The country attracted RM3.4bn in investments in 1H12 from 14 companies under the Business Services national key economic areas (NKEA) Entry Point Projects (EPP2) with the potential of more than 4,600 job opportunities, said Human Resources Minister Datuk Seri Dr S. Subramaniam. In 1Q12, the EPP2 contributed to 2,210 new jobs and more than RM318m in services export value. This represented a 50.2% rise in new jobs and a 9% increase in the services export value. (The Star, Bernama)
Iskandar Malaysia has managed to secure RM10.7bn in new committed investments during the first six month of this year. Iskandar Regional Development Authority (Irda) CEO Datuk Ismail Ibrahim said since its inception in 2006 and until end-Jun this year, the total cumulative committed investments reached RM95.45bn in various sectors. 43% of the committed investments are already realised. Domestic investments constitute 62% (RM58.95bn) of the total investments of RM95.45bn, while the remaining 38% (RM36.50bn) is from overseas, he said. Key investments to date are represented by Asia (42%), Europe (40%) and the Middle East (14%), he said. Since 2006, the manufacturing sector in Iskandar Malaysia has recorded cumulative committed investments of RM32.71bn, while the property sector strongly recorded RM29.80bn. Investments in other sectors were utilities (RM9.52bn),government (RM7.31bn), petrochemicals (RM5.10bn), ports and logistics (RM3.74bn), tourism (RM2.03bn), education (RM1.55bn) and healthcare (RM1.60bn). (BT)
China's state-owned enterprises, posted a net profit drop of 16.4% yoy in the first half of 2012, 2.8% pts more than that of the first quarter. (Xinhua)
China’s non-financial direct outbound investment reached US$35.4bn during the first half, a 48.2% yoy growth, as Chinese companies took advantage of the global economic weakness to expand overseas. (Global Times)
Japan’s finance minister Jun Azumi asserted his stance on foreign exchange, saying he will “take decisive steps against speculative movement of excessive volatility” as the yen posted new highs against the euro and the dollar. (WSJ)
Japan’s Cabinet Office said that the expansion in China is “slowing a bit,” lowering its evaluation of Japan’s largest trading partner for a third month while leaving its assessment of its own economy unchanged, saying that the economy was “on the way to recovery at a moderate pace” in part because of rebuilding projects. (Bloomberg)
Japan’s supermarket sales in Jun fell 3.9% yoy (-1.7% in May), the fourth month in a row on account of poor weather conditions. (MNI News)
Germany, the Netherlands and Luxembourg’s Aaa credit rating outlooks were lowered to negative by Moody’s Investors Service, with risks that the Greece may leave the 17-nation euro currency and “increasing likelihood” of collective support for European countries such as Spain and Italy among reasons for the change. (Bloomberg)
The preliminary estimate of the eurozone’s consumer confidence fell to -21.6 in Jul (a revised -19.8 in Jun), an almost three-year low and worse than the -20.0 reading expected by economists in a Dow Jones poll. (WSJ)
The IMF stressed that is “is supporting Greece in overcoming its economic difficulties,” saying that "an IMF mission will start discussions with the country's authorities... on how to bring Greece's economic program, which is supported by IMF financial assistance, back on track." (AFP)
Spain's economy weakened further during the second quarter, with GDP contracting 0.4% qoq and 1% yoy, hit by a sharp drop in domestic demand and by intense volatility in financial markets, the Bank of Spain’s preliminary estimates show. The central bank expects 2012 growth to be at -1.5%. (WSJ)
Singapore's CPI rose 5.3% in Jun from 5.0% in May, primarily reflecting higher accommodation costs. Core inflation was stable at 2.7% for the third straight month as the lower contribution from prices of food, services and oil-related items was offset by stronger yoy increases in retail prices. (Bernama)
Thailand’s Department of International Trade Promotion Director Nantawan Sakultanak said exports from Thailand to the EU have declined by 11% or US$9bn during 5M12 compared to the same period in 2011. (Thai Financial Post)
Thailand and Myanmar yesterday agreed to set up a ministerial-level working group to implement comprehensive economic cooperation, particulary on achieving concrete progress in the Thai-invested Dawei seaport and economic zone. (The Nation)
Indonesia's central bank has begun buying yuan-denominated bonds issued in mainland China, joining a growing number of countries moving to add the Chinese currency to their foreign-exchange reserves. China has currency swap agreements with about 19 countries and any of them in theory can apply to use their yuan reserves to invest in Chinese bonds. (AWSJ)
Indonesia remains likely to import rice this year despite an expected 5.5m-ton surplus of the staple by the end of the year to maintain the rice buffer stocks of 10m tons at a minimum, approximately three-and-half months, or one harvest season. (Jakarta Post)
Vietnam is targeting to raise the number of skilled workers from 16m to more than 34m by 2020 by linking enterprises and training institutions in better equipped and more market-oriented courses. (Vietnam News)
Myanmar invited foreign firms to invest in its mining sector, with ministry of Mines top official Win Htein asking “investors who would like to do exploration, to confirm the reserve of a deposit or to start with the grassroots exploration operations in a virgin land” to “apply stating their intentions.” (AFP)
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