Bank Negara Malaysia (BNM) said broad money (M3) grew at a higher annual rate of 8.2% in February (7.9% in Jan), supported by greater credit extension by the banking system to the private sector. This, however, was partially offset by capital outflows, which were reflected in the decline in net foreign assets of the banking system. (StarBiz)
The government aims to have cooperatives contributing 5.0% of the Gross Domestic Product (GDP) by 2012, the Dewan Rakyat was told. Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said now, although the cooperative movement had many members, the contribution to GDP was a mere 1.0%. (Bernama)
The minimum wage for workers should be based on productivity to ensure that industries do not lose their competitive edge, said National Economic Advisory Council (NEAC) Chairman, Tan Sri Amirsham A Aziz. The government should act wisely before determining a minimum wage to ensure that industry growth would not be jeopardised. Amirsham was responding to calls by certain quarters and explained why the minimum wage was not included in the New Economic Model (NEM). (Bernama)
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