Government-owned public transport operator Syarikat Prasarana Negara Bhd is planning a high rise real estate project over the existing Dang Wangi light rapid transit (LRT) station with an estimated gross development value of RM200m. It MD Datuk Shahril Mokhtar said Prasarana had last week chosen a local property developer as its joint venture partner following the close of a recent exercise to seek proposals. The announcement will soon be made, he said. The project will comprise office and residential properties to be built on the existing structure of the LRT station. (Financial Daily)
Fund raising approved by the Securities Commission (SC) rose 54.4% to RM118.9bn in 2011 from RM77bn in 2010, with private debt securities (PDS) accounting for the bulk of the fund raising. The Malaysian capital market continued to grow in 2011, with IPOs accounting for RM6.6bn and PDS RM112.3bn. This was a contrast to 2010 when IPOs accounted for RM13.4bn and PDS RM63.6bn, it said. The sukuk approvals had more than doubled to RM78.9bn from RM38.3bn in 2010. Malaysia remains at the forefront of the sukuk market, accounting for 73% of the total sukuk issued globally, it said. On the equity market capitalization, it was RM1.28tr at end-2011 while overall average trading activity increased by 31.6% to a daily average of 1.34bn units from a year ago. The total fund raised in equity market fell to RM12.6bn in 2011 from RM32.1bn in 2010, which in line with a general slowdown in IPO activities worldwide. (Financial Daily)
Malaysia is in the midst of a journey towards the transformation of its healthcare system to ensure successful and sustainable, relevant health care needs of its citizens, said Health Minister Datuk Seri Liow Tiong Lai. "We have been given two years to come up with a blueprint on healthcare transformation. By 2014, we hope this blueprint will be ready and the public can continue to be engaged and give the feedback," he said. (Bernama)
The issue of the Lynas rare earth plant will not disrupt the proposed Free Trade Agreement (FTA) negotiations between Malaysia and Australia, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed. The trade pact between Kuala Lumpur and Canberra is expected to be signed in May this year. (Bernama)
Asian policy makers are preparing to double a US$120bn reserve pool to defend the region against shocks, reducing their reliance on traditional backstops such as the IMF as Europe saps resources. (Bloomberg)
Thailand’s exports rose 0.9% yoy in Feb (-6% in Jan), exceeding market expectations of a 5% drop. Imports rose 8.3% yoy in Feb (-4.2% in Jan), compared with the 6.1% forecast. As a result, the trade balance reverted to a surplus of US$0.53bn from a deficit of US$1.13bn in Jan. (Bloomberg)
Thailand’s manufacturing production index fell 3.4% yoy in Feb (-15% in Jan). The capital utilisation rate, which measures actual output against total production capacity, increased to 62.3% in Feb from Jan’s 58.5%. (Bloomberg, Dow Jones)
Vietnam’s exports rose 23.6% yoy in Mar (24.8% in Feb), while import growth eased to 6.9% yoy in Mar (11.8% in Feb). (Bloomberg)
Vietnamese agricultural exports are forecast to reach nearly US$5.9bn in 1Q12, on par with the same period last year, according to Minister of Agriculture and Rural Development Cao Duc Phat. (Vietnam News)
Vietnamese industrial production surged only 4.1% yoy in 1Q12, the slowest in five years; in last year's economic downturn, the index still grew 9.3% in the same period. (Vietnam News)
Vietnam: Trade gap narrows in March, supporting currency
Vietnam’s trade deficit narrowed in March as exports rose, supporting the currency. The gap fell to USD150m from a revised USD279m in February, based on preliminary figures released by the General Statistics. The shortfall totalled USD251m in the first three months of the year. (Bloomberg)
Indonesia’s Ministry of Transportation has restricted the increase of public transport tariff to 20% at most. It is lower than the proposed increase of Land Transportation Entrepreneurs Organization of 35% upon the fuel price hike. (IFT)
Myanmar: To float currency
Myanmar announced an overhaul of its antiquated currency system as part of burgeoning reforms to modernize an economy left in disarray by decades of military rule and isolation. The impoverished nation will adopt a managed floating exchange rate from 1 April, allowing market forces to determine the value of the kyat, while leaving room for the central bank to influence its value, state media said. It described the move as the first step towards unifying the nation's various exchange rates. (BT)
Singapore Minister of State for National Development and Trade and Industry Lee Yi Shyan reassured that Singapore investors are still confident in China's development, despite signs of a slowdown in its economy. (CNA)
South Korea: Returns to current-account surplus in February
South Korea returned to a current- account surplus in February as exports rose amid signs of an improving US economy and as the euro zone debt crisis eased. The surplus was USD639m, compared with a revised USD969m deficit in January, the Bank of Korea said in Seoul. The current account is the broadest measure of trade, tracking goods, services and investment income. (Bloomberg)
Japan’s ruling party completed its plan to double the nation’s consumption tax, clearing the way for legislative approval and submission to parliament, after including a provision that the levy could be halted in the event of “drastic” changes to the country’s economic outlook. The Cabinet is scheduled on 30 Mar to approve the measure to raise the sales levy to 8% in Apr 2014 and 10% in Oct 2015. (Bloomberg)
Bank of Japan policy board member Ryuzo Miyao pledged to keep decisively steering monetary policy, branding the central bank's recent easing campaign a way out of the nation's persistent deflation. (WSJ)
Italian Prime Minister Mario Monti blamed Europe's debt woes partly on the irresponsible parenting of Germany and France during the bloc's infancy. (AFP)
EU: European loan growth slowed in February on faltering economy
Growth in loans to households and companies in the 17-nation euro area slowed in February as a cooling economy curbed demand for credit. Loans to the private sector grew 0.7% from a year earlier after gaining an annual 1.1% in January, the ECB said. The rate of growth in M3 money supply, which the Frankfurt-based ECB uses as a gauge of future inflation, increased to 2.8% from 2.5%. (Bloomberg)
ECB action to shore up the euro zone financial system failed to prevent the region’s banks scaling back lending to the private sector last month, which fell from 1.1% yoy in Jan to 0.7% in Feb. (FT)
Eurozone M3 money supply grew 2.8% yoy in Feb, accelerating from 2.5% in Jan. Analysts had expected a 2.4% growth. (Reuters)
European governments are preparing for a one-year increase in the ceiling on rescue aid to €940bn to keep the debt crisis at bay, according to a draft statement written for finance ministers. However, ECB Governing Council member Jens Weidmann was adamant that boosting Europe’s rescue funds will not solve its debt crisis. (Bloomberg)
UK: Economy shrinks more than first estimated
The UK economy shrank more than previously estimated in the 4th quarter as services companies from airlines to banks cut output amid concerns about the euro region debt crisis. GDP fell 0.3% from the third quarter, compared with a previously estimated 0.2% drop, the Office of National Statistics said.(StarBiz)
US: Orders for durable goods in US show sustained demand
Orders placed with US factories for durable goods rose in February for a fourth month in the last five, signalling manufacturing will remain a source of strength for the expansion. Bookings for goods meant to last at least three years advanced 2.2%, less than projected, after a revised 3.6% decline in January, data from the Commerce Department showed. Orders excluding transportation equipment increased 1.6%, in line with the median forecast in a Bloomberg News survey of economists. (Bloomberg)
The MBA index of US purchase applications rose 3.3% wow in the week ended 23 Mar (-1.0% in the prior week), whilst the refinance index fell 4.6% wow, moderating from the -9.3% in the earlier week as rates rose in the week. (Bloomberg)
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