Malaysia: Budget 2011 unveiled
Malaysia will build a 100-floor tower and a mass rail project as Prime Minister Najib Razak boosts spending in a budget that he says is “pivotal” to spurring growth and helping the nation achieve developed status. Najib presented a 2011 budget plan on Friday for government spending of RM212bn (USD69 billion), 2.8% larger than this year’s outlay. GDP may expand 5% to 6% next year after growing a faster-than-forecast 7% in 2010, according to the Ministry of Finance’s 2010/2011 economic report. (Bloomberg)
EU: Exports increase, inflation accelerates
European exports increased in August, suggesting the Euro-region economy is weathering a global slowdown and a stronger Euro. Exports from the economy of the 16 nations that use the single currency rose a seasonally adjusted 1% from July, when they slipped 0.2%, the EU’s statistics office said. Inflation accelerated to 1.8% in September from 1.6% in the previous month, it said in a separate statement. (Bloomberg)
UK: BOE will increase bond plan by GBP100bn, CEBR says
The Bank of England will increase its emergency bond-purchase plan by 100bn pounds (USD160bn) to aid the economy as the government cuts spending, the Centre for Economics and Business Research said. The central bank will also keep its benchmark interest rate at a record low of 0.5% until at least “late” 2012, the Londonbased group mentioned. The bank kept its stimulus plan at 200bn pounds this month. (Bloomberg)
US: Posts second-largest annual budget deficit
The US government posted its second straight annual budget deficit in excess of USD1trn as lingering unemployment constrained tax revenue. The shortfall totaled USD1.294trn in the fiscal year ended 30 September 2010, second only to the USD1.416trn deficit in 2009, the Treasury Department said. (Bloomberg)
US: Sales exceed forecasts, inflation cools
Retail sales in the US climbed more than forecast in September, easing concern that unemployment stuck near a 26-year high will bring the recovery to a halt. Purchases rose 0.6% following a 0.7% gain in August that was larger than previously estimated, according to Commerce Department data issued. Other reports showed inflation cooled and manufacturing in the New York region accelerated. (Bloomberg)
US: Homebuilding probably fell, output rose
Builders in the US probably started fewer homes in September, while production rose for a seventh month, evidence of uneven growth, economists said before reports this week. Work began on 580,000 houses at an annual rate, down 3% from August, according to the median estimate of 56 economists surveyed before Commerce Department figures on 19 October. (Bloomberg)
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