The Agriculture and Agro-based Industry Ministry will resort to importing food, especially vegetables, from other countries if the supply from Thailand is inadequate. Its minister Datuk Seri Noh Omar said the ministry was still monitoring the import of food from Thailand. "Our biggest import from Thailand is cili padi, whereby almost 40% is imported from the country. If the supply is short, we will need to import from other countries like China, Vietnam and Indonesia," he said. (Bernama)
PM Datuk Seri Najib Tun Razak will unveil 12 new ICT-based Entry-Point Projects (EPPs) by year-end, said Science, Technology and Innovation Minister Datuk Seri Dr. Maximus Ongkili. The 12 EPPs, under the Digital Malaysia initiative, is expected to generate RM60bn in GNI until 2020. "Half of them are already linked to the existing National Key Economic Areas," Ongkili said. The specific names of the new EPPs will be announced by the PM at the launch."It could be from e-government, e-society or the industry," he added. (Bernama)
The Selangor government has introduced a minimum wage policy of RM1,500, which will be initially implemented in the state’s government-linked companies (GLCs) with a strong financial balance. Selangor Menteri Besar Tan Sri Khalid Ibrahim unveiled the plan when tabling the state budget for 2012 yesterday. For start, the minimum wage will be implemented in state GLCs such as the Selangor State Development Corp (PKNS), the Selangor Agricultural Development Corp (PKPS), Selangor State Investment Fund (PNSB) and Worldwide Holdings Bhd. As for companies which are financially not quite stable, a total of RM10m will be provided to support this policy, he said. (Financial Daily)
Beginning in 2015, the more than 20,000 Pasar Tani traders across the country will have to sell local agricultural products only, said Agriculture and Agro-Based Industry Minister Datuk Seri Noh Omar. Apart from promoting the local products, the move aimed at reducing the people’s cost of living and help increase the farmers’ income, he said. Initially, some 3,000 Pasar Tani traders were identified to become the pioneers under the contract farming programme to increase the number of seven essential crops of the local community including chili, spinach, mustard and lady’s finger. Under the programme, the farmers would be given a loan of RM10,000 starting early next year to enable them to carry out agricultural activities on contract farming. (Financial Daily)
The RM100 school assistance is to be paid out by the end of the month. DPM Tan Sri Muhyiddin Yassin who is also Education Minister, is expected to make a major announcement today on how the payments will be made. It is believed the payments will be given out in two batches – one for pupils from Year Two to Five and another for students from Form Two to Four. Those who will be starting Year One and Form One next year will only receive the assistance then. (The Star)
Malaysia aims to make a comeback as the world's largest rubber producer, with the opening of more plantations in Sabah and Sarawak. Deputy International Trade and Industry Minister Datuk Jacob Dungau Sagan said the country used to be the No. 1 producer globally in the mid-80s but was now in third spot. Currently, Thailand is the world's No. 1 in terms of production, followed by Indonesia. According to the Association of Natural Rubber Producing Countries (ANRPC), total world natural rubber production this year is expected to be at 9.95m tonnes, up by 4.9% yoy. Thailand was expected to produce 3.35m tonnes, followed by Indonesia with 2.95m tonnes and Malaysia contributing about 0.98m tonnes this year, it said. Apart from the three countries, the ANRPC members are India, Vietnam, China, Sri Lanka, the Philippines and Cambodia, which collectively control about 92% of the commodity's global supply. The rubber industry had contributed RM12.8bn to the country's export earnings in 2010, and rubber products accounted for 2% of Malaysia's total exports. (Bernama)
US mortgage applications increased 10.3% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) survey for the week ended 4 Nov. The Refinance Index increased 12.1% from the previous week. The seasonally adjusted Purchase Index increased 4.8% from one week earlier to the highest level since Aug 11. (MBA)
US wholesale inventories decreased by 0.1% in Sep (+0.1% in Aug), Commerce Department figures showed. Economists expected a 0.5% gain. (Bloomberg)
US: Job openings rose in September to three-year high
The number of positions waiting to be filled in the US rose in September to the highest level in more than three years, indicating some companies are preparing for an improving economy. Job openings increased by 225,000 to 3.35m, the most since August 2008, a month before the collapse of Lehman Brothers Holdings Inc. intensified the financial crisis, Labor Department data showed. Hiring advanced by 185,000 to 4.25m, and firings also climbed. Payrolls grew by 80,000 workers in October, and gains in the prior two months were revised up. (Bloomberg)
