Malaysia: Inflation slows
Malaysia's inflation slowed to a nine-month low in December, with consumer prices rising 3% from a year earlier after climbing 3.3% in November. This could give the central bank scope to leave interest rates unchanged for a fourth meeting this month to support growth as the world economy falters. (Bloomberg)
China: Said to let biggest banks boost lending by 5% this quarter
China’s central bank is said to be allowing a limited increase in first-quarter lending by the nation’s five biggest banks to support growth as the economy's expansion moderates. The lenders can increase new loans by a maximum of about 5% from a year earlier, according to two people at state lenders who have knowledge of the matter. The central bank won’t comment on anything related to credit quotas, a press official said in Beijing yesterday. (Bloomberg)
Greece: Debt talks resume with agreement seen by end of this week
Greece’s government heads into a second day of talks with private creditors in a push to reach an accord that would slash the nation’s debt and avert a collapse of the economy. Discussions with officials from the Institute of International Finance, which represents bondholders, will continue today, Greek Finance Minister Evangelos Venizelos said. (Bloomberg)
France: Sarkozy promises USD550m to fight ‘worsening’ unemployment
French President Nicolas Sarkozy unveiled USD550m of measures to promote job creation and said he’ll make more structural proposals later this month. The measures include more retraining, reduced charges for small companies hiring young workers and 1,000 new employees for job centers. (Bloomberg)
UK: Unemployment increases as global outlook cut
UK unemployment rose to the highest rate in 16 years in the quarter through November, deepening concerns Britain is heading for another recession as turmoil in the euro area damps the global economic outlook. The unemployment rate rose to 8.4%, the highest since January 1996, from 8.1% in the three months through August. The number of people claiming jobless benefits rose for a 10th month to 1.6m, the most since January 2010. (Bloomberg)
Germany: Cuts 2012 economic growth outlook as crisis dims exports
The German government cut its forecast for economic expansion this year as the debt crisis dims the outlook for sustaining record exports, leaving domestic demand as the main motor for growth. Europe’s biggest economy will grow 0.7% in 2012, less than the 1% estimated in October. (Bloomberg)
US: Factory production climbs by most in a year
Factories in the US churned out more computers, cars and construction material in December as manufacturing remained at the center of the expansion. Output climbed 0.9% last month, the biggest gain since December 2010, according to Federal Reserve data. (Bloomberg)
Global: IMF seeks to raise lending capacity by up to USD500bn
IMF is proposing to raise its lending capacity by as much as USD500bn to insulate the global economy against any worsening of Europe’s debt crisis. The Washington-based lender is aiming to increase its resources after identifying a potential need for USD1trn in financing in coming years, an IMF spokesman said. (Bloomberg)
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