Funds amounting to RM581.8m were allocated through the Food Production Incentive between 2008 and last year, during a food crisis and to ease the burden of farmers, the Dewan Rakyat was told yesterday. Agriculture and Agro-based Industry Minister Datuk Seri Noh Omar said contributions through the Food Supply Guarantee Policy were divided into several sectors, namely plantation crops, livestock and fisheries. Incentives paid for plantation crops (vegetables and fruits) in 2009 for claims made in 2008, totalled RM116.9m while RM47.3m was paid for claims in 2009. For livestock, RM208m was given in 2009 for claims made a year earlier, and RM84.2m for claims in 2009. For fisheries, RM108.8m was paid out for 7,594 claims in 2008, and RM16.6m for 706 claims in 2009, he noted. (Bernama)
A national institute of biotechnology will be set up next year to expand the herbal market internationally, the Dewan Rakyat was told yesterday. The institute would merge the Malaysian Pharmaceutical and Nutraceutical Institute (Ipharm), Malaysian Genome Institute and Malaysian Agrobiotechnology Institute. Science, Technology and Innovation Deputy Minister Datuk Fadillah Yusof said the soon-to-be set up biotechnology institute would not only provide basic infrastructure for the R&D but would also explore other supporting fields for expansion. (Bernama)
The Education Ministry will spend RM500m next year to repair 600 dilapidated national schools, said its minister, Tan Sri Muhyiddin Yassin. The ministry would channel most of the money to schools in Sabah and Sarawak. These schools were identified from an audit carried out earlier this year to determine the infrastructure in all schools, he said. (NST)
US companies in Malaysia are expected to continue their growth next year despite the challenging global economy. American Malaysian Chamber of Commerce (Amcham) VP Datuk Tim Yariq Garland said the key area of growth in the country is in the services sector. Malaysia’s move to further liberalise 17 services subsectors had given a big boost to the country’s efforts to attract investment, he noted. “Many companies are looking at Malaysia to set up a regional centre and leverage Asean growth and opportunities that exist with the 600m people in the region,” he added. (Malaysian Reserve)
Malaysia will negotiate for flexibility in “sensitive” areas during Trans-Pacific Partnership trade talks this month, Datuk Seri Mustapa Mohamed, Minister of the International Trade and Industry said. This includes government procurement, intellectual property rights, labor and the environment, Mustapa said. Malaysia is open to new membership to the trade grouping from the Asia-Pacific region “so long as they subscribe to the high-level of ambition,” he said. (Bloomberg)
US consumer borrowing rose by US$7.4bn in Sep (-US$9.7 in Aug), Federal Reserve figures showed. Economists projected credit to rise US$5.2bn. (Bloomberg)
US job openings increased by 225,000 or 7.2% mom to 3.35m in Sep (3.13m in Aug), the most since Aug 08, Labor Department data showed. (Bloomberg)
US stocks rise as Berlusconi offers to quit when plan approved
US stocks rose, sending the Standard & Poor’s 500 Index higher a second day, as PM Silvio Berlusconi’s offer to resign boosted optimism Italy will appoint a new leader who can tame the debt crisis. The S&P 500 climbed 1.2% to 1,275.92, after falling as much as 0.5% earlier yesterday. The benchmark gauge of American equities has increased 1.8% in two days. The Dow Jones Industrial Average advanced 101.79 points, or 0.8%, to 12,170.18 yesterday. (Bloomberg)
Japan's foreign reserves rose to US$1.21tr at the end of Oct (US$1.20 in Sep), the Ministry of Finance said. The data does not take into account Japan's yen-selling currency market intervention on 31 Oct as those sales were settled in Nov. In Aug, the nation's foreign reserves hit an all-time high (US$1.22tr). (Reuters)
European finance ministers pledged to roll out a bulked-up rescue fund next month, leaving Greece and Italy on the front lines until then in the fight against the debt crisis. Greece was ordered to provide written acceptance of bailout terms in order to win an EUR8bn loan installment by the end of Nov, while Italy was pressed to turn budget-cut promises into reality. (Bloomberg)
Greece: Papandreou Greek unity government wrangling drags into third day
Greek PM George Papandreou’s talks on forming an interim government to avert the economy’s collapse dragged into a third day as a near-agreement with the biggest opposition party stalled on European Union demands for written commitments. Former central banker Lucas Papademos appeared poised to be named to lead the new government as of late yesterday, according to reports from state-run NET TV and To Vima newspaper. While Papandreou told his ministers to prepare to submit their resignations because a government would be named “soon”, no official announcement was made. (Bloomberg)
Italy: Berlusconi to resign after passage of austerity, debt plan