Wall Street sinks as European debt plight worsens
Stocks tumbled 3.0% on Wednesday in the market's worst day since mid-August as a spike in Italian bond yields signaled the European debt crisis has worsened. All 10 S&P sectors were down, but S&P financials were the hardest hit on worries about European exposure, dropping 5.4%. US stock markets have grown more chaotic in response to rising volatility in European debt markets, and investors have trouble keeping up with a steady stream of headlines and pricing in how the crisis might play out. The Dow Jones industrial average was down 389.24 points, or 3.2%, at 11,780.94. The Standard & Poor's 500 Index was down 46.82 points, or 3.7%, at 1,229.10. The Nasdaq Composite Index was down 105.84 points, or 3.9%t, at 2,621.65. (Financial Daily)
US home values fell in almost three- fourths of cities in 3Q as a slowing economy deterred buyers. The median price of a single-family home decreased from a year earlier in 111 metropolitan areas out of the 150 measured, the National Association of Realtors said. (Bloomberg)
Japanese bank lending was flat in Oct from a year earlier (-0.3% in Sep), after 22 straight months of annual decline, the Bank of Japan said. (Reuters)
Japan’s current-account surplus shrank 21.4%yoy to ¥1.585tr (US$20.4bn) in Sep, the Finance Ministry said. Economists called for a 31.3% decline. (Bloomberg)
Japan’s exports rose 3% yoy in Sep, resulting in a trade surplus of ¥373.2bn. The income surplus, which includes earnings from overseas trading of equities, bonds and debt securities, rose 12.9% to ¥1.394tr, according to the release. (Bloomberg)
China consumer prices rose 5.5% yoy in Oct (6.1% in Sep), matching economists’ forecasts. Food inflation moderated to 11.9% yoy (+13.4% in Sep), while non-food inflation declined to 2.7% (+2.9% in Sep). (Bloomberg)
China’s producer price inflation slowed to 5.0% yoy (+6.5% in Sep), undershooting consensus expectations of a 5.8% rise. (Bloomberg)
China’s industrial output growth slowed to 13.2% yoy in Oct (+13.8% in Sep). Economists expected industrial production to increase 13.4% yoy. (Bloomberg)
Growth in China’s fixed-asset investment excluding rural households in 10M11 was 24.9% yoy, unchanged from 9M11, and higher than median estimate of 24.8%. (Bloomberg)
Retail sales in China rose 17.2% yoy in Oct (+17.7% in Sep), lower than the 17.6% pace expected by economists. (Bloomberg)
New residential housing starts in China dropped 1.3% yoy in Oct, the first decline this year. (Bloomberg)
Car sales in China climbed 1.4% yoy in Oct (+8.8% in Sep) but fell 7.5% mom. (Reuters)
Thai Prime Minister Yingluck Shinawatra submitted the 2012 Budget Bill outlining THB2.38tr (US$77.65bn) in spending to the Lower House. The government anticipated that the budget would boost GDP growth to 4.5 to 5.5% in 2012. (Bloomberg, Xinhua)
Domestic vehicle sales in Vietnam declined by 10.6% yoy to 9,258 units in Oct, following a 9.7% rise in Sep. (Bloomberg)
Vietnam's National Assembly has approved a 2012 government target for GDP growth of 6-6.5 percent, inflation under 10% for the year, export growth of 13%, and a state budget deficit under 4.8% of GDP. (Reuters)
India's local car sales in Oct fell the most in more than a decade, declining 23.8% yoy (-1.8% in Sep) to 138,521 units. (WSJ, Bloomberg)
Indonesia’s central bank said 2011 loan growth could reach above 25%, deputy governor Muliaman D. Hadad said on Wednesday. Bank lending growth was 23.8% yoy in Sep. (Bloomberg)
Italy: Bond attack breaches Euro defenses as contagion worsens
The euro-region’s defenses are being breached. Investors yesterday propelled Italy’s 10-year bond yield to close at a euro-era high of 7.25% after the promised exit of Prime Minister Silvio Berlusconi failed to convince them that his country can slash Europe’s second-largest debt burden. The biggest signal yet that the single currency’s third-largest economy is falling prey to its two-year debt crisis forces German Chancellor Angela Merkel, European Central Bank President Mario Draghi and their peers to decide just how far they’re willing to go to defend the euro. (Bloomberg)
Greece: Unity deal is in disarray amid squabbles on premier
Greek Prime Minister George Papandreou’s drive to put together a unity government descended into disarray as rival parties fell to squabbling over the next premier, undermining their bid to secure bailout funds needed to prevent a financial collapse. Papandreou met with President Karolos Papoulias in Athens to resign as criticism grew over delays in naming a new prime minister. Papandreou attended the meeting with Antonis Samaras, leader of the opposition New Democracy party, and opposition LAOS party leader George Karatzaferis, who then abandoned the talks. (Bloomberg)
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