Malaysia : The government is conducting a two-year study on the country's manpower needs in collaboration with the World Bank, said Human Resource Minister Datuk Seri Dr S. Subramaniam. A database on all sectors, including in which sectors foreign workers were needed, would be developed from the study which started early this year and expected to end at the end of next year. The study will help assist the government in planning the workforce requirement and the kind of training needed to prepare the people for the job market, he added. (Bernama)
The OECD composite leading indicators (CLI) fell to 100.3 in May from 100.4 in Apr. The leading indicator for China fell to 99.2 from 99.4 in Apr, whilst India’s indicator fell to 97.8 from 98.0. (Reuters)
US President Barack Obama urged Congress to pass a one-year extension of Bush-era tax cuts for families making less than US$250,000 a year while letting rates to rise for higher earners. (Bloomberg)
US consumer credit rose US$17.1bn in May (a revised US$10bn in Apr), more than double the consensus of US$8.5bn. This was on the back of a US$8.0bn jump in revolving credit, the strongest gain of the recovery. (Bloomberg)
US Federal Reserve officials are discussing whether to start a quarterly monetary policy report to provide a clearer guide to their economic outlook and the likely course for policy. (Bloomberg)
The Eurozone July Sentix investor confidence indicator fell to -29.6 in Jul from -28.9 in Jun. (Bloomberg)
EU: Business confidence drops to lowest in three years
French business confidence dropped to the lowest in almost three years in June, increasing the likelihood of an economic contraction in the second quarter. Sentiment among French factory executives fell to 91, the lowest since August 2009, from a revised 92 in May, the Bank of France said in an e-mailed statement from Paris yesterday. Economists expected a reading of 92, according to the median of six estimates gathered by Bloomberg News. Business confidence, which last rose in December, has stagnated all year and yesterday’s decline suggests that Europe’s second-largest economy shrank 0.1% in the second quarter, the central bank said. (Bloomberg)
Spain will be given some relief from its austerity woes when its EU partners grant it extra time to meet its steep budget deficit targets for this year to 6.3% of GDP, from an earlier figure of 5.3%, which otherwise risk deepening its recession. In return Mariano Rajoy, prime minister, will commit to a fresh round of tax increases. (FT)
Spanish 10-year borrowing rates surged again above the danger level of 7.0%, whilst the yield on 10-year German debt fell to 1.312%. Of note, Germany’s and France’s short-term debt yielded negative rates, illustrating the gaping divide between eurozone nations in terms of fund-raising. (AFP, Bangkok Post)
China will cut retail gasoline and diesel-fuel prices for the third straight month, by Rmb400 to 600 a metric ton, or as much as 6.6% and 7.2% for gasoline and diesel, respectively. (WSJ)
China’s consumer price index rose by 2.2% yoy in Jun (3.0% in May), the lowest figure since the start of 2010. The inflation rate for 1H12 was 3.3%, well below the government's target of 4.0%. The producer price index fell 2.1% yoy in Jun (-1.4% in May), sharper than forecasts for a 1.9% decline. (AFP, Reuters)
Japan’s current-account surplus shrank 63% yoy to ¥215.1bn, less than half the consensus expectations of ¥493.1bn. (Bloomberg)
Japan’s machinery orders fell 14.8% mom in May (+5.7% in Apr), the biggest drop since 2001. Economists were expecting a 2.6% decline. On a yoy basis, the measure gained 1.0% (6.6% in Apr), undershooting consensus of 7.0%. (Bloomberg)
Singapore’s foreign reserves added US$5.67bn to US$243.38bn in Jun (US$237.71bn in May). (Bloomberg)
More FDI had flown into Thailand over the past few days, but it was not much when compared to that of the past two years, Bank of Thailand governor Prasarn Tairatvorakul said. (Bangkok Post)
Applications for Board of Investment (BoI) privileges in the first half of this year topped THB478bn, almost double the THB242bn in the same period last year. (Bangkok Post)
IMF managing director Christine Lagarde called Indonesia's economy "solid and encouraging," but said dark clouds may lie ahead due to global uncertainties. (WSJ)
To achieve the ideal infrastructure financing rate of 5% of GDP, Indonesia needs funds of Rp1.924tr by 2014, of which the government is only able to fulfill Rp560tr. (IFT)
The Philippines said it was seeking to increase royalties from mining companies while imposing more restrictions to protect the environment and local communities. (Philippine Daily Inquirer)
Vietnam invested US$3.45m in Laos during the first six months this year, ranking third in the list of leading investors in Laos, said deputy minister of Viet Nam's Planning and Investment Cao Viet Sinh. (Vietnam News)
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