The government yesterday withdrew the Kampung Baru Development Corp Bill 2010 and replaced it with the Kampong Baru Development Corp Bill 2011 with some amendments, including having more representatives from among the residents.
Among the amendments are the creation of the Kampong Baru Development Corp (KBDC) deputy chairman post from among the landowners and heirs and increasing the number of members of the Advisory Council to the KBDC, from among the owners and heirs, from two to six.
Of the 15-member Advisory Council, including the KBDC chairman post, five of the members comprised the residents’ representatives, including the deputy chairman. (Bernama)
The government's initiatives to be unveiled in Budget 2012 on Friday will help ease the cost of living of low-income earners, PM Datuk Seri Najib Tun Razak said Monday. Every initiative to be announced would be in line with the government's firm commitment to cut down the national fiscal deficit.
The government would continue to implement various programmes and activities to help the low-income group like extending financial aid; subsidies; incentives; skills training; healthcare services; and housing, he said.
As to the economic growth, Najib said the economy grew by 4.4% in 1H11 and a more rigorous growth momentum is on the cards in 2H11. (Bernama)
Despite economic uncertainties in the U.S. and Europe, Malaysia and India are on track to achieving the US$15bn target in bilateral trade by 2015, said Deputy Minister of International Trade and Industry, Datuk Jacob Dungau Sagan. In 2010, trade between India and Malaysia increased 14.8% to US$8.9bn. From Jan to Jul 11, trade with India amounted to US$7.3bn, an increase of 36% yoy, he said. (BT)
Malaysia's retail sales growth has been revised upwards to 6.5% from 6.0% previously, following a 8.2% growth in the first half of 2011. This growth will bring total retail sales for the year to RM82bn. Retail sales grew 8.4% in 2010, with total sales value estimated at RM77bn. Malaysia Retailers Association (MRA) said in its latest Malaysia Retail Industry Report, that retailers saw sales rise by 9.1% in the April-June 2011 period as they offered attractive discount to lure shoppers. Rising costs and discounts saw retailers' profit margins being squeezed. (BT)
The US Senate voted to advance legislation designed to press China to let its currency rise in value, setting up a debate between lawmakers who say the bill will create jobs and critics who warn it could spark a trade war. (Reuters)
US: Construction spending in US unexpectedly increases as multifamily gains
Construction spending in the US unexpectedly rebounded in August, propelled by the biggest jump in state and local government outlays in more than two years. The 1.4% gain reversed the revised 1.4% drop in July, Commerce Department figures showed today in Washington. The median estimate called for a 0.2% decline. The industry was up 1.4% from August 2010 before adjusting for seasonal variations, the first positive reading this year. Increased building of multifamily residences, like apartments and townhouses, adds to evidence that Americans are moving away from home buying in favor of renting. Even with the gain in state and local spending in August, public construction was down 5.3% y-o-y, showing the pain caused by budget cuts. (Bloomberg)
US: Manufacturing unexpectedly accelerates as export demand spurs output
Manufacturing in the US unexpectedly accelerated in September, propelled by gains in exports and production. The Institute for Supply Management’s factory index climbed to 51.6 last month from 50.6 in August, the Tempe, Arizona-based group said today. A level of 50 is the dividing line between growth and contraction. Growing emerging economies like China and a rebound in Japan following the March earthquake and tsunami may continue to lift demand from overseas, giving a boost to companies. (Bloomberg)
US stocks fall as Greece concerns outweigh US economy data
US stocks and commodities sank, sending the S&P 500 Index and oil to more than one-year lows, and the euro slid as concern about Europe’s debt crisis overshadowed higher-than-estimated US economic data. The S&P 500 Index lost 2.9% to 1,099.23 while the Dow Jones Industrial Average fell 2.4% to 10,655.30. The Stoxx Europe 600 Index slid 1.1%. German Finance Minister Wolfgang Schaeuble opposed moves to increase the scale of the euro rescue fund, damping speculation of a breakthrough in talks to quell the debt crisis. Greece passed plans to cut its budget deficit that missed previous goals set as part of its bailout conditions. The Greek government passed EUR6.6bn of austerity measures to cut the 2012 deficit to 6.8% of GDP, missing the 6.5% goal previously set (Bloomberg)
Eurozone manufacturing shrank at its fastest pace in two years in Sep, a business survey has shown. Markit's purchasing managers' index (PMI) of activity dropped to 48.5 in Sep (49 in Aug). A reading below 50 indicates contraction. Economists expected a reading of 48.4. (BBC, Bloomberg)
