Home Ministry deputy secretarygeneral Datuk Alwi Ibrahim said of the figure, the International Trade and Industry Ministry  had the most vacancies at 275,723 followed by the Agriculture and Agro-based Industry  Ministry (237,700), and Domestic Trade, Cooperative and Consumerism Ministry  (220,000).

  • The Construction Industry Development Board has 165,000 vacancies, Plantation  Industries and Commodities Ministry (140,000), Home Ministry (10,000), Tourism  Ministry (2,041) and Transport Ministry (963).  
  • Most of the vacancies involved five sectors identified as the ones using the highest  number of foreign workers which were manufacturing, production, plantation, agriculture  and construction. (Bernama)    

The construction of the multi-billion ringgit MY Rapid Transit (MRT), is likely to begin by  Jan next year and completed in 2016, Abdul Malik Azman, head of Prasarana's MRT  Procurement Management Department said. The first tender for the V5 and V6 packages  will be awarded in Jan or Feb next year.  
  • “Based on our plan, by the end of next year, all 18 works packages will be awarded  accordingly," he said. 
  • The V5 package stretches from Taman Bukit Ria to Plaza Phoenix in Cheras and  comprising four stations.
  • The V6 runs from Plaza Phoenix to Bandar Tun Hussein Onn with three stations.   
  • He said Prasarana will announce its shortlist of contractors for underground tunnels by  early next month. (Bernama)    

A RM15m loan under the  Skim Pinjaman Khas Penduduk di Kampung Baru Cina (Special Loan Scheme for Chinese New Village Residents) has been set aside this year for  eligible applicants, said Housing and Local Government Minister Datuk Chor Chee Heung.  RM35m would be used for next year while another RM50m would be disbursed between  2013 and 2015, he noted.

  • The total allocation of RM100m comes under a micro-credit scheme announced by DPM  Tan Sri Muhyiddin Yassin last month to allow residents in the Chinese new villages to  pay land premiums, refurbish their homes and use as seed money to start up businesses  in the villages.   
  • The loan was subject to 4% interest per annum.   
  • For a premium loan, applicants could get loans of between RM1,000 and RM10,000,  with repayment period of between two and five years. For a business loan, the amount is  between RM5,000 and RM50,000. (Bernama)    

Johor  is likely to win the most  investments among Malaysian states this year, said  Deputy International Trade and Industry Minister Datuk Mukhriz Tun Mahathir. For the first  six months of the year, Johor attracted RM4.5bn in approved investments.

  • According to the Malaysian Industrial Development Authority (Mida), 74 projects were  approved between Jan and May, totalling RM4.0bn, of which RM2.8bn were from  domestic investments.   
  • "Note our figures did not include those in the oil and gas sector. Petronas announced a  big petrochemical plant in Johor that worth RM60bn," he said. (BT)     

U.S. new home sales declined more than projected in Jul to the lowest  level in five  months, indicating the industry is struggling to stabilize two years into the economic  recovery. Purchases fell 0.7% to a 298,000 annual pace in Jul (300,000 in Jun), figures  from the Commerce Department showed. Economists projected a 310,000 rate in Jul.  (Bloomberg)  

Eurozone manufacturing activity shrank in Aug for the first time in two years, a survey  has indicated. The Markit Manufacturing PMI measure for the eurozone fell to 49.7 in Aug  (50.4 in Jul). A reading below 50 indicates contraction in the sector.  Economists expected  a reading of 49.5 in Aug. (BBC, Bloomberg)  

Eurozone service sector grew only modestly. The Markit service sector PMI measure fell  to a 23-month low of 51.5 in Aug from 51.6 in Jul. Economists were expecting a reading of  51.0 in Aug. (BBC, Bloomberg)  

The European Commission said the  eurozone’s preliminary, or flash,  consumer  confidence indicator plunged to -16.6 in Aug from -11.2 in Jul. Economists were expecting  a reading of -12.5 in Aug. (WSJ)  

Singapore's consumer price index (CPI) rose by 5.4% yoy in Jul (5.2% in Jun), just shy  of the two-year high of 5.5% in Jan. This shattered market forecasts of a moderate 5% rise.  The rise in Jul was due largely to higher costs of accommodation, private road transport  and food. (CNA)  

The  Thai government should avoid stoking  inflation by aiming fiscal spending at  infrastructure investment and not stimulating domestic consumption,  Bank of Thailand governor Prasarn Trairatvorakul said. Although there is a growing likelihood that the United  States and Europe will slide to an economic downturn, the pressure for increases in the  cost of living remained high, Mr Prasarn said. (Bangkok Post)  

Thailand’s Prime Minister Yingluck Shina-watra remained non-committal regarding her  controversial election pledge to scrap the Oil Fund, telling Parliament the measure is "not  the only solution" to the problem of rising cost of living. Her brief statement suggested her  government might backtrack on the much-criticised policy plan. (The Nation)  

Thailand’s Commerce Minister Mr. Kittirat Na Ranong has assured the public that the  government will implement what it has promised during the election campaign as early as  next year.

  • During the policy debate today, Mr. Kittirat said the THB300 wage scheme would be  implemented as soon as possible without creating impact on employers and workers.   
  • The salary for government civil servants who hold a bachelor’s degree will be raised to  THB15,000; however, it will be taken into consideration if similar approach would be  applied in other occupations.  
  • The Commerce Minister added that with all factors considered, the price guarantee  scheme for jasmine rice and normal rice for THB20,000 and THB15,000 per ton would  be difficult to implement, but it would be beneficial to farmers. (Thai Financial Post)    

The U.S. Federal Deposit Insurance Corp.’s list of “problem” banks fell in 2Q for the first  time since 2006 as the industry’s income improved and costs tied to bad loans eased. The  confidential list of banks deemed at greater risk of collapse shrank by 23 firms to 865, the  FDIC said. The last time that happened was the 3Q06 before the credit crisis began, the  agency said. (Bloomberg)

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