Bank Negara Malaysia's (BNM) international reserves totalled RM411.6bn (US$136.1bn) as at 15 Aug 2011, up slightly from RM409.6bn (US$135.4bn) as at 29 July 2011. The reserves position is sufficient to finance 9.6 months of retained imports and is 4.5 times the short-term external debt. (BNM)
PM Datuk Seri Najib Tun Razak yesterday launched two key initiatives to enable scholars sponsored by the Public Service Department (PSD) to play a key role in driving the nation's transformation. The two initatives -- Talent Acceleration in Public Service (TAPS) and Scholarship Talent Attraction and Retention (STAR) -- were developed to provide scholars with attractive opportunities to build their careers in priority areas of the Government Transformation Programme (GTP) and Economic Transformation Programme (ETP) upon their graduation.
- TAPS is a collaborative initiative led by the PSD with the Razak School of Government (RSOG) and Talent Corporation Malaysia Berhad (TalentCorp).
- Under TAPS, top PSD scholars would be assigned to senior civil servants who will act as their mentors. The first batch of this programme would involve 40 top scholars and commence in Oct this year.
- Other scholars not selected for the public sector, Najib said, would participate in the STAR programme -- an initiative between the PSD and TalentCorp to serve their bonds by working in leading companies to drive the ETP.
- To date, STAR has attracted more than 50 participating organisations including Bank Negara Malaysia, Khazanah Nasional, Intel, Shell Malaysia, Maxis, PwC, CIMB Bank and Teach for Malaysia. (Bernama)
U.S. economic conditions improved slightly in Jul, amid a pickup in industrial and manufacturing production, according to report from the Federal Reserve Bank of Chicago. The Chi Fed's National Activity Index narrowed to -0.06 in Jul (-0.38 in Jun). Economists expected a reading of -0.48 in Jul. (CNBC, Bloomberg)
U.S. mortgages delinquencies rose to the highest level in a year in 2Q as homeowners who lost jobs were unable to make their payments. The delinquency rate for all mortgages rose to 8.44% in 2Q (8.32% in 1Q). (Bloomberg)
U.S. inventory of homes in foreclosure fell to 4.43% in 2Q from 4.52% in 1Q, the second consecutive quarterly decline, according to the Mortgage Bankers Association’s report. (Bloomberg)
Hong Kong's consumer price index (CPI) surged to 7.9% yoy in Jul (+5.6% in Jun), the city's statistics department said. The jump was mainly due to the low base of comparison resulted from the Hong Kong Special Administrative Region government's payment of public housing rentals in last Jul. (Xinhua)
Thailand’s economic expansion unexpectedly slowed last quarter after the earthquake in Japan disrupted trade and as faltering recoveries in the U.S. and Europe cloud the outlook for global growth. Gross domestic product rose 2.6% yoy in 2Q (+3.2% in 1Q), the National Economic and Social Development Board said. Economists expected a reading of 3.6%. (Bloomberg)
Brent oil fell in London, narrowing its record premium to West Texas Intermediate (WTI), the main U.S. grade, on speculation that an end to Muammar Qaddafi’s rule in Libya will lead to a recovery in the nation’s crude production. Brent oil was at a premium of US$24.55 to WTI, the grade traded in New York, down from a record US$26.21 at settlement on 19 Aug. (Bloomberg)
The Tourism Authority of Thailand (TAT) has expressed confidence that a total of 1.4m Chinese tourists will come to Thailand throughout this year, thanks to the economic recovery. (Thai Financial Post)
The National Economic and Social Development Board (NESDB) has reduced the 2011 gross domestic product (GDP) growth projection to 3.5-4.0% (3.5-4.5% previously estimated in May 11) due to the oil price and global economic situation. The maximum inflation estimate has been increased from 3.8% to 4% due to expected rising oil price. (Thai Financial Post)
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