Japan’s largest manufacturers sentiment remains worse than before the Mar earthquake, signaling concern that weakening global demand will restrain the nation’s recovery. The quarterly Tankan index of sentiment at large manufacturers rose to 2 in Sep (-9 in Jun), the Bank of Japan said. The reading was below the reading of 6 in Mar and in line with economists’ expectations. A positive number means optimists outnumber pessimists. (Bloomberg)
Japanese Prime Minister Yoshihiko Noda’s proposal to raise taxes to rebuild from the Mar earthquake is opposed by almost six in 10 voters, underscoring the challenge of getting opposition support for the measure. About 58% oppose the move compared with 39% who approve, the Mainichi newspaper said, citing its own poll. (Bloomberg)
Thailand’s inflation eased to a 6-month low in Sep as fuel prices slid, countering an increase in food costs after the worst floods in at least 50 years damaged crops. An index of consumer prices climbed 4.03% yoy (4.29% in Aug). The median forecast was for a 3.95% gain. (Bloomberg)
In Indonesia, consumer prices rose 4.61% yoy in Sep (4.79% in Aug). Core inflation slowed to 4.93% yoy (5.15% in Aug). Economists were expecting a 4.86% increase in the headline. (Bloomberg)
Indonesia’s exports rose 37.1% yoy in Aug (39.5% in Jul). Imports rose 26.68% yoy to US$15.05bn, but contracted 7.2% from Jul. The trade surplus widened to US$3.76bn in Aug (US$1.36bn in Jul). The economists' median forecast was for a surplus of US$1.87bn. (Bloomberg, Wall Street Journal)
The number of foreign tourist arrivals in Indonesia rose by 5.89% yoy to 621,100 people in Aug. (Bernama)
Indonesia’s Danareksa Sep Consumer Confidence shows an increase to 90.5 (88.2 in Aug).
India’s exports climbed 44.3% yoy in Aug to US$24.3bn, but this was about 17% lower than Jul, when exports shot up a staggering 80%. Imports jumped 41.8% yoy to US$38.4bn in Aug, as the trade deficit widened to US$14.0bn. (Wall Street Journal)
Fitch Ratings cut India’s GDP growth for the year ending 31 Mar to 7.5% from 7.7%. (Bloomberg)
India: Manufacturing expands at slowest pace in 2 1/2 years
India’s manufacturing grew in September at the slowest pace in 2 1/2 years after the central bank’s record interest-rate increases. The Purchasing Managers’ Index was at 50.4 from 52.6 in August. That’s the weakest reading since March 2009. A number above 50 indicates expansion. The Reserve Bank of India last week signaled it may maintain its tight monetary policy after Governor Duvvuri Subbarao said inflation remains above the acceptable level. (Bloomberg)
Preliminary data released by the Urban Redevelopment Authority showed private-home prices in Singapore rose 1.3% qoq in 3Q11. Home prices were up 2.0% in 2Q11, and 2.2% in 1Q11. (Wall Street Journal)
Pledged foreign direct investment (FDI) into Vietnam fell 28% yoy in 9M11. Disbursed FDI rose 2% to US$8.2bn in the same period. (Bloomberg)
It was reported that the Philippine central bank will ease restrictions on capital outflows. One measure being considered is allowing institutions to buy dollars from banks to pay foreign obligations without the need to register with Bangko Sentral ng Pilipinas. (Bloomberg)
China: China services indexes show faster growth
China’s service industries expanded at a faster pace last month, rebounding from a deceleration in August, a pickup that may ease concern the world’s second- largest economy is slowing. A purchasing managers’ index for China’s non-manufacturing industries rose to 59.3 from 57.6 in August, driven by retail spending, the China Federation of Logistics and Purchasing said on its website yesterday. (Bloomberg)
Hong Kong: Sustains retail sales boom amid financial turmoil
Hong Kong sustained its retail sales boom even amid financial market turmoil, supported by shoppers from China and a low unemployment rate. Sales surged 29% in August from a year earlier to HKD 34.3bn (USD4.4 bn), the government said. That compared with a 29.1% gain in July that was the biggest on record excluding January and February figures distorted by a Lunar New Year holiday. Hong Kong’s benchmark Hang Seng Index fell 4.4% today, after last week completing its steepest quarterly drop since 2001, as Europe’s debt crisis and signs of a slowdown in China drag down investor confidence. Market turbulence seems yet to have dented spending by China’s tourists, with nearly 3 million visitor arrivals from the country in August.
South Korea: Inflation slows from three-year high as food prices moderate
South Korea’s inflation slowed in September from the fastest increase in 3 years as food prices moderated, while still remaining above the central bank’s target range. Consumer prices rose 4.3% from a year earlier, after a 5.3% advance in August, Statistics Korea said today in Gwacheon, south of Seoul. Prices rose 0.1% from August. Bank of Korea Governor Kim Choong Soo has vowed to resume “normalizing” borrowing costs once the global economic outlook improves and Europe’s debt crisis calms down. His policy board left the benchmark interest rate unchanged for a third straight month in September even as inflation exceeded the bank’s target ceiling of 4% every month this year. (Bloomberg)
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