PM Silvio Berlusconi offered to resign as soon as Parliament approves austerity measures pledged to European partners, after defections from his ruling party left him without a majority and bond yields surged to euro-era records. “Once that task has been achieved, the prime minister will tender his resignation to the president,” who will then begin consultations with all political parties, President Giorgio Napolitano said last night after meeting Berlusconi in Rome. The government has yet to present the final text of the amendment to the budget law with the austerity measures. (Bloomberg)
UK: Factory output increases for first time in four months
UK manufacturing production rose for the first time in four months in September, led by transport equipment and metals. Factory output increased 0.2% from the previous month, when it fell 0.3%, the Office for National Statistics said yesterday. Overall industrial output, which includes mining and oil and gas, was unchanged on the month. The statistics office said the data will have a “negligible impact on its gross-domestic-product estimate. (Bloomberg)
The Thai government’s long-term water management plan will ensure there isn’t a repeat of this year’s flooding disaster, said Virabongsa Ramangkura, the head of a new committee for reconstruction and development. Projects planned over the next 12 months will ensure the safety of industrial parks based in the country. Thailand will seek input from Japan’s government and industry groups on measures the country can take to retain international investment, Virabongsa said. (Bloomberg)
Vietnamese lawmakers approved a proposal that aims for annual economic growth of 6.5-7% through 2015 and seeks to reduce inflation to 5-7% by the end of that period, Nguyen Thi Kim Ngan, the deputy chairwoman of the legislative body, said. (Bloomberg)
Indonesia’s money supply growth in M2 moderated to 16.2% yoy in Oct (+17.2% n Sep). The growth rate in M1 was unchanged at 19.3% yoy. (Bloomberg)
Singapore’s forex reserves increased to US$245.42bn in Oct, from US$233.62bn. (Bloomberg)
India’s merchandise exports rose 10.8% yoy to US$19.9bn last month. Imports gained 21.7% yoy to US$39.5bn, causing a trade deficit of US$19.6bn. That’s the biggest shortfall since Apr 94. (Bloomberg)
Indonesia’s balance of payments booked a US$4bn deficit in 3Q11 on the large amount of capital outflows in the financial market. Forex reserves were down by more than US$10bn from the Aug high of US$114.5bn, but could still afford 6.6 months of import coverage. (Jakarta Post)
Indonesia’s government spending may only reach 90% of the overall target this year as ministries and state bodies remain slow in disbursing allocated state budgets, Finance Minister Agus Martowardojo says. (Jakarta Post)
Damage to property and assets from the Thai floods could range between THB700bn and 1tr, including opportunity losses of THB350 to 450bn for businesses, according to a new forecast by the University of the Thai Chamber of Commerce. (Bangkok Post)
Airports of Thailand Plc (AoT) executives said daily passenger throughput now stands at just over 100,000 passengers, down from 130,000 in the last week of Oct when the threat of flooding was felt less. (Bangkok Post)
The Thai government has settled on a three stage strategy to reconstruct the country in the wake of the flood damage, Prime Minister Yingluck Shinawatra said at a press conference on Tuesday. The first stage involved the flood centre solving various urgent problems, distributing relief items to the flood victims, and providing medical treatment for people at all evacuation centres. The second stage centred on bringing every system back to normal as soon as possible. It would be carried out while the floodwater is receding or after it has receded. Measures to be taken at this stage included compensation for damage and loans and other privileges for affected individuals and the affected business sector. The third stage involved meting out solutions to solve problems in the long run and to prepare the country to cope effectively with climate change and water management. (Bangkok Post)
Government deputy spokesperson Anuttama Amornvivat said the cabinet today approved a budget of THB3.1bn baht to pay compensation of THB5,000 each to 621,355 households in Bangkok affected by the flood. (Bangkok Post)
The Bank of Thailand will drop its growth forecast even lower for GDP this year as the massive flood works its way through Bangkok and into Samut Sakhon. "How much [the Monetary Policy Committee] will decide to revise downwards the GDP figure on 30 Nov will depend on the latest estimated loss figures. The situation has not yet stabilised," Deputy BOT Governor Suchada Kirakul said yesterday. (The Nation)
The Bank of Thailand will use monetary policy to help revive the economy from the nation’s worst floods in almost 70 years, which may trim 2011 economic growth to less than 2.6%, Deputy Governor Suchada Kirakul said. “The central bank is unlikely to hold and raise the rate next time,” Suchada said. (Bloomberg)
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