20100813 1055 Local & Global Economic News.

Malaysia: Ringgit slips as investors seek safe haven
The ringgit slipped against the greenback for a third straight day yesterday as investors continued to go for the safe haven dollar amid growing signs of a slower world economic recovery. At 5pm on Thursday, the local unit was lower at 3.1830/1860 compared with Wednesday's closing of 3.1710/1750."There is more and more news that momentum in the global economy is waning," a dealer said. (BT)

Philippines: Should keep interest rates steady
The Philippines should keep interest rates at a record low as the outlook for inflation remains “benign,” central bank Deputy Governor Diwa Guinigundo. “It is best that we keep the rates steady and wait for additional indicators to be more apparent.” (Bloomberg)

Hong Kong: Growth may slow to 6.3%
Hong Kong’s economy probably expanded for a third straight quarter from a year earlier as the city sustained its recovery from the global financial crisis. Gross domestic product rose 6.3% in the three months ended 30 June. In the first quarter, the expansion was 8.2%.(Bloomberg)

Australia: Hiring growth slows, boosting jobless rate
Australian employment growth slowed in July, driving down the nation’s currency as investors bet the central bank will extend a pause in the most aggressive round of interest-rate increases. The number of people employed gained 23,500 from June, when it rose a revised 37,400. The jobless rate climbed to 5.3% from 5.1% as more people entered the labor market. (Bloomberg)

 India: Industrial output grows least in 13 months
India’s industrial production rose at the slowest pace in 13 months in June, adding to evidence that Asian economies are weakening. Output at factories, utilities and mines rose 7.1% after a revised 11.3% gain in May from a year earlier, the statistics department in New Delhi said. (Bloomberg)

Japan: Refrains from outlining steps to halt yen climb
Japanese Finance Minister Yoshihiko Noda refrained from outlining steps to arrest this year’s 9% surge in the yen, prompting the currency to recover its losses against the dollar. “We will monitor economic conditions carefully and respond appropriately,” Noda said. (Bloomberg)

Greece: GDP shrinks for seventh quarter, unemployment rises
Greece’s economy contracted for a seventh quarter and unemployment rose as the wage-cuts and tax increases that aim to trim the European Union’s second-biggest budget deficit deepened a recession. Gross domestic product shrank 1.5% in the second quarter from the previous three months. (Bloomberg)

US: Jobless claims in US unexpectedly climbed last week
More Americans than forecast filed applications for unemployment benefits last week, signaling firings stepped up as the economy slowed. Initial jobless claims rose by 2,000 to 484,000 in the week ended 7 Aug, the highest level since mid-February. (Bloomberg)