Some RM10bn in investments under the Economic Transformation Programme (ETP) over the past one year have been realised, constituting 64% of the RM15bn investments committed for the year, Pemandu CEO Datuk Seri Idris Jala said. Entry Point projects (EPPs) were progressing well with 70 out of 131 EPPs or 53% have taken off. In 1H11, private sector investment was up 23.4% to RM51.2bn, outstripping public investment for the same period, he said. The first six months also saw the GNI standing at RM288bn, investment of RM51.2bn and some 344,000 jobs created by 2020. (Bernama)
Bank Negara Malaysia (BNM) Governor Tan Sri Dr Zeti Akhtar Aziz said there were improvements in the country's 3Q11 GDP figures, supported by strong consumption demand, implementation of various government projects and strong financing patterns. "But we will see to what extent the improvements are - whether it is more than 4.5% or whether it is closer to 5%," she said. BNM is scheduled to release 3Q11 GDP figure on 18 Nov. To a question on whether Malaysia was more concerned with inflation or growth, Zeti said both were looked at. "The conditions are highly dynamic, we have to make very careful assessment. We do not want to undermine our future prospect of growth because if we have high inflation, it would undermine future growth," she noted. So the policies cannot just be for the moment, they would have to be sustainable over the medium term, she added. Across Asia, regional economies are still resilient and the region would still post economic expansion, albeit at a slower rate. She expects Asia’s GDP growth this year to come in less than the average of 6-7%. (Bernama, Financial Daily)
Malaysia will face serious traffic congestion if the Mass Rapid Transit (MRT) is not in place by 2020, said Datuk Seri Idris Jala, CEO of the Performance Management and Delivery Unit (PEMANDU). He said no number of buses will solve the city's traffic problem, and Malaysia needs a different modus operandi as a solution. To reduce cost overruns, Idris said Malaysia has learned lessons in drafting the MRT development including from South Korea, Japan and Singapore. (Bernama)
Come 2020, the country needs an additional 8,600 five-star and 31,300 four-star hotel rooms to achieve the target of 36m tourist for that year. Tourism Minister Datuk Seri Dr Ng Yen Yen said that even currently, there were insufficient five-star and four-star hotels as the ministry often received complaints, especially during peak season. The location to build these types of hotels however, depends on the operators, and by looking at the government tourism direction. On next year's tourist projection, she said it was still under review as the tourist arrivals for this year, which was forecasted at 25m visitors, had to be re-adjusted, in view of certain reasons. It included the regional development in Thailand, as well as the European and American developments. (Bernama)
The government has spent RM1.97bn to implement 1,089 water supply projects in rural areas nationwide, which are expected to be fully completed by year-end, the Dewan Rakyat was told. Deputy Rural and Regional Development Minister Datuk Hasan Malek said the allocation was an increase from RM413.4m spent to implement 554 projects last year and RM297.4m to implement 671 projects in 2009. Hasan said the government had also spent RM1.36bn to implement 582 electricity supply projects in the rural areas this year (RM703.1m in 2010 and RM410.4m in 2009), which also expected to be fully completed by year-end. Between 2009 and last month, 54,374 houses had been built in rural areas under the Housing Aid programme, involving an allocation of RM1.36bn (vs. RM431.6m to build 16,926 houses last year and RM551.1m to build 19,467 houses in 2009), he added. (Bernama)
The government has allocated RM15.9bn for petrol and diesel subsidies this year to control the price and reduce burden on the people. Deputy Finance Minister Datuk Donald Lim Siang Chai told Dewan Rakyat yesterday that government spending on petrol and diesel subsidies last year amounted RM9.6bn. (Bernama)
The Inland Revenue Board (IRB) will issue the forms for the one-off cash handout of RM500 to households with income of less than RM3,000 in Dec, said its CEO Datuk Dr. Mohd Shukor Mahfar. Payment are expected to be made in Jan 12. He noted that the payment would be disbursed by the Accountant-General through banks, including Bank Simpanan Nasional. (The Star)
US construction spending rose in Sep for a second month as gains in private projects outpaced a drop in government outlays. Building outlays increased 0.2% in Sep after jumping 1.6% in Aug, Commerce Department figures showed. Economists called for a 0.3% gain. (Bloomberg)
The US Institute for Supply Management’s factory index fell to 50.8 in Oct (51.6 in Sep), the group said. Economists projected the gauge would climb to 52. (Bloomberg)
A failure by a Congressional super committee to reach agreement on deficit reduction wouldn’t on its own cause the US to lose its top credit ranking, Moody’s Investors Service said. (Bloomberg)
Japanese wage earners' total cash earnings were unchanged on a yoy basis in Sep (-0.4% in Aug), labour ministry data showed. (Reuters) Japan’s automobile sales, excluding 660cc minivehicles, rose 28.3% yoy in Oct (+1.7% in Sep), due to a low year-ago base when auto sales tanked on the first full month after government subsidies to replace cars older than 13 years expired. (Reuters)
Thailand’s inflation held above 4% for the seventh straight month in Oct as the worst floods in almost 70 years destroyed crops and stoked food costs. Inflation climbed to 4.19% yoy, compared with a 4.03% pace in Sep. The median was for a 4.5% gain. (Bloomberg)
Thailand’s government said it may take 45 days to pump water from inundated industrial estates north of Bangkok once flooding recedes. ―After that we will send technicians to check out damage to machinery,‖ Industry Minister Wannarat Charnnukul said. ―For the remaining estates that are not flooded, we have already prepared measures to protect them and we believe they won’t be flooded.‖ (Bloomberg)
China's official purchasing managers' index (PMI) fell to 50.4 in Oct from 51.2 in Sep. HSBC’s China PMI rose in Oct to 51.0 from 49.9 in Sep, the index's first rise above 50 since June. (Reuters)
Indonesia’s headline CPI rose 4.42% yoy in Oct (+4.61% in Sep), while core inflation was 4.43% yoy in Oct, easing from 4.93% in Sep. Economists had expected inflation to rise 4.76%. (Wall Street Journal)
Trade data that showed Indonesia’s exports rose 46.3% yoy in Sep to US$17.82bn, while imports climbed 56.4% yoy to US$15.1bn. The trade surplus narrowed to US$2.72bn in Sep from Aug's US$3.76bn. Economists had expected exports and imports to rise 40.7% and 47.2% respectively. (Wall Street Journal)
South Korea's Oct exports growth slumped to 9.3% yoy from 18.8% in Sep. Imports rose 16.4% yoy in Oct (+29.3% in Sep). Economists were expecting exports and imports to rise 10.9% and 22.3% respectively in Oct. (Wall Street Journal, Bloomberg)
Vietnam’s industrial production rose 5.3% yoy in Oct (+12.0% in Sep). (Bloomberg)
Vietnam’s retail sales in YTD rose 23.1% yoy in Oct (+22.8% in Sep). (Bloomberg)
In India, exports in Sep climbed 36.3% yoy (+44.3% in Aug) to US$24.8bn, while imports grew 17.2% yoy (41.8% in Aug) to US$34.6bn, helping narrow the trade deficit to US$9.8bn from US$14.0bn in Aug. (Wall Street Journal).
In Singapore, the Electronics Index rose to 52.1 in Oct (47.2 in Sep). Economists were expecting an index reading of 47.0. (Bloomberg) Singapore purchasing manager’s index rose to 49.5 in Oct from 48.3 in Sep. Economists had forecasted an unchanged reading of 48.3 for Oct. (Bloomberg)
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