Malaysia: 2010 GDP expands 7.2%
Malaysia's economy outperformed expectations to chalk up a commendable growth of 7.2%t last year compared with a contraction of 1.7% in 2009, bolstered by a rebound in manufacturing and services as well as brisk exports and imports. The government, which implemented a RM67bn stimulus package two years ago to boost the economy severely affected by the global downturn, had earlier forecast gross domestic product to grow by 5- 6% last year. (BT)
Singapore: To spend SGD6.6bn as elections loom
Singapore will spend SGD6.6bn (USD5.2bn) on benefits including tax cuts and rebates as it strives to ease the burden of inflation ahead of elections due in the next year. The government will hand cash to all adult citizens as a “dividend” from record growth, upgrade homes and invest in improving productivity, Finance Minister Tharman Shanmugaratnam said in the city state’s budget speech. (Bloomberg)
China: Tells banks to set aside bigger reserves to cool inflation
China’s central bank ordered lenders to set aside more money as reserves for the second time this year, draining cash from the financial system to restrain inflation and limit the risk of asset bubbles. Reserve ratios will climb half a percentage point effective 24 Feb, the People’s Bank of China said, in an announcement made after its recent interest-rate increase. (Bloomberg)
Spain: Passes bank law, extends compliance deadline
Spain’s government extended a September deadline for banks to meet core financial targets if the lenders can show they are on track to bolster their capital levels, Finance Minister Elena Salgado said. Banks that “are basically complying” with the government’s strategy and calendar, without meeting the capital requirements by 30 Sept, may be able to extend the deadline by three months, Salgado said. (Bloomberg)
US: House approves Republicans’ USD61bn cut in US spending
The Republican-controlled US House of Representatives voted to cut at least USD61bin in federal spending this year, setting up a budget confrontation with Democrats that threatens a government shutdown. After more than 90 hours of debate, the House decided 235-189 yesterday to send the measure to the Senate. (Bloomberg)
US: Home sales probably fell, durables rose
Home sales probably fell in January, while orders for long-lasting goods climbed, a reminder that housing lags behind manufacturing as the US recovery strengthens, economists said before reports this week. Combined purchases of new and existing homes fell 2% to a 5.5m annual pace, according to the median forecast of economists surveyed. (Bloomberg)
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